National Fuel reports Q3 GAAP loss of $54M on E&P impairment; raises FY2024 guidance, initiates FY2025 above consensus

NATIONAL FUEL GAS CO

2024-Q3 EPS reported $2.65 revenue$1,572,742,000

GAAP net loss of $54.2M ($0.59/sh) vs net income of $92.6M ($1.00/sh) a year ago; includes $145M after-tax impairment.
Adjusted operating results of $91.7M ($0.99/sh) were roughly flat vs $93.4M ($1.01/sh) in prior-year quarter.
Seneca produced 96.5 Bcf (+2% YoY) despite 5.6 Bcf of price-related curtailments; realized price $2.28/Mcf after hedging.
FY2024 EPS guidance narrowed to $5.00-$5.10 (ex-items); FY2025 preliminary guidance $5.75-$6.25, up 19% at midpoint.
Board approved 4% dividend increase to $2.06 annual rate; $29M in share repurchases YTD at avg $54.28/share.

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