NFG - Earnings call transcript Q4 2020 | National Fuel Gas Company

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Q4 2020 National Fuel Gas Company Earnings Conference call. At this time, all participants are in a listen-only mode. After the speaker’s presentation there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions] I would now like to hand the conference over to your speaker today, Ken Webster, Director of Investor Relations. you. Thank ahead. go Please

Ken Webster

National and Treasurer conference We of call With Executive call earnings earnings Mike, Bauer, the are us and the the President prepared XXXX last remarks, you on release. Chief and from the on Principal today's for McGinnis, Karen us and Gas John good quarter of and you, release questions. Company appreciate Dave President Camiolo, morning. of Officer; joining evening's fourth Fuel Thank will a presentation end posted open discussion investor Financial Officer; Seneca to The Resources. Relations have At our on November we website. fiscal been discussion Investor

teleconference to today's materials during statements. refer like call. will to these contain that will forward-looking would We today's We remind you

made as expectations, faith made, they date basis, release actual are Fuel's beliefs good last evening's believed have These are materially. of may and only differ earnings you projections and statements a in to National speak the results reasonable refer are to and which While on may a planners with With risk I'll contact Fuel or in turn conference over be participating Bauer. week. a schedule America factors. Bank team. Conference me of specific of for will the Please Global Dave to the National the Energy certain management meeting to listing next it that,

Dave Bauer

Good Thank everyone. you, morning, Ken.

the natural test Fuel's as Despite quarters, the highly for our operating the our safely right results the drop remarkable drop quarter accretive to planned, ceiling and operate in pipeline Appalachian XXXX impairment share. earlier businesses share brought operating Fuel. release, reliably a were fourth the all driver. and a with went prices earnings, pandemic, value lower the significant line commodity and As in National we were continuing night's expansion backdrop charge. chain. Against triggering with gas National Fiscal online while we per in in a reported expectations. across completed per project, Consistent the to a operating noncash quarter $X.XX acquisition results last with results was Contributing of $X.XX main year

improved flow ahead, for well cash Looking outlook and growth. and positioned gas National is meaningful for significantly, earnings natural Fuel the has

see placed success pipeline Empire in at service North We projects September our continue FERC-regulated our businesses. with expansion our to on XX. We project

placing commitments As final annual project million, $XXX The more in than which a is contracted reminder, a initial below costs service add was this the XX fully Constructing to the effort in extending will all like looks XX% years. the our the of capital with budget on estimate. and pandemic midst and complete to is took around it our safely, It it. contractors Thank in bulk accomplishment. of expected you for exceptional to $XX an this is the about come schedule employees cost project million revenues. and quite project for into under

our We is Project. track. progress expansion make South Companion Leidy Transco's continue to on And on also FMXXX

to for As Pennsylvania. a receive permits and them projects few outstanding, in reminder, the expect are winter. There of still facilities we all a this both are

We have we permits, items. lead for order receive file time once remaining proceed. notice started we'll longer to our And to the

the again $XX pace end be in near and million XXXX. modernization will in keeps calendar settlement. annual million approximately of reminder, to million on this to agreed our additional of February revenues service expansion $XX rate And rate FMXXX the step-up $XX component All us the case a in add as between

development gone our and about could the Shell's gathering We operations. more few economic and Empire the not excited structure transition belt. of we're Appalachian firm cost months smoothly, in Moving added National this a and by acquisition. assets closed to Fuel's of have upstream of County, including systems acquisition locations transportation, now are and in which significant and valuable Tioga scale, lowered per-unit back under benefits our pipeline. added July on It our of have company-owned operations very highly long-term The supported hundreds gathering

production to operating initial is addition, line additional operating the a adding and be we in enhancement spend more opportunities. prior On and development western of start we're between as single possibility And quarter's rig we date assets, that our our of with rig the reserves moves In revenue efficiencies continue eastern time South. to second currently finding call, the Seneca Leidy last a areas. and discussed expectations.

January. the we've on improvement the add expectations and gas to meaningful both projects, will timing Leidy up 'XX It capacity. in-service of winter up benefits to FMXXX South to us new date our rig move of us of and production allow the line will Seneca's higher the decided Given pricing. first in the to natural fiscal prices This allow capture also for with the

earnings capital rig, from 'XX be drilled see we expect to still last upstream guidance. the with spite the won't incremental generate production in Because associated XXXX, we second cash can release, flow from our our of and calendar million the Nevertheless, gathering that $XX from no is wells of free night's wells this will production or in these to of you excess impact fiscal businesses. $XXX million in see the by until As hedged in expected from production fiscal there we've late rig. already 'XX

taken accelerate is we development While economic where focus many to of flow. our hedging area, from of step depth in the activity the while allows still to and development eastern some the generating rig our Appalachia. our in most to approach take our us have our by significant level sheet, strength the cash methodical approach opportunities high-quality inventory free this principally value Over time, increase differs significant peers, of in to expected second balance of the

valuation recall, enhancing we the able these based of gathering are the on not PDPs solely any was locations. attribute assets. you gathering properties, to undeveloped including on By pull adding rig, development the further a throughput related growing We the highly value If the assets, our value now of facilities. acquisition the and our County Tioga of did to economic forward

the spite to of Our smoothly utility pandemic. business continues in run

cash job adapting has tracking done in of to of Taking been this older manageable. had thanks backdrop together, the spite associated on territory, miles we replacing in pandemic, our in drop pipe in program spending New volume our than the throughput. a mechanism. of modernization team to rig with and growth will outlook strong. is for economic the a our XXX Our our season, be to reality. a all service commercial successful system. over very new the But construction the Because has the large two-thirds margin tracking More and we've captured the seen of mechanisms terrific industrial flow York, impact In system earnings

our important improved continuing fiscal and a corporate and the natural earnings drive gas disclosures earnings up of 'XX, expected ESG project further the the gas to responsibility course XXXX activity number outlook of revising we gears, to initiatives, the Despite Seneca in step our FMXXX September our a As Switching highlighting to than continued guidance on was report. expected natural result increased XX% initial for segment prices, at at results. as are all the $X.XX over more combined an growth. This our the with ongoing years. the utility furthering the of published in for in we're backwardation increase we've our fiscal midpoint, of in-service curve, an the our look growth of we been date

emissions past reduced storage two modernize our across Over facilities. significantly our investments significant the transportation distribution, decades, This made has and we've to natural gas system.

combustion by over example, For further to to importance sub XXXX relative emissions of We as are XX%. station, is and evident perhaps business. recognize North the Empire where motor our reducing This our global our drive utilities footprint, own electric the we virtually we most installed on EPA which continue reduce we emissions from levels, compressor emissions part operations. carbon ways grow to the down find W those our first Project eliminates profile

for interconnect look systems. anaerobic with and into also we gas -- our facility. natural an year, built past also our digester to renewable to We incorporate look ways first systems' transportation for distribution This continue

these XXXX year upstream for our at already giving the over near-term fiscal natural as We've opportunity. flow initiatives' strong positioned be 'XX pursue and will critical operations. it long-term our improve update turn sheet, meaningful beyond, dividend This additional we I'll that, expect cover to continue In current opportunities growing that a strip energy balance of also generate several flexibility more to look solution. gas on of to arise. further of growth Fuel. for for and they of challenges, but With it than to John growth. All future taken to the us closing, should our consistent, cash pricing. have company strengthened we the about steps excited one highlight and National was When on part I'm the

John McGinnis

Dave, increase of fourth good compared quarterly natural Despite we had largest an achieved a quarter. ever. around produced led everyone. in-basin quarter. about Bcfe, morning, us our which year's gas XX% and to low to fourth Thanks, last prices, curtail voluntarily X Seneca Bcf, strong XX.X We production

and Bcf, annual by Seneca development production fiscal XXX was the for year net just recent For the supported high and program year, we acquisition. of curtailed in over our Bcfe. XX new came impact our This

fiscal X.X and were reserves. Expenses capital year, unit million, increased driven were with XX% XXX within all $XXX around from of fourth XXXX on Proved XX% from to by the approximately at Proved reduction largely Bcfe, during last acquisition up make acquisition excluding reserves million now reserves or the under X% the our or Bcfe expenditures down per the and year guidance year. our developed ranges. total For up prior a increase basis just of ended XX% approximately by $XXX the quarter. a

type our we Marcellus Utica area, included economic investor and discussed have updated consolidated QX curves and quarter, these and are our in we development producing by presentation. last As

the inventory As expanded recent in and and drill approximately XXX in substantial Utica a our has of inventory locations now have Tioga, result both acquisition, EDA. of to locations our Marcellus we

Moving to the WDA.

is south believe return have superior Beachwood near-term to to existing locations, be of XXX to results able those our be Utica gathering years. Utica our area, will related we In CRB on the towards shift Based to few we'll area, Our date, we focused economics WDA the utilize located where around Rich the to expected development trips. development Beachwood our Rich the immediately have line. past drill over trunk which Valley we Valley the area is to and

on around decrease result a produced XX of wells X% in shown quarter. with slight was pads year oil and our significantly These during from Year-over-year these previously we this this XXX,XXX presentation, around with barrels oil work increase curve. five in California, investor at In flat, fields. decline across above prices, or third in Earlier performing currently we during a quarter, our and area. production we order are low barrels. well volumes fourth our as production type oil of producing of Slide modestly largely fields steam year's oil fourth have the pads XX,XXX our of most XX Utica last As cut our This to rates reduced quarters. of fourth a heavy of impacted costs posted

recently for in a turn to in continue of have fields. levels prices will we previous oil wells to volumes permit to we drilling some event increased allow However, And the new improve. steam these to

Sunset if only California As programs activity our defer much But to to 'XX have is our intention Coalinga. in in Midway our again CapEx. budgeted development rebound, we million to are our fiscal California, in in return $XX planning to currently development of increase and we program prices

So our guidance. 'XX moving to fiscal

early we mentioned FMXXX development of Dave as inventory EDA WDA. in projects a XXXX. the development relatively of on add result Leidy our to longer and between rig This highly both the Tioga. activity connection Lycoming with focus and in assets the EDA we in South intend term, balanced rig As would Utica deep second the our locations and acquisition, a Tioga will of economic in And recent additional continued expect earlier, and

capacity the from access our us Transco's recent WDA. to project, As a to Leidy optionality secured we providing line Leidy with Dominion Tioga, on and the and in utilize part to Lycoming addition acquisition, with South day of this XXX million

million is winter additional season. early of to XXX the to premium allowing Leidy in rig day markets the with capacity Seneca a date, expected XXXX reach from this during pipeline align to expected South heating incremental production in-service First fiscal utilize

$XX forecasted defer our 'XX, year, of rig occur result second we by previous until of and the fiscal mid-point. our the a decline when our our fiscal for nine be from CapEx $XX of Even of the with forecasting first year, with be second in decrease as fiscal we the growth production adding the moderate back to a around around of As year-over-year. total increasing at new rig 'XX million capital Most of should half at $XXX service. season to we’re the are million months back in million the approximately to flow expenditures midpoint, a guidance targeted up is in activity during the over half XX% winter completion during capacity the

we forward, gas around BCF, locked XXX 'XX financially. our production, Moving have East and of physically division XX% fiscal in

XX providing production. another firm sales BCF of have We basis

our So XX%, around already estimate market. of sold. spot currently forecasted XX% that production the we'll gas of gas around XX We have is exposed to BCF

I'll it as production of hedged potentially And curtailment. at turn over are per always, volumes around that, to an of these price just finally our And average oil for Karen. So XX% over California, risk $XX with in barrel. is at

Karen Camiolo

morning, good everyone. and John, you, Thank

Fuel's the adjusting As impacting for at results in Dave quarter the $X.XX in was expectations. operating National per share, stated comparability, items for line with call, our came at the of which beginning

upstream required of the which to note company and effective headwinds, rate our lower during significant One year. liabilities. a fiscal up quarter tax use our commodity tax Although for fourth prior XX% and we're price expectations recording item setting XXXX. strong than appropriate for was of quarter, performed continued rate, much the during deferred our each assets the at the assess approximately face to well business the was Periodically, tax to businesses

revenues Pennsylvania, allocable market acquisition be the to which significant transportation future. Our total in percentage lower firm outside forecasted the Pennsylvania recently of included capacity closed to in resulted additional of to

tax net quarter. the a remeasure reducing the result, the taxes position, we recorded reflect on deferred a deferred As for expense, liability tax sheet to expected state difference were required our Since rate. effective to we are income a tax balance the benefit lower our we as to rate in

are higher earnings major Looking a of that midpoint. to increase. fiscal at behind drivers guidance $X.XX of revised a to $X.XX our the to per There or 'XX, $X.XX we range share, couple

First, we've $X.XX pricing summer forecast in and per our MMBtu $X.XX and shoulder in increased and months. $X in-basin our NYMEX months to assumption increased correspondingly the winter the to

ceiling quarter, in expect does result DD&A Seneca. at of impairment future be now during charge Seneca as test Second, a impairments $X.XX of Mcfe. range This not recorded we at $X.XX the the any per the to to include

$XX.XX we recent as reflecting WTI to our in result prices, adjustment forward made recent California the differential, Going per a in experiencing XX% reduced and down in barrel crude moving direction basis a our slight oil other changes the trends we've from assumption region. are to it XX% to of

while in this. are earnings, benefit Additionally, few is a increase significant offsets the there natural to to prices a natural gas

tier a the based statement point and our state for age in $X as First, calculated There in price MMBtu the gas subject we on to fee. tipping we is is and other are higher per impact line taxes the average a Pennsylvania, shows NYMEX up the income mark. This well into each year. upon item of the the hit

for increased reflects is fiscal million approximately fee, our updated higher $X year. the which forecast So this

we're Additionally, mentioned, California. normal as volumes steam forecasting in to return John a

now these realizations And adjustments up, than hedge on cost John steam the the $X.XX One continue protection range, natural our Further gas XX% the on increase is the between LOE moves expected in benefit natural have region, price our of as pricing, the and expect widening per actively side production. to mentioned, by on forward Overall as production, key of offset volumes. are more which the gas generation of curve we is inputs higher of modestly natural with forecast Mcfe. guidance and reflected our our we slight in in $X.XX the now in gas. higher

barrel. crude XX% production We hedged also per at of our oil have $XX

Moving to businesses. the regulated

a utility, growth tracker, for in year. approximately As to we reminder, the our return increase related drive which the we a will with a normal are of expect incremental this Combining million $X margin system X% modernization forecasting year-over-year. York to weather to of million see at revenue New margin $X

guidance. to the we to O&M is project higher increase in opposite direction, our approximately than X%, previous Going modestly now which X%

relatively be expect for remain $XXX the approximately expense business, million operating year. result, O&M now our and million X% unchanged income assumptions to We a expect year. revenues year-over-year. in the range to we At storage for As our to $XXX to of pipeline the be still and increase flat

Turning to are capital. expectations basis, On we a with consolidated for in fiscal our 'XX. line

increase of as Looking increased million year, both a capital by Seneca's John approximately to to expect we this as result Dave activity the Appalachian level. $XX and mentioned,

All unchanged. of guidance our other ranges remain

from most fiscal the questions. to expect large we forecast everything project will capital $XX $XX this close line working from a after flow don't for timber range, to seasonal spending cash now considering to With the pipeline next the at with the basis. of we that capital we which operations is proceeds our any we to changes. So free when the a that, million. be million Combining month, a expect outcome Tying our $XXX million be funds to needs capital-intensive on expectation history. sale, our project portion 'XX, close of consolidated which was open operator the constructing I'll great financing in expect spending company's the exceed by FMXXX together, our midpoint some ask and This external in we

Operator

[Operator Instructions] ahead. Capital. Stewart comes First question Holly from from go Scotia Please

Holly Stewart

two we've larger that, first bridging inventory. would should you production there's growth Shell Seneca, And duck With now in moved we your sort sort assumptions some that a think our closed, activity? for that being expect the think of has level keeping Or John, rig acquisition of the now of that with about right a maintenance XX of and understanding like then rigs half base, with flat? John, being higher? move the for production Maybe thought I always higher level a

John McGinnis

once from acquisition. -- That's that still it consistently X% little are at if remains to At maintenance X% change X.X is rigs that an changed was I online, exactly a rig at in anywhere now, at result basis where capital on right right. of you're a really South pretty We we're X.X looking looking those maintenance to -- it's Shell annual active. bracket, bit rigs, X.X still The at a may as the growth much X. haven't we're pace. on but two depending our two-rig X to Leidy It pace, think

Holly Stewart

call that Williams' like coming that Maybe of little least to was it that any capacity Leidy Seneca? sounds at conference a going South, from allocated to on part early. of project bit Is be

John McGinnis

fill to how Our is it's targeting now -- out. Leidy that's winter. understand is If season. have down on heating we're production and we Williams target we sit play have sure to as early, really to and But South our next comes on to is right the winter to going winter with that goal the make

Holly Stewart

about, Or here? think a about back one maybe should under that that for we the pull how rig prices in a that me, second meaningful long-term And to way were another we're contract? if is talking

John McGinnis

It be a will Yes. X-year contract.

So able table. if rig -- off decline, yes, a pull be the if we'll certainly then price to

Holly Stewart

then one one And I me Okay. if final for could. maybe just

very of market Any weak it yesterday, that's like shut the on Just the -- in remains currently still? production basin. today looks in as cash

John McGinnis

started same And were you're way. right. shut Actually, has much spot entirely November Yes. the in. October, pretty our volumes

in remain to least curtailed us. with At Appalachia. So spot volumes respect

production. are voluntarily We curtailing

Operator

Goldman Singer Brian Sachs. from from comes question next Your

Brian Singer

rigs? on Holly's talk and within where to question with your thought follow-up the rig you eastern you regards east. type stay place initially the second it's process and economics east? on long impacts a think how portfolio You the And how on updated I you across curves that next western the the upstream, To can about year, mentioned in in the development as areas, your does bring

add So could any I just wondered there. if you color

John McGinnis

absolutely. Yes,

them -- the EDA. Let's We're base but not west, may will remain that it really in annual both EDA, our start capital of recognize to pretty pad part on Tioga Every its Lycoming. in certainly, single and allocation transportation portfolio. the wells it first. grow the once a been having or But while, that, And firm our said much be returns with just our east. has we the it going production drill plus in second a in Yes, a largely market. in highest to the are few the to has produce predicated our will will local basis an XX% in time on

we So really at day, right and the fill end that geared into the the gas markets. our capital commitments uptick allocation of our get is towards our ensuring

Brian Singer

Great. additional cash balance made you when at the you And you then midstream? whether organically arise. comments, Bauer's wondered Dave and consider flow sheet out opportunities follow-up, more the I think just free opportunities point there's of look to upstream as end I inorganically, my into and flexibility that XXXX, see opening those more versus versus especially they And growth

Dave Bauer

our acreage that, we and always Yes. said of may record a network. opportunities -- to develop are could that great expanding I But around. stand Well, large that, we are certainly come of having that other we mindful have we a pipeline position very that well, we've organically. But interstate track got

out I guess the to if ability think acquisitions that's saying come grow have a we've So to got and then of that also but make the strategic way make sense. they organically, flexibility I long

Operator

Asit question from from Sen comes Your America. next Bank of

Asit Sen

segments? on how of for Thank by your months days, guidance get any it's CapEx about comments we the but on the drilling with comments I you think XXXX think should have XXXX. early how pieces could if Clear E&P moving broader fiscal contour, additional the we directionally? directionally fiscal would XXXX. completions, you know for Wondering we of about the rigs, but addition three capital, and should

Dave Bauer

side? E&P the take to want you do John,

John McGinnis

-- approach to into bringing Leidy we South, wells we be there'll there, related date see or the 'XX more costs fiscal online. and if probably XXXX, completion of the bit those going online see Sure. as a

and rig see X.X- that be will XXX may a be it then go-forward consistent on drop. pretty basis. So 'XX to back XXX X we Again, pace, to go higher, but probably in to bit will that that forward a then we going

Dave Bauer

the over a expect flat. over consider relatively of you when think really monetize. that that I'd I rest in be the system, we're the gathering able now investment years time, to big And CapEx the We've to made

million spent XXX, a in better you FM know, than is we'll that project. which bulk -- XXXX. The As be of be building will $XXX

expect pipeline big CapEx likely in utility, in drop on XXXX. to million we'd of area. million a then steady in goes, And So the kind it's $XX she that $XXX as

when consider in of jump in cash that flow and the have production, side business we'll XXXX positive Seneca's on the you beyond. revenues pipeline free So the we'd big be and growth meaningfully the big to in expect

Asit Sen

I thinking how gas appreciate book natural have hedge to just you're sensitivity does like dynamic, for hedging what's protection like book 'XX. thinking solid and very XXXX, to the On looks details. or the XXXX? look What fiscal for given it your looks you And hedge in prices about like philosophy XXXX? a gas

Dave Bauer

Yes. for We've in book trying to methodical XX. a build been

of there. night last in see slide deck, at we've added fair positions release can you number that look our the a you If

the Our to area in X hedged to in hedges fiscal layer philosophy of year. the the is a period, with X goal start prior of being or year the two-thirds over

that go So we should through as we book area time, be we're that in less than year. go to XX% as than I fiscal that that for fiscal better look are fiscal We're 'XX. grow fiscal two-thirds ‘XX, 'XX, where we on we'll say for if But hedged. through we again

Asit Sen

to one doing or the But going our t differently? recently where supplier I of is operationally Anything you're infrastructure owner? on is just and go. rig operating i acquired the utilization color sneak Great, you're the for second the more differently What operating that Thanks I'm could wondering about in. chain? about previous thinking in thinking from assets if how

John McGinnis

the only they produced couple -- well. benefit build we but on our months, able some going early when had It's a of we're that is to that's where Really, number costs. costs. water a to we They seen savings water driving where of that active fairly be -- so really impoundments so storage in down utilize, far. know area. They of facility that's And and is a have had biggest we're cost water the a had really -- freshwater water been as

As upgraded we wells they continue lot had of to optimize, our sort of standards. to be a needed that to

costs going at it's water we're key doing a are that, really to so And least spend on, and also driver. that But will bit little time early the of help. just

Operator

comes Your Tim from Funds. Gabelli Please Winter ahead. from next question go

Tim Winter

updated bit your was on can a 'XX? in about, U.S. fits things might carbon expand looking a flow California opportunities moving What policy, where meaningful of cash I And little guidance. into the the you on Congrats -- a you given free net more, talk patch given little towards the types maybe energy strategy? zero be is world at, bit evolving oil the economy?

Dave Bauer

I'm sure. piece? John, you want to take the California

John McGinnis

the question low on be to us. that your in increases maybe fiscal generates flow Sure. going Even at for at looking we're flow. significantly, higher, answers going what that flow looking at but California that, prices free the great to terms 'XX, to cash cash remains a generator Tim. it significant key spend, we're cash are year piece Hopefully, XXs. in of our flow Obviously portfolio. $XX -- every It generates continues when we're cash it of -- a

Tim Winter

Yes, thank you.

Dave Bauer

well, have opportunities gas create to as things can eyes for and natural the for And 'XX looking on management of the shareholders. and review We company that the Certainly, -- the is value us that we'll and keep could point our of for chain potentially our and value Board decarbonize, across open. add regularly opportunities direction strategic as consider open business. of in I world the the terms the our beyond, we'll that your for options think, value

Operator

Raymond question next Please comes Your go James. Freeman Instructions] [Operator from John ahead. from

Unidentified Analyst

I'm of the quite board. a be navigate lot to Slide of will that and the kind bit of how trying John. on average for kind kind in pricing? filling just And of question the across a -- on to much was quick cost kind service of longer CapEx structural related How it XX, I'm down noticed term? much This is just I of come And of kind the [Gordon]. decline is

Dave Bauer

a lot with drop that's we're point. XX% to on We've driven. has Actually, We're per been Obviously, service well XX% said a costs it basis. year Yes. year-over-year. increased respect a the probably also that, last over Having of seeing cost good to and two efficiencies seen a these that in of past be really has the I faster. wells continue us -- combined drilling our think the will the bulk But We're will Utica it for faster helping be reduce been program. cost. that to And years. seeing driver

some been the still costs. on dramatic to side. But is really, up a on, service Utica from of that running obviously part year-to-year. especially due there's And So it's

Unidentified Analyst

between EDA kind all quarter, my before, -- follow-up trying handle split then guess how that between you terms I how get is you in what's exposure I'm on much curtailed you of this kind of how in spot curtailment the the go much that BCF guys like different you WDA? X guys of better would basins? of related said a just -- the And is to of the to and have And the

John McGinnis

in. a split with function we'll points below certain out, have. WDA we split was. do a we and know exactly It's And did Lycoming. wells And between if I those have key each do three those I in We the it spot both drops That's right. then at really have receipt it that's do -- but don't our don't exactly shut pricing right. in have level, that the of curtailments exposure have of how I Tioga what points.

Operator

turn question. And over the call this presenters. our that last to At I the was will time, back

Ken Webster

both To afternoon time please today. We'd to the be Relations you, And through will available business access and XX. Thank today. conference investor.nationalfuelgas.com. November our our XXXXXXX. us and on website to like of and website on XXXX-XXX-XXXX thank close for conference enter our access ID call replay the goodbye This call this telephone Friday, Investor concludes you, of by will online, everyone for call A and telephone, the replay this Mike. at Thank taking visit with by run to be

Operator

conference Thank participating. for Ladies today’s and call. this gentlemen you concludes

You may now disconnect.

National Fuel Gas (NFG) 6 Nov 202020 Q4 Earnings call transcript