National Fuel Gas Co 2025年度报告

Release Date:Immediate January 28, 2026 Natalie M. FischerInvestor Relations716-857-7315Timothy J. SilversteinChief Financial Officer716-857-6987 NATIONAL FUEL REPORTS FIRST QUARTER FISCAL 2026 EARNINGS WILLIAMSVILLE, N.Y.National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announcedconsolidated results for the first quarter of its 2026 fiscal year. FIRST QUARTER FISCAL 2026 SUMMARY •GAAP earnings of $181.6 million, or earnings per share (EPS) of $1.98, compared to GAAP earnings of $45.0 million, or$0.49 per share, in the prior year.•Adjusted earnings(1)of $187.7 million, or adjusted EPS(1)of $2.06, compared to adjusted earnings of $151.9 million, or$1.66 per share in the prior year, an increase of 24% per share.•Integrated Upstream and Gathering segment adjusted EPS of $1.36 increased $0.42, or 45%, compared to the prior year,driven by a 14% increase in natural gas price realizations and 12% growth in natural gas production resulting from strongTioga County Utica well results.•Utility segment net income increased 5% compared to the prior year as ongoing investments in system modernizationprograms in New York and Pennsylvania supported an increase in customer margin.•Supply Corporation’s Shippingport Lateral Project received FERC authorization in November. This project, along with thepreviously approved Tioga Pathway Project, remains on track for a late calendar 2026 in-service date.•The Company successfully issued $350 million in common equity through a private placement, fulfilling the expectedequity needed to fund the previously announced CenterPoint Ohio gas utility acquisition, which is expected to close in thefourth quarter of this calendar year.•The Company is reaffirming its fiscal 2026 adjusted EPS guidance range of $7.60 to $8.10 per share. MANAGEMENT COMMENTS David P. Bauer, President and Chief Executive Officer of National Fuel Gas Company, stated: “National Fuel’s first quarterresults were a great start to the fiscal year. Strong operational execution within our Integrated Upstream and Gatheringsegment continues to deliver growing production and increasing cash flow generation. When combined with ongoing growth inour regulated businesses, adjusted EPS increased 24% over the prior year. “At our non-regulated business, an expanding inventory of high-quality Appalachian development locations, most recentlybolstered by the addition of approximately 200 prospective Upper Utica drilling locations, along with ongoing well designoptimization, positions us for continued success in driving capital efficiency improvements. On the regulated side, our focusremains on delivering growth while maintaining our long track record of customer affordability. We’ve made great progress onour Tioga Pathway and Shippingport Lateral expansion projects, both of which remain on track to be in service later thiscalendar year. These projects, along with our pending natural gas utility acquisition in Ohio, provide strong catalysts for growthas we look to fiscal 2027. “Altogether, the outlook across National Fuel is exceptionally strong. We remain focused on executing on our plan todeliver long-term growth in earnings and free cash flow, which in turn should create meaningful value for shareholders.” RECONCILIATION OF GAAP EARNINGS TO ADJUSTED EARNINGS Reported GAAP Earnings Items impacting comparability: Costs related to the pending Ohio gas utility acquisitionTax impact of costs related to the pending Ohio acquisitionImpact of equity issuance related to pending Ohio acquisition, net ofinterest benefitsTax Impact of net interest benefit from equity issuanceImpairment of assetsTax impact of impairment of assetsOther/rounding (refer to Segment results for details)Adjusted Earnings FISCAL 2026 GUIDANCE UPDATE National Fuel is reaffirming its adjusted EPS guidance for fiscal 2026. The Company expects adjusted EPS to be within arange of $7.60 to $8.10, or $7.85 at the midpoint of the range. This updated range incorporates first quarter results with pricingassumptions consistent with previous guidance for the remaining nine months of fiscal 2026, including an average NYMEXnatural gas price of $3.75 per MMBtu. Given the continued volatility in NYMEX natural gas prices the Company is providingthe following sensitivities to its adjusted EPS guidance range: As a reminder, the acquisition of CenterPoint Energy's Ohio natural gas utility business is expected to close in the fourthquarter of calendar 2026 and, therefore, is not expected to impact fiscal 2026 guidance. Fiscal 2026 guidance also excludesfinancing and acquisition related costs. The Company’s other fiscal 2026 guidance assumptions remain largely unchanged and are detailed in the table on page6. DISCUSSION OF FIRST QUARTER RESULTS BY SEGMENT The following earnings discussion of each operating segment for the quarter ended December 31, 2025 is summarized ina tabular form on pages 7 and 8 of this report. It may be helpful to refer to