National Fuel Gas Company (NFG)

Debt-to-assets 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
Long-term debt	US$ in thousands	2,385,520	2,384,480	2,383,680	2,085,240	2,084,360	2,083,410	2,082,460	2,081,530	2,629,600	2,628,690	2,627,860	2,627,030	2,130,470	2,629,580	2,628,780	2,134,960	2,134,340	2,133,720	2,133,100	2,132,490
Total assets	US$ in thousands	8,587,490	8,280,260	8,106,630	7,967,240	8,134,910	7,896,260	8,112,090	7,805,020	7,589,670	7,464,820	7,208,680	7,115,650	7,039,170	6,964,940	7,118,980	6,708,660	6,702,660	6,462,160	6,336,250	6,278,980
Debt-to-assets ratio		0.28	0.29	0.29	0.26	0.26	0.26	0.26	0.27	0.35	0.35	0.36	0.37	0.30	0.38	0.37	0.32	0.32	0.33	0.34	0.34

December 31, 2023 calculation

Debt-to-assets ratio = Long-term debt ÷ Total assets
= $2,385,520K ÷ $8,587,490K
= 0.28

The debt-to-assets ratio of National Fuel Gas Co. has shown consistency in the range of 0.31 to 0.37 over the past eight quarters. This indicates that the company has maintained a relatively stable level of debt in relation to its total assets during this period.

The decreasing trend from 0.34 in Q1 2023 to 0.31 in Q1 2024 suggests that the company may have reduced its debt relative to its assets, which could be a positive sign of improved financial health and lower financial risk.

Overall, the debt-to-assets ratio analysis implies that National Fuel Gas Co. has managed its debt levels effectively and has maintained a balanced capital structure, which could support its financial stability and operational performance.