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NATIONAL FUEL GAS CO

SIC 4924 · Natural Gas Distribution

$NFG

NATIONAL FUEL GAS CO

CIK:0000070145|SEC Filings

Consolidated Statements Of Income And Earnings Reinvested In The Business (Unaudited) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Operating Revenues

$ 537,497

$ 531,830

$ 2,047,377

$ 1,811,262

Operating Expenses:

^[1]

29,878

27,986

323,335

228,661

Property, Franchise and Other Taxes

22,482

24,180

72,519

71,450

Depreciation, Depletion and Amortization

^[1]

121,058

116,408

362,412

337,055

Impairment of Assets

0

0

0

141,802

^[1]

Total Operating Expenses

328,557

301,578

1,215,178

1,177,568

Operating Income

208,940

230,252

832,199

633,694

Other Income (Expense):

Other Income (Deductions)

11,866

8,534

37,100

31,486

Interest Expense on Long-Term Debt

(33,181)

(34,333)

(96,776)

(107,356)

Other Interest Expense

(2,831)

(3,556)

(16,344)

(13,033)

Income Before Income Taxes

184,794

200,897

756,179

544,791

Income Tax Expense

^[1]

46,173

51,079

188,245

133,629

Net Income Available for Common Stock

138,621

149,818

567,934

411,162

EARNINGS REINVESTED IN THE BUSINESS

Balance at Beginning of Period

2,340,168

1,855,366

2,012,529

1,727,326

Beginning Retained Earnings Unappropriated And Current Period Net Income

2,478,789

2,005,184

2,580,463

2,138,488

Dividends on Common Stock

(52,745)

(48,340)

(154,419)

(141,566)

Balance at June 30

$ 2,426,044

$ 1,953,533

$ 2,426,044

$ 1,953,533

Net Income Available for Common Stock (in dollars per share)

$ 1.46

$ 1.66

$ 6.06

$ 4.54

Net Income Available for Common Stock (in dollars per share)

$ 1.45

$ 1.64

$ 6.01

$ 4.51

Weighted Average Common Shares Outstanding:

Used in Basic Calculation (shares)

95,034,935

90,358,018

93,730,191

90,546,228

Used in Diluted Calculation (shares)

95,736,482

91,139,556

94,445,771

91,247,547

Dividends Per Common Share:

Dividends Declared (in dollars per share)

$ 0.555

$ 0.535

$ 1.625

$ 1.565

Earnings Reinvested in The Business

Other Income (Expense):

Net Income Available for Common Stock

$ 138,621

$ 149,818

$ 567,934

$ 411,162

EARNINGS REINVESTED IN THE BUSINESS

Share Repurchases

0

(3,311)

0

(43,389)

Dividends on Common Stock

(52,745)

(48,340)

(154,419)

(141,566)

Operating Revenues

165,422

157,446

850,258

729,445

Operating Expenses:

Operation and Maintenance

60,592

56,053

187,549

174,744

Integrated Upstream and Gathering and Other

Operating Expenses:

Operation and Maintenance

63,534

47,137

180,904

137,312

Integrated Upstream and Gathering

Operating Revenues

302,516

306,402

984,561

873,901

Pipeline and Storage

Operating Revenues

69,559

67,982

212,558

207,916

Operating Expenses:

Operation and Maintenance

$ 31,013

$ 29,814

$ 88,459

$ 86,544

[1]	The Company considers this line to be a significant expense.

Consolidated Statements Of Cash Flows (Unaudited) - USD ($)
$ in Thousands

9 Months Ended

Jun. 30, 2026

Jun. 30, 2025

OPERATING ACTIVITIES

Net Income Available for Common Stock

$ 567,934

$ 411,162

Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:

Impairment of Assets

0

141,802

^[1]

Depreciation, Depletion and Amortization

^[1]

362,412

337,055

Deferred Income Taxes

88,936

60,754

Premiums Paid on Early Redemption of Debt

413

2,385

Stock-Based Compensation

14,801

15,721

17,695

19,296

Receivables and Unbilled Revenue

(47,233)

(95,254)

Gas Stored Underground and Materials and Supplies

19,943

18,803

Unrecovered Purchased Gas Costs

3,633

(2,903)

Other Current Assets

13,054

28,038

Accounts Payable

2

1,744

Amounts Payable to Customers

(216)

(18,445)

Customer Advances

(17,188)

(19,373)

Customer Security Deposits

(2,130)

(7,526)

Other Accruals and Current Liabilities

57,892

44,283

(15,919)

(35,348)

Other Liabilities

(29,494)

(39,918)

Net Cash Provided by Operating Activities

1,034,535

862,276

INVESTING ACTIVITIES

Capital Expenditures

(764,515)

(627,316)

10,302

9,352

Net Cash Used in Investing Activities

(754,213)

(617,964)

FINANCING ACTIVITIES

Changes in Notes Payable to Banks and Commercial Paper

(150,200)

(29,200)

Net Proceeds from Issuance of Long-Term Debt

1,481,195

988,731

Shares Repurchased Under Repurchase Plan

0

(54,430)

Reduction of Long-Term Debt

(601,239)

(1,004,086)

Dividends Paid on Common Stock

(150,027)

(140,098)

Net Proceeds from Common Stock Sale

338,396

0

Net Repurchases of Common Stock Under Stock and Benefit Plans

(6,435)

(4,134)

Net Cash Provided by (Used in) Financing Activities

911,690

(243,217)

Net Increase in Cash and Cash Equivalents

1,192,012

1,095

Cash and Cash Equivalents at October 1

43,166

38,222

Cash and Cash Equivalents at June 30

1,235,178

39,317

Supplemental Disclosure of Cash Flow Information

Non-Cash Capital Expenditures

$ 105,293

$ 88,627

[1]	The Company considers this line to be a significant expense.

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Sep. 30, 2025
ASSETS
Property, Plant and Equipment	$ 16,097,040	$ 15,406,329
Less - Accumulated Depreciation, Depletion and Amortization	8,002,972	7,693,687
Property, Plant and Equipment, Net, Total	8,094,068	7,712,642
Current Assets
Cash and Temporary Cash Investments	1,235,178	43,166
Receivables – Net of Allowance for Uncollectible Accounts of $23,611 and $17,099, Respectively	227,913	180,801
Unbilled Revenue	16,916	16,219
Gas Stored Underground	12,838	33,468
Materials and Supplies - at average cost	51,232	50,545
Unrecovered Purchased Gas Costs	2,136	5,769
Other Current Assets	67,660	80,759
Total Current Assets	1,613,873	410,727
Other Assets
Recoverable Future Taxes	98,996	89,247
Unamortized Debt Expense	5,821	6,236
Other Regulatory Assets	123,464	135,486
Deferred Charges	117,345	73,941
Other Investments	66,946	68,346
Goodwill	5,476	5,476
Prepaid Pension and Post-Retirement Benefit Costs	187,737	169,228
Fair Value of Derivative Financial Instruments	127,630	39,388
Other	10,411	8,387
Total Other Assets	743,826	595,735
Total Assets	10,451,767	8,719,104
Capitalization:
Common Stock, $1 Par Value; Authorized - 200,000,000 Shares; Issued and Outstanding - 95,035,675 Shares and 90,379,095 Shares, Respectively	95,036	90,379
Paid in Capital	1,393,023	1,050,918
Earnings Reinvested in the Business	2,426,044	2,012,529
Accumulated Other Comprehensive Income (Loss)	9,576	(59,222)
Total Comprehensive Shareholders’ Equity	3,923,679	3,094,604
Long-Term Debt, Net of Current Portion and Unamortized Discount and Debt Issuance Costs	3,567,401	2,382,861
Total Capitalization	7,491,080	5,477,465
Current and Accrued Liabilities
Notes Payable to Banks and Commercial Paper	0	150,200
Current Portion of Long-Term Debt	0	300,000
Accounts Payable	146,096	184,046
Amounts Payable to Customers	752	968
Dividends Payable	52,745	48,353
Interest Payable on Long-Term Debt	34,475	14,393
Customer Advances	0	17,188
Customer Security Deposits	27,723	29,853
Other Accruals and Current Liabilities	241,398	174,689
Fair Value of Derivative Financial Instruments	1,027	6,074
Total Current and Accrued Liabilities	504,216	925,764
Other Liabilities
Deferred Income Taxes	1,353,287	1,225,262
Taxes Refundable to Customers	302,149	306,335
Cost of Removal Regulatory Liability	319,921	307,659
Other Regulatory Liabilities	116,935	121,944
Other Post-Retirement Liabilities	3,768	5,252
Asset Retirement Obligations	223,021	236,787
Other Liabilities	137,390	112,636
Total Other Liabilities	2,456,471	2,315,875
Commitments and Contingencies (Note 8)	0	0
Total Capitalization and Liabilities	$ 10,451,767	$ 8,719,104