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National Fuel Gas Q3 Earnings Increase

Posted on: Friday, 8 August 2008, 12:00 CDT

National Fuel Gas has announced that its consolidated earnings for the third quarter ended June 30, 2008 were $59.9 million or $0.72 per share, an increase of $13.1 million or $0.17 per share, compared to $46.8 million or $0.55 per share in the third quarter of fiscal year 2007.

The company's exploration and production unit earnings in the third quarter of fiscal year 2008 were $39.8 million or $0.48 per share, an increase of $15.4 million or $0.19 per share, compared to the third quarter of fiscal year 2007.

The company's consolidated earnings for the nine months ended June 30, 2008, were $225.5 million or $2.65 per share, an increase of $45.7 million or $0.54 per share, compared to $179.8 million or $2.11 per share in the same period of fiscal year 2007.

David Smith, CEO and president of National Fuel Gas, said: "Our GAAP earnings of $0.72 per share set a record for earnings in the third quarter, as did operating results, which increased 71% quarter over quarter. Much of this growth is due to higher average commodity prices realized in our exploration and production segment and higher natural gas production in the Gulf of Mexico and Appalachia."

Source: Datamonitor

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