WILLIAMSVILLE, N.Y., Sept. 08, 2025 (GLOBE NEWSWIRE) -- National Fuel Gas Company (National Fuel or the Company, NYSE: NFG) today released its 2024 Corporate Responsibility Report (Report), detailing the Company's policies, practices and performance metrics in key corporate responsibility and sustainability areas. An electronic version of the report is available by clicking here. "In 2024, we advanced our commitment to responsibly and sustainably provide critical energy supplies within our operating footpri ...

New Found Gold (NYSE: NFGC ) is at the heart of a burgeoning gold camp in Newfoundland, and based on my review of the company’s latest drill results and corporate developments, the market could be undervaluing the company’sI am an investor specializing in the consumer products sector with a focus on identifying companies that offer a unique combination of strong brand recognition, solid financials, and growth potential. I have a keen eye for consumer trends and an in-depth understanding of the industry, whi ...

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Core Insights - Zacks Premium offers various tools for investors to enhance their stock market strategies, including daily updates, research reports, and stock screens [1][2][9] Zacks Style Scores - Zacks Style Scores are indicators that rate stocks based on value, growth, and momentum, helping investors identify stocks likely to outperform the market in the next 30 days [2][3] - Each stock receives an alphabetic rating from A to F, with A indicating the highest potential for outperformance [3] Value Score - The Value Score identifies attractive and discounted stocks using ratios like P/E, PEG, Price/Sales, and Price/Cash Flow [3] Growth Score - The Growth Score focuses on a company's financial strength and future outlook, analyzing projected and historical earnings, sales, and cash flow [4] Momentum Score - The Momentum Score assesses trends in stock price and earnings outlook, utilizing factors like one-week price change and monthly earnings estimate changes [5] VGM Score - The VGM Score combines the three Style Scores, providing a comprehensive rating based on value, growth, and momentum [6] Zacks Rank - The Zacks Rank is a proprietary stock-rating model that leverages earnings estimate revisions to guide investors in portfolio creation [7] - Stocks rated 1 (Strong Buy) have historically produced an average annual return of +23.75% since 1988, significantly outperforming the S&P 500 [8] Stock to Watch: National Fuel Gas (NFG) - National Fuel Gas Company, based in Williamsville, New York, operates in the energy sector with natural gas and oil assets [12] - NFG holds a 3 (Hold) rating on the Zacks Rank and has a VGM Score of A, indicating solid performance potential [12] - The company has a Value Style Score of B, supported by a forward P/E ratio of 12.75, making it attractive to value investors [13] - Recent earnings estimates for fiscal 2025 have been revised higher, with the Zacks Consensus Estimate increasing by $0.05 to $6.84 per share, alongside an average earnings surprise of +4.4% [13]

Core Viewpoint - New Found Gold Corp. has temporarily suspended all exploration activities involving heavy equipment at its Queensway Gold Project due to extreme forest fire risks in Newfoundland and Labrador [1][2]. Company Overview - New Found Gold holds a 100% interest in the Queensway Gold Project, located in Newfoundland and Labrador, which is recognized as a Tier 1 jurisdiction with excellent infrastructure and a skilled local workforce [3]. - The company has completed an initial Mineral Resource Estimate (MRE) and Preliminary Economic Assessment (PEA) for the Queensway project [3]. Recent Developments - Recent drilling at the Queensway project has continued to yield new discoveries, indicating significant district-scale potential across the 175,450 hectares of the project, which covers a 110 km strike extent along two prospective fault zones [4]. - The company has a new management team and a solid shareholder base, including a 19% holding by Eric Sprott, focusing on growth and value creation at Queensway [4].

Group 1 - The article discusses National Fuel Gas (NYSE: NFG) and highlights the increasing demand for energy, which positions the company to benefit significantly from market opportunities [1] - The author expresses a belief in the efficiency of financial markets, suggesting that stocks often reflect their true value, and identifies less-followed stocks as potential profit opportunities [1] Group 2 - The author has a beneficial long position in NFG shares, indicating confidence in the company's future performance [2] - The article is presented as an independent opinion, with no compensation received from any company mentioned, reinforcing the credibility of the analysis [2]

Core Insights - National Fuel Gas Company (NFG) reported third-quarter fiscal 2025 adjusted operating earnings of $1.64 per share, exceeding the Zacks Consensus Estimate of $1.50 by 9.3% and increasing 65.7% from the previous year's figure of 99 cents [1][9] - Total revenues for NFG were $531.8 million, missing the Zacks Consensus Estimate of $617 million by 13.8%, but reflecting a 27.4% increase from $417.4 million in the prior year [2] - Operating income rose to $230.3 million from an operating loss of $51.4 million in the year-ago quarter, aided by a 35.7% reduction in total operating expenses to $301.6 million [4][5][9] Revenue Breakdown - Utility segment revenues reached $157.4 million, a 26.1% increase from $124.8 million in the year-ago quarter [3] - Exploration and Production and Other segments generated revenues of $303.9 million, up 37.6% from $220.9 million in the previous year [3] - Pipeline and Storage and Gathering revenues amounted to $70.5 million, showing a slight decrease of 1.7% from $71.7 million in the year-ago quarter [3] Production and Operational Highlights - Seneca produced 112 billion cubic feet (Bcf) of natural gas, an increase of 15 Bcf or 16% from the prior year, driven by new Utica pads in Tioga County [6][9] - Interest expense on long-term debt was $34.3 million, up 4.3% from $32.9 million in the previous year [5] Financial Position - As of June 30, 2025, NFG had cash and temporary cash investments of $39.3 million, slightly up from $38.2 million as of September 30, 2024 [7] - Net cash provided by operating activities for the first nine months of fiscal 2025 totaled $862.3 million, compared to $868 million in the same period last year [7] - Capital expenditures for the first nine months of fiscal 2025 were $627.3 million, down from $684.2 million in the prior year [7] Guidance and Future Outlook - NFG revised its guidance for fiscal 2025 adjusted earnings per share to a range of $6.80-$6.95, incorporating third-quarter results and lower expected realized natural gas prices [10] - The company expects capital expenditures for fiscal 2025 to be between $890-$955 million, slightly adjusted from the previous range of $885-$960 million [11] - Production for fiscal 2025 is now anticipated to be in the range of 420-425 Bcf, up from the previous estimate of 415-425 Bcf [11]

Part I. Financial Information [Item 1. Financial Statements (Unaudited)](index=6&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited consolidated financial statements and accompanying notes for the three and nine months ended June 30, 2025 [Consolidated Statements of Income and Earnings Reinvested in the Business](index=6&type=section&id=Consolidated%20Statements%20of%20Income%20and%20Earnings%20Reinvested%20in%20the%20Business) Net income for the nine months ended June 30, 2025, rose to $411.2 million, driven by a 15.2% increase in operating revenues Consolidated Income Statement Highlights (Nine Months Ended June 30) | Financial Metric | 2025 (Thousands USD) | 2024 (Thousands USD) | Change | | :--- | :--- | :--- | :--- | | **Operating Revenues** | $1,811,262 | $1,572,742 | +15.2% | | **Operating Income** | $633,694 | $406,294 | +56.0% | | **Net Income** | $411,162 | $245,134 | +67.7% | | **Diluted EPS** | $4.51 | $2.65 | +70.2% | [Consolidated Balance Sheets](index=8&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets grew slightly to $8.45 billion, supported by increased property, plant, and equipment Key Balance Sheet Items | Balance Sheet Item | June 30, 2025 (Thousands USD) | September 30, 2024 (Thousands USD) | | :--- | :--- | :--- | | **Total Assets** | $8,446,160 | $8,319,770 | | **Total Current Assets** | $408,155 | $355,919 | | **Long-Term Debt, Net** | $2,381,852 | $2,188,243 | | **Total Comprehensive Shareholders' Equity** | $2,975,488 | $2,848,343 | [Consolidated Statements of Cash Flows](index=11&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations remained stable at $862.3 million for the nine months ended June 30, 2025, while investing and financing activities resulted in cash outflows Cash Flow Summary (Nine Months Ended June 30) | Cash Flow Activity | 2025 (Thousands USD) | 2024 (Thousands USD) | | :--- | :--- | :--- | | **Net Cash Provided by Operating Activities** | $862,276 | $868,015 | | **Net Cash Used in Investing Activities** | $(617,964) | $(685,571) | | **Net Cash Used in Financing Activities** | $(243,217) | $(156,477) | | **Net Increase in Cash** | $1,095 | $25,967 | [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Key disclosures include a $108.3 million impairment charge, a $1.0 billion debt issuance, and $53.8 million in share repurchases - A non-cash, pre-tax impairment charge of **$108.3 million** was recognized in the Exploration and Production segment for the quarter ended December 31, 2024, as the book value of properties exceeded the SEC full cost ceiling[32](index=32&type=chunk) - On February 19, 2025, the company issued **$1.0 billion in new notes** ($500 million of 5.50% notes due 2030 and $500 million of 5.95% notes due 2035)[80](index=80&type=chunk) - During the nine months ended June 30, 2025, the company repurchased 828,720 shares of its common stock for a total cost of **$53.8 million** under its $200 million share repurchase program[77](index=77&type=chunk) - The company's New York utility division received approval for a three-year rate plan authorizing a revenue requirement increase of **$57.3 million** in fiscal 2025[96](index=96&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management analyzes financial performance, segment results, liquidity, and capital resources, highlighting earnings drivers and strategic initiatives [Overview](index=30&type=section&id=Overview) The company is advancing major pipeline projects while managing a significant impairment charge, a new rate plan, and substantial capital market activities - The company is advancing two key pipeline expansion projects: the **Tioga Pathway Project** ($101M estimated cost) and the **Shippingport Lateral Project** ($57M estimated cost)[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk) - A non-cash impairment charge of **$108.3 million** ($79.1 million after-tax) was recorded in the Exploration and Production segment during the quarter ended December 31, 2024[109](index=109&type=chunk) - In February 2025, the company issued **$1.0 billion in new notes** to refinance existing debt and repurchased **828,720 shares for $53.8 million** during the nine-month period[110](index=110&type=chunk)[112](index=112&type=chunk) [Results of Operations](index=33&type=section&id=Results%20of%20Operations) Consolidated earnings increased by $166.1 million, primarily driven by a $135.2 million earnings rise in the Exploration and Production segment Earnings by Segment (Nine Months Ended June 30) | Segment | 2025 Earnings (Thousands USD) | 2024 Earnings (Thousands USD) | Change (Thousands USD) | | :--- | :--- | :--- | :--- | | Exploration and Production | $137,722 | $2,521 | $135,201 | | Pipeline and Storage | $93,019 | $85,482 | $7,537 | | Gathering | $83,483 | $82,510 | $973 | | Utility | $101,040 | $73,848 | $27,192 | | **Total Consolidated** | **$411,162** | **$245,134** | **$166,028** | - The Exploration and Production segment's revenue increased by **$125.2 million**, driven by a **$0.28 per Mcf increase** in the weighted average natural gas price and a **14.7 Bcf increase** in production[128](index=128&type=chunk) - The Utility segment's earnings increased by **$27.2 million**, primarily due to the impact of new base rates in its New York jurisdiction, which contributed **$25.2 million** to the increase[153](index=153&type=chunk) [Capital Resources and Liquidity](index=43&type=section&id=Capital%20Resources%20and%20Liquidity) The company maintained strong liquidity through operations and borrowings, funding $596.0 million in capital expenditures and managing debt effectively - Net cash from operating activities was **$862.3 million** for the nine months ended June 30, 2025, a slight decrease from $868.0 million in the prior year period[168](index=168&type=chunk) Capital Expenditures by Segment (Nine Months Ended June 30) | Segment | 2025 (Millions USD) | 2024 (Millions USD) | | :--- | :--- | :--- | | Exploration and Production | $354.4 | $399.8 | | Pipeline and Storage | $58.1 | $68.8 | | Gathering | $58.2 | $69.1 | | Utility | $128.3 | $117.5 | | **Total** | **$596.0** | **$655.5** | - The company maintains a **$1.0 billion unsecured revolving credit facility**, extended through February 2029, with a debt-to-capitalization ratio of **0.45**, well below the 0.65 limit[184](index=184&type=chunk)[187](index=187&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=51&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section cross-references the Management's Discussion and Analysis for disclosures on the company's exposure to market risks - The report directs readers to the "Market Risk Sensitive Instruments" section in Item 2 (MD&A) for disclosures on market risk[219](index=219&type=chunk) [Controls and Procedures](index=51&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal controls during the quarter - Based on an evaluation as of the end of the reporting period, the Chief Executive Officer and Chief Financial Officer concluded that the company's **disclosure controls and procedures were effective**[220](index=220&type=chunk) - There were **no changes** in the company's internal control over financial reporting during the quarter ended June 30, 2025, that have materially affected, or are reasonably likely to materially affect, these controls[221](index=221&type=chunk) Part II. Other Information [Legal Proceedings](index=51&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to other report sections for details on legal, environmental, and regulatory matters - For information on legal proceedings, the report refers to Note 7 (Commitments and Contingencies) and the MD&A section covering environmental and regulatory matters[222](index=222&type=chunk) [Risk Factors](index=51&type=section&id=Item%201A.%20Risk%20Factors) The company reports no material changes to the risk factors previously disclosed in its 2024 Form 10-K and subsequent filings - There have been **no material changes** to the risk factors disclosed in the Company's 2024 Form 10-K and the Form 10-Q for the quarter ended March 31, 2025[223](index=223&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=52&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company details unregistered share issuances to directors and provides a breakdown of its quarterly share repurchase activities Issuer Purchases of Equity Securities (For the Quarter Ended June 30, 2025) | Period | Total Shares Purchased | Average Price Paid per Share | Shares Purchased as Part of Program | | :--- | :--- | :--- | :--- | | Apr. 1 - 30, 2025 | 64,677 | $73.72 | 53,952 | | May 1 - 31, 2025 | 11,376 | $81.35 | — | | Jun. 1 - 30, 2025 | 11,433 | $81.62 | — | | **Total** | **87,486** | **$75.35** | **53,952** | - As of June 30, 2025, approximately **$82.1 million remained available** for future purchases under the company's $200 million share repurchase plan[226](index=226&type=chunk)[227](index=227&type=chunk) [Other Information](index=52&type=section&id=Item%205.%20Other%20Information) The company confirms no directors or officers adopted or terminated Rule 10b5-1 trading arrangements during the quarter - No director or officer adopted or terminated any "Rule 10b5–1 trading arrangement" or "non-Rule 10b5–1 trading arrangement" during the quarter ended June 30, 2025[228](index=228&type=chunk) [Exhibits](index=52&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the report, including officer certifications and interactive data files - The exhibits filed with this report include CEO and CFO certifications (Exhibits 31.1, 31.2, 32) and interactive data files in Inline XBRL format (Exhibit 101)[229](index=229&type=chunk)[230](index=230&type=chunk)

Financial Data and Key Metrics Changes - National Fuel Gas Company reported a 66% increase in adjusted operating results compared to the previous year, driven by higher natural gas prices and lower per unit operating costs [17] - The company narrowed its earnings guidance for fiscal 2025 to a range of $6.8 to $6.95 per share, reflecting positive momentum across the company [17][18] - For fiscal 2026, the company anticipates earnings per share in the range of $8 to $8.5, representing a 20% increase from fiscal 2025 at the midpoint [19] Business Line Data and Key Metrics Changes - Production at Seneca's Eastern Development Area increased by 16% year-over-year, with expectations for full-year production to rise approximately 8% compared to fiscal 2024 [5][6] - The company raised its production guidance for fiscal 2025 to a range of 420 Bcf to 425 Bcf, an 8% increase at the midpoint year-over-year [31] - For fiscal 2026, production is expected to grow by 6% at the midpoint, with capital expenditures projected to decrease by 4% [33] Market Data and Key Metrics Changes - The company noted that U.S. LNG demand recently exceeded 16 Bcf per day, with gas-fired power generation reaching record seasonal peaks [36] - Despite increased U.S. gas production, storage levels have remained near the five-year average, indicating resilient structural demand [36] Company Strategy and Development Direction - National Fuel is focused on organic growth, with ongoing investments in system modernization and pipeline expansion projects [8][11] - The company is well-positioned to participate in the anticipated infrastructure build-out in Pennsylvania, with significant investments announced in the state [12] - The company plans to file a rate case for its regulated subsidiaries in fiscal 2026, aiming to enhance revenue from its utility business [22][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the natural gas industry's growth, citing high demand domestically and abroad [14] - The company highlighted the importance of maintaining balance sheet flexibility while exploring growth opportunities [43] - Management acknowledged the potential for larger-scale projects in the future, contingent on permitting reforms [82] Other Important Information - The company raised its dividend for the 55th consecutive year to an annual rate of $2.14 per share, reflecting strong results and confidence in long-term outlook [11] - The company is evaluating the timing of a rate case for its Supply Corporation, with no projected incremental revenue until early fiscal 2027 [22] Q&A Session Summary Question: On the buyback pause and capital allocation - Management indicated that the decision to pause the buyback program was driven by capital allocation priorities, focusing on balance sheet flexibility and growth opportunities [43][44] Question: Impact of cash taxes in 2026 and beyond - Management expects cash tax rates to be in the high single digits for the current year, moving to low to mid single digits next year due to recent tax law changes [45][46] Question: Tioga pathway project spending cadence - Construction for the Tioga pathway project is set to begin in spring, with the bulk of spending occurring in summer [49] Question: Industry trends on service cost inflation - Management noted that they are not seeing significant inflationary pressure on service costs, with expectations for costs to remain stable [51][52] Question: Supply agreements with new egress in Northeast Pennsylvania - Management expressed excitement about opportunities arising from new egress projects, emphasizing the company's strong position due to deep inventory and credit rating [56][57] Question: NESE and Constitution pipeline projects - Management highlighted the positive implications of the NESE project for existing firm transportation and potential demand growth, while also acknowledging challenges with the Constitution project [66][67] Question: Well productivity gains in fiscal 2026 guidance - Management indicated that current guidance reflects ongoing improvements in well productivity, with potential for further gains as engineering efforts continue [70][72]

Financial Data and Key Metrics Changes - National Fuel Gas Company reported a 66% increase in adjusted operating results compared to the previous year, driven by higher natural gas prices and lower per unit operating costs at Seneca [15][29] - The company narrowed its earnings guidance for fiscal 2025 to a range of $6.80 to $6.95 per share, reflecting positive momentum across the company despite a reduction in NYMEX forecast from $3.50 to $3.25 for the fourth quarter [15][16] - For fiscal 2026, the company anticipates earnings per share in the range of $8.00 to $8.50, representing a 20% increase from fiscal 2025 at the midpoint [17][27] Business Line Data and Key Metrics Changes - Production at Seneca increased by 16% year-over-year, with guidance for full-year production expected to rise approximately 8% compared to fiscal 2024 [4][5] - The company raised its production guidance for fiscal 2025 to a new target range of 420 Bcf to 425 Bcf, an 8% increase at the midpoint year-over-year [30] - For fiscal 2026, production is projected to grow by 6% at the midpoint, with capital expenditures expected to decrease by 4% [31][32] Market Data and Key Metrics Changes - The natural gas market outlook remains constructive, supported by strong supply and demand fundamentals, with U.S. LNG demand exceeding 16 Bcf per day [33][34] - The company noted that while U.S. gas production has increased, storage levels have remained near the five-year average, indicating resilient structural demand [33] Company Strategy and Development Direction - National Fuel is focused on organic growth, with ongoing investments in modernization and expansion projects, including the Shippingport Lateral and Tioga Pathway projects [7][25] - The company aims to achieve mid-single-digit rate base growth over the next several years while continuing to invest in system modernization [6][28] - Management emphasized the importance of infrastructure to support growing energy demand, particularly in Pennsylvania, where significant investments have been announced [7][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the natural gas industry's future, highlighting that demand for natural gas is at all-time highs both domestically and abroad [13][14] - The company is well-positioned to capitalize on new infrastructure developments and has a strong balance sheet to support growth initiatives [28] - Management acknowledged the need for permitting reform to facilitate larger-scale projects in the future [77] Other Important Information - The company raised its dividend for the 55th consecutive year to an annual rate of $2.14 per share, reflecting strong results and confidence in the long-term outlook [10] - National Fuel's capital spending guidance for fiscal 2025 remains unchanged, with a modest increase projected for fiscal 2026 due to inflationary pressures [23][24] Q&A Session Summary Question: On the buyback pause and capital allocation - Management indicated that the decision to pause the buyback program was driven by capital allocation priorities, focusing on balance sheet flexibility for growth opportunities [39][40] Question: Impact of cash taxes in 2026 and beyond - Management expects cash tax rates to be in the high single digits for the current year, moving to low to mid-single digits next year due to changes in tax legislation [42][43] Question: Tioga Pathway project spending cadence - Construction for the Tioga Pathway project will begin in spring, with the bulk of spending occurring in summer as contractors install the lines [46] Question: Industry trends on service costs - Management noted that while there are inflationary pressures, they do not expect significant increases in service costs and anticipate a neutral to slightly down trend overall [48][49] Question: Supply agreements with new egress in Northeast Pennsylvania - Management expressed excitement about opportunities arising from new egress projects and highlighted the company's strong position due to deep inventory and an investment-grade credit rating [52][53] Question: Growth opportunities in regulated pipeline investments - Management emphasized organic growth as the top priority, with ongoing projects like Shippingport and Tioga Pathway seen as important steps, while larger-scale projects will require permitting reform [75][77]