Thanks John morning and good everyone.
a does the to so XX night’s compared them The to last here. won’t quarter quarter an for prior third job share release up X% with earnings fiscal of driver’s National was relative good excellent repeat Last I year. year, the Fuel per detailing
the share that Street per of performance. there out estimates a quarter than bit to higher Our items for and earnings that were was contributed main three $X.XX
quarter individually steam small both which of labor $X.XX were low of the Mcfe fuel Seneca’s decrease, the and to our First, favor guidance range. per range of $X LOE number of in to end lower $X.XX was for utilities lower items, our the in expenses and all including in of contributed California A below divisions. this
We $X.XX have in range but a the cause $X.XX maintenance lowering ‘XX will LOE our unit Mcfe. to of quarter projects that I to comfortable a fourth few feel LOE Seneca’s be area, fiscal low per guidance planned $X.XX to per
to and to as per east $X.XX a natural ’XX, division ramps, cost of Mcfe. low decline Looking continue expect production gas $X.XX range to we will LOE forecast fiscal
was at Much last is O&M of dollars timing regulated Second, expense year. for between the we million fiscal the subsidiaries, related quarter. the this of of lower the two several forecast quarters than our spending to had
Even the that team For controlling quarter maintenance starts example, month the our year. the done in certain because in projects Also, costs. now job companies extended that quarter. will in winter that April, place great into pushed issues, later weather at a take third forecast utility originally these to the was typically been for has timing restoration well pipeline fourth had considering work
result, As pretty year compared at expense the ‘XX. full fiscal expect companies flat we regulated should be a to now much O&M
tax XXX rate reduced tax when we basis by our of recorded income as points result a about was filed adjustments effective some return. our we Third,
to the in this next be into we Looking year, and of remainder rate our XX% effective year will expect area. the
taxes, to position cash XXXX. a we net In in refund expect fiscal of be terms in
anti-credit You forwards recall are that new now tax under refundable. the carry law
of the guidance third ‘XX. recoup release. We per expect on our to those supporting guidance, range ‘XX earnings we last strong fiscal details Shifting tightening in are range included fiscal a $XX $X.XX results million $X.XX, of approximately are and in credits based the quarter, to press raising The share. in to night’s this
Looking in we’re the share to per guidance over initiating midpoint ’XX, the ‘XX. increase of of to earnings $X.XX at $X.XX $X.XX fiscal range fiscal preliminary
forecast As John is for Bcfe. mentioned XXX production next Bcfe year earlier, Seneca’s XXX to
As spot midpoint range over XX exposure not Bcfe is a of our curtailment. any price At XX the include reminder, of this range forecasted our to just this XX% does related production. volume to Bcfe forecasted or
as dates have such as spot to well exposure operations fiscal limited will pleased up. schedule likely we turn-on approach quite and We’re pricing ‘XX add our firm firm and sales
assuming For and of oil $X.XX pricing, Hub a Henry $XX Gas price we’re of price a WTI a crude per barrel. MMBtu
assuming in We’re $X the spot the winter and average will summer heating in months. in prices Appalachia also season and $X.XX shoulder that
the line in forward than recent While these what in spot seeing months, are prices the lower we’ve markets. in market they somewhat achieved what we’re are in with
We’re into well year. hedged going the
small As effect. in have spot changes will prices a relatively a result,
Mcfe per by in of gas to operating share and in Seneca’s in that back unit decline to back as the a more a about so first per fiscal in change $X.XX increase and LOE the on will share and half. mentioned we $X.XX modestly production in basis dollars, should natural growth with $X.XX is lower be change area. LOE you our the Mcfe. of a G&A, both per oil I in $X.XX about grow be the to production but G&A to our think will per noting worth $X.XX per half has as range an higher ’XX, unit it reference, For impact. absolute we’re per expect cost the standpoint, a earlier expecting $X.XX From year about $X.XX to forecasted It’s weighted $X impact in expense earnings
Our DD&A our approximate term continue to long should costs. F&D
range a The Mcfe. track east of production. throughput Our revenues $X.XX guidance to and will gathering per assumes Seneca’s $X.XX division segments
a production to million translate gathering to similar $XXX range a should $XXX As Seneca’s net in nearly of result, XX% into increase in percentage increase a the million. revenues
to we levels, depreciation increase bottom year current a year’s the segments, of to the for a investment increase segment’s and pipeline right to be and expenses the gathering their business. to large regulated relative should current but Seneca’s the line. Given will go operating XXXX down expect revenue sport activity, fiscal will Shifting the both portion storage
by in it case our December, previous million its As not tax revenues also on Pipeline June rule call, anchor on which connector our I In for filing, Empire new $XX a its an half seeking that $XX shipper will south million filed expires In Empire coming fiscal in impact addressed to making. response, of increase. north ‘XX. discussed when about expects the rate contract will the renew the late the this income Empire line rate
Your this the transportation hope The into charge settlement our coming rates will a we shortly on proceeding pretty and have pipeline good were XXXX in quarters. January the will case history settling subject rate refund. straightforward be assigned to X, resolve and issues The go we of effect cases. to in
of Our update modest quarter, commencing amount which regulatory as the guidance incorporates a in second from fiscal our this proceeding will plays revenue case out.
compression cost All year is the moderate, We be business a levels. rules year and some Empire Monaca and a On to in on N pipeline revenue. Fiscal a we know in operating reach we In pipelines increase and will be as to for of will to major over ‘XX year seven improve in our by of our pipeline the expense integrity is general ‘XX the happens the O&M of about overhauls will assess certain thresholds integrity expected increase should of At about than $X.X $X to whose integrity a units are pipeline ‘XX. million. cycle. you storage XXXX maintenance turban reflects unit as highest expected seven the $XX top should O&M compressor to $X.X inflation in hour normal compressor our be that, of million add a us year. thresholds. combined to and expect fiscal and total, about on expenses more guidance when fiscal XXXX, over the cost significant including in work, Several told, million X% reach place Major and the engines overhaul they these required storage which our maintenance well Line north service almost this will annual expense case in as XXXX. as some other XXXX. categories, XX% million and our cycle, of our should weather. expansions, rate overhaul result Things expect cost expense up be higher Empire utility, require resolved
weather normal, impact that year-over-year was doesn’t our earnings largely forecast. Given really in assumption this on fiscal ‘XX have any
do York, modest increase to system a rate underlying margin, a personnel higher the first our our was are sometime plant we we largely tracker the by which from New implementation which tracker half should our the of costs, to balanced kick target a set expect Revenues However, in modernization labor largely related proceeding. see attributable should in year, expense increases, last fiscal the forecasted benefits. in in and associated of driven offset surpassed that in including once
our ’XX night’s the you’re forecast capital, Looking last guidance is between release. full the given spending in fiscal than time contained At years. previous million our to lower fiscal the about $XX breakdown is midpoint,
for projects this about on of our million. be John to largely between is initial spending is on the N by storage pipeline ‘XX up I E&P and spending earlier. businesses, and earlier. increase $XX driven driver in million the North our and The spending business million, fiscal which principal Line $XXX will mentioned For hit spending Monaca In guidance Empire $XXX
during of at another million In $XX $XX million addition, were modernization program to the our year. spending
the XXXX. across will expect with We segments be spending largely other consistent
operations Lastly the substantially to in adding XXXX from from ‘XX. expect we needs of area. expect perspective, expenditures dividend we the the financing a fiscal should in our financing our in all funds our million $XXX cover equation, capital By
various position, us questions. the expect year working borrowing capital that, I’ll lines we cash-on-hand turn Given could in with the our modest possible for push to into With in points cash end a and the its finance year. to close changes open though it forecasted at position to over this operator
