National Fuel Gas Co. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>National Fuel Gas Co. has filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing financial performance and operational data.</b>

AI Summary

NATIONAL FUEL GAS CO (NFG) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. National Fuel Gas Co. reported its 10-Q filing for the period ending March 31, 2024. The filing covers the fiscal second quarter of 2024. Key financial data points and segment information are included in the report. The company is incorporated in New Jersey and operates in the Natural Gas Distribution sector. The filing includes references to derivative instruments and hedges, both current and non-current liabilities.

Why It Matters

For investors and stakeholders tracking NATIONAL FUEL GAS CO, this filing contains several important signals. This 10-Q filing provides investors with an updated view of National Fuel Gas Co.'s financial health and operational performance for the second quarter of fiscal year 2024. The detailed financial statements and segment reporting allow stakeholders to assess the company's progress in its core business segments, including utility, exploration and production, and pipeline operations.

Risk Assessment

Risk Level: medium — NATIONAL FUEL GAS CO shows moderate risk based on this filing. The filing is a standard quarterly report, indicating ongoing operational and financial reporting, but lacks specific forward-looking guidance or significant deviations from typical reporting that would suggest immediate high risk or reward.

Analyst Insight

Monitor future filings for specific financial performance trends and segment contributions to assess the company's strategic execution.

Key Numbers

• 2024-03-31 — Period End Date (Conformed Period of Report)
• 2024-05-02 — Filing Date (Filed as of Date)
• 0930 — Fiscal Year End (Company fiscal year end)

Key Players & Entities

• NATIONAL FUEL GAS CO (company) — Filer name
• 0000070145 (company) — Central Index Key
• 4924 (company) — Standard Industrial Classification
• NJ (company) — State of Incorporation
• 2024-03-31 (date) — Conformed Period of Report
• 2024-05-02 (date) — Filed as of Date
• 716-857-7000 (company) — Business Phone

FAQ

Industry Context

National Fuel Gas Co. operates within the natural gas distribution and energy transportation sectors, providing essential utility services and engaging in exploration and production.

Regulatory Implications

The company is subject to regulatory oversight typical for utility and energy companies, including reporting requirements under the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the detailed financial statements within the 10-Q for revenue, expenses, and net income.
2. Analyze segment performance data for Utility, Exploration & Production, and Pipeline & Storage segments.
3. Examine any disclosures related to derivative instruments and hedges for risk management insights.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-02: Filing Date — Date the 10-Q report was officially filed with the SEC.

Glossary

Derivative Instruments and Hedges

Financial instruments used to manage risk associated with future price or interest rate fluctuations. (Indicates the company's use of hedging strategies to mitigate financial risks.)

Year-Over-Year Comparison

This filing represents the standard quarterly update for National Fuel Gas Co., providing current financial and operational data as of March 31, 2024.

Key Financial Figures

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

Filing Documents

• nfg-20240331.htm (10-Q) — 1992KB
• nfg-3312024xexhibit101.htm (EX-10.1) — 49KB
• nfg-3312024xexhibit311.htm (EX-31.1) — 9KB
• nfg-3312024xexhibit312.htm (EX-31.2) — 9KB
• nfg-3312024xexhibit32.htm (EX-32) — 6KB
• nfg-3312024xexhibit99.htm (EX-99) — 36KB
• 0000070145-24-000013.txt (&nbsp;) — 9793KB
• nfg-20240331.xsd (EX-101.SCH) — 48KB
• nfg-20240331_cal.xml (EX-101.CAL) — 73KB
• nfg-20240331_def.xml (EX-101.DEF) — 259KB
• nfg-20240331_lab.xml (EX-101.LAB) — 611KB
• nfg-20240331_pre.xml (EX-101.PRE) — 433KB
• nfg-20240331_htm.xml (XML) — 2081KB

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 and Six Months Ended March 31, 2024 and 2023 6 b. Consolidated Statements of Comprehensive Income – Three and Six Months Ended March 31, 2024 and 2023 7 c. Consolidated Balance Sheets – March 31, 2024 and September 30, 2023 8 d. Consolidated Statements of Cash Flows – Six Months Ended March 31, 2024 and 2023 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 29

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 47

Controls and Procedures

Item 4. Controls and Procedures 48

Other Information

Part II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 48

A. Risk Factors

Item 1 A. Risk Factors 48

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 50

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities

Mine Safety Disclosures

Item 4. Mine Safety Disclosures

Other Information

Item 5. Other Information 50

Exhibits

Item 6. Exhibits 51

Signatures

Signatures 52 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 March 31, Six Months Ended March 31, (Thousands of U.S. Dollars, Except Per Common Share Amounts) 2024 2023 2024 2023 INCOME Operating Revenues: Utility Revenues $ 290,198 $ 406,758 $ 492,119 $ 718,376 Exploration and Production and Other Revenues 264,614 244,552 518,633 521,525 Pipeline and Storage and Gathering Revenues 75,127 65,951 144,549 136,218 629,939 717,261 1,155,301 1,376,119 Operating Expenses: Purchased Gas 105,940 243,839 162,491 415,035 Operation and Maintenance: Utility 59,288 56,453 112,993 106,805 Exploration and Production and Other 32,794 31,782 67,620 58,655 Pipeline and Storage and Gathering 39,340 37,479 74,303 70,740 Property, Franchise and Other Taxes 23,019 25,367 45,434 51,572 Depreciation, Depletion and Amortization 118,935 100,964 234,725 197,564 379,316 495,884 697,566 900,371 Operating Income 250,623 221,377 457,735 475,748 Other Income (Expense): Other Income (Deductions) 6,070 2,884 9,801 9,203 Interest Expense on Long-Term Debt ( 28,453 ) ( 27,583 ) ( 56,915 ) ( 57,188 ) Other Interest Expense ( 6,636 ) ( 5,861 ) ( 12,910 ) ( 9,704 ) Income Before Income Taxes 221,604 190,817 397,711 418,059 Income Tax Expense 55,332 49,937 98,419 107,489 Net Income Available for Common Stock 166,272 140,880 299,292 310,570 EARNINGS REINVESTED IN THE BUSINESS Balance at Beginning of Period 1,973,279 1,713,176 1,885,856 1,587,085 2,139,551 1,854,056 2,185,148 1,897,655 Share Repurchases under Repurchase Plan ( 3,816 ) — ( 3,816 ) — Dividends on Common Stock ( 45,563 ) ( 43,602 ) ( 91,160 ) ( 87,201 ) Balance at March 31 $ 2,090,172 $ 1,810,454 $ 2,090,172 $ 1,810,454 Earnings Per Common Share: Basic: Net Income Available for Common Stock $ 1.81 $ 1.53 $ 3.25 $ 3.39 Diluted: Net Income Available for Common Stock $ 1.80 $ 1.53 $ 3.24 $ 3.37 Weig