National Fuel Gas pany(US:NFG)2022-02-04 14:15Company Strategy and Performance - National Fuel is a diversified, integrated natural gas company with upstream, midstream, and downstream operations[4] - The company expects to generate significant free cash flow in fiscal year 2022 and beyond[6, 10] - National Fuel has a long history of returning capital to shareholders, with 51 years of consecutive dividend increases[6, 17] Exploration & Production (E&P) and Gathering - NFG has approximately 12 million net acres in Appalachia for upstream exploration & production[4, 10] - Average net Appalachian natural gas production is approximately 885 MMcf/day[4] - The company targets a 40% reduction in methane intensity by 2030 for its Exploration & Production segment[22] - Seneca's firm transportation and firm sales support DCNR Tract 007, DCNR Tract 595, and Covington area production[60] Pipeline & Storage - The company has approximately 45 MMDth of daily interstate pipeline capacity under contract[4] - FM100 project is expected to generate approximately $50 million in annual revenue[106] - Supply Corp Rate Case Settlement includes a $35 million increase in base rates effective February 2020, with an additional $15 million step-up in April 2022[15] Utility - The company serves 753000 utility customers[4] - National Fuel expects approximately $3-4 million in gross margin in FY 2022 from modernization spending in NY[130] - The utility segment targets a 75% reduction in delivery system GHG emissions by 2030 and a 90% reduction by 2050, based on 1990 baseline[22, 145]