National Fuel Gas Company (NFG) reported a challenging third quarter ended June 30, 2024 from a GAAP perspective, posting a net loss of $54.16 million ($0.59 per share) driven by a noncash full-cost ceiling test impairment related to Seneca Resources. Excluding the impairment and other items, adjusted operating earnings were $0.99 per share. Revenue for the quarter was $417.44 million with a gross margin of 40.8%, while EBITDA stood at $65.20 million and operating income was negative $51.44 million. The weakness in near-term natural gas prices largely weighed on headline results, but NFG mitigated a material portion of price risk via an active hedge program that yielded a $75.0 million gain in the quarter. Regulated segments (utility and pipeline/storage) contributed to earnings growth through approved or settled rate mechanisms, while non-regulated EBITDA benefited from hedging and continued growth in Seneca Resources’ EDA-driven development program. Cash flow generation remained robust: net cash from operations was $281.8 million, capex was $202.2 million, producing free cash flow of $79.5 million. The balance sheet remains solid with total assets of $8.48 billion and total liabilities of $5.37 billion; cash and equivalents stood at $81.4 million, while total debt stood at $2.69 billion (net debt $2.61 billion). Management outlined a constructive medium-term outlook, including a 2025 earnings range of $5.75–$6.25 per share (midpoint up ~19%), a targeted >10% compound annual earnings growth over at least the next three years, and a capital plan focused on expanding regulated earnings, completing Tioga Pathway, and accelerating non-regulated cash flow through enhanced hedging and project execution.