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National Fuel Gas posts loss due to low price write-down

Low oil and natural gas prices continue to take a toll on National Fuel Gas Co.’s profits.

The Amherst-based energy company reported a $188 million loss during the fourth quarter because the plunge in energy prices made its oil and natural gas reserves less valuable. All of the loss stemmed from a $245 million write-down that accounting rules require the company to take to reduce the value of its oil and gas reserves on its books, although the company’s operations remained profitable, albeit at a lower level. The company said it expects to take at least one more write-down this year.

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