National Fuel Reports First Quarter Fiscal 2026 Earnings

About this update from National Fuel Gas Company

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This project, along with the previously approved Tioga Pathway Project, remains on track for a late calendar 2026 in-service date.","length":221,"tagName":"p"}]},{"val":[{"type":"text","content":"The Company successfully issued $350 million in common equity through a private placement, fulfilling the expected equity needed to fund the previously announced CenterPoint Ohio gas utility acquisition, which is expected to close in the fourth quarter of this calendar year.","length":275,"tagName":"p"}]},{"val":[{"type":"text","content":"The Company is reaffirming its fiscal 2026 adjusted EPS guidance range of $7.60 to $8.10 per share. ","length":99,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":1397,"olType":false},{"type":"text","content":" MANAGEMENT COMMENTS ","length":19,"tagName":"p"},{"type":"text","content":"David P. Bauer, President and Chief Executive Officer of National Fuel Gas Company, stated: “National Fuel’s first quarter results were a great start to the fiscal year. Strong operational execution within our Integrated Upstream and Gathering segment continues to deliver growing production and increasing cash flow generation. When combined with ongoing growth in our regulated businesses, adjusted EPS increased 24% over the prior year.","length":439,"tagName":"p"},{"type":"text","content":"“At our non-regulated business, an expanding inventory of high-quality Appalachian development locations, most recently bolstered by the addition of approximately 200 prospective Upper Utica drilling locations, along with ongoing well design optimization, positions us for continued success in driving capital efficiency improvements. On the regulated side, our focus remains on delivering growth while maintaining our long track record of customer affordability. We’ve made great progress on our Tioga Pathway and Shippingport Lateral expansion projects, both of which remain on track to be in service later this calendar year. These projects, along with our pending natural gas utility acquisition in Ohio, provide strong catalysts for growth as we look to fiscal 2027.","length":771,"tagName":"p"},{"type":"readMore"},{"type":"text","content":"“Altogether, the outlook across National Fuel is exceptionally strong. We remain focused on executing on our plan to deliver long-term growth in earnings and free cash flow, which in turn should create meaningful value for shareholders.”","length":237,"tagName":"p"},{"type":"text","content":" (1) See page 2 for a reconciliation of reported GAAP earnings to adjusted earnings and GAAP EPS to adjusted EPS.","length":112,"tagName":"p"},{"type":"text","content":" RECONCILIATION OF GAAP EARNINGS TO ADJUSTED EARNINGS 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The Pipeline and Storage segment’s first quarter GAAP earnings decreased $1.2 million versus the prior year. 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The Utility segment’s first quarter GAAP earnings increased $1.6 million, or 5%, primarily as a result of higher customer margin (operating revenue less purchased gas sold) of $9.8 million. The biggest contributor to improved customer margin was the implementation of year two of the Utility’s three-year rate agreement in New York. Colder weather and revenue from the Utility’s Distribution System Improvement Charge in Pennsylvania also contributed to the increase in customer margin. Partially offsetting this were higher personnel and employee benefit costs (which were largely the result of new collective bargaining agreements) and higher DD&A expense due to a larger average depreciable plant in service compared to the prior year.","length":742,"tagName":"p"},{"type":"text","content":" Corporate and All Other ","length":23,"tagName":"p"},{"type":"text","content":"The Company’s operations that are included in Corporate and All Other generated a combined net loss of $7.7 million in the first quarter, largely due to transaction and financing costs related to the pending Ohio gas utility acquisition.","length"...

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