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March 24, 2014
08:16 EDTNFGNational Fuel confirms CapEx, production guidance ranges for FY14, FY15
The company is reiterating its production forecast range for the entire 2014 and 2015 fiscal years of 145 to 165 billion cubic feet equivalent and 180 to 220 Bcfe, respectively. At the midpoint of these forecasted ranges, production growth for each of fiscal 2014 and 2015 is estimated to be 28% and 29%, respectively. The company is reiterating its consolidated capital expenditure forecast range for the entire 2014 and 2015 fiscal years of $855 to $1,035 million and $1,065 to $1,275 million, respectively. These forecasts assume a consistent operation of three horizontal drilling rigs in Seneca's East Division. For the last nine months of fiscal 2014, at the midpoint of the current guidance range, approximately 75% of Appalachian volumes are committed to firm sales agreements. In fiscal 2015, approximately 45% of Appalachian volumes are already committed under firm sales agreements. The company continues to pursue incremental firm sales agreements and will add new positions when contract terms and pricing are favorable. Specific details of the company's hedging program and firm sales agreements can be found in the current investor presentation available on the company's website. Seneca's first Geneseo Shale well drilled in Lycoming County, Pa., achieved a peak 24-hour production rate of 14.1 million cubic feet per day and averaged 8.6 MMcf per day during its first 30 days. The well was drilled to a lateral length of 4,920 feet and completed with 33 stages. The initial estimated ultimate recovery for this well is 7.0 billion cubic feet. Also in Pennsylvania, within its Greater Clermont Area located in Elk and Cameron counties, Seneca has drilled all nine Marcellus Shale wells on its first multi-well development pad in the Western Development Area and is drilling the sixth and final Marcellus well on its second pad. These wells are scheduled to begin production in the fourth quarter of fiscal 2014, which coincides with the in-service date for the Clermont Gathering System.
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