0000070145-20-000022.txt : 20200807
0000070145-20-000022.hdr.sgml : 20200807
20200807080919
ACCESSION NUMBER:0000070145-20-000022
CONFORMED SUBMISSION TYPE:8-K
PUBLIC DOCUMENT COUNT:16
CONFORMED PERIOD OF REPORT:20200806
ITEM INFORMATION:Results of Operations and Financial Condition
ITEM INFORMATION:Financial Statements and Exhibits
FILED AS OF DATE:20200807
DATE AS OF CHANGE:20200807
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME:NATIONAL FUEL GAS CO
CENTRAL INDEX KEY:0000070145
STANDARD INDUSTRIAL CLASSIFICATION:NATURAL GAS DISTRIBUTION [4924]
IRS NUMBER:131086010
STATE OF INCORPORATION:NJ
FISCAL YEAR END:0930
FILING VALUES:
FORM TYPE:8-K
SEC ACT:1934 Act
SEC FILE NUMBER:001-03880
FILM NUMBER:201083793
BUSINESS ADDRESS:
STREET 1:6363 MAIN STREET
CITY:WILLIAMSVILLE
STATE:NY
ZIP:14221-5887
BUSINESS PHONE:716-857-7000
MAIL ADDRESS:
STREET 1:6363 MAIN STREET
STREET 2:6363 MAIN STREET
CITY:WILLIAMSVILLE
STATE:NY
ZIP:14221-5887
8-K
1
nfg-20200806.htm
8-K
nfg-20200806
0000070145false00000701452020-08-062020-08-06
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 6, 2020
NATIONAL FUEL GAS COMPANY
(Exact name of registrant as specified in its charter)
New Jersey1-388013-1086010
(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)
6363 Main Street
Williamsville,New York14221
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (716) 857-7000
Former name or former address, if changed since last report: Not Applicable
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (seeGeneral Instruction A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Each Exchange on Which Registered
Common Stock, par value $1.00 per shareNFGNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨
Item 2.02 Results of Operations and Financial Condition.
On August 6, 2020, National Fuel Gas Company (the “Company”) issued a press release regarding its earnings for the quarter and nine months ended June 30, 2020. A copy of the press release is furnished as part of this Current Report as Exhibit 99.
Neither the furnishing of the press release as an exhibit to this Current Report nor the inclusion in such press release of any reference to the Company’s internet address shall, under any circumstances, be deemed to incorporate the information available at such internet address into this Current Report. The information available at the Company’s internet address is not part of this Current Report or any other report filed or furnished by the Company with the Securities and Exchange Commission.
In addition to financial measures calculated in accordance with generally accepted accounting principles (“GAAP”), the press release furnished as part of this Current Report as Exhibit 99 contains certain non-GAAP financial measures. The Company believes that such non-GAAP financial measures are useful to investors because they provide an alternative method for assessing the Company’s operating results in a manner that is focused on the performance of the Company’s ongoing operations, for measuring the Company’s cash flow and liquidity, and for comparing the Company’s financial performance to other companies. The Company’s management uses these non-GAAP financial measures for the same purpose, and for planning and forecasting purposes. The presentation of non-GAAP financial measures is not meant to be a substitute for financial measures prepared in accordance with GAAP.
Certain statements contained herein or in the press release furnished as part of this Current Report, including statements regarding estimated future earnings and statements that are identified by the use of the words “anticipates,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “predicts,” “projects,” “believes,” “seeks,” “will” and “may” and similar expressions, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. There can be no assurance that the Company’s projections will in fact be achieved nor do these projections reflect any acquisitions or divestitures that may occur in the future. While the Company’s expectations, beliefs and projections are expressed in good faith and are believed to have a reasonable basis, actual results may differ materially from those projected in forward-looking statements. Furthermore, each forward-looking statement speaks only as of the date on which it is made. In addition to other factors, the following are important factors that could cause actual results to differ materially from those discussed in the forward-looking statements: the Company’s ability to successfully integrate acquired assets, including Shell’s upstream assets and midstream gathering assets in Pennsylvania, and achieve expected cost synergies; impairments under the SEC’s full cost ceiling test for natural gas and oil reserves; changes in the price of natural gas or oil; the length and severity of the recent COVID-19 pandemic, including its impacts across our businesses on demand, operations, global supply chains and liquidity; changes in economic conditions, including global, national or regional recessions, and their effect on the demand for, and customers’ ability to pay for, the Company’s products and services; the creditworthiness or performance of the Company’s key suppliers, customers and counterparties; financial and economic conditions, including the availability of credit, and occurrences affecting the Company’s ability to obtain financing on acceptable terms for working capital, capital expenditures and other investments, including any downgrades in the Company’s credit ratings and changes in interest rates and other capital market conditions; changes in laws, regulations or judicial interpretations to which the Company is subject, including those involving derivatives, taxes, safety, employment, climate change, other environmental matters, real property, and exploration and production activities such as hydraulic fracturing; delays or changes in costs or plans with respect to Company projects or related projects of other companies,
including disruptions due to the COVID-19 pandemic, as well as difficulties or delays in obtaining necessary governmental approvals, permits or orders or in obtaining the cooperation of interconnecting facility operators; the Company’s ability to complete planned strategic transactions; governmental/regulatory actions, initiatives and proceedings, including those involving rate cases (which address, among other things, target rates of return, rate design and retained natural gas), environmental/safety requirements, affiliate relationships, industry structure, and franchise renewal; changes in price differentials between similar quantities of natural gas or oil sold at different geographic locations, and the effect of such changes on commodity production, revenues and demand for pipeline transportation capacity to or from such locations; the impact of information technology disruptions, cybersecurity or data security breaches; factors affecting the Company’s ability to successfully identify, drill for and produce economically viable natural gas and oil reserves, including among others geology, lease availability, title disputes, weather conditions, shortages, delays or unavailability of equipment and services required in drilling operations, insufficient gathering, processing and transportation capacity, the need to obtain governmental approvals and permits, and compliance with environmental laws and regulations; increasing health care costs and the resulting effect on health insurance premiums and on the obligation to provide other post-retirement benefits; other changes in price differentials between similar quantities of natural gas or oil having different quality, heating value, hydrocarbon mix or delivery date; the cost and effects of legal and administrative claims against the Company or activist shareholder campaigns to effect changes at the Company; uncertainty of oil and gas reserve estimates; significant differences between the Company’s projected and actual production levels for natural gas or oil; changes in demographic patterns and weather conditions; changes in the availability, price or accounting treatment of derivative financial instruments; changes in laws, actuarial assumptions, the interest rate environment and the return on plan/trust assets related to the Company’s pension and other post-retirement benefits, which can affect future funding obligations and costs and plan liabilities; economic disruptions or uninsured losses resulting from major accidents, fires, severe weather, natural disasters, terrorist activities or acts of war; significant differences between the Company’s projected and actual capital expenditures and operating expenses; or increasing costs of insurance, changes in coverage and the ability to obtain insurance. The Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
NATIONAL FUEL GAS COMPANY
By:/s/ K. M. Camiolo
K. M. Camiolo
Treasurer and Principal Financial Officer
Dated: August 7, 2020
EX-99
2
nfg-6302020xexhibit99x.htm
EX-99
Document
Exhibit 99
6363 Main Street/Williamsville, NY 14221
Release Date:Immediate August 6, 2020Kenneth E. Webster
Investor Relations
716-857-7067Karen M. Camiolo
Treasurer
716-857-7344
NATIONAL FUEL REPORTS THIRD QUARTER EARNINGS
AND PROVIDES PRELIMINARY GUIDANCE FOR FISCAL 2021
WILLIAMSVILLE, N.Y.: National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced consolidated results for the third quarter of its 2020 fiscal year and for the nine months ended June 30, 2020.
FISCAL 2020 THIRD QUARTER SUMMARY
•GAAP earnings of $41.3 million, or $0.47 per share, which includes a $13.2 million after-tax impairment of oil and gas properties, compared to GAAP net income of $63.8 million, or $0.73 per share, in the prior year
•Adjusted operating results of $50.0 million, or $0.57 per share, compared to $61.8 million, or $0.71 per share, in the prior year (see non-GAAP reconciliation on page 2)
•Adjusted EBITDA of $171.9 million compared to $182.9 million in the prior year (non-GAAP reconciliation on page 24)
•Pipeline & Storage Adjusted EBITDA of $50.5 million, an increase of 35% from the prior year, driven primarily by the successful resolution of a National Fuel Gas Supply Corporation rate proceeding, and reduced O&M expense
•E&P segment net production of 56.0 Bcfe, an increase of 1.3 Bcfe from the prior year
•7.3 Bcf of price-related natural gas curtailments due to sustained low Appalachian pricing
•Average natural gas prices, after the impact of hedging, of $1.92 per Mcf, down $0.44 per Mcf from the prior year
•Average oil prices, after the impact of hedging, of $50.70 per Bbl, down $12.22 per Bbl from the prior year
•Gathering Adjusted EBITDA of $27.8 million, largely unchanged from the prior year despite the impact of price-related curtailments
MANAGEMENT COMMENTS ON THIRD QUARTER RESULTS
David P. Bauer, President and Chief Executive Officer of National Fuel Gas Company, stated: “The benefits of our integrated, diversified business model are evident as we move through fiscal 2020, with strong results from our rate-regulated subsidiaries providing an important measure of stability in the face of commodity price headwinds. To the latter point, our Exploration and Production segment activity level dropped to a single rig in mid-June and we continue to voluntarily curtail a portion of our Appalachian spot market volumes, which we anticipate will continue while low prices persist through the remainder of the summer.
Turning to fiscal 2021, as we integrate our recently-closed, highly-accretive Appalachian acquisition into our longer-term plans, we expect our Upstream and Gathering operations to immediately generate significant free cash flow. Additionally, we have line of sight on meaningful growth in our Pipeline & Storage business, driven largely by near-term expansion and modernization projects, including our Empire North project which we expect to come online in the next few months. Overall, National Fuel is well-positioned to grow our earnings and cash flows, maintain the strength of our balance sheet, and generate strong returns for our shareholders in the years ahead.”
Page 2.
RECONCILIATION OF GAAP EARNINGS TO ADJUSTED OPERATING RESULTS
Three Months EndedNine Months Ended
June 30,June 30,
(in thousands except per share amounts)2020201920202019
Reported GAAP Earnings$41,250$63,753$21,773$257,009
Items impacting comparability:
Impairment of oil and gas properties (E&P)18,236—195,997—
Tax impact of impairment of oil and gas properties(4,986)—(53,489)—
Deferred tax valuation allowance as of March 31, 2020——56,770—
Remeasurement of deferred income taxes under 2017 Tax Reform———(5,000)
Mark-to-market adjustments due to hedge ineffectiveness (E&P)—(1,020)—(783)
Tax impact of mark-to-market adjustments due to hedge ineffectiveness—214—164
Unrealized (gain) loss on other investments (Corporate / All Other)(5,639)(1,420)7941,096
Tax impact of unrealized (gain) loss on other investments1,184298(167)(230)
Adjusted Operating Results$50,045$61,825$221,678$252,256
Reported GAAP Earnings Per Share$0.47$0.73$0.25$2.96
Items impacting comparability:
Impairment of oil and gas properties, net of tax (E&P)0.15—1.63—
Deferred tax valuation allowance as of March 31, 2020——0.65—
Remeasurement of deferred income taxes under 2017 Tax Reform———(0.06)
Mark-to-market adjustments due to hedge ineffectiveness, net of tax (E&P)—(0.01)—(0.01)
Unrealized (gain) loss on other investments, net of tax (Corporate / All Other)(0.05)(0.01)0.010.01
Rounding———0.01
Adjusted Operating Results Per Share$0.57$0.71$2.54$2.91
SALE OF TIMBER PROPERTIES
The Company has executed a purchase and sale agreement to divest substantially all of its Pennsylvania timber assets for approximately $116 million, subject to customary closing adjustments. The transaction is expected to close on or before November 1, 2020. The Company intends to use the proceeds from this sale to complete the permanent financing of its recently-closed Appalachian acquisition.
DISCUSSION OF GUIDANCE UPDATE
National Fuel is revising its fiscal 2020 earnings guidance to reflect the impact of revised commodity price assumptions for the balance of the fiscal year, projected price-related Appalachian production curtailments, and the results of the fiscal third quarter. The Company is now projecting that earnings, excluding items impacting comparability, will be within the range of $2.75 to $2.85 per share.
The Company is assuming that NYMEX natural gas prices will average $1.85 per MMBtu for the remainder of fiscal 2020, down $0.20 per MMBtu from the previous guidance. Based on current forward differentials between NYMEX and regional spot prices for natural gas, the Company is assuming that its remaining approximately 6 Bcf of fiscal 2020 Appalachian production volumes exposed to the spot market will be curtailed. Taking into account these assumed curtailments, as well as the Company’s 7.3 Bcf of natural gas curtailments in the third fiscal quarter, the Company is decreasing its production guidance range to 240 to 245 Bcfe for fiscal 2020. Additionally, the Company is now assuming that WTI oil prices will average $40.00 per barrel (Bbl) for the remainder of fiscal 2020, an increase of $17.50 per Bbl from the $22.50 assumed in the previous guidance. The Company’s other guidance assumptions remain largely unchanged from the previous guidance.
The Company is also initiating preliminary guidance for fiscal 2021. National Fuel is projecting that its fiscal 2021 earnings will be within a range of $3.40 to $3.70 per share, or $3.55 per share at the midpoint of the range, an increase of approximately 27% from the midpoint of the Company’s updated fiscal 2020 guidance range. The Company’s fiscal 2021 earnings projections are being driven largely by an increase in Seneca’s forecasted natural gas production and the associated
-more-
2
Page 3.
impact on Gathering segment revenues resulting from the Company’s recent Appalachian acquisition, as well as the expected commencement of full service on the Company’s Empire North project in late fiscal 2020.
Seneca’s fiscal 2021 net production is expected to be in the range of 305 to 335 Bcfe, an increase of 77.5 Bcf versus fiscal 2020. This expected increase is driven by the aforementioned acquisition, which includes significant flowing natural gas production, all of which will be gathered by Company-owned facilities. As a result, the Company expects Gathering segment revenues to be in the range of $185 million to $200 million, an increase of $50 million from the midpoint of the Company’s fiscal 2020 guidance.
In addition, the Company is projecting its natural gas price realizations after hedging to increase by approximately $0.10 per Mcf from its estimated fiscal 2020 realizations, driven in large part by higher expected NYMEX and regional spot prices for natural gas. Through physical firm sales contracts in place with third parties, as well as its firm transport capacity, Seneca currently has secured marketing outlets for 278 Bcf, or approximately 91%, of its projected fiscal 2021 Appalachian production. Approximately 202 Bcf of these sales, or 66% of the Company’s projected fiscal 2021 Appalachian production, are either matched with a financial hedge, including a combination of swaps and no cost collars, or were entered into at a fixed price.
As a result of the Company’s increased production base, as well as the highly synergistic nature of the Company’s Appalachian acquisition, fiscal 2021 Exploration and Production segment operating costs are expected to be reduced by approximately $0.10 per Mcfe based on the midpoint of the respective LOE, G&A, and DD&A guidance ranges.
Based on the Company’s current activity level, which includes a single drilling rig and completion crew in Appalachia and reduced activity in California, the Exploration and Production segment’s fiscal 2021 capital expenditures are expected to be in the range of $290 million to $330 million, a $75 million reduction versus fiscal 2020 at the midpoint. Gathering segment capital expenditures are expected to be $30 million to $40 million in fiscal 2021, a decline of $30 million at the midpoint.
Pipeline and Storage segment capital expenditures are expected to be in the range of $250 million to $300 million. The $100 million increase at the midpoint of the range is due primarily to spending on the recently-certificated $280 million FM100 expansion and modernization project that is expected to add approximately $50 million in annualized revenues and is anticipated to be placed in service in late calendar 2021. Utility segment capital expenditures are expected to be modestly increased as compared to fiscal 2020 at $90 million to $100 million as the Company continues to invest in the modernization of its gas distribution systems, and expects a return to spending levels in fiscal 2021 consistent with those experienced prior to the COVID-19 pandemic.
In total, the Company’s consolidated capital expenditures in fiscal 2021 are expected to be in a range of $660 million to $770 million, essentially flat versus fiscal 2020 at the midpoint of the respective ranges.
Additional details on the Company's updated forecast assumptions and business segment guidance for fiscal 2020 and fiscal 2021 are outlined in the table on page 8.
MANAGEMENT COMMENTS ON COMPANY’S COVID-19 RESPONSE
Mr. Bauer added: “During these unprecedented times, the safety and well-being of our workforce, customers, and communities in which we operate is our top priority. We continue to support our employees through a number of initiatives, including providing a safe work environment, offering flexible work arrangements to meet the child care needs of our employees, and the avoidance of workforce reductions and furloughs. While National Fuel, like so many companies across the globe, has encountered new challenges in connection with the COVID-19 pandemic, I am proud to say that, to date, the Company has not experienced significant operational or financial impacts during this crisis – a testament to the diligence and commitment of our approximately 2,100 employees, who continue to meet and exceed the challenges of this ‘new normal'.
Furthermore, with operations that span the entirety of the natural gas value chain, we see firsthand the critical role that our business, and the energy industry, plays in meeting the daily needs of our communities – producing, gathering, transporting, and ultimately delivering critical low-cost energy supplies to the homes that have become our offices, schools, and gyms, and the manufacturing facilities that produce our food, supplies, and personal protective equipment.”
-more-
3
Page 4.
DISCUSSION OF THIRD QUARTER RESULTS BY SEGMENT
The following earnings discussion of each operating segment for the quarter ended June 30, 2020 is summarized in a tabular form on pages 9 and 10 of this report (earnings drivers for the nine months ended June 30, 2020 are summarized on pages 11 and 12). It may be helpful to refer to those tables while reviewing this discussion. As of the quarter ended September 30, 2019, the Company is no longer reporting the Energy Marketing operations as a reportable segment. The Energy Marketing operations have been included in the All Other category in the disclosures and tables that follow below. Prior year segment information has been restated to reflect this change in presentation.
Note that management defines Adjusted Operating Results as reported GAAP earnings adjusted for items impacting comparability, and Adjusted EBITDA as reported GAAP earnings before the following items: interest expense, income taxes, depreciation, depletion and amortization, other income and deductions, impairments, and other items reflected in operating income that impact comparability.
Upstream Business
Exploration and Production Segment
The Exploration and Production segment operations are carried out by Seneca Resources Company, LLC ("Seneca"). Seneca explores for, develops and produces natural gas and oil reserves, primarily in Pennsylvania and California.
Three Months Ended
June 30,
(in thousands)20202019Variance
GAAP Earnings$(6,434)$26,512$(32,946)
Impairment of oil and gas properties, net of tax13,250—13,250
Mark-to-market adjustments due to hedge ineffectiveness, net of tax—(806)806
Adjusted Operating Results$6,816$25,706$(18,890)
Adjusted EBITDA$64,780$88,175$(23,395)
Seneca’s third quarter GAAP earnings decreased $32.9 million versus the prior year, which includes the impact of a non-cash, pre-tax impairment of Seneca’s oil and natural gas reserves.
During the third quarter, Seneca recorded a non-cash, pre-tax impairment charge of $18.2 million ($13.2 million after-tax) to write-down the value of Seneca’s oil and natural gas reserves under the full cost method of accounting. The full cost method of accounting requires that Seneca perform a quarterly “ceiling test” to compare the present value of future revenues from its oil and natural gas reserves based on an unweighted arithmetic average of the first day of the month oil and gas prices for each month within the 12-month period prior to the end of the reporting period (“the ceiling”) with the book value of those reserves at the balance sheet date. If the book value of the reserves exceeds the ceiling, a non-cash impairment charge must be recorded in order to reduce the book value of the reserves to the calculated ceiling. It is anticipated that the current low commodity price environment will lead to significant non-cash impairments during the fourth quarter of fiscal 2020 and likely in the first quarter of fiscal 2021 as well.
Excluding this item, as well as the net impact of non-cash mark-to-market adjustments recorded in the prior year relating to hedge ineffectiveness (see table above), Seneca’s third quarter earnings decreased $18.9 million as the positive impacts of higher production and lower operating expenses were more than offset by the negative impacts of lower realized natural gas and crude oil prices and higher interest expense.
Seneca produced 56.0 Bcfe during the third quarter, an increase of 1.3 Bcfe, or 2%, from the prior year. Despite approximately 7.3 Bcf of price-related curtailments, natural gas production increased 1.3 Bcf, or 2%, due primarily to production from new Marcellus and Utica wells in Appalachia. Net production increased 3.2 Bcf to 27.0 Bcf in Seneca’s Western Development Area ("WDA"), primarily due to the ongoing development program in the region. Net production decreased 1.9 Bcf to 25.1 Bcf in the Eastern Development Area ("EDA"), primarily due to natural declines in the EDA-Tioga area, partly offset by higher production in the EDA-Lycoming area where increased production from new pads exceeded price-related curtailments. Oil production for the third quarter increased 8,000 Bbls, or 1%, from the prior year as new production continues to come on-line from Seneca’s development of the Pioneer assets in the Midway Sunset area of California, as well as the Coalinga assets.
-more-
4
Page 5.
Seneca's average realized natural gas price, after the impact of hedging and transportation costs, was $1.92 per Mcf, a decrease of $0.44 per Mcf from the prior year. This decline was largely due to lower NYMEX prices and lower spot pricing at local sales points in Pennsylvania. Seneca's average realized oil price, after the impact of hedging, was $50.70 per Bbl, a decrease of $12.22 per Bbl compared to the prior year. The decline in oil price realizations was due primarily to lower market prices for crude oil during the quarter and reduced price differentials at local sales points in California.
Lease operating and transportation (“LOE”) expense decreased $1.6 million primarily due to a decline in well repairs, workover activity and steam fuel costs in California, partly offset by higher transportation costs in Appalachia due to increased production. LOE expense includes the fees paid to the Company’s Gathering segment for gathering and compression services used to connect Seneca’s Marcellus and Utica production to sales points along interstate pipelines. Depreciation, depletion and amortization (“DD&A”) expense decreased $0.7 million due largely to the ceiling test impairment recorded in the second quarter, partially offset by higher production. Seneca’s general and administrative (“G&A”) expense decreased $1.7 million despite a modest increase in production primarily due to lower personnel costs. On a unit of production basis, G&A, LOE and DD&A expenses during the quarter collectively decreased $0.11 per Mcfe, or 6% decrease, on combined G&A, LOE and DD&A expenses during the quarter.
Midstream Businesses
Pipeline and Storage Segment
The Pipeline and Storage segment’s operations are carried out by National Fuel Gas Supply Corporation (“Supply Corporation”) and Empire Pipeline, Inc. (“Empire”). The Pipeline and Storage segment provides natural gas transportation and storage services to affiliated and non-affiliated companies through an integrated system of pipelines and underground natural gas storage fields in western New York and Pennsylvania.
Three Months Ended
June 30,
(in thousands)20202019Variance
GAAP Earnings$22,623$15,792$6,831
Adjusted EBITDA$50,511$37,328$13,183
The Pipeline and Storage segment’s third quarter GAAP earnings increased $6.8 million versus the prior year primarily driven by higher operating revenues and lower operation and maintenance (“O&M”) expenses, partially offset by higher DD&A expense. The increase in operating revenues of $8.8 million, or 13%, was largely due to an increase in Supply Corporation's transportation and storage rates effective February 1, 2020, in accordance with Supply Corporation's rate case settlement, coupled with new demand charges for transportation service from Supply Corporation's Line N to Monaca expansion project, which was placed in service on November 1, 2019. O&M expense decreased $4.8 million primarily due to lower compressor and facility maintenance costs, lower pipeline integrity costs and lower personnel costs. The increase in DD&A expense of $3.2 million was primarily attributable to an increase in Supply Corporation's depreciation rates associated with its rate case settlement.
Gathering Segment
The Gathering segment’s operations are carried out by National Fuel Gas Midstream Company, LLC’s limited liability companies. The Gathering segment constructs, owns and operates natural gas gathering pipelines and compression facilities in the Appalachian region, which currently deliver Seneca’s gross Appalachian production to the interstate pipeline system.
Three Months Ended
June 30,
(in thousands)20202019Variance
GAAP Earnings$15,239$14,638$601
Adjusted EBITDA$27,844$27,852$(8)
-more-
5
Page 6.
The Gathering segment’s third quarter GAAP earnings increased $0.6 million versus the prior year. The increase was primarily driven by higher operating revenues and the impact of a lower effective income tax rate, which were partially offset by higher O&M expense. Operating revenues increased $0.4 million primarily due to a 0.6 Bcf increase in gathered volumes from Seneca’s Appalachian natural gas production. The reduction in the Gathering segment's effective tax rate was primarily due to deferred state tax adjustments that reduced income tax expense in the current quarter. The $0.4 million increase in O&M expense was due to an increase in compressor facility and maintenance activity during the current quarter.
Downstream Businesses
Utility Segment
The Utility segment operations are carried out by National Fuel Gas Distribution Corporation (“Distribution”), which sells or transports natural gas to customers located in western New York and northwestern Pennsylvania.
Three Months Ended
June 30,
(in thousands)20202019Variance
GAAP Earnings$6,254$7,362$(1,108)
Adjusted EBITDA$30,214$33,163$(2,949)
The Utility segment’s third quarter GAAP earnings decreased $1.1 million over the prior year primarily due to higher O&M expense, partially offset by higher customer margin (operating revenues less purchased gas sold). The $4.5 million increase in O&M expense was primarily attributable to two factors. First, the Company’s response to COVID-19 increased expenditures on personal protective equipment and led to a higher share of personnel costs allocated to operating expense due to reduced capital expenditure-related activities resulting from governmental pandemic restrictions. Additionally, the Company recorded incremental expense to increase its allowance for uncollectible accounts due to the potential for future customer non-payment resulting from the current economic backdrop. The increase in customer margin was due primarily to colder weather in Distribution's Pennsylvania service territory and higher revenues earned through the Company’s system modernization tracking mechanism in New York, which allows for the timely recovery of system modernization investments in Distribution’s New York service territory. These positive items were partially offset by the impact of adjustments related to regulatory rate and cost recovery mechanisms subject to annual reconciliation. Weather in Distribution's Pennsylvania service territory was 19% colder on average than last year, resulting in an increase in residential and transportation customer throughput and revenues. The impact of weather variations on earnings in Distribution's New York service territory is largely mitigated by that jurisdiction's weather normalization clause.
Corporate and All Other
The Company’s operations that are included in Corporate and All Other, which now include the Company’s energy marketing business, generated combined earnings of $3.6 million in the current year third quarter, which was a $4.2 million increase from a combined loss of $0.6 million generated in the prior-year third quarter. The increase in earnings was driven primarily by higher unrealized gains on investment securities and higher energy marketing margins quarter over quarter, partially offset by higher interest expense. The increase in interest expense was mainly due to short-term borrowings from the Company's committed credit facility and uncommitted lines of credit during the current year third quarter.
EARNINGS TELECONFERENCE
The Company will host a conference call on Friday, August 7, 2020, at 11 a.m. Eastern Time to discuss this announcement. Pre-registration is required to access the teleconference by phone in a listen-only mode by following this link: http://www.directeventreg.com/registration/event/9086223. To access the webcast, visit the Events Calendar under the News & Events page on the NFG Investor Relations website at investor.nationalfuelgas.com. A replay of the conference call will be available approximately two hours following the teleconference at the same website link and by phone (toll-free) at 800-585-8367 using conference ID number “9086223”. Both the webcast and conference call replay will be available until the close of business on Friday, August 14, 2020.
-more-
6
Page 7.
National Fuel is an integrated energy company reporting financial results for four operating segments: Exploration and Production, Pipeline and Storage, Gathering, and Utility. Additional information about National Fuel is available at www.nationalfuelgas.com.
Analyst Contact:Kenneth E. Webster716-857-7067
Media Contact:Karen L. Merkel716-857-7654
Certain statements contained herein, including statements identified by the use of the words “anticipates,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “predicts,” “projects,” “believes,” “seeks,” “will,” “may” and similar expressions, and statements which are other than statements of historical facts, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, which could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. The Company’s expectations, beliefs and projections contained herein are expressed in good faith and are believed to have a reasonable basis, but there can be no assurance that such expectations, beliefs or projections will result or be achieved or accomplished. In addition to other factors, the following are important factors that could cause actual results to differ materially from those discussed in the forward-looking statements: the Company's ability to successfully integrate acquired assets, including Shell's upstream assets and midstream gathering assets in Pennsylvania, and achieve expected cost synergies; impairments under the SEC’s full cost ceiling test for natural gas and oil reserves; changes in the price of natural gas or oil; the length and severity of the recent COVID-19 pandemic, including its impacts across our businesses on demand, operations, global supply chains and liquidity; changes in economic conditions, including global, national or regional recessions, and their effect on the demand for, and customers’ ability to pay for, the Company’s products and services; the creditworthiness or performance of the Company’s key suppliers, customers and counterparties; financial and economic conditions, including the availability of credit, and occurrences affecting the Company’s ability to obtain financing on acceptable terms for working capital, capital expenditures and other investments, including any downgrades in the Company’s credit ratings and changes in interest rates and other capital market conditions; changes in laws, regulations or judicial interpretations to which the Company is subject, including those involving derivatives, taxes, safety, employment, climate change, other environmental matters, real property, and exploration and production activities such as hydraulic fracturing; delays or changes in costs or plans with respect to Company projects or related projects of other companies, including disruptions due to the COVID-19 pandemic, as well as difficulties or delays in obtaining necessary governmental approvals, permits or orders or in obtaining the cooperation of interconnecting facility operators; the Company's ability to complete planned strategic transactions; governmental/regulatory actions, initiatives and proceedings, including those involving rate cases (which address, among other things, target rates of return, rate design and retained natural gas), environmental/safety requirements, affiliate relationships, industry structure, and franchise renewal; changes in price differentials between similar quantities of natural gas or oil sold at different geographic locations, and the effect of such changes on commodity production, revenues and demand for pipeline transportation capacity to or from such locations; the impact of information technology disruptions, cybersecurity or data security breaches; factors affecting the Company’s ability to successfully identify, drill for and produce economically viable natural gas and oil reserves, including among others geology, lease availability, title disputes, weather conditions, shortages, delays or unavailability of equipment and services required in drilling operations, insufficient gathering, processing and transportation capacity, the need to obtain governmental approvals and permits, and compliance with environmental laws and regulations; increasing health care costs and the resulting effect on health insurance premiums and on the obligation to provide other post-retirement benefits; other changes in price differentials between similar quantities of natural gas or oil having different quality, heating value, hydrocarbon mix or delivery date; the cost and effects of legal and administrative claims against the Company or activist shareholder campaigns to effect changes at the Company; uncertainty of oil and gas reserve estimates; significant differences between the Company’s projected and actual production levels for natural gas or oil; changes in demographic patterns and weather conditions; changes in the availability, price or accounting treatment of derivative financial instruments; changes in laws, actuarial assumptions, the interest rate environment and the return on plan/trust assets related to the Company’s pension and other post-retirement benefits, which can affect future funding obligations and costs and plan liabilities; economic disruptions or uninsured losses resulting from major accidents, fires, severe weather, natural disasters, terrorist activities or acts of war; significant differences between the Company’s projected and actual capital expenditures and operating expenses; or increasing costs of insurance, changes in coverage and the ability to obtain insurance. The Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date thereof.
-more-
7
Page 8.
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
GUIDANCE SUMMARY
As discussed on page 2, the Company is revising its earnings guidance for fiscal 2020 and initiating preliminary guidance for fiscal 2021. Additional details on the Company's forecast assumptions and business segment guidance for fiscal 2020 and fiscal 2021 are outlined in the table below.
While the Company expects to incur an additional ceiling test impairment charge in the quarter ended September 30, 2020 and likely in the first quarter of fiscal 2021 as well, the amount of these charges is not reasonably determinable at this time. The amount of any ceiling test charge is determined at the end of the applicable quarter and will depend on many factors, including additions to or subtractions from proved reserves, fluctuations in oil and gas prices, and income tax effects related to the differences between the book and tax basis of the Company’s oil and gas properties. Some or all of these factors are likely to be significant. Because the expected ceiling test impairment charges and other potential items impacting comparability are not reasonably determinable at this time, the Company is unable to provide earnings guidance other than on a non-GAAP basis that excludes these items.
Updated FY 2020 GuidancePreliminary FY 2021 Guidance
Consolidated Earnings per Share, excluding items impacting comparability$2.75 to $2.85$3.40 to $3.70
Consolidated Effective Tax Rate~ 26%~ 26%
Capital Expenditures(Millions)
Exploration and Production$375 - $395$290 - $330
Pipeline and Storage$165 - $185$250 - $300
Gathering$60 - $70$30 - $40
Utility$80 - $90$90 - $100
Consolidated Capital Expenditures$680 - $740$660 - $770
Exploration & Production Segment Guidance
Commodity Price Assumptions
NYMEX natural gas price$1.85 /MMBtu$2.65 /MMBtu
Appalachian basin spot price (winter I summer)(1)—$2.25 /MMBtu | $2.00 /MMBtu
NYMEX (WTI) crude oil price$40.00 /Bbl$42.50 /Bbl
California oil price premium (% of WTI)95%95%
Production(Bcfe)
East Division - Appalachia224 to 229290 to 320
West Division - California~ 16~ 15
Total Production(1)240 to 245305 to 335
E&P Operating Costs($/Mcfe)
LOE$0.84 - $0.87$0.83 - $0.85
G&A$0.26 - $0.27$0.21 - $0.23
DD&A$0.70 - $0.74$0.65 - $0.70
Other Business Segment Guidance(Millions)
Gathering Segment Revenues$140 - $145$185 - $200
Pipeline and Storage Segment Revenues$305 - $310$330 - $340
(1)Fiscal 2020 production assumes certain curtailments of all remaining Appalachian spot production volumes.
Page 9.
NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
QUARTER ENDED JUNE 30, 2020
(Unaudited)
UpstreamMidstreamDownstream
Exploration &Pipeline &Corporate /
(Thousands of Dollars)ProductionStorageGatheringUtilityAll OtherConsolidated*
Third quarter 2019 GAAP earnings$26,512$15,792$14,638$7,362$(551)$63,753
Items impacting comparability:
Mark-to-market adjustments due to hedge ineffectiveness(1,020)(1,020)
Tax impact of mark-to-market adjustments due to hedge ineffectiveness214214
Unrealized (gain) loss on other investments(1,420)(1,420)
Tax impact of unrealized (gain) loss on other investments298298
Third quarter 2019 adjusted operating results25,70615,79214,6387,362(1,673)61,825
Drivers of adjusted operating results**
Upstream Revenues
Higher (lower) natural gas production2,3282,328
Higher (lower) crude oil production419419
Higher (lower) realized natural gas prices, after hedging(17,957)(17,957)
Higher (lower) realized crude oil prices, after hedging(5,644)(5,644)
Midstream Revenues
Higher (lower) operating revenues6,9883357,323
Downstream Margins***
Impact of usage and weather1,1931,193
System modernization tracker revenues742742
Regulatory revenue adjustments(692)(692)
Higher (lower) energy marketing margins1,6391,639
Operating Expenses
Lower (higher) lease operating and transportation expenses1,2301,230
Lower (higher) operating expenses9173,798(343)(3,609)763
Lower (higher) property, franchise and other taxes(419)(419)
Lower (higher) depreciation / depletion540(2,526)333(1,653)
Other Income (Expense)
(Higher) lower other deductions(412)(678)758324(8)
(Higher) lower interest expense(374)(435)(1,177)(1,986)
Income Taxes
Lower (higher) income tax expense / effective tax rate(162)55646278(396)421
All other / rounding22548(37)22263521
Third quarter 2020 adjusted operating results6,81622,62315,2396,254(887)50,045
Items impacting comparability:
Impairment of oil and gas properties(18,236)(18,236)
Tax impact of impairment of oil and gas properties4,9864,986
Unrealized gain (loss) on other investments5,6395,639
Tax impact of unrealized gain (loss) on other investments(1,184)(1,184)
Third quarter 2020 GAAP earnings$(6,434)$22,623$15,239$6,254$3,568$41,250
* Amounts do not reflect intercompany eliminations
** Operating results have been calculated using the 21% federal statutory rate effective for the 2019 fiscal year.
*** Downstream margin defined as operating revenues less purchased gas expense.
Page 10.
NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
QUARTER ENDED JUNE 30, 2020
(Unaudited)
UpstreamMidstreamDownstream
Exploration &Pipeline &Corporate /
ProductionStorageGatheringUtilityAll OtherConsolidated*
Third quarter 2019 GAAP earnings per share$0.31$0.18$0.17$0.08$(0.01)$0.73
Items impacting comparability:
Mark-to-market adjustments due to hedge ineffectiveness, net of tax(0.01)(0.01)
Unrealized (gain) loss on other investments, net of tax(0.01)(0.01)
Third quarter 2019 adjusted operating results per share0.300.180.170.08(0.02)0.71
Drivers of adjusted operating results**
Upstream Revenues
Higher (lower) natural gas production0.030.03
Higher (lower) crude oil production——
Higher (lower) realized natural gas prices, after hedging(0.20)(0.20)
Higher (lower) realized crude oil prices, after hedging(0.06)(0.06)
Midstream Revenues
Higher (lower) operating revenues0.08—0.08
Downstream Margins***
Impact of usage and weather0.010.01
System modernization tracker revenues0.010.01
Regulatory revenue adjustments(0.01)(0.01)
Higher (lower) energy marketing margins0.020.02
Operating Expenses
Lower (higher) lease operating and transportation expenses0.010.01
Lower (higher) operating expenses0.010.04—(0.04)0.01
Lower (higher) property, franchise and other taxes——
Lower (higher) depreciation / depletion0.01(0.03)—(0.02)
Other Income (Expense)
(Higher) lower other deductions—(0.01)0.01——
(Higher) lower interest expense——(0.01)(0.01)
Income Taxes
Lower (higher) income tax expense / effective tax rate——0.01——0.01
All other / rounding(0.02)—(0.01)0.01—(0.02)
Third quarter 2020 adjusted operating results per share0.080.260.170.07(0.01)0.57
Items impacting comparability:
Impairment of oil and gas properties, net of tax(0.15)(0.15)
Unrealized gain (loss) on other investments, net of tax0.050.05
Third quarter 2020 GAAP earnings per share$(0.07)$0.26$0.17$0.07$0.04$0.47
* Amounts do not reflect intercompany eliminations
** Operating results have been calculated using the 21% federal statutory rate effective for the 2019 fiscal year.
*** Downstream margin defined as operating revenues less purchased gas expense.
Page 11.
NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
NINE MONTHS ENDED JUNE 30, 2020
(Unaudited)
UpstreamMidstreamDownstream
Exploration &Pipeline &Corporate /
(Thousands of Dollars)ProductionStorageGatheringUtilityAll OtherConsolidated*
Nine months ended June 30, 2019 GAAP earnings$86,599$58,643$41,511$68,600$1,656$257,009
Items impacting comparability:
Remeasurement of deferred taxes under 2017 Tax Reform(990)(500)(3,510)(5,000)
Mark-to-market adjustments due to hedge ineffectiveness(783)(783)
Tax impact of mark-to-market adjustments due to hedge ineffectiveness164164
Unrealized (gain) loss on other investments1,0961,096
Tax impact of unrealized (gain) loss on other investments(230)(230)
Nine months ended June 30, 2019 adjusted operating results84,99058,64341,01168,600(988)252,256
Drivers of adjusted operating results**
Upstream Revenues
Higher (lower) natural gas production41,55741,557
Higher (lower) crude oil production3,9303,930
Higher (lower) realized natural gas prices, after hedging(49,552)(49,552)
Higher (lower) realized crude oil prices, after hedging(6,421)(6,421)
Midstream Revenues
Higher (lower) operating revenues8,6139,02317,636
Downstream Margins***
Impact of usage and weather(2,481)(2,481)
System modernization tracker revenues2,8882,888
Regulatory revenue adjustments771771
Higher (lower) energy marketing margins2,5302,530
Operating Expenses
Lower (higher) lease operating and transportation expenses(9,851)(9,851)
Lower (higher) operating expenses5,058(2,381)(6,322)750(2,895)
Lower (higher) property, franchise and other taxes1,592(1,633)(41)
Lower (higher) depreciation / depletion(14,230)(4,544)(647)(821)435(19,807)
Other Income (Expense)
(Higher) lower other deductions(1,125)(1,594)6941,329(696)
(Higher) lower interest expense(1,566)935(1,894)(2,525)
Income Taxes
Lower (higher) income tax expense / effective tax rate(3,143)(2,404)432(166)(660)(5,941)
All other / rounding(943)676(126)237476320
Nine months ended June 30, 2020 adjusted operating results45,23862,81547,31264,3351,978221,678
Items impacting comparability:
Impairment of oil and gas properties(195,997)(195,997)
Tax impact of impairment of oil and gas properties53,48953,489
Deferred tax valuation allowance(60,463)3,769(76)(56,770)
Unrealized gain (loss) on other investments(794)(794)
Tax impact of unrealized gain (loss) on other investments167167
Nine months ended June 30, 2020 GAAP earnings$(157,733)$62,815$51,081$64,335$1,275$21,773
* Amounts do not reflect intercompany eliminations
** Operating results have been calculated using the 21% federal statutory rate effective for the 2019 fiscal year.
*** Downstream margin defined as operating revenues less purchased gas expense.
Page 12.
NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
NINE MONTHS ENDED JUNE 30, 2020
(Unaudited)
UpstreamMidstreamDownstream
Exploration &Pipeline &Corporate /
ProductionStorageGatheringUtilityAll OtherConsolidated*
Nine months ended June 30, 2019 GAAP earnings per share$1.00$0.68$0.48$0.79$0.01$2.96
Items impacting comparability:
Remeasurement of deferred taxes under 2017 Tax Reform(0.01)(0.01)(0.04)(0.06)
Mark-to-market adjustments due to hedge ineffectiveness, net of tax(0.01)(0.01)
Unrealized (gain) loss on other investments, net of tax0.010.01
Rounding0.010.01
Nine months ended June 30, 2019 adjusted operating results per share0.980.680.470.79(0.01)2.91
Drivers of adjusted operating results**
Upstream Revenues
Higher (lower) natural gas production0.480.48
Higher (lower) crude oil production0.040.04
Higher (lower) realized natural gas prices, after hedging(0.57)(0.57)
Higher (lower) realized crude oil prices, after hedging(0.07)(0.07)
Midstream Revenues
Higher (lower) operating revenues0.100.100.20
Downstream Margins***
Impact of usage and weather(0.03)(0.03)
System modernization tracker revenues0.030.03
Regulatory revenue adjustments0.010.01
Higher (lower) energy marketing margins0.030.03
Operating Expenses
Lower (higher) lease operating and transportation expenses(0.11)(0.11)
Lower (higher) operating expenses0.06(0.03)(0.07)0.01(0.03)
Lower (higher) property, franchise and other taxes0.02(0.02)—
Lower (higher) depreciation / depletion(0.16)(0.05)(0.01)(0.01)—(0.23)
Other Income (Expense)
(Higher) lower other deductions(0.01)(0.02)0.010.02—
(Higher) lower interest expense(0.02)0.01(0.02)(0.03)
Income Taxes
Lower (higher) income tax expense / effective tax rate(0.04)(0.03)——(0.01)(0.08)
All other / rounding(0.02)—0.01——(0.01)
Nine months ended June 30, 2020 adjusted operating results per share0.520.720.540.740.022.54
Items impacting comparability:
Impairment of oil and gas properties, net of tax(1.63)(1.63)
Deferred tax valuation allowance(0.69)0.04—(0.65)
Unrealized gain (loss) on other investments, net of tax(0.01)(0.01)
Rounding(0.01)0.01—
Nine months ended June 30, 2020 GAAP earnings per share$(1.81)$0.72$0.58$0.74$0.02$0.25
* Amounts do not reflect intercompany eliminations
** Operating results have been calculated using the 21% federal statutory rate effective for the 2019 fiscal year.
*** Downstream margin defined as operating revenues less purchased gas expense.
Page 13.
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
(Thousands of Dollars, except per share amounts)
Three Months EndedNine Months Ended
June 30,June 30,
(Unaudited)(Unaudited)
SUMMARY OF OPERATIONS2020201920202019
Operating Revenues:
Utility and Energy Marketing Revenues$139,661$151,312$650,320$781,059
Exploration and Production and Other Revenues132,338159,864456,073470,267
Pipeline and Storage and Gathering Revenues51,02046,024151,908148,665
323,019357,2001,258,3011,399,991
Operating Expenses:
Purchased Gas29,12147,839239,663381,537
Operation and Maintenance:
Utility and Energy Marketing43,95039,607138,931132,082
Exploration and Production and Other32,40435,674109,056108,610
Pipeline and Storage and Gathering24,29828,67577,48880,857
Property, Franchise and Other Taxes21,38121,50667,26868,046
Depreciation, Depletion and Amortization73,23271,072226,062200,990
Impairment of Oil and Gas Producing Properties18,236—195,997—
242,622244,3731,054,465972,122
Operating Income80,397112,827203,836427,869
Other Income (Expense):
Other Income (Deductions)2,547(1,456)(17,971)(16,977)
Interest Expense on Long-Term Debt(27,140)(25,303)(77,853)(76,016)
Other Interest Expense(1,420)(1,202)(4,863)(4,061)
Income Before Income Taxes54,38484,866103,149330,815
Income Tax Expense13,13421,11381,37673,806
Net Income Available for Common Stock$41,250$63,753$21,773$257,009
Earnings Per Common Share
Basic$0.47$0.74$0.25$2.98
Diluted$0.47$0.73$0.25$2.96
Weighted Average Common Shares:
Used in Basic Calculation87,966,28986,306,43486,966,44886,208,766
Used in Diluted Calculation88,323,69986,839,84187,346,36286,765,781
Page 14.
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
June 30,September 30,
(Thousands of Dollars)20202019
ASSETS
Property, Plant and Equipment$11,710,155$11,204,838
Less - Accumulated Depreciation, Depletion and Amortization6,088,8035,695,328
Net Property, Plant and Equipment5,621,3525,509,510
Current Assets:
Cash and Temporary Cash Investments556,26420,428
Hedging Collateral Deposits7,6996,832
Receivables - Net136,438139,956
Unbilled Revenue17,90318,758
Gas Stored Underground14,35636,632
Materials and Supplies - at average cost51,39640,717
Unrecovered Purchased Gas Costs—2,246
Other Current Assets47,65297,054
Total Current Assets831,708362,623
Other Assets:
Recoverable Future Taxes116,758115,197
Unamortized Debt Expense12,72414,005
Other Regulatory Assets160,294167,320
Deferred Charges87,95633,843
Other Investments144,584144,917
Goodwill5,4765,476
Prepaid Post-Retirement Benefit Costs75,23560,517
Fair Value of Derivative Financial Instruments62,81748,669
Other8180
Total Other Assets665,925590,024
Total Assets$7,118,985$6,462,157
CAPITALIZATION AND LIABILITIES
Capitalization:
Comprehensive Shareholders' Equity
Common Stock, $1 Par Value Authorized - 200,000,000 Shares; Issued and
Outstanding - 90,943,652 Shares and 86,315,287 Shares, Respectively$90,944$86,315
Paid in Capital999,057832,264
Earnings Reinvested in the Business1,177,6501,272,601
Accumulated Other Comprehensive Loss(41,794)(52,155)
Total Comprehensive Shareholders' Equity2,225,8572,139,025
Long-Term Debt, Net of Current Portion and Unamortized Discount and Debt Issuance Costs2,628,7822,133,718
Total Capitalization4,854,6394,272,743
Current and Accrued Liabilities:
Notes Payable to Banks and Commercial Paper—55,200
Current Portion of Long-Term Debt——
Accounts Payable94,123132,208
Amounts Payable to Customers18,7724,017
Dividends Payable40,47037,547
Interest Payable on Long-Term Debt31,60018,508
Customer Advances56113,044
Customer Security Deposits15,22616,210
Other Accruals and Current Liabilities138,344139,600
Fair Value of Derivative Financial Instruments3,2645,574
Total Current and Accrued Liabilities342,360421,908
Deferred Credits:
Deferred Income Taxes783,377653,382
Taxes Refundable to Customers357,945366,503
Cost of Removal Regulatory Liability227,043221,699
Other Regulatory Liabilities160,501142,367
Pension and Other Post-Retirement Liabilities127,237133,729
Asset Retirement Obligations128,666127,458
Other Deferred Credits137,217122,368
Total Deferred Credits1,921,9861,767,506
Commitments and Contingencies——
Total Capitalization and Liabilities$7,118,985$6,462,157
Page 15.
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended
June 30,
(Thousands of Dollars)20202019
Operating Activities:
Net Income Available for Common Stock$21,773$257,009
Adjustments to Reconcile Net Income to Net Cash
Provided by Operating Activities:
Impairment of Oil and Gas Producing Properties195,997—
Depreciation, Depletion and Amortization226,062200,990
Deferred Income Taxes116,332111,123
Stock-Based Compensation9,71616,144
Other5,6457,964
Change in:
Receivables and Unbilled Revenue4,045(31,584)
Gas Stored Underground and Materials and Supplies11,59717,551
Unrecovered Purchased Gas Costs2,2464,204
Other Current Assets49,31211,972
Accounts Payable(13,166)(16,132)
Amounts Payable to Customers14,75511,152
Customer Advances(12,483)(13,443)
Customer Security Deposits(984)(8,902)
Other Accruals and Current Liabilities6,77436,040
Other Assets(18,215)(34,594)
Other Liabilities4,4641,061
Net Cash Provided by Operating Activities$623,870$570,555
Investing Activities:
Capital Expenditures$(551,004)$(587,442)
Acquisition of Upstream Assets and Midstream Gathering Assets(27,050)—
Other4,126(3,071)
Net Cash Used in Investing Activities$(573,928)$(590,513)
Financing Activities:
Changes in Notes Payable to Banks and Commercial Paper$(55,200)$—
Dividends Paid on Common Stock(112,851)(109,875)
Net Proceeds From Issuance of Long-Term Debt493,108—
Net Proceeds from Issuance (Repurchase) of Common Stock161,704(8,864)
Net Cash Provided by (Used in) Financing Activities$486,761$(118,739)
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash536,703(138,697)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period27,260233,047
Cash, Cash Equivalents, and Restricted Cash at June 30$563,963$94,350
Page 16.
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)
UPSTREAM BUSINESS
Three Months EndedNine Months Ended
(Thousands of Dollars, except per share amounts)June 30,June 30,
EXPLORATION AND PRODUCTION SEGMENT20202019Variance20202019Variance
Total Operating Revenues$131,228$158,875$(27,647)$452,728$467,853$(15,125)
Operating Expenses:
Operation and Maintenance:
General and Administrative Expense13,96815,628(1,660)46,77747,940(1,163)
Lease Operating and Transportation Expense46,15747,714(1,557)148,687136,21712,470
All Other Operation and Maintenance Expense2,9522,4534998,9947,7051,289
Property, Franchise and Other Taxes3,3713,885(514)11,54313,558(2,015)
Depreciation, Depletion and Amortization39,37240,055(683)128,656110,64318,013
Impairment of Oil and Gas Producing Properties18,236—18,236195,997—195,997
124,056109,73514,321540,654316,063224,591
Operating Income (Loss)7,17249,140(41,968)(87,926)151,790(239,716)
Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Costs(395)(4)(391)(1,185)(12)(1,173)
Interest and Other Income142272(130)583834(251)
Interest Expense(14,323)(13,850)(473)(42,543)(40,561)(1,982)
Income (Loss) Before Income Taxes(7,404)35,558(42,962)(131,071)112,051(243,122)
Income Tax Expense (Benefit)(970)9,046(10,016)26,66225,4521,210
Net Income (Loss)$(6,434)$26,512$(32,946)$(157,733)$86,599$(244,332)
Net Income (Loss) Per Share (Diluted)$(0.07)$0.31$(0.38)$(1.81)$1.00$(2.81)
Page 17.
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)
MIDSTREAM BUSINESSES
Three Months EndedNine Months Ended
(Thousands of Dollars, except per share amounts)June 30,June 30,
PIPELINE AND STORAGE SEGMENT20202019Variance20202019Variance
Revenues from External Customers$51,020$46,024$4,996$151,908$148,663$3,245
Intersegment Revenues26,79322,9433,85077,37069,7127,658
Total Operating Revenues77,81368,9678,846229,278218,37510,903
Operating Expenses:
Purchased Gas1170(59)1884(883)
Operation and Maintenance19,26224,070(4,808)62,20768,610(6,403)
Property, Franchise and Other Taxes8,0297,49953024,51522,4482,067
Depreciation, Depletion and Amortization14,35211,1543,19839,31333,5615,752
41,65442,793(1,139)126,036125,503533
Operating Income36,15926,1749,985103,24292,87210,370
Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit (Costs) Credit(174)930(1,104)(523)2,328(2,851)
Interest and Other Income1,7631,5172464,8514,018833
Interest Expense(7,773)(7,223)(550)(22,037)(22,009)(28)
Income Before Income Taxes29,97521,3988,57785,53377,2098,324
Income Tax Expense7,3525,6061,74622,71818,5664,152
Net Income$22,623$15,792$6,831$62,815$58,643$4,172
Net Income Per Share (Diluted)$0.26$0.18$0.08$0.72$0.68$0.04
Three Months EndedNine Months Ended
June 30,June 30,
GATHERING SEGMENT20202019Variance20202019Variance
Revenues from External Customers$—$—$—$—$2$(2)
Intersegment Revenues33,29932,875424103,35591,93111,424
Total Operating Revenues33,29932,875424103,35591,93311,422
Operating Expenses:
Operation and Maintenance5,4435,00943416,48713,4733,014
Property, Franchise and Other Taxes1214(2)5062(12)
Depreciation, Depletion and Amortization5,2375,485(248)15,65514,836819
10,69210,50818432,19228,3713,821
Operating Income22,60722,36724071,16363,5627,601
Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Costs(71)(1)(70)(214)(85)(129)
Interest and Other Income41173(132)198489(291)
Interest Expense(2,383)(2,288)(95)(6,762)(7,010)248
Income Before Income Taxes20,19420,251(57)64,38556,9567,429
Income Tax Expense4,9555,613(658)13,30415,445(2,141)
Net Income$15,239$14,638$601$51,081$41,511$9,570
Net Income Per Share (Diluted)$0.17$0.17$—$0.58$0.48$0.10
Page 18.
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)
DOWNSTREAM BUSINESS
Three Months EndedNine Months Ended
(Thousands of Dollars, except per share amounts)June 30,June 30,
UTILITY SEGMENT20202019Variance20202019Variance
Revenues from External Customers$124,390$129,977$(5,587)$569,856$648,624$(78,768)
Intersegment Revenues2,6472,944(297)8,4999,984(1,485)
Total Operating Revenues127,037132,921(5,884)578,355658,608(80,253)
Operating Expenses:
Purchased Gas43,75251,003(7,251)247,869328,119(80,250)
Operation and Maintenance43,41038,8904,520137,323129,8397,484
Property, Franchise and Other Taxes9,6619,865(204)30,29531,229(934)
Depreciation, Depletion and Amortization13,86013,54631441,24140,2021,039
110,683113,304(2,621)456,728529,389(72,661)
Operating Income16,35419,617(3,263)121,627129,219(7,592)
Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Costs(5,811)(5,946)135(24,962)(25,560)598
Interest and Other Income1,7499298202,9942,709285
Interest Expense(5,240)(5,793)553(16,430)(17,950)1,520
Income Before Income Taxes7,0528,807(1,755)83,22988,418(5,189)
Income Tax Expense7981,445(647)18,89419,818(924)
Net Income$6,254$7,362$(1,108)$64,335$68,600$(4,265)
Net Income Per Share (Diluted)$0.07$0.08$(0.01)$0.74$0.79$(0.05)
Page 19.
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)
Three Months EndedNine Months Ended
(Thousands of Dollars, except per share amounts)June 30,June 30,
ALL OTHER20202019Variance20202019Variance
Revenues from External Customers$16,286$22,189$(5,903)$83,445$134,605$(51,160)
Intersegment Revenues341681(340)5981,056(458)
Total Operating Revenues16,62722,870(6,243)84,043135,661(51,618)
Operating Expenses:
Purchased Gas14,03822,517(8,479)75,222130,853(55,631)
Operation and Maintenance2,1761,8902865,7545,71341
Property, Franchise and Other Taxes20212775522398124
Depreciation, Depletion and Amortization245640(395)6531,176(523)
16,66125,174(8,513)82,151138,140(55,989)
Operating Income (Loss)(34)(2,304)2,2701,892(2,479)4,371
Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Costs(69)(11)(58)(207)(143)(64)
Interest and Other Income202387(185)6741,052(378)
Interest Expense(10)(3)(7)(52)(16)(36)
Income (Loss) before Income Taxes89(1,931)2,0202,307(1,586)3,893
Income Tax Expense (Benefit)98(487)585775(640)1,415
Net Income (Loss)$(9)$(1,444)$1,435$1,532$(946)$2,478
Net Income (Loss) Per Share (Diluted)$—$(0.02)$0.02$0.02$(0.01)$0.03
Three Months EndedNine Months Ended
June 30,June 30,
CORPORATE20202019Variance20202019Variance
Revenues from External Customers$95$135$(40)$364$244$120
Intersegment Revenues1,0941,165(71)3,2813,494(213)
Total Operating Revenues1,1891,300(111)3,6453,738(93)
Operating Expenses:
Operation and Maintenance2,7783,159(381)8,9209,910(990)
Property, Franchise and Other Taxes106116(10)343351(8)
Depreciation, Depletion and Amortization166192(26)544572(28)
3,0503,467(417)9,80710,833(1,026)
Operating Loss(1,861)(2,167)306(6,162)(7,095)933
Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Costs(775)(647)(128)(2,326)(2,032)(294)
Interest and Other Income35,91930,2355,68489,79586,6123,183
Interest Expense on Long-Term Debt(27,140)(25,303)(1,837)(77,853)(76,016)(1,837)
Other Interest Expense(1,665)(1,335)(330)(4,688)(3,702)(986)
Income (Loss) before Income Taxes4,4787833,695(1,234)(2,233)999
Income Tax Expense (Benefit)901(110)1,011(977)(4,835)3,858
Net Income (Loss)$3,577$893$2,684$(257)$2,602$(2,859)
Net Income (Loss) Per Share (Diluted)$0.04$0.01$0.03$—$0.02$(0.02)
Three Months EndedNine Months Ended
June 30,June 30,
INTERSEGMENT ELIMINATIONS20202019Variance20202019Variance
Intersegment Revenues$(64,174)$(60,608)$(3,566)$(193,103)$(176,177)$(16,926)
Operating Expenses:
Purchased Gas(28,680)(25,751)(2,929)(83,429)(78,319)(5,110)
Operation and Maintenance(35,494)(34,857)(637)(109,674)(97,858)(11,816)
(64,174)(60,608)(3,566)(193,103)(176,177)(16,926)
Operating Income——————
Other Income (Expense):
Interest and Other Deductions(29,974)(29,290)(684)(87,649)(87,187)(462)
Interest Expense29,97429,29068487,64987,187462
Net Income (Loss)$—$—$—$—$—$—
Net Income (Loss) Per Share (Diluted)$—$—$—$—$—$—
Page 20.
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT INFORMATION (Continued)
(Thousands of Dollars)
Three Months EndedNine Months Ended
June 30,June 30,
(Unaudited)(Unaudited)
IncreaseIncrease
20202019(Decrease)20202019(Decrease)
Capital Expenditures:
Exploration and Production$65,647'(1)$128,888'(3)$(63,241)$294,990(1)(2)$391,674(3)(4)$(96,684)
Pipeline and Storage41,494'(1)35,489'(3)6,005124,131(1)(2)88,127(3)(4)36,004
Gathering21,289'(1)17,926'(3)3,36346,200(1)(2)39,396(3)(4)6,804
Utility25,616'(1)22,706'(3)2,91062,238(1)(2)58,363(3)(4)3,875
Total Reportable Segments154,046205,009(50,963)527,559577,560(50,001)
All Other1682(66)38124(86)
Corporate100267(167)42036951
Total Capital Expenditures$154,162$205,358$(51,196)$528,017$578,053$(50,036)
(1)Capital expenditures for the quarter and nine months ended June 30, 2020, include accounts payable and accrued liabilities related to capital expenditures of $26.5 million, $16.4 million, $6.5 million, and $8.7 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts have been excluded from the Consolidated Statement of Cash Flows at June 30, 2020, since they represent non-cash investing activities at that date.
(2)Capital expenditures for the nine months ended June 30, 2020, exclude capital expenditures of $38.0 million, $23.8 million, $6.6 million and $12.7 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts were in accounts payable and accrued liabilities at September 30, 2019 and paid during the nine months ended June 30, 2020. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2019, since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at June 30, 2020.
(3)Capital expenditures for the quarter and nine months ended June 30, 2019, include accounts payable and accrued liabilities related to capital expenditures of $51.0 million, $14.0 million, $8.3 million, and $6.1 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts have been excluded from the Consolidated Statement of Cash Flows at June 30, 2019, since they represent non-cash investing activities at that date.
(4)Capital expenditures for the nine months ended June 30, 2019, exclude capital expenditures of $51.3 million, $21.9 million, $6.1 million and $9.5 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts were in accounts payable and accrued liabilities at September 30, 2018 and paid during the nine months ended June 30, 2019. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2018, since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at June 30, 2019.
DEGREE DAYS
Percent Colder
(Warmer) Than:
Three Months Ended June 30,Normal20202019Normal(1)Last Year(1)
Buffalo, NY9121,03295713.27.8
Erie, PA8719207735.619.0
Nine Months Ended June 30,
Buffalo, NY6,4916,0026,654(7.5)(9.8)
Erie, PA6,0575,3815,899(11.2)(8.8)
(1)Percents compare actual 2020 degree days to normal degree days and actual 2020 degree days to actual 2019 degree days.
Page 21.
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
EXPLORATION AND PRODUCTION INFORMATION
Three Months EndedNine Months Ended
June 30,June 30,
IncreaseIncrease
20202019(Decrease)20202019(Decrease)
Gas Production/Prices:
Production (MMcf)
Appalachia52,04350,7661,277161,965140,95421,011
West Coast468494(26)1,4341,483(49)
Total Production52,51151,2601,251163,399142,43720,962
Average Prices (Per Mcf)
Appalachia$1.45$2.21$(0.76)$1.80$2.58$(0.78)
West Coast2.583.84(1.26)3.985.55(1.57)
Weighted Average1.462.22(0.76)1.822.61(0.79)
Weighted Average after Hedging1.922.36(0.44)2.132.51(0.38)
Oil Production/Prices:
Production (Thousands of Barrels)
Appalachia—1(1)22—
West Coast58457591,7901,71080
Total Production58457681,7921,71280
Average Prices (Per Barrel)
Appalachia$27.50$55.45$(27.95)$50.28$55.80$(5.52)
West Coast29.1367.43(38.30)47.4065.01(17.61)
Weighted Average29.1267.41(38.29)47.4165.00(17.59)
Weighted Average after Hedging50.7062.92(12.22)57.3561.88(4.53)
Total Production (MMcfe)56,01554,7161,299174,151152,70921,442
Selected Operating Performance Statistics:
General & Administrative Expense per Mcfe(1)$0.25$0.29$(0.04)$0.27$0.31$(0.04)
Lease Operating and Transportation Expense per Mcfe(1)(2)$0.82$0.87$(0.05)$0.85$0.89$(0.04)
Depreciation, Depletion & Amortization per Mcfe(1)$0.70$0.73$(0.03)$0.74$0.72$0.02
(1)Refer to page 16 for the General and Administrative Expense, Lease Operating and Transportation Expense and Depreciation, Depletion, and Amortization Expense for the Exploration and Production segment.
(2)Amounts include transportation expense of $0.57 and $0.57 per Mcfe for the three months ended June 30, 2020 and June 30, 2019, respectively. Amounts include transportation expense of $0.57 and $0.55 per Mcfe for the nine months ended June 30, 2020 and June 30, 2019, respectively.
Page 22.
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
EXPLORATION AND PRODUCTION INFORMATION
Hedging Summary for Remaining Three Months of Fiscal 2020VolumeAverage Hedge Price
Oil Swaps
Brent385,000BBL$62.31 / BBL
NYMEX81,000BBL$50.52 / BBL
Total466,000BBL$60.26 / BBL
Gas Swaps
NYMEX23,010,000MMBTU$2.66 / MMBTU
DAWN1,800,000MMBTU$3.00 / MMBTU
Fixed Price Physical Sales21,571,753MMBTU$2.13 / MMBTU
Total46,381,753MMBTU
Hedging Summary for Fiscal 2021VolumeAverage Hedge Price
Oil Swaps
Brent936,000BBL$59.45 / BBL
NYMEX156,000BBL$51.00 / BBL
Total1,092,000BBL$58.24 / BBL
Gas Swaps
NYMEX133,540,000MMBTU$2.61/ MMBTU
DAWN600,000MMBTU$3.00 / MMBTU
No Cost Collars25,850,000MMBTU$2.28 / MMBTU (Floor) / $2.77 / MMBTU (Ceiling)
Fixed Price Physical Sales50,040,640MMBTU$2.21 / MMBTU
Total210,030,640MMBTU
Hedging Summary for Fiscal 2022VolumeAverage Hedge Price
Oil Swaps
Brent300,000BBL$60.07 / BBL
NYMEX156,000BBL$51.00 / BBL
Total456,000BBL$56.97 / BBL
Gas Swaps
NYMEX79,590,000MMBTU$2.55 / MMBTU
No Cost Collars2,350,000MMBTU$2.28 / MMBTU (Floor) / $2.77 / MMBTU (Ceiling)
Fixed Price Physical Sales40,674,677MMBTU$2.23 / MMBTU
Total122,614,677MMBTU
Hedging Summary for Fiscal 2023VolumeAverage Hedge Price
Gas Swaps
NYMEX18,920,000MMBTU$2.48 / MMBTU
Fixed Price Physical Sales36,919,798MMBTU$2.25 / MMBTU
Total55,839,798MMBTU
Hedging Summary for Fiscal 2024VolumeAverage Hedge Price
Gas Swaps
NYMEX1,150,000MMBTU$2.45 / MMBTU
Fixed Price Physical Sales20,954,870MMBTU$2.25 / MMBTU
Total22,104,870MMBTU
Hedging Summary for Fiscal 2025VolumeAverage Hedge Price
Fixed Price Physical Sales2,293,200MMBTU$2.18 / MMBTU
Page 23.
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
Pipeline & Storage Throughput - (millions of cubic feet - MMcf)
Three Months EndedNine Months Ended
June 30,June 30,
IncreaseIncrease
20202019(Decrease)20202019(Decrease)
Firm Transportation - Affiliated20,87720,75512298,145107,423(9,278)
Firm Transportation - Non-Affiliated151,702137,98413,718478,880442,83936,041
Interruptible Transportation7573094482,0021,97428
173,336159,04814,288579,027552,23626,791
Gathering Volume - (MMcf)
Three Months EndedNine Months Ended
June 30,June 30,
IncreaseIncrease
20202019(Decrease)20202019(Decrease)
Gathered Volume - Affiliated61,33860,745593190,864169,59021,274
Utility Throughput - (MMcf)
Three Months EndedNine Months Ended
June 30,June 30,
IncreaseIncrease
20202019(Decrease)20202019(Decrease)
Retail Sales:
Residential Sales11,3129,8951,41756,94360,581(3,638)
Commercial Sales1,4501,44198,2958,999(704)
Industrial Sales106151(45)506639(133)
12,86811,4871,38165,74470,219(4,475)
Transportation13,52014,716(1,196)59,23365,914(6,681)
26,38826,203185124,977136,133(11,156)
Page 24.
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES
In addition to financial measures calculated in accordance with generally accepted accounting principles (GAAP), this press release contains information regarding Adjusted Operating Results and Adjusted EBITDA, which are non-GAAP financial measures. The Company believes that these non-GAAP financial measures are useful to investors because they provide an alternative method for assessing the Company's ongoing operating results and for comparing the Company’s financial performance to other companies. The Company's management uses these non-GAAP financial measures for the same purpose, and for planning and forecasting purposes. The presentation of non-GAAP financial measures is not meant to be a substitute for financial measures in accordance with GAAP.
Management defines Adjusted Operating Results as reported GAAP earnings before items impacting comparability. The following table reconciles National Fuel's reported GAAP earnings to Adjusted Operating Results for the three and nine months ended June 30, 2020 and 2019:
Three Months EndedNine Months Ended
June 30,June 30,
(in thousands except per share amounts)2020201920202019
Reported GAAP Earnings$41,250$63,753$21,773$257,009
Items impacting comparability:
Impairment of oil and gas properties (E&P)18,236—195,997—
Tax impact of impairment of oil and gas properties(4,986)—(53,489)—
Deferred tax valuation allowance as of March 31, 2020——56,770—
Remeasurement of deferred income taxes under 2017 Tax Reform———(5,000)
Mark-to-market adjustments due to hedge ineffectiveness (E&P)—(1,020)—(783)
Tax impact of mark-to-market adjustments due to hedge ineffectiveness—214—164
Unrealized (gain) loss on other investments (Corporate/All Other)(5,639)(1,420)7941,096
Tax impact of unrealized (gain) loss on other investments1,184298(167)(230)
Adjusted Operating Results$50,045$61,825$221,678$252,256
Reported GAAP Earnings per share$0.47$0.73$0.25$2.96
Items impacting comparability:
Impairment of oil and gas properties, net of tax (E&P)0.15—1.63—
Deferred tax valuation allowance as of March 31, 2020——0.65—
Remeasurement of deferred income taxes under 2017 Tax Reform———(0.06)
Mark-to-market adjustments due to hedge ineffectiveness, net of tax (E&P)—(0.01)—(0.01)
Unrealized (gain) loss on other investments, net of tax (Corporate/All Other)(0.05)(0.01)0.010.01
Rounding———0.01
Adjusted Operating Results Per Share$0.57$0.71$2.54$2.91
Management defines Adjusted EBITDA as reported GAAP earnings before the following items: interest expense, income taxes, depreciation, depletion and amortization, other income and deductions, impairments, and other items reflected in operating income that impact comparability. The following tables reconcile National Fuel's reported GAAP earnings to Adjusted EBITDA for the three and nine months ended June 30, 2020 and 2019:
Three Months EndedNine Months Ended
June 30,June 30,
(in thousands)2020201920202019
Reported GAAP Earnings$41,250$63,753$21,773$257,009
Depreciation, Depletion and Amortization73,23271,072226,062200,990
Other (Income) Deductions(2,547)1,45617,97116,977
Interest Expense28,56026,50582,71680,077
Income Taxes13,13421,11381,37673,806
Mark-to-Market Adjustments due to Hedge Ineffectiveness—(1,020)—(783)
Impairment of Oil and Gas Producing Properties18,236—195,997—
Adjusted EBITDA$171,865$182,879$625,895$628,076
Adjusted EBITDA by Segment
Pipeline and Storage Adjusted EBITDA$50,511$37,328$142,555$126,433
Gathering Adjusted EBITDA27,84427,85286,81878,398
Total Midstream Businesses Adjusted EBITDA78,35565,180229,373204,831
Exploration and Production Adjusted EBITDA64,78088,175236,727261,650
Utility Adjusted EBITDA30,21433,163162,868169,421
Corporate and All Other Adjusted EBITDA(1,484)(3,639)(3,073)(7,826)
Total Adjusted EBITDA$171,865$182,879$625,895$628,076
Page 25.
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES
SEGMENT ADJUSTED EBITDA
Three Months EndedNine Months Ended
June 30,June 30,
(in thousands)2020201920202019
Exploration and Production Segment
Reported GAAP Earnings$(6,434)$26,512$(157,733)$86,599
Depreciation, Depletion and Amortization39,37240,055128,656110,643
Other (Income) Deductions253(268)602(822)
Interest Expense14,32313,85042,54340,561
Income Taxes(970)9,04626,66225,452
Mark-to-Market Adjustments due to Hedge Ineffectiveness—(1,020)—(783)
Impairment of Oil and Gas Producing Properties18,236—195,997—
Adjusted EBITDA$64,780$88,175$236,727$261,650
Pipeline and Storage Segment
Reported GAAP Earnings$22,623$15,792$62,815$58,643
Depreciation, Depletion and Amortization14,35211,15439,31333,561
Other (Income) Deductions(1,589)(2,447)(4,328)(6,346)
Interest Expense7,7737,22322,03722,009
Income Taxes7,3525,60622,71818,566
Adjusted EBITDA$50,511$37,328$142,555$126,433
Gathering Segment
Reported GAAP Earnings$15,239$14,638$51,081$41,511
Depreciation, Depletion and Amortization5,2375,48515,65514,836
Other (Income) Deductions30(172)16(404)
Interest Expense2,3832,2886,7627,010
Income Taxes4,9555,61313,30415,445
Adjusted EBITDA$27,844$27,852$86,818$78,398
Utility Segment
Reported GAAP Earnings$6,254$7,362$64,335$68,600
Depreciation, Depletion and Amortization13,86013,54641,24140,202
Other (Income) Deductions4,0625,01721,96822,851
Interest Expense5,2405,79316,43017,950
Income Taxes7981,44518,89419,818
Adjusted EBITDA$30,214$33,163$162,868$169,421
Corporate and All Other
Reported GAAP Earnings$3,568$(551)$1,275$1,656
Depreciation, Depletion and Amortization4118321,1971,748
Other (Income) Deductions(5,303)(674)(287)1,698
Interest Expense(1,159)(2,649)(5,056)(7,453)
Income Taxes999(597)(202)(5,475)
Adjusted EBITDA$(1,484)$(3,639)$(3,073)$(7,826)
EX-101.SCH
3
nfg-20200806.xsd
XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT
0001001 - Document - Document and Entity Information
link:presentationLink
link:calculationLink
link:definitionLink
EX-101.CAL
4
nfg-20200806_cal.xml
XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT
EX-101.DEF
5
nfg-20200806_def.xml
XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT
EX-101.LAB
6
nfg-20200806_lab.xml
XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT
Written Communications
Written Communications
Pre-commencement Tender Offer
Pre-commencement Tender Offer
Entity Incorporation, State or Country Code
Entity Incorporation, State or Country Code
Entity Address, City or Town
Entity Address, City or Town
Soliciting Material
Soliciting Material
Entity Address, Address Line One
Entity Address, Address Line One
Security Exchange Name
Security Exchange Name
City Area Code
City Area Code
Cover [Abstract]
Cover [Abstract]
Entity Tax Identification Number
Entity Tax Identification Number
Entity File Number
Entity File Number
Document Type
Document Type
Entity Central Index Key
Entity Central Index Key
Entity Emerging Growth Company
Entity Emerging Growth Company
Title of 12(b) Security
Title of 12(b) Security
Local Phone Number
Local Phone Number
Entity Address, State or Province
Entity Address, State or Province
Amendment Flag
Amendment Flag
Entity Address, Postal Zip Code
Entity Address, Postal Zip Code
Trading Symbol
Trading Symbol
Pre-commencement Issuer Tender Offer
Pre-commencement Issuer Tender Offer
Document Period End Date
Document Period End Date
Entity Registrant Name
Entity Registrant Name
EX-101.PRE
7
nfg-20200806_pre.xml
XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT
GRAPHIC
8
exhibit998kimagea151.jpg
GRAPHIC
begin 644 exhibit998kimagea151.jpg
M_]C_X 02D9)1@ ! @$!+ $L #_X0;M17AI9@ 34T *@ @ !P$2 ,
M ! $ $: 4 ! 8@$; 4 ! :@$H , ! ( $Q
M ( 4 7U5F9VAI:FML;6YO8W1U=G=X>7
MI[?'U^?W$0 " @$"! 0#! 4&!P/S1I2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V)S='5V=WAY>GM\?_
MV@ , P$ A$#$0 _ /0.J]?Q^EX=_4,AI&!BN8R[(U,.?8W&=LJ8U[[&4O?^
MF_\ O55O$SF9&T>W](SU:+*W"RNVHQMNHM;]-OOKW?U_P!S](N$^M)RJX^G6^G]%GXOVGTZ;?5]:W^18_Q9869C]'
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MIM=E@AL_SESK+&_F_3]-)3V"2Y"KZU=1;=B?:,[I#JGV;2QD.?ZE=EM
ME?[K:OYK^ZG%;A68^4SW[6
M7XF7C937T;?US$N_TE>*AT9W5#B5C]O5T9&YK,@6Y%3P[:QMF1E8SVVY&VO*
MS,>NFEC_ $O2QLG*V86&DIV&XOUR..,FRZ[[8^EE5E&^@,:#CXKLFVAC!Z?V
M[[4RQ[&G#R++,;[0Y^.S(^R5Y[JO3^T
M5VO?3_27_H_^U?VK].C=-ZV:^JTWY?4*CCOJ+\G?EUOKKL>-[\7%93:W?Z62
MY[6>M@?T9GJU]5V?J"Z#_G/]7O\ RQQ_^W&_WI*3='Q[L?$?7_\ +''_ .W&_P!Z
M2G__T.R^MO\ 1\G_ ,+M_P#/K5L]._F'?\8__JBOE]))3]5)+Y5224_522^5
M4DE/U4DOE5))3]5)+Y5224_522^54DE/U4DOE5))3]5)+Y5224__V?_M"XY0
M:&]T;W-H;W @,RXP #A"24T$! !QP" " ( .$))300E 0
M1@SRB2:X5MJPG &AL*>0=SA"24T#[0 $ $L 0 ! 2P ! $X
M0DE-!"8 X /X #A"24T$#0 ! !XX0DE-
M!!D 0 >.$))30/S ) ! #A"24T$"@
M 0 .$))32<0 * $ 3A"24T#]0 2 O9F8 0!L
M9F8 !@ 0 O9F8 0"AF9H !@ 0 R 0!: !@
M 0 U 0 M !@ 3A"24T#^ < ________________
M_____________P/H /____________________________\#Z #_
M____________________________ ^@ ________________________
M_____P/H X0DE-! @ ! ! "0 D .$))300>
M $ #A"24T$&@ #.0 8 %L *C @ P
M #$ ! $ J, !;
M $ $ $ !N
M=6QL @ 9B;W5N9'-/8FIC 0 %)C=#$ $ %1O
M7!E96YU;0 I%4VQI8V54>7!E $EM9R &8F]U
M;F1S3V)J8P $ !28W0Q ! !4;W @;&]N9P
M3&5F=&QO;F< $)T;VUL;VYG 6P !29VAT;&]N9P J,
M #=7)L5$585 $ !N=6QL5$585 $ !-'1415A4 0 "6AOD%L:6=N !V1E9F%U;'0 )=F5R=$%L:6=N96YU
M;0 ]%4VQI8V5697)T06QI9VX '9&5F875L= MB9T-O;&]R5'EP
M965N=6T 115-L:6-E0D=#;VQO7U5F9VAI:FML;6YO8W
M1U=G=X>7I[?'U^?W$0 " @$"! 0#! 4&!P/S1I2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V)S='5V=W
MAY>GM\?_V@ , P$ A$#$0 _ /0.J]?Q^EX=_4,AI&!BN8R[(U,.?8W&=LJ8
MU[[&4O?^F_\ O55O$SF9&T>W](SU:+*W"RNVHQMNHM;]-OOKW?U_P!S](N$
M^M)RJX^G6^G]%GXOVGTZ;?5]:W^18_
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M=G]&>XOBIM=E@AL_SESK+&_F_3]-)3V"2Y"KZU=1;=B?:,[I#JGV;2Q
MD.?ZE=EME?[K:OYK^ZG%;A
M68^4SW[67XF7C937T;?US$N_TE>*AT9W5#B5C]O5T9&YK,@6Y%3P[:QMF1E8
MSVVY&VO*S,>NFEC_ $O2QLG*V86&DIV&XOUR..,FRZ[[8^EE5E&^@,:#CXKL
MFVAC!Z?V[[4RQ[&G#R++,;[0Y^.S(^R
M5Y[JO3^T5VO?3_27_H_^U?VK].C=-ZV:^JTWY?4*CCOJ+\G?EUOKKL>-[\7%
M93:W?Z62Y[6>M@?T9GJU]5V?J"Z#_G/]7O\ RQQ_^W&_WI*3='Q[L?$?7_\ +''_
M .W&_P!Z2G__T.R^MO\ 1\G_ ,+M_P#/K5L]._F'?\8__JBOE]))3]5)+Y52
M24_522^54DE/U4DOE5))3]5)+Y5224_522^54DE/U4DOE5))3]5)+Y5224__
MV0 X0DE-!"$ %4 ! 0 \ 00!D &\ 8@!E " 4 !H &\ = !O
M ', : !O ' 3 $$ 9 !O &( 90 @ % : !O '0 ;P!S &@ ;P!P "
M-P N # ! #A"24T$!@ !P ( 0$ _^$22&AT=' Z+R]N&%P+S$N,"\ /#]XFMC.60G/SX*/#]A9&]B92UX87 M9FEL=&5R
M&UL;G,Z>#TG861O8F4Z;G,Z;65T
M82\G('@Z>&%P=&L])UA-4"!T;V]L:VET(#(N."XR+3,S+"!F&UL;G,Z6YT87@M;G,C)R!X;6QN&%P34TZ
M1&]C=6UE;G1)1#X*(#PO&%P;65T83X*(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @"CP_>'!A8VME="!E;F0])W'EZA8:'B(F*E)66EYB9
MFJ2EIJ>HJ:JTM;:WN+FZQ,7&Q\C)RM35UM?8V=KDY>;GZ.GJ]/7V]_CY^A$
M @$# @0$ P4$! 0&!@5M 0(#$00A$@4Q!@ B$T%1!S)A%'$(0H$CD152H6(6
M,PFQ),'10W+P%^&"-"624QAC1/&BLB8U&50V160G"G.#DT9TPM+B\E5E=58W
MA(6CL\/3X_,I&I2DM,34Y/25I;7%U>7U*$=79CAVAI:FML;6YO9G=X>7I[?'
MU^?W2%AH>(B8J+C(V.CX.4E9:7F)F:FYR=GI^2HZ2EIJ>HJ:JKK*VNKZ_]H
M# ,! (1 Q$ /P#?X]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[K
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M;U[ ]>'1Z?D?_);^0_='\\WH;^:1M_NSK/"=*=4MU86&PMO9[
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M^Z]U[W[KW7O?NO=>]^Z]U\I_^41_,B^-'\L'^I=>6/3JY^)J
M^O6V1_T?R>_P#G8?)K_P!$A#_]F?OWY=:H/XA_/_-U8[_+>_G9_";^:COC
MLOK_ .*]5VQ4Y_JK:N*WENE>Q.OTVA0C#9C+OA:/^&U4>;RHJJK[Y1KC(3T<
M@GGWOK1%!4$4'^7K70^&"_X5N_#[J+!=S=K8;J?,?[+]_%>L<5V'NZ@
MZ]RG\2V5N^?('(;+I,O'MNN_B$R*\ODIG\K %KD"VJ\37_5CJX_"#PTGU^?4
MG_A9+\B.[OC]NC^7#E.H>VNT.MX*ZJ^0N3W'CNN^Q-V[#I=UKM_(]%U./IIK^(R>JAC3%1_EZ:.L?Y(?\ ,$_G@;&Q?SP_
MF3?//L#HIN[\%C=[]!?&_J_;M?F=K]6=:Y^.;);0DGV[D]WX#;FV8K3%#PX#_4>BS_RV^ZOG)_)'_G=;,_E-=]=Z
M[C^0_P =.\]R;0V?@H,MEMRU^!IE[7PP;J?M'KW$[KR-=/L3*P;BA@Q6X,?3
M334DBFJ9(
M M0L4L?C3KRTH3Q/^K_-U6!U!_PD=WWW1U5L[M+YE_S(_DJ_R:WG@*#=6[:3
M >3=F(V/N#-TZ95]ORY[?&XZKMZO
M6N/G3H%?Y6OR,^>/\J'^=_1?R9/D7\B=P_)SH#L*M;";8KMT5N6W'/M^;]]^T>:K^M-^;FV'D,M04^P8:B"BR-=MC)XVHK
M::&5B\<.i-_>
MYK-)*M;/41+-%&-8\_(=;)\SY_ZOSZ*'T7V%\\O^$XW\XWI'X2=I?(?='?WQ
M#^0NX.M,6,?G*K-5NU-S=7]M;KDZ^Q?86V=HYW/9B7K;L7KG>-%/'5QT-68:
MR.@DB=IJ>HC*[K_(_P"#KW$@$X/6T5_PHD_G!YW^5%\5=K2]-Q8.N^4/R"SN
M7VAU R,+MZ@IZS?':.3P-1((\PVVQDZ"CQU+.CTL^1R"/.DD-/-#
M)X&M:=5(&:]4*?&;_A,A\Q_YA?3&VOEO_,._F/=U[7[F[VVYB^S=N;+IJ3)]
MF9/9V)WI1#.X$[SK=P;VV]CW,SA=J=6;ASU9DMQ18?+
M;_Q=3D>G=_=95VV&+Z^RL>:EK!
MF(LCLRAS%/MVOBRVH_&RWW'D\AFMF3Y3"4!QN;P?W=5C5FF9XM;PQ3OL<>O
M'@:^F">A\_X6X_\ 9&?PU_\ %G-P_P#OJMP^]?B'V?YNO#X&^T?Y>MM/X=_]
MDC_%G_Q7+I#_ -]GMCWLC&^_=:Z][]U[KWOW7NO>_=>Z][]U[KW
MOW7NO>_=>Z][]U[KWOW7NO_1W^/?NO=>]^Z]T%G;'R,KV1W;V?L/J/
M8.#BDER^\>Q]UX/9NVZ$)#-4^*3+9^MHJ(U+Q0N4B#--*%LJLWOQZW0FO^;J
MM=_YTWQ2WF[CXP]+[YPT](0F5S'Q(^+/9N_P#:&(,Q9:,UG8&[U\;O;K+>^T>Q=G9F/RXG=V
MQMR8?=FV,M$JJXDQN>P-;D<571:6',4S"Q]W]>M9%/G^72U]^ZUU[W[KW7O?
MNO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U
M[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?N
MO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[
MW[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO
M=>]^Z]U[W[KW7S"OY"OQ%^,_S._G7_S"NL?E-TMLOO'8>(PWR9WAA]L[WI:V
MJQ^+W30_)S:&+I76^1U]AL;M_8>R.QF.PU%1T%%31G4$IZ.EIT2-1] H_K[WUX\>'6B_P#S
MFH8H_P#A5I_*(DBBC22HI_B%),X1$::1?DMVI$CRNHO(5CC503+3?RF=I]5===2=;8_NSY+WCMWH[:&XL!053VC#X6HVQVQV)A5IXYK1Q5X&0
M4)=UU\G7'CPZ]^P'\S_GZIO^/'0GR?\ C;_PJ?\ BOUG\RN^8ODK\D(^Q=A[
MH[)[:IJO,UU#FJ[=OQYR.M?A/VC_+UMG_!.
M&&E^$?PWIX(5@IZ?XJ_'J"FBC73'##%U'M!(XT .E41$ 4 7 'O8X#[.O-\3
M?;UI _\ "J,+_P /7?RJ6 %SM+HU2Q!N5'RRW*P!:]RJL[]]5Z+?O?\ V40]Q;0_TF#XX?[,"'P0V#_?K_1D.X]?\1J?[L_W0_O!_O\
M6_\ &?-_#OL>?N-?A]>KWXTK\^K=U,5T?ZORZT9OYF7_ '&%_![_ ,/'X7?]
M;:OW7U^W_-UO^#_2G_+UL"?SX?YZUMJ4V8CP"[EW/28">FW!N2OS^=\M!B<50U%++43PRRR3QI"D51;K5/,]
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M4F\>YL%0U'174FR.XZMZ;[B6O5I
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MJOI3CU4WO'^5;ANF=S[C[J_EA;\H_@KW5G*NJSF[.N^-W_ !@^1O5=?\6_G3U1@EW%V%T%F)QZ]:T@9\O]7^K_
M #=65>]]:Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>
MZ][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWO
MW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z
M][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW
M7NO>_=>Z][]U[KWOW7NO>_=>Z^=I_P )BMK[GP_\^#^8CDLQMS$L UVLIX)X/O7F1\^G!^$T_"?\O7+_A;!MW<6=W-_+5; [?S^=%&?
MDG-6'"X?)YA*5/O^A-'G-!25 A>70VE6LSZ25!L;;/GU09 I4];X>UVMMK;R
MMZ67!8G6KAP'7CQZT9?YR.W]Q5O\ PJA_E'YBCP&0,X\:D%K*0??J_/K8SPK3/
M^#IN_P"%9_QB^1'7GRN^%'\U?J38N8[)Z^Z$H-B;7WU1T=-D,SC-B[JZM[:R
M?:>R,CN>@H(*B7$[/WQ)G9J":O5?#%54BQRNKSTX?U.(Z\#@'TZ']_\ A9Q\
M;MY;+QV*Z-^#WRF[$^2.XJ)*+!=3^79]1M=]V5,:PT5#%NO:N1W#N_2POR4R>PMB4D)J,+L7+;6W#UUMOJW;TV=R$6W\;NKK;;M'0PU6$JLD*R
MB18XZZ2.JED(T.% :4ZW\+5/"G^3_57J]W_A8!N:N^0?P&_EK=K['VANY\9V
M7O>N[.H(V30MXL]VCU=N2.@J]U[0VQ(9HHJ
MC>F!R>&ILIB*8V>MM5TT.JIJ(%??5*@X/'_5QZJS^*G_ L)P/0'0NU.D?G7
M\2>_ZKY-=-[3QG7VX\SMRJPV,&_,OL^ECP4.:WKANQ*S!;IV3N[)QT(;,!HL
MBC5XFDC6,.(8]4XTX];-#QX_ZL]!]_*6Z"^67\ZO^-_.>^4'56S,< I)\K&T7#U
M?BB]7\^O'R/ >74G^99MCA)_X5D= ?)KJ_Y@_!G^:7
MT_UUDNPNO?CKB=C8?=%318NJW%BMD[YZL[BR7:>T:C>V,@I*PXW:&\/XX*/[
MQXS3BHIFCD9))80_N!^T=:]#Z'_5_P 7T8"3_A9O\<=Z;*Q6(Z)^#GRE['^2
M.Y*/['"=2A]H5.VQNRI5(:"AI=T[6KMR[MW)C7R4R(IIMM0U=0ME$<3,-/CP
MXTZU05QGK7NW3\B/F[_+G_G@="_S1_YLW06_:;S/=-1L'KYW!FLFN"Q6X.JL7)0T]9@*[)1Y&D@@5*N6.IE9_?@?3K?GGAU>
M1_PKRW76?(K^6S_+H[:V+L_=AQG9_9^&[3H8_R];@GQ!CD@^)OQ>@GCE@GC
M^._2D4L,T4D$L3P]:[;21)X90LD;Q,NE@0&! !]^' =:;XF^WHQ_O?5>O>_=
M>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[K__T]OK^89\J=W?&;I[
M!8/I##83>GRU^16^<7T/\2NNL]*4Q&Y.W]UT]34?WHW8L$@K:;K7JO;-#6[D
MW+6HNB#&8]D9E>:.^B:>?5@*GRI_FZ6'PE^'FT/AUU34[?I:YM[]T=F9N7M#
MY.=YY6'7O#OKO?(1A18'#I!14RHB$OX*O
M7B:GY?ZO]7\NCG>]]5Z*+_,#_P"R"_FW_P"*B_)+_P!\UO/WH\#UM?B7[>OA
MBQ2R021S0R/%-$Z2PS1.T^M=?0/\ ^$VW_"CB
MLW)5;/\ Y?/\PCL.IR.X:^KH-L_&7Y%[PK(WER1:G2CQ/3G:^>GTO/D6EB6+
M;^=K'>2J>84-9(7^VD?76_BQP/\ J_U?/_#OR^]]:Z(I\Z_B3D?DSUYA]S=2
M;II^HOE[T?4Y/?/Q,[[ABJ!5]=]C24(@J=N[F6AM+N+I[M''4XPN\,#4I546
M2Q$Y=J:2IIJ5HZGUIU8LU,*_"UM)47#2.J^XTSD?ZO]7Y=>
M84/^K_5_GX]']^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?
MNO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U
M[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?N
MO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[
MW[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO
M=>]^Z]U&FACJHY()XXY8I8Y(I8I8UEBDBE4J\4J,&61'4V93]??NO5M3B
M65@SA%S&"PN?AAI\]A<5FJ6GJ8JR"GR^/H\C#3U4#?LU
M,$57#*L=3$QU*X&H6])Y]^ZK^?3R % "@ ?3W[KW7?OW7NO>_=>Z][]U
M[H'M]=!]$]F9JBW-V/TOU-V!N/&+##C,_O;KG:&[,W0)!(L]/%193/8:OKJ5
M()AK58W%FY7GCWX^E.MU8"*ICD@J(XYH)HY89H9HE>"6!U9)8I8W
M5TEBE1]#H_#"Y ]^Z]T%6Q^A^CNK\QD9[+AX\KF]C=>;1VAE\
MG%(_EE2NR6W\/CJNM1I7+,)'8%C?]7'O5!Y#JU2>)-/V]"'E]OX+]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[
MW[KW7__4V8/CY0M\L/YIGRK^3&Y,;5U77GP*QV/^$?QN7(FFDQM/V]NK 8KL
MCY==B8NB9I9*+/\ V&]4K7J_ #B?\O^K_#UROY?OR[[KJ,@C_5PZ^-%
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M7?GKB^S>T_E!W_WYT1U_WANC#]B]*[Z[%SF?VIN7K:OW!FL)FKF?Y3O86^N
MUOY:'P8[,[.W;G=][_WS\9NJ=R[RWGNG(SY3<>YMPY7:U%59+.9K)5.J:OR5
M?4.TDLCW9V)8D^]_*G'K7S_U]^Z]U[W[KW7O?NO=>]^Z]U[W[K
MW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]
M^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW
M7__5V9?Y%> H7^"=5V['EJ_,9CY._*GYC_(?=577N64;@W9\E>Q]N"DQT4E-
M3U5/CZ; [-H0D6.0,+@ (N@!Q''J[\:?ZO]6>KD_>^J=5\?S._P"8'UA_
M+.^'?9_RD[*>GR59MRB7!]9[&>H:GK^RNTLZLM/L_9U 4+2_;SU:M5Y"5/\
M@)BZ6HG/^;L?5IPZV!7[!U\_K_A-AWOV7\UOY]._.\?DEFT['WYWAT/\BLEV
M#-EZ9'Q&0HLQC=N8UMM4F(D,M+1;4QF""8ZBH%O#3T$,?<>M@X6%WOL[.4C7>ER^%JDG6&IA(,=9C,E!KI:RGD#155+-)%(K([
M*?=>!(Z^WU\,?DQM7YD_%/X^_*393TG\![QZLVGOUJ2@FGG@P6>RV-@3=FUC
M/5Q4\TU1L_=D%;BIBZ*WFHFLI%C[]7K9'$4_U>71/?YI63FV[F/Y9^[\=#,,
MOB_YI_Q@V[!6T\DM/64F'[/V_P!J]7[CA6HA=910Y+#;LDAJHC>*>%BCKSK8O>^J=!%WEWCU3\:.IM[]Z=Y;SQ_7W4O7.)3.[VWGE8,G6T
M&W\7)6T>,2KGI,-C\GE)T:NKH8U6""1M4GZ;>]5_9UL"OGGI&_&7Y9_'3YC]
M3TW>?QD[8VSW!U3697.8)=X;9_B,=+39K;TH3,XG(4&7Q^-R^+R-"9$D:&II
MHW:":*5 \4D;MO-*GKU,_/I-_$[YQ?%3YR[:W=O'XG]Q;?[FVQL'=C;(WAE]
MOX_(ID\.C9^_=:
MZ#!NY^GX^SH^F&[8ZT'Q#E#NIL:*")I_-]
MKX?""]](O[]\JYZW0\?+\_\ BNB_]2?/[XD=Y_)SNOX<=6]L4^Y_D;\>J"?*
M]O\ 74>U=YXR3:-%29/#8:6674&P"M;7E@"O
M6Z$&O^4]'/\ >^J]>]^Z]U[W[KW7O?NO= YWSWSU#\8NI-Z][][[UQO774W7
M>.IN7H\I68_ X^LRN/PU+4U-)A,?E,I/Y\KE*:$"&"5]R,)_>#9.],739.EH-P8&.2\?T]^J,XQUXBGGT3#Y0?S?OY;?PN[4J.DOD_\ *S97
M47:=)@L/N:HV=GP
M>1W)F5IZK/;,Q.*B^PP.*J:E_)4I=8CINUE]^!R/7KU,5X_[/V'JT?W[JO7O
M?NO=>]^Z]T4GIGYR?$_Y!=W=X?'/IKN; ;Y[K^-^3GPW=O7V.QNY:+)=?Y.C
MS57MJIILE69;!X_$5Q@S=#+2EJ*HJE#I]=.D^]"N?3K=#0?['1H\CD@\?D
MDKEE,3QM
MV#M_961VY64:NGJJZ6:HHP#]8K6F>MTS\0_U?R_;U]^Z]U[W[KW2&[$[&V'U%LGR/^
M%(7\F7L'MF'I_!_-':U'GJS)1X7%[DW/LSLO:/7&5R"LHZN"*IHZNFE
M2:FJ::9%DAFAFB9XIZ>>)U965BKJ;C_'W'K7#J9[]U[KWOW7NO>_=>Z][]U[
MKWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_
M=>Z][]U[KWOW7NOE:?R/?@)U]_,N[N
M^VML=^_>;&W?2NB/5QTL-=(]%D8X?75XFMJJ?_=MQ7T]:=.5 UUX5_S]7*?\
M)9?YA'8'Q[[>[?\ Y(/S'J*C:_8_5>]^P(_C]3[BKW,F+W5M;(Y23MKI.CJ*
ME-$]&\U#/N+;QC81S1-D FI9*9?>_P#!U4CUXC^?^K_!T9;_ (6L_P#;NOXW
M_P#BX."_VW^B'M;_ (GW[S_+JOE^?^0]7A?RBMV[9V!_)L^"N^]YYBBV[M#9
M/PIZSW;NOHJX4-;V@N4?K^HCQ&3JJN
MEV_N3M#LC%XO-[WEWKO"FHIJFAVQMI":&D1S*DGAEK#XYKU;[*?ZOMK_ *N/
M22^1>9_X4A_\)_*[8WR9[?\ E:OSA^+\^Y\3@>P:+/[]WSVWL&FJLM5(L>U]
MW)V1@L-V%UQ/N&.$PX[.8B7[6.N9(Y&9V2GGWZ]:\J\1_J_U#K8C_F*_.;MS
MY'?R&\Y_,:_EP=N;BZ76QBOK3Y?ZO7_ %#H2_\ A.)\[^S_ .8'_+(V
M+VAWGNNLWUW7U]V1V3U'V9O3)?PJ+*[KRN#RM-NW;^;K*/#T.,Q]%(=E;TQE
M(52",,U(S\EBWO=:"M,=5-#GS_U#K54^>O\ PHM^@/R_P=;U_\R#Y&R_%/X _+OY)X?+KC'$#TS_ "ZU]/Y*O\QG
MY5[5_DO_ "N_FC_S#.[MV]]8_;.?W_F>J,5G\9@,34G;/6.)QVT<9@<=4;8V
MYC(D?L/MW(38PSR0S"G>G20G2''O5!@D9ZWQ _;YJ]O93=&;V[M
MW+44E#+EL_D)9ZVMAFT&3Q/H]Z=:KC_-2O2BZO\ YC'\X3^1K_,%Z/\ B=_-
M:[?C^57QC^0V2P>-P_9];N+^_%5C_P_=>Z][]U[
MKWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_
M=>Z][]U[KWOW7NO_UMG_ /D:38VE_EP]6[+HZL3Y#JWMCY7]7[EI#44]16X?
M<>SOE;W/356+R_VL\RT^2CI)H)7232[+*KD6=?=5P.K/EB:=6\^[=5Z^4'_P
MJH_F*;E^7W\Q'=OQVV_FGJ
M,C%EXTP--*ZZXZ3%$II^XE+Z^?6R:8ZG_P#"0/\ [?%[=_\ %JH5D
MEVYN:.G5:OZ:J&-X=O92)?MK@,VUOC9U3V[VMO;,F6*DFA$6$B
MH:$:)'C$L]5%V&CC\SU8?B/E3_BNK9?=NJ=4S?\*%O^W+_P#,!_\ $-47
M_O?[,]Z/5EX_D?\ !UJ;?\)^.Y>R?Y6':'P[V-VMN2NK/A%_.:Z@ASO7&X\M
MKAVYU?\ +;:VY,YUXN%GJ/LY8:";-JRLD,=11YK%5%0S#'OIUU:@'^
M'\^-.A?_ .$]7;WR1Z&_E ?S7>T/B/UEC^U_D5MGY29 ];;6SM=A<9MJ@R5;
MM#95!EMY;JK-QY_;&%AV]U_MZ>LS-2M374\,BT0C=PCL1OTK_JQUJ@(^=3C]
MG0?
M^'J=V=UG_,!R'_"M/,[QLOU?3UVUMO_&:;9F9S
M&%ZMS.VFP]5#DM^T71X_@L^7$+&;(7F$JL?,OCBOV]>'D?PT_P O^?JQKXF?
M/9>J_P"=7_/;S/9^Q>CJ-C]S[HQ.P,YUQE:C';
MR[@VYM?']@]@SU]*\D<<69KZR*2L,#E=44>GW'-?GULTI3Y#_!T7/JOYE_\
M"E'YW?%7MW^:?\;NZ?C)T;\=-LOV7NKJ_P"+>3Z^VSN'II\E!NZ+'9
M[7&XZ_*U](,#6PQR5V;H9WOMG)Y39VR=Q9_+T>T(=[4>??
M#8G=9CQE?3NPDK:-:EZG+Y"?S&?Y]7\M?Y3? _LOY
MN]B?&W?O0'SE[4HMLY;XP]:[0P]/)U!CLKF]ITN:V-'O>39^*WA)NG8^#[ I
M):/)C+Y>CK*^C>.H\\5VE]]OIUNE32GG3_5_J'1ROYIORZ_FI8#YR[PZ:ZG^
M7WQ"_E:?#WKSJ7$;OVQ\AOE'FNEJW+_(/=-1286IS]+M':V[O[W[XDIL/F"G]Z\\G/7@*BM,?ZO+'55N _FI?);^9)_($_G2;7
M^4>X=@=D;Y^+O^BK:F([HZ\PD&V<3VGMK>W:^/:@RD^"H,=A\6@HY-FR24E5
M!14!JJ&KA\M,DT;O)[TZT/,CK:(_X3[_ /;F7^7U_P"(-B_]Z[=/NPZTW'\A
M_@ZU%_YX':G5O2W_ I;V3V1W-\4ZWYM==;?^,^RESGQNH-OT.YZC?TF5ZU[
M+Q&)G7"Y/!;EHZJ/:N7KX,NVJCDTK0W4QFSKX_,];P=./+_/U;3_ "N?ES\*
M^_NV>ZLUT%_)(@_E^=Q]"_&3MSN;8?R W+TWM#;\M+E,=CZ+:K[:PN2I>N=K
MU,>0RU)NB1Y(Q4.D]'!/&Z%6)]UX5SGCU;2>!&/LIT*W\IO^:1\SOE;_ "-/
MG%\W.Z>P]O[B^172O^S5-UQNV@Z_V7M_%X7_ $7]#;8WSLW[K:>$P]#M_+_P
M[JCB.%/3]O5?V5_X44?,_K[^2?\ $3O?*YKK
MW=OSG^:GR"[GZ;V9V;NW:.T]J]9]?[7ZWWFGIS
M5T[8_P#>EJJM9%@,4N_MZW04&/\ #Z_Y*=/'0W\Y'^8!\./YA7Q"^.OS&^=_
MP:_F/_'SYD;@Q/762WO\9,]U?+D>AM^;GW)A=J4E3E,KUWM[;510TN'W!G:!
MC'E:6IHLQAY9VI6IZJ%_'ZIZU0$C_5_J_P!7EQ&K^11_W$ _\*!__$I[D_\
M?][S]^'']O7OPG\O\!Z'3_A8/\E.PND?Y8FVNM=A93)X.+Y+=ZX'K#?N5Q=7
M-0RU'7F+VINO>F;VM-+3,LC4>Z,C@Z&&JB+:*BC6>)PTQ?C_P#R1OY37\I+XX0_,WXH[)WWL7NO:'776^\^R=O]*;8[)[@W;VOV/U7E
M.P\< AEP=?)CJRDR,'\-1::"F"@+[KU];T/7N\.U,;CHLIDZ;()N':
MV%JNMMHX7!U>Y,JE97TQ-12RC4OW3R#=?GUZ@-*9'V_[ ZK?WS_.Y_FQ_![>
M_P 0]^]S_P QCX._,QN[-UX!>[?ASTUB^H=T;CZ;P>6DQAKW4VWJ2DP
MV;A@R.'*TI4I5TRLS^K\^M4% *#C_J_U'JPS^:__. ^7FS_ .;%
MNC^7UU?\X>A_Y8W3W6'5&RMUOWOW;U.O95-VUOG>F#VKN6EPRUV1V7N[';6Q
MU/!NB2FBFD;&T"+B:R2HJY)F@IUT?7KPH*BCFCEDDW7->M%E?U5_+V^+N*W1F-
MO=??([Y&[BA[(@QM2]/39I-E_P"CO&;7BRO!IZVGP]=O^;(1P3!XA5TT,Q4M
M&A'CC/GUL1(_U?Y>K?._/^$]G\LKN/X]# KY]6PI3K6#2G^K_BZ]
M)J'^8%_/%^7_ /-/_F9_R\?A?W?T)U_@^@LWN3*[$WWVMUUM0MU7LG:6X\7A
M*; 80X_9&X:W>.ZM\Y/K46O#A_F_U?9T3
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MML/![PI=U8/9D=5+095RNK]Z?(W^7[58"CZK^26R=CX"/:W8V+W?GLMCL9GY=C5> QVUZ^D@AVI4
M34-1)BZ7[NBKX3/3+-$S/NM,=>H*\,9_EPZ++O;^9-_PH]QG\L?JK^/K3R^?^K_8_9U8M\EOYTORYZ=^5'\D7O&;.8#97\O[^
M9)U7U'6=R[%S^QMMUU%L;L7>AQ5%O1J#LMV*/LG!Y*G1JWQR)CIF
M96A>9!H#AB@ZW08QQ'_%?+_BNC@]/_/_ .7/R9_X4$_('X:]4[[Q6,^#/POZ
M@QN0[MPHV)M"JRNZ>VLQMW'TM+AXM[Y#&5&ZL]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7
MSN?^$??_ &\P_F4_^(US7_O_ *#WH>7V=7/!_M_S]&[_ .%5?\MK>NQ,WUW_
M #HOA\1HXNK^]X!1Q6?)[-R:4V#S,C-^]
MBY*!F0PTM0Y]P)]*]:K6AIG_ %8Z)O\ SX_YA>UOYG'\@'X)_)W$/C*/>]5\
MM,#LCO':>+:?P;)[IVMTOV=!O##K%/! \6.RZSP9C&C]P?PS(TXUM(LGO0X_
MZOEUX\/S_P _5M?R$WCN#8W_ CXPF9VQD_P W^3JA3^1C\Z?YO7Q-
M^$HVC\"_Y4&&^374N[.T]\;MS7>L>W]]UF3W?O$_PO U^+R.1VUN/%TDHVE0
M8>GHH(S'>)%)^KL3KSX];I4+C^8'^'H^WS.^=/\ PH;^%I:=0Z
ME;^]]>I3R'[1U:'_ ,)LOB'\C]A_RG^]_AG\Z.B=\]/4N?[9[GVEAMI=D848
M[)9OJ7MSKC:[/\ A.Q\^?Y@6;P%'FNR
M]S?.C8O;\.>G05FXVZ^ZWJ9<3Y) ?$I'
MNO<0<9R?]7\^K9?YMO\ ,-R7!:G"=MO2T.^,ANVIH8D$59#3=PQ
MMD*JGNK54.N/R!FUC8''Y]:KGY4X_P O]GK4'Z>V/_PJ)_D186NZCZEZ;JOD
MI\5=E9O+[GQF!VOM*A^176$^.KLC75.7J=M4VU:G%]Z=>8_+U,LM=4T")C42
MIF>=H6:21W\?(GK>?*A'1T_CE_PJ@^,'R$[7Z^Z7_FX?R_\ 9'56[<3G#@Z+
MMO,[/HNQ=I]8YK3(5E%D,G*GVT"KI*NDGCGHZJDGC\M/44]3%Y(9Z
M6HAD5D=6975M2_X[ZK\CU/\ ?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?N
MO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U_
M_]?9#^$V?3XI_P Q7YW? S=HQ^'Q/R$WODOYCGQ6RGV:8R/>>WNVSC-M_)78
MU'(:PT5=F>J^T]OPY 4M-"E0+2H*-=C]/I[V>!ZJ*5
M%>%>O@L;\W)E=Y[YWIO#/35-1F]U[LW%N7,U%7))+5SY7.YBLRF1FJI96:22
MHEK*IR[,2Q8DGGWOAUXFI)ZV7_\ A('_ -OB]N_^*Y=Y?^XFV_?NMC@WV?Y1
MUNQ[D_F:Y[HW_A011?R\.QLT:CIWY1?%7K7:7,45#X["20>]$>G7@*@ \>/\ J_U>75"O_"V+X@8=
M*'XH?.K;V':'.39#+?&?LW+0?910Y"A%)ENPNJWK(E5*NIKZ26'-+6X[/]Y[AWS\A
MI<1DJ"IQM9BL'V#DJ:@V7JAJE266'-;'VUC*O4BXM?6./GUL^0/I_
MJ_P]#AUOF:CYF_S>NQ^T\/63S]$_RONMMR_&O:M=$(CC=V_,'Y"Q[=W#WS/0
M5(I5:HAZ>ZLVWA-MU<9D_9S&5JT!O'*OOP&3_J_U8'5N"?ZO]7_%]74^]]4Z
MK&_G(] =M?*C^61\P?C]T5M0[W[;[2ZPI\!L7:@SP#9S+1;OVSE7HQF=R9
M+#X*A/V%!,X:JJH8SHM88(LB)RXDI4*Z XY\^K5SQQ3_ #?X.J=NA?Y'O\V;;W\BWYR_$JNV&W6O
MR,[6^6'7_\NJ=M[5P%/NG9LNY]J[LRVVJ6MR&XZ)*^.ERE;
M30ULV*$3$>5"=>8Z\, BNG#HS^4-\D]V_P U;^=_OOO_ *TJ-F_$
MWY__ !Z[0Z:ZU[3IMU[)S-5F7[ R&PZ:GR%+M7#;FJ=UXNLQ='C*JM05]'2)
MY*4*6!9;[ ^?EUZHI^S^0_U#HEG1?6O_ HA_EX?$3L+^43U9\!NM?D9LO_>_\
M:7S)RGR;[\H]L[OVIM3;.V'W?L;/8*HQ^W\UV#FMKQ;BH]L4B6JJ
M1+/'"(2GO=#Z=>P10'A_L]6L?\*"_P"7K\N/FWN;^5C6_&?JH=CTOQS^05;O
M3N.;^^.Q=K#:6VI:WIV>+($[NW)@7S2M'M>N/CH!53*8?T>M+Z_.N/Y=;!S7
MRU=5U?(K^7-\WMC_ ,ZKY6_*7L3^6!M#^;=U=\C\71Q_%_-=E=H;#P'6'0]?
MCDVR=LTW8&+[ I\W187$=?X_&2XIZ::@1:NF3[BAE>>:1/>SCB>M8X_(=!E\
M7_Y./\S7K;^7I_/;^.G8_P ;,!C>X_F3N3J7K>J8MN;VVI_%L+GA@\T-PY^O-(CI-F;E[33>NQZ1L?FY.D^V-H/CSM&;6T=R;5>N6'RO1+N##UN)-6(2Z^1J9:W
MR*OYT_UM[\>!'51@J?SZT(_B!\//Y^_PG^)7S._E ]G_/?\)\_G;V'_ "3OA#U75]9;+QWS*^$WR.[O[:B^
M.'8>ZMC9C:':W7W:._*/+9;:=7NG%9W)[(7)U]-MS%5"TU7D(:.JHC5TTTL<
MS0W]PZWB@]''_ %>?6\ ' _U?9T?W^4__ "__ ):?&S^;_P#SAOE'W1U8-H=(?*'L
M#-9GH[>/]\-DYH[UQU7V]N733;FX"G?335=3]J!68ZJGFJ%FT?MX]6'K7/K7_4>BW=
M9_R$OYJ'6G\KO^;!\0J.BP\O;G;WR7Z6WYL#,87L';.$P'RIZVZ\FS5;ONGP
MLU-FDFVK1[EK:VGK*2@W-%AFJGIA!-%"LG'O\'6JC2X*INVNH4^1?R>W_B=L18KP:"? 221T67RT]7/D-:=>\J8X_P"K_57JY#^:A\:_G=OC
MYB9+M+NO^5YT[_-T^"6Y>OL;3=4]>8D=;=-?*WXU9G-46-J\ULZO[4V[#%V;
MGQCKU1D"G^K[?\ 8Z%O_A-?_*^^47P.
MK_FIV[WAUHOQ@Z[^3>\=FU_2_P 0G[/B[:S'5^U=L56\\G29#>.Z:2JR5'4Y
MJ#%;LI,1 \DYRE0E#-)711#P*VQ6H->JG (\^C:_\* _Y2^]_P":G\7-CXWI
M'=N)VC\DOCCOC(=G],ON"KDQNW-T2UN'6CW!L6OR\J7.V>W/\ A4M\UNC:_P#EV;I^">U>@]Q[EQ6W
M-B=L_->'>QVC35FWL)78B7.;LQ.[,+O_ ".V*:OW2F*+Y([;CR%1/#43PT5'
M!Y!&NB:_ZO\ 5^?5ACY?G_J_+HROS@_D6_*_8GQX_E;=K?"/?6+[V^;W\KK*
M-NBN;MWU5\_Y_MZ![>OQC_G%?SPOEU\)=T_-_X?;5^ /Q-^%W:%#VCN?$9/
M?M!N?=O9VZJ#,;.RNX*/;^,@KJS/2KGDVFM#C99::#&XZCJ*B1JRKE,:O[!J
M >O?#3[?MST>;^6E_+X^7/0'\]'^:Q\P>V>J3M7X[_(^@W+3]-]@G>&QLP-X
M39#LO96X*)1MO";CR.ZL-YL3BJB0G(45(%*:;ZBH.Z9X=::E#]@_P?Y^BV?R
M??Y7?SD^+_PG_G5]2=X=*MLGL#Y9TG;4/0. ._.N_,S@:Q\OL[+9_#3M/C:J.5
MHXZB1DX4@$6.QQZ\2--?]7GT>SYC?&O^>-_.CI/B%\'OD'\.-A_&OH/I+.Q>V31[9FVY1[\V1CH:^ES+?>;+SM9+3[=I(*RMCR57:VQMJ]8]"18'&[.H-DX?>N%W^ML)@WPIAKV3SVW=CJV[\=4;&P=!!N>!L139FCQ:?P^/QGQR1^,
M^_P=>J./V_S'1YNQ?Y:GS3W!_P );]J_R[,3T_\ (R*1QB6IQPS6^\MN6I,
M+N$^T:E*(JA2/4J"/+K1Q3U_U4ZVH?>^J]>]^Z]U[W[KW7O?NO=>]^Z]U[W[
MKW7O?NO=?.X_X1]%3_,P_F46(.KK/-,+$Y%OJ.1]/Z^]#R^SJYX/
M]O\ GZ^@SO;9.T^R=G;KZ\WU@[MM9BG%3B]P;:W'CJC%9S"
MY&G;29J+)8VLDAE4:3H?@@V]VZJ,$5_/KX[/\Y#X2]T?RI/DAW/\'$S.XZKX
MI]F[ZVU\B.D7R4M168C>&W/#^B>OHL?%;XJ83YR_P#":3^1#E.^/Y87\TCK7M+K"DVMVQE=[[0W=@MM'=46SLMG*#%XW/4
ME7B*009;7.\X\)39C"9K#BNBE\TK"-HYUDC]7S'7J< 33H\O\ -3_X53=,
M]F]*5WQJ_E,UG=78OR:[LJ\5M+;W;NW=D[BV54=WR^Q?[VO!/@^L4RH9XZ@;,P%-#%5!+Q+E)*L
M1LT6AFMY@=:)ZT)O^%->R]]? ?\ FH?)'L#K6!L7LG^9+\4DH-QS)4S1P5$.
M%_25RO(TO;WKB3]O5JT%?44_P!7Y4ZW5?@I
M_+SP>)_D/]7? C=>)Q455VO\,L]A-[P&.2&"#?\ W_M7+;TSE=5RA5E?(8#=
MN];B;U%'HTT^E0![B/\ 5]O7B0&%> Q_D/7SROY0O6O;GRY_F*?RZ_Y>O8-'
M -B_#OY,]P]N9_;V3JZUJ6AIMLYK;O9';F&JJ=1)!%+D\CTS38Z$(%62HJ[.
M1J)/O\O7JG (^'_5_AZ^DK_.OV/\N][_ ,N7ORH^"_8G9?7/R7Z]HL'V?L:H
MZESE1@-X[MQ^RFR*"JIIJ>JK)U(Z
M;,Y2HQ>X\KD=LT5=NK#[II,=/#09"EKZ!_WZ3RK42>5DB]^7'K9I@UH?SZJ9
M_GG?.3H/^?Q\GOAU\9OY9?1V\.R^W,3G]SXK+]U97KV':&8W51;O;;]#3X65
M9*5MWQ=<=?4F%ERV0RF;-+2T*RR&*%%6667U58ZR7'>47LUC_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>
MZ][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[K__0VO?YE_Q3[5[LV9U?
M\@OBMDL=@/FO\,=YUOKJ?(_ZO]7^SY=&,^'/RSZR^:O1&V^[>N348]JZ>
MNVIV/USG%9-Y=-=N[9\>/[)Z8[%QDT%)/BM[]?Y[R4%9%+#%YE5*B+53SPLW
MOE_J/6C45Z^0A_.>_E];[_EQ_/SN[IG.;C$_P#";/Y9
M]8_#[^;/T/OGN',T6U]@=B8;>O2&4WAE*RFQ^&VCDNR<7'1[8S>1TCIH:DS2,(XV][^SKR^8]1UME?,_XK=I_)3_A65\*MV;%P64F
MV#T/\>NG^_NQ=^G"Y*KVKA]K;#W3VS74-)-FJ>G;(;NW')1XJA3R@F:J\E
MBD;D:K_DZ]3S/I3_ ]$W_X6G_.3:^8J_CC_ "^-G9A:_/;3RDOR,[GIJ0XR
MJH\/5Y#$Y;:/5.WJR=7FR5!N!,57YG(STQ$2FBKJ*4ZQ(FG?6O+K6O\ Y)G\
MI?L[^:W\L]M[%I<1EL7\;^M\MA=T?)7L^/71T.W]E)5FH&S,'DI*:>GJ.P=_
MI2/18RF57:%#+62J*>FD/O1Z\/4\.OJ(?.CY,YOXO["ZE^&OPIVY@,O\R^],
M51=6?%CJRCH82GPG1_0N"IXY==5ICRV42CQ<
MGDFE6/V/7Y=>&34^O^K]G^JG1K_AY\5=A?#+H#970W7U5D\:QYJB6KW/O[=^4J))/
M^K_5\^C2>]=:Z"[=?=73NQ,M_ M]=L]:[+S?V\%;_!=U;\VOMS+?9U/D6GJ?
MX=E\G1U?VT[1,%JCUZWI;^$]>_V9[XU?]Y#=&_^C9V#_P#7_P!^J/7KVEOX3UW_ +,[\:_^
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M6_A/7O\ 9GOC5_WD-T;_ %_YFSL'_P"O_OU1Z]>TM_">O?[,]\:O^\ANC?\
MT;6P?_K_ ._5'KU[2W\)Z]_LSWQK_P"\ANC?_1L[!_\ K_[]4>O7M+?PGKW^
MS/?&K_O(;HW_ -&SL'_Z_P#OU1Z]>TM_">O?[,]\:_\ O(;HWCZ_\99V#_\
M7_WZH]>O:6_A/7O]F>^-7_>0W1O_ *-G8/\ ]?\ WZH]>O:6_A/7O]F>^-7_
M 'D-T;_Z-G8/_P!?_?JCUZ]I;^$]>_V9[XU_]Y#=&_\ HV=@_P#U_P#?JCUZ
M]I;^$]>_V9[XU?\ >0W1O_HV=@__ %_]^J/7KVEOX3U[_9GOC7_WD-T;_P"C
M9V%_]?\ WZH]>O:6_A/7O]F>^-7_ 'D-T;_Z-G8/_P!?_?JCUZ]I;^$]>_V9
M[XU_]Y#=&_\ HV=@_P#U_P#?JCUZ]I;^$]5]_P QGXZ_RX?YH?2VV.A?DU\C
MMIP;%VGV1BNTL6_6GR"ZWVEFVW/A,#N3;=&E9D:YMP0SXUL?NJJ+Q")#Y1&P
M==//L9I3K8!_A/[.CU[?^0?Q?V[@L-M['?(7I0T& Q6.PM#]SV[L&:?[+%TD
M%'2^:89M%EF\$*EV 9[^_5&.JE7-O6]+?PGKO_ &9WXU_]Y"]'?^C9V%_]?_?JCUZ]I;^$]=?[,]\:O^\ANC?_
M $;.P?\ Z_\ OU1Z]>TM_">JN_YE?PO_ )9'\UK#=1;=^3_R?HL?@^FZ^\N/
M6P&%>S'Y^71^^INQ_A7T7UEL#IKJCM[X_P"RNM.K=HX#8FQMJ8KM?8:8_!;8
MVSC8<7AZ"%IMQ35-2T5' HEFF=YYY-0O1W_HV=A?_7_WZH]>O:6_
MA/77^S/?&O\ [R&Z-_\ 1L[!_P#K_P"_5'KU[2W\)Z]_LSWQK_[R&Z-_]&SL
M'_Z_^_5'KU[2W\)Z]_LSWQJ_[R&Z-_\ 1L[!_P#K_P"_5'KU[2W\)Z]_LSWQ
MK_[R&Z-_]&SL'_Z_^_5'KU[2W\)Z]_LSWQJ_[R&Z-_\ 1L[!_P#K_P"_5'KU
M[2W\)Z _K*?^7!TKGLYNGIR;X1=2;GW1!)2[GW%UI+T1L3/;BI)*]LFU/F\Q
MMG;(L:@I4/(AG)HYX@]#A_LSWQJ_P"\ANC?_1L[
M!_\ K_[W4>O7M+?PGH%NV,A_+F[Y?"R=Y5_PI[GDVTM>FVW[9JNC.QI-O+E&
MI?XG'A)=WR9IL1'DFH8#.(/'Y3"A>^A;>QUNCC@#T(FU>\OB+L;;V$V?LKN+
MXX[/V?MS&4N%V[M?:W876>W]N[?Q-#&L-%B\'AL7F*3&XG&4<4?CC@@BCC10
M BJ!SLD>O6M+?PGHNOR=ZU_E4?,[%4V(^4]'\,>\H\;3?:8K);[W/U?D]SX*
MD^X:J^SV_O*+-4N[,!2R5+M(\5'6P+([$L#[U4"L."G]G0?_ !?^*?\
M)K^(.X)=U?&'8'PFZPWH-\]O;EZZR^^:%)89Z2:+';QS^XLYNG$TL\%4\
M4D5-511.KV8-[]CUZ]1S^$U]*='_ /\ 9B/C_P#\_P ^G?\ T9NRO_KW[]4>
MO7M#?PGH$>V*7^7OWO582N[QI?AIW-7;;AJZ;;U9VK#TEV)58"EKGIYJ^'"U
M&[DR\N)AK)Z:-I4A>-9&C5FN5%O&FACI^_OCS2P04]/W=TS34]/%
M#!3P4_9&R(Z>&")5CB@AACS(C@AAC70JKZ43WNH^76M#?PG^?0);-Q/\NSKO
M?F5[4Z\Q?PLV)V?G#F&S?8^S:+HS:^_[L+%1;AR+YVMM-5^:
MH;[F4:Y=3"YU4<1U;2^:J?Y]#Q_LP_Q__P"?Y]._^C-V5_\ 7OWZH]>M:&_A
M/5=_R'^$7\EOY6[CJ-Z=_P#4'P@[!WI7UM1D;;WCF\C62>2KK22??L>N>M]W\)(Z&;XT=3?RP?AQB9\1\7,'\/N
MC8:VE^RR=?L',=9X;O6M#?PGKW^S#] ?\_SZ=_\
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MK\]?Y,I9+HCHG=71FX=X56+JT=W7%5^^=O[*J*W"TSJIE=C7
M D>O6SZX/YC_ %?SZK6^,_\ PE#^5W;FZ,U\G?YN_P E-L?'39.5SLF]^UI<
MCV+@-]=R[IERS#)Y:NW?V7ELG4];[)JNJ*_,3QL6O3@A?>^'6J5\Z
MGK8NZQ^7&R>LNK<7\#_^$Y_Q Q7>U+M*KK-O9GY0Y.BRVV_@WU7N!ZFHAW)O
M+?O>N7FHQW?'S2R08&IR7W+")5JY(XUI#KCY8Z]0\2:?ZO]7^K/5L?P
M+^ F*^(E%O7LSL[L/*_)/YG]\5%+F?DA\JMYXVGIMT;VKX%0XW8&QL8CSQ]<
M=&[&"+!@-L4+BCI(T$LFJ9M2^-* GK7'&*=6+>[=5Z][]U[JE;YW?R#/Y=G\
MQKO:7Y&?)G9O9F:[.EV?M[9#5NU.T=P[1Q,F VJ^0;$PC#XZ],*A/XG+JE%B
M]Q?Z"_NK ^HK]M>B\ 0(Q_)E_Y]OWE_P"CZW=_U[]^Z]4?PC^?^?KW_0(Q
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M[U^?7M0_@'\_\_7O^@0W^3;_ ,\7\@/_ $>V,^0/_H]LW_]:O?OSZ]J'\ _G_GZ[_Z!#?Y-O_/%_(#_ -'MF_\
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M^@0W^3;_ ,\7\@/_ $>VV;_ /K5[]^?7M0_@'\_\_7O^@0W^3;_ ,\9\@/_ $>V;_\ K5[W^?7M0_@'
M\_\ /UU_T"&?R;?^>,^0/_H]LW_]:O?NO:A_ /Y_Y^N_^@0W^3;_ ,\9\@/_
M $>V;_\ K5[]^?7M0_@'\_\ /U[_ *!#?Y-O_/%_(#_T>VU+_ /Y_P"?KW_0(9_)O_YXSO\ _P#1ZYS_ .MGOW7M2_P#^?7O^@0S^3?_
M ,\9W_\ ^CUSG_UL]^_/KVI?X!_/KK_H$,_DW_\ /&]__P#H]OSZ]J7^ ?S_ ,_7O^@0S^3=
M_P \9\@/S_S77.?[#_EU_CWO\^O:E_@'\_\ /U[_ *!#/Y-__/&=_P#_ */7
M.?\ $8P>_?GU[4O\ _GUU_T"&?R;_P#GC?D!_P"CUS?_ -:_?NO:E_@'\^N_
M^@0S^3?_ ,\9W_\ ^CUSG_UL]^_/KVI?X!_/KW_0(9_)O_YXSY ?^CUSG_UK
M]^_/KVI?X!_/KW_0(9_)N_YXSO\ _P#1ZYS_ .MGO7Y]>U+_ #^?^?KW_0(
M;_)N_P">,[__ /1ZYS_ZV>]_GU[4O\ _G_GZ]_T"&?R;_P#GC.__ /T>NNNU+_ /Y_Y^O?\ 0(9_)O\ ^>,[_P#_ $>N
M_SZ]J7^ ?SZ]_T"&?R;_P#GC.__ /T>NU+_ /Y]=?
M] AG\F__ )XWO_\ ]'KG/_K9[]^?7M2_P#^?7?\ T"&?R;_^>,[_ /\ T>N<
M_P#K9[]^?7M2_P _GU[_H$,_DW_ //&=_\ _H]]^Z]U45_.@_AO^RAYK^+_P##9?\ "_/5_?\
M_#I/]ZO]!_VOBI_-_=_^X_\ O\?[W:+^'^&?Y9K\?B]5O>CU9:T:E:_R_.N.
MM;/X:?Z+_P"YN8_T*?\ #NO\2_O3-_VY/_VC]F_O0_R^73C4HOK3SK_+RZ/[N'_9B?X!'_ 'L_Z"Q/[O\
MW60O_=[_ (:U_C^ORTFOR?Z%/^,F_:_I^WM^WI\FC^W[V?SZH-5?+^751G?O
M^@C_ $X8_P"^_N1_I#\^-^Q_Z"A?^''_ _\77(^;^[G]WO^<7/X7Y[^+^(_
M[N\GB_:T^ZFOSZN?A%/]C\J_Y.M\CXV?\R&ZJ_YDA_QYV,_[)L_YD-^EO^95
M?]F=_P JO^%_=QP'33<3_EZ&_P!^ZUU[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>
M]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[K
MW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]
M^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW
M7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^
MZ]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7
MO?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z
F]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=?_]D!
end
XML
9
nfg-20200806_htm.xml
IDEA: XBRL DOCUMENT
0000070145
2020-08-06
2020-08-06
0000070145
false
8-K
2020-08-06
NATIONAL FUEL GAS COMPANY
NJ
1-3880
13-1086010
6363 Main Street
Williamsville,
NY
14221
716
857-7000
false
false
false
false
Common Stock, par value $1.00 per share
NFG
NYSE
false
XML
10
R1.htm
IDEA: XBRL DOCUMENT
v3.20.2
- Definition
Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.
+ References
No definition available.
+ Details
Name:
dei_AmendmentFlag
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
- Definition
Area code of city
+ References
No definition available.
+ Details
Name:
dei_CityAreaCode
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
- Definition
Cover page.
+ References
No definition available.
+ Details
Name:
dei_CoverAbstract
Namespace Prefix:
dei_
Data Type:
xbrli:stringItemType
Balance Type:
na
Period Type:
duration
- Definition
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.
+ References
No definition available.
+ Details
Name:
dei_DocumentPeriodEndDate
Namespace Prefix:
dei_
Data Type:
xbrli:dateItemType
Balance Type:
na
Period Type:
duration
- Definition
The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
+ References
No definition available.
+ Details
Name:
dei_DocumentType
Namespace Prefix:
dei_
Data Type:
dei:submissionTypeItemType
Balance Type:
na
Period Type:
duration
- Definition
Address Line 1 such as Attn, Building Name, Street Name
+ References
No definition available.
+ Details
Name:
dei_EntityAddressAddressLine1
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
- Definition
Name of the City or Town
+ References
No definition available.
+ Details
Name:
dei_EntityAddressCityOrTown
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
- Definition
Code for the postal or zip code
+ References
No definition available.
+ Details
Name:
dei_EntityAddressPostalZipCode
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
- Definition
Name of the state or province.
+ References
No definition available.
+ Details
Name:
dei_EntityAddressStateOrProvince
Namespace Prefix:
dei_
Data Type:
dei:stateOrProvinceItemType
Balance Type:
na
Period Type:
duration
- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation 12B
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityCentralIndexKey
Namespace Prefix:
dei_
Data Type:
dei:centralIndexKeyItemType
Balance Type:
na
Period Type:
duration
- Definition
Indicate if registrant meets the emerging growth company criteria.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation 12B
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityEmergingGrowthCompany
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
- Definition
Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
+ References
No definition available.
+ Details
Name:
dei_EntityFileNumber
Namespace Prefix:
dei_
Data Type:
dei:fileNumberItemType
Balance Type:
na
Period Type:
duration
- Definition
Two-character EDGAR code representing the state or country of incorporation.
+ References
No definition available.
+ Details
Name:
dei_EntityIncorporationStateCountryCode
Namespace Prefix:
dei_
Data Type:
dei:edgarStateCountryItemType
Balance Type:
na
Period Type:
duration
- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation 12B
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityRegistrantName
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
- Definition
The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation 12B
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityTaxIdentificationNumber
Namespace Prefix:
dei_
Data Type:
dei:employerIdItemType
Balance Type:
na
Period Type:
duration
- Definition
Local phone number for entity.
+ References
No definition available.
+ Details
Name:
dei_LocalPhoneNumber
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
+ Details
Name:
dei_PreCommencementIssuerTenderOffer
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
+ Details
Name:
dei_PreCommencementTenderOffer
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
- Definition
Title of a 12(b) registered security.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
+ Details
Name:
dei_Security12bTitle
Namespace Prefix:
dei_
Data Type:
dei:securityTitleItemType
Balance Type:
na
Period Type:
duration
- Definition
Name of the Exchange on which a security is registered.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
+ Details
Name:
dei_SecurityExchangeName
Namespace Prefix:
dei_
Data Type:
dei:edgarExchangeCodeItemType
Balance Type:
na
Period Type:
duration
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Section 14a
-Number 240
-Subsection 12
+ Details
Name:
dei_SolicitingMaterial
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
- Definition
Trading symbol of an instrument as listed on an exchange.
+ References
No definition available.
+ Details
Name:
dei_TradingSymbol
Namespace Prefix:
dei_
Data Type:
dei:tradingSymbolItemType
Balance Type:
na
Period Type:
duration
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
+ Details
Name:
dei_WrittenCommunications
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
EXCEL
11
Financial_Report.xlsx
IDEA: XBRL DOCUMENT
begin 644 Financial_Report.xlsx
M4$L#!!0 ( "A!!U$'04UB@0 +$ 0 9&]C4')OQLOD&1#LD)^OCG!CVX>;QA&WPIG
M*N*I#BV&5(_C(I(/ !47BK9.7:=N')=HI6-Y #OGDK7A.YNJQJ=0U[R;UEA_6\#MI7E!+ P04
M " H00=1,V+F)^\ K @ $0 &1O8U!R;W!S+V-O&ULS9+/
M:L,P#(=?9?B>R$FAZTSJRT9/'0Q6V-C-V&IK&O_!UDCZ]DNR-F5L#["CI9\_
M?0(U.@H=$KZD$#&1Q7S7N]9GH>.:'8FB ,CZB$[EF3
M.B#4G"_!(2FC2,$(+.),9+(Q6NB$BD*ZX(V>\?$SM1/,:, 6'7K*4)45,#E.
MC.>^;> &&&&$R>7O IJ9.%7_Q$X=8)=DG^VNT;F%]
M)N4U#K^R%72.N&;7R6^+QZ?=ALF:U[S@JX+?[_A*\ =1+3]&UQ]^-V$7C-W;
M?VQ\%90-_+H+^0502P,$% @ *$$'49E&UL[5I;V23;J;/ 0LZ?O.14?GZ#AY\^XN8NB&B)3R
M>+]O6N[!3+
MUES@6QHO(];JM-O=5H1I;*$81V1@?5XL:$#05%%:;U\@M.4?,_@5RU2-9:,!
M$U=!)KF(M/+Y;,7\VMX^9A(5M>5 TR
M6'!VULS2 Y9>*?IUE!K9';O=05SP6.XYB1'^QL4$UFG2&98T1G*=D 4. #?$
MT4Q0?*]!MHK@PI+27)#6SRFU4!H(FLB!]4>"(<7K;YH]
M5Z%82=J$^!!&&N*
M-AIRM1:!MG&IA&!:$L;1>$[2M!'\6:PUDSY@R.S-D77.UI$.$9)>-T(^8LZ+
MD!&_'H8X2IKMHG%8!/V>7L-)P>B"RV;]N'Z&U3-L+([W1]072N0/)JG@*-Y;&O%"N@GL!_]':-\*K^(+
M.7\N?AD6R4)RU3393>*
M$IY"&V[I4_5*E=?EK[DHN#Q;Y.FOH70^+,_Y/%_GM,T+,T.WF)&Y
M"M-2D&_#^>G%>!KB.=D$N7V85VWGV-'1^^?!4;"C[SR6'<>(\J(A[J&&F,_#
M0X=Y>U^89Y7&4#04;6RL)"Q&MV"XU_$L%.!D8"V@!X.O40+R4E5@,5O& RN0
MHGQ,C$7H77%_CT9+CVZ9EM6ZO*7<9;2)2.9;'!51W/55OR
ML+YJ/;053L_^6:W(GPP13A8+$DACE!>F2J+S&5.^YRM)Q%4XOT4SMA*7&+SC
MYL=Q3E.X$G:V#P(RN;LYJ7IE,6>F\M\M# DL6XA9$N)-7>W5YYNTB42%(JP# 4A
M%W+C[^^3:G>,U_HL@6V$5#)DU1?*0XG!/3-R0]A4)?.NVB8+A=OB5,V[&KXF
M8$O#>FZ=+2?_VU[4/;07/4;SHYG@'K.'MYA,L0Z1^P7V*BH 1JV*^NJ]/^26,?-2K6J5D*Q$_
M2P=\'Y(&8XQ;]#1?CQ1BK::QK,9FV-J/D3@H\W/[O#;#"Q([A[8N_ 5!+ P04
M" H00=1A__0N/I13M#8LM\[@YAAK!)2C])IS0W9QE.@;9VU,^LEU=;#F,=/7
M,N4)O%E*%3,#1;5R=:HX"_.@.')]S^NX,1.),^CGSZ9JT)>9B43"IXKH+(Z9
MVM_R2&YO'.J\/W@1J[6Q#]Q!/V4K/N/F:SI54'(+E5#$/-%")D3QY8TSI)]N
M_98-R&O\)OA6G]P3VY2%E&^V, YO',\2\8@'QDHPN&SXB$>150*.[T=1I_BF
M#3R]?U>_SQL/C5DPS4A6A6=\X/8>$?,FRR+S([2_\V*"VU0MDI//_9'NH
MVVHY),BTD?$Q& ABD1RN;'?LB-, [TR ?PSP33 B<1F9684O!409P:?99!!)QO"DI#[[W]W 7V I OP#TPA)"?/$W$=L5<6&QR]9I#G"T2XXVI?TU0A(%(M@:(1\1[[P
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M!IXG*GX50/=PF%^'E1LV.+"S>UXNS^0/UZLC\TOK]W&?_A?96.L,R.H
M:V1K 4OG]W&;G@L#BZ1S4"D_L'#*2T>Q^WYO?^
M(G>[8,V2%3^[W:\1FGR;W6%$I?V?NWWW
MY&1H3]E/S'Y1DX@O06QE1'9!20(J+ @J"SL/OG:22M+0-SN5,=FO
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MK\V5]MB0N!_9$LL>)B\/W@9Z-G_&TP
M"(\.&C'.>&RV_K?4D]OJW%HYO9.BU0KBW'^Y89'Q=1SIC!//OELX*94GP%%R
M 8>B.C+?';=G&'$]36-SVW/Z'WK^N^OE:H\_A?*NQS
M $P( L !?3T\$MP>:4#M.*2VBZD8_1!2:5K5N %(MB6/
M:(7->=I3W;+T]!;X"O
M.DQQ0FE(2S,.\,W2?S+W\PPU1>5*(Y5;&GC3Y?YVX$G1H2)8%II%R=.B':5_
M'FR-9V87YTC'?8Q'
M]>5=2(6NF9MYEJ6R!F_236P@R*2*Y U+2X3[+O,&@EXN1
M:T/9=1,92L88!.R 'A^[C(,=D",Y1]XVXG\-/O4(VSV'T:$%'J6"V&%E+C?Z/F-:#R!
M+ ]=R_$)'0.M#,,SQ;;!"CVN*!.L>@PL(:EU&*ADMW,JI]=V::W=Y-[2:AU[D&P]_ :C1W-CQ^W_ %02P,$%
M @ *$$'420>FZ*M ^ $ !H !X;"]?M+7_OR4Z?:!1W;J"V\R1&:P;*9,OL[P"D6[2*+L[C,$]J%ZSB688&O-*]:A"2
M*+I!V#-DGNZ9HIP\_D-T==UI?#C]LCCP#S"\7>BI160I2A4:Y$S":+8VP5+B
MRTR6HJ@R&8HJEG!:(.+)(&UI5GVP3TZTYWD7-_=%KLWC":[?#'!X=/X!4$L#
M!!0 ( "A!!U%ED'F2&0$ ,\# 3 6T-O;G1E;G1?5'EP97-=+GAM
M;*V334[#,!"%KQ)E6R4N+%B@IAM@"UUP 6-/&JO^DV=:TMLS3MI*H!(5A4VL
M>-Z\SYZ7K-Z/$;#HG?78E!U1?!0"50=.8ATB>*ZT(3E)_)JV(DJUDUL0]\OE
M@U#!$WBJ*'N4Z]4SM')OJ7CI>1M-\$V9P&)9/(W"S&I*&:,U2A+7Q=(\G=
M560C2&2FKW@ALO7L^T%.6X.^D&PO=&AE;64O=&AE;64Q+GAM;%!+ 0(4 Q0 ( "A!!U&']PRK000
M $H0 8 " @0X( !X;"]W;W)K&PO&PO7W)E;',O=V]R:V)O;VLN>&UL+G)E;'-02P$"% ,4 " H00=199!Y
MDAD! #/ P $P @ &^$0 6T-O;G1E;G1?5'EP97-=+GAM
7;%!+!08 "0 ) #X" ($P !
end
XML
12
Show.js
IDEA: XBRL DOCUMENT
// Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105.
var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0);
e.removeAttribute('id');a.parentNode.appendChild(e)}}
if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'}
e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}}
XML
13
report.css
IDEA: XBRL DOCUMENT
/* Updated 2009-11-04 */
/* v2.2.0.24 */
/* DefRef Styles */
..report table.authRefData{
background-color: #def;
border: 2px solid #2F4497;
font-size: 1em;
position: absolute;
}
..report table.authRefData a {
display: block;
font-weight: bold;
}
..report table.authRefData p {
margin-top: 0px;
}
..report table.authRefData .hide {
background-color: #2F4497;
padding: 1px 3px 0px 0px;
text-align: right;
}
..report table.authRefData .hide a:hover {
background-color: #2F4497;
}
..report table.authRefData .body {
height: 150px;
overflow: auto;
width: 400px;
}
..report table.authRefData table{
font-size: 1em;
}
/* Report Styles */
..pl a, .pl a:visited {
color: black;
text-decoration: none;
}
/* table */
..report {
background-color: white;
border: 2px solid #acf;
clear: both;
color: black;
font: normal 8pt Helvetica, Arial, san-serif;
margin-bottom: 2em;
}
..report hr {
border: 1px solid #acf;
}
/* Top labels */
..report th {
background-color: #acf;
color: black;
font-weight: bold;
text-align: center;
}
..report th.void{
background-color: transparent;
color: #000000;
font: bold 10pt Helvetica, Arial, san-serif;
text-align: left;
}
..report .pl {
text-align: left;
vertical-align: top;
white-space: normal;
width: 200px;
white-space: normal; /* word-wrap: break-word; */
}
..report td.pl a.a {
cursor: pointer;
display: block;
width: 200px;
overflow: hidden;
}
..report td.pl div.a {
width: 200px;
}
..report td.pl a:hover {
background-color: #ffc;
}
/* Header rows... */
..report tr.rh {
background-color: #acf;
color: black;
font-weight: bold;
}
/* Calendars... */
..report .rc {
background-color: #f0f0f0;
}
/* Even rows... */
..report .re, .report .reu {
background-color: #def;
}
..report .reu td {
border-bottom: 1px solid black;
}
/* Odd rows... */
..report .ro, .report .rou {
background-color: white;
}
..report .rou td {
border-bottom: 1px solid black;
}
..report .rou table td, .report .reu table td {
border-bottom: 0px solid black;
}
/* styles for footnote marker */
..report .fn {
white-space: nowrap;
}
/* styles for numeric types */
..report .num, .report .nump {
text-align: right;
white-space: nowrap;
}
..report .nump {
padding-left: 2em;
}
..report .nump {
padding: 0px 0.4em 0px 2em;
}
/* styles for text types */
..report .text {
text-align: left;
white-space: normal;
}
..report .text .big {
margin-bottom: 1em;
width: 17em;
}
..report .text .more {
display: none;
}
..report .text .note {
font-style: italic;
font-weight: bold;
}
..report .text .small {
width: 10em;
}
..report sup {
font-style: italic;
}
..report .outerFootnotes {
font-size: 1em;
}
XML
14
FilingSummary.xml
IDEA: XBRL DOCUMENT
3.20.2
html
1
95
1
false
0
0
false
0
false
false
R1.htm
0001001 - Document - Document and Entity Information
Sheet
http://www.nationalfuelgas.com/role/DocumentandEntityInformation
Document and Entity Information
Cover
1
false
false
All Reports
Book
All Reports
nfg-20200806.htm
nfg-20200806.xsd
nfg-20200806_cal.xml
nfg-20200806_def.xml
nfg-20200806_lab.xml
nfg-20200806_pre.xml
nfg-6302020xexhibit99x.htm
http://xbrl.sec.gov/dei/2019-01-31
true
true
JSON
16
MetaLinks.json
IDEA: XBRL DOCUMENT
{
"instance": {
"nfg-20200806.htm": {
"axisCustom": 0,
"axisStandard": 0,
"contextCount": 1,
"dts": {
"calculationLink": {
"local": [
"nfg-20200806_cal.xml"
]
},
"definitionLink": {
"local": [
"nfg-20200806_def.xml"
]
},
"inline": {
"local": [
"nfg-20200806.htm"
]
},
"labelLink": {
"local": [
"nfg-20200806_lab.xml"
],
"remote": [
"https://xbrl.sec.gov/dei/2019/dei-doc-2019-01-31.xml"
]
},
"presentationLink": {
"local": [
"nfg-20200806_pre.xml"
]
},
"referenceLink": {
"remote": [
"https://xbrl.sec.gov/dei/2019/dei-ref-2019-01-31.xml"
]
},
"schema": {
"local": [
"nfg-20200806.xsd"
],
"remote": [
"http://www.xbrl.org/2003/xlink-2003-12-31.xsd",
"http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd",
"http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd",
"http://www.xbrl.org/2003/xl-2003-12-31.xsd",
"https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd",
"http://www.xbrl.org/2005/xbrldt-2005.xsd",
"http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd",
"http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd",
"http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd",
"http://www.xbrl.org/lrr/role/net-2009-12-16.xsd",
"http://www.xbrl.org/lrr/role/deprecated-2009-12-16.xsd",
"http://www.xbrl.org/2006/ref-2006-02-27.xsd"
]
}
},
"elementCount": 23,
"entityCount": 1,
"hidden": {
"http://xbrl.sec.gov/dei/2019-01-31": 2,
"total": 2
},
"keyCustom": 0,
"keyStandard": 95,
"memberCustom": 0,
"memberStandard": 0,
"nsprefix": "nfg",
"nsuri": "http://www.nationalfuelgas.com/20200806",
"report": {
"R1": {
"firstAnchor": {
"ancestors": [
"span",
"div",
"body",
"html"
],
"baseRef": "nfg-20200806.htm",
"contextRef": "ice1885e11c8748688817f113c135eaae_D20200806-20200806",
"decimals": null,
"first": true,
"lang": "en-US",
"name": "dei:EntityRegistrantName",
"reportCount": 1,
"unique": true,
"unitRef": null,
"xsiNil": "false"
},
"groupType": "document",
"isDefault": "true",
"longName": "0001001 - Document - Document and Entity Information",
"role": "http://www.nationalfuelgas.com/role/DocumentandEntityInformation",
"shortName": "Document and Entity Information",
"subGroupType": "",
"uniqueAnchor": {
"ancestors": [
"span",
"div",
"body",
"html"
],
"baseRef": "nfg-20200806.htm",
"contextRef": "ice1885e11c8748688817f113c135eaae_D20200806-20200806",
"decimals": null,
"first": true,
"lang": "en-US",
"name": "dei:EntityRegistrantName",
"reportCount": 1,
"unique": true,
"unitRef": null,
"xsiNil": "false"
}
}
},
"segmentCount": 0,
"tag": {
"dei_AmendmentFlag": {
"auth_ref": [],
"lang": {
"en-US": {
"role": {
"documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.",
"label": "Amendment Flag",
"terseLabel": "Amendment Flag"
}
}
},
"localname": "AmendmentFlag",
"nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
"presentation": [
"http://www.nationalfuelgas.com/role/DocumentandEntityInformation"
],
"xbrltype": "booleanItemType"
},
"dei_CityAreaCode": {
"auth_ref": [],
"lang": {
"en-US": {
"role": {
"documentation": "Area code of city",
"label": "City Area Code",
"terseLabel": "City Area Code"
}
}
},
"localname": "CityAreaCode",
"nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
"presentation": [
"http://www.nationalfuelgas.com/role/DocumentandEntityInformation"
],
"xbrltype": "normalizedStringItemType"
},
"dei_CoverAbstract": {
"auth_ref": [],
"lang": {
"en-US": {
"role": {
"documentation": "Cover page.",
"label": "Cover [Abstract]",
"terseLabel": "Cover [Abstract]"
}
}
},
"localname": "CoverAbstract",
"nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
"xbrltype": "stringItemType"
},
"dei_DocumentPeriodEndDate": {
"auth_ref": [],
"lang": {
"en-US": {
"role": {
"documentation": "The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.",
"label": "Document Period End Date",
"terseLabel": "Document Period End Date"
}
}
},
"localname": "DocumentPeriodEndDate",
"nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
"presentation": [
"http://www.nationalfuelgas.com/role/DocumentandEntityInformation"
],
"xbrltype": "dateItemType"
},
"dei_DocumentType": {
"auth_ref": [],
"lang": {
"en-US": {
"role": {
"documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.",
"label": "Document Type",
"terseLabel": "Document Type"
}
}
},
"localname": "DocumentType",
"nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
"presentation": [
"http://www.nationalfuelgas.com/role/DocumentandEntityInformation"
],
"xbrltype": "submissionTypeItemType"
},
"dei_EntityAddressAddressLine1": {
"auth_ref": [],
"lang": {
"en-US": {
"role": {
"documentation": "Address Line 1 such as Attn, Building Name, Street Name",
"label": "Entity Address, Address Line One",
"terseLabel": "Entity Address, Address Line One"
}
}
},
"localname": "EntityAddressAddressLine1",
"nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
"presentation": [
"http://www.nationalfuelgas.com/role/DocumentandEntityInformation"
],
"xbrltype": "normalizedStringItemType"
},
"dei_EntityAddressCityOrTown": {
"auth_ref": [],
"lang": {
"en-US": {
"role": {
"documentation": "Name of the City or Town",
"label": "Entity Address, City or Town",
"terseLabel": "Entity Address, City or Town"
}
}
},
"localname": "EntityAddressCityOrTown",
"nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
"presentation": [
"http://www.nationalfuelgas.com/role/DocumentandEntityInformation"
],
"xbrltype": "normalizedStringItemType"
},
"dei_EntityAddressPostalZipCode": {
"auth_ref": [],
"lang": {
"en-US": {
"role": {
"documentation": "Code for the postal or zip code",
"label": "Entity Address, Postal Zip Code",
"terseLabel": "Entity Address, Postal Zip Code"
}
}
},
"localname": "EntityAddressPostalZipCode",
"nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
"presentation": [
"http://www.nationalfuelgas.com/role/DocumentandEntityInformation"
],
"xbrltype": "normalizedStringItemType"
},
"dei_EntityAddressStateOrProvince": {
"auth_ref": [],
"lang": {
"en-US": {
"role": {
"documentation": "Name of the state or province.",
"label": "Entity Address, State or Province",
"terseLabel": "Entity Address, State or Province"
}
}
},
"localname": "EntityAddressStateOrProvince",
"nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
"presentation": [
"http://www.nationalfuelgas.com/role/DocumentandEntityInformation"
],
"xbrltype": "stateOrProvinceItemType"
},
"dei_EntityCentralIndexKey": {
"auth_ref": [
"r5"
],
"lang": {
"en-US": {
"role": {
"documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.",
"label": "Entity Central Index Key",
"terseLabel": "Entity Central Index Key"
}
}
},
"localname": "EntityCentralIndexKey",
"nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
"presentation": [
"http://www.nationalfuelgas.com/role/DocumentandEntityInformation"
],
"xbrltype": "centralIndexKeyItemType"
},
"dei_EntityEmergingGrowthCompany": {
"auth_ref": [
"r5"
],
"lang": {
"en-US": {
"role": {
"documentation": "Indicate if registrant meets the emerging growth company criteria.",
"label": "Entity Emerging Growth Company",
"terseLabel": "Entity Emerging Growth Company"
}
}
},
"localname": "EntityEmergingGrowthCompany",
"nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
"presentation": [
"http://www.nationalfuelgas.com/role/DocumentandEntityInformation"
],
"xbrltype": "booleanItemType"
},
"dei_EntityFileNumber": {
"auth_ref": [],
"lang": {
"en-US": {
"role": {
"documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.",
"label": "Entity File Number",
"terseLabel": "Entity File Number"
}
}
},
"localname": "EntityFileNumber",
"nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
"presentation": [
"http://www.nationalfuelgas.com/role/DocumentandEntityInformation"
],
"xbrltype": "fileNumberItemType"
},
"dei_EntityIncorporationStateCountryCode": {
"auth_ref": [],
"lang": {
"en-US": {
"role": {
"documentation": "Two-character EDGAR code representing the state or country of incorporation.",
"label": "Entity Incorporation, State or Country Code",
"terseLabel": "Entity Incorporation, State or Country Code"
}
}
},
"localname": "EntityIncorporationStateCountryCode",
"nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
"presentation": [
"http://www.nationalfuelgas.com/role/DocumentandEntityInformation"
],
"xbrltype": "edgarStateCountryItemType"
},
"dei_EntityRegistrantName": {
"auth_ref": [
"r5"
],
"lang": {
"en-US": {
"role": {
"documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.",
"label": "Entity Registrant Name",
"terseLabel": "Entity Registrant Name"
}
}
},
"localname": "EntityRegistrantName",
"nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
"presentation": [
"http://www.nationalfuelgas.com/role/DocumentandEntityInformation"
],
"xbrltype": "normalizedStringItemType"
},
"dei_EntityTaxIdentificationNumber": {
"auth_ref": [
"r5"
],
"lang": {
"en-US": {
"role": {
"documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.",
"label": "Entity Tax Identification Number",
"terseLabel": "Entity Tax Identification Number"
}
}
},
"localname": "EntityTaxIdentificationNumber",
"nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
"presentation": [
"http://www.nationalfuelgas.com/role/DocumentandEntityInformation"
],
"xbrltype": "employerIdItemType"
},
"dei_LocalPhoneNumber": {
"auth_ref": [],
"lang": {
"en-US": {
"role": {
"documentation": "Local phone number for entity.",
"label": "Local Phone Number",
"terseLabel": "Local Phone Number"
}
}
},
"localname": "LocalPhoneNumber",
"nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
"presentation": [
"http://www.nationalfuelgas.com/role/DocumentandEntityInformation"
],
"xbrltype": "normalizedStringItemType"
},
"dei_PreCommencementIssuerTenderOffer": {
"auth_ref": [
"r2"
],
"lang": {
"en-US": {
"role": {
"documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.",
"label": "Pre-commencement Issuer Tender Offer",
"terseLabel": "Pre-commencement Issuer Tender Offer"
}
}
},
"localname": "PreCommencementIssuerTenderOffer",
"nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
"presentation": [
"http://www.nationalfuelgas.com/role/DocumentandEntityInformation"
],
"xbrltype": "booleanItemType"
},
"dei_PreCommencementTenderOffer": {
"auth_ref": [
"r3"
],
"lang": {
"en-US": {
"role": {
"documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.",
"label": "Pre-commencement Tender Offer",
"terseLabel": "Pre-commencement Tender Offer"
}
}
},
"localname": "PreCommencementTenderOffer",
"nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
"presentation": [
"http://www.nationalfuelgas.com/role/DocumentandEntityInformation"
],
"xbrltype": "booleanItemType"
},
"dei_Security12bTitle": {
"auth_ref": [
"r0"
],
"lang": {
"en-US": {
"role": {
"documentation": "Title of a 12(b) registered security.",
"label": "Title of 12(b) Security",
"terseLabel": "Title of 12(b) Security"
}
}
},
"localname": "Security12bTitle",
"nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
"presentation": [
"http://www.nationalfuelgas.com/role/DocumentandEntityInformation"
],
"xbrltype": "securityTitleItemType"
},
"dei_SecurityExchangeName": {
"auth_ref": [
"r1"
],
"lang": {
"en-US": {
"role": {
"documentation": "Name of the Exchange on which a security is registered.",
"label": "Security Exchange Name",
"terseLabel": "Security Exchange Name"
}
}
},
"localname": "SecurityExchangeName",
"nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
"presentation": [
"http://www.nationalfuelgas.com/role/DocumentandEntityInformation"
],
"xbrltype": "edgarExchangeCodeItemType"
},
"dei_SolicitingMaterial": {
"auth_ref": [
"r4"
],
"lang": {
"en-US": {
"role": {
"documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.",
"label": "Soliciting Material",
"terseLabel": "Soliciting Material"
}
}
},
"localname": "SolicitingMaterial",
"nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
"presentation": [
"http://www.nationalfuelgas.com/role/DocumentandEntityInformation"
],
"xbrltype": "booleanItemType"
},
"dei_TradingSymbol": {
"auth_ref": [],
"lang": {
"en-US": {
"role": {
"documentation": "Trading symbol of an instrument as listed on an exchange.",
"label": "Trading Symbol",
"terseLabel": "Trading Symbol"
}
}
},
"localname": "TradingSymbol",
"nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
"presentation": [
"http://www.nationalfuelgas.com/role/DocumentandEntityInformation"
],
"xbrltype": "tradingSymbolItemType"
},
"dei_WrittenCommunications": {
"auth_ref": [
"r6"
],
"lang": {
"en-US": {
"role": {
"documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.",
"label": "Written Communications",
"terseLabel": "Written Communications"
}
}
},
"localname": "WrittenCommunications",
"nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
"presentation": [
"http://www.nationalfuelgas.com/role/DocumentandEntityInformation"
],
"xbrltype": "booleanItemType"
}
},
"unitCount": 0
}
},
"std_ref": {
"r0": {
"Name": "Exchange Act",
"Number": "240",
"Publisher": "SEC",
"Section": "12",
"Subsection": "b"
},
"r1": {
"Name": "Exchange Act",
"Number": "240",
"Publisher": "SEC",
"Section": "12",
"Subsection": "d1-1"
},
"r2": {
"Name": "Exchange Act",
"Number": "240",
"Publisher": "SEC",
"Section": "13e",
"Subsection": "4c"
},
"r3": {
"Name": "Exchange Act",
"Number": "240",
"Publisher": "SEC",
"Section": "14d",
"Subsection": "2b"
},
"r4": {
"Name": "Exchange Act",
"Number": "240",
"Publisher": "SEC",
"Section": "14a",
"Subsection": "12"
},
"r5": {
"Name": "Regulation 12B",
"Number": "240",
"Publisher": "SEC",
"Section": "12",
"Subsection": "b-2"
},
"r6": {
"Name": "Securities Act",
"Number": "230",
"Publisher": "SEC",
"Section": "425"
}
},
"version": "2.1"
}