National Fuel Gas Company

National Fuel Gas Company Earnings Recaps

NFG Energy 3 recaps
Q2 2026 May 1, 2026

Shares of National Fuel Gas fell 5.8% following second quarter results, as investors responded negatively to management's downward revision of full-year production expectations driven by weather-related disruptions in the upstream business.

Key takeaways
  • Adjusted EPS for the quarter was $2.71, up 13% year-over-year.
  • Management flagged that severe winter weather and associated road closures led to operational slowdowns, modestly reducing both quarterly and anticipated full-year production.
  • Progress continues on pipeline expansion projects, including the Line N system upgrade, Shippingport Lateral, and Tioga Pathway, with targeted in-service dates in late 2026–2028.
  • Rate case activity is underway, with Supply Corporation filing for a ~$95 million cost-of-service increase and ongoing regulatory proceedings in New York and Pennsylvania.
  • The CenterPoint Ohio acquisition remains on track for closing in the fourth quarter of the calendar year.
Full recap
Q1 2026 Jan 29, 2026

National Fuel Gas Company reported a solid first quarter for fiscal 2026 with adjusted EPS of $2.06, driven by strong upstream performance and effective regulated business strategies.

Key takeaways
  • Adjusted EBITDA increased by 29% year-over-year, fueled by higher natural gas prices and production levels.
  • Strategic expansion projects, including the Tioga Pathway and Shippingport Lateral, are progressing on schedule, contributing to future growth.
  • Filed a new rate case in Pennsylvania seeking a $20 million increase to address cost inflation while maintaining the lowest delivery rates in the state.
  • The company’s $350 million equity placement enhances liquidity to support the upcoming acquisition of CenterPoint's Ohio LDC, expected to close by Q4 2026.
  • Positive policy developments in New York suggest a favorable environment for continued investment in natural gas infrastructure.
Full recap
Q4 2025 Nov 6, 2025

National Fuel Gas Company reported a robust fourth quarter with adjusted earnings per share increasing 58% year-over-year, culminating in a record-setting fiscal 2025 driven by strong operational performance across all business segments.

Key takeaways
  • Adjusted EPS for Q4 reached $1.22, contributing to a 38% overall increase for fiscal 2025 compared to the previous year.
  • Significant expansion of Tioga County inventory with an addition of 220 prospective well locations in the Upper Utica formation, nearly doubling EDA inventory.
  • Strategic acquisition of CenterPoint's Ohio Gas LDC will double the utility rate base and enhance long-term earnings potential.
  • Ongoing projects like the Tioga Pathway and Shipping Port lateral are on schedule, set to add substantial new delivery capacity and revenue by 2026.
  • Positive momentum in New York's energy policy reflects increasing recognition of natural gas's role in economic development and energy reliability.
Full recap