National Fuel Gas Company (NYSE:NFG) Q2 2023 Earnings Conference Call May 4, 2023 11:00 AM ET

Company Participants

Brandon Haspett - Director, Investor Relations

Dave Bauer - President and CEO

Tim Silverstein - Treasurer and Principal Financial Officer

Justin Loweth - President, Seneca Resources and National Fuel Midstream

Conference Call Participants

Trafford Lamar - Raymond James

Timothy Winter - Gabelli & Company

Operator

Good afternoon, everyone. I would like to welcome you all to the National Fuel Gas Company Q2 Fiscal year 2023 Earnings Conference Call. My name is Brika and I will be your event specialist operating today's call. [Operator Instructions] Thank you.

I would now like to hand the conference over to our host for today, Brandon Haspett, Director of Investor Relations. Sir Brandon, you may begin your conference call.

Brandon Haspett

Thank you, Brika, and good morning. We appreciate you joining us on today's conference call for a discussion of last evening's earnings release.

With us on the call from National Fuel Gas Company are Dave Bauer, President and Chief Executive Officer; Tim Silverstein, Treasurer and Principal Financial Officer; and Justin Loweth, President of Seneca Resources and National Fuel Midstream. At the end of the prepared remarks, we will open the discussion to questions. The second quarter fiscal 2023 earnings release in May investor presentation have been posted on our Investor Relations website. We may refer to these materials during today's call.

We'd like to remind you that today's teleconference will contain forward-looking statements. While National Fuel's expectations, beliefs and projections are made in good faith and are believed to have a reasonable basis, actual results may differ materially.

These statements speak only as of the date on which they are made, and you may refer to last evening's earnings release for a listing of certain specific risk factors.

With that, I'll turn it over to Dave Bauer.

Dave Bauer

Thank you, Brandon, and good morning, everyone. Overall, the second quarter was a good one for National Fuel with strong operational execution across our businesses. Seneca and NFG Midstream had a particularly good quarter. Seneca continues to see excellent results from its development program, which has driven both production and gathering volumes to record levels.

Capital spending and pre unit operating costs were very much in line with expectations. Pricing was obviously a headwind for the quarter and will likely continue to be challenging in the quarters to come, but we are well hedged for the remainder of this year and for next year. Justin will have a complete update on Seneca's operations later in the call.