National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced consolidated results for the three months and fiscal year ended September 30, 2022.
FISCAL 2022 FOURTH QUARTER SUMMARY
- GAAP net income of $158.1 million, or $1.71 per share, compared to GAAP net income of $87.0 million, or $0.95 per share, in the prior year, an increase of 80% per share.
- Adjusted operating results of $109.3 million, or $1.19 per share, an increase of 25%, compared to $0.95 per share, in the prior year (see non-GAAP reconciliation on page 2).
- Adjusted EBITDA of $271.9 million, an increase of 26%, compared to $215.9 million in the prior year (see non-GAAP reconciliation on page 26).
FISCAL 2022 HIGHLIGHTS
- GAAP net income of $566.0 million, or $6.15 per share, an increase of 55% per share from the prior year.
- Adjusted operating results of $541.6 million, or $5.88 per share, an increase of 37% per share from the prior year (see non-GAAP reconciliation on page 2).
- Adjusted EBITDA of $1.2 billion, an increase of 23% from the prior year (see non-GAAP reconciliation on page 26).
- E&P segment net production increased by 8% from the prior year, which includes the impact of the divestiture of our California operations.
- Gathering segment revenues increased by 11% from the prior year.
- Pipeline & Storage segment revenues increased by 10% from the prior year, primarily driven by the completion of the Company’s FM100 project.
- Utility segment invested $82.6 million in system modernization and reliability, replacing over 150 miles of older vintage mains and services, and bringing 5-year total to over $377 million.
- Increased shareholder dividend for the 52nd consecutive year to an annual rate of $1.90 per share, an increase of 4.4%, continuing our long history of consecutive dividend increases and our 120th year of uninterrupted dividend payments.
- Achieved an “A” certification grade under the MiQ Standard for Methane Emissions Performance, the highest available certification level, for 100% of the Company’s natural gas production.
- Continued to enhance sustainability disclosures with the publication of the inaugural Climate Report and the third annual Corporate Responsibility Report.