NFG - Earnings call transcript Q4 2021 | National Fuel Gas Company

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Operator

Good day and thank you for standing by. Welcome to the Quarter Four 2021 National Fuel Gas Company Earnings Conference Call. [Operator Instructions] I would now like to hand the conference over to your first speaker, Mr. Brandon Haspett, Director of Investor Relations. Sir, please go ahead.

Brandon Haspett

good and Rachel you, morning. Thank joining We for today's call on discussion appreciate of you a last conference release. us evening's earnings With Principal Resources. Financial National from and Justin Bauer, Executive the of Company Officer; Karen on Seneca President Officer; and Dave Chief President Fuel Treasurer Camiolo, Loweth, are and us Gas call questions. of end we the prepared At will open remarks the the discussion to posted earnings The and November been fiscal have website. Relations XXXX release on quarter Investor fourth presentation our investor these to materials call. during refer may today's We teleconference today's that contain you forward-looking remind to like will statements. We'd

While listing expectations, good and they date factors. refer reasonable and risk last are it faith differ only of With are projections and results a that, speak materially. Actual may National have I'll as a beliefs Fuel's to you made certain made, of on These statements Dave Bauer. turn specific are in evening's believed which to over for basis. earnings the may release to

Dave Bauer

both Against clearly and contributing which in for the fiscal long-term underlying the of pipeline of strengthen. levels substantially as discipline interstate expect fourth to into National segments year. for generate capped where remain Thanks, prices, has flow 'XX. will business upstream demand by Company, our outstanding gathering operating evident and The of improvement investment benefits amounts for Brandon. producers global last improved and tailwinds our business businesses. The domestic our and expansion with natural pricing capital the ongoing and cash of acquisition continued everyone. our the fundamentals $X.XX our the increasing morning, of value over results our the gas, Good a the reporting of to Fuel fourth increase in The year the from of integrated we the quarter share, backdrop free strong outlook XXX% commodity an were our and of strength of one Appalachian to model quarter increase. continued with to per the each in up underlying system great had drove

extension business, pipeline needed projects On and expansions of the of in the Construction nearly X. of would This us Empire incremental supports our to Company's these and the week, our approved $XX lastly through system capacity the for us. basin. of customer out more will this system Earlier Combined, of this And December filing an pipeline modernization largest system. the FMXXX that projects investment recent at replacement two distribution is enhances project August, we the expansion York than further projects side New in on a to revenues provide we to for much mechanism great XXXX. growth of complete. North is modernization allow the made FERC, demand a project which Commission of allow interstate that project in FMXXX important service fully history. an utility, pipeline represent the in reduces our emissions. This the end, which need To place are and the us and and add continue and new of is our program see million that tracker, the safety which to reliability cost March with

budget systems markets production global its flexibility project plans for production our an the gives project in of 'XX, our Getting under our value the when to our congratulate a pipeline organization, National our in strive the with attractive is a of on aggressive project done. followed team truly from team combined in a pandemic a terrific safe The is injury a thank and the system-wide safety the inherent like a In the and perfect safety chain FMXXX know has top, and a our Mid-Atlantic This is XX% track. the and from priority project including fantastic say create addition us to integrated Without each Seneca's approach supply of a leading Total both come considerable is strong who in give that the big newest example budget. I'm culture development to throughput. accomplishment to to amid construction areas. to project done and that this while flows, path where since sees regulated job Leidy expected built costs supports we've lowest are environment. development. a Seneca of a great to and to been to growth outcome have in rate development I'd been nearly have a growing dark on it's employee Fuel. and the our like cash well This continued work the time happy job of improvement. keeping me benefits you for Seneca's at gathering We I'd fiscal in-service in expansion Transco's major top disruptions. for to at timeline earnings team doubt, Those the project was path under South contractors everyone you

play clear in the needs. will role to the future, Natural As energy important meeting we it's an that world's look Gas

for world global our alternatives doing By both we demand evident and too from Natural energy Gas' growing Asia, where choice and growth the Gas continued of for our and low embrace Western compared Europe and see is resilience lower needs fuels heating carbon it of footprint carbon Natural the reliability and affordability is and us events own York New to as the require will As operations. we other customers and Pennsylvania with at commercial make to have own Northwest so the But here recent operations. committed in encourage much with profile space segments both industrial decarbonizes processes. December, less. in gas reduce and to end, our solutions emissions same improve have and We by XXXX customers that use of Conservation particular, like from lastly, hybrid we XX% like targets. corporate At our our publication methane the report. we our XXXX. of To responsibility in XX% XXXX to time major natural coincident operating our new we Programs, by emissions heating. In levels renewable announced hydrogen through intensity aggressive And Incentive reduction to to the

In gas pledged by greenhouse XXXX. reduce addition, again we absolute by to emissions XX%

on term. the that step commitment our operating that demonstrates have to commonplace, the an targets projects our for while are one tangible Importantly, today's become challenging technology. that use based This unlike sustainably important is aspirational Company, goals the long assets for these

spend our for expectations flow. cash on want I to a free closing, minute Before

you $XXX at from gas cash our prices, in $X.XX As we current of approximately page can of see free 'XX. fiscal flow million X IR project deck, natural

XXXX, trend even I that capital beyond grow expect higher moderates the as system. continues Looking and to FFO across to

paid that cash free XXX the which our still be options the have dividend, see the After we for for free capital. and priority will years that cash. for grown And for I considerable we'll dividend, three flow first Our last last XX. paying redeploying

gaining balance upgrade First the sheet is reducing leverage from agencies. on rating with an the goal the of

so, the probably those to ability quarters. improve the we deleveraging need metrics use with our metrics that do growth pricing, we'll absolute a the sustain debt also start over Ideally be require And in in rise capital projects. to that to reduction to next fund able through we'd While We will the see few to our cycles. recent credit likely levels.

for the pursue our future. opportunity the in We I system to more size sized while see near the and expansions continue FMXXX do of build projects. modestly of us of pipeline projects aren't likely to

quarter or come long-term has also a In certainly addition the at a we'd the to a market, transportation not In should return year. Fuel M&A opportunities grow look take had firm assets them. National right capital materialize, firm production. those to possibility. lastly certainly the should a and sales. closing, additional to And fiscal look on great to Seneca shareholders. continue acreage great If we'd secure It is growth

benefits and continues evident financial clearly operating our integrated that in Our deliver model considerable results. are to

us operations for free our future. that, financial to which expect to will call position period focus improve significant well we forward, our I'll and the reductions ongoing the and over the substantial flexibility on transition of With Justin. Looking of flow will emissions turn to cash us sustainability give a

Justin Loweth

and increase rig from additional XX% fourth Seneca in quarter for The Production strong year production a nearly This everyone. as of month fourth our as prior Bcfe closed performance two an morning, Resources. July well acquisition Dave great year's a concluded XX.X the from Appalachian quarter. operational good XXXX. came development that program driven Thanks, from in our by was at increase

estimates reserve in We proved XXX costs. synergies cash our For significant increased from proved to which We've XX% last the XX%, with year, full from X% drive our remain developed. with a along reserves unit in operating being reduction updated realized XX% nearly also acquisition Tcfe our reserves helped with approach to reserve increasing bookings to X.X conservative of Bcfe up our year. production

earnings operational Before unit to diving in flows. cash the into significant operating Seneca's last related costs wanted and hit expand to and benefits Appalachian acquisition. I in to deliver The updates, growth marketing margins year's growing and on of drop some accretion production and help

potential. more has talked our more acquisition we both acquisition, our efficiency online upside. the inventory expect into future, a improving geologic From year at in Tioga environment incorporating a and the closing evaluate synergy we time of pads fiscal the operational capital natural [technical Midstream upstream other has consolidated in of to ascribe shift the more to in activity the the our long-term the and In Marcellus, development targeting inventory the plans about two County. with to resulting no difficulty] Tioga continue this incorporated and our been bring highly the returns. Additionally, July, the enhances perspective, undeveloped gathering given into fully 'XX, further in Utica into this price value program thee gas economic past, in as team drilling of we and Since depressed this last

Our incremental by ability XXX,XXX in per December. day to marketing to online ship three capacity our new activity the diverse operating including major is supported South come expected areas portfolio Leidy of our across

activity As will areas, to outlook we've South markets major our operating Leidy returns. giving development valuable for additional an Mid-Atlantic our maximize and provide of three discussed to flexibility each optimize us previously,

on from to place expected based for fiscal on sales volumes. at about fixed 'XX and a certainty Overall, existing Leidy firm X in the is this of mentioned, price the on capacity be marketing project and With we a Since converted Leidy to service been South significant more date, month. quarter, able Dave portion clarity the hedges using active sales firm basis sale natural track last index have our very sale, Transco start gas our of point we providing in this those front. As we've South we've next Zone three-quarters should a on NYMEX production.

protection than We basis remainder have XX% which expected to hedged, pricing. be This the spending production largely of a spot and our and over exposed opportunistic another operating XX% us remain leaves with plans activities basin and less year. is that allows our in unchanged. to in gears, the great be is the Shifting in not year of marketing for hedging to

As Also day conjunction of about online inflation level out to there in the second the From Capital to higher talked South net around on South are has production fiscal fill activity then decreasing then over around year quarter to come expect ramp opposite, X of capacity extensive QX lot QX, and I service course and plan towards our half ramp pads industry with the completion we a production the previously, the production on the the the there several should of year. the we Leidy in sequentially end Bcf flat, capital track. driving Leidy during over capacity. availability. to up be QX new and QX is capital, is new cost QX year. with right of a been timing up the and in our discussion

vendors in point, service communication we pose not On avoid and will well we're expect our with been We've impacts. key any the regular think availability do meaningful latter issues. positioned to

to last offset front up cost forecasting to all drill solar to is a increased accounted complete and going and largely rising with percent, by active and in facility our XX into fiscal are quarter. some to drill and program the offset aggregate half fuel headwinds 'XX we continued very capital remains are cash All Cost the has drilling unchanged those next our full is but year. are free labor is on few chain In more at of managing headwinds facility from issues service is fiscal likely oil 'XX, go South being steam of largely complete are 'XX. from next In materials fiscal expected most a rise planning relatively certain production our in 'XX expect 'XX we are service and and the go Hills, our providers. while second last costs cost from flow California, speed which complete range, said, are modest This case service for tubulars expect South done this to prices ahead are long-term fuel a this and should fiscal which challenges, moving and be carry Lost job supply substantially excuse that significant me, permits operational efficiencies. solar for Also, workover Midway our to fiscal we increases these year. flat some than generate result impacting through late months as is a increasing for great modest team our see costs, new do well. guidance for in at program as oil we in of with costs soon we by we more such However, industries, that 'XX fiscal facing will as the

Lastly, I sustainability an update on want provide Seneca's to efforts.

quarter, mentioned completion generated are study of a by last various emissions of we types I equipment. As comprehensive undertaking

report. working aligns and technology. that wide landmark as array including able service e-frac and comprehensive West University our be values We sustainability have a with is performance that equipment with we informed with will air comparative across well will to more the a well make importantly, evaluate our completions decisions and this testing Most completed of data as provide data This and completions requirements. a our data, as cost to selecting study Virginia as and equipment all truly completion hygiene develop are providers

our also This a plans natural production a framework Appalachian with independent our Ekahau criteria operations announced our seek verification. of We through ESG of to gas set origin. certification based under responsible evaluates rigorous for XXX% ISO performance

verification conclude of next party couple is process third The we ongoing to in months. expect the the and

million utilizing working XXX the are well designation for with sourced approximately project a we gas production of trust responsibly Additionally, towards process. their day canary our

of As installing our with part canary, also pads. emissions project we on of well our relationship continuous are devices monitoring three

be to the end expect of year. the completed We these by installations

continue pneumatics the pads methane trip we will run are this air. use In development air reduce or year, every also pad. return to low addition, emissions on to as pneumatics And since June on of term compressed on have of Seneca new our retrofitting goals. long compressed intensity committed power reduction electric already to This strive meet we existing gas emissions natural our to we

The years. upon we scale and from of our operating added commitment acquisition these coming closing margins. have In on All our XXXX outlook. fundamentally key are sound the our business that growth recent initiatives synergies great with strengthened and reduced focused demonstrate sustainability and Seneca's to will costs furthering building steps and a efforts remain is throughout these and

larger development Our and improved opportunity leading has given higher. cash us increased the and inventory to driving program our scale earnings to further capital efficiency and optimize flows

enhancing positions of free also operate the the while edge cash dual us hard the environmental of one for on with to leading to I'll work initiatives. focus reducing basins it emissions ongoing We turn success. and over sustainability in This Karen. our industry on lowest in the intensity world that, And flow, footprint be well

Karen Camiolo

a out everyone. its National and Fuel year with in Thanks, coming per on strong at note good share. fiscal earnings morning, closed $X.XX Justin

for above range is guidance comparability, end several by well high $X.XX were our factors. driven several per was adjusting after operating of This results year items the share. full the and impacting For

in the First, the drove significant crude quarter during improvement higher natural and realizations. after gas prices oil price hedging

below in find to across of came businesses. optimize cost cost we operating as our structure ways continue Second, all expectations our to

adjustment This reducing in valuation to effective we resulted rate. Lastly, drilling costs. intangible tax tax completed planning an state tax a around our some allowance

to midpoint XX% earnings or change. 'XX, share driving the in fiscal share, be preliminary range increase are A $X.XX the now per few at this to an we guidance. of expect $X.XX of items Turning our to from per $X.XX

forecasting through prices our fiscal first gas $X.XX $XX First, We've of price oil commodity also increased natural and half MMBtu now of increased from NYMEX September. for $X.XX NYMEX to crude we've the our assumptions. year assumption per We're April per barrel. our price

we're approximately production well year of forecasted While remains hedged unhedged. for the XX%

impact natural expected our $X.XX share. in change $X.XX now per a to is by assumption reference, For price earnings gas

Given the the second two-thirds the would in of impact of cadence this profile, our price half occur of year. production roughly

$X sensitivities side, remain $X.XX by a oil change oil the our share. earnings with unchanged per On impacting

driver range driven $X.XX natural projecting lead $X.XX California. increase costs. in by Seneca's of modest second is operations This The streaming entirely Mcfe to $X.XX to per higher for our a The increased year. is LOE. of will major steam in higher We've the now fuel price gas

However, this more increase York impact is revenues. extension the major The of than be driver offset tracker the modernization by oil our forecasted last in increase the utility. will system New in

We jurisdiction. by related million at other margin our approximately $X Pennsylvania note the the year. to recent increase to major in utility expect item of preceding us a Utility for One

customers the The funding point. plans, flows. in costs collection recovering through back is credits. While material also annual financial Pennsylvania jurisdictions of flow, the regulatory impact these bill money have Due stop or ongoing as I'll the doesn't reflected and on our filing utility's that it's impact to OPEB using will margin previously status utility's cash bit regulatory from here to the difficulty] statements. earnings costs EBITDA, a made is each [technical a set this ongoing liability over-funded hit year, aside one-time point agreed post-employment it impact complex, pass of of an we cash so the to or benefit note high our a in the we earnings trust our to

related the sit utility in way, of lower guidance operating no in we non-service to expectations million the majority which vast EBITDA. collections point below is in to expected our Switching the cash fundamentally zero, wanted costs expense reduction end OPEB the negative equivalent earlier. which below we by out reducing see but any despite mentioned the businesses project This at By in in While primarily to to an expect from change flows. approximately business coming to $XXX driven of to our the EBITDA towards OPEB income. our our $XX doesn't over change came Midstream for year, earnings million was capital. 'XX the Dave Fiscal or impact costs to range. FMXXX This was including

for For sheet altogether, cash million a is our remains cash operations outlook million which position $XXX balance the dividend approximately of from assets generated the of our $XXX year. payment free in this the capital timber guidance flow great the 'XX, was fiscal $XXX year. free fiscal flow to million Adding exceeded cash $XXX proceeds strong. excess million and funds in our is our sale to Bringing by unchanged. in our 'XX, In for expenditures closed that, we from December,

million directed we million earlier. $XXX flow, efforts cash free toward operations spending are level, fiscal cash be cash after capital $XXX to referenced by can look funds to of flow This than that Dave excess the $XXX additional dividend debt-reduction funding to At our for the to more million. year. provides projecting our As from we this expect would we 'XX, exceed our

While cash did I in is sheet. our on line about talking minute balance the to a with item one spend previous flow free expectations, want

the grade a we run is to recorded our with associated to Today, approximately recent liability in million that million. our $XXX portfolio. such the to prices, Given been large million limited requirements now September. at counterparties market sheet balance up rather liability, $XX we minimize investment $XX closer posted collateral hedge collateral the end with has further this reduced Well, amount mark of were sitting

in our minimal, will hedges the as earlier have a if Dave's and operator open and comments, the into shareholder the ability most a that, us generate collateral the settle line through any current to for liability to outlook driving well ask the for those In the free sustainable result, expect flow, I'll we're spot, progressed we As conclusion questions. cash great and to significant requirements. the we and is winter, business strong to well future. echoing, of positions value deliver With

Operator

comes the your from of with [Operator Scotia Instructions] line Please Weil. proceed Howard questions. Stewart Your first Holly from question

Holly Stewart

trending very pipeline understand Maybe behind already big the spend count dividend, point. Dave, allocation, X% and - down, appears share and you the Karen, is just you've better be you've a yield capital to got part growing to cash got the flow, the free growing low, this your leverage at is

a but we great between of comments debt those So of any and credit, Seneca opportunities upgrade, credit which at reduction M&A further be shareholders. and you further seeking potentially is growth further mentioned a other a would and on returns kind maybe capital, think to use

Dave Bauer

Yes. to possible. going to going of to Holly, we're way best be and where lot going Not we're that a flexibility we're have flexibility the really in in use a to position look

So...

Holly Stewart

Again, but... it high-class is a problem,

Dave Bauer

Yes.

Holly Stewart

All Well, moving completions that last mentioned it helpful. I be like on, Justin, end that's you and quarter of he wasn't. some capex high probably looks the remember the and at Maybe range would it accelerating thought right.

kind happen the color happening were, are the during those quarter completions maybe on any or XQ supposed first to So of year were here maybe guide? color just quarter that any that on the of in

Justin Loweth

Sure.

the we of there. the and So towards you accomplish in out QX little completions came accomplished just to wanted high we middle middle we know, in put range in a what activity from we've the the

- pretty running So as QX full that - was have look we and how with ended I crew through the and We we the fiscal of activity and QX. beginning happy well that the up. of and one the time to what a much then rest pretty have spot X should should continue had absolutely, noted do year out. since into flat we now winter really

weighted expect down higher. then very you into to much be our to trending if that QX, capital year capital. to expect took towards QX, definitely I And be, mean, QX. just to QX So be full

Operator

of Choudhary line question the next comes The from Sachs. from Goldman Umang

Your line is open.

Umang Choudhary

you in impact was offset pressures, looking would My first cost next do the be capital mentioned your but your both about as cost into - inflation, remarks, seeing net you And question and what steps we're increases? actively operating year? it. mitigate talk prepared cost Can you to to on think taking costs to you well some inflationary the the heading as

Justin Loweth

Sure. Happy to.

So there's our There have dialog it a to two chain much pieces bids we've and who the actively right. we all expect terms how is overall the, of of - and group regular is increases in we out very key robust procurement supply services. in

per we by think has our about to more is that I'll some maybe will accounted kind at in Feel we're and it think trend already up around of facility as planning, in And we costs, we We little just that to hit Lycoming, with opportunity X% second, a completed hub about of X%, through We particularly would of serves other be all again, We in some cost which the thought with, structure to guidance. is in upper did the this Tioga course just our note our reduction side, maybe we WDA. when into net handling so acquired in D&C pretty might and that The digits the our on single it kind Tioga County, as drive water over into communication, Hogan on we look about of the we overall benefits operations. a drilled but change And of take for year, water spread in when water about capital drivers that, continue we're comfortable we're not have what's have of Then improving continued integrating that, extensive do Strauss when cost about pad, doing our managing development it. for pad XX us our spoke infrastructure capital XX our recently a wells I overall view guidance. EDA the allows the main have bit - to days. a all you and the, we couple storage That of water our the offsets and we capital our if cost a of plans. days, the probably It's our kind getting meaningful completion our that water. a to a operations. service that where savings all-in see day. us think

so just examples And side I'd find continuing on we're cost on to we coming. a largely improved point meaningful We're increases side. see ways those see reduce of to of sort muting to that continuing a has the on and the, impact drilling overall our to completion the efficiencies couple that - of any has

Umang Choudhary

are some And more I wondering I you your on increases color just demand. on the that on to your demand. next meet macro, was helpful. natural you gas talked That's if in side capacity about if seeing incremental pipes guess the increase any I question of, provide in wanted to kind can the to get updated of on terms there opportunities takeaway the

Justin Loweth

on can then and dig hit can gas Well, needed. if on in too the second little macro just one a we I

backdrop specifically think privates, a robust. line gas, continued or But demand in And producers is So very of we bit dry will a very be creep the obviously associated seemingly it's little be we you're gas. there levels side obviously seeing in that. whether little maintenance see capital of on on production, growth toeing bit a is continue to and the of maintaining of strong kind the

continuing. we see LNG continue obviously We to year as improvements, see some very and it much this materialize

absolutely levels very It's term improvement. $X.XX that range. And is and perspective. meaningful I macro feel continued is continuing find up overall gas see get where fuel and potential up some the to I'll So on do that how a to to companies are for you to at with are to think constructive look been from around note, speak we're One frankly our view come curious I that a mention pipeline curve we other pleased within see national $X now just a it long definitely to opportunities more the we're to pricing where the about - about the is opportunities into to go Seneca market, going good bit extent the higher. family.

supply. So and empire

And to develop and term addition, still into opportunities our we'll in can size, sales. term there augment entering long given that we grow to firm so opportunity long to do our look by then

very past So otherwise. or control continue markets. reaching out working marketing something on AMAs counterparties we It's with as we to and to they that utilize a capacity It's combination successful our of forward. go the some in been a effectively really the us option through look for

Umang Choudhary

you was helpful. I very may CCUS is at And if and ask I sustainability longer of looking provide clear there about perspective discussion around what the of and hydrogen report, out like - feasibility RNG. to the a a you of was studying technical are term. these, perspective any further That kind one believe I opportunities color what pursue are Can from what these more, regulatory

Dave Bauer

Sure.

really move RNG producers connecting so system, front, on gas the that our threefold. can On One RNG efforts our is the the to are they pipelines.

somewhat and making I third, at its direct that. utility supply the think stages we'd pursuing got RNG investments portfolio is RNG The are we've there a there. and incorporating into team in But then be is looking second early

think longer term On I the play. that's a of bit other two, hydrogen, on a

stream, impact engines in in, that and on reduce and to used be Our that running hydrogen could ability end is stack users to at focus system the its say into our evaluating in hydrogen blend ways stations looking its our compressor looking on our the at emission. gas are equipment

move a learning that of business, pipes side lot and of really the think our exercise transport engineering, I to at a production now. got could we with on mean COX are next within we both storage it it's experience a some right Right. will on have gas, reservoir real the think or project application, - terms XX would say But long demonstration then basically the CCUS on months of to a a say term I'd so. R&D, And you the I another gas side. is of now, goal be in and right So side, time. we've building good it's a take lot

so interested new is that or reuse and about. at helpful? sequestration learning that assets for that And our ways more assets find something might pursuing looking Is carbon in we we're either

Operator

comes Winter The of next from Tim Gabelli Funds. question line from the

Your open. line is

Tim Winter

two And I congrats successful on for and questions great you. acquisition. results have the

recent political gas New you one expect changes in natural any is changes given first do the York, in the The sentiment?

Dave Bauer

Yes. Not What was as we're at it usual [indiscernible]. much as term. pretty near in Albany the seeing business is under

Tim Winter

or financial then further for or on gas, that optimize And for your outlook the note, gas. going can near-term may something outlook what's any you on given asset any current near-term with us engineering that update regarding thinking and monetizations or the on

Dave Bauer

the Nothing report. Yes. in near term, to Tim

don't I any think group really our of monetization near-term well efforts. I working together. I is don't see - And assets

In to of where position terms of than in talked be returning we're free we're financial have engineering, capital flow a going some as a rather opportunities shareholders, we it. and have lot earlier, to cash growth raising would

Operator

with proceed from Lamar [Operator the Instructions] James. your Please of next Raymond question from line The comes question. Trafford

Trafford Lamar

Thanks for taking my call.

ask the radar. I of believe just two project. it's on on wanted to know litigation that one it to status of pipelines, on circuit or Northern I any I that get such wanted the has that and could pipeline, color question, commentary Access additional First

Dave Bauer

Yes.

and some practical a time. the authorizations But permits a a to of through to like which working standpoint, still from expires we're in studies is updated So right, various take certificate the bit February. project and - be that our we're for going need federal

this guess prospect longer-term to built it's going going a an let it's we'll the for for I've I to us. you and is in 'XX more extension we're And than. said to So have as know in - isn't project be likely file past, a soon. relatively But

Trafford Lamar

free second then X,XXX question California California consider have divestment and And generating day, a potentially was on my BOE feel assets perfect. flow, your about you meaningful producing all that of value full asset? you are you cash getting a Okay, do for like

Justin Loweth

that And a Well, well certainly over the XX has for prices. this the which oil very continues it increasing of here, analysis looked I to footnote, with mean day. there our looking free was We'll generated I back One cash EBITDA I business - many incredible. X,XXX very a about billion year today, producing looked business at generated $X much business barrels recently I to thing well. done out of equivalent less pretty, XXXX and at the is cash just has how well we've pretty years. to We're do present, years. And last per very to capex, generate

Our margin. just revenues may add we'll steam to continue a to in bit overall, good are really go up but certainly headed direction. higher structure the with Cost fuel solid, is cost, a

So it's that cash our but adds exactly business say to it flows at able and a point, to is adds our share context our within of successfully. price, operate remains it pretty certainly to hard earnings, what the it this we're to

Operator

further I ahead. no Brandon. now go to There Please Instructions] call turn [Operator the are will back questions.

Brandon Haspett

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

Operator

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

disconnect. now You may

National Fuel Gas (NFG) 5 Nov 212021 Q4 Earnings call transcript