we Thank items you, morning, of the Good hedging benefit impacting $X.XX investments to everyone. comparability the National last Similar ineffectiveness quarter, GAAP had non-qualified marked-to-market earnings in second per and were plan. quarter Fuel's share. to relating John.
with the our items were was is operating below benefits Street in consensus, share, diversified business integrated, right evident. $X.XX Excluding still our of those little a results model line particularly per were where we're quarter, This expectations. our own which a
quarters Appalachia in John the helped forecast, described relative Our particular that which offset earlier. in regulated businesses, challenges strong near-term utility had to
at the $X.XX share. Utility improved was up driven margins, This of nice main in were Looking large result had really the quarter, part provision for the excluding operating operating our the tax segments, factors. a reform, per of by results which refund two income
growth backdrop seeing First, economic gas. the service which usage be of we a and in attributed and amount modest our the cost continued industrial territories natural to are can customer of strong advantages
earlier system the mechanism less $X tracking than described modernization million little margin. Ron of additional Second, contributed a
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reform to new million. the our with loss revenue approximately were by This offset and major Empire of to on tract earnings reduced about expected contract. the any 'XX reduce segment the $XXX FERC of fiscal partially year in Pipeline of for full-year forecast largely quarter the changes from the key pipeline the earlier. As year. described the were fiscal Empire's case don't revenues $XX loss guidance storage that rates relative the the expect settlement rate and last second million. at we're The line keeping regulated and for revenue Ron a half in businesses we fiscal of Therefore which pipeline spent in benefit $X due by from the 'XX the system, down about will revenue on million quarter, and tax
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XX.X% or storage $X.X last from see can you release, and million for was up O&M months. six night pipeline As the
second much pipeline the 'XX flat O&M year, to will half expect levels. Looking fiscal the pretty of I be
non-regulated to Turning our businesses.
oil the earlier, to With higher, Gas gathering earnings in few our was dollars generally lower couple was on respect of the impact range cents Seneca's was our line Pricing this a the expenses, segments. with small. in LOE our net worth items which above of operating very per noting. Seneca's couple our both Mcfe, unexpected. not below As $X.XX was are was but for guidance, there Seneca's of and expectations. E&P John discussed quarter and expectations quarter production weighed the were was the
made on closely last the quarter's costs. to in our have at California to supplier prices a caused changes now tied fuel Rockies steam Southern indices spike since are I steaming that time natural at elevated moderated source we've all portfolio, As gas of said pricing. our most more same in and call, and Prices
to of capital be to full-year and due to range. timing from $X.XX a Looking range increased a should 'XX expect fiscal guidance per costs steam in the keeping F&D expected moderate has further all to $X.XX half shift expect production $X.XX impact long-term revenues, $X.XX the expense guidance will the more DD&A $XXX with cost. fiscal which fourth Seneca's it now $X.XX cause year a million of in middle of million. $X.XX year third we our the the which our increase on per production of $X.XX expected One Seneca's LOE gathering, to of our to per on fuel $XXX the be quarter additions. spending Mcfe, reserve note range at the 'XX We in of of still per Mcfe back to Appalachian share. combined fiscal Bringing to in gathering range Mcfe and together, towards trend $X.XX to earnings approximates Quarter-over-quarter, timing corresponding we're
firm earnings were items several drop our including forecasts offset production, gathering a that portion Our price rate of reduction by Seneca's Seneca's of capacity. transportation a impact E&P impacted sales commodity updated as on contracts, in assumptions, the additional upstream and and projections
to look the impact said see priced production curtail earnings. XX year. the drop material months. severe Appalachian a should spot may MMBtu spot is $X.XX we we the that should the the local price in winter for remainder about being with prices per for only a Bcf have higher year pricing But not Changes Our in spot exposure remainder of on of until
from Since also cover capital changes our million million. is aren't of $XXX our range In of capital. unchanged needs working operations we still changing primarily second expenditures a all to still modestly in dividend conclusion, earnings on projects our program for results are this and $XXX guidance it well guidance, capital substantially unchanged our solid Our follows deliver that developments the to needs is Fuel or production tied National year capital we at the financing continued any day, expect growth. funds to and should our financing with good all guidance pipeline including consistent things positive good Seneca. margins end across improved for Production but system was quarter the is utility, and progress positioned well a at our the at with of lower returns one and our considered spending
Looking forward, I'm for excited National Fuel. future the of
chain. projects have great for current value and our program of regulatory pipeline assets gas natural the state accelerated supports that have drilling modernization our backlog strong, great we backdrop We of The span utility the economics a remains system. the
returning of balance sheet fully long-standing expect to shareholders through our Our solid and practice to dividend. our capital is continue we
All operator in in line of open I'll to to the turn and for questions. value the the this come. shareholder should growth over that, it translate to years With
