National Fuel Gas pany(NFG) - 2026 Q1 - Quarterly Results

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].