National Fuel Gas (NFG) Operating Expenses (2009 - 2026)
National Fuel Gas' (NFG) quarterly Operating Expenses came in at $328.6 million in Q2 2026, up 8.95% year-over-year from $301.6 million in Q2 2025, and down 35.73% quarter-over-quarter from $511.2 million in Q1 2026.
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Analysis
National Fuel Gas (NFG) Operating Expenses (2009 - 2026) Analysis & Trends
National Fuel Gas has disclosed Operating Expenses across 18 years of filings, most recently posting $328.6 million for Q2 2026.
- In Q2 2026, Operating Expenses rose 8.95% year-over-year to $328.6 million; the TTM figure through Jun 2026 stood at $1.5 billion (down 14.0% YoY), while the FY2025 annual figure was $1.5 billion, down 15.62% from the prior year.
- Operating Expenses came in at $328.6 million for Q2 2026 at National Fuel Gas, down from $511.2 million in the prior quarter.
- In the past five years, Operating Expenses ranged from a high of $568.6 million in Q3 2024 to a low of $243.6 million in Q3 2023.
- Average Operating Expenses over 5 years is $382.2 million, with a median of $377.3 million recorded in 2024.
- Year-over-year, Operating Expenses soared 133.39% in 2024 and plunged 49.61% in 2025.
- Over 5 years, Operating Expenses stood at $404.5 million in 2022, then slipped by 21.32% to $318.3 million in 2023, then soared by 45.57% to $463.3 million in 2024, then fell by 18.97% to $375.4 million in 2025, then dropped by 12.47% to $328.6 million in 2026.
- Per Business Quant data, the three most recent Operating Expenses figures were $328.6 million in Q2 2026, $511.2 million in Q1 2026, and $375.4 million in Q4 2025.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Conocophillips | 158.35 Bn | 150.66 Bn | 12.81 Bn | 2.43 Bn |
| 2 | Canadian Natural Resources | 103.29 Bn | 101.40 Bn | 8.84 Bn | 114.95 Mn |
| 3 | Eog Resources | 75.64 Bn | 70.73 Bn | - | 5.09 Bn |
| 4 | Diamondback Energy | 53.99 Bn | 59.61 Bn | 5.55 Bn | 3.05 Bn |
| 5 | Devon Energy | 53.46 Bn | 52.45 Bn | 6.02 Bn | 5.03 Bn |
| 6 | Expand Energy | 20.25 Bn | 18.99 Bn | 2.33 Bn | 2.30 Bn |
| 7 | Permian Resources | 19.06 Bn | 18.80 Bn | - | 929.86 Mn |
| 8 | Ovintiv | 17.25 Bn | 16.37 Bn | 2.83 Bn | 2.02 Bn |
| 9 | Apa | 15.72 Bn | 16.20 Bn | 2.28 Bn | 1.12 Bn |
| 10 | National Fuel Gas | 7.69 Bn | 6.46 Bn | 507.62 Mn | 328.56 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 328.56 Mn |
| Mar 31, 2026 | 511.24 Mn |
| Dec 31, 2025 | 375.38 Mn |
| Sep 30, 2025 | 286.51 Mn |
| Jun 30, 2025 | 301.58 Mn |
| Mar 31, 2025 | 412.70 Mn |
| Dec 31, 2024 | 463.29 Mn |
| Sep 30, 2024 | 568.64 Mn |
| Jun 30, 2024 | 468.88 Mn |
| Mar 31, 2024 | 379.32 Mn |
| Dec 31, 2023 | 318.25 Mn |
| Sep 30, 2023 | 243.64 Mn |
| Jun 30, 2023 | 274.61 Mn |
| Mar 31, 2023 | 495.88 Mn |
| Dec 31, 2022 | 404.49 Mn |
| Sep 30, 2022 | 257.35 Mn |
| Jun 30, 2022 | 334.66 Mn |
| Mar 31, 2022 | 455.35 Mn |
| Dec 31, 2021 | 336.90 Mn |
| Sep 30, 2021 | 223.72 Mn |
API Access
National Fuel Gas Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=NFG&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "NFG", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=NFG&period=max&api_key=YOUR_API_KEY");
const data = await res.json();