Capital Expenditures for National Fuel Gas (NFG)
According to National Fuel Gas's latest reported financial statements, the company's current capital expenditures (TTM) is $950.02M USD. Capital expenditures (CapEx) are cash outlays for property, plant, and equipment and other long-lived productive assets — reported on the cash flow statement under investing activities. CapEx funds future capacity (factories, data centers, software, machinery), so rising spend can signal investment in growth, while heavy CapEx reduces free cash flow available to shareholders. We display CapEx as a positive amount (the absolute cash outflow); compare with revenue to gauge capital intensity and with total assets for the asset-base context.
Headline TTM above sums the four reported quarters through (reported ). Chart and table below cover the full reported history back to .
Currently viewingCapital ExpendituresSwitch metric
Latest period
$950.02M
YoY change
-2.0%
5Y CAGR
-5.7%
Peak year (2020)
$1.22B
Cumulative capital expenditures
$16.99B
CapEx history chart for National Fuel Gas (NFG) from 1994 to 2025
CapEx history table for National Fuel Gas (NFG) from 1994 to 2025
| Fiscal year | Period ended | Reported | Capital Expenditures | YoY |
|---|---|---|---|---|
| 2025 | $912.82M | -2.0% | ||
| 2024 | $931.24M | -7.8% | ||
| 2023 | $1.01B | +24.4% | ||
| 2022 | $811.83M | +8.0% | ||
| 2021 | $751.73M | -38.5% | ||
| 2020 | $1.22B | +54.9% | ||
| 2019 | $788.94M | +35.1% | ||
| 2018 | $584.00M | +29.7% | ||
| 2017 | $450.33M | -22.6% | ||
| 2016 | $581.58M | -42.9% | ||
| 2015 | $1.02B | +11.3% | ||
| 2014 | $914.42M | +30.0% | ||
| 2013 | $703.46M | -32.1% | ||
| 2012 | $1.04B | +23.8% | ||
| 2011 | $837.61M | +83.8% | ||
| 2010 | $455.76M | +47.1% | ||
| 2009 | $309.93M | -22.1% | ||
| 2008 | $397.73M | +43.7% | ||
| 2007 | $276.73M | -5.9% | ||
| 2006 | $294.16M | +34.0% | ||
| 2005 | $219.53M | +27.4% | ||
| 2004 | $172.34M | +13.2% | ||
| 2003 | $152.25M | -34.5% | ||
| 2002 | $232.37M | -20.6% | ||
| 2001 | $292.71M | +8.7% | ||
| 2000 | $269.37M | +3.4% | ||
| 1999 | $260.50M | -33.7% | ||
| 1998 | $393.20M | +83.7% | ||
| 1997 | $214.00M | +24.7% | ||
| 1996 | $171.60M | -6.1% | ||
| 1995 | $182.80M | +35.3% | ||
| 1994 | $135.10M | — |
CapEx values are taken from National Fuel Gas's reported cash flow statements (10-Q quarterly and 10-K annual filings with the U.S. Securities and Exchange Commission). Each row shows the period end date and the date the filing was reported; YoY compares each figure to the same period one year earlier. Amounts are in USD as filed.
Analysis
National Fuel Gas (NFG) most recent annual capital expenditures stands at $912.82M (2025) – edged down 2.0% year-over-year.
Through 2020–2025 (5 years), National Fuel Gas capital expenditures delivered a -5.7% annualised rate; with a net decline across the window.
Between 2020 and 2025, National Fuel Gas capital expenditures declined 25.3%, falling from $1.22B to $912.82M.
$1.22B stands as the all-time-high annual capital expenditures, posted in 2020, against a low of $135.10M during 1994.
National Fuel Gas (NFG) sits 8th of 8 Energy peers we track on this metric, against a peer median of $5.50B.
National Fuel Gas Capital Expenditures by Year
National Fuel Gas Capital Expenditures 2025: $912.82M
National Fuel Gas capital expenditures in 2025 was $912.82M, edged down 2.0% below 2024.
National Fuel Gas Capital Expenditures 2024: $931.24M
National Fuel Gas capital expenditures in 2024 was $931.24M, declined 7.8% below 2023.
National Fuel Gas Capital Expenditures 2023: $1.01B
National Fuel Gas capital expenditures in 2023 was $1.01B, grew 24.4% from 2022.
National Fuel Gas Capital Expenditures 2022: $811.83M
National Fuel Gas capital expenditures in 2022 was $811.83M, grew 8.0% from 2021.
National Fuel Gas Capital Expenditures 2021: $751.73M
National Fuel Gas capital expenditures in 2021 was $751.73M.
See more financial history for National Fuel Gas (NFG).
Sector peers — CapEx
Companies in the same sector as National Fuel Gas, ranked by their latest capital expenditures.
| Company | Capital Expenditures | Sector |
|---|---|---|
| Exxon Mobil Corporation (XOM) | $28.36B | Energy |
| Chevron Corporation (CVX) | $17.35B | Energy |
| Enbridge Inc. (ENB) | $8.97B | Energy |
| EOG Resources, Inc. (EOG) | $6.12B | Energy |
| The Williams Companies, Inc. (WMB) | $4.89B | Energy |
| ConocoPhillips (COP) | $3.02B | Energy |
| SLB N.V. (SLB) | $1.69B | Energy |
| Valero Energy Corporation (VLO) | $796.00M | Energy |
Frequently asked questions
What is National Fuel Gas's capital expenditures?
- Latest reported capital expenditures for National Fuel Gas (NFG) is $950.02M (period ending December 31, 2025).
How has National Fuel Gas capital expenditures changed year-over-year?
- National Fuel Gas (NFG) capital expenditures changed -2.0% year-over-year on the latest annual filing.
What is the long-term growth rate of National Fuel Gas capital expenditures?
- National Fuel Gas (NFG) capital expenditures compound annual growth rate is -5.7% over the most recent 5 years available.
When did National Fuel Gas capital expenditures hit its highest annual value?
- National Fuel Gas capital expenditures reached its highest annual value of $1.22B in 2020.
What was National Fuel Gas capital expenditures in 2024?
- National Fuel Gas (NFG) capital expenditures in 2024 was $931.24M.
What was National Fuel Gas capital expenditures in 2025?
- National Fuel Gas (NFG) capital expenditures in 2025 was $912.82M.
Metrics overview
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