National Fuel Gas Company · NYSE:NFG
National Fuel Gas — Investor Presentation (May 2014)
71 slides from National Fuel Gas's investor presentation, May 9, 2014
Slide 1: Investor Presentation May 2014
Investor Presentation May 2014 Exhibit 99 National Fuel Gas Company
Slide 2: Safe Harbor For Forward Looking Statements
National Fuel Gas Company Safe Harbor For Forward Looking Statements This presentation may contain “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995, including statements regarding future prospects, plans, objectives, goals, projections, estimates of oil
Slide 3: Exceptional Assets, Focused on Execution
1.549 Tcfe of Proved Reserves (1) 800,000 Net Acres in Pennsylvania 2.9 MMBbl of Crude Oil Production (2) $221 Million of Midstream Adjusted EBITDA (2) National Fuel Gas Company Exceptional Assets, Focused on Execution (1) As of September 30, 2013 (2) 12 months ended March 31, 2014. Includes the Pip
Slide 4: Targeting Sustained Growth Over the Next Five Years
$131 $121 $111 $137 $161 $176 $45 $280 $327 $377 $397 $492 $537 National Fuel Gas Company Targeting Sustained Growth Over the Next Five Years 2014 – 10-15% Forecasted Adjusted EBITDA CAGR $164 $167 $169 $160 $172 $177 $581 $632 $668 $704 $852 $934 $0 $250 $500 $750 $1,000 $1,250 12-Months Ended 3/31
Slide 5: Capital Spending Adjusts to Capitalize on Opportunities
$53 $38 $129 $144 $56 $115- $135 $225- $275 $80 $55 $100- $145 $100- $150 $188 $398 $649 $694 $533 $550- $625 $650- $750 National Fuel Gas Company Capital Spending Adjusts to Capitalize on Opportunities $56 $58 $58 $58 $72 $85-$95 $90-$100 $307 (1) $501 $854 $977 $717 $850- $1,000 $1,065- $1,275 $0
Slide 6: Maintaining a Strong Balance Sheet
Total Debt (1) 42% Debt / Adjusted EBITDA Capitalization Shareholders’ Equity 58% National Fuel Gas Company Maintaining a Strong Balance Sheet $3.949 Billion As of March 31, 2014 2.02 x 1.98 x 1.75 x 1.89 x 1.89 x 1.76 x 0.0 0.5 1.0 1.5 2.0 2.5 12-Months Ended 3/31/14 Fiscal Year Note: A reconciliat
Slide 7: Dividend Consistency
Dividend Consistency National Fuel Gas Company Dividend Track Record (1) As of May 7, 2014 Current Dividend Yield (1) 2.0% Consecutive Dividend Payments 111 Years Consecutive Dividend Increases 43 Years Current Annualized Dividend Rate $1.50 per Share $0.00 $0.50 $1.00 $1.50 $2.00 Annual Rate at Fis
Slide 8: Exploration & Production Overview
Exploration & Production Overview
Slide 9: Proven Record of Growth
46.2 46.6 45.2 43.3 42.9 41.6 226 249 428 675 988 1,300 Fiscal Years 3-Year F&D Cost (1) ($/Mcfe) Seneca Resources Proven Record of Growth (1) Represents a three-year average U.S. finding and development cost 2013 F&D Cost = $1.31 Marcellus F&D: $0.99 Doubled Proved Reserves Since 2010 71% Proved De
Slide 10: Delivering Tremendous Production Growth
19.8 19.2 20.5 20.0 20-22 21-23 Seneca Resources Delivering Tremendous Production Growth 16.5 43.2 62.9 100.7 135-143 159-197 13.3 49.7 67.6 83.4 120.7 155-165 180-220 Forecast Fiscal Year Gulf of Mexico (Divested in 2011) East Division (Appalachia) West Division (California/Kansas) Forecast
Slide 11: Disciplined Capital Spending
Seneca Resources Disciplined Capital Spending (1) Does not include the $34.9 MM Seneca Resources Corporation’s acquisition of Ivanhoe’s U.S.-based assets in California, as this was accounted for as an investment in subsidiaries on the Statement of Cash Flows, and was not included in the Exploration
Slide 12: LOE: Operating Costs Down; Transportation Costs Up
Seneca Resources LOE: Operating Costs Down; Transportation Costs Up (1) Represents the midpoint of current General & Administrative Expense guidance of $0.40 to $0.45 per Mcfe for fiscal 2014 (2) The total of the two Lease Operating Expense components represents the midpoint of current Lease Operati
Slide 13: Prolific Pennsylvania Acreage
Eastern Development Area (EDA) Average net revenue interest (NRI): 98% No lease expiration No royalty on most acreage Highly contiguous Significant economies of scale 1,700 to 2,000 locations de-risked No near-term lease expiration Drilling activity will HBP key acreage Ongoing development drilling
Slide 14: EDA Delivering Significant Growth
Covington – Fully Developed Gross Production: ~50 MMcf per Day 47 Wells Drilled and Producing Marcellus Shale EDA Delivering Significant Growth DCNR Tract 595 Gross Production: ~80 MMcf per Day 39 Wells Drilled (52 Total Locations) 32 Wells Producing DCNR Tract 100 Gross Production: ~300 MMcf per Da
Slide 15: EDA – Historical Well Results Are Exceptional
Development Area Producing Well Count Average IP Rate (MMcf/d) Average 7-Day (MMcf/d) Average 30-Day (MMcf/d) Average EUR per Well (Bcf) Average Lateral Length EUR per 1,000’ of Lateral (Bcfe) Marcellus Shale EDA – Historical Well Results Are Exceptional Covington Tioga County 5.2 4.7 4.1 5.8 4,023’
Slide 16: Seneca's Lycoming Economics are in the Top
Marcellus Shale Seneca’s Lycoming Economics are in the Top 3 Source: ITG IR, raw data provided by didesktop and state agencies There are an additional 109 breakeven data points greater than $3.69/Mcf
Slide 17: Huge Position – Varies in Understanding
Tier I ~200,000 Acres Northeast Core ~30,000 acres in NE Core Tier I Acres ~200,000 acres Economic at $2.80 to $3.80/Mcfe Longer-Term Evaluation ~250,000 acres (Minimal Lease Expiration) Requires Gas Price Above $4/Mcf ~300,000 acres Marcellus Shale Huge Position – Varies in Understanding Seneca Lea
Slide 18: 2013 & 2014 WDA Delineation Program
Marcellus Shale 2013 & 2014 WDA Delineation Program Rich Valley – Full Development 2 Wells Completed 7-Day IP of 7.8 MMcf/d & EUR of 7.4 Bcf nd Well 7-Day IP: 4.5 MMcf/d Clermont – Full Development 2 Wells Completed 9H: 7-Day IP of 10 MMcf/d & EUR of 8.6 Bcf 10H: 7-Day IP of 7.3 MMcf/d & EUR of 6.6
Slide 19: Strong Wells Across WDA Acreage
Well Name Completion Design Treatable Lateral Length Stages Peak 24-Hour Rate (MMcfd) Peak 7-Day Rate (MMcfd) EUR (Bcf) Status Marcellus Shale Strong Wells Across WDA Acreage Clermont 9H RCS 5,500’ 11.4 10.0 8.6 Producing Clermont 10H Non-RCS 5,565’ 8.1 7.3 6.9 Producing Rich Valley 27H RCS 6,372’ 8
Slide 20: Clermont Wells Improved from Early Non-Op JV Wells
Marcellus Shale Clermont Wells Improved from Early Non-Op JV Wells Clermont 5H & 6H (Non-op wells) Avg. lateral length: 3,344’ Small casing: 4.5” Restricted pump rates Wide stage spacing: 350’ No “soaking”, low Sw’s Clermont 9H & 10H (Seneca wells) Avg. lateral length: >5,500’ Larger casing: 5.5” In
Slide 21: Clermont/Rich Valley RCS Wells Outperforming Typecurve
Marcellus Shale Clermont/Rich Valley RCS Wells Outperforming Typecurve
Slide 22: CRV is in Full Development Mode
200-250 Horizontal Locations Pad D08-N: Spacing Test JV Wells Pad E09-H Pad E09-E Rich Valley 2 nd Well 7-day IP: 4.5 MMcf/d Lateral Length: 4,492’ Rich Valley 7-day IP: 7.8 MMcf/d EUR: 7.4 BCF Lateral Length: 6,372’ Clermont RCS: 9H 7-day IP: 10.0 MMcf/d (EUR: 8.6 Bcf) Non-RCS: 10H 7-day IP: 7.4 MM
Slide 23: 200,000 Acres With 6-8 Bcfe EUR Wells
Marcellus Shale 200,000 Acres With 6-8 Bcfe EUR Wells Note: Assumes 6,000’ treated lateral length
Slide 24: ~2,000 Economic Locations at $2.00 to $3.80/Mcfe
Prospect County Product Approx. Remaining Locations EUR (Bcfe) BTU IRR (1) @ $4/MMBtu 15% IRR (1) Breakeven Price ($/Mcf) Marcellus Shale ~2,000 Economic Locations at $2.00 to $3.80/Mcfe Tract 100 Lycoming Dry Gas 11.5-12.5 1,030 90% $1.92 Gamble Lycoming Dry Gas 10-11 1,030 77% $2.05 Tract 595 Tiog
Slide 25: How Does Seneca Sell its Production?
Well Head Interconnection with Interstate Pipeline Network 3rd Party Marketer (or spot market) Firm Transport Demand Center (firm sales or spot market) Spot Market Natural Gas Marketing How Does Seneca Sell its Production? Gathering System Contracted Basis Differential FT Rate Breakeven economics ba
Slide 26: Adding Long-Term Firm Transport to the Portfolio
Project Volume (Dth/d) In-Service Date Comments Project Volume (Dth/d) Target In- Service Date Comments Natural Gas Marketing Adding Long-Term Firm Transport to the Portfolio Northeast Supply Diversification Project (TGP) 50,000 Executed firm sales agreements for entire capacity over 10 years Niagar
Slide 27: Significant Base of Long-Term Firm Contracts
Natural Gas Marketing Significant Base of Long-Term Firm Contracts Atlantic Sunrise Northern Access 2016 (Under Evaluation) Niagara Expansion/ Northern Access 2015 - 1,000 Gross Firm Sales Firm Transport Over time, Seneca plans to convert most or all of its firm transportation capacity to firm sales
Slide 28: Firm Sales Provide a Market for Appalachian Production
28 Natural Gas Marketing Firm Sales Provide a Market for Appalachian Production (1) Subject to change in transport rates on TransCanada Pipeline EDA 311,834 MMBtu/Day 270,036 MMBtu/Day 230,036 MMBtu/Day WDA 21,314 MMBtu/Day 41,100 MMBtu/Day 20,000 MMBtu/Day Values shown represent the price or differ
Slide 29: Current Natural Gas Hedge Positions
Natural Gas Marketing Current Natural Gas Hedge Positions (1) 2014 hedge positions are for the remaining six months of the fiscal year. Full details can be found in the appendix. (1)
Slide 30: Current Hedge Book has Seneca Positioned Very Well
Crude Oil $100.22/Bbl $95.27/Bbl $92.95/Bbl $92.30/Bbl $91.00/Bbl Natural Gas Marketing Current Hedge Book has Seneca Positioned Very Well (1) 2014 hedge positions are for the remaining six months of the fiscal year Note: Hedge positions for fiscal years 2016-2018 reflect the midpoint of Seneca’s ta
Slide 31: FY 2014 Production – Firm Sales & Hedge Composition
29 Bcf 13.7 Bcf 13.5 Bcf 11 Bcf Natural Gas Marketing FY 2014 Production – Firm Sales & Hedge Composition Price Certainty Seneca has an additional ~13 Bcf of NYMEX hedges to help mitigate commodity exposure on its sales Price Certainty There were no spot volume curtailments in April 2014 64 Bcf 0.5
Slide 32: FY 2015 Production – Firm Sales & Hedge Composition
54 Bcf 17.8 Bcf 56 Bcf 36 Bcf Natural Gas Marketing FY 2015 Production – Firm Sales & Hedge Composition Price Certainty Seneca will continue to pursue firm sales agreements to mitigate spot market exposure during the year Price Certainty 4 Bcf 10.2 Bcf 159-197 NYMEX Firm Sales DOM Firm Sales Dawn ED
Slide 33: Path to Geneseo Development – 2018/2019 Start
Geneseo Shale Path to Geneseo Development – 2018/2019 Start st Well (Tract 100 – Pad N) Peak IP: 14.1 MMcf per day 30-Day Average Rate: 8.6 MMcf per day Estimated EUR: 7.0 Bcf Lateral Length: 4,920’ Frac Stages: 33 stages Current developed infrastructure from DCNR 100 & Gamble: 13 well pads 3 compre
Slide 34: Point Pleasant & Utica Shale Industry Activity & 2014 Appraisal Program
HEATH Core Pilot DCNR 007 Core & Drill Point Pleasant & Utica Shale Industry Activity & 2014 Appraisal Program MT JEWETT Horizontal: Completed September 2013 Peak 24-Hour Rate: 8.5 MMcf/d RANGE RESOUCES 1.4 MMcf/d “Not Effectively Stimulated” HALCON 2.5 MMcf/d, 360 Bbls/d HALCON 4.5 MMcf/d, 860 Bbls
Slide 35: Stable Production Fields; Modest Growth Potential
East Coalinga Temblor Formation Primary North Lost Hills Tulare & Etchegoin Formation Primary/Steamflood South Lost Hills Monterey Shale Primary North Midway Sunset Tulare & Potter Formation Steamflood South Midway Sunset Antelope Formation Steamflood Sespe Sespe Formation Primary Key Areas of Focus
Slide 36: East Coalinga Summary
California East Coalinga Summary Production has increased from 214 BOPD to 849 BOPD • Highest on leases since 2000 Drilled 12 evaluation wells in 2013 • Producing ~150 BOPD Currently drilling 33 new producers and 2 water disposal wells in 2014
Slide 37: South Midway Sunset Has Delivered Significant Growth
Seneca Acquired in June 2009 California South Midway Sunset Has Delivered Significant Growth 252 Pool 97X Pool SE Pool 251 Pool B Pool A Pool Extended Pool Boundary Original Pool Boundary Existing Wells 1000’ 16X Pool Highlights Since Acquisition Increased daily production 310% to approximately 1,70
Slide 38: Evaluating the Monterey Shale at South Lost Hills
California Evaluating the Monterey Shale at South Lost Hills Upper Antelope A Upper Antelope B Truman 1H 190 BOEPD Citrus 2H Waiting on Completion Truman 2H Waiting on Completion GR SP ResD Brittleness Gas Oil 18 potential locations in each of the three horizons (concept) Seneca Lease 1000’ Lower Re
Slide 39: Limited Growth Opportunities, But Strong Economics
Field Average Well Cost Average EUR (MBO) Estimated IRR @$100/Bbl Fiscal 2014 Locations California Limited Growth Opportunities, But Strong Economics South Midway Sunset $250,000 75% East Coalinga $400,000 50% Sespe – Coldwater $2,800,000 35%
Slide 40: Modest Growth Anticipated in 2014 and 2015
California Modest Growth Anticipated in 2014 and 2015 Forecast Fiscal Year
Slide 41: Outstanding Cash Flow
California Outstanding Cash Flow (1) (1) Adjusted EBITDA and Capital Expenditures represent Seneca Resources Corporation’s West Division, which includes its activity in Kansas. A reconciliation of Adjusted EBITDA to Net Income is included at the end of this presentation.
Slide 42: Looking Forward
California Looking Forward 1. Manage decline of base production 2. Pursue and develop opportunities for growth from current assets Sespe East Coalinga South Midway Sunset 3. Continue to pursue additional acquisition and farm-in opportunities
Slide 43: What Will Seneca Look Like Moving Forward?
Consistent Production Growth: 15-25% CAGR Driven by a very large, high-quality Appalachian acreage position Maintain Oil Production Expand When Possible Excellent operator and significant cash flow generation Disciplined Spending Driven by Rates of Return Pace of development adapts to changing marke
Slide 44: Midstream Businesses Overview
Midstream Businesses Overview
Slide 45: Positioned to Serve Seneca's Rapidly Growing Production
Midstream Businesses Positioned to Serve Seneca’s Rapidly Growing Production
Slide 46: Gathering is the First Step to Reaching a Market
Trout Run Gathering System (In-Service) Covington Gathering System (In-Service) Clermont Gathering System (Under Construction) Gathering Interconnects (In-Service and Under Construction) Gathering Gathering is the First Step to Reaching a Market TGP 300 Transco TGP 200
Slide 47: Existing Systems Supporting Seneca's Near-Term Growth
Gathering Existing Systems Supporting Seneca’s Near-Term Growth Covington Gathering System In-service date: November 2009 Capacity: 220,000 Dth per day Interconnect: TGP 300 Capital expenditures (to date): $31.2 million Trout Run Gathering System In-service date: May 2012 Capacity: 466,000 to 585,00
Slide 48: Clermont Gathering System has Large Expandability
Clermont Gathering System Gathering Clermont Gathering System has Large Expandability C In-Service: Ongoing build-out Ultimate Trunkline Capacity: 700 to 1,000 MMcf per day Interconnects TGP 300 and National Fuel Gas Supply Corporation (anticipated) Capital: 2014: $60- $92 million 2015: $75 - $125 m
Slide 49: Capital Deployment Will Deliver Long-Term Growth
Gathering Capital Deployment Will Deliver Long-Term Growth Revenue Growth (2013 to 2015): ~60% CAGR Capital Investment (2013 to 2015): ~60% CAGR
Slide 50: Project Opportunities to Support WDA Growth
Develop multiple outlets to high-value markets Pipeline & Storage Project Opportunities to Support WDA Growth
Slide 51: Expansions to Move Gas from the WDA are Significant
Projects to Support WDA Growth Pipeline & Storage Expansions to Move Gas from the WDA are Significant Project Capacity (Dth/day) Northern Access 2015 140,000 Northern Access 2016 ¹ 350,000 Total New Capacity 490,000 Project Capital Cost Northern Access 2015 $66 million Northern Access 2016 ¹ $410 mi
Slide 52: Major Expansion Designed for Canadian Deliveries
Northern Access 2015 Pipeline & Storage Major Expansion Designed for Canadian Deliveries In-Service: November 2015 System: NFG Supply Corp. Capacity: 140,000 Dth per day Lease to TGP (Kinder) as part of their Niagara Expansion project Interconnect Niagara (TransCanada) Total Cost: $66 Million Major
Slide 53: Northern Access 2016 Provides Additional Access to Canada
Northern Access 2016 (1) Pipeline & Storage Northern Access 2016 Provides Additional Access to Canada In-Service: 2016 System: NFG Supply Corp. & Empire Pipeline, Inc. Capacity 350,000 Dth per day Interconnect Chippawa (TransCanada) Total Cost: ~$410 Million Northern Access 2016 (2016) Clermont (1)
Slide 54: Recent 3rd Party Expansions Have Been Highly Successful
Completed Expansions for 3 Parties Pipeline & Storage Recent 3 rd Party Expansions Have Been Highly Successful Project Capacity (Dth/day) Northern Access 2012 320,000 Tioga County Extension 350,000 Line N (2011, 2012 & 2013) 353,000 Total New Capacity 1,023,000 Project Capital Cost Northern Access 2
Slide 55: Additional Line N Expansions Planned for the Future
Mercer Expansion Pipeline & Storage Additional Line N Expansions Planned for the Future In-Service: November 2014 System: NFG Supply Corp. Capacity: 105,000 Dth per day Precedent agreements signed for all available capacity Interconnect Mercer (TGP Station 219) Total Cost: $34 Million Expansion: $30
Slide 56: Pairing Line N Expansions with System Modernization
Westside Expansion & Modernization Mercer (TGP Station 219) Pipeline & Storage Pairing Line N Expansions with System Modernization In-Service: November 2015 System: NFG Supply Corp. Capacity: 175,000 Dth per day Precedent agreements signed for all available capacity Interconnect Mercer (TGP Station
Slide 57: Developing Unique Solutions for Shippers
Tuscarora Lateral Pipeline & Storage Developing Unique Solutions for Shippers In-Service: November 2015 System: NFG Supply & Empire Pipeline New No-Notice Services Preserving 172,500 Dth per day (RG&E) Preserving 20,000 Dth per day (NYSEG) Retained Storage: 3.3 Bcf New Incremental Transportation Cap
Slide 58: Significant Expansions Are Driving Growth
Completed Projects (Since 2009) Line N Corridor Line “N” Expansion Line “N” 2012 Expansion Line “N” 2013 Expansion Mercer Expansion West Side Expansion Total Capacity 633 MDth/d Delivering Gas North Tioga County Extension Northern Access 2012 Northern Access 2015 Northern Access 2016 (1) Total Capac
Slide 59: Expansion Project Revenue Growth
Larger projects under consideration for fiscal 2016 and 2017 will drive significant revenue growth Pipeline & Storage Expansion Project Revenue Growth Annual Expansion Revenue Projects Placed in Service Since Fiscal 2011
Slide 60: Utility Overview
Utility Overview
Slide 61: New York & Pennsylvania Service Territories
Utility New York & Pennsylvania Service Territories Total Customers: 522,000 Rate Mechanisms: Natural Gas Vehicle Pilot Program Target ROE: 9.1% (Litigated - 2007) Pennsylvania Total Customers: 213,000 Rate Mechanisms: ROE: Black Box Settlement (2007) New York Revenue Decoupling Weather Normalizatio
Slide 62: Customer Usage
Utility Customer Usage Residential Usage Industrial Usage (1) Weighted Average of New York and Pennsylvania service territories (assumes normal weather) 12-Months Ended March 31 12-Months Ended March 31
Slide 63: Ongoing Cost Control Helps Provide Earnings Stability
$25 $27 $14 $11 $9 $6 $7 Utility Ongoing Cost Control Helps Provide Earnings Stability $178 $164 $167 $168 $168 $172 $178 $203 $191 $181 $179 $177 $178 $185 $0 $50 $100 $150 $200 $250 12 Months Ended 3/31/14 Fiscal Year All Other O&M Expenses O&M Uncollectible Expense
Slide 64: Capital Spending Largely Focused on Maintenance
Utility Capital Spending Largely Focused on Maintenance The Utility remains focused on spending to maintain the ongoing safety and reliability of its system $44.4 $45.0 $44.3 $43.8 $48.1 $56.2 $58.0 $58.4 $58.3 $72.0 $85-$95 $90-$100 $0 $20 $40 $60 $80 $100 Forecast Forecast Fiscal Year Capital Expe
Slide 65: Achieved a Settlement in New York
Utility Achieved a Settlement in New York March 27, 2013 Filed a plan with the NY PSC to adopt an earnings sharing and stabilization mechanism on earnings above a 9.96% ROE April 19, 2013 NY PSC issued an Order to Show Cause (OTSC) commencing a proceeding to establish “temporary rates” June 1, 2013
Slide 66: A History of Success & A Future of Opportunity
Adjusted EBITDA Growth Production Growth Midstream Businesses Adjusted EBITDA Adjusted EBITDA Growth Production Growth Midstream Businesses Adjusted EBITDA A History of Success A Future of Opportunity National Fuel Gas Company A History of Success & A Future of Opportunity 30% CAGR Since 2009 10-15%
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Slide 68: Current Hedge Positions
Fiscal Year NYMEX Volume (MMBtu) Average Price ($/MMBtu) Dominion Volume (MMBtu) Average Price ($/MMBtu) SoCal Volume (MMBtu) Average Price ($/MMBtu) Total Volume (MMBtu) Average Price ($/MMBtu) Fiscal Year MWSS Volume (Bbl) Average Price ($/Bbl) Brent Volume (Bbl) Average Price ($/Bbl) NYMEX Volume
Slide 69: Comparable GAAP Financial Measure Slides and Reconciliations
National Fuel Gas Company Comparable GAAP Financial Measure Slides and Reconciliations This presentation contains certain non-GAAP financial measures. For pages that contain non-GAAP financial measures, pages containing the most directly comparable GAAP financial measures and reconciliations are pro
Slide 70: Reconciliation of Adjusted EBITDA to Consolidated Net Income
Reconciliation of Adjusted EBITDA to Consolidated Net Income ($ Thousands) FY 2009 FY 2010 FY 2011 FY 2012 Exploration & Production - West Division Adjusted EBITDA 171,572 $ 187,838 $ 187,603 $ 226,897 $ 215,042 $ 212,153 $ Exploration & Production - All Other Divisions Adjusted EBITDA 108,139 139,6
Slide 71: Reconciliation of Segment Capital Expenditures to Consolidated Capital Expenditures
Reconciliation of Segment Capital Expenditures to Consolidated Capital Expenditures ($ Thousands) FY 2014 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 Forecast Capital Expenditures from Continuing Operations Exploration & Production Capital Expenditures 188,290 $ 398,174 $ 648,815 $ 693,810 $ 533,129 $ $