National Fuel Gas Q3 Earnings Top Estimates, Revenues Increase Y/Y

Core Insights - National Fuel Gas Company (NFG) reported third-quarter fiscal 2025 adjusted operating earnings of $1.64 per share, exceeding the Zacks Consensus Estimate of $1.50 by 9.3% and increasing 65.7% from the previous year's figure of 99 cents [1][9] - Total revenues for NFG were $531.8 million, missing the Zacks Consensus Estimate of $617 million by 13.8%, but reflecting a 27.4% increase from $417.4 million in the prior year [2] - Operating income rose to $230.3 million from an operating loss of $51.4 million in the year-ago quarter, aided by a 35.7% reduction in total operating expenses to $301.6 million [4][5][9] Revenue Breakdown - Utility segment revenues reached $157.4 million, a 26.1% increase from $124.8 million in the year-ago quarter [3] - Exploration and Production and Other segments generated revenues of $303.9 million, up 37.6% from $220.9 million in the previous year [3] - Pipeline and Storage and Gathering revenues amounted to $70.5 million, showing a slight decrease of 1.7% from $71.7 million in the year-ago quarter [3] Production and Operational Highlights - Seneca produced 112 billion cubic feet (Bcf) of natural gas, an increase of 15 Bcf or 16% from the prior year, driven by new Utica pads in Tioga County [6][9] - Interest expense on long-term debt was $34.3 million, up 4.3% from $32.9 million in the previous year [5] Financial Position - As of June 30, 2025, NFG had cash and temporary cash investments of $39.3 million, slightly up from $38.2 million as of September 30, 2024 [7] - Net cash provided by operating activities for the first nine months of fiscal 2025 totaled $862.3 million, compared to $868 million in the same period last year [7] - Capital expenditures for the first nine months of fiscal 2025 were $627.3 million, down from $684.2 million in the prior year [7] Guidance and Future Outlook - NFG revised its guidance for fiscal 2025 adjusted earnings per share to a range of $6.80-$6.95, incorporating third-quarter results and lower expected realized natural gas prices [10] - The company expects capital expenditures for fiscal 2025 to be between $890-$955 million, slightly adjusted from the previous range of $885-$960 million [11] - Production for fiscal 2025 is now anticipated to be in the range of 420-425 Bcf, up from the previous estimate of 415-425 Bcf [11]