Seneca Resources

Yesterday, National Fuel Gas (and its drilling subsidiary Seneca Resources) issued its best estimate for fiscal years 2013 and 2014 with respect to how much natural gas they expect to produce, and how much money they’re going to spend drilling for it. The brief version: They’ll spend the vast majority of their money on drilling in the Marcellus/Utica, and the vast majority of the gas they produce will come from the Marcellus/Utica.

The estimates (“guidance”) provided yesterday by National Fuel:

Read More “National Fuel/Seneca Update: Spend & Drill in the Marcellus”

National Fuel Gas Company released their earnings and operations update yesterday for what is their first quarter fiscal year 2013 (but would be fourth quarter 2012 for everyone else)—covering October through December 2012. National Fuel Gas’ exploration and production division is known as Seneca Resources—a major driller in the Marcellus Shale. NFG aka Seneca reports that production in the Marcellus region increased 48% over the same period a year earlier. Seneca continues to operate three drilling rigs in the Marcellus. Even though the company turned in a profit overall, Marcellus earnings were down $1.2 million for the quarter because of the low commodity price of natural gas.

Here’s the update form NFG/Seneca:

Read More “Seneca 1Q13: Marcellus Production Up, Marcellus Profits Down”

National Fuel Gas Company and its subsidiary Seneca Resources announced yesterday that for the second time in two months they are further scaling back Marcellus Shale drilling in light of low natural gas prices. According to CEO David Smith they will curtail production by “a modest amount” and delay some completions in the Marcellus.

From the press release:

Read More “National Fuel Gas Announces Second Cutback in Marcellus”

Seneca Resources, the exploration and production division of National Fuel Gas Company, just reported their first quarter earnings for 2012. As part of the report, we get the following operational update which shows a 91.5 percent increase in production in Seneca’s Marcellus Shale wells.

Read More “Seneca Resources Marcellus Well Output up 91.5% in Q1 2012”

Seneca Resources has sold off its Gulf of Mexico oil and gas properties in order to concentrate more on the Marcellus Shale. From a press announcement yesterday:

Seneca Resources Corporation, a wholly owned subsidiary of National Fuel Gas Company, announced that it has entered into an agreement to sell its offshore Gulf of Mexico oil and natural gas producing properties for $70 million.

Read More “Seneca Resources Producing More Gas Than Ever from the Marcellus, Investing More in the Region”