National Fuel Gas Co 10-Q for FY2025 Q1

National Fuel Gas Co (NFG)

10-Q 2025-01-30 For: 2024-12-31

Added on April 11, 2026

About this 10-Q

National Fuel Gas Co filed this 10-Q on January 30, 2025, covering the quarter ended December 31, 2024 (FY2025 Q1).

Headline figures

Quarter ended December 31, 2024, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $549.48M; up 4.6% from $525.36M a year earlier
Net income: $44.99M; down 66.2% from net income of $133.02M a year earlier
Diluted EPS: $0.49; down 66.0% from $1.44 a year earlier

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


New Jersey		13-1086010
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

6363 Main Street
Williamsville,	New York	14221
(Address of principal executive offices)		(Zip Code)


Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class	Trading Symbol	Name of Each Exchange on Which Registered
Common Stock, par value $1.00 per share	NFG	New York Stock Exchange


Large Accelerated Filer	☑	Accelerated Filer	☐
Non-Accelerated Filer	☐	Smaller Reporting Company	☐
		Emerging Growth Company	☐


National Fuel Gas Companies
Company			The Registrant, the Registrant and its subsidiaries or the Registrant’s subsidiaries as appropriate in the context of the disclosure
Distribution Corporation			National Fuel Gas Distribution Corporation
Empire			Empire Pipeline, Inc.
Midstream Company			National Fuel Gas Midstream Company, LLC
National Fuel			National Fuel Gas Company
Registrant			National Fuel Gas Company
Seneca			Seneca Resources Company, LLC
Supply Corporation			National Fuel Gas Supply Corporation


Regulatory Agencies
CFTC			Commodity Futures Trading Commission
EPA			United States Environmental Protection Agency
FASB			Financial Accounting Standards Board
FERC			Federal Energy Regulatory Commission
IRS			Internal Revenue Service
NYDEC			New York State Department of Environmental Conservation
NYPSC			State of New York Public Service Commission
PaPUC			Pennsylvania Public Utility Commission
PHMSA			Pipeline and Hazardous Materials Safety Administration
SEC			Securities and Exchange Commission


Other
2024 Form 10-K			The Company’s Annual Report on Form 10-K for the year ended September 30, 2024
2017 Tax Reform Act			Tax legislation referred to as the "Tax Cuts and Jobs Act," enacted December 22, 2017.
Bcf			Billion cubic feet (of natural gas)
Bcfe (or Mcfe) – represents Bcf (or Mcf) Equivalent			The total heat value (Btu) of natural gas and oil expressed as a volume of natural gas. The Company uses a conversion formula of 1 barrel of oil = 6 Mcf of natural gas.
Btu			British thermal unit; the amount of heat needed to raise the temperature of one pound of water one degree Fahrenheit
Capital expenditure			Represents additions to property, plant, and equipment, or the amount of money a company spends to buy capital assets or upgrade its existing capital assets.
Cashout revenues			A cash resolution of a gas imbalance whereby a customer (e.g. a marketer) pays for gas the customer receives in excess of amounts delivered into pipeline/storage or distribution systems by the customer’s shipper.
CLCPA			Legislation referred to as the "Climate Leadership & Community Protection Act," enacted by the State of New York on July 18, 2019.
Degree day			A measure of the coldness of the weather experienced, based on the extent to which the daily average temperature falls below a reference temperature, usually 65 degrees Fahrenheit.
Derivative			A financial instrument or other contract, the terms of which include an underlying variable (a price, interest rate, index rate, exchange rate, or other variable) and a notional amount (number of units, barrels, cubic feet, etc.). The terms also permit for the instrument or contract to be settled net and no initial net investment is required to enter into the financial instrument or contract. Examples include futures contracts, forward contracts, options, no cost collars and swaps.
Development costs			Costs incurred to obtain access to proved gas and oil reserves and to provide facilities for extracting, treating, gathering and storing the gas and oil.


Dth			Decatherm; one Dth of natural gas has a heating value of 1,000,000 British thermal units, approximately equal to the heating value of 1 Mcf of natural gas.
Exchange Act			Securities Exchange Act of 1934, as amended
Expenditures for long-lived assets			Includes capital expenditures, stock acquisitions and/or investments in partnerships.
Exploration costs			Costs incurred in identifying areas that may warrant examination, as well as costs incurred in examining specific areas, including drilling exploratory wells.
Exploratory well			A well drilled in unproven or semi-proven territory for the purpose of ascertaining the presence underground of a commercial hydrocarbon deposit.
Firm transportation and/or storage			The transportation and/or storage service that a supplier of such service is obligated by contract to provide and for which the customer is obligated to pay whether or not the service is utilized.
GAAP			Accounting principles generally accepted in the United States of America
Goodwill			An intangible asset representing the difference between the fair value of a company and the price at which a company is purchased.
Hedging			A method of minimizing the impact of price, interest rate, and/or foreign currency exchange rate changes, often through the use of derivative financial instruments.
Hub			Location where pipelines intersect enabling the trading, transportation, storage, exchange, lending and borrowing of natural gas.
ICE			Intercontinental Exchange. An exchange which maintains a futures market for crude oil and natural gas.
Impact Fee			An annual fee imposed on unconventional wells spud in Pennsylvania. The fee is administered by the PaPUC and fees are distributed to counties and municipalities where the well is located.
Interruptible transportation and/or storage			The transportation and/or storage service that, in accordance with contractual arrangements, can be interrupted by the supplier of such service, and for which the customer does not pay unless utilized.
LDC			Local distribution company
LIFO			Last-in, first-out
Marcellus Shale			A Middle Devonian-age geological shale formation that is present nearly a mile or more below the surface in the Appalachian region of the United States, including much of Pennsylvania and southern New York.
Mcf			Thousand cubic feet (of natural gas)
MD&A			Management’s Discussion and Analysis of Financial Condition and Results of Operations
MDth			Thousand decatherms (of natural gas)
Methane			The primary component of natural gas. It is a compound made up of one carbon atom and four hydrogen atoms (CH4).
MMBtu			Million British thermal units (heating value of one decatherm of natural gas)
MMcf			Million cubic feet (of natural gas)
Natural Gas			A naturally occurring mixture of gaseous hydrocarbons consisting primarily of methane and found in underground rock formations.
NGA			The Natural Gas Act of 1938, as amended; the federal law regulating interstate natural gas pipeline and storage companies, among other things, codified beginning at 15 U.S.C. Section 717.
NOAA			National Oceanic and Atmospheric Administration
NYMEX			New York Mercantile Exchange. An exchange which maintains a futures market for crude oil and natural gas.
OPEB			Other Post-Employment Benefit
Open Season			A bidding procedure used by pipelines to allocate firm transportation or storage capacity among prospective shippers, in which all bids submitted during a defined time period are evaluated as if they had been submitted simultaneously.


Precedent Agreement			An agreement between a pipeline company and a potential customer to sign a service agreement after specified events (called “conditions precedent”) happen, usually within a specified time.
Proved developed reserves			Reserves that can be expected to be recovered through existing wells with existing equipment and operating methods.
Proved undeveloped (PUD) reserves			Reserves that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required to make these reserves productive.
Reserves			The unproduced but recoverable oil and/or gas in place in a formation which has been proven by production.
Revenue decoupling mechanism			A rate mechanism which adjusts customer rates to render a utility financially indifferent to throughput decreases resulting from conservation.
S&P			Standard & Poor’s Rating Service
SAR			Stock appreciation right
Section 7(c) application			An application to the FERC under Section 7(c) of the federal Natural Gas Act for authority to construct, operate (and provide services through) facilities to transport or store natural gas in interstate commerce.
Service agreement			The binding agreement by which the pipeline company agrees to provide service and the shipper agrees to pay for the service.
SOFR			Secured Overnight Financing Rate
Stock acquisitions			Investments in corporations
Utica Shale			A Middle Ordovician-age geological formation lying several thousand feet below the Marcellus Shale in the Appalachian region of the United States, including much of Ohio, Pennsylvania, West Virginia and southern New York.
VEBA			Voluntary Employees’ Beneficiary Association
WNA			Weather normalization adjustment; an adjustment in utility rates which adjusts customer rates to allow a utility to recover its normal operating costs calculated at normal temperatures. If temperatures during the measured period are warmer than normal, customer rates are adjusted upward in order to recover projected operating costs. If temperatures during the measured period are colder than normal, customer rates are adjusted downward so that only the projected operating costs will be recovered.


INDEX						Page

Part I. Financial Information

Item 1. Financial Statements (Unaudited)						6

a. Consolidated Statements of Income and Earnings Reinvested in the Business - Three Months Ended December 3 1 , 2024 and 2023						6
b. Consolidated Statements of Comprehensive Income – Three Months Ended Dec e mber 3 1 , 2024 and 2023						7
c. Consolidated Balance Sheets – December 3 1 , 2024 and September 30, 20 24						8
d. Consolidated Statements of Cash Flows – Three Months Ended December 3 1 , 2024 and 2023						10
e. Notes to Condensed Consolidated Financial Statements						11
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations						25
Item 3. Quantitative and Qualitative Disclosures About Market Risk						41
Item 4. Controls and Procedures						42

Part II. Other Information

Item 1. Legal Proceedings						42
Item 1 A. Risk Factors						42
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds						44
Item 3. Defaults Upon Senior Securities						•
Item 4. Mine Safety Disclosures						•
Item 5. Other Information						45
Item 6. Exhibits						45
Signatures						47


	Three Months Ended December 31,
(Thousands of U.S. Dollars, Except Per Common Share Amounts)	2024		2023
INCOME
Operating Revenues:
Utility Revenues	$	228,424	$	201,920
Exploration and Production and Other Revenues	248,860		254,019
Pipeline and Storage and Gathering Revenues	72,198		69,422
	549,482		525,361

Operating Expenses:
Purchased Gas	65,337		56,552
Operation and Maintenance:
Utility	55,244		53,705
Exploration and Production and Other	33,541		34,826
Pipeline and Storage and Gathering	35,941		34,962
Property, Franchise and Other Taxes	22,056		22,416
Depreciation, Depletion and Amortization	109,370		115,790
Impairment of Assets	141,802		—
	463,291		318,251

Operating Income	86,191		207,110
Other Income (Expense):

Other Income (Deductions)	7,720		3,732
Interest Expense on Long-Term Debt	(33,362)		(28,462)
Other Interest Expense	(4,381)		(6,273)
Income Before Income Taxes	56,168		176,107
Income Tax Expense	11,182		43,087

Net Income Available for Common Stock	44,986		133,020

EARNINGS REINVESTED IN THE BUSINESS
Balance at Beginning of Period	1,727,326		1,885,856
	1,772,312		2,018,876
Share Repurchases under Repurchase Plan	(26,993)		—
Dividends on Common Stock	(46,671)		(45,597)


Balance at December 31	$	1,698,648	$	1,973,279

Earnings Per Common Share:
Basic:
Net Income Available for Common Stock	$	0.50	$	1.45
Diluted:
Net Income Available for Common Stock	$	0.49	$	1.44
Weighted Average Common Shares Outstanding:
Used in Basic Calculation	90,777,446		91,910,244
Used in Diluted Calculation	91,434,741		92,442,145
Dividends Per Common Share:
Dividends Declared	$	0.515	$	0.495


	Three Months Ended December 31,
(Thousands of U.S. Dollars)	2024		2023
Net Income Available for Common Stock	$	44,986	$	133,020
Other Comprehensive Income (Loss), Before Tax:
Unrealized Gain (Loss) on Derivative Financial Instruments Arising During the Period	(53,516)		189,167
Reclassification Adjustment for Realized (Gains) Losses on Derivative Financial Instruments in Net Income	(29,504)		(19,708)
Other Comprehensive Income (Loss), Before Tax	(83,020)		169,459
Income Tax Expense (Benefit) Related to Unrealized Gain (Loss) on Derivative Financial Instruments Arising During the Period	(14,403)		52,486
Reclassification Adjustment for Income Tax Benefit (Expense) on Realized Losses (Gains) from Derivative Financial Instruments in Net Income	(7,940)		(5,468)
Income Taxes – Net	(22,343)		47,018
Other Comprehensive Income (Loss)	(60,677)		122,441
Comprehensive Income (Loss)	$	(15,691)	$	255,461


	December 31, 2024		September 30, 2024
(Thousands of U.S. Dollars)
ASSETS
Property, Plant and Equipment	$	14,675,281	$	14,524,798
Less - Accumulated Depreciation, Depletion and Amortization	7,393,477		7,185,593
	7,281,804		7,339,205

Current Assets
Cash and Temporary Cash Investments	48,694		38,222


Receivables – Net of Allowance for Uncollectible Accounts of $28,384 and $26,194, Respectively	202,821		127,222
Unbilled Revenue	57,117		15,521
Gas Stored Underground	24,725		35,055
Materials and Supplies - at average cost	47,820		47,670

Other Current Assets	83,435		92,229
	464,612		355,919

Other Assets
Recoverable Future Taxes	83,740		80,084
Unamortized Debt Expense	5,206		5,604
Other Regulatory Assets	106,386		108,022
Deferred Charges	68,952		69,662
Other Investments	71,493		81,705
Goodwill	5,476		5,476
Prepaid Pension and Post-Retirement Benefit Costs	185,224		180,230
Fair Value of Derivative Financial Instruments	20,695		87,905
Other	7,860		5,958
	555,032		624,646

Total Assets	$	8,301,448	$	8,319,770


	Balance at Beginning of Period		Additions Charged to Costs and Expenses		Discounts on Purchased Receivables		Net Accounts Receivable Written-Off		Balance at End of Period
Three Months Ended December 31, 2024
Allowance for Uncollectible Accounts	$	26,194	$	4,605	$	107	$	(2,522)	$	28,384
Three Months Ended December 31, 2023
Allowance for Uncollectible Accounts	$	36,295	$	4,157	$	119	$	(3,455)	$	37,116


	Gains and Losses on Derivative Financial Instruments		Funded Status of the Pension and Other Post-Retirement Benefit Plans		Total
Three Months Ended December 31, 2024
Balance at October 1, 2024	$	55,799	$	(71,275)	$	(15,476)
Other Comprehensive Gains and Losses Before Reclassifications	(39,113)		—		(39,113)
Amounts Reclassified From Other Comprehensive Loss	(21,564)		—		(21,564)

Balance at December 31, 2024	$	(4,878)	$	(71,275)	$	(76,153)







Three Months Ended December 31, 2023
Balance at October 1, 2023	$	4,623	$	(59,683)	$	(55,060)
Other Comprehensive Gains and Losses Before Reclassifications	136,681		—		136,681
Amounts Reclassified From Other Comprehensive Income	(14,240)		—		(14,240)

Balance at December 31, 2023	$	127,064	$	(59,683)	$	67,381


Details About Accumulated Other Comprehensive Income (Loss) Components	Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss)		Affected Line Item in the Statement Where Net Income is Presented
	Three Months Ended December 31,
	2024	2023
Gains (Losses) on Derivative Financial Instrument Cash Flow Hedges:
Commodity Contracts	$29,729	$19,755		Operating Revenues

Foreign Currency Contracts	(225)	(47)		Operating Revenues
	29,504	19,708		Total Before Income Tax
	(7,940)	(5,468)		Income Tax Expense
	$21,564	$14,240		Net of Tax


	December 31, 2024		September 30, 2024
(Thousands of U.S. Dollars)
CAPITALIZATION AND LIABILITIES
Capitalization:
Comprehensive Shareholders’ Equity
Common Stock, $1 Par Value
Authorized - 200,000,000 Shares; Issued And Outstanding – 90,612,955 Shares and 91,005,993 Shares, Respectively	$	90,613	$	91,006
Paid in Capital	1,039,705		1,045,487
Earnings Reinvested in the Business	1,698,648		1,727,326
Accumulated Other Comprehensive Loss	(76,153)		(15,476)
Total Comprehensive Shareholders’ Equity	2,752,813		2,848,343
Long-Term Debt, Net of Current Portion and Unamortized Discount and Debt Issuance Costs	2,189,421		2,188,243
Total Capitalization	4,942,234		5,036,586

Current and Accrued Liabilities
Notes Payable to Banks and Commercial Paper	200,000		90,700
Current Portion of Long-Term Debt	500,000		500,000
Accounts Payable	120,991		165,068
Amounts Payable to Customers	42,587		42,720
Dividends Payable	46,671		46,872
Interest Payable on Long-Term Debt	44,376		27,247
Customer Advances	15,295		19,373
Customer Security Deposits	36,091		36,265
Other Accruals and Current Liabilities	172,409		162,903
Fair Value of Derivative Financial Instruments	20,893		4,744
	1,199,313		1,095,892

Other Liabilities
Deferred Income Taxes	1,089,394		1,111,165
Taxes Refundable to Customers	303,344		305,645

Cost of Removal Regulatory Liability	296,660		292,477
Other Regulatory Liabilities	147,561		151,452
Other Post-Retirement Liabilities	3,476		3,511
Asset Retirement Obligations	199,310		203,006
Other Liabilities	120,156		120,036
	2,159,901		2,187,292
Commitments and Contingencies (Note 7)	—		—


	At December 31, 2024		At September 30, 2024

Accrued Capital Expenditures	$	52,852	$	47,344
Regulatory Liabilities	24,235		29,352
Reserve for Gas Replacement	1,316		—
Liability for Royalty and Working Interests	23,673		15,007
Federal Income Taxes Payable	5,249		—



Non-Qualified Benefit Plan Liability	14,135		14,135
Other	50,949		57,065
	$	172,409	$	162,903


Recurring Fair Value Measures	At fair value as of December 31, 2024
(Thousands of Dollars)	Level 1		Level 2		Level 3		Netting Adjustments(1)		Total(1)
Assets:
Cash Equivalents – Money Market Mutual Funds	$	41,745	$	—	$	—	$	—	$	41,745

Derivative Financial Instruments:

Over the Counter Swaps – Gas	—		43,937		—		(31,220)		12,717
Over the Counter No Cost Collars – Gas	—		18,426		—		(10,380)		8,046
Contingent Consideration for Asset Sale	—		380		—		—		380
Foreign Currency Contracts	—		52		—		(500)		(448)
Other Investments:
Balanced Equity Mutual Fund	12,241		—		—		—		12,241
Fixed Income Mutual Fund	16,281		—		—		—		16,281


Total	$	70,267	$	62,795	$	—	$	(42,100)	$	90,962

Liabilities:
Derivative Financial Instruments:

Over the Counter Swaps – Gas	$	—	$	41,848	$	—	$	(31,220)	$	10,628
Over the Counter No Cost Collars – Gas	—		19,266		—		(10,380)		8,886
Foreign Currency Contracts	—		1,879		—		(500)		1,379
Total	$	—	$	62,993	$	—	$	(42,100)	$	20,893

Total Net Assets/(Liabilities)	$	70,267	$	(198)	$	—	$	—	$	70,069


Recurring Fair Value Measures	At fair value as of September 30, 2024
(Thousands of Dollars)	Level 1		Level 2		Level 3		Netting Adjustments(1)		Total(1)
Assets:
Cash Equivalents – Money Market Mutual Funds	$	29,238	$	—	$	—	$	—	$	29,238

Derivative Financial Instruments:

Over the Counter Swaps – Gas	—		76,009		—		(17,198)		58,811
Over the Counter No Cost Collars – Gas	—		32,584		—		(3,774)		28,810
Contingent Consideration for Asset Sale	—		729		—		—		729
Foreign Currency Contracts	—		281		—		(726)		(445)
Other Investments:
Balanced Equity Mutual Fund	19,523		—		—		—		19,523
Fixed Income Mutual Fund	17,374		—		—		—		17,374



Total	$	66,135	$	109,603	$	—	$	(21,698)	$	154,040

Liabilities:
Derivative Financial Instruments:

Over the Counter Swaps – Gas	$	—	$	22,206	$	—	$	(17,198)	$	5,008
Over the Counter No Cost Collars – Gas	—		3,501		—		(3,774)		(273)
Foreign Currency Contracts	—		726		—		(726)		—
Total	$	—	$	26,433	$	—	$	(21,698)	$	4,735

Total Net Assets/(Liabilities)	$	66,135	$	83,170	$	—	$	—	$	149,305


	At December 31, 2024		At September 30, 2024

Prepayments	$	13,890	$	18,463
Prepaid Property and Other Taxes	14,301		14,187
Federal Income Taxes Receivable	—		8,154
State Income Taxes Receivable	6,911		13,161

Regulatory Assets	48,333		38,264
	$	83,435	$	92,229


Quarter Ended December 31, 2024 (Thousands)
Revenues By Type of Service	Exploration and Production		Pipeline and Storage		Gathering		Utility		All Other		Corporate and Intersegment Eliminations		Total Consolidated
Production of Natural Gas	$	217,458	$	—	$	—	$	—	$	—	$	—	$	217,458
Production of Crude Oil	515		—		—		—		—		—		515
Natural Gas Processing	275		—		—		—		—		—		275
Natural Gas Gathering Service	—		—		61,131		—		—		(57,683)		3,448
Natural Gas Transportation Service	—		81,204		—		26,921		—		(27,181)		80,944
Natural Gas Storage Service	—		24,993		—		—		—		(10,504)		14,489
Natural Gas Residential Sales	—		—		—		156,350		—		—		156,350
Natural Gas Commercial Sales	—		—		—		22,243		—		—		22,243
Natural Gas Industrial Sales	—		—		—		1,338		—		(1)		1,337

Other	883		415		—		15,740		—		(261)		16,777
Total Revenues from Contracts with Customers	219,131		106,612		61,131		222,592		—		(95,630)		513,836
Alternative Revenue Programs	—		—		—		5,917		—		—		5,917
Derivative Financial Instruments	29,729		—		—		—		—		—		29,729
Total Revenues	$	248,860	$	106,612	$	61,131	$	228,509	$	—	$	(95,630)	$	549,482


Quarter Ended December 31, 2023 (Thousands)
Revenues By Type of Service	Exploration and Production		Pipeline and Storage		Gathering		Utility		All Other		Corporate and Intersegment Eliminations		Total Consolidated
Production of Natural Gas	$	232,661	$	—	$	—	$	—	$	—	$	—	$	232,661
Production of Crude Oil	687		—		—		—		—		—		687
Natural Gas Processing	267		—		—		—		—		—		267
Natural Gas Gathering Service	—		—		62,588		—		—		(57,992)		4,596
Natural Gas Transportation Service	—		71,618		—		29,285		—		(20,362)		80,541
Natural Gas Storage Service	—		21,292		—		—		—		(9,059)		12,233
Natural Gas Residential Sales	—		—		—		146,546		—		—		146,546
Natural Gas Commercial Sales	—		—		—		20,281		—		—		20,281
Natural Gas Industrial Sales	—		—		—		906		—		(2)		904

Other	649		1,503		—		(567)		—		(251)		1,334
Total Revenues from Contracts with Customers	234,264		94,413		62,588		196,451		—		(87,666)		500,050
Alternative Revenue Programs	—		—		—		5,556		—		—		5,556
Derivative Financial Instruments	19,755		—		—		—		—		—		19,755
Total Revenues	$	254,019	$	94,413	$	62,588	$	202,007	$	—	$	(87,666)	$	525,361


					Impairments
Nonrecurring Fair Value Measures					Quarter Ended December 31,
	Segment	Date of Measurement	Fair Value		2024		2023
Impairment of Assets:
Water Disposal Assets	Exploration and Production	December 31, 2024	$	12,880	$	33,453	$	—


	December 31, 2024				September 30, 2024
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-Term Debt	$	2,689,421	$	2,618,660	$	2,688,243	$	2,656,888


	At December 31, 2024		At September 30, 2024

Life Insurance Contracts	$	42,971	$	44,808
Equity Mutual Fund	12,241		19,523
Fixed Income Mutual Fund	16,281		17,374

	$	71,493	$	81,705


The Effect of Derivative Financial Instruments on the Statement of Financial Performance for the
Three Months Ended December 31, 2024 and 2023 (Thousands of Dollars)
Derivatives in Cash Flow Hedging Relationships	Amount of Derivative Gain or (Loss) Recognized in Other Comprehensive Income (Loss) on the Consolidated Statement of Comprehensive Income (Loss) for the Three Months Ended December 31,				Location of Derivative Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheet into the Consolidated Statement of Income	Amount of Derivative Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheet into the Consolidated Statement of Income for the Three Months Ended December 31,
	2024		2023			2024		2023
Commodity Contracts	$	(51,909)	$	187,989	Operating Revenue	$	29,729	$	19,755

Foreign Currency Contracts	(1,607)		1,178		Operating Revenue	(225)		(47)
Total	$	(53,516)	$	189,167		$	29,504	$	19,708


	Common Stock			Paid In Capital		Earnings Reinvested in the Business		Accumulated Other Comprehensive Income (Loss)
	Shares	Amount
	(Thousands, except per share amounts)
Balance at October 1, 2024	91,006	$	91,006	$	1,045,487	$	1,727,326	$	(15,476)
Net Income Available for Common Stock						44,986
Dividends Declared on Common Stock ($0.515 Per Share)						(46,671)

Other Comprehensive Loss, Net of Tax								(60,677)
Share-Based Payment Expense (1)				4,090

Common Stock Issued (Repurchased) Under Stock and Benefit Plans	156	156		(3,511)
Share Repurchases Under Repurchase Plan	(549)	(549)		(6,361)		(26,993)
Balance at December 31, 2024	90,613	$	90,613	$	1,039,705	$	1,698,648	$	(76,153)













Balance at October 1, 2023	91,819	$	91,819	$	1,040,761	$	1,885,856	$	(55,060)
Net Income Available for Common Stock						133,020
Dividends Declared on Common Stock ($0.495 Per Share)						(45,597)

Other Comprehensive Income, Net of Tax								122,441
Share-Based Payment Expense (1)				4,135

Common Stock Issued (Repurchased) Under Stock and Benefit Plans	297	297		(3,670)
Balance at December 31, 2023	92,116	$	92,116	$	1,041,226	$	1,973,279	$	67,381


			Three Months Ended December 31, 2024
Vesting of Restricted Stock Units			119,177
Vesting of Performance Shares			89,843
Issuance of Common Stock Pursuant to the Company's Non-Employee Director Equity Compensation Plan and Deferred Compensation Plan for Directors and Officers			10,169
Shares Tendered to Pay Withholding Taxes on Stock-Based Compensation Awards (1)			(63,631)
Common Stock Issued Under Stock and Benefit Plans			155,558
Share Repurchases Under Repurchase Plan			(548,596)
Total Net Shares Repurchased During the Three Months Ended December 31, 2024			(393,038)


(Thousands)	Exploration and Production	Pipeline and Storage	Gathering	Utility	Total Reportable Segments	All Other	Corporate and Intersegment Eliminations	Total Consolidated
Segment Assets:
At December 31, 2024	$2,533,521	$2,475,767	$1,039,149	$2,454,198	$8,502,635	$7,931	$(209,118)	$8,301,448
At September 30, 2024	$2,644,820	$2,446,243	$987,103	$2,398,709	$8,476,875	$6,227	$(163,332)	$8,319,770


	Retirement Plan				Other Post-Retirement Benefits
Three Months Ended December 31,	2024		2023		2024		2023

Service Cost	$	1,023	$	1,049	$	130	$	109
Interest Cost	9,223		10,890		3,625		3,890
Expected Return on Plan Assets	(14,647)		(17,086)		(6,536)		(6,660)
Amortization of Prior Service Cost (Credit)	76		91		(107)		(107)

Amortization of (Gains) Losses	1,620		(335)		9		(567)
Net Amortization and Deferral for Regulatory Purposes (Including Volumetric Adjustments) (1)	(165)		4,057		(727)		2,238

Net Periodic Benefit Cost (Income)	$	(2,870)	$	(1,334)	$	(3,606)	$	(1,097)


Ceiling Testing Sensitivity to Commodity Price Changes
(Millions)	$0.25/MMBtu Decrease in Natural Gas Prices
Calculated Impairment under Sensitivity Analysis	$	473.7
Actual Impairment Recorded at December 31, 2024	79.1
Additional Impairment	$	394.6


	Three Months Ended December 31,
(MMcf)	2024	2023	Increase (Decrease)
Firm Transportation	202,882	200,101	2,781
Interruptible Transportation	62	118	(56)
	202,944	200,219	2,725


Three Months Ended December 31,				Percent Colder (Warmer) Than
	Normal	2024	2023	Normal(1)		Prior Year(1)
Buffalo, NY	2,253	1,884	1,858	(16.4)	%	1.4	%
Erie, PA	1,894	1,697	1,664	(10.4)	%	2.0	%


Total Expenditures for Long-Lived Assets
Three Months Ended December 31,	2024			2023			Increase (Decrease)
(Millions)
Exploration and Production:
Capital Expenditures	$	122.6	(1)	$	161.0	(2)	$	(38.4)
Pipeline and Storage:
Capital Expenditures	19.8		(1)	24.6		(2)	(4.8)
Gathering:
Capital Expenditures	13.0		(1)	19.6		(2)	(6.6)
Utility:
Capital Expenditures	36.5		(1)	30.5		(2)	6.0
All Other:
Capital Expenditures	0.2			—			0.2

	$	192.1		$	235.7		$	(43.6)


Period	Total Number of Shares Purchased (a)	Average Price Paid per Share	Total Number of Shares Purchased as Part of Publicly Announced Share Repurchase Plans or Programs	Maximum Number (or Approximate Dollar Value) of Shares That May Yet Be Purchased Under Share Repurchase Plans or Programs (b)
Oct. 1 - 31, 2024	205,877	$61.08	193,352	$123,613,684
Nov. 1 - 30, 2024	180,905	$61.68	168,518	$113,218,918
Dec. 1 - 31, 2024	263,967	$61.42	186,726	$101,824,548
Total	650,749	$61.39	548,596	$101,824,548


Exhibit Number						Description of Exhibit
10.1						Form of Award Notice for Return on Capital Performance Shares under the National Fuel Gas Company 2010 Equity Compensation Plan

10.2						Form of Award Notice for Total Shareholder Return Performance Shares under the National Fuel Gas Company 2010 Equity Compensation Plan

10.3						Form of Award Notice for Emissions Reduction Performance Shares under the National Fuel Gas Company 2010 Equity Compensation Plan

31.1						Written statements of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Exchange Act.


Exhibit Number						Description of Exhibit
31.2						Written statements of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Exchange Act.

32••						Certification furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

99						National Fuel Gas Company Consolidated Statements of Income for the Twelve Months Ended De ce mber 3 1 , 2024 and 2023.

101						Interactive data files submitted pursuant to Regulation S-T, formatted in Inline XBRL (eXtensible Business Reporting Language): (i) the Consolidated Statements of Income and Earnings Reinvested in the Business for the three months ended December 31, 2024 and 2023, (ii) the Consolidated Statements of Comprehensive Income for the three months ended December 31, 2024 and 2023, (iii) the Consolidated Balance Sheets at December 31, 2024 and September 30, 2024, (iv) the Consolidated Statements of Cash Flows for the three months ended December 31, 2024 and 2023 and (v) the Notes to Condensed Consolidated Financial Statements.

104						Cover Page Interactive Data File (embedded within the Inline XBRL document)



••						In accordance with Item 601(b)(32)(ii) of Regulation S-K and SEC Release Nos. 33-8238 and 34-47986, Final Rule: Management’s Reports on Internal Control Over Financial Reporting and Certification of Disclosure in Exchange Act Periodic Reports, the material contained in Exhibit 32 is “furnished” and not deemed “filed” with the SEC and is not to be incorporated by reference into any filing of the Registrant under the Securities Act of 1933 or the Exchange Act, whether made before or after the date hereof and irrespective of any general incorporation language contained in such filing, except to the extent that the Registrant specifically incorporates it by reference.


NATIONAL FUEL GAS COMPANY
(Registrant)





/s/ T. J. Silverstein
T. J. Silverstein
Treasurer and Chief Financial Officer





/s/ E. G. Mendel
E. G. Mendel
Controller and Chief Accounting Officer


Company’s Percentile Ranking			Percentage of Target Opportunity Paid

< 25th			0%
25th			50%
50th			100%
100th			200%