National Fuel Gas pany(NFG) - 2025 Q4 - Annual Results

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]