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 upstream, gathering, and regulated business performance. Guidance is reaffirmed, Ohio LDC acquisition is on track, and capital efficiency and hedging support robust outlook amid ongoing natural gas price volatility.
Fiscal Year 2025
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Record adjusted EPS and production growth were driven by capital efficiency and expanded inventory, with strong guidance for 2026 and a major utility acquisition set to double the rate base. Free cash flow and hedging strategies support continued growth and shareholder returns.
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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 saw over 30% earnings growth year-over-year, driven by record production, rate settlements, and capital efficiency gains. Guidance was raised, hedges added at favorable prices, and the balance sheet strengthened with a major bond issuance. Free cash flow and production growth are expected to continue.
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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.