National Fuel Gas Company Stock Earnings Reports

National Fuel reported a solid start to fiscal 2026 with adjusted EPS of $2.06, in line with expectations, and reaffirmed full-year adjusted EPS guidance of $7.60–$8.10 ($7.85 midpoint). Key drivers: a strong integrated Upstream & Gathering performance (production up 12% year-over-year to 109 Bcf in Q1 and integrated EBITDA up 29% vs. prior year), improved capital efficiency (Seneca on track for ~30% capital efficiency improvement since 2023), and supportive regulated results driven by recent rate mechanisms and trackers. Seneca is expanding and testing Gen 4 well designs and Upper/Lower Utica co-development pads to optimize long-term development, while midstream projects (Tioga Pathway, Shippingport Lateral) are on schedule. National Fuel filed a Pennsylvania utility rate case (~$20M request, ~11% customer bill impact if approved) and expects to close the CenterPoint Ohio LDC acquisition in Q4 calendar 2026; a $350M private placement completed in December covers the anticipated equity need. The company expects to issue ~ $1.5B of long-term debt to complete acquisition financing and refinancings. Hedging protects ~70% of remaining production for the fiscal year (collars and swaps), while management continues to emphasize operational discipline, balance-sheet strength (targeting ~1.75x net debt/EBITDA exiting FY26), and opportunistic long-term hedging for FY27–28. Management highlighted structural demand tailwinds for natural gas (LNG feed gas, baseload power), permitting/regulatory reforms as tailwinds to project timing, and continued focus on capital allocation that maximizes long-term shareholder value.