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National Fuel Gas Q2 Earnings Lag Estimates, Revenues Increase Y/Y
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Key Takeaways
National Fuel Gas Q2 adjusted EPS missed estimates despite 17.6% revenue growth year over year.
NFG utility revenue rose 23.9%, while operating expenses climbed 23.9% in the quarter.
NFG lowered fiscal 2026 production guidance to 425-440 Bcf from the prior 440-455 Bcf.
National Fuel Gas Company (NFG - Free Report) reported second-quarter fiscal 2026 adjusted operating earnings of $2.71 per share, which missed the Zacks Consensus Estimate of $2.85 by 4.91%. The bottom line increased 13.39% from the year-ago quarter’s reported figure of $2.39.
GAAP earnings for the quarter were $2.59 per share, up 9.28% from $2.37 in the year-ago quarter. The difference between GAAP and operating earnings in the reported quarter was primarily due to costs related to the pending Ohio gas utility acquisition and the impact of equity issuance due to Ohio acquisitions.
NFG’s Total Revenues
NFG reported sales of $858.4 million, which beat the Zacks Consensus Estimate of $830 million by 3.41%. The top line increased 17.59% from the prior-year recorded figure of $730 million.
National Fuel Gas Company Price, Consensus and EPS Surprise
Utility: Revenues totaled $425.8 million, up 23.93% from $343.6 million in the year-ago quarter.
Integrated upstream and Gathering and Other: Revenues totaled $358.8 million, up 13.84% from $315.19 million in the year-ago quarter.
Pipeline and Storage: Revenues amounted to $73.8 million, reflecting a 3.62% increase from $71.2 million recorded in the year-ago quarter.
Highlights of NFG’s Q2 Release
Total operating expenses were $511.2 million, up 23.88% from $412.7 million in the year-ago quarter.
Operating income totaled $347.1 million, up 9.42% from $317.3 million in the year-ago quarter.
Interest expense on long-term debt totaled $30.08 million, down 24.15% from $39.7 million in the year-ago quarter.
During the fiscal second quarter, Seneca produced 102 billion cubic feet (Bcf) of natural gas, reflecting a decrease of 3.5 Bcf or 3%, from the prior-year level. The year-over-year decline in production volumes resulted from weather-related completion delays and a decrease in the natural output from producing gas wells.
NFG’s Q2 Financial Highlights
As of March 31, 2026, National Fuel Gas had cash and temporary cash investments of $26.6 million compared with $43.2 million as of Sept. 30, 2025.
Net cash provided by operating activities for the first six months of fiscal 2026 totaled $657.3 million compared with $473.9 million in the previous year quarter.
Capital expenditures were $498.3 million in the first six months of fiscal 2026 compared with $434.3 million in the year-ago period.
NFG’s Guidance
National Fuel Gas reiterated guidance for adjusted earnings per share for fiscal 2026 between $7.45 and $7.75 per share. The Zacks Consensus Estimate for fiscal 2026 is currently pegged at $7.79.
The company expects capital expenditure for fiscal 2026 to be in the $955-$1,065 million range.
Production for fiscal 2026 is expected to be in the range of 425-440 Bcf, down from the previous production guidance of 440-455 Bcf.
Occidental Petroleum (OXY - Free Report) is scheduled to report first-quarter 2026 results on May 5. The Zacks Consensus Estimate for OXY’s first-quarter EPS is pegged at 62 cents, implying a decrease of 28.74% from the prior-year figure.
The Zacks Consensus Estimate for first-quarter sales is pinned at $5.50 billion, which suggests a year-over-year fall of 19.69%.
Devon Energy Corporation (DVN - Free Report) is scheduled to report first-quarter 2026 results on May 5. The Zacks Consensus Estimate for DVN’s first-quarter EPS is pegged at $1.0, implying a decrease of 17.36% from the prior-year figure.
The Zacks Consensus Estimate for first-quarter sales is pinned at $4.14 billion, which suggests a year-over-year fall of 6.93%.
Cactus, Inc. (WHD - Free Report) is scheduled to report first-quarter 2026 results on May 6. The Zacks Consensus Estimate for WHD’s first-quarter EPS is pegged at 57 cents, implying a decrease of 21.92% from the prior-year figure.
The Zacks Consensus Estimate for first-quarter sales is pinned at $380.81 million, which suggests year-over-year growth of 35.85%.
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National Fuel Gas Q2 Earnings Lag Estimates, Revenues Increase Y/Y
Key Takeaways
National Fuel Gas Company (NFG - Free Report) reported second-quarter fiscal 2026 adjusted operating earnings of $2.71 per share, which missed the Zacks Consensus Estimate of $2.85 by 4.91%. The bottom line increased 13.39% from the year-ago quarter’s reported figure of $2.39.
GAAP earnings for the quarter were $2.59 per share, up 9.28% from $2.37 in the year-ago quarter. The difference between GAAP and operating earnings in the reported quarter was primarily due to costs related to the pending Ohio gas utility acquisition and the impact of equity issuance due to Ohio acquisitions.
NFG’s Total Revenues
NFG reported sales of $858.4 million, which beat the Zacks Consensus Estimate of $830 million by 3.41%. The top line increased 17.59% from the prior-year recorded figure of $730 million.
National Fuel Gas Company Price, Consensus and EPS Surprise
National Fuel Gas Company price-consensus-eps-surprise-chart | National Fuel Gas Company Quote
NFG’s Segmental Revenues
Utility: Revenues totaled $425.8 million, up 23.93% from $343.6 million in the year-ago quarter.
Integrated upstream and Gathering and Other: Revenues totaled $358.8 million, up 13.84% from $315.19 million in the year-ago quarter.
Pipeline and Storage: Revenues amounted to $73.8 million, reflecting a 3.62% increase from $71.2 million recorded in the year-ago quarter.
Highlights of NFG’s Q2 Release
Total operating expenses were $511.2 million, up 23.88% from $412.7 million in the year-ago quarter.
Operating income totaled $347.1 million, up 9.42% from $317.3 million in the year-ago quarter.
Interest expense on long-term debt totaled $30.08 million, down 24.15% from $39.7 million in the year-ago quarter.
During the fiscal second quarter, Seneca produced 102 billion cubic feet (Bcf) of natural gas, reflecting a decrease of 3.5 Bcf or 3%, from the prior-year level. The year-over-year decline in production volumes resulted from weather-related completion delays and a decrease in the natural output from producing gas wells.
NFG’s Q2 Financial Highlights
As of March 31, 2026, National Fuel Gas had cash and temporary cash investments of $26.6 million compared with $43.2 million as of Sept. 30, 2025.
Net cash provided by operating activities for the first six months of fiscal 2026 totaled $657.3 million compared with $473.9 million in the previous year quarter.
Capital expenditures were $498.3 million in the first six months of fiscal 2026 compared with $434.3 million in the year-ago period.
NFG’s Guidance
National Fuel Gas reiterated guidance for adjusted earnings per share for fiscal 2026 between $7.45 and $7.75 per share. The Zacks Consensus Estimate for fiscal 2026 is currently pegged at $7.79.
The company expects capital expenditure for fiscal 2026 to be in the $955-$1,065 million range.
Production for fiscal 2026 is expected to be in the range of 425-440 Bcf, down from the previous production guidance of 440-455 Bcf.
NFG’s Zacks Rank
National Fuel Gas currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
Occidental Petroleum (OXY - Free Report) is scheduled to report first-quarter 2026 results on May 5. The Zacks Consensus Estimate for OXY’s first-quarter EPS is pegged at 62 cents, implying a decrease of 28.74% from the prior-year figure.
The Zacks Consensus Estimate for first-quarter sales is pinned at $5.50 billion, which suggests a year-over-year fall of 19.69%.
Devon Energy Corporation (DVN - Free Report) is scheduled to report first-quarter 2026 results on May 5. The Zacks Consensus Estimate for DVN’s first-quarter EPS is pegged at $1.0, implying a decrease of 17.36% from the prior-year figure.
The Zacks Consensus Estimate for first-quarter sales is pinned at $4.14 billion, which suggests a year-over-year fall of 6.93%.
Cactus, Inc. (WHD - Free Report) is scheduled to report first-quarter 2026 results on May 6. The Zacks Consensus Estimate for WHD’s first-quarter EPS is pegged at 57 cents, implying a decrease of 21.92% from the prior-year figure.
The Zacks Consensus Estimate for first-quarter sales is pinned at $380.81 million, which suggests year-over-year growth of 35.85%.