National Fuel Gas Co (NFG) 2025 Q4 法說會逐字稿

Hello, and welcome to the National Fuel Gas company fourth quarter and full year fiscal 2025 earnings call. My name is Harry, and I'll be your operator today. (Operator Instructions)

大家好，歡迎參加國家燃料天然氣公司2025財年第四季及全年財報電話會議。我叫哈里，今天由我來為您接聽電話。（操作說明）

I would now like to hand the conference over to Natalie Fischer, Director of Investor Relations. Please go ahead.

現在我將把會議交給投資者關係總監娜塔莉費雪。請繼續。

Thank you, Harry, 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 Chief Financial Officer; and Justin Loweth, President of Seneca Resources and National Fuel Midstream.

謝謝你，哈里，早安。感謝您參加今天的電話會議，與我們一起討論昨晚發布的財報。與我們一同參加電話會議的有：國家燃料天然氣公司總裁兼首席執行官戴夫·鮑爾；財務主管兼首席財務官蒂姆·西爾弗斯坦；以及塞內卡資源公司和國家燃料中游公司總裁賈斯汀·洛維斯。

At the end of today's prepared remarks, we will open the discussion to questions. The fourth quarter and full year fiscal 2025 earnings release and November investor presentation have been posted on our Investor Relations website. We may refer to these materials during today's call.

在今天準備好的演講結束後，我們將開放提問環節。2025財年第四季及全年業績報告及11月份投資人簡報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上提及這些資料。

We'd 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.

我們想提醒各位，今天的電話會議將包含前瞻性陳述。儘管 National Fuel 的預期、信念和預測都是出於善意，並被認為有合理的依據，但實際結果可能與預期有重大差異。這些聲明僅代表其發布之日的情況，您可以參考昨晚發布的收益報告，以了解某些具體風險因素的清單。

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

接下來，我將把麥克風交給戴夫。

Thank you, Natalie. Good morning, everyone. As we reported in last night's release, National Fuel had a great fourth quarter, with adjusted earnings per share of $1.22, an increase of 58% from last year. The quarter capped an excellent fiscal year where each of our segments delivered meaningful growth. On a consolidated basis, adjusted earnings per share increased 38% compared to fiscal 2024.

謝謝你，娜塔莉。各位早安。正如我們在昨晚的新聞稿中所報導的那樣，National Fuel 在第四季度表現出色，調整後每股收益為 1.22 美元，比去年增長了 58%。本季為我們出色的財年畫上了圓滿的句號，我們各個業務部門都實現了顯著成長。合併後，調整後的每股盈餘比 2024 財年成長了 38%。

At our integrated Upstream and Gathering businesses, we continued our impressive trend in capital efficiency, a trend that is unmatched by our Appalachian peers and perhaps across the industry. Since we began our EDA transition in mid-2023, we've grown production by approximately 20% while reducing our overall capital spending by 15%, which is a testament to both the quality of our Tioga County assets and our team's dedication to operational improvement and execution.

在我們一體化的上游和集輸業務中，我們繼續保持著令人矚目的資本效率趨勢，這一趨勢在阿巴拉契亞地區的同行中是獨一無二的，或許在整個行業中也是獨一無二的。自 2023 年年中開始 EDA 轉型以來，我們的產量增加了約 20%，同時整體資本支出減少了 15%，這既證明了我們蒂奧加縣資產的質量，也證明了我們團隊致力於營運改善和執行。

Given the productivity of our acreage and the depth of our inventory, I fully expect our capital efficiency will continue to improve in the coming years. To that end, last night, we announced a significant expansion of our Tioga County inventory, adding approximately 220 prospective well locations in the Upper Utica formation. Over the past few years, we've been testing this horizon across our Tioga acreage and the strong performance from the four highly productive wells turned in line to date in the Upper Utica give us the confidence to increase our inventory in this area.

鑑於我們土地的生產力和庫存的深度，我完全相信我們的資本效率將在未來幾年繼續提高。為此，昨晚我們宣布大幅擴充蒂奧加縣的油氣儲備，在上尤蒂卡地層新增約220個潛在井位。過去幾年，我們一直在蒂奧加縣的油田上對該地層進行勘探測試，迄今為止，上尤蒂卡地層已投產的四口高產井表現出色，這使我們有信心增加在該地區的油氣儲備。

The addition of Upper Utica locations nearly doubles our inventory in the EDA. At our current pace, we now have almost 20 years of development locations that are economic at NYMEX prices below $2 per MMBtu. As we've discussed in the past, another key driver for future growth at Seneca is additional firm transportation and firm sales to ensure we have an end market for our production.

上尤蒂卡地區的新增門市使我們在經濟發展區的庫存幾乎翻了一番。按照我們目前的速度，我們現在擁有近 20 年的開發地點，這些地點在紐約商品交易所 (NYMEX) 的價格低於每百萬英熱單位 (MMBtu) 2 美元的情況下具有經濟效益。正如我們過去討論過的，塞內卡未來成長的另一個關鍵驅動因素是增加穩定的運輸和穩定的銷售，以確保我們的產品有終端市場。

Consistent with that objective, in September, we signed a proceeding agreement with a third-party pipeline that will provide us with an additional 250 million a day of takeaway capacity out of Tioga County starting in late 2028. This new capacity, along with the Tioga Pathway project that should come online in late 2026, underpins the mid-single-digit production growth we've been signaling for the past year or so. Justin will have a full update on Seneca later in the call.

為了實現這一目標，我們在 9 月與第三方管道公司簽署了一項推進協議，該協議將從 2028 年底開始，每天為蒂奧加縣提供額外的 2.5 億加侖的輸氣能力。這項新增產能，加上預計2026年底投產的蒂奧加輸油管項目，將支撐我們過去一年來一直預測的中等個位數產量成長。賈斯汀將在稍後的電話會議上就塞內卡油田的最新情況進行全面匯報。

Turning to our regulated operations. Momentum continues to build at Supply Corporation, which has two great growth opportunities in progress. First is the Tioga Pathway project for Seneca that I just mentioned. Development of that project remains on schedule. We received our certificate in May and are on track for a spring construction start. Second is the Shipping Port lateral off of our Line N system in Western Pennsylvania. Supply Corp made its prior notice filing in late August, and we expect to receive FERC authorization in the coming weeks.

接下來談談我們的受監管業務。Supply Corporation 的發展動能持續增強，目前有兩個巨大的成長機會正在推進中。首先是我剛才提到的塞內卡學院的蒂奧加路徑計畫。此專案開發進度一切按計劃進行。我們已於五月獲得許可證，預計將於春季動工。其次是位於賓州西部的 N 線系統的貨運港口支線。Supply Corp 於 8 月下旬提交了事先通知文件，我們預計將在未來幾週內獲得 FERC 的授權。

In addition, we recently ordered the key materials and awarded the construction contract for the project, keeping us on schedule for a fall 2026 in-service date. As a reminder, this $57 million data center-driven project will create 205 million a day of new delivery capacity and generate $15 million in annual revenue. As I've said on prior calls, I'm optimistic that we can provide additional transportation capacity to the Shipping Port site as it advances its development.

此外，我們最近訂購了關鍵材料並授予了該項目的施工合同，使我們能夠按計劃在 2026 年秋季投入使用。再次提醒，這個耗資5700萬美元的資料中心項目將新增每日2.05億英鎊的貨運能力，並帶來每年1500萬美元的收入。正如我在先前的電話會議中所說，我對隨著航運港口計畫的推進，我們能夠為其提供額外的運輸能力充滿信心。

The potential for pipeline expansion doesn't end with shipping port. We're in dialogue with multiple parties on expansion projects across our system. Our unique portfolio of pipelines in the Appalachian producing region are well positioned to provide speed to market for potential data centers. Our interconnectivity with numerous long-haul pipelines and our significant experience in developing and constructing infrastructure in the region are competitive advantages that position us well to deliver projects on an accelerated time frame. I'm confident we'll have additional such projects in the years to come.

管道擴建的潛力並不僅限於運輸港口。我們正與多個合作方就係統內的擴建項目進行洽談。我們在阿巴拉契亞產區擁有獨特的管道網絡，能夠為潛在的資料中心專案提供快速上市的優勢。我們與眾多長途輸油管的互聯互通，以及我們在該地區基礎設施開發和建設方面積累的豐富經驗，都是我們的競爭優勢，使我們能夠更快地交付項目。我相信，未來幾年我們將承接更多這類專案。

Switching to our utility business. As we announced a few weeks ago, we've entered into a definitive agreement with CenterPoint to acquire their Ohio Gas LDC. At closing, this highly strategic acquisition will double our utility rate base, add significant customers in a state that is supportive of natural gas and provide us with another opportunity to recycle the substantial free cash flow from our Upstream and Gathering businesses into an enterprise that adds both scale and future earnings. We're excited about this transaction and the value creation potential that it offers.

切換到我們的公用事業業務。正如我們幾週前宣布的那樣，我們已經與 CenterPoint 達成最終協議，收購其 Ohio Gas LDC 公司。交易完成後，這項極具戰略意義的收購將使我們的公用事業費率基礎翻一番，在一個支持天然氣的州增加大量客戶，並為我們提供了一個機會，將我們上游和集氣業務的大量自由現金流重新投入到一個既能擴大規模又能增加未來收益的企業中。我們對這筆交易及其帶來的價值創造潛力感到非常興奮。

The assets are high quality and have a strong outlook for continued rate base growth. Further, they're operated by a talented workforce that will be a great fit with National Fuel. We had the chance to meet most of the Ohio team last week, and it was clear that they share our dedication to safe and reliable natural gas service. We look forward to working with CenterPoint to ensure a seamless integration of the Ohio assets into the National Fuel organization.

這些資產品質上乘，且具有持續成長的強勁潛力。此外，營運這些資產的團隊才華洋溢，與國家燃料公司非常契合。上週我們有機會與俄亥俄州團隊的大部分成員見面，很明顯，他們和我們一樣致力於提供安全可靠的天然氣服務。我們期待與 CenterPoint 合作，確保俄亥俄州的資產無縫整合到 National Fuel 組織。

Before closing, a quick word on energy policy in New York State, where the momentum towards an all-of-the-above approach to energy continues to build. In both public statements and publications like the Draft State Energy Plan, elected officials and policymakers are at last beginning to acknowledge the importance of natural gas as a reliable and affordable source of energy that supports economic development in the state.

在結束之前，簡單談談紐約州的能源政策，該州採取「能源全方位發展」方針的勢頭正在不斷增強。在公開聲明和《州能源計畫草案》等出版物中，民選官員和政策制定者終於開始承認天然氣作為可靠且價格合理的能源的重要性，它支持了該州的經濟發展。

They readily admit New York won't meet the Climate Act goals on the time frame originally required and have even seen fit to suggest that lawmakers modify the Climate Act in the months to come. From the beginning, we've advocated an all of-the-above approach to energy, and I'm confident that policymakers will ultimately reach that conclusion as well. In closing, fiscal 2025 was a terrific year for National Fuel.

他們坦言紐約無法在最初規定的時間內實現《氣候法案》的目標，甚至建議立法者在未來幾個月內修改《氣候法案》。從一開始，我們就提倡能源領域的全方位發展，我相信政策制定者最終也會得出同樣的結論。總之，2025 財年對 National Fuel 來說是輝煌的一年。

Our financial results were the best in the company's history. And perhaps more importantly, we took actions across each of our businesses that lay the foundation for long-term growth and continued operational excellence. The outlook for the company is as strong as it's ever been, and I'm excited to execute upon our strategy in the years to come.

我們的財務表現創下了公司歷史新高。更重要的是，我們在各個業務部門採取了行動，為長期成長和持續卓越營運奠定了基礎。公司前景一如既往地光明，我很高興能在未來幾年執行我們的策略。

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

接下來，我會把電話交給提姆。

Thanks, Dave, and good morning, everyone. We ended fiscal 2025 with a strong fourth quarter. As Dave highlighted, adjusted earnings per share increased 58% from the prior year, driven primarily by excellent results in our Upstream and Gathering operations. For the quarter, production increased 21% from the prior year as Tioga Utica well performance exceeded our expectations. In addition, our realized price after hedging increased by 9% on the back of improved commodity prices, while total per unit operating expenses were lower.

謝謝你，戴夫，大家早安。我們在2025財年第四季取得了強勁的業績。正如戴夫所強調的那樣，經調整後的每股收益比上一年增長了 58%，這主要得益於我們上游和集輸業務的出色業績。本季產量比去年同期成長 21%，因為 Tioga Utica 油井的產量超出了我們的預期。此外，由於商品價格上漲，我們的避險後實際價格上漲了 9%，而單位總營運費用卻有所下降。

Altogether, adjusted earnings per share in our integrated Upstream and Gathering business increased 70% year over year. These great results were also supported by continued operational excellence in our regulated businesses, where lower-than-expected expenses led us to beat our projections.

整體而言，我們整合後的上游和集輸業務的調整後每股盈餘較去年同期成長 70%。這些優異的業績也得益於我們在受監管業務中持續卓越的營運表現，低於預期的支出使我們超額完成了預期目標。

Before I discuss our outlook for the business, I want to highlight a change in our segment reporting structure. Historically, we've reported our Exploration and Production and Gathering segments separately. We've streamlined our financial reporting by combining those two segments into one, which we are calling our Integrated Upstream and Gathering segment.

在討論公司業務前景之前，我想先重點介紹一下我們部門報告結構的變化。從歷史上看，我們一直將勘探與生產和天然氣收集業務分開報告。我們透過將這兩個部分合併為一個部分來簡化財務報告，我們稱之為「一體化上游和集輸」部分。

We believe this approach best aligns with how we make capital allocation decisions, how we think about the integrated cost structure benefits and how we will continue to manage the businesses going forward. Shifting to fiscal 2026. All of our underlying operating assumptions and capital spending ranges remain consistent with last quarter's guidance initiation. Over the past few weeks, NYMEX prices have averaged approximately $3.75. So we are using that assumption to initiate formal guidance.

我們認為這種方法最符合我們制定資本配置決策的方式、我們對綜合成本結構效益的思考方式以及我們未來繼續管理業務的方式。轉至 2026 財年。我們所有的基本營運假設和資本支出範圍均與上季發布的指引保持一致。過去幾週，紐約商品交易所（NYMEX）的平均價格約為每桶3.75美元。因此，我們以此為假設，正式發布業績指引。

At that price, adjusted earnings are expected to be within the range of $7.60 to $8.10 per share. As you may recall, with the natural gas price volatility we saw over the summer, we provided preliminary EPS guidance at various NYMEX prices. Volatility on the front end of the curve remains, so we're sticking with the same approach.

以此價格計算，調整後每股收益預計在 7.60 美元至 8.10 美元之間。您可能還記得，由於夏季天然氣價格波動，我們根據紐約商品交易所 (NYMEX) 的各種價格提供了初步的每股盈餘 (EPS) 指引。殖利率曲線前端的波動性依然存在，所以我們堅持採取相同的策略。

While prices move around in the near term, the long-term outlook remains strong, and we've continued to lock in additional hedges to protect earnings and cash flows at prices that are highly economic for our development program. We've modestly added to our fiscal 2026 position and now sit at 65% hedged with a base of NYMEX swaps at an average price of approximately $4 and a similar level of collars with an average floor of $3.60 and cap of $4.80.

儘管短期內價格會有波動，但長期前景仍然強勁，我們已繼續鎖定額外的對沖，以保護收益和現金流，並確保價格對我們的開發計劃具有很高的經濟效益。我們適度增加了 2026 財年的倉位，目前已對沖 65% 的倉位，以紐約商品交易所 (NYMEX) 互換合約為基礎，平均價格約為 4 美元，並以類似水平的領口期權進行對沖，平均下限為 3.60 美元，上限為 4.80 美元。

More recently, we've been focused on fiscal 2027 and 2028, where we've added a number of swaps north of $4 and collars with floors in the mid- to high $3 area. At these prices, we generate strong returns and free cash flow, while the collars allow us to capture upside potential to prices.

最近，我們重點關注了 2027 財年和 2028 財年，我們增加了一些價格高於 4 美元的互換合約和價格在 3 美元中高段位的帶底價期權。以這些價格，我們可以獲得強勁的回報和自由現金流，而領式選擇權策略則使我們能夠抓住價格上漲的潛力。

Sticking with free cash flow, at our current NYMEX assumption, we expect to generate $300 million to $350 million in fiscal 2026. This is well in excess of what we generated last year. In addition to fully covering our dividend, the additional cash will be directed to further strengthen our balance sheet as we move towards the closing of our Ohio Gas utility acquisition in the fourth quarter of calendar 2026.

根據我們目前對紐約商品交易所的假設，我們預計在 2026 財年將產生 3 億至 3.5 億美元的自由現金流。這遠遠超過了我們去年的收入。除了全額支付股息外，額外的現金還將用於進一步加強我們的資產負債表，以便我們在 2026 年第四季完成對俄亥俄天然氣公用事業公司的收購。

Notably, we are able to generate this level of free cash flow while increasing the amount of growth spending during the year. As a reminder, capital expenditures are expected to increase approximately 10% from fiscal 2025, driven principally by growth-related spending on our Tioga Pathway and Shipping Port lateral pipeline projects.

值得注意的是，我們能夠在增加年內成長支出的同時，產生如此高水準的自由現金流。提醒大家，預計從 2025 財年開始，資本支出將增加約 10%，主要原因是與 Tioga Pathway 和 Shipping Port 支線管線專案相關的成長支出。

In addition to the revenue from these projects, which is expected to total approximately $30 million annually starting in early fiscal '27, we also expect to see an increase in earnings from rate cases that we plan to file. First, Supply Corporation is targeting a FERC rate case in the second half of the fiscal year. As you may recall, we reached a settlement on our last rate case and new rates went into effect in February 2024.

除了這些項目帶來的收入（預計從 2027 財年初開始每年總計約 3000 萬美元）之外，我們還預計，我們計劃提交的費率案件的收入也會增加。首先，Supply Corporation 的目標是在本會計年度下半年向聯邦能源管理委員會 (FERC) 提出費率調整申請。您可能還記得，我們​​上次的費率案件已達成和解，新費率於 2024 年 2 月生效。

We did not agree to any stay-out provision as part of the settlement. We've seen a continued need to invest in modernization to maintain the safety and reliability of our system and have also seen the ongoing impacts of inflation. This puts us in a position to seek an increase in our rates to account for those impacts and ensure we earn an adequate return for our shareholders.

作為和解協議的一部分，我們沒有同意任何禁止入內條款。我們看到，為了維護系統的安全性和可靠性，需要不斷投資現代化改造，同時也看到了通膨的持續影響。這使我們能夠尋求提高費率，以彌補這些影響，並確保我們為股東獲得足夠的回報。

We are also likely to file a rate case in our Pennsylvania utility division this fiscal year. Our last rate settlement was in 2023, and we've done a good job over the past two years controlling costs and deploying capital in line with our modernization tracker. However, we expect to exceed the revenue cap on this tracker in early fiscal 2027, and therefore, plan to file for a base rate increase in advance of that to achieve timely rate relief.

本財年，我們也可能向賓州公用事業部門提交費率調整申請。我們上一次費率結算是在2023年，過去兩年我們在控製成本和按照現代化改造計畫合理配置資金方面做得很好。然而，我們預計在2027財年初將超過該計劃的收入上限，因此，我們計劃提前申請提高基準費率，以期及時緩解費率壓力。

Looking at this in total, our 2026 consolidated earnings per share guidance represents a solid 14% growth at the midpoint. With additional growth expected in fiscal '27, we remain on track to comfortably exceed our multiyear earnings guidance we initiated last year. While our outlook for organic growth remains strong, we expect a further benefit when we close on the acquisition of CenterPoint's Ohio Gas utility.

綜合來看，我們對 2026 年合併每股盈餘的預期中位數為 14%，實現了穩健成長。預計 2027 財年將進一步成長，我們仍有望輕鬆超過去年制定的多年獲利預期。儘管我們對有機成長的前景仍然樂觀，但我們預計，完成對 CenterPoint 旗下 Ohio Gas 公用事業公司的收購後，我們將獲得進一步的收益。

The significant scale provided by this acquisition will enhance our long-term outlook for regulated earnings growth. We're excited about this opportunity, and in the near term, are focused on working through the regulatory approval process, which we expect to kick off early next year. Over the past few weeks, we've also made progress on the financing front with the successful syndication of our bridge facility. We had overwhelming support from our bank group. As a result, we bifurcated the initial bridge into two components.

此次收購帶來的龐大規模將提升我們對監管下獲利成長的長期前景。我們對這個機會感到興奮，近期將專注於完成監管審批流程，預計明年初啟動。過去幾週，我們在融資方面也取得了進展，成功完成了過渡性貸款的銀團貸款。我們得到了銀行集團的大力支持。因此，我們將最初的橋樑分成了兩個部分。

The first is a 364-day term loan commitment and an amount equivalent to the proceeds due at closing. Funds, if needed, wouldn't be received until closing, and we would have 364 days from that point to repay. Relative to a traditional bridge facility, this structure reduces our costs and provides additional optionality around the execution of our permanent financing strategy.

第一項是為期 364 天的定期貸款承諾，金額相當於交屋時應支付的款項。如有需要，資金要到交易完成時才會到賬，從那時起我們有 364 天的時間來償還。與傳統的過渡性融資相比，這種結構降低了我們的成本，並為執行我們的長期融資策略提供了更多選擇。

Second, we will also maintain the traditional bridge facility that aligns with the size and maturity of the promissory note that will be issued to CenterPoint. With the syndication process behind us, we will move into executing our permanent financing strategy, which we expect to commence in the spring. Bringing it all together, this is an exciting time for National Fuel. Our underlying business is very strong. Our industry is flourishing, which creates great opportunities across each of our businesses.

其次，我們也將維持與向 CenterPoint 發行的本票的規模和期限相符的傳統過橋融資機制。隨著銀團貸款流程的完成，我們將著手執行長期融資策略，預計春季啟動。總而言之，這對國家燃料公司來說是一個令人興奮的時刻。我們的基礎業務非常強勁。我們的產業蓬勃發展，為我們各個業務部門創造了巨大的機會。

Our balance sheet is in great shape and the acquisition of CenterPoint's Ohio Gas utility provides an additional avenue to reinvest free cash flow into rate base growth. We expect to be able to drive meaningful growth in earnings per share over the long term, supporting our commitment to returning capital to shareholders via our growing dividend. We are excited about the future of our industry and the growing role National Fuel will play within it.

我們的資產負債表狀況良好，收購 CenterPoint 的俄亥俄天然氣公用事業公司為我們提供了一條將自由現金流再投資於費率基礎成長的額外途徑。我們預期能夠長期實現每股盈餘的顯著成長，從而履行我們透過不斷提高股利向股東返還資本的承諾。我們對產業的未來充滿信心，並期待National Fuel在其中扮演日益重要的角色。

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

接下來，我會把電話交給賈斯汀。

Thank you, Tim, and good morning, everyone. As Dave mentioned earlier, fiscal '25 marked another year of strong operational and financial performance for our integrated Upstream and Gathering business. We grew our SRC reserve base to nearly 5 Tcfe and achieved record net production of 427 Bcfe, surpassing the high end of guidance and growing 9% year over year. This meaningful growth was achieved with capital expenditures of $605 million, a reduction of approximately $35 million from the prior year.

謝謝你，提姆，大家早安。正如戴夫之前提到的，2025 財年標誌著我們一體化的上游和集輸業務又一個營運和財務業績強勁的年份。我們將 SRC 儲量基礎擴大到近 5 兆立方英尺當量，並實現了創紀錄的 4,270 億立方英尺當量淨產量，超過了預期上限，年增 9%。這一顯著增長是透過 6.05 億美元的資本支出實現的，比前一年減少了約 3500 萬美元。

Since 2023, we've achieved a 30% improvement in capital efficiency, highlighting the strength of our asset base, the effectiveness of our development strategy and our strong operational execution. And we expect this capital efficiency trend to continue to improve in the years ahead.

自 2023 年以來，我們的資本效率提高了 30%，這凸顯了我們資產基礎的實力、發展策略的有效性和強大的營運執行力。我們預計這種資本效率提升的趨勢將在未來幾年繼續改善。

Beyond capital efficiency improvements, over the past year, we've made substantial strides in further increasing our peer-leading inventory depth. As noted in last evening's earnings release and our updated investor presentation, we've significantly increased our core Tioga Utica development inventory. Our delineation efforts have unlocked additional resource potential in the Upper Utica, a distinct zone separated by a large frac barrier from the Lower Utica.

除了提高資本效率外，在過去一年中，我們在進一步提高我們領先同行的庫存深度方面取得了實質進展。正如昨晚發布的收益報告和我們更新的投資者簡報中所述，我們已大幅增加了核心的蒂奧加尤蒂卡開發庫存。我們的勘探工作釋放了上尤蒂卡盆地的額外資源潛力，這是一個與下尤蒂卡盆地隔著巨大裂縫屏障的獨特區域。

We currently have four producing Upper Utica wells, each of which was codeveloped on a pad with lower Utica development wells, which allowed us to delineate a large swath of acreage over a multiyear period. As such, we have significant production history, and all wells have demonstrated productivity on par with our Gen 3 Lower Utica wells.

我們目前有四口上尤蒂卡油井正在生產，每一口井都是與下尤蒂卡油井在同一井場上共同開發的，這使我們能夠在多年時間內圈定大片土地。因此，我們擁有豐富的生產歷史，所有油井的產能都與我們第三代下尤蒂卡油井的產能相當。

This successful appraisal campaign more than doubles our Tioga Utica inventory to approximately 400 future development locations. We estimate net recoverable gas from the future Tioga Utica development of over 10 Tcf, underpinned by an approximately 300-foot Utica resource column. In addition, we have approximately 60 Marcellus locations in Tioga and Lycoming counties.

這次成功的評估活動使我們的蒂奧加-尤蒂卡庫存增加了一倍多，達到約 400 個未來開發地點。我們估計，未來 Tioga Utica 開發案的淨可採天然氣量將超過 10 兆立方英尺，這得益於約 300 英尺厚的 Utica 資源柱。此外，我們在蒂奧加縣和萊科明縣還有大約 60 個馬塞勒斯頁岩氣開採點。

Combined, we now have almost two decades of core EDA development inventory with breakevens below $2 NYMEX, a depth of high-quality core inventory that is unmatched by our peers in Appalachia. Looking ahead to fiscal '26, we expect continued improvement in well results and resource recovery, driven by key well design tests on three upcoming pads.

加起來，我們現在擁有近二十年的核心 EDA 開發庫存，盈虧平衡點低於 2 美元（紐約商品交易所），這種高品質核心庫存的深度是阿巴拉契亞地區同行無法比擬的。展望 2026 財年，我們預計在三個即將動工的井場進行的關鍵井設計測試的推動下，油井產量和資源回收率將持續改善。

These tests will include higher-intensity fracs, wider inter-well spacing, upsized gas processing units and co-development of the upper and lower Utica zones, all aimed at enhancing capital efficiency and maximizing long-term value. Turning to guidance. We are maintaining forecasted production between 440 and 455 Bcfe, representing a 5% increase at the midpoint year over year.

這些測試將包括更高強度的壓裂、更寬的井間距、更大的天然氣處理裝置以及尤蒂卡上、下地層的聯合開發，所有這些都是為了提高資本效率並最大限度地提高長期價值。尋求指導。我們維持 4,400 億至 4,550 億立方英尺當量 (Bcfe) 產量的預測，其中數值較上年同期成長 5%。

Operationally, we plan to run one to two rig program and a dedicated frac crew throughout the year. Regarding capital, integrated Upstream and Gathering segment expenditures are expected to be $550 million to $610 million this year, down 3% at the midpoint compared to fiscal '25 and more than $100 million lower versus fiscal '23.

在營運方面，我們計劃全年運行一到兩個鑽機專案和一個專門的壓裂作業隊。在資本方面，預計今年上游和集輸業務的綜合支出為 5.5 億美元至 6.1 億美元，與 2025 財年相比下降 3%（取中間值），與 2023 財年相比下降超過 1 億美元。

Longer term, we anticipate capital further decreasing to $500 million to $575 million per year for this segment with average annual production growth in the mid-single digits. Pivoting to the natural gas market, we anticipate a constructive pricing environment in 2026, supported by a tightening supply-demand balance.

從長遠來看，我們預計該領域的資本投入將進一步減少至每年 5 億至 5.75 億美元，平均年產量成長率將達到個位數中段。轉向天然氣市場，我們預計在供需平衡收緊的支撐下，2026 年天然氣價格環境將趨於良好。

Production growth has been slowing across key gas-producing regions, while deferred volumes have been absorbed amid accelerating demand from LNG exports and power generation. Weather remains one of the most unpredictable impactful variables, driving continued volatility in the forward natural gas strip. Seneca is well positioned to manage these pricing fluctuations through our marketing and hedging strategy, which offers price stability while maintaining upside exposure.

主要天然氣生產地區的產量成長已經放緩，而由於液化天然氣出口和發電需求加速成長，延期交付的天然氣量已被消化。天氣仍然是最難預測的影響因素之一，導致天然氣遠期合約價格持續波動。塞內卡憑藉其行銷和對沖策略，能夠很好地應對這些價格波動，在保持上漲空間的同時，實現價格穩定。

Approximately 85% of our expected fiscal '26 volumes are covered by physical firm sales and/or firm transportation, leaving only a minimal amount of our production exposed to spot pricing. Where possible, we have also sculpted our spot exposure to capture higher expected in-basin pricing during winter and summer months when in-basin demand is strongest.

我們預計 2026 財年的產量中約有 85% 由實體銷售和/或運輸所覆蓋，只有極少數產量會受到現貨價格的影響。在條件允許的情況下，我們也調整了現貨敞口，以掌握冬季和夏季盆地需求最強勁時盆地內價格上漲的預期。

To further strengthen our long-term access to premium markets and support Seneca's growing production and core inventory, in September, we entered into a preceding agreement for new firm transportation. This capacity expected to be in service in late calendar 2028 provides an incremental 250 million a day of new takeaway from our core Tioga producing area to advantaged markets elsewhere in Pennsylvania, giving us access to growing data center-driven demand areas and additional connectivity to long-haul pipes that reach back to the Gulf.

為了進一步加強我們進入高端市場的長期管道，並支持塞內卡不斷增長的生產和核心庫存，我們在 9 月簽訂了新的固定運輸協議。預計產能將於 2028 年底投入使用，屆時將為我們位於賓州核心蒂奧加產區的天然氣每天新增 2.5 億公升輸送量，輸送至賓州其他優勢市場，使我們能夠進入不斷增長的資料中心驅動型需求區域，並進一步連接到可通往墨西哥灣的長途管道。

This is yet another great step forward in securing access to premium markets for our growing production and something we've been working towards for well over a year. I'm optimistic we'll find additional opportunities to expand our marketing portfolio through additional firm transport and/or long-term firm sales in the quarters ahead.

這是我們在確保產品進入高端市場方面邁出的又一大步，也是我們一年多來一直努力的目標。我樂觀地認為，在接下來的幾個季度裡，我們將透過增加公司運輸和/或長期公司銷售，找到更多機會來擴大我們的行銷組合。

Switching gears, we remain focused on developing gathering infrastructure to support our growth while pursuing incremental third-party opportunities. In fiscal '25, we executed an amendment with a third-party shipper to gather production from two additional pads. This amendment will add an expected 40 Bcf of throughput and approximately $15 million in revenue over the next five years. We also remain focused on enhancing system reliability and capacity and have completed and placed into service a number of pipeline projects as well as commissioned the first compressor unit at our [Teamville] station.

轉換思路，我們將繼續專注於發展集輸基礎設施以支持自身成長，同時尋求更多第三方合作機會。在2025財年，我們與一家第三方托運商簽署了一份修訂協議，以收集來自另外兩個堆場的天然氣產量。該修正案預計將在未來五年內增加 400 億立方英尺的天然氣吞吐量和約 1500 萬美元的收入。我們也將繼續致力於提高系統的可靠性和容量，並已完成並投入使用多個管道項目，以及在我們的 [Teamville] 站調試了第一個壓縮機組。

2025 also marked a significant year with respect to sustainability. NFG Midstream improved its Equitable Origin rating from A- to A, while Seneca maintained its Equitable Origin rating of A and also maintained its MiQ certification of an A grade. These results reflect our unwavering dedication to environmental stewardship and responsible practices and provide an opportunity to capture additional margin through our responsibly sourced gas sales.

2025年也是永續發展的重要年份。NFG Midstream的公平來源評級從A-提升至A，而Seneca則保持了其A級公平來源評級，並維持了其MiQ A級認證。這些成果體現了我們對環境保護和負責任實踐的堅定承諾，並為我們提供透過負責任採購的天然氣銷售獲取額外利潤的機會。

In conclusion, fiscal '25 was a transformative year for our integrated Upstream and Gathering business. We achieved record production and throughput while driving meaningful improvements in capital efficiency and significantly expanding our core inventory. These operational gains were complemented by a strong and growing marketing portfolio that provides reliable long-term access to premium markets.

總之，2025財年對於我們的上游和集輸一體化業務而言是具有變革意義的一年。我們實現了創紀錄的產量和吞吐量，同時顯著提高了資本效率，並大幅擴大了核心庫存。這些營運上的收益得益於強大且不斷增長的行銷組合，該組合為進入高端市場提供了可靠的長期管道。

Underlying these results is our large-scale integrated asset base, which enables a differentiated low-cost structure and reinforces our ability to realize strong returns across commodity cycles. As we enter fiscal '26, we are energized by the opportunities ahead and remain focused on executing with discipline, innovating across our operations and delivering strong results.

這些績效的背後是我們龐大的綜合資產基礎，這使我們能夠建立差異化的低成本結構，並增強我們在整個商品週期中實現強勁回報的能力。展望2026財年，我們對未來的機會充滿信心，並將繼續專注於嚴謹執行、在營運各個環節進行創新，並取得優異的業績。

With that, I'll turn the call back to Natalie.

這樣，我就把電話轉回給娜塔莉了。

You may open the line for questions.

您可以開通提問專線。

(Operator Instructions) Greta Drefke, Goldman Sachs.

（操作說明）格雷塔‧德​​雷夫克，高盛。

I first wanted to touch on the incremental core inventory and the economics of the Upper Utica. Can you provide more details on how long you've been examining the Upper Utica zone and what was the process that has given you confidence that these 220 locations are competitive with the rest of the portfolio?

我首先想談談上尤蒂卡地區的增量核心儲量和經濟狀況。您能否詳細說明您對上尤蒂卡地區的考察時間，以及是什麼過程讓您確信這 220 個地點與投資組合中的其他地點相比具有競爭力？

Greta, thanks for your question. This has been something we've been working on for years. Our team saw this opportunity early on in our initial integration of the Shell acquisition and, frankly, our prior results. So it's something we've seen the possibility of for a long time. We really began delineating it and getting a better understanding starting within the last three years.

格雷塔，謝謝你的提問。這是我們多年來一直在努力的事情。我們的團隊在最初整合殼牌收購的過程中，坦白說，在我們先前的業績中，都很早就看到了這個機會。所以，我們早就看到了這種可能性。在過去三年裡，我們才真正開始界定並加深理解。

And so over a period of time, we were able to drill test wells while drilling lower Utica development pads. And so the opportunity we had in front of us was to test this, do it very efficiently and very effectively from a capital efficiency perspective and then bring these wells on at the same time as we were bringing on the balance of the production from these pads. So we've had a lot of opportunity to cover both a large swath of our acreage position and also to have a significant production history. And what we see is outstanding results.

因此，經過一段時間，我們得以在鑽探尤蒂卡下部開發井場的同時，鑽探測試井。因此，我們面臨的機會是進行測試，從資本效率的角度出發，有效地完成這項工作，然後與這些井場的其餘產量同步投入生產。這樣，我們既有機會覆蓋我們大片土地，又能累積可觀的生產歷史。我們看到的是卓越的成果。

The other thing just to note about this that's very exciting to us is we're developing these and going to co-develop them in the future exactly where we're developing the Lower Utica now. So as an integrated Upstream and Gathering company, we will also capture additional margin and efficiencies by reutilizing our midstream infrastructure. So this is yet another step forward in our driving lower capital and increasing production over the long term.

還有一點值得一提，也讓我們非常興奮：我們正在開發這些項目，未來也將與合作夥伴共同開發，而我們目前正在開發的正是下尤蒂卡油田。作為一家集上游和集輸於一體的綜合性公司，我們將透過重新利用其中游基礎設施，獲得額外的利潤和更高的效率。因此，這是我們在長期內降低資本投入、提高產量方面邁出的又一步。

Great. And I also wanted to ask on your outlook for in-basin demand a little bit more broadly. Beyond the Shipping Port project, are you continuing to see interest from other potential project partners for opportunities in basin? And how beneficial would you characterize NFG's fully integrated operations in these discussions relative to producers that might just have Upstream supply?

偉大的。我也想更廣泛地詢問一下您對盆地內需求的展望。除了航運港口計畫之外，您是否繼續看到其他潛在計畫合作夥伴對盆地內的機會表現出興趣？那麼，在這些討論中，您認為 NFG 的完全一體化營運模式相對於那些可能只有上游供應的生產商來說，有多大優勢？

Yes, Greta, we've had some really good interest from other data center developers, from other entities pursuing power projects. We're really excited about it. The momentum really continues to build behind it. As I said in my remarks, I think our integration gives us a big advantage because we can offer a whole suite of alternatives, ranging from basic, plain vanilla pipeline service, to gas supply, to any combination of those things. So we're real optimistic about the future and I think we'll have multiple opportunities going forward.

是的，格雷塔，其他資料中心開發商和其他從事電力專案的機構確實對我們表現出了濃厚的興趣。我們對此感到非常興奮。這股動能確實還在持續增強。正如我在演講中所說，我認為我們的整合為我們帶來了巨大的優勢，因為我們可以提供一整套替代方案，從基本的、普通的管道服務到天然氣供應，再到這些服務的任意組合。所以我們對未來非常樂觀，我認為我們未來會有很多機會。

Noah Hungness, Bank of America.

諾亞·洪尼斯，美國銀行。

I mean, for my first question here, this is maybe for you, Justin. How can we think about when the Upper Utica will become a larger part of the NFG program?

我的意思是，我的第一個問題，也許是問你的，賈斯汀。我們如何設想上尤蒂卡河何時才能成為NFG計畫的重要組成部分？

Yes. Noah, thanks. We are already incorporating some Upper Utica into our four plants. And so I think what you should expect is that we're really going to continue to do what we've been doing with our lower Utica development, which is trying to optimize our operational planning to allocate capital that we deem to be the highest integrated returns between Seneca and Gathering.

是的。諾亞，謝謝。我們已經將部分上尤蒂卡地區的土壤引入我們的四家工廠。因此，我認為大家應該期待的是，我們將繼續推進我們在下尤蒂卡開發項目上所做的工作，即努力優化我們的營運規劃，將我們認為在塞內卡和加瑟林之間獲得最高綜合回報的資本進行分配。

We're going to look at the Upper Utica through that same prism, where we're going to focus on the balance of uppers and lowers that optimize both the land use in terms of the pads we're building, the midstream infrastructure we're building and optimize our development plan along that. So while our program to date has been certainly focused on a lower Utica, we will start having more uppers in our plan as we move forward.

我們將以同樣的視角來看待上尤蒂卡河，我們將重點放在上游和下游的平衡，以優化我們正在建造的平台和中游基礎設施的土地利用，並優化我們沿此方向的發展計畫。因此，雖然我們迄今為止的計劃確實主要集中在尤蒂卡河下游，但隨著我們向前邁進，我們的計劃中將開始更多地涉及上游。

Well, I guess my question was, if you guys are going to pill 26 wells this year and let's say, 25 are the Tioga Utica, what percent of that would be uppers? And is that a good number to assume moving forward into '27 and beyond?

嗯，我想問的是，如果你們今年要開採 26 口井，假設其中 25 口是 Tioga Utica 地層，那麼其中有多少百分比是上層石油？那麼，這個數字對於展望 2027 年及以後的發展是否合理呢？

Yes. So we will have a number of Upper Utica wells over the course of '26. It will be a much smaller percentage relative to the lowers. And then as we go into '27 and '28, I would expect the team to continue to optimize to figure out the right mix. I think near term, you should expect that we'll certainly have more lowers, but then over time, that may become more balanced between uppers and lowers. Hopefully, that answers your question more and certainly know over time, we can dig into that more with you and others.

是的。因此，在 2026 年期間，我們將開鑿多口上尤蒂卡油井。相對於較低者而言，這個比例就小得多。然後，到了 2027 年和 2028 年，我預計團隊會繼續優化，以找到合適的組合。我認為短期內，下跌行情肯定會比較多，但隨著時間的推移，上漲行情和下跌行情可能會趨於平衡。希望這能更好地解答你的疑問，當然，隨著時間的推移，我們可以和你以及其他人一起更深入地探討這個問題。

Yes. No, that's very helpful. And then the next question here is just on debt. I mean, with the CenterPoint deal, you guys are obviously going to be taking on a large amount of debt. The utility can only handle so much. So how are you thinking about allocating the remainder of that debt across the rest of your business?

是的。不，這很有幫助。接下來這個問題就跟債務有關。我的意思是，透過收購 CenterPoint，你們顯然會承擔大量債務。公用事業公司能處理的債務是有限的。那麼，您打算如何將剩餘的債務分配到您公司的其他業務？

That's a good question. I mean, the reality is we do all of our financing at the parent company. So the credit rating agencies look at the total debt at the holding company level relative to the entire cash flows of the system. So we'll look across the system as to where those cash flows are being generated, and we'll issue intercompany promissory notes. But at the end of the day, all of that debt is fungible amongst the segments.

這是個好問題。我的意思是，實際上我們所有的融資都是在母公司進行的。因此，信用評等機構會檢視控股公司層級的總債務相對於整個系統現金流的比例。因此，我們將檢視整個系統，找出這些現金流的產生來源，並發行公司間本票。但歸根結底，所有這些債務在各個部門之間都是可以互換的。

And so it's a bit of a balancing act looking at cash flows, looking at capital structures at the various segments as it relates to ratemaking and a whole bunch of considerations. But I'd really stay focused on the capital or the debt being at the parent company and looking at the aggregate cash flows of the entire NFG system.

因此，我們需要在現金流量、各部門的資本結構（與定價有關）以及許多其他因素之間找到平衡。但我更關注母公司的資本或債務，以及整個 NFG 系統的總現金流。

(Operator Instructions) Timothy Winter, Gabelli & Company.

（操作說明）蒂莫西·溫特，加貝利公司。

Congrats on another strong update. A couple -- one real quick one though, Tim. The Supply Corp going in for a rate case, what are the returns you're earning currently on the Supply Corp?

恭喜又一次取得強勁的更新。有幾個——不過蒂姆，其中一個很快就能解決。Supply Corp 正在申請費率調整，您目前從 Supply Corp 獲得的收益是多少？

Yes. I mean, typically, think of a rate-making return there and recognizing everything is a black box settlement in kind of the low double digits is a typical ratemaking return. So north of the utility ratemaking ROEs, but in that general ZIP code.

是的。我的意思是，通常情況下，想想看，利率制定回報，考慮到一切都是黑箱操作，兩位數的低收益率就是典型的利率制定回報。所以，在公用事業費率制定 ROE 的北部，但在那個大致的郵遞區號範圍內。

Under an assumption of a 50-50 structure equity?

假設股權結構為50-50？

Yes. Yes, 50-50, you have the ability to earn a little bit higher there. And given where our cap structure is north of 50-50, we believe we can earn on that. But again, it's all black box settlement. So you typically lose the identity of the individual components.

是的。是的，各佔一半，你在那裡有可能賺得更高一些。鑑於我們的資本結構佔比超過 50/50，我們相信我們可以從中獲利。但話說回來，這一切都是黑盒子結算。所以你通常會失去各個組成部分的辨識度。

Okay. And then with the update and new numbers in, are you still looking at $300 million to $400 million of equity for the CenterPoint, Ohio? And any more thinking on the timing or how you're going to go about that?

好的。那麼，在更新數據和新數字之後，您是否仍然認為俄亥俄州 CenterPoint 的股權投資需要 3 億至 4 億美元？關於時機或具體實施方案，你還有什麼想法嗎？

Yes. I mean, if you look at the outlook for the business, which commodity prices being the bigger near-term driver, they're still pretty consistent with where we were a couple of weeks ago when we announced the transaction. So I'd expect that sizing to be similar to what we talked about. And as I mentioned on the call, around the acquisition, we will need pro forma financial statements for the offerings. And so that will take a little bit of time to put together. So we're still looking towards later in the first quarter or springtime frame for accessing the capital markets.

是的。我的意思是，如果你看看公司的業務前景，其中大宗商品價格是近期最大的驅動因素，那麼它們仍然與我們幾週前宣布交易時的情況相當一致。所以我認為尺寸應該要跟我們之前討論的差不多。正如我在電話會議上提到的，關於此次收購，我們需要相關產品的類比財務報表。所以這需要一些時間來籌備。因此，我們仍然期待在第一季末或春季進入資本市場。

Okay. Okay. And that assumes the free cash flow, I guess, what you're talking about the $300 million to $350 million generated. Is there any more thought on like a creative way to finance it? As I think I mentioned in the last call, maybe like sell a portion of Seneca or any assets that are less core that you could consider to use as equity?

好的。好的。這假設自由現金流能夠達到，我猜，就是你所說的 3 億到 3.5 億美元。還有其他富有創意的融資方式嗎？正如我在上次電話會議中提到的，或許可以出售塞內卡的部分資產，或出售一些非核心資產，以便將其用作股權？

Yes. Tim, this is Dave. I don't think we have much in the way of noncore assets anymore to consider selling. And in terms of, call it, alternative or creative ways to finance things, I think given the amount of equity that we're looking at in this transaction, it's probably a little small to really change our whole approach to financing it. But that's today.

是的。提姆，我是戴夫。我認為我們已經沒有太多非核心資產可以考慮出售了。至於所謂的替代或創新融資方式，我認為考慮到我們在此次交易中涉及的股權規模，要真正改變我們整個融資方式可能還為時過早。但那是今天的情況。

As we go through time, if other opportunities come along, we're certainly going to do the -- we're going to finance them in the way that shareholders will get the best answer.

隨著時間的推移，如果出現其他機會，我們一定會抓住這些機會——我們會以股東能夠獲得最佳結果的方式來籌集資金。

With no further questions on the line at this time. I would now hand the call back to Natalie Fischer for closing remarks.

目前沒有其他問題需要解答。現在我將把電話交還給娜塔莉·費雪，請她作總結發言。

Thank you, Harry. 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 on both our website and by telephone and will run through the close of business on Thursday, November 13. 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，哈里。感謝各位今天抽空與我們共聚一堂。今天下午，您可以透過我們的網站和電話收聽本次電話會議的錄音，錄音將持續到11月13日星期四下班為止。如有任何後續問題，請隨時與我們聯繫。否則，我們期待下個季度再次與您溝通。謝謝，祝您愉快。

This will conclude the National Fuel Gas Company fourth quarter and full year fiscal 2025 earnings call. You may now disconnect your lines.

本次國家燃料天然氣公司 2025 財年第四季及全年業績電話會議到此結束。現在您可以斷開線路了。