National Fuel Gas has reported consolidated earnings of $70.6 million, or $0.82 per share, for the first quarter of fiscal 2008, compared to $54.5 million, or $0.64 per share, for first quarter of fiscal 2007.
Production of crude oil and natural gas from continuing operations increased more than 7% to 10.7 billion cubic feet equivalent (bcfe). In Appalachia, production increased over 37% from the first quarter of 2007. The company said that its expected total production for the entire 2008 fiscal year remains at the previously announced level of 38bcfe to 44bcfe.
Philip Ackerman, chairman and CEO of National Fuel Gas, said: This quarter’s record earnings once again add to my satisfaction with our business mix. Record oil prices fueled our growth in profits, while the stability of our regulated operations and our strong dividend history tempered somewhat our stock price performance when compared to other exploration companies during the stock market’s steep decline in the last half of January.