National Fuel Gas pany(US:NFG)2024-08-01 17:47Company Overview - National Fuel Gas Company has ~1.2 million net acres in Appalachia for upstream exploration & production[16, 17] - The company has invested $2.7 billion in midstream gathering pipeline & storage since 2010[16] - The downstream utility serves 754,000 customers in WNY and NW PA, with ~$900 million invested in safety since 2010[16] Financial Performance and Strategy - The company's ROCE outperforms peers and the broader market, driven by lower costs and optimized capital allocation[21] - The company projects $1.2 billion in cumulative non-regulated free cash flow from FY25-27[25] - The company has returned over $1.5 billion to shareholders over the last 10 years[27] - A $200 million share repurchase program was approved in March 2024, targeting completion by the end of fiscal 2025[27] Business Updates and Outlook - The company expects a $56 million increase in revenue on an annualized basis from the P&S – Supply settlement approved by FERC on 6/11/24[32] - The company is targeting 5-7% average expected annual rate base growth beyond FY23[34, 66] - Preliminary FY2025 earnings guidance is $5.75 to $6.25/share, a +19% increase from updated FY2024 guidance[95] Sustainability - The company is targeting a 40% reduction in methane intensity for E&P by 2030, with 27% progress since 2020[30]