Earnings Highlights NFG, LBRT

1/29/25

National Fuel Gas (NFG)
National Fuel Gas’ Seneca production division produces a little over 1.0 Bcf/d of natural gas in the Appalachian region. The Company’s production guidance for fiscal 2025 is revised higher by 2% compared to the prior reporting quarter.  The company’s upstream and gathering operations in the Eastern Development Area continue to exceed expectations due to strong operational execution.  Seneca curtailed about 1.0 Bcf of production due to low in-basin pricing during the Q4 2024 period.

Liberty Energy (LBRT)
Liberty Energy achieved a record 7,143 pumping hours on a single fleet in the year, averaging nearly 600 hours a month.  Frac markets reached a trough at the end of 2024 after progressive quarterly declines in industry activity since early 2023. Early signs point to an inflection in completion activity from the 2024 lows.  
Oil producers, which comprise the vast majority of frac activity, are working to simply maintain production and return to anticipated activity levels after the year end slowdown.  Natural gas fundamentals are improving.  For the full year, industry-wide lateral footage completed is expected to be approximately flat compared to 2024.