UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported) -
March 3, 1995
NATIONAL FUEL GAS COMPANY
(Exact name of registrant in its charter)
New Jersey 1-3880 13-1086010
(State or other (Commission File (I.R.S. Employer
jurisdiction of Number) Identification
incorporation) No.)
10 Lafayette Square, Buffalo, New York 14203
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (716) 857-6904
ITEM 5. OTHER EVENTS
National Fuel executives, at a seminar for Security Analysts in
New York City on Friday, March 3, 1995, discussed the Company's
accomplishments, philosophies, goals and objectives.
At the seminar the Company indicated that it is looking for
annual growth of 3% to 4% in its Utility segment, that a 6% growth
rate in its Pipeline segment will be achieved if one or two of the
projects currently being pursued comes to fruition and that a 25%
growth rate in its non-regulated operations is realistic. Overall,
the Company indicated that the sum of those growth rates would bring
pretax operating income to $275 million by 1999, without any material
change of direction or strategy.
In addition, the Company announced that National Fuel Gas Supply
Corporation, its Pipeline and Storage subsidiary ("Supply
Corporation"), is negotiating with the partners of the Avoca Storage
Project, Natural Gas Clearinghouse (NGC), Equitrans, Inc., Union Gas,
Ltd. and J. Makowski Company, to build a 36-mile pipeline from a salt
cavern storage facility located in Avoca, New York to Ellisburg,
Pennsylvania where the Ellisburg-Leidy Hub operates. The Hub is a
joint venture between subsidiaries of National Fuel and NGC.
Seneca Resources, Inc. the Company's exploration and production
subsidiary (Seneca), will continue its drilling program in the Gulf
Coast region. Its 1995 plans include drilling five blocks offshore
(one of which is an oil prospect) and six prospects onshore
(consisting of three oil prospects and three natural gas prospects).
Seneca also indicated that, assuming an average Gulf Coast natural gas
price of $1.55/Mcf, it anticipated hedging revenues of approximately
$5.7 million for fiscal 1995. Pretax operating income for the first
half of fiscal 1995 is expected to be approximately $6.5 million, a
decrease from the $10.0 million of the prior year due to lower gas
prices and the delay of some drilling, workovers and recompletions
pending higher prices for gas.
In an ongoing effort to streamline operations, the Company will
be selling the major pieces of equipment associated with the pipeline
construction business of its subsidiary, Utility Constructors, Inc.
(UCI). UCI has been engaged in the businesses of well drilling and
service, and the construction of pipelines and related facilities.
Earlier this year two other subsidiaries, Penn-York Energy Corporation
and Empire Exploration, Inc. were merged into Supply Corporation and
Seneca, respectively.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.
NATIONAL FUEL GAS COMPANY
(Registrant)
/s/Joseph P. Pawlowski
Joseph P. Pawlowski
Treasurer and Principal
Accounting Officer
Date: March 22, 1995
