43 straight years and counting. For each of those years, National Fuel has increased its annual dividend for shareholders. It has paid dividends for 111 consecutive years!
Members of the national Fuel Gas Company Board of Directors approved a 2.7 percent increase in the dividend on the Company’s common stock Thursday, raising the quarterly rate from 36.5 cents per share as approved in June 2012 to37.5 cents per share for an annual rate of $1.50 per share.
For the record, National Fuel has been a member of The Business Council for 46 years.
Business Council member, National Fuel, is reporting profits of $85.7 million in second quarter earnings. That compares to $67.4 million for the prior year’s second quarter. The company reported that the increase is due to higher earnings across all segments.
Click here to read National Fuel’s statement on its earnings report.
David Robinson of The Buffalo News reported on National Fuel Gas Co.’s request that state regulators freeze its delivery rates for three years. The proposal would extend National Fuel’s current delivery rates through May 2016. National Fuel has been a member of The Business Council since 1967.
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National Fuel Gas Company has elected Ronald J. Tanski as CEO and David Smith as Chairman of the Board. David Smith is The Business Council’s Chairman of the Board. The announcement followed the Annual Meeting of Stockholders.
“National Fuel is in an excellent place with a strategic vision for disciplined development of its assets and significant opportunities for long term growth,” said David F. Smith, National Fuel’s Executive Chairman of the Board. “The election of Ron as Chief Executive Officer represents continued and deliberate succession planning. Over the years Ron has held a leadership position in every one of our business segments. More recently, in his role as Chief Operating Officer, Ron has been successfully running the day-to-day operations of the Company since 2010. This new role for Ron is a well-deserved milestone. As we look to the future, the Board and I believe that our management team, under Ron’s leadership, will continue to drive the Company’s positive momentum.”
National Fuel Gas Co. reported after the market closed Thursday that net income rose 11.8 percent in the first quarter.
Earnings climbed to $67.9 million, or 81 cents per share, compared to $60.7 million, or 73 cents per share, a year ago.
Operating revenues rose 4.7 percent to $452.9 million from $432.4 million last year.
The Williamsville-based energy company (NYSE: NFG) cited higher earnings in its utility and pipeline and storage segments, and the “all other” category.
The results topped analysts’ EPS expectations of 76 cents but came up short on projected revenue of $482.6 million.
The company has revised its 2013 earnings to a range of $2.75 to $3 per share, up from $2.65 to $2.95 per share.
David F. Smith, National Fuel’s Chairman and CEO, is Chairman of The Business Council’s Board of Directors.