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National Fuel Gas Company (NFG+0.54%) has submitted its 10-K filing for the fiscal year ended September 30, 2024.
The filing reports a decrease in earnings to $77.5 million from $476.9 million in the previous year, primarily due to a loss in the Exploration and Production segment and lower earnings in the Pipeline and Storage segment.
The Exploration and Production segment reported a net loss of $164.0 million, attributed to non-cash impairment charges of $473.1 million, including ceiling test impairments of $463.7 million.
The Pipeline and Storage segment's earnings decreased to $79.7 million, impacted by a non-cash impairment charge of $46.1 million related to the Northern Access project.
Operating revenues for the Utility segment decreased by $245.0 million, primarily due to a decrease in the cost of gas sold and lower throughput due to warmer weather.
Capital expenditures for the fiscal year totaled $942.0 million, with significant investments in the Exploration and Production and Gathering segments.
The Company entered into a $300 million unsecured committed delayed draw term loan credit facility in February 2024, with a maturity date of February 14, 2026.
National Fuel Gas Company repurchased 1,146,259 shares of common stock during the year under its share repurchase program, authorized for up to $200 million.
The Company expects to meet its financing needs for fiscal 2025 through cash on hand, cash from operations, and short-term or long-term borrowings.
National Fuel Gas Company continues to focus on reducing its carbon footprint with methane intensity and greenhouse gas emissions reduction targets set for 2030.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the National Fuel Gas Company annual 10-K report dated November 22, 2024. To report an error, please email earnings@qz.com.