National Fuel Gas Co

NFG

Equity

ISIN null / Valor 955122

New York Stock Exchange, Inc (2026-01-30)

USD 83.75-0.30%

National Fuel Gas Co
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About company

National Fuel Gas Co, headquartered in Western New York, is a longstanding gas utility company in the United States with a diversified portfolio spanning four key segments: exploration and production, pipeline and storage, gathering, and utility services. The company manages a comprehensive range of natural gas assets, ensuring the efficient extraction, transportation, and distribution of natural gas to residential, commercial, and industrial customers. By integrating upstream activities such as exploration and production with midstream operations like pipeline management and storage, National Fuel Gas Co maintains a robust presence in the energy sector. Additionally, the company oversees utility operations, providing essential gas services and infrastructure to support its broad customer base. This integrated approach allows National Fuel Gas Co to effectively navigate the complexities of the energy market and sustain its role as a major player in the natural gas industry.

Summarized from source with an LLMView SourceSector: Energy

Quarter EPS and comparability

Q4 FY2025 GAAP diluted EPS: $1.18 vs. Q4 FY2024 loss of $1.84. Q4 adjusted EPS: $1.22 (58% increase vs. $0.77 prior year). The prior‑year period included significant impairments that reduced GAAP results, so adjusted measures remove those items for comparability.

Full‑year results

Fiscal 2025 GAAP diluted EPS: $5.68 (FY2024: $0.84). Fiscal 2025 adjusted EPS: $6.91 (up 38% vs. $5.01 in FY2024).

Production and price performance

Integrated Upstream & Gathering produced 112 Bcf in Q4 (up 21% year‑over‑year) and a record 426 Bcf for fiscal 2025 (up 9% year‑over‑year). Weighted average realized price after hedging in Q4 was $2.61/Mcf (≈9% higher than prior year).

Key drivers of adjusted results

Adjusted improvement attributed to higher production, higher realized NYMEX/spot prices, lower per‑unit operating costs (lower LOE and better capital efficiency), and benefits from rate settlements in regulated segments.

Strategic developments

Announced acquisition of CenterPoint Energy’s Ohio natural gas utility for $2.62 billion (expected to double Utility segment rate base; targeted close Q4 calendar 2026). Supply Corporation filed for the Shippingport Lateral Project (205,000 Dth/day; ~ $15M annual revenue target, in‑service late CY2026).

Capital allocation and cash flow

Fiscal 2025 capital expenditures totaled about $913M; operating cash flow for the year was $1.10B. Fiscal 2026 consolidated capex guidance: $955M–$1,065M (segment breakdown provided in the report).

Dividend and shareholder return

Company announced its 55th consecutive dividend increase to an annual rate of $2.14 per share.

Fiscal 2026 guidance

Updated consolidated adjusted EPS guidance for fiscal 2026: $7.60–$8.10, based on an assumed NYMEX natural gas price of $3.75/MMBtu. Sensitivities provided: at $3.00/MMBtu → $6.55–$7.05 per share; at $4.00/MMBtu → $8.00–$8.50 per share. Guidance excludes expected financing and acquisition‑related costs and does not assume the Ohio acquisition closing until Q4 calendar 2026.

Impairments and one‑time items

FY2024 included large impairment charges that materially depressed prior‑year GAAP results; Q4 FY2025 had no comparable impairments. The company provides reconciliations to adjusted earnings to show underlying operating trends.

Summarized from source with an LLMView Source

Key figures

19.1%1Y

47.5%3Y

108%5Y

Performance

20.8%1Y

21.0%3Y

22.4%5Y

Volatility