National Fuel Gas Reports Q3 Earnings Miss, Lowers Production Outlook, Raises Capex

summarizeSummary

National Fuel Gas reported Q3 FY2026 adjusted EPS of $1.54, below the prior year, and lowered its full-year production guidance while raising capital expenditure forecasts. The company maintained its long-term EPS growth outlook of 7–10% and announced a 4% dividend increase.

check_boxKey Events · Earnings and Guidance · NFG

• Q3 Earnings Miss

  Adjusted EPS of $1.54 fell short of the prior year's $1.64, driven by lower production and higher operating costs.

• Production Guidance Cut

  FY2026 production forecast lowered to 420–430 Bcf from 425–440 Bcf, reflecting appraisal activities and well-interaction impacts.

• Capital Spending Increases

  Upstream capex guidance raised to $580–$605 million (midpoint +2%) and pipeline capex to $235–$265 million, with an additional $20–$40 million in discretionary land spending.

• Dividend Hike

  Board approved a 4% dividend increase to an annual rate of $2.22 per share, marking 56 consecutive years of increases.

auto_awesomeAnalysis · NFG · Energy & Transportation

National Fuel Gas posted Q3 adjusted EPS of $1.54, missing the prior year's $1.64 and coming in below the run-rate needed to hit the midpoint of its prior full-year guidance. The company lowered its FY2026 production forecast to 420–430 Bcf and raised capital spending across its upstream and pipeline segments, signaling cost pressures and operational headwinds. Despite the near-term softness, management reaffirmed the CenterPoint Ohio acquisition closing on October 1 and raised the dividend 4%, underscoring confidence in long-term growth. The revised guidance and capex increases are the key market-moving elements.