National Fuel Gas Co. (NFG) has confirmed its fiscal 2013 existing capital expenditure guidance as well as provided a preliminary range for fiscal 2014. Further, Seneca Resources Corp., the company's exploration and production unit, backed its fiscal 2013 production forecast and initiated its guidance range for fiscal 2014.
The company issued a preliminary production forecast range for the entire fiscal 2014 of 126 to 138 billion cubic feet equivalent or Bcfe. In addition, National Fuel maintained its production forecast range for the entire 2013 fiscal year at 102 to 112 Bcfe. At the midpoint of these production ranges, production growth for each of fiscal 2013 and 2014 is projected to be 28 percent and 23 percent, respectively.
For fiscal 2014, National Fuel Gas forecasts preliminary total capital expenditures in the range of $770 million to $945 million, while it maintained its fiscal 2013 forecast for capital expenditures of $665 million to $795 million.
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