National Fuel Announces Executive Management Changes at Seneca Resources Company, LLC
January 20 2021 - 4:15PM
Today, National Fuel Gas Company (National Fuel or the Company)
(NYSE: NFG) announced that John P. McGinnis, President of Seneca
Resources Company, LLC (Seneca Resources), the Exploration and
Production segment of the Company, has indicated his intention to
retire, effective May 1, 2021.
McGinnis joined National Fuel in 2007 as Senior Vice President
of Seneca Resources and has helped advance National Fuel’s
long-term, returns-focused Appalachian development program. In
2016, he was named President.
“Through John’s tenure, Seneca Resources has expanded its
integrated and cost-effective approach to natural gas development
and provided National Fuel significant upside potential for the
years ahead,” said David P. Bauer, President and Chief Executive
Officer of National Fuel. “John led Seneca’s efforts to limit its
surface footprint and to reduce air emissions. His positive impact
upon this organization is unquestioned and his visionary guidance
has been appreciated by the board and our management team.”
McGinnis will be succeeded by Justin I. Loweth, Senior Vice
President at Seneca Resources. Loweth began his career with the
organization in 2011 as Director of Strategic Planning and
Acquisitions. Within a year he was promoted to Vice President of
Finance and Acquisitions and held that title for several years. In
2015, he assumed leadership of the Oil and Gas Marketing, Reservoir
Engineering, and Information Technology departments as well. In
2017, Loweth was appointed to Senior Vice President and is
currently responsible for all of Seneca’s financial functions as
well as the Reservoir Engineering, Business and Corporate
Development, Information Technology, and Oil and Gas Marketing
departments.
Before his tenure with Seneca Resources, Loweth served in
various capacities with international investment banking and
advisory firms that focused on the energy sector. He graduated from
Southern Methodist University with a bachelor’s degree in business
administration with an emphasis on finance and real estate
finance.
National Fuel is a diversified energy company headquartered in
Western New York that operates an integrated collection of natural
gas and oil assets across four business segments: Exploration and
Production, Pipeline and Storage, Gathering, and Utility.
Additional information about National Fuel is available at
www.nationalfuel.com.
Certain statements contained herein, including statements
identified by the use of the words “anticipates,” “estimates,”
“expects,” “forecasts,” “intends,” “plans,” “predicts,” “projects,”
“believes,” “seeks,” “will,” “may” and “potential” and similar
expressions, are “forward-looking statements” as defined by the
Private Securities Litigation Reform Act of 1995. 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. While the Company’s
expectations, beliefs and projections are expressed in good faith
and are believed to have a reasonable basis, actual results may
differ materially from those projected in forward-looking
statements. Furthermore, each forward-looking statement speaks only
as of the date on which it is made. In addition to other factors,
the following are important factors that could cause actual results
to differ materially from those discussed in the forward-looking
statements: the Company’s ability to successfully integrate
acquired assets, including Shell’s upstream assets and midstream
gathering assets in Pennsylvania, and achieve expected cost
synergies; the length and severity of the recent COVID-19 pandemic,
including its impacts across our businesses on demand, operations,
global supply chains and liquidity; changes in economic conditions,
including global, national or regional recessions, and their effect
on the demand for the Company’s products and services; changes in
the price of natural gas or oil; impairments under the SEC’s full
cost ceiling test for natural gas and oil reserves; the
creditworthiness or performance of the Company’s key suppliers,
customers and counterparties; 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 and other investments,
including any downgrades in the Company’s credit ratings and
changes in interest rates and other capital market conditions;
changes in laws, regulations or judicial interpretations to which
the Company is subject, including those involving taxes, climate
change and other environmental matters; delays or changes in costs
or plans with respect to Company projects, including disruptions
due to the COVID-19 pandemic, as well as difficulties or delays in
obtaining necessary governmental approvals, permits or orders;
governmental/regulatory actions, initiatives and proceedings;
changes in price differentials between similar quantities of
natural gas or oil 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; the
impact of information technology disruptions, cybersecurity or data
security breaches; factors affecting the Company’s ability to
successfully identify, drill for and produce economically viable
natural gas and oil reserves, including among others geology, lease
availability, title disputes, weather conditions, 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; other
changes in price differentials between similar quantities of
natural gas or oil having different quality, heating value,
hydrocarbon mix or delivery date; the cost and effects of legal and
administrative claims against the Company or activist shareholder
campaigns to effect changes at the Company; uncertainty of oil and
gas reserve estimates; changes in demographic patterns and weather
conditions; changes in the availability, price or accounting
treatment of derivative financial instruments; or economic
disruptions or uninsured losses resulting from major accidents,
fires, severe weather, natural disasters, terrorist activities or
acts of war. The Company disclaims any obligation to update any
forward-looking statements to reflect events or circumstances after
the date hereof.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/1b1d6e7c-9646-47ff-a4e7-c8930eced112
https://www.globenewswire.com/NewsRoom/AttachmentNg/17039810-3162-4193-a7c9-c8c3997898ab
Analyst Contact: Kenneth Webster | 716-857-7067
Media Contact: Karen Merkel | 716-857-7654
National Fuel Gas (NYSE:NFG)
Historical Stock Chart
From Sep 2024 to Oct 2024
National Fuel Gas (NYSE:NFG)
Historical Stock Chart
From Oct 2023 to Oct 2024