National Fuel Gas Co (STU:NFG)

Q3 2026 National Fuel Gas Co Earnings Call Transcript

Jul 30, 2026 / 01:00 PM GMT

Release Date Price: €71 (+0.71%)

Transcript 10-Q8-K

Key Points

Positve

National Fuel Gas Co (NFG) expects earnings per share to grow between 7% and 10% per year on average through fiscal 2029, driven by strong fundamentals across all business segments.
The company anticipates generating between $1 billion and $1.5 billion of free cash flow over the same period, a compelling value proposition that few energy companies can match.
NFG has expanded its Line End System Upgrade project by 200,000 decatherms per day, with the new capacity fully contracted for 20 years to support a coal-to-gas conversion at a power station.
The company's pending acquisition of CenterPoint's Ohio gas utilities is on track to close in the fourth quarter, which will double its utility rate base and rebalance its business mix.
NFG's upstream operations continue to show strong capital efficiency improvements, with successful drilling of the longest laterals in company history, expected to be among the most productive wells in its portfolio.

Negative

Adjusted earnings per share for the quarter were $1.54, down $0.10 compared to the prior year, primarily due to lower production in the integrated upstream and gathering business.
Full-year fiscal 2026 production guidance was revised downward to a range of 420 to 430 BCFE, reflecting operational challenges and timing issues with new well turn-in-lines.
The company experienced greater-than-anticipated frac interactions between offset Lower Utica wells during testing of the Gen 4 completion design, impacting near-term production.
Higher operating costs were driven by general inflation and discrete items, including a new labor agreement in Pennsylvania and the non-recurrence of a bad debt tracker benefit in New York.
The current commodity price outlook is expected to place near-term pressure on credit metrics, and the company plans to prioritize deleveraging before considering share repurchases.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

NFG.N - National Fuel Gas Co
Q3 2026 National Fuel Gas Co Earnings Call
Jul 30, 2026 / 01:00PM GMT

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Presentation
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Unidentified_1 [1]
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Hello, everyone.

Thank you for joining us and welcome to the National Fuel Gas Company 3rd quarter fiscal 2026 earnings call.

After today's prepared remarks, we will host a question-and-answer session.

If you would like to ask a question, please press 1 to raise your hand.

To withdraw your question, pressar 1 again.

I will now hand the conference over to Ryan Vossler, Director of Investor Relations.

Please go ahead.

Thank you and good morning, apologies, we had temporary, moderator challenges, so we appreciate you joining us on today's conference call for a discussion of last evening's earnings release.

With us on the call from National Fuel Gas Company are

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