National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced consolidated results for the second quarter of its 2024 fiscal year and for the six months ended March 31, 2024.
FISCAL 2024 SECOND QUARTER SUMMARY
- GAAP net income of $166.3 million, or $1.80 per share, compared to GAAP net income of $140.9 million, or $1.53 per share, in the prior year, an increase of 18% per share.
- Adjusted operating results of $165.3 million, or $1.79 per share, compared to $141.8 million, or $1.54 per share, in the prior year, an increase of 16% per share (see non-GAAP reconciliation on page 2).
- Pipeline and Storage segment revenue was up $12.9 million, or 14%, from the prior year, primarily due to the resolution of the National Fuel Gas Supply Corporation (“Supply Corporation”) rate proceeding, which is expected to increase annual revenues by $56 million.
- Exploration and Production segment produced 103 Bcf of natural gas, an increase of 10% from the prior year, driven by strong operational execution, particularly in the highly productive Eastern Development Area (“EDA”).
- Gathering segment revenue increased $7.0 million, or 12%, from the prior year, primarily as a result of a 15% increase in throughput, driven by both Seneca Resources and third-party producers.
- Utility segment earnings increased by $13.0 million, or 41%, from the prior year largely due to an increase in base rate delivery revenues from our 2023 Pennsylvania jurisdiction rate case settlement.
- Company is revising its fiscal 2024 earnings guidance to a range of $4.75 to $5.05 per share, excluding items impacting comparability, while lowering capital expenditure guidance to a range of $885 to $980 million.