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National Fuel Gas Co
F:NFG

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National Fuel Gas Co
F:NFG
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Price: 70.5 EUR
Market Cap: €6.7B

National Fuel Gas Co
Investor Relations

National Fuel Gas is an integrated natural gas company. It moves and sells natural gas through local utility operations, long-haul pipelines, and storage assets, and it also produces natural gas from its own wells. Its customers include homes and businesses that buy gas for heating and daily use, as well as power generators, industrial users, and other utilities that need transport and storage service. The company makes money in two main ways. One comes from regulated utility rates and pipeline fees for delivering gas and storing it for customers. The other comes from selling gas it produces from its upstream drilling and production business. That mix gives it both a steadier utility-style business and a more market-driven production business. What sets National Fuel Gas apart is that it sits in several parts of the natural gas value chain at once. Many energy companies focus only on one step, such as drilling, pipelines, or retail distribution. National Fuel Gas does all three, which lets it supply gas, move it to market, and serve end users through one connected system.

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Last Earnings Call
Fiscal Period
Q3 2026
Call Date
Jul 30, 2026
AI Summary
Q3 2026

EPS: National Fuel reported adjusted earnings per share of $1.54, which management said was generally in line with expectations but down $0.10 from last year.

Guidance: Full-year fiscal 2026 adjusted EPS guidance was narrowed to $7.40 to $7.60, mainly because Seneca production is now expected to be 420 to 430 Bcfe.

Growth outlook: Management introduced a long-term target for EPS to grow 7% to 10% annually through fiscal 2029, while also generating $1 billion to $1.5 billion of free cash flow over that period.

Regulated growth: The company highlighted strong demand for gas, new pipeline expansion opportunities, and progress on rate cases in Pennsylvania, Supply Corp, New York, and Ohio.

Ohio deal: The CenterPoint Ohio gas utility acquisition remains on track to close in the calendar fourth quarter, with an October 1 target date mentioned.

Upstream update: Seneca’s quarter was below expectations on production, but management said the results improved its understanding of the Utica development program and supported its long-term acreage strategy.

Key Financials
Adjusted earnings per share
$1.54
Production
104 Bcf
Throughput
117 Bcf
Natural gas assumption
$3 per MMBtu
Price certainty on production
75%
Long-term EPS growth
7% to 10% per year
Long-term free cash flow
$1 billion to $1.5 billion
Line N system capacity addition
294,000 dekatherms per day
Shippingport contracted capacity
more than 400,000 dekatherms per day
Pennsylvania rate case effective date
November
Discretionary leasing capital
$100 million to $200 million
Maintenance land spending
about $15 million per year
Ohio utility debt issuance
$1.5 billion
Common equity issued
4.4 million shares
Promissory note coupon
6.5%
Long-term leverage target
2 to 2.25x
Ohio closing target
October 1
Earnings Call Recording
Other Earnings Calls

Management

Mr. David P. Bauer
President, CEO & Director
No Bio Available
Mr. Timothy J. Silverstein
CFO & Treasurer
No Bio Available
Mr. Ronald C. Kraemer
Chief Operating Officer
No Bio Available
Ms. Donna L. DeCarolis
President of National Fuel Gas Distribution Corporation
No Bio Available
Mr. Justin I. Loweth
President of National Fuel Gas Midstream Company, LLC & Seneca Resources Company, LLC
No Bio Available
Ms. Elena G. Mendel
Controller & Chief Accounting Officer
No Bio Available
Mr. Martin A. Krebs
Chief Information Officer
No Bio Available
Natalie M. Fischer
Director of Investor Relations
No Bio Available
Mr. Michael W. Reville
General Counsel & Secretary
No Bio Available
Meghan A. Corcoran
Corporate Responsibility Officer
No Bio Available

Contacts

Address
NEW YORK
Williamsville
6363 Main St
Contacts
+17168577000.0
www.nationalfuel.com
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