Lower production volumes — Integrated Upstream and Gathering segment earnings fell as lower natural gas production volumes outweighed higher realized prices and lower interest expense.
Higher operating costs — Increased lease operating and depreciation expenses contributed to higher per-unit operating costs in the Integrated Upstream and Gathering segment.
Increased customer margin — Utility segment earnings rose due to higher customer margin from new rates in New York and system improvement charges in Pennsylvania.
Updated fiscal 2026 outlook
National Fuel revised fiscal 2026 adjusted EPS guidance downward to $7.40-$7.60, from $7.45-$7.75.
The company raised fiscal 2026 Pipeline and Storage capex guidance to $235-$265 million, citing faster project execution.
National Fuel expects 7%-10% average annual EPS growth through fiscal 2029.
Analyst coverage and valuation
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is , and no or .
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