NATIONAL FUEL GAS CO
For the period ended Nov 4, 2026. Filed Nov 5, 2026.
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Nov 4, 2026 · Filed Nov 5, 2026
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EX-99 · Utility Segment
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 | |||
|---|---|---|---|
| September 30, | |||
| (in thousands) | 2026 | 2025 | Variance |
| GAAP Earnings | $(15,058) | $(17,790) | $2,732 |
| Adjusted EBITDA | $3,449 | $2,036 | $1,413 |
The Utility segment’s fourth quarter GAAP earnings increased $2.7 million, as higher customer margin (operating revenue less purchased gas sold) was partially offset by higher O&M expense. The $6.2 million increase in customer margin was primarily driven by the impact of usage, the implementation of year two of the multi-year joint settlement in New York, and revenues from the Utility's Distribution System Improvement Charge in Pennsylvania. Partially offsetting the increase in customer margin was higher O&M expense, primarily driven by higher fuel costs, as well as an increase in uncollectible expense largely due to a non-recurring benefit from a regulatory adjustment in the prior year.
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