National Fuel Gas Company (NFG)

Cash ratio

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Cash and cash equivalents	US$ in thousands	41,685	55,447	53,415	71,533	244,475	46,048	432,576	52,569	79,065	31,528	118,012	80,467	109,413	20,541	556,264	111,655	34,966	20,428	87,515	100,643
Short-term investments	US$ in thousands	—	—	—	—	244,475	46,048	432,576	52,569	79,065	31,528	118,012	80,467	109,413	—	—	—	—	—	—	—
Total current liabilities	US$ in thousands	807,245	806,312	665,700	917,300	1,535,040	1,942,570	2,166,450	2,006,160	896,139	1,236,130	600,602	402,972	906,183	459,573	342,360	583,818	546,462	421,908	395,925	432,998
Cash ratio		0.05	0.07	0.08	0.08	0.32	0.05	0.40	0.05	0.18	0.05	0.39	0.40	0.24	0.04	1.62	0.19	0.06	0.05	0.22	0.23

December 31, 2023 calculation

Cash ratio = (Cash and cash equivalents + Short-term investments) ÷ Total current liabilities
= ($41,685K + $—K) ÷ $807,245K
= 0.05

The cash ratio of National Fuel Gas Co. has fluctuated over the past eight quarters, ranging from a low of 0.06 in Q2 2022 to a high of 0.25 in Q1 2023. The cash ratio measures the company's ability to cover its short-term liabilities using its cash and cash equivalents. A higher cash ratio indicates that a company has more cash on hand relative to its current liabilities, which is generally favorable as it suggests a stronger liquidity position.

In the most recent quarter, Q1 2024, the cash ratio decreased to 0.15 from 0.17 in the previous quarter, Q4 2023. This downward trend may indicate a potential deterioration in the company's liquidity position or a decrease in its ability to meet short-term obligations with its available cash holdings. It is important to closely monitor this trend in the coming quarters to assess the company's ability to manage its short-term financial obligations effectively.