National Fuel Gas Company (NFG)

Debt-to-equity 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-equity ratio		35.40	—	0.81	0.72	—	—	1.04	1.12	1.25	1.47	1.31	1.25	1.04	1.33	1.18	1.03	0.98	1.00	1.00	1.02

December 31, 2023 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $2,385,520K ÷ $67,381K
= 35.40

The debt-to-equity ratio for National Fuel Gas Co. has exhibited a general decreasing trend over the last eight quarters, indicating a reduction in the company's reliance on debt financing relative to its equity. The ratio stood at 1.53 in Q2 2022, signifying that the company had $1.53 in debt for every dollar of equity. Since then, there has been a steady decline in the ratio, reaching 0.85 in Q1 2024.

This trend suggests that National Fuel Gas Co. has been actively managing its debt levels, potentially by paying down debt, raising equity, or a combination of both. A decreasing debt-to-equity ratio can signal improved financial health and lower financial risk for the company, as it indicates a more conservative capital structure. It also implies that the company may have more flexibility in raising additional funds for future investments or growth opportunities.

Overall, the declining debt-to-equity ratio for National Fuel Gas Co. reflects a positive development in its capital structure and financial leverage position.