National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced consolidated results for the second quarter of its 2025 fiscal year.
FISCAL 2025 SECOND QUARTER SUMMARY
- GAAP net income of $216 million, or $2.37 per share, an increase of 32% per share compared to the prior year.
- Adjusted operating results of $218 million, or $2.39 per share, an increase of 34% per share compared to the prior year. See non-GAAP reconciliation on page 2.
- Seneca produced a record 105.5 Bcf of natural gas, an increase of 3% from the prior year and 8% sequentially, largely due to strong results from pads recently turned in line in the Eastern Development Area (“EDA”).
- Utility segment net income of $63.5 million, or $0.70 per share, an increase of 44% per share compared to the prior year, primarily as a result of the New York jurisdiction’s 2024 rate settlement, which led to its first base rate increase since 2017.
- Pipeline & Storage segment net income of $31.7 million, or $0.35 per share, an increase of 5% per share compared to the prior year. In addition, Empire Pipeline reached an agreement with its customers to amend its existing rate settlement, which was approved by the FERC on March 17, 2025, with new rates effective November 1, 2025.
- The Company is increasing its guidance for fiscal 2025 adjusted earnings per share to a range of $6.75 to $7.05.