National Fuel Gas Company (NYSE:NFG) Q4 2022 Earnings Conference Call November 4, 2022 11:00 AM ET

Company Participants

Brandon Haspett - Director, Investor Relations

Dave Bauer - President and CEO

Karen Camiolo - Treasurer and Principal Financial Officer

Justin Loweth - President, Seneca Resources and National Fuel Midstream

Conference Call Participants

John Abbott - Bank of America

Umang Choudhary - Goldman Sachs

Trafford Lamar - Raymond James

Operator

Hello, all, and welcome. My name is Rita, and I will be your conference operator for today. At this time, I would like to welcome everyone to the Q4 2022 National Fuel Gas Company Earnings Conference Call. All lines have been placed on mute today to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions]

Thank you. Brandon Haspett, Director of Investor Relations. You may begin your conference.

Brandon Haspett

Thank you, Rita, 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; Karen Camiolo, Treasurer and Principal Financial Officer; and Justin Loweth, President of Seneca Resources and National Fuel Midstream. At the end of the prepared remarks, we will open the discussion to questions.

The fourth quarter fiscal 2022 earnings release and November 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 they are made, and you may refer to last evening’s earnings release for a listing of certain specific risk factors.

With that, I will turn it over to Dave Bauer.

Dave Bauer

Thanks, Brandon. Good morning, everyone. National Fuel ended fiscal 2022 with a great fourth quarter. Adjusted operating results were right in line with our expectations at $1.19 per share, a 25% increase over last year.

Looking back, fiscal 2022 was another exceptional year for National Fuel. Operationally, we had multiple successes, including completing the FM100 project on time and under budget, growing Seneca’s net production by 8% and replacing more than 150 miles of pipe as part of the utilities modernization program.