National Fuel Gas Company (NFG)

Debt-to-capital 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 stockholders’ equity	US$ in thousands	67,381	-55,060	2,935,900	2,878,730	-293,746	-625,733	2,003,950	1,863,660	2,110,200	1,786,210	2,011,110	2,098,970	2,044,620	1,971,990	2,225,860	2,079,960	2,182,140	2,139,020	2,143,750	2,090,510
Debt-to-capital ratio		0.97	1.02	0.45	0.42	1.16	1.43	0.51	0.53	0.55	0.60	0.57	0.56	0.51	0.57	0.54	0.51	0.49	0.50	0.50	0.50

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $2,385,520K ÷ ($2,385,520K + $67,381K)
= 0.97

The debt-to-capital ratio of National Fuel Gas Co. has shown some fluctuations over the past eight quarters. In Q1 2024, the ratio stood at 0.46, which was consistent with the levels seen in Q3 and Q2 of 2023. This indicates that the company has maintained a relatively stable level of debt relative to its total capital during these periods.

However, in Q4 2023, the ratio increased slightly to 0.47 compared to the previous quarters, suggesting a slight uptick in the company's reliance on debt to finance its operations. This was further evidenced by the higher ratios of 0.52 in Q1 2023, and 0.56 in Q4 2022, indicating a potential increase in debt relative to capital during those periods.

The highest debt-to-capital ratios were observed in Q3 and Q2 of 2022, both at 0.60. These quarters may indicate a period where the company relied more heavily on debt financing, leading to higher leverage.

Overall, the trend in the debt-to-capital ratio of National Fuel Gas Co. suggests that the company has generally maintained a reasonable balance between debt and equity in its capital structure, with some fluctuations observed over the past eight quarters. It is important to continue monitoring this ratio to ensure the company's financial health and stability.