Company is revising its GAAP earnings guidance range for fiscal 2009 to a range of $1.10 to $1.30 per share
The National Fuel Gas Company has reported a net loss of $42.7 million, or $0.53 per share, for the first quarter ended December 31, 2008, compared to a net income of $70.6 million, or $0.82 per share, for the same period of fiscal 2008.
The company has reported operating revenues of $607.16 million for the first quarter of fiscal 2009, compared to $568.27 million for the same period of fiscal 2008.
It reported a loss for the quarter of $42.7 million or $0.53 per share. The loss is due to the previously announced $108.2 million (after tax), non-cash impairment charge to write down the book value of its oil and natural gas producing properties as a result of lower commodity prices at December 31, 2008.
According to the company, production of crude oil and natural gas during the quarter ended December 31, 2008 decreased 1.1 billion cubic feet equivalent, compared to the same quarter of fiscal 2008, mainly due to lingering curtailments in the Gulf of Mexico caused by Hurricane Ike.
David Smith, president and CEO of National Fuel Gas, said: “The volatility and turmoil in the financial markets and worldwide economy during the past several months have also affected National Fuel and the energy industry as a whole.”