Gretta Drew

Gretta Drew asked about National Fuel Gas Company's optimal production growth rate over the next several years, considering natural gas price volatility, and plans for further delineation to expand Upper Utica inventory.

Answer

Justin Loweth, President of Seneca Resources and National Fuel Midstream, indicated that a 3%-7% annual production growth rate is sustainable within a $3-$5 gas price range, with interstate pipeline capacity being the primary constraint. He also confirmed ongoing appraisal and delineation efforts to potentially expand the existing 400+ Utica locations in both upper and lower zones.