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National Fuel Gas NFG Integrated Upstream and Gathering — Depreciable plant

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IMOUpstream — Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment
$23.35B+7.8%
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EQTGathering — Less: Accumulated depreciation and depletion
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IMODownstream — Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment
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IMOUpstream — Property, plant and equipment, less accumulated depreciation and depletion
$26.04B-0.9%
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EQTUpstream — Property, Plant and Equipment, Net
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IMODownstream — Property, plant and equipment, less accumulated depreciation and depletion
$3.66B+6.0%

Other financials

Income statement

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Revenue$858.4M+17.6%
Gross profit$650.5M+9.4%
Operating income$347.1M+9.4%
Net income$247.7M+14.5%
EPS (diluted)$2.59+9.3%

Balance sheet

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Cash & equivalents$26.6M-70.9%
Total debt$2.1B-17.9%
Total equity$3.8B+38.3%
Total assets$9.1B+7.6%

Cash flow

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Operating cash flow$382.4M+50.7%
CapEx$220.6M+13.8%
Free cash flow$161.7M+170%

Valuation

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Market cap$7.21B+24.5%
Enterprise value$9.31B+14.1%
P/E10.5×
P/S2.9×+0.1×

Profitability

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Gross margin87.8%-3.1pp
Operating margin41.2%
Net margin27.4%
FCF margin7.2%

Returns & leverage

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Return on equity20.8%
Debt / equity0.6×-0.4×
Current ratio0.6×+0.1×

Where this comes from

Reported directly by National Fuel Gas in its filing.

Tagged under the XBRL concept nfg:DepreciablePlantAssets.

The official record: National Fuel Gas’s 10-K, filed November 21, 2025, on SEC EDGAR. View the filing →

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Questions, answered.

What is National Fuel Gas's integrated upstream and gathering — depreciable plant?
National Fuel Gas (NFG) reported integrated upstream and gathering — depreciable plant of $9.15B in Q3 2025.
What does integrated upstream and gathering — depreciable plant mean?
This metric represents the total historical cost of tangible assets within the upstream and gathering segment that are subject to depreciation, depletion, or amortization over their useful lives. It serves as a primary indicator of the capital intensity and the scale of physical infrastructure, such as wells, pipelines, and processing facilities, required to support exploration and production activities. Monitoring this balance helps investors assess the company's asset base size and the potential future burden of non-cash depreciation expenses on segment profitability.