National Fuel Gas Company Reports Mixed Financial Results for Third Quarter and Nine Months Ended June 30, 2026

National Fuel Gas Company reported its financial results for the third quarter and nine months ended June 30, 2026, revealing a mixed performance compared to the previous fiscal period. The company generated operating revenues of $537.5 million for the quarter, a slight increase from $531.8 million in the same period last year. For the nine months, revenues rose to $2.05 billion, up from $1.81 billion in the prior year. However, net income available for common stock decreased to $138.6 million, or $1.46 per share, from $149.8 million, or $1.66 per share, in the prior year quarter. For the nine-month period, net income increased to $567.9 million, compared to $411.2 million in the same period last year, largely due to improved performance in the Integrated Upstream and Gathering segment.

The company’s Integrated Upstream and Gathering segment saw a significant increase in earnings for the nine months, rising to $388 million from $221 million, attributed to higher natural gas prices and production volumes. In contrast, the Pipeline and Storage segment reported a slight decline in earnings for both the quarter and nine months, reflecting increased operating expenses and depreciation costs. The Utility segment also experienced a modest increase in earnings, driven by higher retail gas sales revenue due to rate adjustments and increased throughput.

Strategically, National Fuel Gas is preparing for the acquisition of CenterPoint Energy Resources Corp.'s Ohio utility, CenterPoint Ohio, for $2.62 billion, which is expected to close on October 1, 2026. This acquisition is anticipated to double the size of the company’s gas utility rate base and expand its operations into Ohio. The financing for this acquisition includes a combination of cash, a $1.2 billion promissory note, and proceeds from a recent $1.5 billion long-term debt issuance. The company has also entered into a bridge loan facility to support the acquisition financing.

Operationally, National Fuel Gas reported an increase in capital expenditures, totaling $744.5 million for the nine months ended June 30, 2026, compared to $596 million in the prior year. This increase reflects ongoing investments in the Integrated Upstream and Gathering segment, particularly in well drilling and completion activities in the Appalachian region. The company also continues to focus on modernization projects within its Pipeline and Storage segment, including the Tioga Pathway and Shippingport Lateral projects, which are expected to enhance capacity and reliability.

Looking ahead, National Fuel Gas anticipates continued growth driven by the CenterPoint Ohio acquisition and ongoing capital investments. The company expects to maintain adequate cash flow to meet its operational and capital needs, despite potential challenges from market conditions and regulatory changes. The management remains optimistic about the future, emphasizing the importance of strategic investments and operational efficiency in navigating the evolving energy landscape.