National Fuel Reports Third Quarter Fiscal 2025 Earnings and Announces Preliminary Guidance for Fiscal 2026

About this update from National Fuel Gas Company

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See non-GAAP reconciliation on page 2.","length":136,"tagName":"p"}]},{"val":[{"type":"text","content":"Exploration and Production adjusted operating results of $0.95 per share increased 157% versus the prior year, driven by lower per unit operating costs, higher realized natural gas prices, and strong well performance in the Eastern Development Area (“EDA”), which contributed to 112 Bcf of natural gas production, up 16% versus the prior year’s third quarter.","length":359,"tagName":"p"}]},{"val":[{"type":"text","content":"The Pipeline and Storage segment achieved several development milestones for expansion projects during the quarter with the announcement of the Shippingport Lateral Project and the receipt of FERC approval for the Tioga Pathway Project, which remains on track for a late calendar 2026 in-service date.","length":301,"tagName":"p"}]},{"val":[{"type":"text","content":"The Company generated $196 million in net cash provided by operating activities less net cash used in investing activities during the third quarter.","length":148,"tagName":"p"}]},{"val":[{"type":"text","content":"The Company is revising the midpoint of its fiscal 2025 adjusted earnings per share guidance to a range of $6.80 to $6.95 per share and is initiating its fiscal 2026 preliminary earnings guidance which, based upon a NYMEX price of $4.00, is expected to increase 20% from fiscal 2025 (see Guidance Summary on page 7). ","length":316,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":1350,"olType":false},{"type":"text","content":" MANAGEMENT COMMENTARY ","length":21,"tagName":"p"},{"type":"text","content":"David P. Bauer, President and Chief Executive Officer of National Fuel Gas Company, stated: “National Fuel’s excellent third quarter reflects ongoing success across the Company. Our integrated upstream and gathering operations saw record production and throughput during the quarter and a continued improvement in capital efficiency, while our regulated Utility and Pipeline & Storage segments continue to see an uplift in earnings from recent ratemaking activities and organic investment opportunities.","length":507,"tagName":"p"},{"type":"text","content":"“As we look forward to fiscal 2026, we expect to see significant earnings growth versus the prior year. This highlights the momentum in each of our businesses and the overall positive long-term outlook for natural gas. Strong well results in the EDA continue to confirm the depth of our best-in-class inventory and operational excellence in Northeast Pennsylvania, and underpin our mid-single-digit production growth expectations in the coming years. In addition, we have line of sight to further growth in our regulated businesses, supporting our 5% to 7% average annual rate base growth projections. Taken together, along with the broader tailwinds from growing demand for natural gas, National Fuel is well positioned to create meaningful value for shareholders in the years to come.”","length":787,"tagName":"p"},{"type":"readMore"},{"type":"text","content":" RETURN OF CAPITAL UPDATE ","length":24,"tagName":"p"},{"type":"text","content":"During the quarter, National Fuel announced that its Board of Directors approved a 4% increase in the Company’s dividend for an annual rate of $2.14 per share. This is our 55 th consecutive year of dividend increases and the 123 rd year of consecutive dividend payments, demonstrating the Company's commitment to returning cash to shareholders.","length":346,"tagName":"p"},{"type":"text","content":"With respect to the Company’s share repurchase program, since March 2024, the Company repurchased approximately 2 million shares at an average weighted price of $59.70 per share. Consistent with our disciplined approach to capital allocation, which balances growth with return of capital to shareholders, during the quarter the Company paused repurchases as it evaluated various growth opportunities, preserving balance sheet flexibility.","length":438,"tagName":"p"},{"type":"text","content":" RECONCILIATION OF GAAP EARNINGS TO ADJUSTED OPERATING RESULTS ","length":61,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"15","style":"border-bottom:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Three Months Ended  June 30, 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This updated range incorporates our third quarter results as well as lower expected realized natural gas prices for the remaining three months, which is largely offset by expected higher production and lower unit costs in the Exploration and Production segment. The Company is assuming an average NYMEX natural gas price of $3.25 per MMBtu for the remaining three months of fiscal 2025, which approximates the current NYMEX forward curve at this time.","length":564,"tagName":"p"},{"type":"text","content":"The Company’s other fiscal 2025 guidance assumptions are detailed in the table on page 7.","length":89,"tagName":"p"},{"type":"text","content":" INITIATION OF FISCAL 2026 PRELIMINARY GUIDANCE ","length":46,"tagName":"p"},{"type":"text","content":"The Company is initiating preliminary earnings guidance for fiscal 2026 which it is providing at various NYMEX prices:","length":118,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"max-width:50%;width:50%;min-width:50%;border-top:solid black 1pt;border-bottom:solid black 1pt;border-left:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":" NYMEX Assumption ($/MMBtu) ","length":26,"tagName":"p","attribs":{}}]},{"style":"max-width:50%;width:50%;min-width:50%;border-top:solid black 1pt;border-right:solid black 1pt;border-bottom:solid black 1pt;border-left:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":" Fiscal 2026 Adjusted Earnings Per Share Sensitivities ","length":53,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"$3.00","length":5,"tagName":"p","attribs":{}}]},{"style":"border-top:solid black 1pt;border-right:solid black 1pt;border-bottom:solid black 1pt;border-left:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"$6.35 - $6.85","length":13,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"$4.00","length":5,"tagName":"p","attribs":{}}]},{"style":"border-top:solid black 1pt;border-right:solid black 1pt;border-bottom:solid black 1pt;border-left:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"$8.00 - $8.50","length":13,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"$5.00","length":5,"tagName":"p","attribs":{}}]},{"style":"border-top:solid black 1pt;border-right:solid black 1pt;border-bottom:solid black 1pt;border-left:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"$9.75 - $10.25","length":14,"tagName":"p","attribs":{}}]}]}],"length":134},{"type":"text","content":" 2026 OUTLOOK ","length":12,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Seneca’s ongoing trend of improving capital efficiency is projected to continue in fiscal 2026 with capital expenditures expected to decrease by $20 million, or 4% at the midpoint, while production is expected to increase to a range of 440 to 455 Bcf, an increase of 6% at the midpoint.","length":286,"tagName":"p"}]},{"val":[{"type":"text","content":"Regulated segment earnings are expected to increase as a result of ongoing modernization investments which are supported by recent ratemaking efforts, driven by Distribution’s three-year New York rate settlement that continues through fiscal 2027 and additional margin related to the Pennsylvania modernization tracker, or DSIC (Distribution System Improvement Charge).","length":369,"tagName":"p"}]},{"val":[{"type":"text","content":"Combined Utility and Pipeline & Storage segment capital expenditures are expected to range between $395 and $455 million, an increase of $110 million from fiscal 2025 at midpoint of guidance, with continued investment in our longstanding modernization programs, as well as significant expansion-related spending on the Tioga Pathway and Shippingport Lateral projects driving meaningful rate base growth. 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It may be helpful to refer to those tables while reviewing this discussion.","length":334,"tagName":"p"},{"type":"text","content":"Note that management defines adjusted operating results as reported GAAP earnings adjusted for items impacting comparability, and adjusted EBITDA as reported GAAP earnings before the following items: interest expense, income taxes, depreciation, depletion and amortization, other income and deductions, impairments, and other items reflected in operating income that impact comparability.","length":388,"tagName":"p"},{"type":"text","content":" Upstream Business ","length":17,"tagName":"p"},{"type":"text","content":" Exploration and Production Segment ","length":34,"tagName":"p"},{"type":"text","content":"The Exploration and Production segment operations are carried out by Seneca Resources Company, LLC (“Seneca”). 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Seneca’s third quarter GAAP earnings increased $198.7 million versus the prior year. 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The Utility segment’s third quarter GAAP earnings increased $2.4 million, or 95%, primarily as a result of new rates approved in the Utility’s New York rate case settlement, which became effective October 1, 2024, partially offset by higher operating costs and interest expense.","length":278,"tagName":"p"},{"type":"text","content":"For the quarter, customer margin (operating revenues less purchased gas sold) increased $8.4 million, primarily due to an increase in customer usage, due in part to colder weather, as well as an increase in rates as part of the New York rate case settlement. Other income increased $4.0 million, largely due to the New York rate settlement, which required the recognition of non-service pension and post-retirement benefit income and a corresponding reduction in new base rates, resulting in no effect on net income.","length":516,"tagName":"p"},{"type":"text","content":"O&M expense increased $2.7 million primarily driven by higher personnel costs, partially offset by a reduction in uncollectible expenses as a result of a tracker implemented as part of the New York rate case settlement. DD&A expense increased by $1.6 million primarily due to higher average depreciable plant in service compared to the prior year. Further, interest expense increased $2.5 million primarily due to a higher average amount of net borrowings.","length":464,"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 $0.7 million, which was largely consistent with the prior year.","length":166,"tagName":"p"},{"type":"text","content":" EARNINGS TELECONFERENCE ","length":23,"tagName":"p"},{"type":"text","content":"A conference call to discuss the results will be held on Thursday, July 31, 2025, at 9 a.m. ET. All participants must pre-register to join this conference using the Participant Registration link . A webcast link to the conference call will be provided under the Events Calendar on the NFG Investor Relations website at investor.nationalfuelgas.com . A replay will be available following the call through the end of the day, Thursday, August 7, 2025. To access the replay, dial 1-866-813-9403 and provide Access Code 592578.","length":521,"tagName":"p"},{"type":"text","content":"National Fuel is an integrated energy company reporting financial results for four operating segments: Exploration and Production, Pipeline and Storage, Gathering, and Utility. Additional information about National Fuel is available at www.nationalfuel.com .","length":257,"tagName":"p"},{"type":"text","content":"Certain statements contained herein, including statements identified by the use of the words “anticipates,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “predicts,” “projects,” “believes,” “seeks,” “will,” “may” and similar expressions, and statements which are other than statements of historical facts, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, which could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. The Company’s expectations, beliefs and projections contained herein are expressed in good faith and are believed to have a reasonable basis, but there can be no assurance that such expectations, beliefs or projections will result or be achieved or accomplished. In addition to other factors, the following are important factors that could cause actual results to differ materially from those discussed in the forward-looking statements: changes in laws, regulations or judicial interpretations to which the Company is subject, including those involving derivatives, taxes, safety, employment, climate change, other environmental matters, real property, and exploration and production activities such as hydraulic fracturing; governmental/regulatory actions, initiatives and proceedings, including those involving rate cases (which address, among other things, target rates of ret...

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