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BRIEF-National Fuel says Seneca and Iog will jointly participate in program to develop up to 80 marcellus wells

Published 2015-12-02, 04:45 p/m
© Reuters. BRIEF-National Fuel says Seneca and Iog will jointly participate in program to develop up to 80 marcellus wells
NG
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Dec 2 (Reuters) - National Fuel Gas Co NFG.N :
* Announces marcellus shale drilling joint development agreement
* Says under terms seneca and iog will jointly participate in a program that
will develop up to 80 marcellus wells
* Iog will hold an 80 percent working interest and is obligated to participate
in the first 42 wells
* Seneca retains a 7.5 percent royalty interest and the remaining 20 percent
working interest in the first 42 wells
* At current well costs,iog's obligation on 1st 42 wells expected to reduce
seneca net capital expenditures by about $200 million in 2016
* Exploration & production segment's fiscal 2016 capital budget is now expected
to be in the range of $200 million to $250 million
* Says updating earnings per share guidance for fiscal 2016 to a range of
$2.70-$3.00 per share
* Seneca resources entered asset-level joint development deal with iog crv -
marcellus,funds managed by Fortress Investment units
* Says now expects to have a consolidated financing need in the range of $350
million to $450 million in fiscal 2016
* Sees fiscal 2016 company's total consolidated capital expenditures will now
be a range of $915 million to $1,060 million
* Says fiscal 2016 financing need would be further reduced by $75 million if
iog elects to participate in the remaining 38 wells
* Says seneca's net production is now expected to be in the range of 139 to 202
bcfe for 2016
* Says seneca now has 70 percent of its natural gas production hedged for
fiscal 2016
* In fiscal 2016, seneca expects to transfer about 150 billion bcfe of
undeveloped natgas reserves to iog

* Source text for Eikon ID:nBw3tWWZpa

* Further company coverage NFG.N

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