National Fuel Gas Co (NFG) 2025 Q1 法說會逐字稿

Hello and welcome to the National Fuel Gas Company Q1 fiscal 2025 earnings conference call. My name is Elliot and I'll be your coordinator today.

您好，歡迎參加全國燃氣公司 2025 財年第一季財報電話會議。我的名字是艾略特，今天我將擔任您的協調員。

(Operator Instructions) And I'd like to hand over to Natalie Fischer, Director of Investor Relations. Please go ahead.

（操作員指示）我想將麥克風交給投資者關係總監娜塔莉·菲舍爾 (Natalie Fischer)。請繼續。

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

謝謝你，艾略特，早安，我們很感謝你參加今天的電話會議，討論昨晚的收益報告。與我們一起參加電話會議的是國家燃氣公司總裁兼執行長 Dave Bauer；西爾弗斯坦 (Tim Silverstein)，財務主管兼財務長；以及 Seneca Resources 和 National Fuel Midstream 總裁賈斯汀·洛斯 (Justin Loweth)。

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

在今天的準備好的發言結束時，我們將開始討論並提問。

The first-quarter fiscal 2025 earnings call in January Investor Presentation have been posted on our investor relations website. We may refer to these materials during today's call. We would like to remind you that today's teleconference will contain forward-looking statements while National Fuel's expectations, beliefs and projections are made in good faith and are believed to have a reasonable basis, actual results may differ materially. These statements speak only as of the date on which they are made, and you may refer to last evening's earnings release for a listing of certain specific risk factors.

1 月投資人演示會上的 2025 財年第一季財報電話會議已發佈在我們的投資人關係網站上。我們可能會在今天的電話會議中參考這些資料。我們想提醒您，今天的電話會議將包含前瞻性陳述，雖然 National Fuel 的預期、信念和預測都是善意做出的並且被認為具有合理的基礎，但實際結果可能存在重大差異。這些聲明僅代表發布之日的觀點，您可以參考昨晚的收益報告以了解某些特定風險因素的清單。

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

說完這些，我會把話題交給戴夫鮑爾 (Dave Bauer)。

Thank you, Natalie, and good morning, everyone. But before I get into the quarter, I wanted to take a moment to recognize the team of operations employees and contractors who got us through last week's bitter arctic blast. In the face of bitterly cold temperatures, our talented employees stepped up as they always do to ensure that our system, from the well head to the burner tip, performed flawlessly. Thank you for going the extra mile.

謝謝你，娜塔莉，大家早安。但在進入本季度之前，我想花點時間來表彰一下幫助我們度過上週嚴酷的北極寒流的營運員工和承包商團隊。面對嚴寒，我們優秀的員工一如既往地挺身而出，確保我們的系統（從井口到燃燒器尖端）完美運作。感謝您額外的努力。

Now to the quarter. Overall, we had a strong first quarter with adjusted operating results up 14% over last year. As I've said on prior calls, our focus has been on execution and our success TAT across the system is evident in our results for the quarter.

現在進入本季。整體而言，我們第一季表現強勁，調整後經營業績較去年同期成長 14%。正如我在之前的電話會議中所說的那樣，我們的重點一直放在執行上，我們整個系統的成功 TAT 在本季度的業績中得到了充分體現。

Of particular note, our rate regulated subsidiaries collectively delivered approximately 30% growth in earnings per share. And as I'll discuss in a moment, the positive outcomes in rate proceedings at Distribution and Supply Corporation over the past 18 months, gives us line of sight on continued long-term growth in these businesses.

特別值得注意的是，我們受利率管制的子公司的每股盈餘整體成長了約 30%。正如我稍後將要討論的那樣，過去 18 個月分銷與供應公司在費率程序上取得的積極成果，讓我們看到了這些業務持續長期增長的前景。

On the Regulated side of the company, our upstream and gathering business, excuse me, on the Non-Regulated side of the company, our upstream and gathering businesses, once again, posted solid operating results. During the quarter production was up 6% sequentially and the strength of our hedge book more than mitigated the drop in pricing we experienced compared to last year's first quarter.

在公司的受監管方面，我們的上游和收集業務，對不起，在公司的非監管方面，我們的上游和收集業務再次公佈了穩健的經營業績。本季產量較上季成長 6%，與去年第一季相比，我們的對沖帳簿實力足以緩解價格下跌的影響。

And over the last six weeks, gas pricing has materially improved providing momentum for the balance of the year. At the same time, Seneca's operational success is driving continued improvement in the capital efficiency of our development program.

在過去六週內，汽油價格大幅上漲，為全年業績提供了動力。同時，塞內卡的營運成功正在推動我們開發計畫的資本效率持續提高。

As we've discussed on recent calls, Seneca's transition to the Eastern Development Area has been their principal area of focus. The results we're seeing continue to exceed our expectations, which gives us further confidence in the strength and durability of these assets.

正如我們在最近的電話會議中討論的那樣，塞內卡向東部發展區的轉型一直是他們關注的主要領域。我們看到的結果繼續超出我們的預期，這使我們對這些資產的強度和耐用性更有信心。

Since fiscal 2023, capital expenditures are down 14% while production is up 12%. These capital efficiency trends are best in class unmatched by any of our peers in Appalachia and I'm happy to say we expect to see still further improvement in the years ahead. Justin will have more on this later in the call.

自 2023 財年以來，資本支出下降了 14%，而產量卻增加了 12%。這些資本效率趨勢是阿巴拉契亞地區任何同行都無法比擬的，我很高興地說，我們預計未來幾年還會進一步改善。賈斯汀稍後將在電話會議中詳細介紹這個問題。

Switching back to the Regulated side of the company, in December, the Public Service Commission approved the joint proposal that we filed in September to settle our New York utilities rate case. This settlement caps off a period of highly impactful rate making activity across the system.

回到公司受監管的方面，12 月，公共服務委員會批准了我們 9 月提交的解決紐約公用事業費率案件的聯合提案。這次和解為系統內一段時期影響深遠的利率制定活動畫上了句號。

Collectively, our New York and Pennsylvania utility rate cases, along with the settlement in our Supply Corp. rate case last February, are expected to provide in excess of $130 million of additional margin compared to fiscal 2023. New York rate settlement, which extends through fiscal 2027, is a good outcome both for National Fuel and our customers.

總的來說，我們在紐約和賓州的公用事業費率案件，以及去年 2 月我們供應公司費率案件的和解，預計將比 2023 財年提供超過 1.3 億美元的額外保證金。紐約利率結算將延續至2027財年，這對National Fuel和我們的客戶來說都是一個好結果。

The allowed rate of return on equity is 9.7% on a 48% equity layer, which is a significant improvement over the 8.7% and 43% in our prior rate case. The settlement keeps the margin protection items that we've had in the past, including weather normalization, revenue decoupling, and our large volume customer, revenue tracker. And it also adds an uncollectible expense tracker for the first two years of our settlement.

在 48% 的股權層中，允許的股權回報率為 9.7%，這比我們先前的利率案例中的 8.7% 和 43% 有顯著的提高。該協議保留了我們過去的保證金保護項目，包括天氣正常化、收入脫鉤以及我們的大宗客戶收入追蹤器。它還為我們結算的前兩年添加了一個無法收回的費用追蹤器。

As a multi-year agreement, we will have two additional rate increases in 2026 and 2027 to account for our ongoing monetization spending as well as expected inflationary increases in our operating costs. This gives us great visibility to continued earnings growth in our New York utility. And it's important to note that even with these increases, our delivery rates will still be amongst the lowest in the state, which is obviously great for our customers.

作為多年協議，我們將在 2026 年和 2027 年額外增加兩次費率，以考慮我們正在進行的貨幣化支出以及預期的營運成本通膨成長。這讓我們對紐約公用事業公司的持續獲利成長有了清晰的認識。值得注意的是，即使價格上漲，我們的送貨率仍是全州最低的，這對我們的客戶來說顯然是好事。

From a policy standpoint, the record in the case and the Commission's unanimous approval of the joint proposal clearly shows their support for natural gas utilities in New York State. Of particular note, the Chairman of the Commission emphasized the importance of our continued investment in the modernization of our distribution utility infrastructure. Despite the rhetoric from elected officials, it's clear that the state's energy experts see a long future for natural gas in New York.

從政策角度來看，該案件的記錄和委員會對聯合提案的一致批准清楚地表明了他們對紐約州天然氣公用事業的支持。特別值得注意的是，委員會主席強調了繼續投資於配電基礎設施現代化的重要性。儘管民選官員對此發表不同言論，但紐約州能源專家顯然看好天然氣在紐約的長遠前景。

Switching to our Pennsylvania utility, we recently received approval to implement a Distribution System Improvement Charge or DSIC, which is the Pennsylvania Commission's version of a modernization tracking mechanism. We're permitted to begin the surcharge this month, and though the impact will be small in the first year, I expect it to grow over the next few years as we make ongoing investments in our distribution system.

轉向我們的賓州公用事業公司，我們最近獲得批准實施配電系統改進費或 DSIC，這是賓州委員會版本的現代化追蹤機制。我們被允許從本月開始徵收附加費，儘管第一年的影響將很小，但我預計，隨著我們對分銷系統的持續投資，未來幾年影響會越來越大。

In our pipeline and storage business, the Tioga Pathway Project continues to move ahead according to schedule, and we expect FERC to issue its environmental assessment in the coming months, which is a key milestone for the project. As a reminder, this 190 million-a-day project will provide an important outlet for Seneca's growing EDA production.

在我們的管道和儲存業務中，泰奧加通道專案繼續按計劃推進，我們預計聯邦能源管理委員會將在未來幾個月內發布其環境評估，這是該專案的一個重要里程碑。提醒一下，這個每天 1.9 億的項目將為 Seneca 不斷增長的 EDA 產量提供重要的出口。

In addition, at our Empire pipeline, we've had constructive discussions with our shippers on amending our existing rate settlement, which currently requires Empire to file a rate case by the end of April. Based on these discussions, we're hopeful that we'll be able to submit a negotiated settlement extension for FERC approval in the next month or so.

此外，在我們的 Empire 管道，我們已經與托運人進行了建設性的討論，就修改現有的費率協議進行了討論，目前要求 Empire 在 4 月底之前提起費率訴訟。基於這些討論，我們希望能夠在下個月左右提交一份談判解決延期申請，以獲得聯邦能源管理委員會的批准。

Taken together, the multi-year New York settlement and the Pennsylvania DSIC, along with future rate making activity at Supply Corp. and additional pipeline expansions like Tioga Pathway, are expected to deliver continued growth in the coming years.

綜合來看，紐約的多年期和解協議和賓州的 DSIC，以及 Supply Corp. 未來的費率制定活動和 Tioga Pathway 等其他管道擴建，預計將在未來幾年帶來持續成長。

Turning to the broader industry, the outlook for natural gas is excellent. During winter storm Enzo, national daily demand reached record levels for two consecutive days. Colder weather, along with increased industrial and power generation demand, is contributing to an expected storage withdrawal for the month of approximately one TCF which, in addition to being a record pull on storage, also helps to remove some of the overhang on pricing from recent high inventory levels.

從更廣泛的行業來看，天然氣的前景非常好。在冬季風暴恩佐期間，全國每日需求連續兩天達到創紀錄水準。寒冷天氣加上工業和發電需求增加，導致預計本月庫存將減少約 1 TCF，這除了創下庫存紀錄外，還有助於消除近期高庫存水準對價格造成的部分影響。

Prices for the remainder of fiscal '25 have hovered in the $3.50 area, which absent abnormally warm weather, feel sustainable given the current level of production and the expectations for demand growth stemming from LNG, onshoring of industry, and the continued growth in gas-fired generation.

25財年剩餘時間的價格一直徘徊在3.50美元左右，如果沒有異常溫暖的天氣，考慮到目前的生產水平和液化天然氣、工業在岸化和燃氣發電持續增長帶來的需求增長預期，這一價格似乎是可持續的。

This improved outlook bodes well for National Fuel, and the current NYMEX trip and assuming the hedge position set forth in our IR deck, we expect significant free cash flow in our non-regulated businesses, potentially upwards of $1 billion over the next three years.

前景的改善對 National Fuel 來說是個好兆頭，而根據目前的 NYMEX 行情以及假設我們在 IR 平台中設定的對沖頭寸，我們預計非監管業務將出現大量自由現金流，未來三年可能超過 10 億美元。

Over the longer term, there's clear cause for optimism. The new administration in Washington is unquestionably supportive of natural gas, and while it's still early innings, I'm hopeful they'll work with Congress to address the permitting and regulatory reform the industry so urgently needs.

從長遠來看，我們顯然有理由感到樂觀。華盛頓的新政府毫無疑問地支持天然氣，儘管這仍處於初期階段，但我希望他們能與國會合作解決該行業迫切需要的許可和監管改革。

Additionally, as we've all read in the press, the expected growth in power demand from data centers and artificial intelligence is impressive. And without question, natural gas is a highly reliable base load fuel source will play a critical role in meeting this growing need for new generation.

此外，正如我們在媒體上看到的，資料中心和人工智慧的電力需求預計成長令人印象深刻。毫無疑問，天然氣是一種高度可靠的基本負載燃料來源，將在滿足新一代日益增長的需求方面發揮關鍵作用。

National Fuel's operating footprint in Pennsylvania is an attractive location for data centers. It has large amounts of available land, is situated atop an abundant source of natural gas, and its relatively cooler climate can help temper power consumption.

National Fuel 在賓州的營運足跡對於資料中心來說是一個頗具吸引力的地點。該州擁有大量可用土地，天然氣資源豐富，氣候相對涼爽，有助於控制電力消耗。

As an integrated natural gas company, National Fuel is uniquely positioned to support the needs of data center developers and power generation facilities. Our highly interconnected pipeline infrastructure, long track record of executing on expansion projects, and decades of high-quality development inventory allows us to offer a range of services to developers from routine transportation service to a fully integrated solution underpinned by long-term natural gas supply contracts.

作為一家綜合性天然氣公司，National Fuel 具有獨特的優勢，可滿足資料中心開發商和發電設施的需求。我們高度互聯的管道基礎設施、長期執行擴建項目的記錄以及數十年的高品質開發庫存使我們能夠為開發商提供一系列服務，從常規運輸服務到以長期天然氣供應合約為基礎的完全整合解決方案。

Like many of our peers, we are in active discussions with key players in the data center value chain and are optimistic that this will drive additional growth opportunities in the coming years.

與許多同行一樣，我們正在與資料中心價值鏈中的關鍵參與者進行積極討論，並樂觀地認為這將在未來幾年推動更多的成長機會。

Putting it all together. I'm excited for the future of National Fuel. We have a great collection of assets located in the lowest cost basin North America. A great team that's focused on operational excellence and a strong investment grade balance sheet, all of which positions us to deliver significant value to shareholders over the longer term.

把所有內容放在一起。我對 National Fuel 的未來充滿期待。我們擁有大量位於北美成本最低盆地的資產。優秀的團隊專注於卓越營運和強勁的投資等級資產負債表，所有這些都使我們能夠在長期內為股東帶來巨大價值。

Before turning the call over to Tim, I want to take a moment to recognize Ron Kraemer, our Chief Operating Officer, who, as we previously announced, is retiring tomorrow. Ron has had an incredible 45-plus-year career with the company, and I wish him nothing but the best in retirement. With that. I'll turn the call over to Tim.

在將電話轉給蒂姆之前，我想花點時間感謝我們的營運長 Ron Kraemer，正如我們之前宣布的那樣，他將於明天退休。羅恩在公司工作了 45 多年，成績斐然，我衷心祝福他退休後一切順利。就這樣。我會把電話轉給蒂姆。

Thanks, Dave, and good morning, everyone. National Fuel had a great quarter, both operationally and financially, with operating results of $1.66 per share, up 14% compared to last year. The success we are seeing in each segment is also driving our improved outlook for the remainder of the year.

謝謝，戴夫，大家早安。無論從營運或財務角度來看，National Fuel 本季表現都十分出色，營業利潤為每股 1.66 美元，較去年同期成長 14%。我們在各個領域所取得的成功也推動了我們對今年剩餘時間的前景改善。

Before moving to that outlook, I did want to quickly touch on GAAP earnings. During the quarter, we saw the impact of non-cash impairments in the E&P segment, the majority of which was due to the ceiling test. Given the outlook for higher pricing, we are not anticipating any further impairments for the foreseeable future.

在談到這一前景之前，我想先快速談談 GAAP 收益。在本季度，我們看到了勘探與生產部門非現金減損的影響，其中大部分是由於上限測試造成的。鑑於定價前景較高，我們預計在可預見的未來不會出現任何進一步的減值。

This outlook for pricing also led us to increase our earnings guidance for fiscal 2025. We now expect adjusted operating results to be in a range of $6.50 to $7 per share, which at the midpoint is a 17% increase from our previous earnings guidance, and a 35% increase over fiscal 2024 results.

這種定價前景也促使我們上調了 2025 財年的獲利預期。我們現在預計調整後的營業利潤將在每股 6.50 美元至 7 美元之間，中間值比我們之前的盈利預期高出 17%，比 2024 財年的業績高出 35%。

This range assumes NYMEX natural gas prices averaged $3.50 per Mmbtu for the last three quarters of the fiscal year, which as of today is generally in line with the forward curve. Pricing continues to be volatile and is likely to be impacted by weather, power gen demand, and the timing of new LNG projects. But our hedge book mitigates a lot of this volatility.

該範圍假設 NYMEX 天然氣價格在本財年最後三個季度平均為每百萬英熱單位 3.50 美元，截至今日，該價格與遠期曲線基本一致。價格持續波動，並可能受到天氣、發電需求和新液化天然氣專案時間的影響。但我們的對沖帳簿減輕了很多波動。

Keeping with our recent practice, we've provided sensitivities to our guidance based on different NYMEX assumptions. Looking at basis differentials, the combination of continued producer discipline and increased demand have led to a modest improvement in the outlook for Appalachian pricing. As a result, we've tightened our basis forecast for the remainder of the year which we now expect to average $0.60 below NYMEX.

按照我們最近的做法，我們根據不同的 NYMEX 假設對我們的指導提供了敏感度分析。從基礎差異來看，持續的生產紀律和不斷增長的需求共同導致阿巴拉契亞定價前景略有改善。因此，我們收緊了今年剩餘時間的基礎預測，目前我們預計平均比紐約商品交易所 (NYMEX) 低 0.60 美元。

Overall, this is a nice tailwind, but we do expect seasonality to continue. The recent cold snap led to significant tightening the past few weeks. However, we do expect differentials to trend wider as we exit winter reaching levels closer to our prior guidance. Alongside the pricing tailwind, we are also seeing improvements across our operations.

總體而言，這是一個很好的順風，但我們確實預計季節性將持續下去。最近的寒流導致過去幾週價格明顯收緊。然而，我們確實預計，隨著冬季的結束，差異將趨於擴大，達到更接近我們先前預期的水平。隨著價格的順風，我們也看到營運的改善。

We've revised our E&P production guidance range and associated gathering segment revenue higher on the heels of great results at Seneca to start the year. In addition, our DDNA guidance has been revised lower to account for the impact of our Q1 ceiling test impairment.

鑑於塞內卡 (Seneca) 今年年初取得的出色業績，我們修改了勘探與生產 (E&P) 生產指導範圍並上調了相關收集部門的收入。此外，我們的 DDNA 指引已下調，以考慮第一季上限測試減損的影響。

Lastly, we are expecting higher consolidated effective tax rate for the year. As prices rise, our incremental income is taxed at the statutory rate which is marginally above the midpoint of our prior guidance.

最後，我們預計今年的綜合有效稅率將會更高。隨著價格上漲，我們的增量收入按法定稅率徵稅，該稅率略高於我們先前指導的中點。

On the Capital Spending side, we modestly reduced the midpoint of Seneca's guidance range to account for continued capital efficiencies. On the Regulated side of the business, with the bulk of pipeline construction season still in front of us, we are leaving the remainder of our capital projections unchanged for now.

在資本支出方面，我們適度降低了 Seneca 指導範圍的中點，以實現持續的資本效率。在受監管的業務方面，由於大部分管道建設季節仍在我們面前，我們暫時維持剩餘的資本預測不變。

One last point on guidance. This was the first quarter where we saw the impact of the New York rate settlement. The settlement which was approved in December became effective October 1. While we didn't start billing customers with new rates until January 1, the order from the Commission included a make whole provision for any foregone revenues starting with the effective date. As a result, we recorded the impact of higher rates for the entire first quarter and we expect to collect the associated cash flow over the course of this calendar year.

關於指導的最後一點。這是我們第一次看到紐約利率結算的影響。和解協議於12月獲得批准，並於10月1日生效。雖然我們直到 1 月 1 日才開始向客戶收取新費率，但委員會的命令包括從生效日期起對任何損失的收入作出全額撥備。因此，我們記錄了整個第一季利率上升的影響，並預計在今年全年收回相關現金流。

As is typical with utility rate cases, particularly in New York, there will be some noise in our financial statements over the course of the year. We've included a new slide in the investor deck that lays out all the details. But if there are further questions, please reach out to Natalie to walk through these items.

與公用事業費率的情況一樣，尤其是在紐約，我們的財務報表在一年中會出現一些噪音。我們在投資者簡報中加入了一張新幻燈片，其中列出了所有細節。但如果還有其他問題，請聯絡 Natalie 以了解這些項目。

Setting that aside, the important point to note is that earnings in the utility are expected to increase meaningfully in fiscal 2025, up approximately 30% compared to last year. And this isn't just growth in the utility.

除此之外，值得注意的是，預計公用事業的收益在 2025 財年將大幅增加，與去年相比將成長約 30%。這不僅僅是實用性的成長。

As Dave discussed, we are also seeing significant growth in each of our other businesses. We expect that these higher earnings will translate into higher free cash flow, allowing us to further improve our already strong balance sheet, continuing to return cash to shareholders through our long-standing dividend and ongoing buyback program.

正如戴夫所討論的，我們其他業務也都實現了顯著成長。我們預計，這些更高的收益將轉化為更高的自由現金流，使我們能夠進一步改善本已強勁的資產負債表，並繼續透過長期股息和持續的回購計畫向股東返還現金。

As it relates to the buyback, to date, we've invested approximately $100 million to repurchase 1.8 million shares, or 2% of our shares outstanding from last March. This puts us right on track to complete the $200 million authorization by the end of the fiscal year.

至於回購，到目前為止，我們已投資約 1 億美元回購 180 萬股，佔去年 3 月流通股的 2%。這使我們預計在財政年度結束前完成 2 億美元的授權。

Buyback program was designed as an opportunistic means to create value for shareholders. And we've seen that play out over the past year. Given our confidence in the business and the current strength of natural gas prices, we expect continued free cash flow growth, and we'll look to identify the best use of that as we move through time.

回購計劃旨在成為為股東創造價值的一種機會手段。我們在過去的一年裡已經看到了這種情況。鑑於我們對業務的信心和目前天然氣價格的強勢，我們預計自由現金流將繼續成長，並且我們將隨著時間的推移尋找最佳利用方式。

Looking to the balance sheet, we're in great shape. That being said we do have several upcoming debt maturities that we will need to manage. With $500 million maturing this summer and another $500 million early in 2026, we have the flexibility to find the best issuant window to start managing these maturities. While interest rates have settled at a higher level over the past year or two, credit spreads are near historic lows and the market fundamental support of taking some risk off the table sooner rather than later.

從資產負債表來看，我們的狀況良好。話雖如此，我們確實有幾筆即將到期的債務需要管理。今年夏天將有 5 億美元到期，2026 年初還將有 5 億美元到期，我們可以靈活地找到最佳發行窗口來開始管理這些到期債務。儘管過去一兩年利率維持在較高水平，但信貸利差已接近歷史低位，市場基本面也支持儘早消除部分風險。

In closing, we previously spoke about the company reaching an inflection point back in mid-2023 as the outlook for each business was set to significantly improve. The three major rate cases behind us and the transition to the EDA exceeding expectations, we have great visibility and a high degree of confidence in achieving the multi-year growth targets we set last year.

最後，我們之前談到過，公司將在 2023 年中期達到轉折點，因為每個業務的前景都將顯著改善。我們已經經歷了三大利率案例，向 EDA 的過渡也超出了預期，對於實現去年設定的多年增長目標，我們擁有很高的可見度和信心。

That doesn't mean we plan to take our foot off the gas. Our integrated model with the combination of strategically located infrastructure and long runway of highly economic development locations positions us well to deliver strong growth for years to come.

但這並不代表我們打算放鬆腳步。我們的綜合模式結合了戰略位置的基礎設施和高度經濟發展地點的長線優勢，使我們在未來幾年內能夠實現強勁成長。

This growth will be seen both in the near term from projects already identified as well as over the longer term as demand for natural gas continues to increase. Staying true to our roots, this growth will be underpinned by disciplined capital allocation, targeting expected returns in excess of our cost of capital. With the strength of our long-term outlook, we have great confidence in our ability to continue growing our dividend, opportunistically buying back shares and further improving our strong balance sheet.

這種增長不僅在短期內可以從已確定的項目中看到，而且在長期內隨著天然氣需求的不斷增加也將看到。我們將秉承初心，以嚴格的資本配置為基礎，實現超出資本成本的預期回報，從而支撐成長。憑藉我們長期的遠見，我們對繼續增加股息、適時回購股票和進一步改善強勁資產負債表的能力充滿信心。

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

說完這些，我會把電話轉給賈斯汀。

Thank you, Tim, and good morning, everyone. First before I get to the quarter, I want to echo Dave and take a moment to recognize our Seneca and Midstream Operations teams and our vendors for maintaining our production with no safety incidents or major disruptions to the recent extreme cold weather event where wind chill temperatures exceeded 20 degrees below zero. Thank you.

謝謝你，提姆，大家早安。首先，在我開始討論本季之前，我想與戴夫一起花點時間感謝我們的塞內卡和中游運營團隊以及我們的供應商，他們在最近的極端寒冷天氣事件中，風寒溫度超過了零下 20 度，沒有發生安全事故或重大中斷，從而維持了我們的生產。謝謝。

Onto the quarter, Seneca NFG Midstream continued their run of solid operational execution that drove a strong start to fiscal '25. Our planned production ramp into the core winter heating months coincided with strong natural gas prices and in base in demand. As a result, production at Seneca increased by 6% over the fourth quarter, 98 Bcfe as we brought online some of our most productive pads to date. At NFG Midstream [Dr it] increased sequentially to 121 Bcf which reflects Seneca's higher production and growing third party volumes.

本季度，Seneca NFG Midstream 持續保持穩健的營運執行力，為 25 財年帶來強勁開局。我們計劃在核心冬季供暖月份增加產量，恰逢天然氣價格強勁且需求基本穩定。結果，由於我們啟用了迄今為止產量最高的一些平台，塞內卡的產量在第四季度增長了 6%，達到 980 億立方英尺當量。NFG Midstream [Dr it] 環比增加至 1210 億立方英尺，這反映了 Seneca 產量的提高和第三方產量的不斷增長。

Throughout the first quarter, our team delivered greater well productivity and improving capital efficiency. Both in the EDA and WDA optimized well designs and production management strategies led to stronger Utica well performance. In the EDA, we brought online two of our best pads to date with initial production rates per well, that are 25% to 50% higher than our prior Tioga Utica development pads. We expect to realize similar results in the EDA going forward as we employ our Gen 3 well design combined with enhanced production facilities and coordinated midstream infrastructure development.

在整個第一季度，我們的團隊提高了油井生產力並提高了資本效率。EDA 和 WDA 均優化了井設計和生產管理策略，從而提高了 Utica 井的性能。在 EDA 中，我們啟用了迄今為止最好的兩個開發平台，其每井的初始產量比我們之前的 Tioga Utica 開發平台高出 25% 至 50%。隨著我們採用第三代油井設計並結合增強的生產設施和協調的中游基礎設施開發，我們期望在未來的 EDA 中實現類似的成果。

Therefore, we've increased our Tioga Utica EUR expectations to 2.5 Bcf per 1,000 feet, as highlighted in our investor presentation posted last evening. In the WDA, we also achieved our best pad performance to date in our Beachwood area. Which gives us further confidence in the long-term value offered by our WDA acreage, which as a reminder is almost entirely held in fee.

因此，我們將泰奧加尤蒂卡 EUR 預期提高至每 1,000 英尺 25 億立方英尺，正如我們昨晚發布的投資者報告中所強調的那樣。在 WDA，我們也在 Beachwood 地區實現了迄今為止最好的墊塊性能。這讓我們對 WDA 土地的長期價值有了更多的信心，提醒一下，這些土地幾乎都是以費用形式持有的。

Taken together, the productivity improvements we achieved in both the EDA and WDA this quarter are a testament to our team's ability to capture greater capital efficiencies from the integrated development of our highly prolific asset base.

總的來說，本季我們在 EDA 和 WDA 中實現的生產力提升證明了我們團隊能夠透過對我們高度豐富的資產基礎的綜合開發來獲得更高的資本效率。

In light of the strong well performance across our development program in the first quarter, we are revising production guidance upward to a range of 410 to 425 Bcfe. This represents an increase of 7.5 Bcf at the midpoint relative to the previous quarter's guidance range and is a 6.5% annual increase over fiscal '24 production.

鑑於我們第一季開發案的強勁表現，我們將產量預期上調至4,100億立方英尺當量至4,250億立方英尺當量。這意味著與上一季的指導範圍相比，中點產量增加了 75 億立方英尺，比 24 財年的產量年增 6.5%。

For the remainder of the fiscal year, we plan to bring online 14 net additional wells, mostly in Tioga County, and expect production to continue rising through our third quarter before slightly declining in the fourth quarter.

在本財政年度的剩餘時間裡，我們計劃新增 14 口油井，主要位於蒂奧加縣，預計第三季產量將繼續上升，然後在第四季略有下降。

We are also updating Seneca's capital guidance for the year by lowering the high end of guidance by $10 million to a new range of $495 million to $515 million as we continue to capture operational efficiencies and value from our integrated development program. We anticipate capital expenditures to be somewhat weighted toward the second half of the year due to higher activity levels during that period of time.

我們還將更新 Seneca 的年度資本指導，將指導金額的上限降低 1000 萬美元，至 4.95 億美元至 5.15 億美元的新範圍，因為我們將繼續從綜合開發計劃中獲取營運效率和價值。我們預計，由於下半年活動水準較高，資本支出將在一定程度上集中在下半年。

Looking forward ahead, our long-term strategy remains unchanged. We plan to operate a similar pace of development, turning in line around 20 to 30 wells per year, concentrating on our highest returning areas in the EDA and delivering low- to mid-single-digit production growth.

展望未來，我們的長期策略保持不變。我們計劃以類似的速度進行開發，每年開發約 20 至 30 口油井，專注於 EDA 中回報最高的區域，實現低至中等個位數的產量成長。

According to natural gas pricing, we remain optimistic for the remainder of the fiscal year, given the unique combination of producer discipline, ramping energy exports, increasing electricity demand and declining storage levels. These factors have contributed to a recent rise in pricing that has allowed us to opportunistically layer in incremental swaps and collars which protect cash flows while maintaining upside exposure.

根據天然氣定價，考慮到生產商紀律、能源出口增加、電力需求增加和儲存水準下降的獨特組合，我們對本財年剩餘時間仍持樂觀態度。這些因素導致了近期價格的上漲，使我們能夠趁機進行增量掉期和領圈選擇權交易，從而保護現金流並保持上行風險。

As you can see in our investor relations materials, we have significant upside to higher prices throughout the year and into '26 and beyond. With respect to physical sales, our marketing team continues to focus on optimizing our sales portfolio.

正如您在我們的投資者關係資料中所看到的，我們的價格在全年以及26年及以後都具有顯著的上漲空間。對於實體銷售，我們的行銷團隊繼續致力於優化我們的銷售組合。

Currently, we have nearly 90% of Seneca's remaining forecasted fiscal '25 production safeguarded by firm transportation and firm sales agreements. In addition to providing access to premium markets, these firm sales, minimize exposure to in base and pricing and the potential for curtailments. That was evident in Q1 where, despite lower in base and prices in October and November, voluntary price curtailments were minimal.

目前，我們已經透過穩固的運輸和銷售協議保障了塞內卡 25 財年剩餘預測產量的近 90%。除了提供進入高端市場的機會之外，這些公司的銷售還能最大限度地降低基礎和定價方面的風險以及減產的可能性。這在第一季就很明顯，儘管 10 月和 11 月基數和價格均較低，但自願降價幅度卻很小。

Looking out longer term, during the quarter we were successful in securing 50 million a day of incremental firm transportation capacity that will reach the Gulf coast. Given evolving conditions in Northeast Pennsylvania related to both operator activity and firm transportation contract renewals, we believe we'll find more opportunities to secure additional, long-term firm transportation and firm sales. Doing so opens the potential to access premium markets and consider accelerating development to bring forward the value of our deep inventory of highly economic development locations.

從長遠來看，本季我們成功確保了每天 5,000 萬美元的增量穩定運輸能力，可抵達墨西哥灣沿岸。鑑於賓州東北部與營運商活動和公司運輸合約續約相關的不斷變化的情況，我們相信我們將找到更多機會來確保額外的、長期的穩定運輸和穩定銷售。這樣做可以打開進入高端市場的潛力，並考慮加速發展，以提升我們豐富的高度經濟發展地點庫存的價值。

At NFG Midstream, our activity remains focused on growing throughput by supporting Seneca development and adding third party volumes. Last quarter, I discussed the commissioning of several value enhancing projects that support development in Tioga County. Incremental interconnection capacity with the Eastern system has allowed Seneca to increase deliveries into this outlet and take advantage of marketing optimization and price arbitrage opportunities.

在 NFG Midstream，我們的活動仍然專注於透過支援 Seneca 開發和增加第三方數量來提高吞吐量。上個季度，我討論了啟動幾個支持蒂奧加縣發展的增值項目。與東部系統的增量互連能力使得塞內卡能夠增加向該出口的交付量，並利用行銷優化和價格套利機會。

Our [Kinneyville] facility that went in service in October 2024, has gone from zero to over 300 million per day of throughput in less than three months as Seneca brought online two prolific paths, further leveraging the benefits of our integrated model where we focus on consolidated Midstream and Seneca economics.

我們的 [Kinneyville] 工廠於 2024 年 10 月投入使用，隨著 Seneca 開通兩條多產路徑，該工廠在不到三個月的時間內，日吞吐量從零增加到超過 3 億，進一步利用了我們的綜合模式的優勢，我們專注於整合中游和 Seneca 經濟。

We recently completed a multi-year compressor swap and unit reduction plan, upgrading facilities and equipment acquired in 2020. This initiative allowed Midstream to lower suction pressure for Seneca's PDP wells, downing the rate of decline for Seneca's production.

我們最近完成了一項多年的壓縮機更換和機組減少計劃，升級了 2020 年收購的設施和設備。這項措施使 Midstream 能夠降低 Seneca PDP 井的吸入壓力，從而降低 Seneca 產量的下降率。

All together, these projects drove Tioga system gathering through a growth of 18% sequentially, to a record 51 Bcf in Q1. And I expect these investments will support the development of Seneca's highly prolific acreage for many years to come.

整體而言，這些項目推動泰奧加系統集氣量較上季成長18%，第一季達到創紀錄的510億立方英尺。我預計這些投資將在未來許多年支持塞內卡高產土地的開發。

Looking ahead, we believe Seneca and NFG midstream are well-positioned for long-term growth and sustained success. Our talented workforce, integrated business model, and deep inventory of highly economic future development locations differentiate us in today's market.

展望未來，我們相信 Seneca 和 NFG 中游已做好準備實現長期成長和持續成功。我們優秀的員工隊伍、一體化的商業模式、以及極具經濟前景的未來發展地點的豐富庫存使我們在當今市場中脫穎而出。

We believe our culture of operational excellence and focus on leadership and safety and sustainability, alongside our strong asset base and execution, sets us up for considerable success in fiscal '25 and the years to come.

我們相信，我們卓越的營運文化以及對領導力、安全性和永續性的關注，加上我們強大的資產基礎和執行力，將為我們在 25 財年及未來幾年取得巨大成功奠定基礎。

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

說完這些，我將請接線生開通熱線以便我們解答疑問。

(Operator Instructions)

（操作員指令）

Noah Hungness, Bank of America.

美國銀行的諾亞·亨尼斯（Noah Hungness）。

Morning, guys. I guess the first question I had was on if you could provide any incremental color on the types of conversations you're having around data centers and really how far along those conversations are and maybe any timing -- rough timing when we could think we could hear an announcement.

早安，大家。我想我第一個問題是，您是否可以提供有關您在資料中心方面進行的對話類型的任何詳細信息，以及這些對話實際上進行了多久，以及任何時間 - 我們認為可以聽到公告的大致時間。

Yeah, I'd say we're still relatively early innings on those types of discussions. But we do have a team that's very active in meeting, as I said in my remarks across the value chain, And you know, we get a lot of interest because we are unique in that we can provide a suite of different services to developers. So nothing to announce now but we're working at it.

是的，我想說我們對此類討論還處於相對早期的階段。但我們確實有一個非常活躍的團隊，正如我在整個價值鏈的評論中所說的那樣，你知道，我們引起了很多興趣，因為我們的獨特之處在於我們可以為開發人員提供一套不同的服務。所以現在沒有什麼可宣布的，但我們正在努力。

Got you. And then for the second question, I kind of wanted to better understand your thought process here of choosing to grow production and versus maybe taking the gains that you guys have seen and hold that production flat and take the incremental CapEx savings. And if this was enabled by the 50 million a day of additional egress that you guys captured.

明白了。然後對於第二個問題，我想更好地理解你在這裡選擇增加產量的思維過程，而不是可能獲得你們已經看到的收益並保持產量平穩並採取增量資本支出節省。如果這是透過你們每天捕獲的 5000 萬額外出站口來實現的。

Sure. No, I'm happy to speak to that. So the production increase is really a result of just the outstanding results that we experienced in the first quarter. You know, as I kind of noted in my remarks, we have been making continual changes to our well design in Tioga Utica as we get more and more development.

當然。不，我很高興談論這個。因此，產量的成長實際上只是我們在第一季取得的出色業績的結果。你知道，正如我在評論中提到的那樣，隨著我們取得越來越多的發展，我們一直在對蒂奧加尤蒂卡的油井設計進行持續的改變。

Those changes have resulted in enhanced both near-term productivity. So we're seeing the ability to flow these wells at higher rates for long sustained flat periods as well as a higher EUR estimates over time. And so this recent increase in production is really just driven by the great results as opposed to any sort of change in our overall level of activity.

這些變化已導致近期生產力的提升。因此，我們看到這些油井在長期持續的平穩期內以更高的速率流動的能力，以及隨著時間的推移更高的 EUR 估計值。因此，最近產量的成長實際上只是由出色的成果推動的，而不是我們整體活動水平的任何變化。

As we look forward, as I've noted many times in the past, we will only grow our production to the extent we have access to takeaway markets. There is a level of spot that we're very comfortable with. But we like to have a very good portfolio of firm transportation and firm sales.

展望未來，正如我過去多次提到的那樣，我們只會在能夠進入外賣市場的範圍內擴大產量。我們對這個水平感到非常滿意。但我們希望擁有非常良好的穩健運輸和穩健銷售組合。

The recent transaction or, or firm transport, that we were able to enter into which starts next year is part of that. But at this point, we're not inflecting our growth any more than we've previously relayed. So expect kind of that low- to mid-single digits with continued improvements in capital efficiency and looking to drive capital down even further into the future.

我們最近達成的將於明年開始的交易或公司運輸就是其中的一部分。但目前，我們並沒有像以前那樣對成長做出任何改變。因此，預計隨著資本效率的持續提高，資本效率將保持在低到中等個位數的水平，並有望在未來進一步降低資本。

Dave, Justin, Tim. Thanks so much for answering our questions.

戴夫、賈斯汀、提姆。非常感謝您回答我們的問題。

(Operator Instructions)

（操作員指令）

Greta Drefke, Goldman Sachs.

高盛的格雷塔·德雷夫克（Greta Drefke）。

Good morning and thank you for taking my questions. As we think about the outlook for capital returns from here, how would you characterize your view on the potential for incremental return of capital through increasing the share purchase authorization relative to dividends? Alternatively, do you expect incremental debt reduction to become a larger focus in the next year or two? How should we be thinking about the uses of free cash flow generation in 2025 and 2026. Thanks.

早上好，感謝您回答我的問題。當我們思考目前的資本回報前景時，您如何描述透過增加相對於股利的股票購買授權來實現增量資本回報的潛力？或者，您是否預計在未來一兩年內，逐步減少債務將成為更大的關注？我們該如何思考 2025 年和 2026 年自由現金流的用途。謝謝。

Yeah, sure, Greta. You know, as we think about the buyback program, like I mentioned in my remarks, we're about halfway through, so we still have about $100 million remaining on our existing authorization. You know, I think the good thing is that the strength of the business and the outlook for gas prices certainly supports incremental free cash flow generation.

是的，當然，格雷塔。你知道，當我們考慮回購計劃時，正如我在評論中提到的那樣，我們已經完成了一半，所以我們現有的授權仍然剩餘大約 1 億美元。你知道，我認為好消息是，業務實力和天然氣價格前景肯定支持增量自由現金流的產生。

And so as we go through the course of this year and get closer to wrapping up our existing buyback program, look for the best use of that capital. You know, obviously we have our long-standing dividend and we have a great balance sheet. So, to the extent it makes sense to, to continue that buy back beyond this year. We'll evaluate that and communicate that to the street over time.

因此，隨著我們度過今年並接近完成現有的回購計劃，我們將尋找這些資本的最佳用途。你知道，我們顯然有長期的股息，而且我們的資產負債表也很好。因此，只要有意義，就在今年以後繼續回購。我們會對此進行評估，並逐步向街道通報。

Makes a lot of sense. Thank you. And then I guess as M&A has remained very top of mind for the energy investing universe, how do you frame your outlook for M&A in the industry more broadly, as well as the role for M&A for NFG specifically. Is the preference still directed potentially towards scaling the regulated segment of the business?

非常有道理。謝謝。然後我想，由於併購一直是能源投資領域最受關注的話題，您如何更廣泛地展望該行業的併購前景，以及併購對於 NFG 的具體作用。這種偏好是否仍可能傾向於擴大受監管的業務部分？

Yeah, really, no change from our previous discussion of this where we'd like to be a bigger company, adding on the regulated side. You know, we think would make sense but that doesn't rule us out from looking at, call it smaller bolt on acquisitions on the on the E&P side of the business.

是的，確實如此，與我們之前的討論沒有任何變化，我們希望成為一家更大的公司，並增加受監管的方面。你知道，我們認為這是有道理的，但這並不排除我們考慮在勘探與生產業務方面進行較小的附加收購。

Timothy Winter, Gabelli and Company.

蒂莫西·溫特（Timothy Winter），加貝利公司（Gabelli and Company）。

Good morning and congratulations on a solid quarter, guys. I was wondering, Dave, if you could follow up a little bit more on the data center. When you say you offer a full suite of products or services, can you provide a little more color? Are you talking like, maybe helping to site or construct a gas-fired plant or marketing or what are some of the suite of services you're talking about?

早安，恭喜大家本季業績表現穩健。戴夫，我想知道您是否可以進一步了解資料中心的情況。當您說您提供全套產品或服務時，您能否提供更多詳細資訊？您說的可能是幫助選址或建造燃氣發電廠或進行行銷，或者您談論的一些服務套件是什麼？

Yeah. So at the most basic level, it would be providing incremental pipeline transportation capacity to a developer. But then moving back to the to the wellhead, we could also do a long-term supply contract, or we could do you know, effect of a pipeline contract with a long-term supply contract. That's in the most basic level. We're also talking with the power developers to potentially partner to offer a single source of energy, if you will, to the to the plants. Those are the principal ways that we're thinking about it.

是的。因此，從最基本的層面上講，它將為開發商提供增量管道運輸能力。但回到井口，我們也可以簽訂長期供應合同，或者我們可以結合管道合約和長期供應合約的效果。這是最基本的層面。我們也正在與電力開發商洽談潛在的合作，如果願意的話，為工廠提供單一能源。這些都是我們思考這個問題的主要方式。

Okay, great. And then on the improved sediment for gas and maybe some help greenlighting development. Is there any thought of northern access coming back and being a potential a project to get production out of the Appalachia?

好的，太好了。然後對天然氣沉積物的改善也許有助於開綠燈發展。有沒有想過北部通道的恢復，並成為一個潛在的項目，以利用阿巴拉契亞山脈的生產？

Yeah, not, not in the near term. As you may recall, we did not file for a certificate extension later last year. That being said, the project is conceived, and we do have rights away and whatnot. So to the extent that there was interest we could restart it and do it, but that would take a bit of time. So we'll see how that plays out over time.

是的，短期內不會。您可能還記得，去年晚些時候我們並沒有申請證書延期。話雖如此，專案已經構思完畢，我們確實擁有權利等等。因此，只要有興趣，我們就可以重新啟動並執行它，但這需要一些時間。因此我們將觀察其隨著時間的推移將如何發展。

Okay. Thank you, guys.

好的。謝謝你們。

We have no further questions. I'll hand back to Natalie Fisher for any final remarks.

我們沒有其他問題了。我將把最後的發言權交還給娜塔莉·費雪。

Thank you, Elliot. We'd like to thank everyone for taking the time to be with us today. A replay of this call will be available this afternoon both our website and by telephone and we'll run through the close of business on Thursday, February 6. Please feel free to reach out if you have any follow up questions. Otherwise, we look forward to speaking with you again next quarter. Thank you and have a nice day.

謝謝你，艾略特。我們感謝大家今天抽出時間與我們在一起。今天下午我們將在我們的網站和電話上重播本次電話會議，並將持續到 2 月 6 日星期四下班時間。如果您有任何後續問題，請隨時與我們聯繫。否則，我們期待下個季度再次與您交談。謝謝您，祝您有美好的一天。

Ladies and gentlemen, today's call is now concluded. We'd like to thank you for your participation. You may now disconnect your lines.

女士們、先生們，今天的電話會議到此結束。我們感謝您的參與。現在您可以斷開線路了。