In an operations update, National Fuel Gas (NYSE:NFG) says its Seneca Resources E&P subsidiary reports total Q2 production of 40.6B cfe (446M cfe/day), a 10% Q/Q increase and a 19% Y/Y jump, driven by the ongoing success of its Marcellus shale development program.
Natural gas production rose 20% to 35.9B cu. ft., and crude oil production totaled 783K bbl, up 10% Y/Y due to continued success in the East Coalinga field.
Raises FY 2014 production guidance to 160B-168B cfe from prior 155B-165B cfe, a 33%-39% increase over FY 2013 production.
Raises 2014 capex forecast to $575M-$625M from prior $550M-$625M, due to acceleration of activities on five Marcellus shale wells where completion operations were originally scheduled in early FY 2015.