National Fuel Gas Co. Files 2024 Annual Report

TL;DR

NFG filed its 2024 10-K. All systems go for natural gas distribution.

AI Summary

National Fuel Gas Company (NFG) filed its 10-K for the fiscal year ending September 30, 2024. The company, headquartered in Williamsville, NY, operates in the natural gas distribution sector. Key financial data and operational details for the period are presented in this annual report.

Why It Matters

This filing provides investors and analysts with a comprehensive overview of National Fuel Gas Company's financial performance and operational status for the past fiscal year, crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a standard annual report filing for a well-established company in a regulated industry, indicating routine operations.

Key Players & Entities

• NATIONAL FUEL GAS CO (company) — Filer
• 0000070145 (company) — Central Index Key
• Williamsville, NY (location) — Business Address
• 20240930 (date) — Fiscal Year End
• 20241122 (date) — Filing Date

FAQ

Key Financial Figures

• $1.00 — ch Registered Common Stock, par value $1.00 per share NFG New York Stock Exchange
• $164.0 million — oduction segment incurred a net loss of $164.0 million in 2024. Additional discussion of the
• $79.7 million — orage segment contributed net income of $79.7 million in 2024. The Pipeline and Storage segm
• $106.9 million — ering segment contributed net income of $106.9 million in 2024. The Gathering segment generat
• $57.1 million — ility segment contributed net income of $57.1 million in 2024. Additional discussion of the
• $2.2 million — orate operations incurred a net loss of $2.2 million in 2024. Additional discussion of the

Filing Documents

• nfg-20240930.htm (10-K) — 3642KB
• nfg-9302024xexhibit101.htm (EX-10.1) — 144KB
• nfg-9302024xexhibit19.htm (EX-19) — 50KB
• nfg-9302024xexhibit21.htm (EX-21) — 9KB
• nfg-9302024xexhibit231.htm (EX-23.1) — 5KB
• nfg-9302024xexhibit232.htm (EX-23.2) — 2KB
• nfg-9302024xexhibit311.htm (EX-31.1) — 9KB
• nfg-9302024xexhibit312.htm (EX-31.2) — 9KB
• nfg-9302024xexhibit32.htm (EX-32) — 6KB
• nfg-9302024xexhibit97.htm (EX-97) — 27KB
• nfg-9302024xexhibit991.htm (EX-99.1) — 50KB
• nfg9302024exhibit992.htm (EX-99.2) — 2KB
• nfg-20240930_g1.jpg (GRAPHIC) — 149KB
• nfg9302024exhibit992001.jpg (GRAPHIC) — 79KB
• nfg9302024exhibit992002.jpg (GRAPHIC) — 62KB
• nfg9302024exhibit992003.jpg (GRAPHIC) — 53KB
• nfg9302024exhibit992004.jpg (GRAPHIC) — 59KB
• 0000070145-24-000036.txt ( ) — 20840KB
• nfg-20240930.xsd (EX-101.SCH) — 122KB
• nfg-20240930_cal.xml (EX-101.CAL) — 142KB
• nfg-20240930_def.xml (EX-101.DEF) — 600KB
• nfg-20240930_lab.xml (EX-101.LAB) — 1344KB
• nfg-20240930_pre.xml (EX-101.PRE) — 927KB
• nfg-20240930_htm.xml (XML) — 4244KB

BUSINESS

ITEM 1 BUSINESS 6 THE COMPANY AND ITS SUBSIDIARIES 6 RATES AND REGULATION 6 THE EXPLORATION AND PRODUCTION SEGMENT 7 THE PIPELINE AND STORAGE SEGMENT 7 THE GATHERING SEGMENT 8 THE UTILITY SEGMENT 8 ALL OTHER CATEGORY AND CORPORATE OPERATIONS 8 SOURCES AND AVAILABILITY OF RAW MATERIALS 8 COMPETITION 8 SEASONALITY 10 CAPITAL EXPENDITURES 10 ENVIRONMENTAL MATTERS 10 MISCELLANEOUS 10 HUMAN CAPITAL 11 EXECUTIVE OFFICERS OF THE COMPANY 13

RISK FACTORS

ITEM 1A RISK FACTORS 14

UNRESOLVED STAFF COMMENTS

ITEM 1B UNRESOLVED STAFF COMMENTS 25

CYBERSECURITY

ITEM 1C CYBERSECURITY 25

PROPERTIES

ITEM 2 PROPERTIES 27 GENERAL INFORMATION ON FACILITIES 27 EXPLORATION AND PRODUCTION ACTIVITIES 28

LEGAL PROCEEDINGS

ITEM 3 LEGAL PROCEEDINGS 31

MINE SAFETY DISCLOSURES

ITEM 4 MINE SAFETY DISCLOSURES 31 Part II

MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 5 MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 32

[RESERVED]

ITEM 6 [RESERVED] 33

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 7 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 34

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 61

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8 FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 62

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

ITEM 9 CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 123

CONTROLS AND PROCEDURES

ITEM 9A CONTROLS AND PROCEDURES 123

OTHER INFORMATION

ITEM 9B OTHER INFORMATION 123

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 9C DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 123 -4- Part III

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

ITEM 10 DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 124

EXECUTIVE COMPENSATION

ITEM 11 EXECUTIVE COMPENSATION 124

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

ITEM 12 SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 124

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 13 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 125

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 14 PRINCIPAL ACCOUNTANT FEES AND SERVICES 125 Part IV

EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

ITEM 15 EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 125

FORM 10-K SUMMARY

ITEM 16 FORM 10-K SUMMARY 129

SIGNATURES

SIGNATURES 130 -5- PART I

Business

Item 1 Business The Company and its Subsidiaries National Fuel Gas Company (the Registrant), incorporated in 1902, is a holding company organized under the laws of the State of New Jersey. The Registrant owns directly or indirectly all of the outstanding securities of its subsidiaries. Reference to "the Company" in this report means the Registrant, the Registrant and its subsidiaries or the Registrant's subsidiaries as appropriate in the context of the disclosure. Also, all references to a certain year in this report relate to the Company's fiscal year ended September 30 of that year unless otherwise noted. The Company is a diversified energy company engaged principally in the production, gathering, transportation, storage and distribution of natural gas. The Company operates an integrated business, with assets centered in western New York and Pennsylvania, being used for, and benefiting from, the production and transportation of natural gas from the Appalachian Basin. Current natural gas production development activities are focused in the Marcellus and Utica shales, geological formations that are present nearly a mile or more below the surface in the Appalachian region of the United States. Pipeline development activities are designed to transport natural gas production to both existing and new markets. The common geographic footprint of the Company's subsidiaries enables them to share management, labor, facilities and support services across various businesses and pursue coordinated projects designed to produce and transport natural gas from the Appalachian Basin to markets in the eastern United States and Canada. The Company reports financial results for four business segments: Exploration and Production, Pipeline and Storage, Gathering, and Utility. 1. The Exploration and Production segment operations are carried out by Seneca Resources Company, LLC, a Pennsylvania limited liability company. Seneca is engaged in the exploration for, and the development and