National Fuel Gas Company (NYSE:NFG) Q3 2022 Earnings Conference Call August 5, 2022 11:00 AM ET

Company Participants

Brandon Haspett - Director of Investor Relations

Dave Bauer - President & Chief Executive Officer

Justin Loweth - President of Seneca Resources and National Fuel Midstream

Karen Camiolo - Treasurer & Principal Financial Officer

Conference Call Participants

Trafford Lamar - Raymond James

Operator

Good morning. My name is Joanne and I will be your conference operator today. At this time I would like to welcome everyone to the Third Quarter 2022 National Fuel Gas Company Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions] Brandon Haspett, you may begin your conference.

Brandon Haspett

Thank you, Joanne 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; Karen Camiolo, Treasurer and Principal Financial Officer; and Justin Loweth, President of Seneca Resources and National Fuel Midstream. At the end of the prepared remarks, we'll open the discussion to questions. The third quarter fiscal 2022 earnings release and August Investor Presentation have been posted on our Investor Relations website. We may refer to these materials during today's call.

We would 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

Thanks, Brandon. Good morning, everyone. National Fuel had a great third quarter with earnings and cash flows up significantly over last year. Looking at each of the segments, Seneca had a particularly good quarter. Overall production increased by 9 Bcfe, which along with higher commodity price realizations contributed to a nearly 60% increase in adjusted EBITDA.

Higher production also benefited our Gathering business, where adjusted EBITDA was up 16% over last year. The Regulated Pipeline and Storage business had a great quarter as well. Revenues from the FM100 expansion and modernization project drove an 18% increase in adjusted EBITDA versus last year. This is the first quarter in which we saw the full impact of FM100.