Market Impact: Neutral. Funds flow of $0.19/share was slightly behind our $0.20/share estimate, which was also the survey median. Relative to our estimates, realized prices for natural gas were weaker than expected (actual $0.67/mcf, FirstEnergy $1.25/mcf), which more than offset higher than expected net production, which once again benefitted significantly from positive prior period adjustments.
25 Jul 2016
2Q16 RESULTS

