What is National Fuel Gas's utility — lease operating expense?

National Fuel Gas (NFG) reported utility — lease operating expense of $0 in Q2 2026.

What does utility — lease operating expense mean?

Represents the direct costs incurred to operate and maintain leased assets or properties utilized by the utility segment. This metric is critical for evaluating the cost-effectiveness of the segment's asset management and leasing strategies.

National Fuel Gas (NFG) Utility — Lease Operating Expense

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Other segment segments

All Other

$0—

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Other financials

Income statement

See full

Revenue$537.5M+1.1%

Gross profit$507.6M+0.7%

Operating income$208.9M-9.3%

Net income$138.6M-7.5%

EPS (diluted)$1.45-11.6%

Balance sheet

See full

Cash & equivalents$1.2B+3,042%

Total debt$3.6B+46.0%

Total equity$3.9B+31.9%

Total assets$10.5B+23.7%

Cash flow

See full

Operating cash flow$377.3M-2.9%

CapEx$266.2M+37.9%

Free cash flow$111.0M-43.2%

Valuation

See full

Market cap$7.66B-2.5%

Enterprise value$10B-2.6%

P/E11.4×—

P/S3.1×-0.6×

Profitability

See full

Gross margin87.7%-2.6pp

Operating margin40.3%—

Net margin26.9%—

FCF margin7.1%—

Returns & leverage

See full

Return on equity19.6%—

Debt / equity0.9×+0.1×

Current ratio3.2×+2.7×

Where this comes from

Reported directly by National Fuel Gas in its filing.

Tagged under the XBRL concept us-gaap:ProductionCosts.

The source filing: National Fuel Gas’s 10-Q, filed July 30, 2026.

Filed: Jul 30, 2026, 11:54 AM EDT
Fiscal quarter: Q4 FY2026
Calendar quarter: Q3 2026
Accession: 0000070145-26-000033

Line item	Quarter Ended June 30, 2026 / Integrated Upstreamand Gathering	Quarter Ended June 30, 2026 / Pipelineand Storage	Quarter Ended June 30, 2026 / Utility	Quarter Ended June 30, 2026 / Total Reportable Segments	Quarter Ended June 30, 2026 / All Other(4)	Quarter Ended June 30, 2026 / Corporateand Intersegment Eliminations(4)	Total Consolidated
Total Revenues	302,516	106,541	165,500	574,557	—	(37,060)	537,497
Operation and Maintenance Expense(2):
Upstream General and Administrative Expense	17,487	—	—	17,487	—	(63)	17,424
Lease Operating Expense	15,847	—	—	15,847	—	(532)	15,315
Gathering Operation and Maintenance Expense	13,595	—	—	13,595	—	(69)	13,526
All Other Operation and Maintenance Expense	3,366	31,479	61,652	96,497	—	12,377	108,874
Purchased Gas Expense(2)	—	—	66,239	66,239	—	(36,361)	29,878
Depreciation, Depletion and Amortization Expense(2)	83,078	19,656	18,090	120,824	—	234	121,058

Item 1. Financial Statements (Unaudited)

FAQ

What is National Fuel Gas's utility — lease operating expense?: National Fuel Gas (NFG) reported utility — lease operating expense of $0 in Q2 2026.
What does utility — lease operating expense mean?: Represents the direct costs incurred to operate and maintain leased assets or properties utilized by the utility segment. This metric is critical for evaluating the cost-effectiveness of the segment's asset management and leasing strategies.