National Fuel Gas Company Earnings Call Insights: Quarterly Impact of Projects and Trout Run

National Fuel Gas Company (NYSE:NFG) recently reported its first quarter earnings and discussed the following topics in its earnings conference call.

Quarterly Impact of Projects

Andrea Sharkey – Gabelli & Company, Inc.: So, I’m going to focus on the pipeline a little bit because that was better than what I was expecting. The $0.20 for the quarter, that includes Northern Access and Line N went in November, so I would assume it’s not even really accounting for the whole quarterly impact of those projects. So, I’m just kind of trying to get a sense of is $0.20 sort of a good run rate going forward, could it be a little bit better or are there things coming up that we should be mindful of that would make it come down a little bit?

David F. Smith – Chairman and CEO: Andrea, I think it should be a decent run rate. We’ll also have a ramp up in the Empire Tioga Extension project that went in service, that ramps up to its full volumes in May, but generally all of the projects that we have for this year are in service and this should be a good quarter to benchmark off of.

Andrea Sharkey – Gabelli & Company, Inc.: And then the comment, I think, that Ron made about there was another Line N expansion that you had the open season four that you received, I guess, four bids what would be the timing and size of that project and are the CapEx related to it?

Ronald J. Tanski – President and COO: While we are still working on the details of the CapEx, Andrea, but as I mentioned we are looking at 95 million cubic feet a day for that and again that’s through the Line N corridor with more and more producers there looking to get some more of the both Marcellus and Utica production in there. That’s looking at some time in 2015 to be completed and in service.