National Fuel Gas Co. Files Q3 2024 10-Q

TL;DR

NFG's Q3 2024 10-Q is in. Check financials for utility & E&P segments.

AI Summary

National Fuel Gas Company (NFG) filed its 10-Q for the period ending June 30, 2024. The company reported financial results for the third quarter and the first nine months of its fiscal year. Specific financial figures and operational details are provided within the filing, reflecting the company's performance in its natural gas distribution and exploration and production segments.

Why It Matters

This filing provides investors with the latest financial performance data for National Fuel Gas Co., crucial for understanding the company's operational health and future prospects in the energy sector.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Numbers

• FY 2024 Q3 — Fiscal Quarter (Reporting period for this 10-Q filing)
• FY 2024 9 Months — Fiscal Year-to-Date (Cumulative performance for the first nine months of fiscal year 2024)

Key Players & Entities

• NATIONAL FUEL GAS CO (company) — Filer of the 10-Q
• 0000070145 (company) — Central Index Key for National Fuel Gas Co.
• 20240630 (date) — End of the reporting period
• 20240801 (date) — Filing date
• 6363 MAIN STREET, WILLIAMSVILLE, NY 14221-5887 (address) — Business and mailing address

FAQ

Key Financial Figures

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

Filing Documents

• nfg-20240630.htm (10-Q) — 2014KB
• nfg-6302024xexhibit311.htm (EX-31.1) — 9KB
• nfg-6302024xexhibit312.htm (EX-31.2) — 9KB
• nfg-6302024xexhibit32.htm (EX-32) — 6KB
• nfg-6302024xexhibit99.htm (EX-99) — 37KB
• 0000070145-24-000025.txt ( ) — 10106KB
• nfg-20240630.xsd (EX-101.SCH) — 51KB
• nfg-20240630_cal.xml (EX-101.CAL) — 76KB
• nfg-20240630_def.xml (EX-101.DEF) — 278KB
• nfg-20240630_lab.xml (EX-101.LAB) — 657KB
• nfg-20240630_pre.xml (EX-101.PRE) — 464KB
• nfg-20240630_htm.xml (XML) — 2108KB

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 Nine Months Ended June 30, 2024 and 2023 6 b. Consolidated Statements of Comprehensive Income – Three and Nine Months Ended June 30, 2024 and 2023 7 c. Consolidated Balance Sheets – June 30, 2024 and September 30, 2023 8 d. Consolidated Statements of Cash Flows – Nine Months Ended June 30, 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 49

Controls and Procedures

Item 4. Controls and Procedures 49

Other Information

Part II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 49

A. Risk Factors

Item 1 A. Risk Factors 49

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 51

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 June 30, Nine Months Ended June 30, (Thousands of U.S. Dollars, Except Per Common Share Amounts) 2024 2023 2024 2023 INCOME Operating Revenues: Utility Revenues $ 124,858 $ 144,538 $ 616,977 $ 862,914 Exploration and Production and Other Revenues 220,905 216,581 739,537 738,107 Pipeline and Storage and Gathering Revenues 71,679 67,585 216,228 203,803 417,442 428,704 1,572,742 1,804,824 Operating Expenses: Purchased Gas 4,952 35,425 167,444 450,461 Operation and Maintenance: Utility 53,412 50,080 166,405 156,885 Exploration and Production and Other 35,148 27,659 102,768 86,315 Pipeline and Storage and Gathering 40,019 38,607 114,321 109,347 Property, Franchise and Other Taxes 21,201 20,427 66,635 71,999 Depreciation, Depletion and Amortization 113,454 102,410 348,179 299,973 Impairment of Exploration and Production Properties 200,696 — 200,696 — 468,882 274,608 1,166,448 1,174,980 Operating Income (Loss) ( 51,440 ) 154,096 406,294 629,844 Other Income (Expense): Other Income (Deductions) 3,188 3,551 12,989 12,754 Interest Expense on Long-Term Debt ( 32,876 ) ( 26,311 ) ( 89,791 ) ( 83,499 ) Other Interest Expense ( 1,341 ) ( 5,781 ) ( 14,250 ) ( 15,485 ) Income (Loss) Before Income Taxes ( 82,469 ) 125,555 315,242 543,614 Income Tax Expense (Benefit) ( 28,311 ) 32,935 70,108 140,425 Net Income (Loss) Available for Common Stock ( 54,158 ) 92,620 245,134 403,189 EARNINGS REINVESTED IN THE BUSINESS Balance at Beginning of Period 2,090,172 1,810,454 1,885,856 1,587,085 2,036,014 1,903,074 2,130,990 1,990,274 Share Repurchases under Repurchase Plan ( 18,435 ) — ( 22,252 ) — Dividends on Common Stock ( 47,195 ) ( 45,444 ) ( 138,354 ) ( 132,644 ) Balance at June 30 $ 1,970,384 $ 1,857,630 $ 1,970,384 $ 1,857,630 Earnings (Loss) Per Common Share: Basic: Net Income (Loss