National Fuel Gas Company Earnings Call Transcripts
Fiscal Year 2026
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Q2 adjusted EPS rose 13% year-over-year, driven by strong upstream/gathering results and robust winter pricing. FY2026 EPS guidance was raised, with production guidance slightly reduced due to weather and well performance. Major pipeline expansions and the Ohio LDC acquisition remain on track.
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Q1 FY2026 delivered adjusted EPS of $2.06 and 29% EBITDA growth year-over-year, with strong production and capital efficiency gains. Guidance for FY2026 is reaffirmed, and the Ohio LDC acquisition remains on track, supported by recent equity and planned debt financing.
Fiscal Year 2025
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Record financial results with Q4 adjusted EPS up 58% and full-year up 38% year-over-year, driven by strong upstream and gathering performance, improved capital efficiency, and expanded inventory. 2026 guidance projects continued growth, with major projects and the Ohio Gas acquisition set to boost long-term earnings.
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The $2.62 billion acquisition of CenterPoint's Ohio Natural Gas Utility business will double the utility's size, add 335,000 customers, and is expected to be immediately accretive to regulated EPS. The deal leverages a unique financing structure, targets closing in Q4 2026, and positions the company for long-term growth and enhanced credit strength.
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Record Q3 results driven by higher production, improved capital efficiency, and strong pricing. Fiscal 2025-2026 guidance raised, with 20% EPS growth projected and robust free cash flow. Pipeline expansions and favorable policy trends support long-term growth.
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Q2 earnings rose over 30% year-over-year, driven by record production, strong utility and pipeline results, and capital efficiency gains. Guidance was raised, hedges locked in favorable prices, and free cash flow remains robust, supporting future buybacks and growth.
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Adjusted operating results rose 14% year-over-year, with strong growth in both regulated and non-regulated segments. Fiscal 2025 guidance was raised, capital efficiency improved, and new rate settlements are expected to drive continued earnings and free cash flow growth.
Fiscal Year 2024
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Q4 adjusted results were $0.77 per share, with hedging and regulated business strength offsetting low gas prices. Fiscal 2025 guidance is $5.50–$6.00 per share, with continued capital efficiency and robust hedging. Share buybacks and modernization support long-term growth.
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Q3 results met expectations with strong regulated segment growth offsetting lower gas prices. Fiscal 2025 guidance projects a 19% earnings increase, supported by rate case settlements, production growth, and disciplined capital allocation.