National Fuel Gas pany(NFG) - 2025 Q4 - Earnings Call Presentation

Financial Performance & Growth - National Fuel Gas Company(NFG) projects >10% Adjusted EPS Growth from FY24-FY27E[9] - NFG's ROCE outperforms peers and the broader market, with average annual stock outperformance since FY17 of +2% vs S&P 500, and +6% vs E&P and Utility Peers[36, 39] - The company anticipates a regulated adjusted EPS CAGR of 8-10% from 2024 to 2027, further enhanced by the CNP Ohio acquisition[44] - NFG expects FY26 Adjusted EPS of $7.60 - $8.10, a 14% increase from FY25, assuming a NYMEX price of $3.75[165] Strategic Acquisitions & Expansions - NFG is acquiring CenterPoint's Ohio gas utility business for $2.62 billion, representing ~1.6x 2026E rate base of $1.6 billion[23] - The Tioga Pathway and Shippingport Lateral projects are expected to generate ~$30 million in annual revenues with a combined capital spend of ~$150 million[106] - The company has secured new firm transportation agreements to support future growth, increasing firm transportation capacity to ~1.5 Bcf/day[20, 91] Operational Highlights - NFG's current net production stands at ~1.2 Bcf/day[17, 27] - The company has ~1.2 million net acres in Appalachia[17, 27] - NFG has a total throughput of ~1.4 Bcf/day[17, 27] Sustainability & Emissions Reduction - NFG has achieved a 25% reduction in methane emissions since 2020[13, 55] - The company is targeting a 75% reduction in utility mains & services emissions by 2030 and 90% by 2050, based on 1990 EPA Subpart W emissions[162] - Highland recycled more than 95% of Seneca's produced fluids in 2024[104]