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National Fuel Reports Fourth Quarter and Full Year Fiscal 2025 Earnings

NFG
  • National Fuel Gas Company reported GAAP earnings per share of $1.18 for the fourth quarter of fiscal 2025, compared to a net loss of $1.84 per share in the prior year.
  • Adjusted earnings per share for the quarter reached $1.22, a 58% increase from $0.77 per share in the prior year.
  • The Company announced an acquisition of CenterPoint Energy's Ohio natural gas utility for $2.62 billion, expected to double the Utility segment rate base and close in Q4 calendar 2026.
  • Supply Corporation filed a FERC application for the Shippingport Lateral Project, targeting late 2026 in-service to provide 205,000 dekatherms daily to a data center site.
  • Natural gas production in the Eastern Development Area increased 21% to 112 Bcf in the quarter, driven by strong Tioga Utica well performance.
  • NYMEX natural gas price realizations rose 9% to $2.61 per Mcf for the quarter.
  • For the full fiscal year 2025, GAAP earnings per share were $5.68, while adjusted earnings per share increased 38% to $6.91.
  • The Company declared its 55th consecutive dividend increase to an annual rate of $2.14 per share.
  • Fiscal 2025 saw record natural gas production of 426 Bcf, a 9% increase year-over-year, while capital expenditures decreased by 6% to $912.8 million.
  • The Company added approximately 220 drilling locations in the upper Utica Shale, increasing its EDA inventory by 50% and extending the inventory life to over 15 years.
  • Fiscal 2026 adjusted earnings per share guidance has been updated to a range of $7.60 to $8.10, assuming an average NYMEX price of $3.75 per MMBtu.
  • The Ohio utility acquisition is not expected to impact fiscal 2026 guidance as the deal is targeted to close in Q4 calendar 2026.
  • The Integrated Upstream and Gathering segment consolidated its exploration, production, and gathering operations into a single financial reporting segment.
  • The Pipeline and Storage segment recorded adjusted earnings of $27.9 million for the quarter, largely flat compared to the prior year despite a prior year impairment charge.
  • The Utility segment reported a GAAP loss of $17.8 million for the quarter due to increased operation and maintenance expenses offsetting higher customer margins from rate settlements.
  • A conference call to discuss results is scheduled for November 6, 2025, at 9 a.m. ET.