Citing weaker natural gas prices amid robust production, National Fuel Gas Co. said it revised lower its earnings outlook for 2023.

The Williamsville, NY-based company now projects earnings per share of $5.35-$5.75, a decrease of $1.10 per share from the midpoint of its prior guidance range.

CEO David Bauer said in the company’s fiscal first quarter earnings report the change in guidance was “impacted by the recent reduction in natural gas prices” and expectations for continued pressure on futures and cash markets.

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