National Fuel Gas Company · NYSE:NFG
National Fuel Gas — Q3 2026 Earnings Presentation
57 slides from National Fuel Gas's earnings presentation, Jul 30, 2026
Slide 1: Investor Presentation Fiscal 2026 – 3rd Quarter Update
Investor Presentation Fiscal 2026 – 3rd Quarter Update July 29, 2026 Fiscal 2026 Q3 Update 1
Slide 2: National Fuel Gas Company
National Fuel Gas Company • Company Overview (3) • Recent Highlights (6) • Why National Fuel? (11) • Financial Overview (16) • Integrated Upstream & Gathering Highlights (20) • Pipeline & Storage and Utility Highlights (31) • Guidance & Other Financial Information (45) Fiscal 2026 Q3 Update 2
Slide 3: Company Overview
Company Overview Corporate HQ: Buffalo, NY NYSE: NFG ~2,300 employees Market Cap: ~$7.7B 124 Years of consecutive dividend payments 7-10% Adjusted EPS 56 Years of consecutive Growth FY26E-FY29E dividend increases 25% reduction in Investment Grade methane emissions credit rating since 2020 Left pictu
Slide 4: History of National Fuel
History of National Fuel Industry Pioneer Born From Rockefeller’s Standard Oil Company Fiscal 2026 Q3 Update 4
Slide 5: NFG: A Diversified, Integrated Natural Gas Company
NFG: A Diversified, Integrated Natural Gas Company Adjusted EBITDA(1) Developing our large, high-quality Non-Regulated acreage in Marcellus & Utica shales Integrated Upstream & ~1.2 Million ~1.1 Bcf/day 69% Gathering Net acres in Net total production(3) Appalachia (2) Expanding and modernizing pipel
Slide 6: Recent Highlights
Recent Highlights Strength of the Integrated Model is Evident as Each Business Contributes Meaningfully 1 Announced upsized Line N System Upgrade Project, which increases expansion capacity to ~0.5 Bcf per day in southwest Pennsylvania by 2029 2 Strategic IUG(1) land expansion program extends core d
Slide 7: Announced Acquisition of CenterPoint’s Ohio Gas Utility
Announced Acquisition of CenterPoint’s Ohio Gas Utility Acquiring a High-Quality Gas Utility in a Neighboring Service Territory Entered into an agreement to acquire CenterPoint’s Ohio gas utility business for $2.62 billion, representing ~1.6x 2026E rate base of $1.6 billion Increases Scale & Balan
Slide 8: Acquisition Update
Acquisition Update Regulatory Approvals Completed(1) On Track to Close on October 1, 2026 Integration Planning • Working closely with the CenterPoint management team to ensure a smooth transition for employees and Progressing Well customers • Issued $350 MM in common equity through a private placeme
Slide 9: Non-Regulated Business Overview
Non-Regulated Business Overview Integrated Upstream & Gathering Segment Seneca Resources Company ‒ Total Net Acres (Pennsylvania): ~1.2 million Western Development Area – ~920,000 Acres ‒ Total Proved Reserves: 5.0 Tcfe(1) ‒ Current Net Production: ~1.1 Bcf/d(2) ‒ Current Firm Transportation: ~1 Bcf
Slide 10: Regulated Business Overview
Regulated Business Overview Pipeline & Storage Segment • Regulated by Federal Energy Regulatory Commission (FERC) • Total Rate Base: $1.7 Billion(2) • ~2,600 miles of pipeline / 28 storage fields • National Fuel Gas Supply Corporation: ‒ Firm Contracted Storage Capacity: 71 Bcf(3) ‒ Firm Contracted
Slide 11: Why National Fuel?
Why National Fuel? Strong Integrated Visibility on Long-Term Long-Standing History Responsibly Responsibly Reducing Reduce Returns EPS & FCF Growth of Shareholder Returns Emissions Emissions Optimized capital Regulated earnings 124 consecutive years Continued progress allocation growth from
Slide 12: Integrated Model Drives Strong Returns
Integrated Model Drives Strong Returns NFG’s ROCE Has Outperformed Peers and Broader Market, on Average, Over a Multi-Year Period Return on Capital Employed(1) NFG vs. S&P 500 and Industry Peers Integrated Business Model Benefits 20% Operational: Lower cost structure (2) NFG Adj. Financial: Lowe
Slide 13: Strong, Durable Long-Term Growth Trajectory
Strong, Durable Long-Term Growth Trajectory Expect $1.0 to $1.5 Billion of Free Cash Flow Generation 2027E-2029E(1) Key Earnings Growth Drivers: Utility and Pipeline & Storage: Adjusted Earnings Per Share Ohio gas utility acquisition and associated growth opportunities 7-10% Infrastructure exp
Slide 14: Over Half Century of Dividend Growth
Over Half Century of Dividend Growth Acquisition of CNP Ohio Supports Long-Term Dividend Growth $2.22 56 Years 124 Years per share Consecutive Dividend Increases Consecutive Payments $1.6 Billion 4% Dividend payments Over Last 10 Years 2026 Dividend Increase $0.19 per share Annual Rate at Fiscal Yea
Slide 15: Considerable Progress on Emissions Reductions
Considerable Progress on Emissions Reductions Latest Corporate Responsibility Report Provides Disclosures on Sustainability Initiatives Continued Progress On Our Methane Intensity Targets(1) E&P and Gathering surpassed targets six years ahead of plan Prioritization of emissions reduction project
Slide 16: Financial Overview
Financial Overview Fiscal 2026 Q3 Update 16
Slide 17: Continued Momentum Drives Expected Earnings Growth
Continued Momentum Drives Expected Earnings Growth Quarter Highlights & FY26 Outlook Adjusted Earnings Per Share(1) Q3 Financial Summary ($ per share) $8.50 ~22% • Integrated Upstream and Gathering – higher realized prices and lower CAGR $7.50 per-unit operating costs compared to the prior year $7.5
Slide 18: Capital Allocation Priorities Drive Spending Levels
Capital Allocation Priorities Drive Spending Levels Capital Allocation Priorities Capital Expenditures by Segment ($ millions)(1) (2) Utility Pipeline & Storage Integrated Upstream & Gathering • Invest in regulated growth via modernization Organic and pipeline expansions $1,000 - $1,075 Investments
Slide 19: Balance Sheet Resiliency Through the Commodity Cycle
Balance Sheet Resiliency Through the Commodity Cycle (2) Net Debt / Adjusted EBITDA(1) Current Credit Rating Capitalization as of 6/30/26 3.5x Downgrade Committed to Investment Grade Threshold Credit Rating Total 2.5x – 3.0x Investment Grade Debt Equity 2.27 x Credit Rating 57% 43% 1.97 x ~1.8 x S&P
Slide 20: Integrated Upstream and Gathering
Integrated Upstream and Gathering Business Highlights Fiscal 2026 Q3 Update 20
Slide 21: Integrated Upstream & Gathering Highlights
Upstream and Gathering Integrated Upstream & Gathering Highlights Enhancing Significant Improvement in Capital Efficiency (FY26E vs. FY23) Capital >25% Improvement Since FY23 Driven by Production Growth and Efficiency Disciplined Capital Allocation(1) Strategically Growing Core Inventory Through Exp
Slide 22: Integrated Upstream & Gathering
Upstream and Gathering Integrated Upstream & Gathering Western Development Area Eastern Development Area ~920,000 Acres (mostly held in fee) ~310,000 Acres Development zones: Development zones: Development Plan Highlights Marcellus, Lower Utica Marcellus, Upper Utica, Lower Utica 25+ years of deve
Slide 23: Enhanced Capital Efficiency and Competitive Cost Structure
Upstream and Gathering Enhanced Capital Efficiency and Competitive Cost Structure Capital Efficiency ($/Mcfe)(1) FY26E Integrated Operating Expense ($/Mcfe) $1.86 >15% $1.63 Continued Improvement $1.42 $1.39 Expected $0.07 $0.53 $0.18 $0.12 $0.16 FY 2023 FY 2024 FY 2025 FY2026E Long-Term LOE Gatheri
Slide 24: Lower Utica Gen 4 Testing Underway
Upstream and Gathering Lower Utica Gen 4 Testing Underway Lower Utica Zone Well Performance Gen 4(2,3) Testing Underway 1,200 1,000 800 Cum Prod, MMCF/1,000' 600 400 Planned 200 Producing 0 0 12 24 Months (1) Gen 3 design primarily uses 1,800 ft. inter-well spacing, 2,200 lbs. per ft. of proppant in
Slide 25: Addition of Upper Utica Zone More than Doubles Tioga Utica Inventory
Upstream and Gathering Addition of Upper Utica Zone More than Doubles Tioga Utica Inventory Upper Utica Adds ~8 Years Inventory on Existing Infrastructure 1,000 Cum Prod, MMCF/1,000' Increased Core Inventory to ~400 Premium Locations 500 Upper Utica ~220 additional Upper Utica 0 locations with sim
Slide 26: Decades of High-Quality Inventory at Industry Leading Breakevens
Upstream and Gathering Decades of High-Quality Inventory at Industry Leading Breakevens Seneca Analysis: >15 Years of Inventory @ <$2.00 Breakevens Enverus Analysis Validates Inventory Depth 50 50 45 45 40 40 35 35 Does not include entire acreage Years Inventory(1) Years Inventory 30 position that i
Slide 27: Production Growth Supported by New Firm Transportation
Upstream and Gathering Production Growth Supported by New Firm Transportation Marketing Portfolio Has Premium Market Access(1) New FT Enhances Long-Term Marketing Portfolio: Supports future production growth with egress from EDA Minimizes spot exposure (together with in-basin firm sales) Incre
Slide 28: FY 2026 Sales Mix Provides Significant Price Certainty
Upstream and Gathering FY 2026 Sales Mix Provides Significant Price Certainty Firm Sales & Production Cadence(1) Fiscal 2026 Highlights 109 Bcfe 104 Bcfe 102 Bcfe Expected production of 420 to 430 Bcfe ($0.50) Minimal spot exposure of 10 to 20 Bcfe (~15% of remaining volumes) Firm sales contra
Slide 29: Hedging Program: Disciplined with Upside Potential
Upstream and Gathering Hedging Program: Disciplined with Upside Potential Methodical Approach to Layering in Hedges Over Time Supports Investment Grade Credit Rating Swaps and Fixed Price Sales Provide Price Certainty(1)… …Collars and Unhedged Production Provide Upside Capture Opportunities $4.62 $4
Slide 30: Industry-Leading Focus on Sustainability
Upstream and Gathering Industry-Leading Focus on Sustainability Responsible Gas Certifications, Emission Reductions & Water Management Equitable Origin – EO100TM Standard for Responsible Emission Reductions Energy Development Certification (100% of natural gas production and gathering assets certifi
Slide 31: Pipeline & Storage and Utility Overview
Pipeline & Storage and Utility Overview Business Highlights Fiscal 2026 Q3 Update 31
Slide 32: Pipeline & Storage and Utility Highlights
Pipeline & Storage and Utility Highlights Tioga Pathway and Shippingport Lateral projects expected to add ~$30 MM in incremental Pipeline Expansion revenue annually Projects Drive Supply expanded the Line N System Upgrade project to 294,000 Dth/d, executing a Meaningful Growth precedent agreemen
Slide 33: Pipeline & Storage Segment Overview
Pipeline & Storage Pipeline & Storage Segment Overview National Fuel Gas Supply Corporation Contracted Capacity(1): Firm Storage: 71 Bcf (fully subscribed) Firm Transportation: 3.4 Bcf / day Rate Base(2): ~$1.4 billion FERC Rate Proceeding Status: Empire Pipeline Filed rate case on April
Slide 34: Pipeline & Storage Customer Mix
Pipeline & Storage Pipeline & Storage Customer Mix Customer Transportation by Shipper Type Affiliated Customer Mix (Contracted Capacity) Affiliated Non-Affiliated End User 8% 22% Outside Producer 52% Pipeline 16% 28% 80% Marketer 78% 12% LDC 48% 36% 20% LDCs Producers Firm Storage Firm Transport Not
Slide 35: Pipeline Modernization & Expansion Projects Propel Growth
Pipeline & Storage Pipeline Modernization & Expansion Projects Propel Growth Capex Investments Support Long-Term Rate Base Growth Estimate of ~5-7% P&S Capital Expenditures(1) Organic Growth Drivers Expect long-term non-expansion capex Tioga Pathway spend of ~$100-150 MM/year ($ millions) & Shippi
Slide 36: Tioga Pathway Project Creates Organic Growth
Pipeline & Storage Tioga Pathway Project Creates Organic Growth Long-term revenue growth for Supply, while providing an additional outlet for Seneca’s EDA production Capacity: 190,000 Dth/day Estimated capital cost: ~$100 million ~$82 million in expansion capital Estimated annual revenue: ~$
Slide 37: Continued Expansion Opportunities Along Supply’s Line N System
Pipeline & Storage Continued Expansion Opportunities Along Supply’s Line N System Added 200,000 Dth/day Line N System Upgrade Project of capacity Newly executed commercial agreement to support the initial phase of the coal-to-gas power plant conversion at Shippingport Industrial Park Replacement
Slide 38: Utility Service Territories in New York & Pennsylvania
Utility Utility Service Territories in New York & Pennsylvania New York Last Rate Case: Joint Proposal approved December 19, 2024 (3- year rate plan effective Oct. 1, 2024 through Sept. 30, 2027) Total Customers(1): ~543,000 Allowed ROE: 9.7% (NYPSC Case 23-G-0627) Rate Mechanisms: o Revenue Decoupl
Slide 39: Pennsylvania Rate Case Overview
Utility Pennsylvania Rate Case Overview On January 28, 2026, National Fuel Gas Distribution Corporation filed a request with the Pennsylvania Public Utility Commission (PAPUC) to amend its tariff and increase its base rates Base Rate Increase = $19.7 million Proposed Base 7.4% increase in total
Slide 40: NY Utility Rate Activity Supports Growing Earnings Outlook
Utility NY Utility Rate Activity Supports Growing Earnings Outlook Three-Year Rate Settlement(1) Approved on December 19, 2024 Rate activity: Constructive three-year rate settlement approved and implemented effective January 2025, providing earnings visibility through fiscal 2027 Rate Case Drive
Slide 41: Customer Affordability
Utility Customer Affordability New York Pennsylvania #1 #1 Out of 9 Gas Utilities(1) Out of 6 Gas Utilities(2) New York Large Gas Utilities Monthly Bill Pennsylvania Large Gas Utilities Monthly Bill Residential Heating (based on 100 Mcf annually) Residential Heating (based on 15 Mcf monthly) $350 $3
Slide 42: Utility Continues its Significant Investments in Safety
Utility Utility Continues its Significant Investments in Safety Long-Standing Focus on Distribution System Safety and Reliability $200.0 Capital Expenditures for Safety Total Capital Expenditures (1) $230.0 $180.0 (2) $190.0 $185-$205 $184.6 Utility Capital Expenditures ($ millions) $160.0 $180.0 $1
Slide 43: Long-Standing Pipeline Replacement & Modernization
Utility Long-Standing Pipeline Replacement & Modernization Utility Mains by Material(1) Miles of Utility Main Pipeline Replaced(2) 180 168 Wrought Coated Iron 161 162 Bare 156 154 NY 160 ~10,000 140 53 43 41 49 53 miles Plastic 120 100 80 Wrought Coated Bare Iron 60 113 113 112 115 109 PA 40 ~5,000
Slide 44: Utility Targeting Substantial Emissions Reductions
Utility Utility Targeting Substantial Emissions Reductions Significant Reductions in Utility GHG Emissions to Date, GHG Reduction Targets, Continuing Focus on Lowering Driven by System Modernization Efforts Carbon Footprint Utility Mains & Services Emissions(1) Utility GHG Emissions Reduction Target
Slide 45: Guidance & Other Financial Information
Contact Information: Ryan Vossler, Director of Investor Relations (716) 857-7158 vosslerr@natfuel.com Guidance & Other Financial Information Fiscal 2026 Q3 Update 45
Slide 46: Updated FY26 Adjusted EPS Guidance & Assumptions
Updated FY26 Adjusted EPS Guidance & Assumptions (1) Assuming $3.00 NYMEX, FY26 Adjusted EPS(2) of $7.40 - $7.60 ($7.50 at midpoint) represents 9% increase from FY25 Capital Expenditures ($MM) Previous Guidance Updated Guidance Integrated Upstream & Gathering Previous Guidance Updated Guidance Integ
Slide 47: Type Curves Demonstrate Outstanding Well Results
Type Curves Demonstrate Outstanding Well Results Type Curve Operational Data 1,600 Tioga Tioga Utica Utica Tioga Lycoming WDA Estimated Lower Upper Marcellus Marcellus Utica 1,400 Location Count 170 220 56 20 250 Gross Cumulative Production, MMCF/1000' Avg. TLL (ft) 13,000’ 13,000’ 10,000’ 8,000’ 13
Slide 48: Regulated Businesses: Rate Case Overview
Regulated Businesses: Rate Case Overview Pipeline & Storage Utility Supply Empire NY(2) PA Regulatory Agency (Governed by) FERC FERC NYPSC PAPUC • Filed rate case on April • Amendment to 2019 • Joint Proposal • Filed rate case on 30, 2026 Settlement approved approved(2) December January 28, 2026 • R
Slide 49: Detailed Hedging Information for Modeling
Detailed Hedging Information for Modeling (All volumes in MMBtu; Prices in $ / MMBtu) 4Q 26 1Q 27 2Q 27 3Q 27 4Q27 FY 27 FY 28 FY 29 Hedged Volumes 86,105 83,464 72,347 57,805 58,050 271,666 131,385 34,629 Swaps Volume 36,810 35,530 29,640 28,440 28,440 122,050 57,730 4,350 Wtd. Avg. Price $4.04 $4.
Slide 50: Comparable GAAP Financial Measure Slides & Reconciliations
Comparable GAAP Financial Measure Slides & Reconciliations This presentation contains certain non-GAAP financial measures. For pages that contain non-GAAP financial measures, pages containing the most directly comparable GAAP financial measures and reconciliations are provided in the slides that fol
Slide 51: Non-GAAP Reconciliations - Adjusted Operating Results
Non-GAAP Reconciliations - Adjusted Operating Results Reconciliation of Adjusted Operating Results: ($ Thousands except per share amounts) Three Months Ended Fiscal Year Ended June 30, September 30, 2026 2025 2025 2024 Reported GAAP Earnings $ 138,621 $ 149,818 $ 518,504 $ 77,513 Items impacting com
Slide 52: Non-GAAP Reconciliations - Adjusted EBITDA, by Segment
Non-GAAP Reconciliations - Adjusted EBITDA, by Segment Reconciliation of Adjusted EBITDA to Net Income, by Segment: ($ Thousands) 12-Months FY 2024 FY 2025 Ended 6/30/26 Integrated Upstream and Gathering Segment Reported GAAP Earnings $ (57,041) $ 324,698 $ 491,444 Depreciation, Depletion and Amorti
Slide 53: Non-GAAP Reconciliations - Adjusted EBITDA & Net Debt
Non-GAAP Reconciliations - Adjusted EBITDA & Net Debt Reconciliation of Adjusted EBITDA to Consolidated Net Income: ($ Thousands) FY 2024 FY 2025 Total Adjusted EBITDA Integrated Upstream & Gathering Adjusted EBITDA 787,613 975,182 Pipeline & Storage Adjusted EBITDA 259,920 270,779 Utility Adjusted
Slide 54: Non-GAAP Reconciliations - Funds From Operations
Non-GAAP Reconciliations - Funds From Operations Reconciliation of Funds From Operations (FFO) to Net Cash Provided by Operating Activities: ($ Thousands) FY24 FY25 Net Cash Provided by Operating Activities $1,065,961 $1,100,027 Less: Change in Working Capital: Receivables and Unbilled Revenue $ 34,
Slide 55: Reconciliation – Capital Expenditures
Reconciliation – Capital Expenditures Reconciliation of Segment Capital Expenditures to Consolidated Capital Expenditures ($ Thousands) FY 2026 FY 2023 FY 2024 FY 2025 Guidance Capital Expenditures Integrated Upstream & Gathering Capital Expenditures(1) $ 841,020 $ 645,600 $ 605,433 $580,000 - $605,
Slide 56: Reconciliation – Free Cash Flow
Reconciliation – Free Cash Flow Reconciliation of Free Cash Flow ($ Thousands) Nine Months Ended June 30, 2026 2025 Net Cash Provided by Operating Activities $ 1,037,925 $ 862,276 Less: Net Cash Used in Investing Activities $ 757,603 $ 617,964 Proceeds from Divestitures — — $ 280,322 $ 244,312 Plus:
Slide 57: Safe Harbor For Forward Looking Statements
Safe Harbor For Forward Looking Statements This presentation may contain “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995, including statements regarding future prospects, plans, objectives, goals, projections, estimates of gas quantities, strategies, f
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