Description

National Fuel Gas Company: How Tioga County Became the New Core & Why Sub-$2 Gas Economics Matter!

National Fuel Gas Company has reported robust performance in its fourth quarter and full fiscal year 2025. The company’s adjusted earnings per share for the quarter increased by an impressive 58%, and for the full year, they saw a growth of 38% compared to fiscal 2024. This growth was primarily driven by substantial improvements in their Upstream and Gathering operations, which have demonstrated remarkable capital efficiency. Production in these segments increased by 21% year-over-year, while overall capital spending was reduced by 15%. One significant development is the expansion of the company’s core inventory, especially in the Upper Utica formation in Tioga County. National Fuel Gas Company added approximately 220 prospective well locations, doubling its development inventory in this area. The productivity of these wells is reported to be high, and the company is optimistic about continual improvements in capital efficiency, driven further by additional firm transportation agreements.