Financial Performance - Operating revenues for the three months ended December 31, 2025, increased to $651.5 million, up 18.6% from $549.5 million in the same period of 2024[10] - Net income available for common stock surged to $181.6 million, compared to $45.0 million in the prior year, representing a 304.5% increase[12] - Earnings per common share (basic) rose to $1.99, a significant increase from $0.50 in the previous year[10] - The company reported an operating income of $276.1 million, a substantial increase from $86.2 million in the same quarter of the previous year[10] - Comprehensive income for the three months ended December 31, 2025, was $207.9 million, compared to a loss of $15.7 million in the prior year[12] - Net income available for common stock for the three months ended December 31, 2025, was $181,645,000, a significant increase from $44,986,000 in the same period of 2024, representing a growth of 304%[20] - Total revenues for the quarter ended December 31, 2025, were $651.5 million, a 18.6% increase from $549.5 million in the same quarter of 2024[48] - The Integrated Upstream and Gathering segment generated revenues of $323.2 million for the three months ended December 31, 2025[83] - The Utility segment reported revenues of $259.0 million for the same period, contributing to the overall revenue growth[83] Assets and Liabilities - Total assets increased to $9.21 billion as of December 31, 2025, compared to $8.72 billion at the end of September 2025, reflecting a growth of 5.6%[15] - Cash and temporary cash investments rose to $271.4 million, up from $43.2 million in the previous quarter, indicating improved liquidity[15] - Total comprehensive shareholders' equity increased to $3,587,960,000 as of December 31, 2025, compared to $3,094,604,000 as of September 30, 2025, reflecting a growth of 16%[18] - The company's total capitalization as of December 31, 2025, was $5,671,852,000, an increase from $5,477,465,000 as of September 30, 2025, showing a growth of 4%[18] - The fair market value of long-term debt was $2,695,409,000, with a carrying amount of $2,683,892,000[57] - The Company reported a decrease in current portion of long-term debt to $600,000,000 as of December 31, 2025, from $300,000,000 as of September 30, 2025, reflecting a 100% increase in current liabilities[20] Cash Flow and Investments - Net cash provided by operating activities for the three months ended December 31, 2025, was $274,921,000, up from $220,088,000 in the same period of 2024, indicating a 25% increase[20] - Capital expenditures for the three months ended December 31, 2025, were $277,631,000, compared to $240,427,000 in the same period of 2024, representing an increase of 15%[20] - The net increase in cash and cash equivalents for the three months ended December 31, 2025, was $228,232,000, compared to $10,472,000 in the same period of 2024, indicating a substantial increase[20] - Cash and cash equivalents at December 31, 2025, were $271,398,000, a significant increase from $48,694,000 at the same time in 2024[20] - The Company had $46.2 million of net hedging gains after taxes included in accumulated other comprehensive income, with $45.9 million expected to be reclassified into earnings within the next 12 months[64] Shareholder Returns - The company declared dividends per common share of $0.535, up from $0.515 in the previous year, reflecting a commitment to returning value to shareholders[10] - The balance of earnings reinvested in the business at December 31, 2025, was $2.14 billion, compared to $1.70 billion at the same time last year[10] - The Company issued 4,402,513 shares of common stock at $79.50 per share, raising net proceeds of $338.6 million for general corporate purposes, including funding an acquisition[71] Acquisitions and Growth - The Company entered into a Securities Purchase Agreement to acquire Vectren Energy Delivery of Ohio, LLC for an aggregate purchase price of $2.62 billion, expected to close in Q4 2026[43] - The acquisition will double the size of the Company's gas utility rate base and expand operations into Ohio, a state with a supportive regulatory environment[43] - The purchase price includes $1.42 billion in cash and a $1.2 billion promissory note with a 6.5% interest rate, maturing 364 days post-closing[43] Environmental and Regulatory Matters - The Company recorded a regulatory liability of $1.5 million for environmental clean-up costs as of December 31, 2025[75] - The Company has not identified any material additional exposure to environmental liabilities beyond the recorded amounts[75] - The 2024 Rate Order approved by the NYPSC includes a revenue requirement increase of $57.3 million for fiscal 2025, $15.8 million for fiscal 2026, and $12.7 million for fiscal 2027, with a return on equity of 9.7%[86] - In Pennsylvania, the 2023 Rate Order authorized an increase in annual base rate operating revenues of $23 million, with a proposed additional increase of $19.7 million effective March 29, 2026[87] Other Financial Metrics - The effective tax rate for the quarter ended December 31, 2025, was 24.6%, an increase from 19.9% in the same quarter of 2024[69] - The Company recorded a total of $9,720 thousand in net gains from derivative financial instruments for the quarter ended December 31, 2025[36] - The Company recorded an impairment charge of $33.45 million for water disposal assets in Q4 2025, following a fair market value assessment[54] - The allowance for uncollectible accounts increased to $17,504,000 as of December 31, 2025, from $28,384,000 in the same period of 2024, indicating a decrease of 38%[29]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share (EPS) of $2.06 for the first quarter of fiscal 2026, aligning with expectations [4] - Adjusted EBITDA increased by 29% compared to the prior year, driven by higher production and natural gas prices [4] Business Line Data and Key Metrics Changes - The integrated upstream and gathering business saw net production of 109 billion cubic feet (BCF), a 12% increase over the first quarter of fiscal 2025 [23] - The regulated businesses performed strongly due to a three-year rate settlement at the New York utility and a pipeline modernization tracker at the Pennsylvania utility [5][8] Market Data and Key Metrics Changes - Natural gas prices have shown significant volatility, with the February contract settling at nearly $7.50, a 140% increase from two weeks prior [15] - The company expects natural gas prices to remain in the $3-$5 range, influenced by structural demand from LNG exports and limited new infrastructure [28] Company Strategy and Development Direction - The company is focused on operational excellence and growth, with plans to expand Seneca's inventory and improve capital efficiency [6] - The Tioga Pathway project and shipping port lateral project are progressing well, with additional expansion opportunities anticipated [7] - The company is pursuing an acquisition of CenterPoint's Ohio LDC, expected to close in the fourth quarter of calendar 2026, which will enhance its regulated business [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the natural gas outlook, citing all-time high demand and bipartisan support for an all-of-the-above energy approach [5] - The company reaffirmed its adjusted EPS guidance range of $7.60-$8.10 for fiscal 2026, projecting a 14% growth over the previous year [22] - Management noted that the regulatory environment in Ohio is improving, which could facilitate future projects [21] Other Important Information - The company has a strong investment-grade balance sheet and expects to approach a net debt to EBITDA ratio of 1.75 times by the end of fiscal 2026 [17] - The company has executed a ten-year agreement to provide MIQ-certified methane reduction certificates, reinforcing its commitment to sustainability [29] Q&A Session Summary Question: Ability to take advantage of local price spikes - The company has a marketing portfolio that allows it to keep some gas available to take advantage of high local prices during cold weather [32][33] Question: Future growth projects in the pipeline business - Management indicated that there are additional opportunities for pipeline projects beyond the Tioga Pathway, given the favorable location of their pipelines [34][36] Question: Impact of federal permitting reform on pipeline projects - Management believes that permitting reform would expedite project development but does not expect it to change their overall view on pipeline development [39] Question: DNC costs of Seneca Gen 4 design - The Gen 4 design incurs additional costs due to wider inner well spacing and increased prop loading, estimated at $150-$175 per foot [40][41] Question: Optimal production growth rate - The company aims for a mid-single digit growth rate, contingent on interstate pipeline capacity and market conditions [47][49] Question: Co-development strategy for Upper Utica - The company is currently testing co-development strategies for Upper and Lower Utica, with plans to assess data from ongoing tests [62][64] Question: Incremental takeaway capacity from the basin - Management noted ongoing projects that will enhance takeaway capacity from the basin, which is crucial for reducing price volatility [73][75]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share (EPS) of $2.06 for Q1 2026, aligning with expectations and reflecting a solid start to the fiscal year [5][13] - Adjusted EBITDA increased by 29% compared to the prior year, driven by higher production and natural gas prices [5] - The company reaffirmed its adjusted EPS guidance range for the fiscal year at $7.60-$8.10, with a midpoint of $7.85 [15] Business Line Data and Key Metrics Changes - The integrated upstream and gathering segment saw net production of 109 billion cubic feet (BCF), a 12% increase over Q1 2025 [24] - The utility business filed a new rate case requesting a $20 million increase in rates, which would result in an approximate 11% increase in customer bills if approved [9][10] - The regulated businesses benefited from a three-year rate settlement at the New York utility and a pipeline modernization tracker at the Pennsylvania utility [6] Market Data and Key Metrics Changes - Natural gas prices have shown significant volatility, with the February contract settling at nearly $7.50, a 140% increase from two weeks prior [16] - The company anticipates a price environment for natural gas in the $3-$5 range, supported by strong structural demand from LNG exports and power generation [29] Company Strategy and Development Direction - The company is focused on operational excellence and growth, with plans to expand Seneca's inventory and improve capital efficiency [7] - The Tioga Pathway project and Shippingport Lateral project are progressing well, with expectations for additional expansion opportunities [8] - The company is optimistic about the Ohio utility acquisition, which is expected to close in Q4 2026, enhancing its growth potential [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong outlook for natural gas demand, citing bipartisan support for an all-of-the-above energy approach [6] - The company noted that pricing fluctuations are expected to persist, but its hedge book provides downside protection for 70% of remaining production [16] - Management highlighted the importance of building more pipeline infrastructure to alleviate price volatility in the Northeast [55] Other Important Information - The company completed a $350 million private placement of common stock to satisfy equity needs for the Ohio utility acquisition [11][19] - The Ohio regulatory environment is improving, with new laws expected to shorten the rate case timeline and provide greater certainty in achieving allowed returns [22] Q&A Session Summary Question: Ability to take advantage of local price spikes - Management confirmed they keep a portion of gas available to capitalize on high local prices during extreme weather events [34] Question: Future growth projects in the pipeline business - Management indicated there are additional opportunities for pipeline projects beyond those currently announced, given the strategic location of their pipelines [37] Question: Impact of federal permitting reform on pipeline projects - Management believes permitting reform would expedite project development but does not fundamentally change their view on pipeline development [40] Question: Optimal production growth rate - Management stated that mid-single digit growth (3%-7%) is the target, contingent on interstate pipeline capacity and market conditions [50] Question: Co-development strategy for Upper Utica - Management is currently testing co-development strategies and remains flexible based on data and results from ongoing projects [64][65] Question: Incremental takeaway capacity from the basin - Management noted ongoing projects that will enhance takeaway capacity and expressed optimism about future infrastructure developments [76][77]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share (EPS) of $2.06 for Q1 2026, aligning with expectations and reflecting a solid start to the fiscal year [4][13] - Adjusted EBITDA increased by 29% compared to the prior year, driven by higher production and natural gas prices [4] Business Line Data and Key Metrics Changes - The integrated upstream and gathering segment achieved net production of 109 BCF, a 12% increase over Q1 2025, highlighting the strength of the Tioga Utica program [23] - The utility business filed a new rate case in Pennsylvania requesting a $20 million increase, which, if approved, would raise customer bills by about 11% [9][10] Market Data and Key Metrics Changes - Natural gas prices have shown significant volatility, with the February contract settling at nearly $7.50, a 140% increase from two weeks prior, marking a record move in NYMEX history [15] - The company anticipates a price environment for natural gas in the $3-$5 range, supported by strong structural demand from LNG exports and power generation [27] Company Strategy and Development Direction - The company is focused on operational excellence and growth, with plans to expand Seneca's inventory and improve capital efficiency, targeting a 30% gain since 2023 [6] - The company is optimistic about future pipeline expansion opportunities and is actively engaged in discussions for additional projects [7][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the natural gas market, citing all-time high demand and bipartisan support for an all-of-the-above energy approach [5][11] - The adjusted EPS guidance for the full year remains unchanged at $7.60-$8.10, with expectations for a 14% growth over the previous year [14][21] Other Important Information - The company is progressing with the acquisition of CenterPoint's Ohio LDC, expected to close in Q4 2026, with financing secured through a $350 million private placement [12][18] - Regulatory changes in Ohio are expected to shorten the rate case timeline and provide greater certainty in achieving allowed returns [20] Q&A Session Summary Question: Ability to take advantage of local price spikes - The company has a marketing portfolio that allows it to keep some gas available to take advantage of high local prices during cold weather [32][33] Question: Future growth projects in the pipeline business - Management indicated that there are additional opportunities for pipeline projects beyond the announced Tioga Pathway, with ongoing interest in the area [34][35] Question: Impact of federal permitting reform on pipeline projects - Management believes that permitting reform would expedite project development but does not fundamentally change their view on pipeline development [39] Question: Optimal production growth rate - The company aims for a mid-single digit growth rate, contingent on interstate pipeline capacity and market conditions [48] Question: Plans for further delineation or testing in the Upper Utica zone - The company is actively appraising and delineating additional locations in both the upper and lower Utica, with over 400 locations identified [50][51] Question: Variability of the frac barrier between upper and lower Utica - The company has a good understanding of the thickness of the impermeable barrier across its acreage, which is consistent and effective [72] Question: Incremental takeaway industry-wide from the basin - Management noted ongoing projects that are increasing takeaway capacity and expressed cautious optimism about future developments [76][77]

Investor Presentation Fiscal 2026 – 1st Quarter Update January 28, 2026 Fiscal 2026 Q1 Update 1 National Fuel Gas Company Fiscal 2026 Q1 Update 2 • Company Overview (3) • Recent Highlights (6) • Why National Fuel? (11) • Financial Overview (16) • Integrated Upstream & Gathering Highlights (20) • Pipeline & Storage and Utility Highlights (32) • Guidance & Other Financial Information (48) Company Overview Corporate HQ: Buffalo, NY ~2,300 employees NYSE: NFG Market Cap: ~$7.9B 123 Years of consecutive dividend ...

Financial Performance - National Fuel reported GAAP earnings of $181.6 million, or EPS of $1.98, compared to $45.0 million, or $0.49 per share, in the prior year[6]. - Adjusted earnings increased to $187.7 million, or adjusted EPS of $2.06, representing a 24% increase per share from $151.9 million, or $1.66 per share, in the prior year[6]. - The Utility segment's net income increased by 5% to $34.1 million, primarily due to higher customer margin from system modernization investments[20]. - Adjusted earnings for the first quarter of 2026 are reported at $187.682 million, compared to $151.941 million in the first quarter of 2025[32]. - First quarter 2025 GAAP earnings per share was $(0.21), while adjusted earnings per share was $1.66, reflecting a significant increase from $(0.01) in the previous year[34]. - Net income available for common stock was $181.6 million, significantly higher than $45.0 million in the same quarter last year, indicating a year-over-year increase of 303.5%[37]. - Net income available for common stock increased significantly to $181,645,000 in Q4 2025 from $44,986,000 in Q4 2024, representing a growth of 304%[41]. - Reported GAAP earnings for the quarter were $181.645 million, significantly up from $44.986 million in the same quarter of 2024[62]. Revenue Growth - Operating revenues for the first quarter of 2025 reached $651.5 million, up from $549.5 million in the same period last year, representing an increase of approximately 18.6%[37]. - Integrated Upstream and Gathering Revenues increased to $323.2 million, a rise of 28.2% compared to $252.3 million in the prior year[37]. - Utility revenues grew to $259.0 million, compared to $228.4 million in the previous year, marking an increase of 13.4%[37]. - Total operating revenues rose to $323,223,000 in Q4 2025, up from $252,308,000 in Q4 2024, marking an increase of 28%[43]. - Revenues from external customers in the utility segment increased to $259,047,000 in Q4 2025 from $228,424,000 in Q4 2024, a growth of 13%[48]. Production and Pricing - The Integrated Upstream and Gathering segment's adjusted EPS rose by 45% to $1.36, driven by a 14% increase in natural gas price realizations and a 12% growth in natural gas production[6]. - Seneca produced 109 Bcf of natural gas, an increase of 11 Bcf, or 12%, from the prior year due to new Utica pads turned in line in Tioga County[14]. - The weighted average realized natural gas price was $2.89 per Mcf, an increase of $0.36 per Mcf, or 14%, from the prior year[15]. - Gas production in Appalachia for the quarter was 109,181 MMcf, up 11,464 MMcf from 97,717 MMcf in the same quarter of 2024[56]. - The weighted average price per Mcf increased to $2.77 in 2025 from $2.23 in 2024, reflecting a $0.54 increase[56]. Capital Expenditures and Guidance - Capital expenditures for fiscal 2026 are projected to be between $955 million and $1,065 million, with specific segments allocated as follows: Integrated Upstream and Gathering $560 - $610 million, Pipeline and Storage $210 - $250 million, and Utility $185 - $205 million[30]. - National Fuel reaffirmed its fiscal 2026 adjusted EPS guidance range of $7.60 to $8.10 per share, with a midpoint of $7.85[8]. - The company revised its adjusted earnings per share guidance for fiscal 2026 to a range of $7.60 - $8.10, maintaining the previous guidance[28]. - The company expects natural gas production to be between 440 Bcf and 455 Bcf for fiscal 2026, with NYMEX natural gas price assumptions set at $3.75 per MMBtu[30]. - The effective tax rate for fiscal 2026 is anticipated to be approximately 25.5%[30]. Acquisition and Related Costs - The Company successfully issued $350 million in common equity to fund the acquisition of CenterPoint Ohio gas utility, expected to close in Q4 2026[6]. - The acquisition of CenterPoint Energy's Ohio natural gas utility business is expected to close in Q4 2026, with no impact on fiscal 2026 guidance[28]. - The company plans to acquire an Ohio gas utility, which is expected to impact future earnings and operational strategy[34]. - The company incurred costs of $7.687 million related to the pending Ohio gas utility acquisition during the quarter[62]. - Management reported costs related to the pending Ohio gas utility acquisition amounting to $2,007[64]. Cash Flow and Liquidity - Cash and temporary cash investments rose to $271.4 million, up from $43.2 million, indicating a substantial increase in liquidity[39]. - Net cash provided by operating activities was $274,921,000 in Q4 2025, an increase from $220,088,000 in Q4 2024, indicating a growth of 25%[41]. - Net cash provided by financing activities surged to $232,197,000 in Q4 2025, compared to $24,933,000 in Q4 2024, showing a substantial increase[41]. - The company reported a net interest benefit from equity issuance of $509 thousand in the first quarter of 2026[32]. Segment Performance - Integrated Upstream and Gathering Segment reported GAAP earnings of $124,047, a significant increase from a loss of $19,632 in the same period last year[64]. - Adjusted EBITDA for the Integrated Upstream and Gathering Segment rose to $268,442, up 28.7% from $208,581 year-over-year[64]. - Pipeline and Storage Segment reported GAAP earnings of $31,219, slightly down from $32,454 in the previous year[64]. - Utility Segment reported GAAP earnings of $34,090, an increase from $32,499 year-over-year[64]. - Corporate and All Other segment reported a GAAP loss of $7,711, compared to a loss of $335 in the same quarter last year[64]. - Adjusted EBITDA for the Utility Segment increased to $64,651, up 6.5% from $60,665 year-over-year[64].

分组1 - National Fuel Gas (NFG) reported quarterly earnings of $2.06 per share, exceeding the Zacks Consensus Estimate of $1.91 per share, and up from $1.66 per share a year ago, representing an earnings surprise of +7.71% [1] - The company achieved revenues of $651.51 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 0.69%, and an increase from $549.48 million year-over-year [2] - National Fuel Gas has outperformed the S&P 500 with a 3.9% gain since the beginning of the year, compared to the S&P 500's gain of 1.9% [3] 分组2 - The current consensus EPS estimate for the upcoming quarter is $2.23 on revenues of $762.95 million, and for the current fiscal year, it is $7.32 on revenues of $2.58 billion [7] - The Zacks Industry Rank for Oil and Gas - Integrated - United States is in the bottom 7% of over 250 Zacks industries, indicating potential challenges for stocks in this sector [8] - National Fuel Gas currently holds a Zacks Rank 4 (Sell), suggesting that the stock is expected to underperform the market in the near future [6]

Core Insights - National Fuel Gas Company reported strong first-quarter results for fiscal 2026, with adjusted EPS increasing by 24% year-over-year, driven by operational success in its Integrated Upstream and Gathering segment and growth in regulated businesses [3][7]. Financial Performance - The company achieved GAAP earnings of $181.6 million, or $1.98 per share, compared to $45.0 million, or $0.49 per share, in the prior year [7]. - Adjusted earnings were $187.7 million, or adjusted EPS of $2.06, up from $151.9 million, or $1.66 per share, in the previous year [7]. - The Integrated Upstream and Gathering segment's adjusted EPS rose by 45% to $1.36, supported by a 14% increase in natural gas price realizations and a 12% growth in natural gas production [7]. Segment Performance - The Utility segment's net income increased by 5% year-over-year, attributed to ongoing investments in system modernization in New York and Pennsylvania [7]. - The Pipeline and Storage segment experienced a slight decrease in GAAP earnings, primarily due to reduced other income [22]. - The Corporate and All Other segment reported a net loss of $7.7 million, largely due to transaction and financing costs related to the pending Ohio gas utility acquisition [25]. Operational Highlights - The company is focused on capital efficiency improvements, with an expanding inventory of high-quality Appalachian development locations, including approximately 200 new drilling locations [4]. - Key projects such as the Tioga Pathway and Shippingport Lateral expansion are on track for completion later in the calendar year [4]. - National Fuel successfully issued $350 million in common equity to fund the acquisition of CenterPoint Energy's Ohio gas utility, expected to close in Q4 2026 [7]. Guidance and Outlook - The company reaffirmed its fiscal 2026 adjusted EPS guidance range of $7.60 to $8.10 per share, with a midpoint of $7.85 [9]. - The guidance incorporates first-quarter results and pricing assumptions consistent with previous guidance, including an average NYMEX natural gas price of $3.75 per MMBtu [9]. - Sensitivities to adjusted EPS guidance were provided based on varying NYMEX natural gas price assumptions [9].

Core Viewpoint - National Fuel Gas Company (NFG) is a diversified energy company involved in natural gas and oil exploration, production, transportation, and storage, primarily in California and the Appalachian region [1] Price Targets - The consensus price target for NFG's stock has shown stability, with an average of $101 last month and last quarter, compared to $103.5 last year, indicating a steady outlook from analysts [2][6] - Raymond James has set a lower price target of $76 for NFG, reflecting a more cautious perspective on the company's potential earnings performance [3][6] Earnings Expectations - NFG is expected to release its first quarter fiscal 2026 earnings results on January 28, 2026, with anticipated earnings growth, although analysts have highlighted potential challenges [4][6] - Understanding key expectations surrounding NFG's performance, including price targets and market conditions, is essential for investors to prepare for future stock price movements [5]

Core Insights - New Found Gold Corp. has made significant advancements at its 100%-owned Queensway Gold Project, including entering into a Phase I EPCM contract [1][3] Project Advancements - The commencement of EPCM work is viewed as a key milestone for advancing the Queensway project, with a timeline from initial mineral resource in early 2025 to a planned first gold pour in late 2027 [3] - The project benefits from a high-grade core deposit, ownership of the Pine Cove operation with permitted milling and tailings facilities, and a favorable mining jurisdiction in Newfoundland and Labrador [3] - The region is ranked in the top 10 globally in the Fraser Institute's 2024 Annual Survey of Mining Companies, providing excellent access, infrastructure, and a skilled labor force [3] EPCM Contract Details - The EPCM contract has been awarded to WSP Canada Inc. for the development of the Queensway Phase 1 project, which includes site development and detailed engineering for an offsite milling facility [6] - The company plans to upgrade and expand the Pine Cove Mill to process both Hammerdown and Queensway Phase 1 feed from a single facility [6] Environmental and Financial Aspects - The environmental baseline work at Queensway is substantially completed, with plans to submit an Environmental Registration to the Newfoundland and Labrador Department of Environment, Conservation and Climate Change in late Q1 2026 [6] - The company has engaged Cutfield Freeman & Co. Ltd. as its project finance advisor to select an optimal financing package for the initial capital expenditure required for Queensway Phase 1 production [6] Technical and Timeline Updates - An updated Technical Report, including a new mineral resource estimate, is planned for mid-2026 [6] - The objective is to achieve the first gold pour from Queensway Phase 1 in the second half of 2027, pending all required permits [6][7]