Press Release Details

Forward Looking Statement Disclosure

Commentary on this conference call may contain forward-looking statements within the meaning of the federal securities laws. National Fuel Gas Company (the “Company”) is providing this cautionary statement to make applicable and take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for any forwardlooking statements made by, or on behalf of, the Company.

Forward-looking statements include, without limitation, statements regarding future prospects, plans, objectives, goals, projections, estimates of gas quantities, strategies, future events or performance and underlying assumptions, capital structure, anticipated capital expenditures, completion of construction projects, projections for pension and other post-retirement benefit obligations, impacts of the adoption of new accounting rules, and possible outcomes of litigation or regulatory proceedings, as well as statements that are identified by the use of the words "anticipates," "estimates," "expects," "forecasts," "intends," "plans," "predicts," "projects," "believes," "seeks," "will," "may" and similar expressions. All forward-looking statements, whether written or oral and whether made by or on behalf of the Company, are expressly qualified by these cautionary statements. 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 are expressed in good faith and are believed by the Company to have a reasonable basis, but there can be no assurance that management's expectations, beliefs or projections will result or be achieved or accomplished. In addition to other factors, the following are important factors that, in the view of the Company, could cause actual results to differ materially from those discussed in the forward-looking statements:

  1. 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;
  2. Governmental/regulatory actions, initiatives and proceedings, including those involving rate cases (which address, among other things, target rates of return, rate design, retained natural gas and system modernization), environmental/safety requirements, affiliate relationships, industry structure, and franchise renewal;
  3. Changes in economic conditions, including the imposition of additional tariffs on U.S. imports and related retaliatory tariffs, inflationary pressures, supply chain issues, liquidity challenges, and global, national or regional recessions, and their effect on the demand for, and customers’ ability to pay for, the Company’s products and services;
  4. The Company's ability to complete strategic transactions, such as the pending transaction with CenterPoint Energy Resources Corp., including receipt of required regulatory clearances and satisfaction of other conditions to closing, and to recognize the anticipated benefits of such transactions;
  5. Governmental/regulatory actions and/or market pressures to reduce or eliminate reliance on natural gas;
  6. The Company’s ability to estimate accurately the time and resources necessary to meet emissions targets;
  7. Changes in the price of natural gas;
  8. Impairments under the SEC's full cost ceiling test for natural gas reserves;
  9. The creditworthiness or performance of the Company’s key suppliers, customers and counterparties;
  10. 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, other investments, and acquisitions, including any downgrades in the Company’s credit ratings and changes in interest rates and other capital market conditions;
  11. Negotiations with the collective bargaining units representing the Company's workforce, including potential work stoppages during negotiations;
  12. Changes in price differentials between similar quantities of natural gas 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;
  13. The impact of information technology disruptions, cybersecurity or data security breaches, including the impact of issues that may arise from the use of artificial intelligence technologies;
  14. Factors affecting the Company’s ability to successfully identify, drill for and produce economically viable natural gas reserves, including among others geology, lease availability and costs, title disputes, weather conditions, water availability and disposal or recycling opportunities of used water, 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;
  15. Increased costs or delays or changes in plans with respect to Company projects or related projects of other companies, as well as difficulties or delays in obtaining necessary governmental approvals, permits or orders or in obtaining the cooperation of interconnecting facility operators;
  16. Increasing health care costs and the resulting effect on health insurance premiums and on the obligation to provide other post-retirement benefits;
  17. Other changes in price differentials between similar quantities of natural gas having different quality, heating value, hydrocarbon mix or delivery date;
  18. The cost and effects of legal and administrative claims against the Company or activist shareholder campaigns to effect changes at the Company;
  19. Uncertainty of natural gas reserve estimates;
  20. Significant differences between the Company’s projected and actual production levels for natural gas;
  21. Changes in demographic patterns and weather conditions (including those related to climate change);
  22. Changes in the availability, price or accounting treatment of derivative financial instruments;
  23. Changes in laws, actuarial assumptions, the interest rate environment and the return on plan/trust assets related to the Company’s pension and other postretirement benefits, which can affect future funding obligations and costs and plan liabilities;
  24. Economic disruptions or uninsured losses resulting from major accidents, fires, severe weather, natural disasters, terrorist activities or acts of war, as well as economic and operational disruptions due to third-party outages;
  25. Significant differences between the Company’s projected and actual capital expenditures and operating expenses; or
  26. Increasing costs of insurance, changes in coverage and the ability to obtain insurance.

Forward-looking statements include estimates of gas quantities. Proved gas reserves are those quantities of gas which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible under existing economic conditions, operating methods and government regulations. Other estimates of gas quantities, including estimates of probable reserves, possible reserves, and resource potential, are by their nature more speculative than estimates of proved reserves. Accordingly, estimates other than proved reserves are subject to substantially greater risk of being actually realized.

Any forward-looking statements contained in this conference call speak only as of the date of this call. The Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date of this conference call. Investors are urged to consider closely the disclosure in our Form 10-K and Forms 10-Q, available at www.investor.nationalfuelgas.com. You can also obtain these forms on the SEC’s website at www.sec.gov.

National Fuel Announces Election of New Directors at Annual Meeting of Stockholders

March 13, 2014

WILLIAMSVILLE, N.Y.--(BUSINESS WIRE)--Mar. 13, 2014-- Today, at the National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) Annual Meeting of Stockholders, Ronald J. Tanski , Ronald W. Jibson and Jeffrey W. Shaw were elected as new directors for terms that expire in 2017. The services of Robert T. Brady and Rolland E. Kidder concluded at this meeting, in accordance with the provisions of the Company’s Corporate Governance Guidelines.

Ronald J. Tanski was elected as a new director for a term that expires in 2017. (Photo: Business Wire)

Ronald J. Tanski has been President and Chief Executive Officer of National Fuel Gas Company since March 2013. Tanski joined the Company in 1979 and has served in a variety of positions in both the regulated and non-regulated businesses. In June 2010, he was named President and Chief Operating Officer of National Fuel Gas Company. From 2004 to 2010, Tanski was Treasurer and Principal Financial Officer of the Company. From 2008 to 2010, he also served as President of National Fuel Gas Supply Corporation, and prior to that he served as President of National Fuel Gas Distribution Corporation. His experience also includes management tenures at Seneca Resources Corporation in Houston, Texas; Empire Exploration, Inc., the Company’s Appalachian exploration and production subsidiary whose operations were merged with Seneca Resources in 1994; and Horizon Energy Development, Inc., National Fuel’s energy-project development subsidiary, which was sold in 2010. A board member of the Interstate Natural Gas Association of America (INGAA), Tanski holds a bachelor’s degree in biology, a master’s degree in business administration and a juris doctor degree from the State University of New York at Buffalo.

Ronald W. Jibson has been Chairman of the Board of Questar Corporation (“Questar”) since July 2012 and President and Chief Executive Officer since June 2010. Additionally, he serves as President and CEO of Questar Gas Company, a natural gas utility, and Wexpro Company, an exploration and production subsidiary, and is Chairman of Questar Pipeline Company. Since 2010, Jibson has been a member of Questar’s Board of Directors. Throughout his 33-year career, Jibson has held various positions at Questar, including Senior Vice President, Executive Vice President, General Manager of Operations and Director of Engineering. He is currently Chairman of the Board of the American Gas Association and past Chairman of the Western Energy Institute. He also serves on the board of IDACORP, Inc. and the Gas Technology Institute, along with his many other civic involvements. A licensed engineer, Jibson received his bachelor’s degree in engineering from Utah State University and a master’s degree in business administration from Westminster College.

Jeffrey W. Shaw has been President and Chief Executive Officer of Southwest Gas Corporation (“Southwest”) since July 2012. He was named Chief Executive Officer and a director of Southwest in 2004 and held numerous high-level positions within the organization, including Director of Internal Audit, Controller and Chief Accounting Officer, Vice President/Controller and Chief Accounting Officer, Vice President and Treasurer, Senior Vice President/Finance and Treasurer, Senior Vice President Gas Resources and Pricing, and President. Prior to joining Southwest in May 1988, Shaw worked for Arthur Anderson & Co. in the Dallas and Las Vegas offices. A member of the boards of the American Gas Association and the UNLV Foundation, Shaw is past President of the Western Energy Institute. He has numerous other professional and community involvements, holds a bachelor’s degree in accounting from the University of Utah, and is a certified public accountant.

“Having Ron Tanski, Ronald Jibson and Jeffrey Shaw join our Board of Directors is a continuation of National Fuel’s long-standing practice of bringing the highest quality talent to our Company. Each individual brings a deep knowledge and insight into the dynamics and trends of the highly complex energy industry as well as recognized accomplishments in fostering progress and tactical advancement for their own organizations. I know that Ron, Ronald and Jeffrey will make significant contributions to our strategic growth and to increasing shareholder value,” said David F. Smith , National Fuel’s Executive Chairman of the Board.

Smith continued, “National Fuel has benefited greatly from both Bob Brady and Rollie Kidder’s reasoning and experience throughout their years as members of our Board. I and the Board thank Bob and Rollie for their work on behalf of the Company and extend our deep appreciation for their strong leadership and valuable contributions.”

National Fuel is an integrated energy company with $6.3 billion in assets comprised of the following five operating segments: Exploration and Production, Pipeline and Storage, Gathering, Utility, and Energy Marketing. Additional information about National Fuel is available at www.nationalfuelgas.com.

Source: National Fuel Gas Company

National Fuel Gas Company
Analyst:
Timothy Silverstein, 716-857-6987
or
Media:
Karen L. Merkel, 716-857-7654