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Warmer weather, lower commodity prices depress National Fuel Gas' fiscal Q2 earnings

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Warmer weather, lower commodity prices depress National Fuel Gas' fiscal Q2 earnings

National Fuel GasCo. on April 28 reported 2016 fiscal second-quarter consolidated netloss of $147.7 million, or a loss of $1.74 per share, compared to a net income of$16.7 million, or 20 cents per share, during the corresponding period in 2015.

The company also reported operating results for the quarter of$82.8 million, or 97 cents per share, compared to $86.1 million, or $1.02 per share,during the prior-year period.

Consolidated adjusted EBITDA was $224.4 million, compared to$247.4 million during the same period last year, according to the company's earningsrelease.

"Weather was more than 26 percent warmer than last year'ssecond quarter across our service territory, and commodity prices were approximately18 percent lower than last year. Each of these factors had their expected result,lowering the company's earnings for the quarter," National Fuel Gas Presidentand CEO Ronald Tanski said in a statement.

The fiscal-year 2016 guidance for National Fuel Gas' consolidatedearnings per share has been changed to be in the range of $2.80 to $2.95, from theprevious guidance of $2.75 to $3.00, excluding ceiling test impairment charges,the release said.