National Fuel Gas Co. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>National Fuel Gas Co. filed its quarterly report (10-Q) for the period ending December 31, 2023, on February 8, 2024.</b>

AI Summary

NATIONAL FUEL GAS CO (NFG) filed a Quarterly Report (10-Q) with the SEC on February 8, 2024. The filing covers the quarterly period ending December 31, 2023. National Fuel Gas Co. is listed with Central Index Key 0000070145. The company's Standard Industrial Classification is Natural Gas Distribution (4924). The filing was submitted on February 8, 2024. The company's fiscal year ends on September 30.

Why It Matters

For investors and stakeholders tracking NATIONAL FUEL GAS CO, this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest financial performance and operational updates for National Fuel Gas Co. during the specified quarter. Understanding the details within this report is crucial for assessing the company's current financial health, strategic direction, and potential risks and opportunities in the natural gas distribution sector.

Risk Assessment

Risk Level: — NATIONAL FUEL GAS CO shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags, indicating a routine disclosure of financial information.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to understand revenue drivers and operational costs for National Fuel Gas Co.

Key Numbers

• 0000070145 — Central Index Key (NATIONAL FUEL GAS CO)
• 4924 — Standard Industrial Classification (NATURAL GAS DISTRIBUTION)
• 20231231 — Conformed Period of Report (Quarterly Filing)
• 20240208 — Filed As Of Date (SEC Filing Date)

Key Players & Entities

• NATIONAL FUEL GAS CO (company) — FILER
• 0000070145 (company) — CENTRAL INDEX KEY
• 4924 (regulator) — STANDARD INDUSTRIAL CLASSIFICATION
• NJ (company) — STATE OF INCORPORATION
• NY (company) — STATE
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240208 (date) — FILED AS OF DATE
• 20240208 (date) — DATE AS OF CHANGE

Forward-Looking Statements

• National Fuel Gas Co. will continue to focus on its core utility and pipeline operations. (NATIONAL FUEL GAS CO) — high confidence, target: 2024-09-30

FAQ

Industry Context

National Fuel Gas Co. operates within the natural gas distribution industry, a sector critical for energy supply and subject to regulatory oversight.

Regulatory Implications

The natural gas industry is subject to various federal and state regulations concerning safety, environmental impact, and pricing.

What Investors Should Do

1. Analyze the financial statements for revenue and net income trends.
2. Examine segment performance for insights into operational efficiency.
3. Review any disclosed risk factors for potential business impacts.

Year-Over-Year Comparison

This filing represents the quarterly update for the period ending December 31, 2023, following previous filings for the company.

Key Financial Figures

• $1.00 — ch Registered Common Stock, par value $1.00 per share NFG New York Stock Exchange

Filing Documents

• nfg-20231231.htm (10-Q) — 1458KB
• nfg-12312023xexhibit101.htm (EX-10.1) — 41KB
• nfg-12312023xexhibit102.htm (EX-10.2) — 42KB
• nfg-12312023xexhibit103.htm (EX-10.3) — 45KB
• nfg-12312023xexhibit104.htm (EX-10.4) — 44KB
• nfg-12312023xexhibit105.htm (EX-10.5) — 44KB
• nfg-12312023xexhibit106.htm (EX-10.6) — 114KB
• nfg-12312023xexhibit311.htm (EX-31.1) — 9KB
• nfg-12312023xexhibit312.htm (EX-31.2) — 9KB
• nfg-12312023xexhibit32.htm (EX-32) — 6KB
• nfg-12312023xexhibit99.htm (EX-99) — 36KB
• 0000070145-24-000006.txt (&nbsp;) — 8391KB
• nfg-20231231.xsd (EX-101.SCH) — 46KB
• nfg-20231231_cal.xml (EX-101.CAL) — 71KB
• nfg-20231231_def.xml (EX-101.DEF) — 235KB
• nfg-20231231_lab.xml (EX-101.LAB) — 652KB
• nfg-20231231_pre.xml (EX-101.PRE) — 413KB
• nfg-20231231_htm.xml (XML) — 1457KB

Financial Information

Part I. Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 6 a. Consolidated Statements of Income and Earnings Reinvested in the Business - Three Months Ended December 31, 2023 and 2022 6 b. Consolidated Statements of Comprehensive Income – Three Months Ended December 31, 2023 and 2022 7 c. Consolidated Balance Sheets – December 31, 2023 and September 30, 2023 8 d. Consolidated Statements of Cash Flows – Three Months Ended December 31, 2023 and 2022 10 e. Notes to Condensed Consolidated Financial Statements 11

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 25

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 41

Controls and Procedures

Item 4. Controls and Procedures 41

Other Information

Part II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 41

A. Risk Factors

Item 1 A. Risk Factors 41

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 41

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities

Mine Safety Disclosures

Item 4. Mine Safety Disclosures

Other Information

Item 5. Other Information 42

Exhibits

Item 6. Exhibits 42

Signatures

Signatures 44 The Company has nothing to report under this item. All references to a certain year in this report are to the Company's fiscal year ended September 30 of that year, unless otherwise noted. 5 Table of Content

Financial Information

Part I. Financial Information

Financial Statements

Item 1. Financial Statements National Fuel Gas Company Consolidated Statements of Income and Earnings Reinvested in the Business (Unaudited) Three Months Ended December 31, (Thousands of U.S. Dollars, Except Per Common Share Amounts) 2023 2022 INCOME Operating Revenues: Utility Revenues $ 201,920 $ 311,619 Exploration and Production and Other Revenues 254,019 276,973 Pipeline and Storage and Gathering Revenues 69,422 70,267 525,361 658,859 Operating Expenses: Purchased Gas 56,552 171,197 Operation and Maintenance: Utility 53,705 50,352 Exploration and Production and Other 34,826 26,874 Pipeline and Storage and Gathering 34,962 33,261 Property, Franchise and Other Taxes 22,416 26,205 Depreciation, Depletion and Amortization 115,790 96,600 318,251 404,489 Operating Income 207,110 254,370 Other Income (Expense): Other Income (Deductions) 3,732 6,318 Interest Expense on Long-Term Debt ( 28,462 ) ( 29,604 ) Other Interest Expense ( 6,273 ) ( 3,843 ) Income Before Income Taxes 176,107 227,241 Income Tax Expense 43,087 57,552 Net Income Available for Common Stock 133,020 169,689 EARNINGS REINVESTED IN THE BUSINESS Balance at Beginning of Period 1,885,856 1,587,085 2,018,876 1,756,774 Dividends on Common Stock ( 45,597 ) ( 43,598 ) Balance at December 31 $ 1,973,279 $ 1,713,176 Earnings Per Common Share: Basic: Net Income Available for Common Stock $ 1.45 $ 1.85 Diluted: Net Income Available for Common Stock $ 1.44 $ 1.84 Weighted Average Common Shares Outstanding: Used in Basic Calculation 91,910,244 91,579,814 Used in Diluted Calculation 92,442,145 92,268,210 Dividends Per Common Share: Dividends Declared $ 0.495 $ 0.475 See Notes to Condensed Consolidated Financial Statements 6 Table of Content National Fuel Gas Company Consolidated Statements of Comprehensive Income (Unaudited) Three Months Ended December 31, (Thousands of U.S. Dollars) 2023 2022 Net Income Available for Common Stock $ 133,020 $ 169,689