NATIONAL FUEL GAS (NFG) Company Report

Initial results from New Found Gold's 2025 grade control drilling program at the Keats zone within the Queensway Gold Project confirmed high-grade, near-surface gold mineralization, with significant intervals such as 219 g/t over 9.35 meters and 160 g/t over 10.30 meters.
These results, covering 16 of 84 drill holes, are intended to validate resource models and support mine planning for the Preliminary Economic Assessment Phase 1 open pits.
Following the drill results, New Found Gold's shares surged, and the company is strategically merging with Maritime Resources to form a multi-asset gold producer.
Analysts categorize New Found Gold as a speculative buy with high risk and potential reward, noting its strong equity position and promising exploration results despite typical challenges for exploration firms.

4 days ago

Morningstar

National Fuel Gas Company Amends Credit Facilities for Acquisition Financing

NFG

M&A

Debt Issuance

New Projects/Investments

National Fuel Gas Company (NFG) entered into a Securities Purchase Agreement on October 20, 2025, to acquire Vectren Energy Delivery of Ohio, LLC, CenterPoint Energy Resources Corp.'s Ohio natural gas local distribution company business.
A portion of the acquisition's purchase price will be financed through a $1.2 billion unsecured term loan credit facility provided by a Seller Note Agreement.
On November 6, 2025, NFG executed amendments to its existing Term Loan Agreement and Credit Agreement to modify the definition of "Consolidated Indebtedness," which will facilitate the defeasance of obligations under the Seller Note Agreement after the transaction closes.

Nov 6, 2025, 9:23 PM

8-K

National Fuel Gas Reports Strong Q4 and FY 2025 Results, Expands Inventory, and Provides FY 2026 Guidance

NFG

Earnings

Guidance Update

M&A

National Fuel Gas Company reported strong Q4 2025 adjusted earnings per share of $1.22, an increase of 58% from the prior year, capping a fiscal year where adjusted EPS grew 38% compared to fiscal 2024.
The company significantly expanded its Tioga County inventory by adding approximately 220 prospective well locations in the Upper Utica formation, nearly doubling its inventory in the Eastern Development Area.
For fiscal year 2026, National Fuel Gas initiated guidance for adjusted earnings per share between $7.60 and $8.10 and expects to generate $300-350 million in free cash flow.
The acquisition of CenterPoint's Ohio Gas LDC, expected to close in the fourth quarter of calendar 2026, will double the utility rate base and is being financed with a permanent strategy commencing in the spring, including an equity component of $300 to $400 million.
The integrated upstream and gathering business achieved record net production of 427 BCFE in fiscal 2025, a 9% year-over-year increase, and forecasts fiscal 2026 production between 440 and 455 BCFE.

Nov 6, 2025, 2:00 PM

Transcript

National Fuel Gas Company Reports Strong Q4 and FY 2025 Results, Expands Inventory, and Provides FY 2026 Guidance

NFG

Earnings

Guidance Update

M&A

National Fuel Gas Company reported strong Q4 2025 adjusted earnings per share of $1.22, a 58% increase from the prior year, contributing to a 38% increase in consolidated adjusted EPS for fiscal year 2025.
The company significantly expanded its core Tioga Utica development inventory by adding approximately 220 prospective well locations in the Upper Utica formation, nearly doubling its Tioga County inventory to approximately 400 future development locations, which represents almost 20 years of development inventory.
For fiscal year 2026, National Fuel Gas expects adjusted earnings per share in the range of $7.60-$8.10 and anticipates generating $300-$350 million in free cash flow, based on a $3.75 NYMEX price assumption.
Strategic growth initiatives include securing an additional 250 million a day of takeaway capacity out of Tioga County by late 2028 and progressing the Tioga Pathway and Shipping Port lateral pipeline projects, both expected online in late 2026.
The company is also advancing the acquisition of CenterPoint's Ohio Gas LDC, which is expected to close in Q4 calendar 2026 and will double its utility rate base.

Nov 6, 2025, 2:00 PM

Transcript

National Fuel Gas Company Reports Strong Q4 2025 Earnings and Provides Fiscal 2026 Guidance

NFG

Earnings

Guidance Update

M&A

National Fuel Gas Company reported adjusted earnings per share of $1.22 for Q4 2025, a 58% increase from the prior year, contributing to a 38% increase in adjusted EPS for the full fiscal year 2025 compared to fiscal 2024.
The company announced a significant expansion of its Tioga County inventory, adding approximately 220 prospective well locations in the Upper Utica formation, which nearly doubles its inventory in the EDA.
For fiscal year 2026, National Fuel initiated adjusted earnings per share guidance in the range of $7.60-$8.10, based on an assumed NYMEX price of approximately $3.75, and expects to generate $300-$350 million in free cash flow.
NFG is progressing with key infrastructure projects, including the Tioga Pathway and Shipping Port lateral, and has entered a definitive agreement to acquire CenterPoint's Ohio Gas LDC, an acquisition expected to double its utility rate base.

Nov 6, 2025, 2:00 PM

Transcript

National Fuel Gas Company Reports Q4 and Full Year Fiscal 2025 Earnings, Provides FY 2026 Guidance, and Announces Major Acquisition

NFG

Earnings

Guidance Update

M&A

National Fuel Gas Company reported GAAP earnings per share of $1.18 and adjusted earnings per share of $1.22 for the fourth quarter of fiscal 2025, with adjusted EPS increasing 58% compared to the prior year. For the full fiscal year 2025, GAAP EPS was $5.68 and adjusted EPS was $6.91, marking a 38% increase from fiscal 2024.
The company provided formal guidance for fiscal 2026 adjusted earnings per share with a range of $7.60 to $8.10, based on an assumed average NYMEX natural gas price of $3.75 per MMBtu.
National Fuel announced the acquisition of CenterPoint Energy's Ohio natural gas utility for $2.62 billion, an acquisition expected to double the Utility segment rate base and targeted to close in the fourth quarter of calendar 2026. This acquisition is not expected to impact fiscal 2026 guidance.
The company announced its 55th consecutive dividend increase to an annual rate of $2.14 per share.

Nov 6, 2025, 1:17 PM

8-K

National Fuel Gas Company Updates FY26 Guidance and Announces Ohio Utility Acquisition

NFG

Guidance Update

M&A

New Projects/Investments

National Fuel Gas Company updated its FY26 Adjusted EPS guidance to $7.60 - $8.10, with a midpoint of $7.85, reflecting a 14% increase from FY25, and projects a consolidated 3-year Adjusted EPS CAGR of over 10% from FY24 to FY27E.
The company is acquiring CenterPoint's Ohio gas utility business for $2.62 billion, with the closing anticipated in Q4 calendar 2026, which is expected to significantly increase its regulated rate base and enhance long-term regulated earnings growth.
The Integrated Upstream & Gathering segment shows a 30% improvement in capital efficiency (FY26E vs. FY23), with production increasing by 20% and capital expenditures decreasing by 15%. FY26 production is guided between 440 and 455 Bcfe.
Growth in regulated businesses is supported by recent rate case settlements, including a 3-year rate settlement in New York effective October 1, 2024, and new pipeline expansion projects like the Tioga Pathway and Shippingport Lateral, contributing an estimated ~$30 million in annual revenues.

Nov 5, 2025, 9:48 PM

8-K

National Fuel Gas Company to Acquire CenterPoint's Ohio Natural Gas Utility Business

NFG

M&A

New Projects/Investments

Debt Issuance

National Fuel Gas Company (NFG) has entered into a definitive agreement to acquire CenterPoint’s Ohio natural gas utility business (CNP Ohio) for a total consideration of $2.62 billion.
The acquisition is expected to close in the fourth quarter of calendar 2026 and will significantly expand NFG's regulated assets, doubling its gas utility rate base to approximately $3.2 billion and increasing its customer base to about 1.1 million across New York, Pennsylvania, and Ohio.
The transaction is anticipated to be immediately accretive to regulated earnings per share, with consolidated adjusted operating results expected to be neutral in fiscal 2028, the first complete year after closing, and accretive thereafter.
The financing plan includes a $1.2 billion promissory note with a 6.5% interest rate and a 364-day maturity after closing, along with approximately $300 to $400 million in equity, all designed to maintain NFG's investment grade credit rating.

Oct 21, 2025, 8:30 PM

8-K

National Fuel Gas Company to Acquire CenterPoint's Ohio Gas Utility Business

NFG

M&A

New Projects/Investments

Guidance Update

National Fuel Gas Company (NFG) has agreed to acquire CenterPoint's Ohio regulated gas utility business for $2.62 billion, which represents approximately 1.6x 2026E Rate Base.
The acquisition is expected to close in the fourth quarter of calendar 2026 and will add approximately 335,000 customers and $1.6 billion in rate base to NFG's regulated operations.
The transaction is designed to maintain NFG's existing investment grade credit ratings and is expected to be neutral to consolidated adjusted operating results in fiscal 2028 (the first complete year after closing) and accretive thereafter.
This acquisition will increase NFG's total customers to approximately 1.1 million and double its gas utility rate base to around $3.2 billion (2026E combined), diversifying its operations into Ohio's constructive regulatory environment.

Oct 21, 2025, 12:30 PM

Presentation

National Fuel Gas Company to Acquire CenterPoint Energy's Ohio Natural Gas Utility Business

NFG

M&A

New Projects/Investments

Debt Issuance

National Fuel Gas Company (NFG) has entered into a definitive agreement to acquire CenterPoint Energy's Ohio Natural Gas Utility business for $2.62 billion on a cash-free, debt-free basis.
The acquisition is valued at approximately 1.6 times estimated rate base at year-end 2026 and will add 335,000 customers and $1.6 billion in rate base, effectively doubling NFG's existing utility business.
The transaction is expected to close in the fourth quarter of calendar 2026.
Financing for the acquisition will include a $1.2 billion promissory note to CenterPoint, $300 million to $400 million in common equity, long-term debt, and expected future free cash flow from NFG's integrated upstream and gathering businesses.
The deal is projected to be immediately accretive to regulated earnings per share (excluding transaction-related expenses) and neutral to consolidated adjusted operating results in fiscal 2028, with accretion expected thereafter.

Oct 21, 2025, 12:30 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for NATIONAL FUEL GAS.

Ask Fintool AI Agent

Get instant answers from SEC filings, earnings calls & more

What did David P. Bauer say about margins?What are NATIONAL FUEL GAS's strategic priorities?How is NATIONAL FUEL GAS positioned vs competitors?How did NATIONAL FUEL GAS do last quarter?

Let Fintool AI Agent track NATIONAL FUEL GAS's earnings for you

Get instant analysis when filings drop