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National Fuel Gas Company (NYSE:NFG) Q3 2024 Earnings Conference Call August 1, 2024 10:00 AM ET Company Participants Natalie Fischer – Director-Investor Relations Dave Bauer – President and Chief Executive Officer Tim Silverstein – Treasurer and Principal Financial Officer Justin Loweth – President-Seneca Resources Company, LLC and National Fuel Gas Midstream Company Conference Call Participants Zach Parham – JPMorgan Greta Drefke – Goldman Sachs John Daniel – Daniel Energy Partners Operator Good morning. ...

| --- | --- | |-------|-------| | | | | | | July 31, 2024 Update 1 National Fuel Gas Company July 31, 2024 Update 2 • Company Overview (3) • Why National Fuel? (7) • Business Updates (12) • Supplemental Information • Segment Information (19) • Rate Case Overview (45) • Guidance & Other Financial Information (47) History of National Fuel Industry Pioneer Born From Rockefeller's Standard Oil Company First oil well drilled in Titusville, Pa. (45 miles southeast of Erie, Pa.), located in NFG's service territory ...

Revenue Performance - Utility revenues for the three months ended June 30, 2024, were $124,858,000, a decrease of 13.6% compared to $144,538,000 for the same period in 2023[10]. - Exploration and Production revenues increased to $220,905,000 for the three months ended June 30, 2024, compared to $216,581,000 in 2023, reflecting a growth of 1.5%[10]. - Pipeline and Storage revenues rose to $71,679,000 for the three months ended June 30, 2024, up 6.1% from $67,585,000 in the prior year[10]. - Total operating revenues for the nine months ended June 30, 2024, were $1,572,742,000, down 12.8% from $1,804,824,000 in the same period of 2023[10]. - Total consolidated revenues for the quarter ended June 30, 2024, were $417,442 thousand, with a significant contribution from natural gas residential sales at $89,034 thousand[43]. - For the nine months ended June 30, 2024, total consolidated revenues reached $1,572,742 thousand, driven primarily by natural gas residential sales of $445,971 thousand and natural gas transportation service revenues of $248,309 thousand[45]. Income and Earnings - Operating income for the three months ended June 30, 2024, was a loss of $51,440,000, compared to an operating income of $154,096,000 in 2023[10]. - Net income available for common stock for the three months ended June 30, 2024, was a loss of $54,158,000, compared to a net income of $92,620,000 in the same period of 2023[10]. - Basic earnings per share for the three months ended June 30, 2024, were $(0.59), a decrease from $1.01 in the same period of 2023[10]. - Net income for June 2024 was a loss of $54,158 thousand, compared to a profit of $92,620 thousand in June 2023, representing a significant decline[11]. - Comprehensive loss for June 2024 totaled $124,448 thousand, contrasting with a comprehensive income of $98,100 thousand in June 2023[11]. - The total consolidated earnings for the nine months ended June 30, 2024, were $245.1 million, down from $403.2 million for the same period in 2023, reflecting a decrease of $158.1 million[112]. Assets and Liabilities - Total assets increased to $8,481,037 thousand as of June 30, 2024, up from $8,280,260 thousand in September 30, 2023, indicating growth in the company's asset base[13]. - Long-term debt increased to $2,637,115 thousand as of June 30, 2024, from $2,384,485 thousand in September 2023, indicating higher leverage[13]. - Cash and temporary cash investments grew to $81,414 thousand in June 2024, compared to $55,447 thousand in September 2023, showing improved liquidity[12]. - Accounts payable decreased to $101,200 thousand in June 2024 from $152,193 thousand in September 2023, suggesting better management of payables[13]. - The fair value of long-term debt as of June 30, 2024 is $2,598,784,000, compared to $2,210,478,000 as of September 30, 2023[60]. - The company’s debt to capitalization ratio was calculated at 0.45 as of June 30, 2024, allowing for an additional $3.46 billion in debt before exceeding the 0.65 limit[182]. Cash Flow and Expenditures - Net cash provided by operating activities was $868.0 million for the nine months ended June 30, 2024, down from $1,055.1 million in the prior year, representing a decline of 17.7%[16]. - The net cash used in investing activities was $685.6 million for the nine months ended June 30, 2024, compared to $829.1 million in the same period of 2023, a decrease of 17.4%[16]. - The company’s total expenditures for long-lived assets decreased to $655.5 million for the nine months ended June 30, 2024, from $804.1 million in the same period of 2023, representing a decrease of $148.6 million[162]. - Capital expenditures for the nine months ended June 30, 2024, were $684.2 million, compared to $727.7 million in the same period of 2023, reflecting a decrease of 5.9%[16]. - The company expects to finance capital expenditures using cash from operations, short-term debt, and long-term borrowings as needed[175]. Impairments and Charges - The company recognized a non-cash impairment charge of $200.7 million for exploration and production properties due to the book value exceeding the ceiling at June 30, 2024[26]. - The Company recorded an impairment of $200.7 million ($145.0 million after-tax) under the ceiling test during the quarter ended June 30, 2024, due to lower natural gas prices[104]. - The Exploration and Production segment's loss for the quarter was $112.0 million, a decrease of $155.3 million compared to earnings of $43.3 million for the same quarter in 2023[121]. Dividends and Shareholder Returns - Dividends declared per common share increased to $0.515 for the three months ended June 30, 2024, compared to $0.495 in the same period of 2023[10]. - The company paid dividends of $136.6 million on common stock during the nine months ended June 30, 2024, compared to $130.7 million in the same period of 2023, reflecting an increase of 4.5%[16]. - The Company executed share repurchases totaling 526,652 shares at an average price of $54.28 per share, costing $28.8 million during the nine months ended June 30, 2024[190]. Regulatory and Rate Changes - Distribution Corporation filed with the NYPSC seeking an increase of approximately $88 million in total annual operating revenues for the projected rate year ending September 30, 2025, with a proposed effective date of October 1, 2024[95]. - A settlement reached with the PaPUC on April 13, 2023, provided for an increase in Distribution Corporation's annual base rate operating revenues of $23 million, effective August 1, 2023[97]. - The Settlement Rates from the NGA Section 4 rate case are estimated to increase Supply Corporation's revenues by approximately $56 million annually, effective February 1, 2024[99]. Segment Performance - The Utility segment's earnings for the quarter ended June 30, 2024, were $2.6 million, an increase of $2.5 million compared to earnings of less than $0.1 million for the same quarter in 2023[145]. - For the nine months ended June 30, 2024, the Utility segment's earnings increased to $73.8 million, up by $18.2 million from $55.6 million for the same period in 2023[147]. - The Pipeline and Storage segment's earnings for the quarter were $30.7 million, an increase of $6.9 million compared to $23.8 million for the same quarter in 2023[129]. - Gathering operating revenues increased by $1.2 million for the quarter ended June 30, 2024, despite a decrease in gathered volume of 0.3 Bcf[134]. Financial Instruments and Derivatives - The company reported unrealized losses on derivative financial instruments of $21,936 thousand for the period, compared to unrealized gains of $65,244 thousand in the previous year[11]. - The fair value of derivative financial instruments reported in Level 2 includes natural gas price swap agreements and no cost collars, which are used to manage commodity price risk[55]. - For the nine months ended June 30, 2024, the total derivative gain recognized was $238,395 thousand, compared to $673,381 thousand in the same period of 2023[69].

National Fuel Gas Company (NFG) reported third-quarter fiscal 2024 adjusted operating earnings of 99 cents per share, which surpassed the Zacks Consensus Estimate of 92 cents by 7.6%. However, the bottom line decreased 2% from the year-ago quarter's reported figure of $1.01. GAAP earnings for the quarter were 59 cents per share, down 41% from the year-ago level of $1.00. Total Revenues NFG reported sales of $417.4 million, which missed the Zacks Consensus Estimate of $528 million by 20.9%. The top line also ...

Exhibit 99 6363 Main Street/Williamsville, NY 14221 Release Date: Immediate July 31, 2024 Natalie M. Fischer Investor Relations 716-857-7315 Timothy J. Silverstein Chief Financial Officer 716-857-6987 NATIONAL FUEL REPORTS THIRD QUARTER FISCAL 2024 EARNINGS AND ANNOUNCES PRELIMINARY GUIDANCE FOR FISCAL 2025 WILLIAMSVILLE, N.Y.: National Fuel Gas Company ("National Fuel" or the "Company") (NYSE:NFG) today announced consolidated results for the third quarter of its 2024 fiscal year and for the nine months end ...

National Fuel Gas (NFG) came out with quarterly earnings of $0.99 per share, beating the Zacks Consensus Estimate of $0.92 per share. This compares to earnings of $1.01 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 7.61%. A quarter ago, it was expected that this energy company would post earnings of $1.41 per share when it actually produced earnings of $1.79, delivering a surprise of 26.95%. Over the last four quarters, the ...

WILLIAMSVILLE, N.Y., July 31, 2024 (GLOBE NEWSWIRE) -- National Fuel Gas Company ("National Fuel" or the "Company") (NYSE:NFG) today announced consolidated results for the third quarter of its 2024 fiscal year and for the nine months ended June 30, 2024. FISCAL 2024 THIRD QUARTER SUMMARY GAAP net loss of $54.2 million, or $0.59 per share, which includes a $145.0 million non-cash, after-tax impairment charge related to the carrying value of exploration and production properties, compared to GAAP net income o ...

When looking at the last two reports, this energy company has recorded a strong streak of surpassing earnings estimates. The company has topped estimates by 18.78%, on average, in the last two quarters. Price and EPS Surprise Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate cou ...

National Fuel Gas is a member of the Utilities sector. This group includes 105 individual stocks and currently holds a Zacks Sector Rank of #3. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups. Within the past quarter, the Zacks Consensus Estimate for NFG's full-year earnings has moved 6.4% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive. Anoth ...