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National Fuel Gas Company, an integrated energy company with operating in four business sectors - exploration and production, pipeline and storage, utility and energy marketing - has closed the sale of its landfill gas business to Toro Energy GP II, LLC, Toro Energy Holdings II, LP and another undisclosed buyer reported Businesswire.
"With the sale of our landfill gas business, we continue to make progress on the strategy of divesting our smaller, non-core assets. This transaction, coupled with the previously announced agreement to sell our sawmill operations, demonstrates our commitment to National Fuel's core businesses, including the development of the Marcellus Shale and the construction of key pipeline infrastructure projects throughout the Appalachian region," said David F. Smith, Chairman and Chief Executive Officer.
The Company's landfill gas operation was maintained under National Fuel's wholly owned subsidiary Horizon LFG, Inc., which owned and operated seven short-distance landfill gas pipeline companies that purchase, process, transport and resell landfill gas to customers in six states. Ewing Bemiss & Co. was the Company's exclusive adviser on the transaction.
The sale is expected to result in a non-recurring gain in the Company's fourth quarter, which closes on September 30, 2010. Because of this transaction, the Company is today updating its GAAP earnings guidance for fiscal 2010 to a range of $2.65 to $2.75 per share (from the most recent guidance of $2.60 to $2.70 per share).
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