WILLIAMSVILLE, N.Y., July 29, 2026 (GLOBE NEWSWIRE) -- National Fuel Gas Company ("National Fuel" or the "Company") $(NFG)$ today announced consolidated results for the third quarter of its 2026 fiscal year.
THIRD QUARTER FISCAL 2026 SUMMARY
-- GAAP earnings of $138.6 million, or earnings per share (EPS) of $1.45,
compared to GAAP earnings of $149.8 million, or $1.64 per share, in the
prior year.
-- Adjusted EPS of $1.54 compared to $1.64 from the prior year. See non-GAAP
reconciliation on page 2.
-- Net cash provided by operating activities of $1.035 billion for the nine
months ending June 30, 2026, with free cash flow of $280 million (as
defined on page 25) through the same period.
-- The Integrated Upstream and Gathering segment benefitted from its strong
hedge and marketing portfolio during the quarter, as a $0.56 per Mcf gain
more than offset the drop in NYMEX natural gas prices compared to the
prior year.
-- Supply Corporation expanded its Line N System Upgrade Project to 294,000
dekatherms per day, executing a 20-year precedent agreement for 200,000
dekatherms per day of incremental firm transportation capacity,
supporting the initial phase of the coal-to-gas conversion at the
existing Shippingport Power Station site in western Pennsylvania.
-- The Company completed the necessary financing needed to close the pending
Ohio gas utility acquisition and received its final regulatory approval
during the quarter, which places the acquisition on track to close on
October 1 of this year.
-- The Company maintained its longstanding focus on shareholder returns as
the Board of Directors approved a 4% increase in the Company's dividend,
to an annual rate of $2.22 per share. The Company has now paid a dividend
for 124 consecutive years and increased its annual dividend rate for 56
consecutive years.
-- The Company is revising its fiscal 2026 adjusted EPS guidance range of
$7.40 to $7.60 per share, or $7.50 per share at the midpoint, a projected
9% increase from fiscal 2025.
MANAGEMENT COMMENTS
David P. Bauer, President and Chief Executive Officer of National Fuel Gas Company, stated: "Looking forward, with the growing demand for natural gas, the outlook for the industry and National Fuel is as strong as ever. Over the last several years, we have consistently enhanced the quality of our asset base, improved capital efficiency, and expanded our long-term growth opportunities through disciplined execution across the Company. Whether it is expanding our pipelines to serve new data center or power generation demand in the region, or producing gas supply to meet growing demand in Appalachia and across markets served by our high-quality firm transportation portfolio, our ability to benefit from these industry tailwinds is evident. In addition, our pending Ohio gas utility acquisition, once completed, will significantly increase rate base for our regulated businesses and provides an additional avenue for meaningful regulated earnings growth.
"With this strong backdrop, National Fuel is expected to deliver approximately 7% to 10% average annual EPS growth through 2029. This growth alongside our disciplined capital allocation strategy and focus on returning an increasing amount of capital to shareholders through our long-standing dividend, positions National Fuel to deliver sustainable long-term value for shareholders."
RECONCILIATION OF GAAP EARNINGS TO ADJUSTED EARNINGS
Three Months Ended June 30,
--------------------------------------
(Thousands) (Per Share)
-------------------- ----------------
2026 2025 2026 2025
--------- --------- ------- -------
Reported GAAP Earnings $138,621 $149,818 $ 1.45 $1.64
Items impacting
comparability:
Costs related to
the pending Ohio
gas utility
acquisition 6,192 -- 0.07 --
Tax impact of costs
related to the
pending Ohio
acquisition (1,435) -- (0.02) --
Impact of equity
issuance related
to pending Ohio
acquisition, net
of interest
benefits (3,566) -- 0.03 --
Tax impact of net
interest benefit
from equity
issuance 826 -- 0.01 --
Interest expense
from long-term
debt issuances for
pending Ohio
acquisition, net
of interest
benefit 1,129 -- 0.01 --
Tax impact of
interest expense
from long-term
debt issuances,
net of interest
benefit (262) -- -- --
Premiums paid on
early redemption
of debt 413 -- -- --
Tax impact of
premiums paid on
early redemption
of debt (96) -- -- --
Other/rounding
(refer to Segment
results for
details) (840) (615) (0.01) --
------- ------- ----- ----
Adjusted Earnings $140,982 $149,203 $ 1.54 $1.64
======= ======= ===== ====
FISCAL 2026 GUIDANCE UPDATE
National Fuel is revising its adjusted earnings per share guidance for fiscal 2026 to a range of $7.40 to $7.60. This updated range incorporates our third quarter results as well as lower expected production for the remaining three months, partially offset by lower unit costs in the Integrated Upstream and Gathering segment. The Company is maintaining an average NYMEX natural gas price assumption of $3.00 per MMBtu for the remaining three months of fiscal 2026, which approximates the current NYMEX forward curve at this time.
Integrated Upstream and Gathering segment fiscal 2026 production is now expected to be 420 to 430 Bcf, a moderate decrease from our prior guidance, primarily reflecting the combined impact of ongoing appraisal activities and greater than anticipated well interactions related to more intensive completion design testing. While these activities affected near-term production, they will allow for further optimization of future development planning and capital allocation decisions and are not expected to impact the outlook for long-term production growth and continued improvement in capital efficiency. This guidance range also does not incorporate any price-related curtailments over the remainder of the fiscal year.
The Company is also revising its Integrated Upstream and Gathering segment capital expenditure guidance to a range of $580 to $605 million, a 2% increase at the midpoint, largely as a result of higher oil and diesel prices, as well as schedule changes. In addition, this segment has implemented a new discretionary land acquisition spending program, which is expected to lead to an additional $20 to $40 million in spending outside of the aforementioned capital spending guidance. This discretionary program represents a strategic investment to expand core inventory depth in Tioga County and strengthen what the Company believes is one of the premier natural gas resource positions in North America. Over the next two years, the Company expects to invest $100 to $200 million of discretionary land capital to extend development runway, increase long-term development optionality, and support future capital efficiency improvements.
In addition, the Company is also revising its capital expenditure guidance in the Pipeline and Storage segment, which is now expected to be between $235 to $265 million. This increase is driven by the strong execution on our various modernization and expansion projects for this calendar year, several of which are proceeding at a quicker pace than previously anticipated.
The acquisition of CenterPoint Energy's Ohio natural gas utility business is expected to close on October 1 of this year. As a result, this is not expected to impact fiscal 2026 guidance, which also excludes any financing or acquisition-related costs.
The Company's other fiscal 2026 guidance assumptions are detailed in the table on page 7.
LONG-TERM OUTLOOK
National Fuel plans to provide detailed fiscal 2027 guidance after the closing of the Ohio utility acquisition, which is on track to occur on October 1 of this year.
The Company is also updating its long-term earnings per share outlook, which it now expects to be 7% to 10% per year, on average from fiscal 2026 through fiscal 2029, using the current natural gas price outlook. In addition to significant per-share earnings growth driven by strong outlooks in each segment, the Company anticipates leveraging its best-in-class capital efficiency trend to generate between $1.0 and $1.5 billion of free cash flow over the next three years. The combination of significant earnings growth, a more balanced business mix following the closing of the Ohio utility acquisition, and strong free cash flow generation is expected to provide increased flexibility to allocate capital in ways that maximize per share value over the long-term. This free cash flow is projected to be utilized to reduce outstanding debt, which will further strengthen the Company's investment grade balance sheet, and support strategic investments and other opportunities to enhance shareholder returns beyond the 7% to 10% target.
FINANCING ACTIVITIES UPDATE
In June 2026, the Company issued $1.5 billion of new three-, five-, and ten-year notes (split into three equal tranches) to fund a portion of the CenterPoint acquisition and refinance the early redemption of $300 million of notes that were scheduled to mature in October 2026. In conjunction with these transactions, the Company recognized an after-tax loss of $0.3 million related to the early redemption of the October 2026 maturity, which is presented as an item impacting comparability for the quarter.
DISCUSSION OF THIRD QUARTER RESULTS BY SEGMENT
The following earnings discussion of each operating segment for the quarter ended June 30, 2026 is summarized in a tabular form on pages 8 and 9 of this report (earnings drivers for the nine months ended June 30, 2026 are summarized on pages 10 and 11).
Note that management defines adjusted earnings as reported GAAP earnings adjusted for items impacting comparability, and adjusted EBITDA as reported GAAP earnings before the following items: interest expense, income taxes, depreciation, depletion and amortization, other income and deductions, impairments, and other items reflected in operating income that impact comparability.
Integrated Upstream and Gathering Segment
The Integrated Upstream and Gathering segment's exploration and production operations are carried out by Seneca Resources Company, LLC ("Seneca") and its gathering operations are carried out by the operating subsidiaries of National Fuel Gas Midstream Company, LLC ("Gathering"). Seneca explores for, develops, and produces primarily natural gas reserves in Pennsylvania. Gathering constructs, owns and operates natural gas gathering pipelines and compression facilities in the Appalachian region, which primarily delivers Seneca's production and, to a lesser extent, third-party Appalachian production to various interstate pipelines.
Three Months Ended
June 30,
--------------------------------
(in thousands) 2026 2025 Variance
--------- --------- ----------
GAAP Earnings $111,874 $116,667 $(4,793)
Premiums paid on early
redemption of debt 413 -- 413
Tax impact of premiums paid on
early redemption of debt (96) -- (96)
Unrealized (gain) loss on
derivative asset (2022 CA
asset sale) -- 45 (45)
Tax impact of unrealized
(gain) loss on derivative
asset -- (12) 12
------- ------- ------
Adjusted Earnings $112,191 $116,700 $(4,509)
Adjusted EBITDA $248,528 $258,411 $(9,883)
The Integrated Upstream and Gathering segment's third quarter GAAP earnings decreased $4.8 million versus the prior year. Excluding items impacting comparability, adjusted earnings decreased $4.5 million from the prior year, as the benefit of higher realized natural gas prices and lower interest expense was more than offset by lower production volumes and higher operating expenses.
Seneca's weighted average realized natural gas price, after the impact of hedging and transportation costs, was $2.81 per Mcf, an increase of $0.10 per Mcf, or 4%, compared to the prior year, as gains in Seneca's hedging portfolio and tighter basis differentials more than offset lower NYMEX prices during the quarter.
During the third quarter, Seneca produced 104.3 Bcf of natural gas, a decrease of 7.3 Bcf, or 7%, compared to the prior year, as production from recently turned-in-line wells was more than offset by natural declines from existing wells.
Three Months Ended
June 30,
-------------------------------
(Cost per Mcf) 2026 2025 Variance
Upstream General and
Administrative Expense ("G&A") $0.17 $0.17 $ --
Lease Operating Expense ("LOE") $0.15 $0.11 $ 0.04
Adjusted Gathering Operation and
Maintenance Expense ("O&M") $0.13 $0.11 (1) $ 0.02
Taxes and Other $0.07 $0.08 $ (0.01)
---- ---- -----
Adjusted Total Cash Operating
Costs $0.52 $0.47 (1) $ 0.05
Depreciation, Depletion and
Amortization Expense ("DD&A") $0.80 $0.71 $ 0.09
---- ---- -----
Adjusted Total Operating Costs $1.32 $1.18 (1) $ 0.14
(1) Adjusted Gathering O&M Expense of $0.11 per Mcf for
the quarter ended June 30, 2025 excludes a $0.04 per
Mcf reduction to Gathering O&M Expense attributed
to a change in segment reporting, which is fully offset
in operating revenue.
On a per unit basis, third quarter adjusted total operating costs were $0.14 higher compared to the prior year, primarily due to higher per unit LOE and DD&A expense. Consistent with previous quarters this fiscal year, the increase in per unit LOE compared to the prior year was largely driven by additional third-party gathering expenses. The increase in DD&A expense was largely driven by the impact of ceiling test impairments Seneca recorded in fiscal 2025 that artificially lowered the per unit DD&A rate in the prior year.
Pipeline and Storage Segment
The Pipeline and Storage segment's operations are carried out by National Fuel Gas Supply Corporation ("Supply Corporation") and Empire Pipeline, Inc. ("Empire"). The Pipeline and Storage segment provides natural gas transportation and storage services to affiliated and non-affiliated companies through an integrated system of pipelines and underground natural gas storage fields in western New York and Pennsylvania.
Three Months Ended
June 30,
------------------------------
(in thousands) 2026 2025 Variance
------- ------- ------------
GAAP Earnings $28,739 $28,857 $ (118)
Adjusted EBITDA $66,933 $67,019 $ (86)
The Pipeline and Storage segment's third quarter GAAP earnings were in line with the prior year as an increase in operating revenues was offset by higher O&M and DD&A.
Operating revenues increased $1.0 million, primarily driven by higher transportation revenues related to new long-term contracts. O&M expense increased $1.2 million, primarily due to higher third-party and material costs.
Utility Segment
The Utility segment operations are carried out by National Fuel Gas Distribution Corporation ("Distribution Corporation"), which sells or transports natural gas to customers located in western New York and northwestern Pennsylvania.
Three Months Ended
June 30,
------------------------------
(in thousands) 2026 2025 Variance
------- ------- ------------
GAAP Earnings $ 5,686 $ 4,997 $ 689
Adjusted EBITDA $27,148 $25,743 $ 1,405
The Utility segment's third quarter GAAP earnings increased $0.7 million, primarily as a result of higher customer margin (operating revenue less purchased gas sold) of $6.0 million. Contributors to increased customer margin included the implementation of year two of the three-year joint settlement in New York and revenue from the Utility's Distribution System Improvement Charge in Pennsylvania. Partially offsetting this was an increase in O&M expense driven by higher employee-related costs (which were largely the result of new collective bargaining agreements) and an increase in uncollectible expense.
Corporate and All Other
Three Months Ended
June 30,
------------------------------
(in thousands) 2026 2025 Variance
-------- -------- ----------
GAAP Earnings $(7,678) $ (703) $(6,975)
Costs related to the pending
Ohio gas utility acquisition 6,192 -- 6,192
Tax impact of costs related to
the pending Ohio acquisition (1,435) -- (1,435)
Net interest benefit from equity
issuance related to pending
acquisition (3,566) -- (3,566)
Tax impact of net interest
benefit from equity issuance 826 -- 826
Interest expense from long-term
debt issuances for pending Ohio
acquisition, net of interest
benefit 1,129 -- 1,129
Tax impact of interest expense
from long-term debt issuances,
net of interest benefit (262) -- (262)
Unrealized (gain) loss on other
investments (1,064) (820) (244)
Tax impact of unrealized (gain)
loss on other investments 224 172 52
------ ------ ------
Adjusted Earnings $(5,634) $(1,351) $(4,283)
The Company's operations that are included in Corporate and All Other generated a combined net loss of $7.7 million in the third quarter, largely due to transaction and financing costs related to the pending Ohio gas utility acquisition.
EARNINGS TELECONFERENCE
A conference call to discuss the results will be held on Thursday, July 30, 2026, at 9 a.m. ET. All participants must pre-register to join this conference using the Participant Registration link. A webcast link to the conference call is provided under the Events Calendar on the NFG Investor Relations website at investor.nationalfuelgas.com, and a replay of the webcast will be available on the website following the call.
National Fuel is an integrated energy company reporting financial results for three operating segments: Integrated Upstream and Gathering, Pipeline and Storage, and Utility. Additional information about National Fuel is available at www.nationalfuel.com.
Analyst Contact: Ryan P. Vossler 716-857-7158 Media Contact: Karen L. Merkel 716-857-7654
Certain statements contained herein, including statements identified by the use of the words "anticipates," "estimates," "expects," "forecasts," "intends," "plans," "predicts," "projects," "believes," "seeks," "will," "may" and similar expressions, and statements which are other than statements of historical facts, are "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, which could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. The Company's expectations, beliefs and projections contained herein are expressed in good faith and are believed to have a reasonable basis, but there can be no assurance that such expectations, beliefs or projections will result or be achieved or accomplished. In addition to other factors, the following are important factors that could cause actual results to differ materially from those discussed in the forward-looking statements: changes in laws, regulations or judicial interpretations to which the Company is subject, including those involving derivatives, taxes, safety, employment, climate change, other environmental matters, real property, and exploration and production activities such as hydraulic fracturing; governmental/regulatory actions, initiatives and proceedings, including those involving rate cases (which address, among other things, target rates of return, rate design, retained natural gas and system modernization), environmental/safety requirements, affiliate relationships, industry structure, and franchise renewal; changes in economic conditions, including the imposition of additional tariffs on U.S. imports and related retaliatory tariffs, inflationary pressures, supply chain issues, liquidity challenges, and global, national or regional recessions, and their effect on the demand for, and customers' ability to pay for, the Company's products and services; the Company's ability to complete strategic transactions, such as the planned CenterPoint Ohio acquisition, including receipt of required regulatory clearances and satisfaction of other conditions to closing, and to recognize the anticipated benefits of such transactions; governmental/regulatory actions and/or market pressures to reduce or eliminate reliance on natural gas; the Company's ability to estimate accurately the time and resources necessary to meet emissions targets; changes in the price of natural gas; impairments under the SEC's full cost ceiling test for natural gas reserves; the creditworthiness or performance of the Company's key suppliers, customers and counterparties; financial and economic conditions, including the availability of credit, and occurrences affecting the Company's ability to obtain financing on acceptable terms for working capital, capital expenditures, other investments, and acquisitions, including any downgrades in the Company's credit ratings and changes in interest rates and other capital market conditions; negotiations with the collective bargaining units representing the Company's workforce, including potential work stoppages during negotiations; changes in price differentials between similar quantities of natural gas sold at different geographic locations, and the effect of such changes on commodity production, revenues and demand for pipeline transportation capacity to or from such locations; the impact of information technology disruptions, cybersecurity or data security breaches, including the impact of issues that may arise from the use of artificial intelligence technologies; factors affecting the Company's ability to successfully identify, drill for and produce economically viable natural gas reserves, including among others geology, lease availability and costs, title disputes, weather conditions, water availability and disposal or recycling opportunities of used water, shortages, delays or unavailability of equipment and services required in drilling operations, insufficient gathering, processing and transportation capacity, the need to obtain governmental approvals and permits, and compliance with environmental laws and regulations; increased costs or delays or changes in plans with respect to Company projects or related projects of other companies, as well as difficulties or delays in obtaining necessary governmental approvals, permits or orders or in obtaining the cooperation of interconnecting facility operators; increasing health care costs and the resulting effect on health insurance premiums and on the obligation to provide other post-retirement benefits; other changes in price differentials between similar quantities of natural gas having different quality, heating value, hydrocarbon mix or delivery date; the cost and effects of legal and administrative claims against the Company or activist shareholder campaigns to effect changes at the Company; uncertainty of natural gas reserve estimates; significant differences between the Company's projected and actual production levels for natural gas; changes in demographic patterns and weather conditions (including those related to climate change); changes in the availability, price or accounting treatment of derivative financial instruments; changes in laws, actuarial assumptions, the interest rate environment and the return on plan/trust assets related to the Company's pension and other post-retirement benefits, which can affect future funding obligations and costs and plan liabilities; economic disruptions or uninsured losses resulting from major accidents, fires, severe weather, natural disasters, terrorist activities or acts of war, as well as economic and operational disruptions due to third-party outages; significant differences between the Company's projected and actual capital expenditures and operating expenses; or increasing costs of insurance, changes in coverage and the ability to obtain insurance. The Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date thereof.
NATIONAL FUEL GAS COMPANY AND SUBSIDIARIES GUIDANCE SUMMARY
As discussed on page 2, the Company is revising its adjusted earnings per share guidance for fiscal 2026. Additional details on the Company's forecast assumptions and business segment guidance are outlined in the table below. The acquisition of CenterPoint Energy's Ohio natural gas utility business still is expected to close in the fourth quarter of calendar 2026, as previously planned. As a result, this is not expected to impact fiscal 2026 guidance, which also excludes any financing or acquisition-related costs. Fiscal 2026 adjusted earnings per share guidance also excludes after-tax financing and acquisition related costs during the nine months ended June 30, 2026, which reduced earnings by $0.30 per share, and expected financing and acquisition related costs during the three months ending September 30, 2026.
The revised adjusted earnings per share guidance range also excludes certain items that impacted the comparability of adjusted operating results during the nine months ended June 30, 2026, including after-tax unrealized losses on other investments, which increased earnings by less than $0.01 per share. While the Company expects to record certain adjustments to unrealized gain or loss on investments during the remaining three months ending September 30, 2026, the amounts of these and other potential adjustments are not reasonably determinable at this time. As such, the Company is unable to provide earnings guidance other than on a non-GAAP basis.
Previous FY 2026
Guidance Updated FY 2026 Guidance
Consolidated Adjusted
Earnings per Share $7.45 - $7.75 $7.40 - $7.60
Consolidated Effective
Tax Rate 25.5% 25.5%
Capital Expenditures
(Millions)
Integrated Upstream
and Gathering $560 - $610 $580 - $605(1)
Pipeline and Storage $210 - $250 $235 - $265
Utility $185 - $205 $185 - $205
------------------------ ------------------------
Consolidated Capital
Expenditures $955 - $1,065 $1,000 - $1,075
Integrated Upstream &
Gathering Segment
Guidance
Commodity Price (price for remaining six (price for remaining
Assumptions months) three months)
NYMEX natural gas
price (per MMBtu) $3.00 $3.00
Appalachian basin spot
price (per MMBtu) $2.20 $2.15
Production (Bcf) 425 to 440 420 to 430
Integrated Operating
Costs ($/Mcf)
Upstream General and
Administrative
Expense $0.18 $0.18
Lease Operating
Expense $0.16 - $0.17 $0.15 - $0.16
Gathering Operation
and Maintenance
Expense $0.12 $0.12
Depreciation,
Depletion and
Amortization $0.76 - $0.81 $0.77 - $0.80
Pipeline and Storage
Segment Revenues
(Millions) $420 - $435 $420 - $435
Utility Segment Guidance
(Millions)
Customer Margin(2) $470 - $490 $470 - $490
O&M Expense $250 -- $260 $250 -- $260
Non-Service Pension &
OPEB Income $23 - $27 $23 - $27
(1) Integrated Upstream and Gathering Capital Expenditures exclude $20 to $40 million of discretionary land spending.
(2) Customer Margin is defined as Operating Revenues less Purchased Gas Expense.
NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
QUARTER ENDED JUNE 30, 2026
(Unaudited)
Integrated
Pipeline
Upstream & Corporate /
(Thousands of
Dollars) & Gathering Storage Utility All Other Consolidated(1)
------------ -------- -------- ----------- -------------------
Third quarter
2025 GAAP
earnings $ 116,667 $28,857 $ 4,997 $ (703) $ 149,818
Items impacting
comparability:
Unrealized
(gain) loss on
derivative
asset 45 45
Tax impact of
unrealized
(gain) loss on
derivative
asset (12) (12)
Unrealized
(gain) loss on
other
investments (820) (820)
Tax impact of
unrealized
(gain) loss on
other
investments 172 172
------------ -------- -------- ------ --- ----------
Third quarter
2025 adjusted
earnings 116,700 28,857 4,997 (1,351) 149,203
Drivers of
adjusted
earnings(2)
Integrated
Upstream and
Gathering
Revenues
Higher (lower)
natural gas
production (15,646) (15,646)
Higher (lower)
realized
natural gas
prices, after
hedging 8,253 8,253
Higher (lower)
gathering
revenues 951 951
Higher (lower)
other
operating
revenues 3,830 3,830
Pipeline and
Storage
Revenues
Higher (lower)
operating
revenues 760 760
Utility
Margins(3)
Impact of usage
and weather (689) (689)
Impact of new
rates in New
York 4,443 4,443
Regulatory
revenue
adjustments 304 304
Higher (lower)
other
operating
revenues 644 644
Operating
Expenses
Lower (higher)
lease
operating
expenses (2,592) (2,592)
Lower (higher)
operating
expenses (3,290) (960) (3,644) (2,500) (10,394)
Lower (higher)
property,
franchise and
other taxes 1,145 1,145
Lower (higher)
depreciation /
depletion (2,672) (833) (3,505)
Other Income
(Expense)
Higher (lower)
other income 635 (454) 181
(Higher) lower
interest
expense 3,712 (637) 3,075
Income Taxes
Lower (higher)
income tax
expense /
effective tax
rate 2,095 564 (711) (712) 1,236
All other /
rounding (295) (284) 342 20 (217)
------- ------ ------ ------ --- ----------
Third quarter
2026 adjusted
earnings 112,191 28,739 5,686 (5,634) 140,982
Items impacting
comparability:
Costs related
to the pending
Ohio gas
utility
acquisition (6,192) (6,192)
Tax impact of
costs related
to the pending
Ohio gas
utility
acquisition 1,435 1,435
Net interest
benefit from
equity
issuance
related to
pending
acquisition 3,566 3,566
Tax impact of
net interest
benefit from
equity
issuance (826) (826)
Interest
expense from
long-term debt
issuances for
pending
acquisition,
net of
interest
benefit (1,129) (1,129)
Tax impact of
interest
expense from
long-term debt
issuances, net
of interest
benefit 262 262
Premiums paid
on early
redemption of
debt (413) (413)
Tax impact of
premiums paid
on early
redemption of
debt 96 96
Unrealized gain
(loss) on
other
investments 1,064 1,064
Tax impact of
unrealized
gain (loss) on
other
investments (224) (224)
------------ -------- -------- ------ --- ----------
Third quarter
2026 GAAP
earnings $ 111,874 $28,739 $ 5,686 $ (7,678) $ 138,621
======= ====== ====== ====== === ==========
(1) Amounts do not reflect intercompany eliminations.
(2) Drivers of adjusted earnings have been calculated
using the 21% federal statutory rate.
(3) Downstream margin defined as operating revenues
less purchased gas expense.
NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
PER SHARE
QUARTER ENDED JUNE 30, 2026
(Unaudited)
Integrated
Upstream Pipeline & Corporate /
& Gathering Storage Utility All Other Consolidated(1)
------------ ---------- ------- ----------- -------------------
Third quarter
2025 GAAP
earnings per
share $ 1.28 $ 0.32 $ 0.05 $ (0.01) $ 1.64
Items impacting
comparability:
Unrealized (gain)
loss on
derivative asset,
net of tax --
Unrealized (gain)
loss on other
investments, net
of tax (0.01) (0.01)
Rounding 0.01 0.01
------------ ---------- ------- ------ ---- -------- ---
Third quarter
2025 adjusted
earnings per
share 1.28 0.32 0.05 (0.01) 1.64
Drivers of
adjusted
earnings(2)(4)
Integrated
Upstream and
Gathering
Revenues
Higher (lower)
natural gas
production (0.17) (0.17)
Higher (lower)
realized natural
gas prices,
after hedging 0.09 0.09
Higher (lower)
gathering
revenues 0.01 0.01
Higher (lower)
other operating
revenues 0.04 0.04
Pipeline and
Storage Revenues
Higher (lower)
operating
revenues 0.01 0.01
Utility
Margins(3)
Impact of usage
and weather (0.01) (0.01)
Impact of new
rates in New
York 0.05 0.05
Regulatory
revenue
adjustments -- --
Higher (lower)
other operating
revenues 0.01 0.01
Operating
Expenses
Lower (higher)
lease operating
expenses (0.03) (0.03)
Lower (higher)
operating
expenses (0.04) (0.01) (0.04) (0.03) (0.12)
Lower (higher)
property,
franchise and
other taxes 0.01 0.01
Lower (higher)
depreciation /
depletion (0.03) (0.01) (0.04)
Other Income
(Expense)
Higher (lower)
other income 0.01 -- 0.01
(Higher) lower
interest
expense 0.04 (0.01) 0.03
Income Taxes
Lower (higher)
income tax
expense /
effective tax
rate 0.02 0.01 (0.01) (0.01) 0.01
All other /
rounding 0.01 (0.02) 0.01 -- --
--- ------ ----- ----- ------ ---- -------- ---
Third quarter
2026 adjusted
earnings per
share(4) 1.23 0.31 0.06 (0.06) 1.54
Items impacting
comparability(4)
:
Costs related to
the pending Ohio
gas utility
acquisition, net
of tax (0.05) (0.05)
Impact of equity
issuance related
to pending
acquisition, net
of interest
benefits (0.06) (0.01) -- 0.03 (0.04)
Interest expense
from long-term
debt issuances
for pending
acquisition, net
of tax (0.01) (0.01)
Premiums paid on
early redemption
of debt, net of
tax -- --
Unrealized gain
(loss) on other
investments, net
of tax 0.01 0.01
------------ ---------- ------- ------ ---- -------- ---
Third quarter
2026 GAAP
earnings per
share $ 1.17 $ 0.30 $ 0.06 $ (0.08) $ 1.45
=== ====== ===== ===== ====== ==== ======== ===
(1) Amounts do not reflect intercompany eliminations.
(2) Drivers of adjusted earnings have been calculated
using the 21% federal statutory rate.
(3) Downstream margin defined as operating revenues
less purchased gas expense.
(4) As a result of the equity issuance, drivers of
adjusted earnings, third quarter 2026 adjusted earnings
per share, and items impacting comparability for the
third quarter 2026 have been calculated using adjusted
diluted shares of 91,333,969.
NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
NINE MONTHS ENDED JUNE 30, 2026
(Unaudited)
Integrated
Pipeline Corporate
Upstream & /
(Thousands of
Dollars) & Gathering Storage Utility All Other Consolidated(1)
------------ -------- --------- --------- -------------------
Nine months
ended June 30,
2025 GAAP
earnings $ 221,205 $93,019 $101,040 $ (4,102) $ 411,162
Items impacting
comparability:
Impairment of
assets 141,802 141,802
Tax impact of
impairment of
assets (37,169) (37,169)
Premiums paid
on early
redemption of
debt 2,385 2,385
Tax impact of
premiums paid
on early
redemption of
debt (642) (642)
Unrealized
(gain) loss on
derivative
asset 729 729
Tax impact of
unrealized
(gain) loss on
derivative
asset (196) (196)
Unrealized
(gain) loss on
other
investments 1,780 1,780
Tax impact of
unrealized
(gain) loss on
other
investments (374) (374)
------------ -------- --------- ------- --- ----------
Nine months
ended June 30,
2025 adjusted
earnings 328,114 93,019 101,040 (2,696) 519,477
Drivers of
adjusted
earnings(2)
Integrated
Upstream and
Gathering
Revenues
Higher (lower)
natural gas
production 1,406 1,406
Higher (lower)
realized
natural gas
prices, after
hedging 77,803 77,803
Higher (lower)
other
operating
revenues 8,880 8,880
Pipeline and
Storage
Revenues
Higher (lower)
operating
revenues 2,481 2,481
Utility
Margins(3)
Impact of usage
and weather 957 957
Impact of new
rates in New
York 10,520 10,520
Regulatory
revenue
adjustments 4,856 4,856
Higher (lower)
other
operating
revenues 1,928 1,928
Operating
Expenses
Lower (higher)
lease
operating
expenses (11,316) (11,316)
Lower (higher)
operating
expenses (9,061) (1,559) (10,298) (4,453) (25,371)
Lower (higher)
depreciation /
depletion (14,945) (2,359) (2,578) (19,882)
Other Income
(Expense)
Higher (lower)
other income (1,081) 862 708 489
(Higher) lower
interest
expense 10,510 (717) (1,949) 7,844
Income Taxes
Lower (higher)
income tax
expense /
effective tax
rate (2,288) 1,140 (1,290) (741) (3,179)
All other /
rounding (835) (76) (155) 69 (997)
------- ------ ------- ------- --- ----------
Nine months
ended June 30,
2026 adjusted
earnings 388,268 91,565 105,125 (9,062) 575,896
Items impacting
comparability:
Costs related
to the pending
Ohio gas
utility
acquisition (16,378) (16,378)
Tax impact of
costs related
to the pending
Ohio gas
utility
acquisition 3,796 3,796
Net interest
benefit from
equity
issuance 7,497 7,497
Tax impact of
net interest
benefit from
equity
issuance (1,738) (1,738)
Interest
expense from
long-term debt
issuances for
pending
acquisition,
net of
interest
benefit (1,129) (1,129)
Tax impact of
interest
expense from
long-term debt
issuances, net
of interest
benefit 262 262
Premiums paid
on early
redemption of
debt (413) (413)
Tax impact of
premiums paid
on early
redemption of
debt 96 96
Unrealized gain
(loss) on
other
investments 57 57
Tax impact of
unrealized
gain (loss) on
other
investments (12) (12)
------------ -------- --------- ------- --- ----------
Nine months
ended June 30,
2026 GAAP
earnings $ 387,951 $91,565 $105,125 $(16,707) $ 567,934
======= ====== ======= ======= === ==========
(1) Amounts do not reflect intercompany eliminations.
(2) Drivers of adjusted earnings have been calculated
using the 21% federal statutory rate.
(3) Downstream margin defined as operating revenues
less purchased gas expense.
NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
PER SHARE
NINE MONTHS ENDED JUNE 30, 2026
(Unaudited)
Integrated
Upstream Pipeline & Corporate /
& Gathering Storage Utility All Other Consolidated(1)
------------ ---------- ------- ----------- -------------------
Nine months ended
June 30, 2025
GAAP earnings
per share $ 2.42 $ 1.02 $ 1.11 $ (0.04) $ 4.51
Items impacting
comparability:
Impairment of
assets, net of
tax 1.14 1.14
Premiums paid on
early redemption
of debt, net of
tax 0.02 0.02
Unrealized (gain)
loss on
derivative
asset, net of
tax 0.01 0.01
Unrealized (gain)
loss on other
investments, net
of tax 0.02 0.02
Rounding (0.01) (0.01)
------------ ---------- ------- ------ ---- --------
Nine months ended
June 30, 2025
adjusted
earnings per
share 3.59 1.02 1.11 (0.03) 5.69
Drivers of
adjusted
earnings(2)(4)
Integrated
Upstream and
Gathering
Revenues
Higher (lower)
natural gas
production 0.02 0.02
Higher (lower)
realized natural
gas prices,
after hedging 0.85 0.85
Higher (lower)
other operating
revenues 0.10 0.10
Pipeline and
Storage Revenues
Higher (lower)
operating
revenues 0.03 0.03
Utility
Margins(3)
Impact of usage
and weather 0.01 0.01
Impact of new
rates in New
York 0.12 0.12
Regulatory
revenue
adjustments 0.05 0.05
Higher (lower)
other operating
revenues 0.02 0.02
Operating
Expenses
Lower (higher)
lease operating
expenses (0.12) (0.12)
Lower (higher)
operating
expenses (0.10) (0.02) (0.11) (0.05) (0.28)
Lower (higher)
depreciation /
depletion (0.16) (0.03) (0.03) (0.22)
Other Income
(Expense)
Higher (lower)
other income (0.01) 0.01 0.01 0.01
(Higher) lower
interest
expense 0.12 (0.01) (0.02) 0.09
Income Taxes
Lower (higher)
income tax
expense /
effective tax
rate (0.03) 0.01 (0.01) (0.01) (0.04)
All other /
rounding (0.02) -- (0.01) 0.01 (0.02)
--- ------ ----- ----- ------ ---- --------
Nine months ended
June 30, 2026
adjusted
earnings per
share(4) 4.25 1.00 1.15 (0.09) 6.31
Items impacting
comparability(4)
:
Costs related to
the pending Ohio
gas utility
acquisition, net
of tax (0.14) (0.14)
Impact of equity
issuance related
to pending
acquisition, net
of interest
benefits (0.14) (0.03) (0.04) 0.06 (0.15)
Interest expense
from long-term
debt issuances
for pending
acquisition, net
of tax (0.01) (0.01)
Premiums paid on
early redemption
of debt, net of
tax -- --
Unrealized gain
(loss) on other
investments, net
of tax -- --
------------ ---------- ------- ------ ---- -------- ---
Nine months ended
June 30, 2026
GAAP earnings
per share $ 4.11 $ 0.97 $ 1.11 $ (0.18) $ 6.01
=== ====== ===== ===== ====== ==== ======== ===
(1) Amounts do not reflect intercompany eliminations.
(2) Drivers of adjusted earnings have been calculated
using the 21% federal statutory rate.
(3) Downstream margin defined as operating revenues
less purchased gas expense.
(4) As a result of the equity issuance, drivers of
adjusted earnings, nine months ended June 30, 2026
adjusted earnings per share, and items impacting comparability
for the nine months ended June 30, 2026 have been
calculated using adjusted diluted shares of 91,284,991.
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
(Thousands of
Dollars, except
per share
amounts)
Three Months Ended Nine Months Ended
June 30, June 30,
(Unaudited) (Unaudited)
-------------------------- ----------------------------
SUMMARY OF
OPERATIONS 2026 2025 2026 2025
---------------- ------------ ------------ ------------ --------------
Operating
Revenues:
Utility
Revenues $ 165,422 $ 157,446 $ 850,258 $ 729,445
Integrated
Upstream and
Gathering
Revenues 302,516 306,402 984,561 873,901
Pipeline and
Storage
Revenues 69,559 67,982 212,558 207,916
---------- ---------- ---------- ----------
537,497 531,830 2,047,377 1,811,262
Operating
Expenses:
Purchased Gas 29,878 27,986 323,335 228,661
Operation and
Maintenance:
Utility 60,592 56,053 187,549 174,744
Integrated
Upstream
and
Gathering
and Other 63,534 47,137 180,904 137,312
Pipeline and
Storage 31,013 29,814 88,459 86,544
Property,
Franchise and
Other Taxes 22,482 24,180 72,519 71,450
Depreciation,
Depletion and
Amortization 121,058 116,408 362,412 337,055
Impairment of
Assets -- -- -- 141,802
---------- ---------- ---------- ----------
328,557 301,578 1,215,178 1,177,568
Operating Income 208,940 230,252 832,199 633,694
Other Income
(Expense):
Other Income
(Deductions) 11,866 8,534 37,100 31,486
Interest
Expense on
Long-Term
Debt (33,181) (34,333) (96,776) (107,356)
Other Interest
Expense (2,831) (3,556) (16,344) (13,033)
---------- ---------- ---------- ----------
Income Before
Income Taxes 184,794 200,897 756,179 544,791
Income Tax
Expense 46,173 51,079 188,245 133,629
---------- ---------- ---------- ----------
Net Income
Available for
Common Stock $ 138,621 $ 149,818 $ 567,934 $ 411,162
========== ========== ========== ==========
Earnings Per
Common Share
Basic $ 1.46 $ 1.66 $ 6.06 $ 4.54
========== ========== ========== ==========
Diluted $ 1.45 $ 1.64 $ 6.01 $ 4.51
========== ========== ========== ==========
Weighted Average
Common Shares:
Used in Basic
Calculation 95,034,935 90,358,018 93,730,191 90,546,228
========== ========== ========== ==========
Used in Diluted
Calculation 95,736,482 91,139,556 94,445,771 91,247,547
========== ========== ========== ==========
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
June 30, September 30,
(Thousands of Dollars) 2026 2025
---------------------------------------- ----------- -----------------
ASSETS
Property, Plant and Equipment $16,097,040 $ 15,406,329
Less - Accumulated Depreciation,
Depletion and Amortization 8,002,972 7,693,687
---------------------------------------- ---------- ----------
Net Property, Plant and Equipment 8,094,068 7,712,642
---------------------------------------- ---------- ----------
Current Assets:
Cash and Temporary Cash Investments 1,235,178 43,166
Receivables - Net 227,913 180,801
Unbilled Revenue 16,916 16,219
Gas Stored Underground 12,838 33,468
Materials and Supplies - at average cost 51,232 50,545
Unrecovered Purchased Gas Costs 2,136 5,769
Other Current Assets 67,660 80,759
---------------------------------------- ---------- ----------
Total Current Assets 1,613,873 410,727
---------------------------------------- ---------- ----------
Other Assets:
Recoverable Future Taxes 98,996 89,247
Unamortized Debt Expense 5,821 6,236
Other Regulatory Assets 123,464 135,486
Deferred Charges 117,345 73,941
Other Investments 66,946 68,346
Goodwill 5,476 5,476
Prepaid Pension and Post-Retirement
Benefit Costs 187,737 169,228
Fair Value of Derivative Financial
Instruments 127,630 39,388
Other 10,411 8,387
---------------------------------------- ---------- ----------
Total Other Assets 743,826 595,735
---------------------------------------- ---------- ----------
Total Assets $10,451,767 $ 8,719,104
---------------------------------------- ---------- ----------
CAPITALIZATION AND LIABILITIES
Capitalization:
Comprehensive Shareholders' Equity
Common Stock, $1 Par Value Authorized -
200,000,000 Shares; Issued and
Outstanding - 95,035,675 Shares and
90,379,095 Shares, Respectively $ 95,036 $ 90,379
Paid in Capital 1,393,023 1,050,918
Earnings Reinvested in the Business 2,426,044 2,012,529
Accumulated Other Comprehensive Income
(Loss) 9,576 (59,222)
---------------------------------------- ---------- ----------
Total Comprehensive Shareholders' Equity 3,923,679 3,094,604
Long-Term Debt, Net of Current Portion
and Unamortized Discount and Debt
Issuance Costs 3,567,401 2,382,861
---------------------------------------- ---------- ----------
Total Capitalization 7,491,080 5,477,465
---------------------------------------- ---------- ----------
Current and Accrued Liabilities:
Notes Payable to Banks and Commercial
Paper -- 150,200
Current Portion of Long-Term Debt -- 300,000
Accounts Payable 146,096 184,046
Amounts Payable to Customers 752 968
Dividends Payable 52,745 48,353
Interest Payable on Long-Term Debt 34,475 14,393
Customer Advances -- 17,188
Customer Security Deposits 27,723 29,853
Other Accruals and Current Liabilities 241,398 174,689
Fair Value of Derivative Financial
Instruments 1,027 6,074
---------------------------------------- ---------- ----------
Total Current and Accrued
Liabilities 504,216 925,764
---------------------------------------- ---------- ----------
Other Liabilities:
Deferred Income Taxes 1,353,287 1,225,262
Taxes Refundable to Customers 302,149 306,335
Cost of Removal Regulatory Liability 319,921 307,659
Other Regulatory Liabilities 116,935 121,944
Pension and Other Post-Retirement
Liabilities 3,768 5,252
Asset Retirement Obligations 223,021 236,787
Other Liabilities 137,390 112,636
---------------------------------------- ---------- ----------
Total Other Liabilities 2,456,471 2,315,875
---------------------------------------- ---------- ----------
Commitments and Contingencies -- --
---------------------------------------- ---------- ----------
Total Capitalization and Liabilities $10,451,767 $ 8,719,104
---------------------------------------- ---------- ----------
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended
June 30,
(Thousands of Dollars) 2026 2025
-------------------------------------- ----------- --------------
Operating Activities:
Net Income Available for Common Stock $ 567,934 $ 411,162
Adjustments to Reconcile Net Income to
Net Cash
Provided by Operating Activities:
Impairment of Assets -- 141,802
Depreciation, Depletion and
Amortization 362,412 337,055
Deferred Income Taxes 88,936 60,754
Premium Paid on Early Redemption of
Debt 413 2,385
Stock-Based Compensation 14,801 15,721
Other 17,695 19,296
Change in:
Receivables and Unbilled Revenue (47,233) (95,254)
Gas Stored Underground and
Materials and Supplies 19,943 18,803
Unrecovered Purchased Gas Costs 3,633 (2,903)
Other Current Assets 13,054 28,038
Accounts Payable 2 1,744
Amounts Payable to Customers (216) (18,445)
Customer Advances (17,188) (19,373)
Customer Security Deposits (2,130) (7,526)
Other Accruals and Current
Liabilities 57,892 44,283
Other Assets (15,919) (35,348)
Other Liabilities (29,494) (39,918)
--------------------------------------- --------- ----------
Net Cash Provided by Operating
Activities $1,034,535 $ 862,276
--------------------------------------- --------- ----------
Investing Activities:
Capital Expenditures $ (764,515) $ (627,316)
Other 10,302 9,352
--------------------------------------- --------- ----------
Net Cash Used in Investing
Activities $ (754,213) $ (617,964)
--------------------------------------- --------- ----------
Financing Activities:
Changes in Notes Payable to Banks and
Commercial Paper $ (150,200) $ (29,200)
Shares Repurchased Under Repurchase
Plan -- (54,430)
Reduction of Long-Term Debt (601,239) (1,004,086)
Net Proceeds From Issuance of Long-Term
Debt 1,481,195 988,731
Dividends Paid on Common Stock (150,027) (140,098)
Net Proceeds from Common Stock Sale 338,396 --
Net Repurchases of Common Stock Under
Stock and Benefit Plans (6,435) (4,134)
--------------------------------------- --------- ----------
Net Cash Provided by (Used in)
Financing Activities $ 911,690 $ (243,217)
--------------------------------------- --------- ----------
Net Increase in Cash and Cash
Equivalents 1,192,012 1,095
Cash and Cash Equivalents at Beginning
of Period 43,166 38,222
--------------------------------------- --------- ----------
Cash and Cash Equivalents at June 30 $1,235,178 $ 39,317
--------------------------------------- --------- ----------
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)
INTEGRATED UPSTREAM AND GATHERING SEGMENT
Three Months Ended Nine Months Ended
(Thousands of
Dollars, except per
share amounts) June 30, June 30,
------------------------------- ----------------------------------
2026 2025 Variance 2026 2025 Variance
--------- --------- --------- --------- --------- ------------
Total Operating
Revenues $302,516 $306,402 $ (3,886) $984,561 $873,901 $ 110,660
------- ------- ------- ------- ------- --------
Operating Expenses:
Operation and
Maintenance:
Upstream
General and
Administrative
Expense 17,487 18,602 (1,115) 55,365 56,776 (1,411)
Lease Operating
Expense 15,847 12,566 3,281 50,034 35,710 14,324
Gathering
Operation and
Maintenance
Expense 13,595 7,865 5,730 37,788 23,760 14,028
All Other
Operation and
Maintenance
Expense 3,366 3,816 (450) 9,847 10,994 (1,147)
Property,
Franchise and
Other Taxes 3,693 5,142 (1,449) 12,118 12,572 (454)
Depreciation,
Depletion and
Amortization 83,078 79,696 3,382 247,888 228,970 18,918
Impairment of
Assets -- -- -- -- 141,802 (141,802)
------- ------- ------- ------- ------- --------
137,066 127,687 9,379 413,040 510,584 (97,544)
------- ------- ------- ------- ------- --------
Operating Income 165,450 178,715 (13,265) 571,521 363,317 208,204
Other Income
(Expense):
Non-Service
Pension and
Post-Retirement
Benefit Credit
(Cost) (81) 36 (117) (244) 110 (354)
Interest and
Other Income 414 44 370 986 568 418
Interest Expense
on Long-Term
Debt (493) -- (493) (493) (3,283) 2,790
Interest Expense (13,016) (17,795) 4,779 (44,260) (56,746) 12,486
------- ------- ------- ------- ------- --------
Income Before
Income Taxes 152,274 161,000 (8,726) 527,510 303,966 223,544
Income Tax Expense 40,400 44,333 (3,933) 139,559 82,761 56,798
------- ------- ------- ------- ------- --------
Net Income $111,874 $116,667 $ (4,793) $387,951 $221,205 $ 166,746
======= ======= ======= ======= ======= ========
Net Income Per
Share (Diluted) $ 1.17 $ 1.28 $ (0.11) $ 4.11 $ 2.42 $ 1.69
======= ======= ======= ======= ======= ========
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)
PIPELINE AND STORAGE SEGMENT
Three Months Ended Nine Months Ended
(Thousands of
Dollars, except
per share
amounts) June 30, June 30,
------------------------------ --------------------------------
2026 2025 Variance 2026 2025 Variance
--------- --------- -------- --------- --------- ----------
Revenues from
External
Customers $ 69,559 $ 67,982 $ 1,577 $212,558 $207,916 $ 4,642
Intersegment
Revenues 36,982 37,597 (615) 112,347 113,849 (1,502)
------- ------- ------ ------- ------- ------
Total Operating
Revenues 106,541 105,579 962 324,905 321,765 3,140
------- ------- ------ ------- ------- ------
Operating
Expenses:
Purchased Gas (67) (164) 97 (74) (42) (32)
Operation and
Maintenance 31,479 30,264 1,215 89,913 87,940 1,973
Property,
Franchise and
Other Taxes 8,196 8,460 (264) 25,178 25,727 (549)
Depreciation,
Comments