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Mar 31
National Fuel Q2 2025 Earnings Report
reported second quarter earnings with significant increases in GAAP and adjusted operating results per share
Key Takeaways
National Fuel Gas Company reported strong second quarter fiscal year 2025 results, with a 32% increase in GAAP net income per share and a 34% increase in adjusted operating results per share compared to the prior year. This performance was driven by higher natural gas price realizations, record production from the Exploration and Production segment, and significant earnings growth in the Utility segment due to a new rate settlement.
GAAP net income was $216 million, or $2.37 per share, a 32% increase per share year-over-year.
Adjusted operating results were $218 million, or $2.39 per share, a 34% increase per share year-over-year.
Seneca produced a record 105.5 Bcf of natural gas, a 3% increase from the prior year.
The Utility segment saw a 44% increase in net income per share, largely due to a new rate settlement in New York.
National Fuel
National Fuel
National Fuel Revenue by Segment
Revenue by Segment
Exploration and Production Revenue
CapyFin.comPipeline and Storage Revenue
CapyFin.comGathering Revenue
CapyFin.comUtility Revenue
CapyFin.com Forward Guidance
National Fuel is increasing its guidance for fiscal 2025 adjusted earnings per share to a range of $6.75 to $7.05, an increase of $0.15 at the midpoint. This update reflects higher expected production and lower unit costs in the Exploration and Production segment.
Positive Outlook
- Increased fiscal 2025 adjusted earnings per share guidance range.
- Higher expected production in the Exploration and Production segment.
- Lower expected unit costs in the Exploration and Production segment.
- Assumption of NYMEX natural gas prices averaging $3.50 per MMBtu for the remainder of fiscal 2025.
- Other fiscal 2025 guidance assumptions remain largely unchanged.
Challenges Ahead
- Continued volatility in NYMEX natural gas prices could impact results.
- Lower Appalachian basin spot price assumption for the remaining six months ($2.60/MMBtu vs $2.90/MMBtu previously).
- Lower realized natural gas prices assumption, after hedging, for the remaining six months ($2.72 - $2.76/Mcf vs $2.77 - $2.81/Mcf previously).
- The company is unable to provide GAAP earnings guidance due to the inability to reasonably determine certain potential adjustments.
- No specific negative impacts were highlighted in the forward guidance summary beyond commodity price volatility.