Integrated energy company National Fuel Gas Co. (NFG) Thursday reported a profit for the first quarter, helped by lower operating expenses due to the absence of impairment of oil and gas producing properties, even though revenue declined from last year. Earnings per share for the quarter declined, but topped analysts' expectations significantly. The company also boosted its earnings outlook for fiscal 2010.
The Williamsville, New York-based company reported net income available for common stock for the first quarter of $64.50 million or $0.78 per share, compared to a loss of $42.68 million or $0.53 per share in the year-ago quarter.
Quarterly operating results, before items, were $64.50 million or $0.78 per share, compared to $64.30 million or $0.80 per share for the prior year's first quarter.
On average, eight analysts polled by Thomson Reuters expected the company to earn $0.73 per share, for the quarter. Analysts estimates typically exclude special items.
Operating revenues for the quarter decreased to $457.01 million from $607.16 million in the prior-year quarter. Four analysts had a revenue consensus of $624.21 million for the first quarter.
Segment-wise, the company's exploration and production segment reported net income of $29.8 million or $0.36 per share for the quarter, compared to a loss of $83.6 million or $1.04 per share in the prior-year quarter. Operating revenues for the segment improved to $106.35 million from $96.71 million in the year-ago period.
The pipeline and storage segment's net income declined to $10.35 million or $0.13 per share from $17.18 million or $0.21 per share in the year-ago quarter. Operating revenues for the segment decreased to $54.76 million from $56.10 million in the same period last year.
Utility segment's net income for the quarter was $23.01 million or $0.28 per share, edged up from $22.09 million or $0.28 per share in the same quarter last year. Operating revenues dropped to $236.92 million from $354.19 million a year ago.
Net income for the company's energy marketing segment rose to $1.09 million or $0.01 per share from $0.60 million or $0.01 per share in the prior-year quarter. Operating revenues plunged to $71.74 million from $115.01 million last year.
Operating income for the first quarter was $126.11 million, compared to operating loss of $66.37 million in the prior-year quarter, while total operating expenses was $330.90 million, down from $673.54 million in the year-ago quarter.
Capital expenditure for the quarter totaled $62.14 million, down from $84.27 million in the year-ago quarter.
During the first quarter, the company produced 6,488 million cubic feet, or mmcf, of gas, up from 4,61 mmcf of gas produced in the year-ago quarter. Total oil production during the quarter rose to 841 thousands of barrels from 825 thousands of barrels of oil in the prior-year quarter.
Looking forward, the company is updating its GAAP earnings guidance range for fiscal 2010 to a range of $2.40 to $2.70 per share from its previous earnings guidance range of $2.30 to $2.65 per share. The guidance assumes flat NYMEX equivalent pricing of $5.00 per MMBtu for natural gas and $75.00 per Bbl for crude oil for unhedged production for the remainder of the fiscal year.
Analysts expect the company to report earnings of $2.61 per share for fiscal 2010.
NFG closed Thursday's regular trading session at $47.06, down $1.12 or 2.32% on a volume of 0.39 million shares. However, the stock gained $0.29 or 0.62%, and traded at $47.35 in the after hours.
For comments and feedback contact: editorial@rttnews.com
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.