National Fuel Announces That A Marcellus Joint Venture Not Likely
August 05 2011 - 11:05AM
Business Wire
Today at the quarterly earnings teleconference of National Fuel
Gas Company (NYSE:NFG), Chief Executive Officer David F. Smith will
make the following statement about the possibility of a joint
venture (JV) involving the Marcellus Shale assets of its subsidiary
Seneca Resources Corporation:
“That brings me to an update on a potential joint venture. Our
future growth prospects – and the fact that we’re not capital
constrained or up against a schedule of lease expirations – sets a
pretty high bar. As a result, while we have been relatively close
with two different parties over the last two or three months, we
ultimately chose not to consummate either of those particular
transactions. While they were good and serious offers – we
determined that they just weren’t good enough. And while
discussions do continue with a few potential partners, as we’ve
said in the past, unless a Joint Venture enhances shareholder
value, unless it produces significant advantages above and beyond
our existing robust plans for growth, which as I said is a pretty
high bar, we will simply move forward on our own. At this point
that’s the likely outcome.
“With or without a JV, our prospects are compelling. We have the
resources – financial and human – and the assets to deliver
exceptional value to our shareholders for years to come.”
National Fuel is an integrated energy company with $5.1 billion
in assets comprised of the following four operating segments:
Exploration and Production, Pipeline and Storage, Utility, and
Energy Marketing. Additional information about National Fuel is
available at www.nationalfuelgas.com or through its investor
information service at 1-800-334-2188.
National Fuel Gas (NYSE:NFG)
Historical Stock Chart
From Aug 2024 to Sep 2024
National Fuel Gas (NYSE:NFG)
Historical Stock Chart
From Sep 2023 to Sep 2024