National Fuel Gas Company (NFG) delivered a solid second quarter for fiscal 2025, with consolidated results reflecting the earnings potential of its integrated, geographically diversified energy platform. Upstream strength came from Seneca Resources, where two Utica pads advanced development and supported an 8% sequential production increase, underpinned by best-in-class well results and a deep inventory of economic locations. The regulated utilities and midstream segments benefited from rate actions and contract settlements that are driving earnings visibility through fiscal 2027, while Tboga Pathway and Empire Pipeline activity support long-term growth in transport and processing capacity. Management emphasized disciplined capital allocation, balance sheet strength, and meaningful free cash flow generation into fiscal 2025 and beyond, including a large debt refinancing completed in early 2025. The company also outlined a constructive 2026-2027 price hedging program that preserves upside exposure while defending downside risk. Taken together, NFG’s quarterly performance reinforces a constructive investment thesis anchored in (i) a high-quality upstream inventory with improving EURs, (ii) regulated earnings growth through rate settlements and project modernization, and (iii) robust liquidity and capital flexibility to fund growth and return capital to shareholders.