PAGE 1 OF 10
UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
____________________________________________
In the Matter of
NATIONAL FUEL GAS COMPANY FIRST
NATIONAL FUEL GAS DISTRIBUTION CORPORATION CERTIFICATE
NATIONAL FUEL GAS SUPPLY CORPORATION PURSUANT TO
PENN-YORK ENERGY CORPORATION RULE 24
SENECA RESOURCES CORPORATION
EMPIRE EXPLORATION, INC.
UTILITY CONSTRUCTORS, INC.
HIGHLAND LAND & MINERALS, INC.
LEIDY HUB, INC.
DATA-TRACK ACCOUNT SERVICES, INC.
NATIONAL FUEL RESOURCES, INC.
File No. 70-8297
(Public Utility Holding Company Act of 1935)
____________________________________________
THIS IS TO CERTIFY, pursuant to Rule 24, that certain
transactions proposed by National Fuel Gas Company ("National") and
its subsidiaries, National Fuel Gas Distribution Corporation
("Distribution Corporation"), National Fuel Gas Supply Corporation
("Supply Corporation"), Penn-York Energy Corporation ("Penn-York"),
Seneca Resources Corporation ("Seneca"), Empire Exploration, Inc.
("Empire"), Utility Constructors, Inc. ("UCI"), Highland Land &
Minerals, Inc. ("Highland"), Leidy Hub, Inc. ("Leidy"), Data-Track
Account Services, Inc. ("Data-Track") and National Fuel Resources,
Inc. ("NFR") in Form U-1, Application-Declaration, File No. 70-8297,
as amended, have been carried out in accordance with the terms and
conditions, and for the purposes as represented by said
Application-Declaration, and the Order of the Securities and Exchange
Commission (HCAR No. 35-25964 dated December 29, 1993) with respect
thereto, in that, during the quarter ended March 31, 1994:
1. Sales and resales of commercial paper for the quarter
are shown on the attached certificates of Merrill Lynch
Money Markets, Inc. and Chase Securities, Inc.
2. National increased its outstanding borrowings by
issuing and selling short-term notes in the following
amounts to Chase Manhattan Bank, N.A., or other banks
or financial institutions as listed in the
Application-Declaration on the dates and at the rates
indicated below. The proceeds from the sales of these
notes were either used by National for its own
corporate purposes or transferred by National to the
System Money Pool to be utilized by National's
subsidiaries. This schedule also reflects renewals at
different rates.
PAGE 2 OF 10
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DATE AMOUNT RATE
1/3/94 $11,600,000 3.46%
1/3/94 5,000,000 3.34
1/4/94 5,800,000 3.27
1/10/94 5,100,000 3.15
1/14/94 6,400,000 3.08
1/14/94 10,000,000 3.25
1/18/94 7,500,000 3.30
1/18/94 8,600,000 3.20
1/19/94 2,900,000 3.50
1/20/94 2,600,000 3.15
1/21/94 630,000 3.00
1/21/94 10,000,000 3.28
1/24/94 5,500,000 3.08
1/25/94 7,700,000 3.08
1/25/94 10,000,000 3.18
1/25/94 10,000,000 3.32
1/26/94 6,600,000 3.13
1/27/94 10,700,000 3.12
1/28/94 7,900,000 3.32
1/31/94 7,500,000 3.30
1/31/94 15,000,000 3.27
2/1/94 5,600,000 3.35
2/2/94 5,100,000 3.55
2/4/94 300,000 3.16
2/7/94 6,300,000 3.41
2/17/94 1,900,000 3.41
2/25/94 7,000,000 3.58
2/25/94 7,000,000 3.53
2/25/94 7,000,000 3.53
2/28/94 16,000,000 3.65
2/28/94 15,000,000 3.60
3/1/94 6,000,000 3.59
3/7/94 7,700,000 3.4125
3/8/94 9,200,000 3.35
3/9/94 1,300,000 3.31
3/11/94 1,700,000 3.40
3/14/94 9,600,000 3.43
3/14/94 10,000,000 3.40
3/15/94 8,800,000 3.50
3/15/94 10,000,000 3.50
3/16/94 2,500,000 3.46
3/17/94 4,300,000 3.40
3/18/94 4,100,000 3.34
3/21/94 5,400,000 3.53
3/21/94 3,000,000 3.68
3/21/94 12,000,000 3.70
3/22/94 11,500,000 3.65
PAGE 3 OF 10
- 3 -
3/23/94 6,600,000 3.62
3/23/94 8,000,000 3.77
3/24/94 1,600,000 3.62
3/25/94 15,000,000 3.79
3/25/94 15,000,000 3.85
3/25/94 4,400,000 3.62
3/28/94 12,800,000 3.82
3/29/94 1,600,000 3.65
3/31/94 8,000,000 3.70
3/31/94 10,400,000 3.77
National's credit facility with Fleet Bank of New York, N.A.
was increased from $20,000,000 to $35,000,000 on March 30,
1994. Borrowings under such facility will be made in
accordance with the Application-Declaration and the
Commission's Order.
3. Supply Corporation transferred the following amounts to
the System Money Pool on the dates and at the rates
indicated below. These amounts were either used to
decrease outstanding System borrowings and/or
commercial paper or utilized by National's other
subsidiaries.
None.
4. Supply Corporation borrowed the following amounts from
the System Money Pool on the dates and at the rates
indicated below.
DATE AMOUNT RATE
1/4/94 $ 200,000 3.465%
1/5/94 200,000 3.468
1/10/94 100,000 3.452
1/11/94 100,000 3.460
1/12/94 400,000 3.462
1/13/94 300,000 3.463
1/14/94 5,200,000 3.415
1/18/94 400,000 3.389
1/20/94 200,000 3.387
1/21/94 700,000 3.369
1/25/94 800,000 3.346
1/31/94 13,300,000 3.327
2/4/94 400,000 3.304
2/7/94 1,200,000 3.309
2/8/94 300,000 3.309
2/9/94 300,000 3.315
2/10/94 100,000 3.315
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- 4 -
2/14/94 600,000 3.417
2/15/94 200,000 3.316
2/16/94 300,000 3.317
2/18/94 300,000 3.318
2/22/94 600,000 3.322
2/23/94 300,000 3.322
2/24/94 100,000 3.330
2/25/94 1,200,000 3.352
2/28/94 800,000 3.389
3/2/94 100,000 3.386
3/7/94 100,000 3.399
3/8/94 500,000 3.395
3/10/94 300,000 3.394
3/11/94 100,000 3.401
3/14/94 1,400,000 3.407
3/15/94 700,000 3.417
3/16/94 600,000 3.414
3/21/94 800,000 3.437
3/22/94 300,000 3.454
3/30/94 200,000 3.535
3/31/94 12,100,000 3.555
5. Distribution Corporation transferred the following
amounts to the System Money Pool on the dates and at
the rates indicated below. These amounts were either
used to decrease outstanding System borrowings and/or
commercial paper or utilized by National's other
subsidiaries.
DATE AMOUNT RATE
3/11/94 $1,600,000 3.60%
3/17/94 4,400,000 3.62
3/18/94 1,200,000 3.60
3/22/94 3,300,000 3.87
3/24/94 4,700,000 3.66
6. Distribution Corporation borrowed the following amounts
from the System Money Pool on the dates and at the
rates indicated below:
DATE AMOUNT RATE
1/3/94 $ 3,200,000 3.471%
1/14/94 6,900,000 3.415
1/18/94 1,600,000 3.389
1/20/94 600,000 3.387
1/21/94 1,900,000 3.369
1/25/94 20,800,000 3.346
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- 5 -
1/27/94 3,900,000 3.344
2/17/94 10,100,000 3.319
2/25/94 19,800,000 3.352
2/28/94 6,900,000 3.389
3/14/94 7,100,000 3.407
3/15/94 500,000 3.417
3/25/94 25,700,000 3.512
3/31/94 4,600,000 3.555
7. Penn-York transferred the following amounts to the
System Money Pool on the dates and at the rates
indicated below. These amounts were either used to
decrease outstanding system borrowings and/or
commercial paper or utilized by National's other
subsidiaries.
None.
8. Penn-York borrowed the following amounts from the
System Money Pool on the dates and at the rates
indicated below:
DATE AMOUNT RATE
1/5/94 $ 100,000 3.468%
1/20/94 100,000 3.387
1/24/94 1,300,000 3.364
1/28/94 300,000 3.354
1/31/94 100,000 3.327
2/2/94 100,000 3.324
2/8/94 500,000 3.309
2/28/94 100,000 3.389
3/3/94 1,400,000 3.385
3/14/94 100,000 3.407
3/18/94 2,200,000 3.423
3/23/94 100,000 3.462
3/24/94 1,800,000 3.463
3/29/94 100,000 3.537
3/30/94 300,000 3.535
3/31/94 500,000 3.555
9. National transferred the following amounts to the
System Money Pool on the dates and at the rates
indicated below. These amounts were either used to
decrease outstanding System borrowings and/or
commercial paper or utilized by National's other
subsidiaries.
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DATE AMOUNT RATE
1/3/94 $3,200,000 3.34%
1/4/94 700,000 3.25
1/5/94 700,000 3.23
1/7/94 900,000 3.19
1/14/94 5,400,000 3.11
1/20/94 600,000 3.30
1/28/94 400,000 3.10
2/1/94 100,000 3.10
2/2/94 600,000 3.12
2/2/94 400,000 3.12
2/4/94 2,000,000 3.16
2/7/94 300,000 3.16
2/10/94 3,000,000 3.42
2/14/94 300,000 3.42
2/16/94 200,000 3.49
2/17/94 400,000 3.48
2/22/94 9,600,000 3.42
2/25/94 200,000 3.48
3/1/94 500,000 3.68
3/4/94 6,900,000 3.59
3/7/94 1,200,000 3.62
3/9/94 200,000 3.61
3/11/94 5,200,000 3.60
3/16/94 600,000 3.62
10. Seneca transferred the following amounts to the System
Money Pool on the dates and at the rates indicated
below. These amounts were either used to decrease
outstanding System borrowings and/or commercial paper
or utilized by National's other subsidiaries.
None.
11. Seneca borrowed the following amounts from the System
Money Pool on the dates and at the rates indicated
below:
DATE AMOUNT RATE
1/3/94 $ 400,000 3.471%
1/5/94 100,000 3.468
1/10/94 900,000 3.452
1/13/94 100,000 3.463
1/14/94 100,000 3.415
1/18/94 1,500,000 3.389
1/20/94 100,000 3.387
1/21/94 100,000 3.369
PAGE 7 OF 10
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1/24/94 2,000,000 3.364
1/31/94 2,100,000 3.327
2/3/94 100,000 3.320
2/4/94 100,000 3.304
2/9/94 100,000 3.315
2/11/94 100,000 3.313
2/17/94 100,000 3.319
2/18/94 100,000 3.318
2/22/94 500,000 3.322
2/24/94 300,000 3.330
2/28/94 600,000 3.389
3/4/94 100,000 3.396
3/8/94 200,000 3.395
3/14/94 100,000 3.407
3/16/94 100,000 3.414
3/18/94 500,000 3.423
3/22/94 100,000 3.454
3/30/94 100,000 3.535
3/31/94 1,300,000 3.555
In accordance with the terms of the Application-
Declaration (Item 5) and the Order of the Commission in
this proceeding dated December 29, 1993 (HCAR
No. 35-25964), attached as Exhibit A is a copy of
Seneca's Income Statement for the Six and Twelve Months
Ended March 31, 1994 and attached as Exhibit B is a
copy of Seneca's Balance Sheet at March 31, 1994.
12. Empire transferred the following amounts to the System
Money Pool on the dates and at the rates indicated
below. These amounts were either used to decrease
outstanding System borrowings and/or commercial paper
or utilized by National's other subsidiaries.
None.
13. Empire borrowed the following amounts from the System
Money Pool on the dates and at the rates indicated
below:
DATE AMOUNT RATE
1/3/94 $8,900,000 3.471%
1/18/94 100,000 3.389
1/28/94 200,000 3.354
2/25/94 300,000 3.352
3/17/94 100,000 3.424
3/28/94 100,000 3.538
3/31/94 100,000 3.555
PAGE 8 OF 10
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14. UCI transferred the following amounts to the System
Money Pool on the dates and at the rates indicated
below. These amounts were either used to decrease
outstanding System borrowings and/or commercial paper
or utilized by National's other subsidiaries.
None.
15. UCI borrowed the following amounts from the System
Money Pool on the dates and at the rates indicated
below:
DATE AMOUNT RATE
2/25/94 $200,000 3.352%
3/1/94 100,000 3.392
3/3/94 200,000 3.385
3/14/94 200,000 3.407
16. Highland transferred the following amounts to the
System Money Pool on the dates and at the rates
indicated below. These amounts were either used to
decrease outstanding System borrowings and/or
commercial paper or utilized by National's other
subsidiaries.
DATE AMOUNT RATE
1/5/94 $ 500,000 3.23%
1/14/94 1,100,000 3.11
1/18/94 100,000 3.11
1/24/94 100,000 3.12
2/4/94 500,000 3.16
2/14/94 1,200,000 3.42
2/24/94 100,000 3.44
3/7/94 500,000 3.62
3/14/94 1,200,000 3.59
3/31/94 300,000 3.68
17. Highland borrowed the following amounts from the System
Money Pool on the dates and at the rates indicated
below:
None.
PAGE 9 OF 10
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18. Leidy transferred the following amounts to the System
Money Pool on the dates and at the rates indicated
below. These amounts were either used to decrease
outstanding System borrowings and/or commercial paper
or utilized by National's other subsidiaries.
None.
19. Leidy borrowed the following amounts from the System
Money Pool on the dates and at the rates indicated
below:
None.
20. Data-Track transferred the following amounts to the
System Money Pool on the dates and at the rates
indicated below. These amounts were either used to
decrease outstanding System borrowings and/or
commercial paper or utilized by National's other
subsidiaries.
DATE AMOUNT RATE
1/18/94 $500,000 3.11%
2/17/94 500,000 3.48
3/21/94 500,000 3.62
21. Data-Track borrowed the following amounts from the
System Money Pool on the dates and at the rates
indicated below:
None.
22. NFR transferred the following amounts to the System
Money Pool on the dates and at the rates indicated
below. These amounts were either used to decrease
outstanding System borrowings and/or commercial paper
or utilized by National's other subsidiaries.
DATE AMOUNT RATE
1/4/94 $ 600,000 3.25%
1/5/94 500,000 3.23
1/18/94 300,000 3.11
1/20/94 100,000 3.30
1/21/94 500,000 3.14
2/2/94 400,000 3.12
2/4/94 600,000 3.16
PAGE 10 OF 10
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2/7/94 500,000 3.16
2/9/94 500,000 3.41
2/11/94 1,000,000 3.42
3/3/94 300,000 3.59
3/4/94 500,000 3.59
3/8/94 300,000 3.62
3/9/94 500,000 3.61
3/11/94 400,000 3.60
3/14/94 1,200,000 3.59
3/15/94 200,000 3.61
3/17/94 100,000 3.62
3/21/94 100,000 3.62
3/22/94 200,000 3.87
23. NFR borrowed the following amounts from the System
Money Pool on the dates and at the rates indicated
below:
None.
Dated: May 13, 1994 NATIONAL FUEL GAS COMPANY
By:/s/ Gerald T. Wehrlin
Gerald T. Wehrlin
Controller
\MONYPOOL\R24-1-94.WP
Money Markets Origination
Debt Markets Group
World Financial Center
North Tower
New York, New York 10281-1323
212 449 1000
MERRILL LYNCH
April 6, 1994
Ms. Donna Cambas
National Fuel Gas Company
30 Rockefeller Plaza
New York, NY 10112
Dear Donna:
This is to advise you that in connection with the distribution of
commercial paper of National Fuel Gas Company from January 1, 1994 to
March 31, 1994 all sales and resales were made only to those customers
included on the Confidential List retained by Merrill Lynch Money Markets
Inc. for National Fuel Gas Company's commercial paper program, and the
sales thereof were in accordance with the provisions of that program. A
summary of all trade activity for the quarter is attached.
Sincerely,
/s/ E. Stewart Johnson
E. Stewart Johnson
Enclosure
ESJ:gkr
PROGRAM ISSUANCE TRADE DETAIL - CP
01/01/94 - 03/31/94
Pgm Fx/F1 Trade Dt Sett Dt MTY DTM PAR Rate Proceeds
N1 01/20/94 01/20/94 03/01/94 40 9,000,000 3.300 8,967,000
N1 01/25/94 01/25/94 04/25/94 90 10,000,000 3.270 9,918,250
N1 01/31/94 01/31/94 03/11/94 39 5,000,000 3.280 4,982,233
N1 03/01/94 03/01/94 04/12/94 42 9,000,000 3.680 8,961,360
TOTALS
______
Number of Trans: 4
Total Par 33,000,000
Total Proceeds 32,828,844
Dollar Weighted Averages
________________________
Days to Mty: 55.5
Rate: 3.392
Programs:
N1 NATIONAL FUEL GAS CO.
Chase Securities, Inc.
1 Chase Plaza, 35th Floor
New York, New York 10081
CHASE
April 11, 1994
Ms. Donna Cambas
National Fuel Gas Company
30 Rockefeller Plaza - Suite 4545
New York, New York 10020
Dear Ms. Cambas:
This is to advise you that in connection with the distribution of
commercial paper for the National Fuel Gas Company from January 3, 1994 to
March 31, 1994 all sales and resales on your behalf by Chase Securities,
Inc. were made only to those customers included in the Confidential List
retained by the corporation of National Fuel Gas Company's commercial
paper program. The issuance of National Fuel Gas Company commercial paper
and sales thereof were made in accordance with the provisions of that
program. A summary of all trade activity for the quarter is attached.
Sincerely,
/s/ Anton J. Schubert
Anton J. Schubert
Vice President
Enclosure
cc: Mr. Ron Tanski
Chase Securities, Inc.
1 Chase Plaza, 35th Floor
New York, New York 10081
CHASE April 11, 1994
NATIONAL FUEL GAS COMPANY
First Quarter Performance Report
PAR ISSUE MATURITY
AMOUNT DATE DATE RATE YIELD TERM TYPE
10,000,000 01/04/94 04/04/94 3.325 3.3494 80 Days Discounted
15,000,000 01/18/94 04/04/94 3.32 3.3432 76 Days Discounted
5,000,000 01/24/94 04/07/94 3.30 3.3222 73 Days Discounted
6,000,000 01/31/94 03/07/94 3.25 3.2603 35 Days Discounted
__________
36,000,000 = TOTAL
/s/ Anton J. Schubert
Anton J. Schubert, Vice President
SEC FILE NO. 70-8297
EXHIBIT A
SENECA RESOURCES CORPORATION
TOTAL COMPANY
INCOME STATEMENT
(INCLUDES 1986 FULL COST POOL ADJUSTMENT)
(Unaudited)
Six Months Ended Twelve Months Ended
MARCH 1994 MARCH 1994
__________________ ___________________
Operating Revenues $25,471,064 $48,654,700
----------- -----------
Operating Expenses:
Operation and Maintenance 7,224,228 14,487,566
Depletion, Depreciation & Amort. 9,388,263 18,444,662
Other Taxes 643,752 1,489,004
----------- -----------
17,256,243 34,421,232
----------- -----------
Operating Income 8,214,821 14,233,468
----------- -----------
Other Income 39,248 39,248
Other Deductions 2,968 6,549
----------- -----------
36,280 32,699
----------- -----------
Interest Income 20,837 48,820
Interest Expense 2,959,308 5,763,223
----------- -----------
(2,938,471) (5,714,403)
----------- -----------
Net Income Before
Income Taxes 5,312,630 8,551,764
----------- -----------
Income Taxes:
Federal (858,312) (299,011)
Deferred (241,101) (1,333,587)
----------- -----------
(1,099,413) (1,632,598)
----------- -----------
Net Income $6,412,043 $10,184,362
========== ===========
SEC FILE NO. 70-8297
EXHIBIT B PAGE 1 OF 2
SENECA RESOURCES CORPORATION
INCLUDES 1986 FULL COST POOL ADJUSTMENT
BALANCE SHEET
AT MARCH 31, 1994
(Unaudited)
ASSETS Total
- ------ -------------
Current Assets
Cash $1,078,528
Accounts Receivable-
Intercompany 500,953
Other 8,035,166
Allowance for Uncollectible Accounts (35,152)
Notes Receivable-
Intercompany 0
Materials and Supplies 50,869
Prepayments 724,161
Other Current Assets 175,000
-------------
Total Current Assets 10,529,525
-------------
Property, Plant and Equipment 341,163,476
Less: Accumulated Depreciation, Depletion
and Amortization 127,024,799
-------------
Net Property, Plant and Equipment 214,138,677
-------------
Other Assets
Other Assets 1,031,976
Deferred Charges 307,891
Notes Receivable 36,300
Long Term Investments 0
-------------
Total Other Assets 1,376,167
-------------
Total Assets $226,044,369
=============
SEC FILE NO. 70-8297
EXHIBIT B PAGE 2 OF 2
SENECA RESOURCES CORPORATION
INCLUDES 1986 FULL COST POOL ADJUSTMENT
BALANCE SHEET
AT MARCH 31, 1994
(Unaudited)
LIABILITIES AND STOCKHOLDERS' EQUITY Total
- ------------------------------------ -------------
Current Liabilities:
Accounts Payable-
Intercompany ($136,897)
Other 3,643,573
Notes Payable-Intercompany 34,900,000
Accrued Liabilities 2,460,645
Federal Income Taxes (1,917,666)
Other Accrued Taxes 112,894
-------------
Total Current Liabilities 39,062,549
-------------
Other Liabilities:
Accumulated Deferred Income Taxes 33,737,729
Other Deferred Credits 3,049,881
-------------
Total Other Liabilities 36,787,610
-------------
Stockholders' Equity:
Common Stock-$5 Par Value
Authorized-100,000 Shares; Issued and
Outstanding-100,000 Shares 500,000
Paid in Capital 92,245,000
Earnings Reinvested in the Business
(Accumulated Deficit) (22,550,790)
-------------
70,194,210
Advances from Associated Companies 80,000,000
Long-Term Debt 0
-------------
Total Capitalization 150,194,210
-------------
Total Liabilities and Stockholders Equity $226,044,369
=============
