NFG - Earnings call 1 2024 | National Fuel Gas Company

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Operator

Hello, everyone, and welcome to the National Fuel Gas Company First Quarter Fiscal 2024 Earnings Conference Call. My name is Bruno, and I'll be operating your call today. [Operator Instructions]

I will now hand over to your host, Natalie Fischer, Director of Investor Relations. Please go ahead.

Natalie Fischer

good and Bruno, you, morning. Thank joining We for today's call on discussion appreciate of you a last conference release. us evening's earnings With Principal Resources Financial and National from and Justin Bauer, Executive the Fuel of Company Officer; Tim on Seneca President Officer; and Dave Chief President Midstream. Fuel Treasurer Silverstein, National Loweth, are and us Gas call

At to questions. the end of prepared remarks, we will open the discussion

refer have to earnings been fiscal materials The XXXX release website. and We investor Relations first call. may on posted today's presentation these our during Investor quarter February

We today's would like teleconference will to remind you contain that forward-looking statements.

on beliefs a While These they National materially. factors. basis, listing you and Fuel's for in projections to are expectations, a risk results believed actual and statements are speak faith evening's made, to reasonable which have earnings refer good release date may of and only differ made last specific as may certain are the of

it that, over to turn Bauer. Dave With I'll

David Bauer

Natalie. Thank you, Good morning, everyone.

to to starting, take Before a Relations. as like welcome our Director Investor moment I'd of new Natalie

his past new company, wish new also worked practice work well she having to industry, and the power within Brandon PwC's role the and finance in in in the she's thank for to our her over career. early to like X isn't I'd years new While his hard him utilities organization.

which quarter, our in operating $X.XX across per of one reported continue share. strong results Turning a the adjusted night, was fairly Last to routine we quarter. to operations. It execution we see

in last year, several strength XX% production throughput up to XX%, and great the and respectively, of businesses, Upstream compared the Gathering EDA. and our new wells In on were

increase natural book was sales of in prices to contribute the on and rates lower disciplined our impact to XX% our quarter, At earnings. of mitigate and firm helping benefit the collars which to swaps, new year-over-year with Pennsylvania jurisdiction, helped businesses, flows. impact the approach of evident we the Utility's earnings see hedging the gas of cash our delivery this to addition, regulated started In Utility strong in

remain quality our to forward, increase going the to of each depleting expectations range plans years, position in to this County a for primary M&A for time in in very inventory continue the are well when and economic. opportunity many peers 'XX. long-term our guidance EDA In are We're our Upstream Looking point Seneca's reason the on acreage many a of area. were is inventory, in having our spectrum over the the in decade, transition EDA Tioga fortunate the pursuing is manage At moving down exceed smoothly. in excited about business, highly of track Results businesses. production of we fiscal or the the that in

will capital to the ongoing We driver and years returns for many of efficiency Tioga transition improving expect that strong the be to come.

a protection collars have hedge we with upside. the 'XX retain the in book that fiscal 'XX, a portion great curve and well of Additionally, good above forward and downside

gas volatility right in prices, natural is we this approach. Given the the think inherent

to discussions I to settlement businesses, quarter. process rate our And supply regulated the and to core have next are Turning hope ongoing. on that case say more

summer. next file, and effective that's case fall, month, I the Testimony last discussions October New rate into jurisdiction, on Utility, settlement the a new parties requesting of the expect over of other in is staff commission spring our filed the will from once ensue York At we and year. and rates course this X due

quick policy. a the York's on leaving New Before Utility, word energy

rhetoric to heating. As as everything new despite generation it to electrify know, the to we're solely Albany. possible, you environmental energy agenda want and an that of in space they soon with intermittency of policymakers downstate inherent see at including push the more and activist all approach starting to politicians least cost do some to high the and the from a to the side, renewable continue partners transition wind in And Putting reasonable seeks as groups solar.

December, in their submitted the an the York Commission order issued plan New on In proceeding. long-term we planning

advocates meet of proposal that reliability, and in the heating clearly hydrogen The demonstrate balances, of stand-alone hybrid Our utility Act. no-carbon of solutions enhanced employs a the weatherization, to all and the and RNG. can that Climate approach reductions emission the planned above resiliency goals and gas like can use low- energy affordability, fuels

expected, of was environment in it full. Albany, in most commission plan weatherization of heating of hybrid of the pillars given our and political approach, alternative we the evaluation important and fuels. As including many the supportive approving But the the stopped to short continued

very solution While permanent policymakers wanted, very of level much the support the the the state's utilities facts, the it we we lends what reduction received emission can natural wasn't rational consider a goals. that if part are that and of oversees utility that credence agency reliability be gas exactly notion from achieves and affordability to

of strong. are to longer-term back you a commodity while conclusion, In Bringing outlook the for the somewhat headwind, our near-term quarter. prices business remains

generate deep have one areas most sustained of free in a inventory the prolific hedging marketing that our a Appalachia in supports We ability cash portfolio and and drilling to flow.

a On of the growth for Fuel we to is capital. Taking capital. us have to ability top regulated that, in sheet increasing balance line together, sight and these businesses, outstanding. outlook all I to allocating the our deploy National that In strong have be of allows ongoing opportunistic believe earnings we

that, turn to call Justin. With I'll over the

Justin Loweth

an XX strong excellent all and online exceeded results. Bcfe, an the which We of our expectations. wells Midstream the XXX collectively, in production Thanks, to EDA driven of Record operational Dave, exceeded X% schedule, XX productivity and came sequential line turned in increase, good both Seneca by during NFG morning, quarter, fiscal their year, estimates. which start and everyone. had ahead of were the of and

Bcfe. well. combined when throughput increased to In the first with of production, in range our drove XXX led we quarter, light guidance production growing performance The this solid as Seneca's third-party NFG operational to are to increasing record Midstream volumes, successes that XXX at

turn of that we remainder a to the in XX just expect a pad the towards to wells, including year, the September. Tioga-Utica August WDA flow more and back is back the of Utica end For flow fiscal beginning scheduled pad or to X-well likely line year,

of in into fall Given the last to of activity of of quarters, expected peak the each will winter. half before turn-in-line X first is in wave in the majority occur the the prior and online daily to year, declining production this next average QX coming pads the

natural Turning to gas pricing.

is the near-term pricing. portfolio dampen of impact Our robust marketing to positioned and lower hedging well

fixed-price sales. are we remainder than swaps and positioned covering With through well relative the a weighted XXXX, downside collars, average swaps, protection of over to prices $X.XX current collars have firm production our forward fiscal price For expected pricing the the costless of balance our more of XX% and floor a per we of MMBtu NYMEX combination for year. of

for we and sales less XX% our firm production, place in Additionally, pricing. expected to leaving of over transportation than have in-basin our firm of gas exposed XX%

commodity on our received generating downside cash optimizing hedging throughout and price We the cycle. our the for efforts and risk, marketing free production continue price flow to focus mitigating

to XXXX. capital Moving fiscal for

million. expectations, below to are came in maintaining guidance quarter of $XXX capital Seneca's we range our slightly first capital $XXX While million

rig and to expect we turn-in-line a spring, previously to mentioned, year. which to development our tailwinds the will headwinds capital one And a loaded, is we quarters, once moderate see for at another we couple on our activity capital tighten front-end I this to have least and of range. remainder maintain drop As of for will our guidance level plan more the look over than the quarter capital under year. we Overall, we belt, so

unchanged. development Longer plans term, Seneca's remain

moderating we our the have inventory. transition continuing capital-efficient than and are our more decade where levels of to highly activity We a prolific EDA,

capital decreasing Our And last fiscal is to fiscal over into continue downward capital XXXX. 'XX expected trend year. is this

Putting we targets. to are on track capital it our all meet reduction together, long-term right

this recognized reduction our in responsible as the its leadership to practices. proactive the of Midstream through reverification EOXXX under with best best assets Last and energy and Standard our development. class month, of continued demonstrate Regarding initiatives, sustainability our area was Seneca XXX% Seneca in NFG efforts independent emissions for

grade, operator the across are X scores the public principles attained standard. have of an and of higher all demonstrating or only XX% A We first to

we are conclusion, In to the to off year. fiscal a great start

solid model to core our generation enhancing operational for returns transition the and robust remains ongoing us cash sets a success, coordinated cost to and to free growing up years midstream our integrated pursue enhanced focused EDA, upstream come. us plan and hedging in marketing portfolio execution the allowing structure. our Further, flow to and efficiency capital Our on development and optimizing

over call the turn I'll to that, Tim. With

Timothy Silverstein

touch $X.XX were points, good per I the Dave morning. on other but Fuel's National want Thanks, did drivers. adjusted Justin, quarter a hit first results operating to few on high share. and

from seeing annual of increase a the of Starting future. offsetting The of $XX Pennsylvania year. in weather-driven we effect in hits at the bulk the of benefit impact insulated in both normalization we Utility, relative the was consumption this million August. is will rate in went months Partially this With highest. that volatility largely last into weather the weather the last when warmer winter be increase to our mechanisms jurisdictions, are Utility

transmission maintenance of Utility, the capital guidance the of related last treatment year, the natural long-awaited the gas we result IRS and distribution in property. benefit of as Also certain saw to expenditures a expanded

the cash tailwind rate. of our With placed on ability had deduct service, larger effective a share it's in we our capital taxes and nice year the a to in tax both

businesses. nonregulated our to Switching

all for price-related Justin the year are And costs than despite guidance trended As quarter. Seneca in moving the our October, curtailments Midstream NFG firing cylinders. an on expected perspective, modest mentioned, full from production first is Cash operational during and lower higher. operating

no in no region. These to were unrelated There's the in costs abandoned wells, California to exit liability recent the XXXX in and own. business, our are wells quarter. accrued million so Seneca. divested revert likely related The will expense is $X.X one for operator which plug-in estimated longer We we from during longer the atypical certain the to item of wells

the for guidance to Turning year.

is our which be and range, expected now share. $X.XX We to earnings $X.XX are per between revising

for year. higher remainder per now more offset which MMBtu production by for $X.XX fiscal assume than average the outlook drop gas Our prices, LOE will we the lower were and of near-term in natural the

swaps hedged hedge remainder to of the our entered midpoint improved now of are Since downside further our a we which $X At the book, of we last year. guidance, protection. the tranche for quarter, XX%

the mentioned, Justin on active chip front months. coming to we further approximately to XX the away and were expect we our in and As at have this reduced also marketing exposure Bcf, spot

change reference, the prices in by will impact year the Given of approximately NYMEX pricing, balance share. for in a the volatility earnings per $X.XX for $X.XX

the prevailing for change guidance to capital prior a while New York relates other Utility of summer. to rule large a for that 'XX, public we've permit last way. contractors it contractors portion increased spending new late segments. requires As for fiscal wages requires Utility The relates our enacted was requirement to activity. Utility that encompasses wage any to newer nonunion project State The of for operate a maintaining for to in the pay a our This in outlook employees prevailing right modernization our

final but assessing our we the capital this year. expect $XX of are impact, Utility We to to million increase by now, million as $XX still

obtain and effect While near-term the when proceeding 'XX. base rate we our to updated rate at this, has of growth. into this fiscal go of to increasing flows, account for longer-term a and cash York start rates it of earnings new expect case on have these New costs will the pending We've recovery effect benefit

remains fiscal impact flow to free Bringing be capital this together, gas than higher 'XX and prices we natural lower all projected. ability generate of driving Utility are free the Despite flow future in $XX our this, cash lower to million expected cash our spending the previously strong.

earnings growing cash and We flows. regulated have

remain Tioga pipeline term, the longer driven such continued Upstream and for this for generation In expected our the by to modernization activity our this further free businesses, the ongoing and we reductions higher result and term project. Pathway as is expansions, confident and rate-making generate interstate need long cash for term. to Gathering durable a outlook in capital the of our ability potential as further prices Adding near the over in flow

and investment-grade and our reaffirmed remains Both recently thresholds. In upgrade S&P addition, shape. in balance our sheet rating great Moody's

thresholds. We these are reaching close very to

meantime, natural we broader likely out the financial capital push However, flexibility, well the move to as the future. into and any potential make allocation improvements rating significant prudent macro decisions us positions through In gas the will quarters years. have coming we which

Coupling to capital improving the meaningful to X the growth prices. of natural over should outlook increasing investment-grade efficiency opportunities. prudently our significant flow, in years, capital for of and drive a assuming of businesses high the long-term for our record regulated of continuing growth compound cash we with growth conclusion, next positioned combination returning to amount outlook and our free In strong gas to our sheet balance returns the single-digit track to X while nonregulated mid- invest extend and are earnings in growth investors assets growing

believe Taken for value drive together, our will this long-term we shareholders.

operator With that, I'll for questions. to ask the the open line

Operator

[Operator Instructions] Sachs. question. our first do It Neil Mehta We Goldman from have comes from

Neil Mehta

It's New increase gas request. York Great. question rate a the base first on just

for Just as decision? when from to you commission? of you And and expect terms and the you're around as what refresh the can this you the how framing in go us to well commission line potential is time hear ask staff

Timothy Silverstein

Tim. Sure, It's Neil.

to get from there, the in So we'll so to X, still in have March. new beginning fiscal next working start early but October from respond month, of least settlement we'll testimony of so year's advance to opportunity timing staff towards at will at in discussions have the their likely next other the going staff effect heating with season. our parallel, expect From we a early parties into testimony, to the rates case, involved and perspective, year, in

Neil Mehta

on color. but little great flow anticipate follow-up My a year Slide is lower. that this being starting in with the That's bit uplift in Okay. cash free X you 'XX,

a show questions. on is lower prices balance think you the free risk natural about sheet? the current pay scenario about your how Just One will here gas are that drivers of bit the slide, what off base? you just -- a some anticipate. there cash couple dividend around what you grow there risk a that talk in than to ability is do from And allow of uplift is, little you Post the where the any financing? the any external are around to 'XX, flow that Or

Timothy Silverstein

Thanks, see anything if I'll start, and have to Yes. Neil. and I'll Dave Justin add.

'XX. 'XX plus really our would a is at spending, So of driven couple combined we reduction increasing the hedge to is from book expect the value to least One we outlook 'XX ongoing in factors. by our today, nonregulated with for increase prices move 'XX the the capital as that of higher from

the well expected of is top that on Capital revenues and supply relatively rate year have in this the impact case be rate the the a take, New the will potential of consistent year, case. other ongoing incremental we and year-over-year business to impact as then drive of from as that, York which year full next

certainly increasing for that well cash positions flows. us So

to really said, do good balance still being gas we shape. That have in our prices. Obviously, exposure sheet is lower

both I ratings mentioned, downgrade As and Moody's credit reaffirmed both -- and our our and our thresholds. S&P upgrade

able ability the through We've long-term earnings reality look been to to So that we cycle. drive time a going certainly growth time. the And ways at deploy at optimize way the the regulated we look businesses, ability of that Gathering and is really substantial dividend growing that flow have over is that of fund to form the dividend over forward. in look our our the cash flows at cash the to

-- you going or anything guys else I'm to Dave add? if have Justin,

David Bauer

have I there, think Tim. follow-up there? a Did got you it you

Neil Mehta

perspective, equity given it -- capacity. no clarify, an the No, that balance sheet given sounds just for from financing there's need external to like,

Timothy Silverstein

an from not No, equity perspective.

Operator

Our Zach JPMorgan. from from next comes question Parham

Zachary Parham

First, question on the just a business. E&P

about know us $X.XX in think think points lines? of that $X.XX, some worries just you delaying term. I sense the how local on you seen make pricing. those you've are near some basis the there shut-ins 'XX, on could volumes We've your it got potential price hedged in move or to where of trade marginal those volumes? specific of majority a turn-in below M assumes guidance Can give lower and Your some recently I local per the but flow large there doesn't color is some

Justin Loweth

happy Yes, Zach. bit. little yes, that into to a Sure, get

here yes, of definitely as said, still you've is winter, it's in-basin challenged. pricing in some and So we challenged, the there's are and

call, We I have this the really mentioned did as Tim that minimized exposure. on well. So fortunately

to by Bs XX We're would of pricing. I'd that fiscal down highlighting year to the that round remainder kind be So about of only start that. in-basin the numbers, exposed for

to will to but rest an not flowing. And I very going you assure, you is really give like, get I'm I hesitant you $X, what -- tell mean number, sub let's if But [indiscernible] exact exactly limited can, prices start know our our we're let's say, productivity make just [indiscernible] with be low, in really our we cost. future can to to where well we'll where or make that that wells, a is sub guidance back with It's [ you decision. decision ] really $X.XX say,

So something it's [indiscernible]. we'll

We'll absolutely pads of new evaluate as well. flowback

summer, did recall, You a that of we held result in the actually have in some for or back, get the QX Part reason of September, we fiscal flown say, that pricing we've shoulder might 'XX. winter. late the was back say, over fantastic given this but the since would volumes kind better -- we but of having into waited had to a into in deliberately October,

and, operations our evaluate, something and continue definitely marketing it to portfolio. we'll ways through mitigate through that's So look do and to both we'll we'll

Zachary Parham

about give X.X us flat, more full the Bcf. production the one the Bcf the about X through being on up and year color were previously more could just business, Maybe about your guidance midpoint relatively bit little but and talked you quarter-over-quarter. on this trajectory But you prepared year? up the you've You at by production took XQ remarks, a E&P a talked in little you

to shaping through this of of end maybe that if kind the and, at point, expect higher think how curious maybe production towards range. the the about rest you we the would year be of just So should

Justin Loweth

Sure.

the outstanding envisioned at QX quarter GPUs, the all So than getting we being this on did so getting the initially really really well those a in team of terms little combination work of during out possible. from point, reasoning had faster setting was why and drilled operations our flowed a back wells

So really great making that job by team the in possible.

And what we beat performance. brought in wells of they cleaned had online and just and expected XX initially then we came in total, had on excess in rates lot -- of -- frankly, aggregate, They just we our in hit and we that a faster up quite anticipated.

that So of across productivity. a were performance. the our XX really as and little good note well. story. great Development XX But was in a earlier well I'll strong It's Eastern the Area board,

now QX, our in production. Right peak at we're

So we've respects Tioga-Utica got a in a we're We're just I wells now. those on all pad that still very period. a to many of production flow flush right flowing. in back lot mentioned beginning

-- nothing is so expected kind marketing And late able is really date we're in the And it to and evaluate QX, that high our year. book good shape will we're pricing one to fiscal the around -- have And time another right of what happening to we QX is August, online our of where for QX. back. volumes been flow we've and we'll that's the pad next targeting. and then be some example really through the at how time decisions point a production September make

really about So good we guidance current our feel range.

I'll just curtailment. I everything that's are the our incorporate outlined. is that think other relative guidance And is right does TBD, the the highlight of just again little depending where range. pricing a just to I probably upon midpoint thing a not exactly we And

challenged assuming to is the But out, times, we'll So the that pricing hold on will a XX some as back a flow those the I number giving to of come that Bs different it's I'm number, future you just the -- some clean exactly -- we it possible is clean of for time. and just at really you. extent outlined

Operator

Our comes Lamar next James. from question Trafford from Raymond

Trafford Lamar

Congrats great on quarter. a

possibly the get focusing one, what RSG X Origins years. premium thoughts A-grade. see X maybe market Equitable I'd quick next in and love one to got near-term you on Just on the your to could the NYMEX to

Justin Loweth

I correctly. premiums? the And sourced to make you I want and sure like responsibly heard that gas just said --

Trafford Lamar

yes. yes, That's correct. Yes,

Just the XXX%. A-grade on

Justin Loweth

Absolutely. Yes.

-- is Equitable there's international all say standards So different these. an I'd of the for more of standard. Origins

in some fuel And so we markets. fortunately, Canadian those continue responsibly And gas into We'll and through Empire national certified of those sourced our found we're supply particular largely markets. success to the sales. piped selling pursue

order I it's we're And that are things not magnitude, the pennies, telling the But you a frankly, regulatory just quarters get argue, a you like of the think me business. us relative in we number. to the position lot dimes premiums well more exact very It's opportunity. do great The of doing, way it's can environment. to or enjoy. I'd

And and utilities able us. be premium, And great recognized see pay parties. for attract to certain to a that so nice if we're by end-user it's able opportunity are customers it's third a that and to

not And have premiums continue that. to been say I'd Again, so achieve we'll some And quarters. that able we and dimes pennies, to for have it's I success. think

Operator

next from comes from Our John question Instructions] Abbott Bank America. [Operator of

John Abbott

Our first Assurance Excavation Tim. Act. question Quality the It's on is Roadway to

about that said the latest assessing Utility to goes the thoughts business, that, when there around we business free you Tim, Is how remarks, then risk Utility sort your long-term a there on, And goes lower? in bump-up follow impact impact flow that you your risk in of then the that. Utility -- how -- on Is think that, cash that CapEx you do were and is the think business? for to you the that do what the just about So for CapEx higher? still

Timothy Silverstein

our start higher I'll with been with Yes. would pretty dialogue we've the in say, potential question I contractors. on bias, the lower. first active or

is reasonable think we we So -- today. know what on what based this we

season lot how It meat get this we'll know go I the little It exactly will a But little the bit. into at respond. as wouldn't point. could a contractors a up think construction understand biased way more down we better the or could bit. one say I go I of another summer it's this think to

million area. means by from perspective, a previously flow million about run million, mentioned as $XXX longer-term run we that $XXX think what As to million $XXX I this. would rate on that perspective, to I the bump million $XX in free from capital a up and the in were it to $XXX that Long-term a capital I cash result of had relates more rate area

cash certainly, in I term. -- So back couple you on that a near is will immediate drag factors. the an But think to growth. and flows from base perspective, longer-term One the need has a at a take it step drive rate look

So but one you'll additional flows cash in have not we earnings rate our have only cases on going now. the forward, including right file

In to addition, for form -- capital immediate of benefit in about is eligible cash I've free that taxes. this the of the the quarters. cash repairs talked couple lower of flow that has that an we much deduction last And

I chunk up capital that. while $XX good $XX savings cash think from will a you tax the be that a a growth might in to together, earnings when perspective of take and cash all the million offset -- million, So from free

John Abbott

And here. very think question, the I to That Justin helpful. goes is you, next it

is So out. the plan

mean, half So of you're a to you the in have here I start year. and of going for XXXX the in second half XXXX, activity, of year think and a decline the the the bump-up first trajectory, when sort about we moderating

loaded? an we annual do How of about think of of do in to production As look Is beyond? factors on ratable, CapEx? to granted front-end as XXXX, and the and how sort about of we you activity about it start XXXX those trajectory going to think you kind think basis, be it's early,

Justin Loweth

Yes, to happy that. Sure. address

spending Seneca's time as So in over slightly of as for million. in approximately later come the noted did is internal rest our you spring. quarters. here course, a in team was fiscal activity of our of At to the least at current and The we're midpoint million. of 'XX, we'll noted which for in QX, into may total least recall, we capital looking expectation. 'XX are a to we I here fiscal of couple below lot $XXX that's -- level at guidance this looking continue estimates rig, that our $XXX And moderate. the year we'll and a activity at dropping into stay ways and, our I a 'XX do

And X, our And capital would into quarter. so in decline in at a capital on generally and level. expect and I into for QX even fiscal lower somewhat biggest QX a was flat -- and QX pronounced 'XX,

you to to go we should 'XX, As look of continue out expect down. overall level that to capital

as bias towards and and And I've moderate as a now $XXX we're to million. to we over basis, right million of somewhere 'XX. if months. we already activity the on $XX already million coming $XXX then $XX we to $XX we're look we million, Seneca between I'd should fiscal keep between that be to as fiscal at be 'XX, 'XX, targeting million and that spoken when $XX somewhere achieved into at about that Midstream, get to to and you NFG We're start kind combined look dropping midpoint, going on million working 'XX, the

downward are trend. on we So a

expected gas bit else. keep and from of activity a got expect the quite on at And continued we've growth we'll of then production moderation It's we a book the growth our hard perspective, year. this that would Obviously, prices the some into everything hedge some looking and and and on moderate of to of have Definitely underway. there. 'XX brought back 'XX recently beyond nice we a wells from

of years. we're last while and lot high a annum the lower good drive probably capital per about. spend round in But efficiency. to EDA will the numbers few definitely production growth our to overall That growth a we've leads Somewhere from flat to capital dampening now that had process a that between think grading over is the X% of perspective

Operator

questions. no have currently further We

like hand remarks. would call closing I Fischer back for to the So Natalie to

Natalie Fischer

to like business of will today. and A will on time close Bruno. by our replay XX. thank available this Thursday, afternoon be you, through and We'd run the website the to both for us be Thank telephone this everyone February of with on call taking

replay access please provide (XXX) online, To code telephone, Investor Relations the visit and access investor.nationalfuelgas.com. XXX-XXXX access to call our And by website XXXXXX. X at

Thank have conference our today. call concludes This a you, and day. for great

Operator

call. today's Thank concludes Ladies you and for this gentlemen, joining.

may you. You lines. disconnect your Thank now

National Fuel Gas (NFG) 8 Feb 242024 Q1 Earnings call transcript