National Fuel Gas Company reported solid QQ2 2024 results, underscoring the company’s earnings resilience through a broad, integrated energy footprint. Revenue of $629.94 million translated into gross profit of $273.64 million and operating income of $250.62 million, with net income of $166.27 million and EPS of $1.81. The quarter benefited from robust growth in regulated segments (Pipeline & Storage and Utility), which delivered a combined earnings uplift amid ongoing rate cases and weather normalization mechanics. Regulated earnings were helped by a February rate settlement that increased annual pipeline revenues by roughly $56 million and a Pennsylvania delivery rate increase that contributed roughly $23 million in the first half of the year. Management emphasized the long-term growth engine from rate-base investments, modernization, and the Tioga Pathway/FERC-regulated expansions, while maintaining a disciplined hedge program to mitigate near-term gas-price volatility. Seneca Resources and NFG Midstream contributed meaningfully to EBITDA growth and throughputs, aided by the transition to the Eastern Development Area (EDA) which improved capital efficiency and production visibility. The company also initiated a $200 million share buyback in March, signaling confidence in the valuation and a continued commitment to returning cash to shareholders. For the full year, management reiterated a favorable but disciplined outlook with updated earnings guidance (adjusted OI guidance range narrowed to $4.75–$5.05 per share) reflecting near-term price pressures and in-basin exposure. Overall, NFG remains positioned to deliver mid-to-high single-digit growth in rate base, supported by a strong balance sheet and meaningful long-term earnings and free cash flow growth potential.