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Baby Black Bear by Chuck Wiser

News Flash: National Fuel is making big money in 2022


Latest earnings report show a 24% shareholder gain, expect even more profit in 2023

Homeowners and small businesses should prepare for more fuel inflation this winter

Michael T. Baldwin Reports

National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced consolidated results for the third quarter of its 2022 fiscal year and for the nine months ended June 30, 2022.


  • GAAP net income of $108.2 million, or $1.17 per share, compared to GAAP net income of $86.5 million, or $0.94 per share, in the prior year, an increase of 24% per share.
  • Adjusted operating results of $141.9 million, or $1.54 per share, an increase of 66%, compared to $0.93 per share, in the prior year (see non-GAAP reconciliation on page 2).
  • Adjusted EBITDA of $318.1 million, an increase of 36%, compared to $234.2 million in the prior year (see non-GAAP reconciliation on page 25).
  • Successfully closed the sale of the Company’s California assets for net cash proceeds of approximately $241 million, after customary closing adjustments, and future contingent consideration with a potential value of up to $30 million.
  • Company is revising its fiscal 2022 earnings guidance to a range of $5.85 to $5.95 per share, excluding items impacting comparability, and initiating its fiscal 2023 earnings guidance with a range of $7.25 to $7.75 per share, an increase of 27% from fiscal 2022, at the midpoint.

Just a few days ago, National Fuel announced they would be increasing prices by 26% in Pennsylvania, warning that heating costs for the approaching winter season will be more than the average family can afford.

For those struggling with home heating costs, National Fuel offers very little help, but in NY the HEAP program offers some relief. Those in need of assistance with home heating bills should start the paperwork now, “winter is coming.”

HEAP Assistance :

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