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National Fuel Reports Fourth Quarter and Full Year Fiscal 2026 Earnings

NFG
  • National Fuel Gas Company reported GAAP earnings of $97.5 million ($1.02 EPS) for Q4 fiscal 2026, down from $107.3 million ($1.18 EPS) in the prior year.
  • Adjusted EPS for the fourth quarter remained flat at $1.22, while full-year fiscal 2026 adjusted EPS increased 9% to $7.55 from $6.91 in fiscal 2025.
  • The company completed the acquisition of CenterPoint Energy's Ohio natural gas utility on October 1, 2026, adding 335,000 customers & doubling its utility rate base.
  • Management announced a plan to separate the Integrated Upstream & Gathering (IUG) business into a standalone company named Seneca Resources, expected to occur in the second half of calendar 2027.
  • Fiscal 2026 net cash from operating activities totaled $1,272 million, generating $199 million in free cash flow.
  • The company declared its 56th consecutive dividend increase, raising the annual rate to $2.22 per share.
  • The Pipeline & Storage segment placed the Tioga Pathway & Shippingport Lateral projects in service on November 1, 2026.
  • Fiscal 2027 adjusted EPS guidance was initiated at a range of $6.00 to $6.40, based on a NYMEX natural gas price assumption of $2.85 per MMBtu.
  • The Utility segment expects earnings growth driven by the Ohio acquisition, New York rate settlement, & a $10.4 million rate increase approval in Pennsylvania.
  • IUG expects fiscal 2027 production of 400 to 435 Bcf & capital expenditures of $600 to $640 million, including potential discretionary land spending of $50 to $100 million.
  • Seneca Resources (IUG) reported proved reserves of 5,191 Bcfe at year-end 2026, representing 150% production replacement for fiscal 2026.
  • National Fuel expects to retain up to 19.9% ownership in IUG post-separation, with plans to dispose of this stake in a tax-efficient manner.
  • The conference call to discuss these results is scheduled for November 5, 2026, at 9 a.m. ET.