John. morning, Thank you, Good everyone.
the adjustment per tax Fuel of reported first Stripping share share led to per quarter but earnings U.S. quarter adjustments to the deferred per National large in the last our reform to $X.XX $X.XX earnings balances, that For straightforward. fairly quarter year. a tax out beyond some share were compared federal the was $X.XX. $X.XX
was to hedges. of operations expectations natural lower and E&P tax in performed related results production, In consistent oil lower by due Primary the to prior-year. offset sustained realized prices favorable regulated the were our with of segment, some with quarter than more for federal reform. prices the generally we've line exploration in the driver Our gas increase crude seen the
know, rule January this our change. National rate we of specific X with X deal year. to XX% XX. rules runs effective from decreased to September October the IRS this how like As XX% statutory midyear on from Fuel's year year tax you federal are pretty fiscal
drop The rate use XXXX, rate federal XX%. XXXX our X, XX.X% fiscal a our in retroactive in impact will will tax Then a on For to earnings. the fiscal of they meaningful have us October blended drop rate require to future XXXX. to
in As share federal you $X.XX a saw our during move first rate increased to the per release, XX.X% quarter. by we earnings
our Looking full be the tax fiscal year, we anticipate effective approximately rate XX%. to will
to rate effective the expect in rate. in new we've XX% further We transitioned drop XXXX our once
are tax rate of as deductibility tax still aspects a utility reform of our provision's expense impact tax reform. on details assuming and on area. segment, refund we of the long-term limitations executive now the XX% deferred but are certain established such we interest effective We in for the In awaiting potential a consolidated compensation
has study instituted it some regulatory state already Act preserve uncertainty deferral impact is the The for revise individual course intent settlements matter. open rates New Again Pennsylvania the review do stated supply The component. of specific regulatory set net them. FERC Tax a blackbox Commission states not To-date assigned based been cases not to-date commission its Tax the we proceeding Act or to treatment. believe resolve not is adjustment, rate because FERC to in been general of pipeline been but is clearly which not is prior is generally settlements Commission this to segment proceeding with ratepayers item to reasonable York FERC through the action identify Empires record a there benefits have action. The on refund any accounting provision approved did to there reluctant has otherwise. negotiated revenue encourage review to the has on for this While the is a either associated and utilities. and
remeasure statutory rate. new continue future. to drilling income in adjustments net liability assets we liabilities sheet using on company, the a accelerated balance depreciation energy to will any a significant reform be required due tax monitor and typical Tax costs. deferred of and Like the necessary us may and have fixed intangible tax We make that also deferred assets the of to the
our treatment earnings $XXX remeasurement, liability that rate the of Pipeline as deferred related remaining The operations and net flowed to the ratemaking the nonregulated sheet to income A was result deferred on our bulk businesses regulated had a the $X.XX a related tax through with in that that million by share and resulting roughly and through As balance good statement regulators. reduced million. and our I $XXX liability while work of business $XXX adjustment a million storage the mentioned earlier. was we per quarter. our regulatory
As expected, compared year. the $X right flat but expense year revenues were down O&M prior in basically to last million direction from moved
Looking a in bit of face that business. next year, we challenge to do a
that the long-term The of paths. further has the directions to connector under contracted pipeline expand North Empire path project. and volumes As you plan capacity South the of two valuable clearly of on this Empire in we recall, both North agreements is full sold the The its has path with amount the system. been portion more to
path has to for renew December we the and construction the North rates. back a time. of it ends the That been at single original expect dynamics, term some that not However existing market contract given to XXXX South which has economic don't dates current connector contract this in to the
the continue surprise, business. falls it of a any to While not within revenues. the any spite value about file pipeline such The we're our the storage Empire significant XXXX. annual this on a at and contract the we this year's of which impact likely of is a pipeline timing million will and optimistic of million $XX full $XX fiscal is case have issue, can future currently rate be In filing. time of long-term next evaluating
our track an project and As North revenues. XXXX. date add $XX approximately should Ron in annual early mentioned with anticipate in still on million earlier, This we're Empire fiscal in-service
are to explore playing In production market the the continue to we legal paths solution. find a related confident process out, is Northern addition, will transportation project and while Seneca's Access additional we to get to
Lastly, make to modernize system. we continue our investments to
million years, past in $XXX such five the Over we've than more invested efforts.
year projects as will beyond have perhaps X in a the million per we we’re the in amount release growth on production over some much Earnings, will result expansion commented revising contract range plus guidance. taxes. details the and years. continued be a but we forward that of deferred I’ll Fiscal $X.XX earnings down and XXXX Looking long-term for likely our our are on large-scale forecast table earnings. Last so $X.XX specific connector as next investment the meaningful system our base XXXX business the our a highlights as impact and on to high-level $XXX guidance confident share, already to while rate per share projects for pipeline remeasuring this modernization John the hit of night's excludes the deliver the and drivers. $X.XX of few of
barrel barrel to last quarter. up oil On per $XX oil the revised $XX assumption our from increases heel WTI of we sustained price price a
the and XX% differential Additionally be from WTI up our continues to basis highly of pricing assumption Brent we spread California Brent California to improvised WTI with widening to correlated oil XX%.
our production year. constant Previously assume gas holding $X MMBtu spot the the for $X.XX at months $X Appalachian $X.XX fiscal remainder reduced assumptions per of assumptions For but had summer. the entire the have our and for winter we’re we for price NYMEX
seen history earnings our the nice the we of a season. Appalachia last in While into of pricing as it shoulder get has call months a spot uptick particularly heating since volatility
of there element layer forecast. an in profile spot We sales our always will this firm our mitigating continue production but sales of match volatility to some in to be
our online As capacity pricing new comes continue to assumptions. evaluate evolve markets we’ll local and takeaway
a forecast we’re share with $X.XX John in reference trend in fiscal cost of $X.XX $X.XX unit about NYMEX the we the of year. full From And and a to about DD&A will service equates differentials original that rate be basis Seneca’s earnings equates per perspective to revising end change inflation therefore earning. For expect discussed our of now $X.XX $X.XX towards share range. change higher our for the cost to per
unchanged. unit cost remain other of assumptions All Seneca's
new Seneca trending businesses million The the the mentioned On side last our guidance to million higher than only earlier $XXX change million relates spending the cost inflation service rest ranges. quarter. the within capital at $XX to original John are as midpoint is $XXX significant our of still
For the come. benefit tax federal the fiscal be year plus a cash fuel spending real continue we expect will our with to from was quarter in reform capital summary, solid start in operation. our and the In line a years should first to to for national was the quarter year the
the on focus with open of business strength And I’ll to growing for over line to sheet. over continue to that while balance turn the the the it questions. long-term our the We maintaining operator
