National Fuel Gas Company Q4 2026 Earnings Recap

National Fuel shares fell 3.4% after earnings, with management flagging lower natural gas prices as a near-term headwind to Seneca Resources’ earnings and cash flow. That outlook tempers a year of higher adjusted earnings and progress in regulated businesses.

Key Takeaways

• Fiscal 2026 adjusted EPS was $7.55, up 9% year over year; fourth-quarter adjusted EPS was $1.22.
• Management expects lower commodity prices to weigh on Seneca’s earnings and cash flow, despite being nearly two-thirds hedged for the year at prices above the strip.
• Tioga Pathway and Shippingport Lateral entered service and are expected to add about $30 million in annual revenue; the Line N upgrade is on track for late 2028 and is expected to add about $20 million annually.
• Pennsylvania’s final rate order granted a $10 million increase and reset the Distribution System Improvement Charge; New York approved a System Modernization Tracker for real-time recovery of modernization investments.
• National Fuel closed its Ohio utility acquisition on October 1 and says it does not expect to file an Ohio rate case until 2029, when the capital-spending riders expire.