Core Insights - National Fuel Gas Company (NFG) reported strong fourth-quarter fiscal 2025 adjusted operating earnings of $1.22 per share, exceeding the Zacks Consensus Estimate of $1.08 by 12.96% and marking a 58% increase from the previous year's figure of 77 cents [1][7] - Total revenues for the quarter were $456.4 million, falling short of the Zacks Consensus Estimate of $547 million by 16.6%, but representing a 22.6% increase from $372.1 million in the prior year [2] - NFG announced a significant acquisition of CenterPoint Energy's Ohio natural gas utility for $2.62 billion, expected to close in the fourth quarter of 2026, which is anticipated to double the Utility segment's rate base [5][7] Financial Performance - Fiscal full-year operating earnings reached $6.91 per share, up 37.9% from $5.01 in fiscal 2024 [1] - Total operating expenses decreased to $276.6 million, down 51.35% from $568.6 million in the year-ago quarter, leading to an operating income of $179.8 million compared to an operating loss of $196.6 million in the previous year [4] - Net cash provided by operating activities for fiscal 2025 totaled $1.1 billion, slightly up from $1.07 billion in the previous year [8] Segment Performance - Utility segment revenues totaled $87.8 million, a 10% increase from $79.8 million in the year-ago quarter [3] - Integrated upstream and Gathering and Other segments reported revenues of $300.4 million, up 33.6% from $224.9 million in the prior year [3] - Pipeline and Storage segment revenues amounted to $68.2 million, reflecting a 1.3% increase from $67.3 million recorded in the year-ago quarter [3] Production and Guidance - During the fiscal fourth quarter, Seneca produced 112 billion cubic feet (Bcf) of natural gas, an increase of 20 Bcf, or 21%, from the prior-year level [5] - NFG provided guidance for adjusted earnings per share for fiscal 2026 in the range of $7.60 to $8.10, with the Zacks Consensus Estimate at $7.83 [9] - The company expects capital expenditure for fiscal 2026 to be between $0.96 billion and $1.07 billion, with production anticipated in the range of 440-455 Bcf [9]

Financial Data and Key Metrics Changes - National Fuel Gas Company reported adjusted earnings per share of $1.22 for Q4 2025, a 58% increase from the previous year, and a 38% increase compared to fiscal 2024 [4][12] - The company achieved a consolidated production increase of 21% year over year, with total per unit operating expenses lower [13] - Adjusted earnings per share in the integrated upstream and gathering business increased by 70% year over year [13] Business Line Data and Key Metrics Changes - The integrated upstream and gathering segment saw significant growth, with production increasing by approximately 20% since the EDA transition began in mid-2023 [4][5] - The company added approximately 220 prospective well locations in the Upper Utica formation, nearly doubling its inventory in the EDA [5] - Capital expenditures for the integrated upstream and gathering segment are expected to be $550-$610 million for fiscal 2026, down 3% at the midpoint compared to fiscal 2025 [26] Market Data and Key Metrics Changes - NYMEX prices averaged approximately $3.75, with adjusted earnings expected to be within the range of $7.60-$8.10 per share for fiscal 2026 [14][17] - Approximately 85% of expected fiscal 2026 volumes are covered by physical firm sales and/or firm transportation, minimizing exposure to spot pricing [27] Company Strategy and Development Direction - The company is focused on enhancing capital efficiency and operational excellence, with a strong emphasis on the development of its Tioga County assets [4][5] - National Fuel is pursuing the acquisition of CenterPoint's Ohio Gas Utility, which is expected to double its utility rate base and provide significant growth opportunities [10][20] - The company is optimistic about the future of natural gas as a reliable energy source, advocating for an all-of-the-above energy approach [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's long-term growth potential, citing strong operational performance and a solid outlook for fiscal 2026 [12][20] - The company anticipates generating $300-$350 million in free cash flow for fiscal 2026, which will support dividend payments and balance sheet strengthening [17] - Management highlighted the importance of firm transportation agreements to ensure market access for production growth [6][27] Other Important Information - The company streamlined its segment reporting by combining exploration and production with gathering into one integrated segment [14] - National Fuel's sustainability efforts were recognized, with improvements in ECHO origin ratings reflecting its commitment to environmental stewardship [30] Q&A Session Summary Question: Details on Upper Utica inventory and economics - Management indicated that the Upper Utica zone has been under examination for years, with confidence in the 220 locations based on extensive testing and production history [34][35] Question: Outlook for in-basin demand and project interest - Management noted strong interest from data center developers and other entities, emphasizing the advantages of integrated operations in discussions with potential partners [36][37] Question: Upper Utica's role in future plans - Management confirmed that Upper Utica wells will be incorporated into future plans, with a gradual increase in their proportion relative to Lower Utica wells [40][41] Question: Debt allocation with CenterPoint acquisition - Management explained that financing decisions are made at the parent company level, considering overall cash flows and capital structures across segments [42] Question: Supply Corp rate case returns - Management indicated that typical rate-making returns for Supply Corp are in the low double digits, with potential for higher returns based on capital structure [45][46]

Financial Performance & Growth - National Fuel Gas Company(NFG) projects >10% Adjusted EPS Growth from FY24-FY27E[9] - NFG's ROCE outperforms peers and the broader market, with average annual stock outperformance since FY17 of +2% vs S&P 500, and +6% vs E&P and Utility Peers[36, 39] - The company anticipates a regulated adjusted EPS CAGR of 8-10% from 2024 to 2027, further enhanced by the CNP Ohio acquisition[44] - NFG expects FY26 Adjusted EPS of $7.60 - $8.10, a 14% increase from FY25, assuming a NYMEX price of $3.75[165] Strategic Acquisitions & Expansions - NFG is acquiring CenterPoint's Ohio gas utility business for $2.62 billion, representing ~1.6x 2026E rate base of $1.6 billion[23] - The Tioga Pathway and Shippingport Lateral projects are expected to generate ~$30 million in annual revenues with a combined capital spend of ~$150 million[106] - The company has secured new firm transportation agreements to support future growth, increasing firm transportation capacity to ~1.5 Bcf/day[20, 91] Operational Highlights - NFG's current net production stands at ~1.2 Bcf/day[17, 27] - The company has ~1.2 million net acres in Appalachia[17, 27] - NFG has a total throughput of ~1.4 Bcf/day[17, 27] Sustainability & Emissions Reduction - NFG has achieved a 25% reduction in methane emissions since 2020[13, 55] - The company is targeting a 75% reduction in utility mains & services emissions by 2030 and 90% by 2050, based on 1990 EPA Subpart W emissions[162] - Highland recycled more than 95% of Seneca's produced fluids in 2024[104]

Financial Performance - Adjusted earnings per share increased by 58% to $1.22 compared to $0.77 per share in the prior year[8] - GAAP earnings per share for fiscal 2025 were $5.68, a significant increase from a loss of $0.84 per share in fiscal 2024[8] - For the fourth quarter ended September 30, 2025, GAAP earnings were $27,938,000, an increase of $33,750,000 compared to a loss of $5,812,000 in the prior year[24] - Adjusted EBITDA for the fourth quarter was $62,639,000, reflecting a slight increase of $112,000 from $62,527,000 in the previous year[24] - Adjusted earnings for the fourth quarter 2025 are projected to be $111,028 thousand, reflecting a significant increase from the previous year[42] - Fiscal 2024 GAAP earnings were reported at $77.513 million, with adjusted earnings of $462.731 million[48] - Fiscal 2025 adjusted earnings are projected to be $630.505 million, reflecting an increase from the previous year[48] - The company reported a net income available for common stock for the twelve months ended September 30, 2025, was $518,504,000, compared to $77,513,000 in 2024, representing a significant increase of 570.5%[58] - Basic earnings per share for the twelve months ended September 30, 2025, was $5.73, compared to $0.84 in 2024, reflecting a growth of 581.0%[54] - Net income for the twelve months ended September 30, 2025, was $324,698,000, compared to a net loss of $57,041,000 in 2024, representing a significant turnaround[60] Production and Reserves - Natural gas production reached 112 Bcf in the fourth quarter, representing a 21% increase year-over-year[8] - Proved reserves increased by 5% to 4,981 Bcfe, with a replacement rate of 154% for fiscal 2025 production[22] - The Integrated Upstream and Gathering segment achieved record natural gas production of 426 Bcf for the fiscal year, a 9% increase from the prior year[8] - The company expects to produce between 440 to 455 Bcf of natural gas in fiscal 2026[39] - Gas production in the Appalachia region increased to 111,538 MMcf for the three months ended September 30, 2025, up from 91,902 MMcf in the same period of 2024, representing a 21.4% increase[71] - Proved developed and undeveloped reserves increased to 4,980,410 MMcf as of September 30, 2025, from 4,751,762 MMcf in 2024, a growth of 4.8%[73] Acquisitions and Investments - The company announced the acquisition of CenterPoint Energy's Ohio natural gas utility for $2.62 billion, expected to close in Q4 2026[8] - The acquisition of CenterPoint Energy's Ohio natural gas utility business is expected to close in the fourth quarter of calendar 2026, not impacting fiscal 2026 guidance[37] - The company incurred $1,061,000 in pending Ohio acquisition costs during the three months ended September 30, 2025[79] - The Corporate and All Other segment reported a net loss of $6,300,000, an increase of $3,300,000 from the prior year, attributed to higher operating expenses related to the Ohio utility acquisition[30] Revenue and Expenses - Operating revenues for the three months ended September 30, 2025, increased to $456,406,000, up 22.7% from $372,068,000 in the same period of 2024[54] - Total operating revenues for the twelve months ended September 30, 2025, reached $1,184,136,000, a 21.2% increase from $976,615,000 in 2024[60] - Operating income for the three months ended September 30, 2025, was $158,246,000, compared to an operating loss of $172,883,000 in the same period of 2024, indicating a positive variance of $331,129,000[60] - Operating and maintenance expenses in the Utility segment rose by $3,800,000, driven by higher personnel costs[29] - Operating Expenses for the three months ended September 30, 2025, totaled $7,686,000, an increase of 24.9% from $6,154,000 in 2024[66] Dividends and Shareholder Returns - The company announced its 55th consecutive dividend increase to an annual rate of $2.14 per share[8] Guidance and Projections - The company provided fiscal 2026 adjusted earnings per share guidance of $7.60 to $8.10, assuming an average NYMEX natural gas price of $3.75 per MMBtu[11] - The company revised its fiscal 2026 consolidated adjusted earnings per share guidance to $7.60 - $8.10[39] - Capital expenditures for fiscal 2026 are projected to remain between $955 million and $1,065 million[39] Market Conditions - The average NYMEX natural gas price realization increased to $2.61 per Mcf, up 9% compared to the prior year[8] - The impact of new rates in New York added $3,842 thousand to utility margins[42] - Average weighted gas prices rose to $2.41 per Mcf for the three months ended September 30, 2025, compared to $1.73 per Mcf in 2024, marking a 39.3% increase[71] Segment Performance - The Utility segment's GAAP earnings decreased by $1,031,000, or 6%, primarily due to increased operation and maintenance expenses[27] - Customer margin in the Utility segment increased by $5,300,000, largely due to a rate increase effective October 1, 2024[28] - Integrated Upstream and Gathering Segment reported GAAP earnings of $103,493,000 for Q3 2025, a significant improvement from a loss of $142,072,000 in Q3 2024[81] - Pipeline and Storage Segment achieved reported GAAP earnings of $27,938,000 in Q3 2025, compared to a loss of $5,812,000 in Q3 2024[81] - Utility Segment reported a GAAP loss of $17,790,000 in Q3 2025, a marginal increase from a loss of $16,759,000 in Q3 2024[81]

Core Insights - National Fuel Gas (NFG) reported a revenue of $456.41 million for the quarter ended September 2025, reflecting a year-over-year increase of 22.7% [1] - The earnings per share (EPS) for the quarter was $1.22, up from $0.77 in the same quarter last year, resulting in an EPS surprise of +12.96% against the consensus estimate of $1.08 [1] - The reported revenue was below the Zacks Consensus Estimate of $547.21 million, resulting in a revenue surprise of -16.59% [1] Financial Performance Metrics - Total production for the quarter was 111,538.00 MMcfe, exceeding the average estimate of 108,291.90 MMcfe from two analysts [4] - Total operating revenues from Pipeline and Storage were $105.84 million, slightly above the average estimate of $104.7 million, marking a year-over-year increase of +1.2% [4] - Total operating revenues from Utility were $87.91 million, below the estimated $99.98 million, but still representing a +10% change compared to the previous year [4] - Revenue from external customers in Pipeline and Storage was $68.22 million, surpassing the average estimate of $66.99 million, with a year-over-year change of +1.3% [4] - Revenue from external customers in Utility was $87.83 million, lower than the average estimate of $99.95 million, but showing a +10% year-over-year change [4] - Intersegment revenues from Pipeline and Storage were reported at $37.62 million, close to the average estimate of $37.71 million, with a year-over-year change of +1.1% [4] Stock Performance - Shares of National Fuel Gas have returned -10% over the past month, contrasting with the Zacks S&P 500 composite's +1% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

分组1 - National Fuel Gas (NFG) reported quarterly earnings of $1.22 per share, exceeding the Zacks Consensus Estimate of $1.08 per share, and showing an increase from $0.77 per share a year ago, resulting in an earnings surprise of +12.96% [1][2] - The company posted revenues of $456.41 million for the quarter ended September 2025, which was 16.59% below the Zacks Consensus Estimate, and an increase from $372.07 million year-over-year [2] - National Fuel Gas shares have increased approximately 32.3% year-to-date, outperforming the S&P 500's gain of 15.1% [3] 分组2 - The earnings outlook for National Fuel Gas is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the next quarter is $1.94 on revenues of $697.63 million, and for the current fiscal year, it is $7.83 on revenues of $2.82 billion [7] - The Zacks Industry Rank indicates that the Oil and Gas - Integrated - United States sector is in the bottom 21% of over 250 Zacks industries, suggesting potential challenges for stock performance [8]

Core Insights - National Fuel Gas Company reported strong financial results for fiscal year 2025, with adjusted earnings per share increasing by 58% year-over-year, reaching $1.22 compared to $0.77 in the previous year [4][6][9] - The company announced the acquisition of CenterPoint Energy's Ohio natural gas utility for $2.62 billion, which is expected to double the Utility segment's rate base and close in the fourth quarter of calendar 2026 [6][7][10] - Natural gas production in the Eastern Development Area increased by 21% year-over-year, totaling 112 Bcf, driven by strong well performance [6][17] Fiscal 2025 Highlights - GAAP earnings per share for fiscal 2025 were $5.68, compared to $0.84 in fiscal 2024, reflecting a significant recovery [6][9] - The company achieved record natural gas production of 426 Bcf for the fiscal year, a 9% increase from the prior year, while capital expenditures decreased by $40 million, or 6% [6][8] - The company declared its 55th consecutive dividend increase, raising the annual rate to $2.14 per share [6] Segment Performance Integrated Upstream and Gathering Segment - This segment's fourth quarter GAAP earnings increased by $245.6 million compared to the prior year, primarily due to the absence of non-cash impairment charges recorded in the previous year [16][17] - Adjusted earnings for this segment rose by $43.6 million, driven by higher production and realized natural gas prices, alongside lower operating expenses [17][18] Pipeline and Storage Segment - The Pipeline and Storage segment's fourth quarter GAAP earnings increased by $33.8 million year-over-year, primarily due to a prior year impairment charge [22][23] - Adjusted earnings remained relatively flat compared to the previous year, indicating stable performance [23] Utility Segment - The Utility segment reported a GAAP earnings decrease of $1.0 million, attributed to increased operation and maintenance expenses [25][27] - Customer margin increased by $5.3 million due to rate adjustments from a New York rate case settlement effective October 1, 2024 [26][27] Fiscal 2026 Guidance - The company provided guidance for adjusted earnings per share for fiscal 2026 in the range of $7.60 to $8.10, assuming an average NYMEX natural gas price of $3.75 per MMBtu [9][10][37] - The guidance excludes expected financing and acquisition-related costs associated with the CenterPoint Energy acquisition [10][35] Proved Reserves Update - Seneca's total proved reserves increased by 5% year-over-year to 4,981 Bcfe, with a replacement rate of 154% for fiscal 2025 production [20]

Core Viewpoint - National Fuel Gas Company (NFG) is recognized for its stability in the energy sector, particularly in natural gas, and is currently in the spotlight due to its recent acquisition announcement [1]. Group 1: Company Overview - National Fuel Gas Company (NFG) specializes in natural gas exploration, production, transportation, storage, and distribution [1]. - The company is perceived as a stable investment option compared to higher-risk alternatives like Devon Energy [1]. Group 2: Recent Developments - On October 21, NFG announced a definitive agreement to acquire CenterPoint Energy's Ohio natural gas utility business for $2.62 billion, which is approximately 1.6 times the estimated 2026 rate base of $1.6 billion [1]. - The acquisition includes 5,900 miles of pipelines and serves about 335,000 customers, utilizing roughly 60 billion cubic feet (Bcf) of natural gas annually [1]. - The closing of this deal is anticipated in late 2026 [1].

Group 1: Apollo Global Management - Apollo Global Management announced the acquisition of Eagle Creek Renewable Energy, enhancing its position in the U.S. hydroelectric power sector [1] - Apollo Global shares rose 1.6% to settle at $125.00 [5] Group 2: National Fuel Gas Company - National Fuel Gas Company is noted for its "consistency" and will release its fourth quarter and full year fiscal 2025 earnings results on November 5 [1] - National Fuel Gas shares fell 0.5% to close at $81.68 [5] Group 3: Main Street Capital Corporation - Truist Securities analyst maintained a Hold rating on Main Street Capital and lowered the price target from $64 to $60 [2] - Cramer advised against investing in Main Street Capital [2] - Main Street Capital shares slipped 0.3% to settle at $57.45 [5] Group 4: Cameco Corporation - Cramer recommended owning Cameco Corporation, which has received an Outperform rating from CLSA analyst with a price target of $102 [2] - Cameco shares gained 2.1% to close at $88.13 [5] Group 5: Vanda Pharmaceuticals Inc. - Vanda Pharmaceuticals is considered a "spec" by Cramer, with third quarter results expected on October 29 [3] - Vanda Pharmaceuticals shares gained 0.2% to close at $5.50 [5]

Core Viewpoint - National Fuel Gas Company is set to release its fourth quarter and full year fiscal 2025 earnings results on November 5, 2025, after market close, with a conference call scheduled for November 6, 2025, at 9:00 a.m. ET to discuss the results [1]. Company Information - National Fuel Gas Company is a diversified energy company headquartered in Western New York, operating an integrated collection of natural gas assets across four business segments: Exploration & Production, Pipeline & Storage, Gathering, and Utility [3]. - Additional information about the company can be found on its website [3]. Conference Call Details - Participants must pre-register to join the conference call, and a webcast link will be available on the NFG Investor Relations website [2]. - A replay of the conference call will be accessible until the end of the day on November 13, 2025, with specific dial-in instructions provided [2]. - Contact information for investor relations and media inquiries is available, including names and phone numbers of key personnel [2].