-- National Fuel is reporting a loss for the quarter of $42.7 million or $0.53 per share. The loss is due to the previously announced $108.2 million (after tax), non-cash impairment charge to write down the book value of its oil and natural gas producing properties as a result of significantly lower commodity prices at December 31, 2008. Ouch. Imagine that, losing money selling natural gas and petroleum products. Could be worse. You could be ""banking" on the expected future price of your products:
-- The Company is revising its GAAP earnings guidance range for fiscal 2009 to a range of $1.10 to $1.30 per share. This guidance includes the impairment charge ($1.35 per share) noted above, and assumes flat NYMEX equivalent pricing of $5.50 per MMBtu for natural gas and $45.00 per Bbl for crude oil for unhedged production for the remainder of the fiscal year.
NatGas $4.726 and Oil $41.32. And how have they done these last two years?
It reads like petroleum double down.
Everyone enjoy the long expected, overdue bear market head fake. This is the end on my 8200 attractor. 7900 will be the new neighborhood until next big drop.
By request:
8 comments:
Hi Rob,
Any chance you can get a picture of one of those California payment vouchers? I'd love to see an example of one.
SPS
You haters keep hating, but the market is in rally mode. It shook off a little trouble, and the universally upbeat quarterly results prove that this has only been a mental recession. Too bad we can't go back, reverse the last election and get someone who appreciates that the next four years are going to be just fine.
Boone Pickens has been on all of the local radio stations today, pimping his windfarms. He wants to get "stimulated." Boon sez oil at $75 by the end of the year, $150 by the end of 2010.
Boone says that cuz Boone done lost lots of $$$.
Boone gonna lose a lot more before we are done. Anybody check the EIA storage numbers lately?
I've checked those numbers Dawg and they are ugly. Cushing is basically full and y-o-y inventory is considerably elevated.
EIA Weekly
Thank you Mr S.
Exactly. We can only hope the poor diesel users finally get some relief.
The is a real danger of supply/distribution disruption. Even if the system can be kept running bankruptcies could be just as damaging. Thus the reason for my post.
People come here because there's a reputation for talking about important stuff far enough in advance to prepare.
I really liked your Information. Keep up the good work. Used Auto Parts
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