Feb 4 - National Fuel Gas Co (NFG.N) posted first-quarter profit that beat market expectations, helped by rise in production of crude oil and natural gas, and raised its 2010 earnings and production outlook.
The company expects 2010 earnings between $2.40 a share and $2.70 a share, from its prior view of $2.30 a share to $2.65 a share, it said in a statement.
Analysts on an average were looking for earnings of $2.61 a share, before items, according to Thomson Reuters I/B/E/S.
The company now expects 2010 production to be between 44 billion cubic feet equivalent (bcfe) and 51 bcfe, from their prior outlook of 42 bcfe to 50 bcfe.
The company's net income for the quarter was $64.5 million, or 78 cents a share, compared with a loss of $42.7 million, or 53 cents a share, in the year-ago quarter.
Revenue fell 25 percent to $457 million.
Analysts on average expected earnings of 73 cents a share, before items, on revenue of $624.21 million.
Production of crude oil and natural gas increased 20.5 percent to 11.5 bcfe in the first quarter.
The company's shares closed at $47.06 Thursday on the New York Stock Exchange.
The company expects 2010 earnings between $2.40 a share and $2.70 a share, from its prior view of $2.30 a share to $2.65 a share, it said in a statement.
Analysts on an average were looking for earnings of $2.61 a share, before items, according to Thomson Reuters I/B/E/S.
The company now expects 2010 production to be between 44 billion cubic feet equivalent (bcfe) and 51 bcfe, from their prior outlook of 42 bcfe to 50 bcfe.
The company's net income for the quarter was $64.5 million, or 78 cents a share, compared with a loss of $42.7 million, or 53 cents a share, in the year-ago quarter.
Revenue fell 25 percent to $457 million.
Analysts on average expected earnings of 73 cents a share, before items, on revenue of $624.21 million.
Production of crude oil and natural gas increased 20.5 percent to 11.5 bcfe in the first quarter.
The company's shares closed at $47.06 Thursday on the New York Stock Exchange.
