National Fuel Gas Company Reports Strong Fourth Quarter and Full-Year Earnings for Fiscal 2025

National Fuel reported GAAP earnings per share (EPS) of $1.18, a remarkable reversal from a net loss of $1.84 per share in the same quarter last year. The company’s adjusted EPS also surged to $1.22, reflecting a 58% increase from the previous year’s $0.77.

A significant highlight of the quarter was the announcement of the company’s intent to acquire CenterPoint Energy’s Ohio natural gas utility for $2.62 billion. This strategic move is anticipated to double the Utility segment's rate base and is targeted for completion in the fourth quarter of calendar 2026.

The company reported strong operational performance with a notable 21% increase in natural gas production, achieving 112 Bcf in the Eastern Development Area (EDA) compared to the prior year. This increase was fueled by the excellent performance of its Tioga Utica wells. Additionally, NYMEX natural gas price realizations improved to $2.61 per Mcf, marking a 9% increase year-over-year.

For the fiscal year 2025, National Fuel achieved GAAP EPS of $5.68, a significant rise from $0.84 in fiscal 2024. The adjusted EPS also saw a robust growth of 38%, reaching $6.91 compared to $5.01 in the prior year.

Continuing its tradition of shareholder value creation, the company announced its 55th consecutive dividend increase, raising the annual rate to $2.14 per share.

In fiscal 2025, National Fuel reported a record natural gas production of 426 Bcf, representing a 9% increase and demonstrating improved capital efficiency, with capital expenditures down by $40 million, or 6%. The company also expanded its inventory of high-quality, low-breakeven drilling locations in the EDA by 50%, adding approximately 220 new locations.

The Integrated Upstream and Gathering segment generated adjusted earnings of $2.24 per share, an increase of 21% year-over-year, driven by favorable rate settlements and operational efficiencies. The regulated Utility and Pipeline & Storage segments reported adjusted earnings that contributed positively to the company’s overall performance.

David P. Bauer, President and CEO, expressed confidence in the company’s future, stating: “National Fuel closed out an exceptional fiscal 2025 with a strong fourth quarter. Driven by great execution across our businesses, adjusted earnings per share increased by 58% compared to the prior year.”

Bauer emphasized the operational excellence in the Integrated Upstream and Gathering segment, highlighting the addition of new firm transportation capacity from Tioga County to premium markets, supporting long-term growth plans.

Looking ahead, National Fuel provided guidance for fiscal 2026, expecting adjusted EPS in the range of $7.60 to $8.10. The company's outlook assumes an average NYMEX natural gas price of $3.75 per MMBtu, reflecting the current forward curve.

National Fuel Gas Company's strong financial results for the fourth quarter and fiscal year 2025, coupled with strategic acquisitions and operational successes, position the company favorably within the energy sector. As it continues to expand its asset base and operational capabilities, National Fuel is well-poised to deliver shareholder value in the coming years. A conference call to discuss these results will be held on November 6, 2025.