Strong Hedge Book Performance
National Fuel's strong hedge book delivered a $61 million gain during the quarter, largely mitigating the impact of low natural gas prices.
Production and Efficiency Gains
Seneca's production increased by 5% year-over-year, while capital expenditures decreased by 10%, demonstrating improved capital efficiency.
Regulatory Achievements
A 3-year settlement in New York rate case resulted in an $86 million annual revenue requirement increase phased over 3 years, addressing recovery of higher operating costs.
Sustainability Achievements
Seneca surpassed its 2030 methane intensity reduction goal of 40% and renewed its MIQ certification with an A grade.
Share Buyback and Dividend Program
Progress on a $200 million buyback authorization with 1.4 million shares repurchased at an average price of $57 per share.