National Fuel Gas Company · NYSE:NFG

National Fuel Gas — Q3 2020 Earnings Presentation

69 slides from National Fuel Gas's earnings presentation, Aug 7, 2020

1. Slide 1: Investor Presentation Q3 Fiscal 2020 Update

   Investor Presentation Q3 Fiscal 2020 Update August 6, 2020

2. Slide 2: Commitment to safe and environmentally conscious development

   National Fuel is committed to the safe and environmentally conscious development, transportation, storage, and distribution of natural gas and oil resources. For additional information, please visit our corporate responsibility website at https://responsibility.natfuel.com 2

3. Slide 3: Message from CEO on COVID-19 response

   A message from David Bauer, President and CEO of National Fuel Gas Company, on NFG’s COVID-19 response “During these unprecedented times, the safety and well-being of our workforce, customers, and communities in which we operate is our top priority. We continue to support our employees through a num

4. Slide 4: NFG: A Diversified, Integrated Natural Gas Company

   NFG: A Diversified, Integrated Natural Gas Company Upstream Developing our large, high quality Exploration & acreage position in Marcellus & Utica Production shales(1) 42% of NFG ~1.2 Million ~800 MMcf/day Net acres in Net Appalachian natural EBITDA(2) Appalachia gas production(3) Midstream Expandin

5. Slide 5: Why National Fuel?

   Why National Fuel? Diversified Assets Provide Stability and Long-Term Growth Opportunities 5

6. Slide 6: Integrated Model Enhances Shareholder Value

   1 Integrated Model Enhances Shareholder Value . . . Benefits of National Fuel’s Geographic and Operational Integrated Structure: Upstream Integration Drives Synergies: Exploration &  Ability to adjust to changing Production Upstream Midstream commodity price environments  Co-Development of Marcell

7. Slide 7: Continues to Drive Growth Opportunities

   . . . and Continues to Drive Growth Opportunities Near Term Strategy Leverages Integration Across the Value Chain Exploration & Pipeline & Gathering Utility Production Storage  Acquisition of significant flowing production and contiguous Tioga County acreage, with supporting gathering facilities, f

8. Slide 8: Appalachian Acquisition Strengthens Integrated Model

   Appalachian Acquisition Strengthens Integrated Model . . . . . . And is Expected to Deliver Meaningful Free Cash Flow Generation, While Maintaining Significant Contribution from Regulated Businesses Contiguous upstream assets, with shallow declining PDP reserves, acquired at less than $0.40 per Mcf

9. Slide 9: Appalachian Program Expected to Generate Free Cash Flow

   2 Appalachian Program Expected to Generate Free Cash Flow . . . . . . In Fiscal 2021 at Natural Gas Prices . . . While Generating Strong Consolidated Well Below Current NYMEX Strip. . . Returns Across Seneca’s Acreage Footprint $250 Seneca and Gathering Consolidated Economics $210-$220 (Realized Pri

10. Slide 10: Leveraging Existing Infrastructure to Enhance Returns

    L3 Leveraging Existing Infrastructure to Enhance Returns Utilization of Existing Infrastructure for Ongoing Utica Development Amplifies Consolidated Returns Utica development on Requires modest investment in Resulting in significant Marcellus pads allows new Gathering facilities to consolidated retu

11. Slide 11: Significant Expected Interstate Pipeline Growth

    4 Significant Expected Interstate Pipeline Growth  Supply Corp. Rate Case Settlement: Northern Access  $35 million increase in base rates Delivery: NY & Canada Empire North (effective 2/1/20) 490,000 Dth/d Delivery: Canada & NY (remains under development) 205,000 Dth/d  Additional $15 million ste

12. Slide 12: Half Century of Dividend Growth

    5 Half Century of Dividend Growth 50 Years 118 Years $1.78 per share 4.2% yield(1) Consecutive Dividend Increases Consecutive Payments $3.1 Billion Dividend payments since 1970 $0.19 per share Annual Rate at Fiscal Year End 12 (1) As of August 4, 2020.

13. Slide 13: Third Quarter Fiscal 2020 Financial Highlights

    Third Quarter Fiscal 2020 Financial Highlights 13

14. Slide 14: Third Quarter Fiscal 2020 Results and Drivers

    Third Quarter Fiscal 2020 Results and Drivers Adjusted Operating Results ($/share)(1) Q3 FY 2019 Q3 FY 2020 Major Drivers $0.71 Decrease Driven Oil and Gas Primarily by Natural Gas Prices Pricing(2) Commodity Prices $62.92 $50.70 $2.36 $1.92 Exploration & $0.57 Oil Prices Production $0.30 E&P $0.08

15. Slide 15: Earnings Guidance

    Earnings Guidance FY2020 Adjusted Operating Results FY2021 Earnings Guidance Key Guidance Drivers $2.75 to $2.85/share(1) $3.40 to $3.70/share  Seneca Net Production: 305-335 Bcfe (up 32% vs. FY20E) Production / Gathering Throughput  Gathering Revenues: $185-$200 million (up 35% vs. FY20E) Non-reg

16. Slide 16: Exploration & Production and Gathering Overview

    Exploration & Production and Gathering Overview Seneca Resources Company, LLC ~ National Fuel Gas Midstream Company, LLC 16

17. Slide 17: Proved Reserves

    E&P and Gathering Proved Reserves Total Proved Reserves (Bcfe) 3-Year Average F&D Cost ($/Mcfe) 4,000 $1.50 $1.32 Natural Gas (Bcf) Acquisition adds ~700 Bcfe of net Crude Oil (MMbbl) proved developed reserves(1) 3,500 $0.98 $1.00 3,099 $0.74 3,000 $0.56 $0.50 2,523 2,500 2,154 $0.00 2,000 1,849 201

18. Slide 18: Growing Production within Disciplined Capital Program

    E&P and Gathering Growing Production within Disciplined Capital Program E&P Net Capital Expenditures ($ millions)(1) Near-Term Strategy $600 Appalachia $500 $492  Reduced activity to 1-rig development California $375-$395 program in June 2020 (moved from 3 to 2 $400 $356 $290-$330 rigs in January 2

19. Slide 19: Significant Appalachian Acreage Position

    E&P and Gathering Significant Appalachian Acreage Position Western Development Area (WDA)  Average Seneca gross production(1): ~372 MMcf/d WDA – ~915,000 Acres  Over 1,000 potential Marcellus & Utica locations  ~80 locations where gathering/pad infrastructure in place from prior drilling activiti

20. Slide 20: Western Development Area

    E&P and Gathering Western Development Area Marcellus Core Acreage WDA Highlights vs. Utica Appraisal Trend(1) Area of Re-Development  Large well inventory: 60-65 remaining Utica locations on existing Marcellus pads  Marcellus Shale: 600+ well locations remaining / 200,000 acres  Utica Shale: 500+

21. Slide 21: WDA-CRV Results and Type Curves

    E&P and Gathering WDA-CRV Results and Type Curves WDA-CRV Development Update WDA-CRV Types Curves – Normalized to 9,000’  Currently producing from both Utica and 9.0 Marcellus wells in WDA-CRV area WDA-CRV Utica Type Curve 8.0  Avg. CRV Utica Production: ~132 MMcf/d WDA-CRV Marcellus Type Curve 

22. Slide 22: Limited New Infrastructure Needed to Support Utica Return Trips

    E&P and Gathering Limited New Infrastructure Needed to Support Utica Return Trips Leveraging Existing Gathering, Water and Pad Infrastructure Enhances Returns WDA Well Costs(1) WDA EURs WDA-CRV Consolidated Economics Total cost per well expected ~60% EUR increase to marginally increase expected per

23. Slide 23: Integrated Development – WDA Gathering System

    E&P and Gathering Integrated Development – WDA Gathering System Gathering System Build-Out Tailored to Accommodate Seneca’s WDA Development Clermont Gathering System Map Current System In-Service  Capacity: 470 MMcf per day  Interconnects with TGP 300 and NFG Supply  Total Investment to Date: $31

24. Slide 24: WDA Firm Transportation and Sales Capacity

    E&P and Gathering WDA Firm Transportation and Sales Capacity WDA Exit Capacity Supports Production and Enhances Consolidated Returns WDA Gas Marketing Strategy WDA Contracted Firm Transport and Gross Sales Volumes (MDth/d) 600  Will continue to layer-in firm sales deals of short and longer 500 dura

25. Slide 25: Eastern Development Area

    E&P and Gathering Eastern Development Area Seneca EDA Highlights EDA – ~270,000 Acres 1 Tioga County, PA - DCNR Tract 007, Covington, and Acquisition  Seneca’s Utica Development resumed in fiscal 2018  ~185 Undeveloped Utica locations (includes acquired acreage)  Marcellus Shale expected to provi

26. Slide 26: EDA Utica: Tioga County Development

    E&P and Gathering EDA Utica: Tioga County Development Acquisition Provides Significant Inventory and Drives Synergies with Existing Operations Tioga County Acquisition Development Benefits Significant Tioga County Acreage Position  Assets contiguous to NFG’s existing Tioga county Empire production

27. Slide 27: EDA Utica: Tioga County Development

    E&P and Gathering EDA Utica: Tioga County Development Strong Tioga County Utica Economics Tioga County Utica Type Curve 16  47% consolidated Seneca/Gathering IRR at Identical Expected Utica $2.00 realized price Development Type Curve for 14 Acquired Tioga Assets,  Breakeven (15% IRR) consolidated

28. Slide 28: EDA Utica: Tioga County Development

    E&P and Gathering EDA Utica: Tioga County Development Production Underpinned by Firm Sales and Firm Transportation Contracts Tioga County Gas Marketing Strategy Tioga County Gross Firm Contract Volumes (MDth/d)  Acquired production supported by 400 firm transportation capacity to Dominion premium m

29. Slide 29: EDA Marcellus: Lycoming County Development

    E&P and Gathering EDA Marcellus: Lycoming County Development Marcellus Development in Lycoming County Fully Utilizes Firm Transportation  Prolific Marcellus acreage with peer-leading well results  30-35 remaining Marcellus locations – breakeven (15% IRR) consolidated economics of ~$1.11  Near-ter

30. Slide 30: Integrated Development – EDA Gathering Systems

    E&P and Gathering Integrated Development – EDA Gathering Systems Gathering Segment Supporting Seneca and Third-Party Production, and Future Development 1 Tioga County Gathering Systems Wellsboro Gathering System  Total Investment (to date): ~$22 million  Capacity: up to 200,000 Dth per day (Interc

31. Slide 31: Long-term Contracts Supporting Appalachian Production

    E&P and Gathering Long-term Contracts Supporting Appalachian Production Seneca Appalachia Natural Gas Marketing Firm Contract Volumes (MDth/day) 1,200 Leidy South (Transco & NFG - Supply) 1,000 Transco Zone 6 NNY 330,000 Dth/d Gross Firm Volumes MDth/d 800 Dominion 100,000 Dth/d(1) Tioga County Exte

32. Slide 32: Near-term Firm Sales Provide Market & Price Certainty

    E&P and Gathering Near-term Firm Sales Provide Market & Price Certainty Net Contracted Firm Sales Volumes (Dth per day) Contracted Index Price Differentials ($ per Dth)(1) NYMEX Dawn (2) Other Fixed Price 16,800 ($0.84) 809,600 21,800 ($0.80) 767,300 764,300 756,200 729,800 122,500 121,400 129,100 1

33. Slide 33: California Oil

    E&P and Gathering California Oil Stable Oil Production | Minimal Capital Investment | Steady Free Cash Flow 1 Avg. Daily Production Location Formation Production Method (net Boe/d)(1) East Coalinga/ 1 Temblor Primary 641 Other 2 North Lost Tulare & Primary/ 2 812 Hills Etchegoin Steam flood 3 South

34. Slide 34: California Capital Expenditures vs. Production

    E&P and Gathering California Capital Expenditures vs. Production West Division Annual Capital Expenditures ($ MM)(1) West Division Average Net Daily Production (Boe) Sespe Sale Closed on 5/1/18 (reduced production by ~900 Boe/d) $30 8,033 7,353 ~7,300 $26 ~$25 ~6,900 Reduced CapEx in Response to Oil

35. Slide 35: Fiscal 2020 Production and Price Certainty

    E&P and Gathering Fiscal 2020 Production and Price Certainty 64 Bcf of Appalachian Production Protected by Firm Sales  45 Bcf locked-in realizing net ~$2.10/Mcf (1)  19 Bcf of additional basis protection 280 ~4 Bcfe 240-245 Bcfe 240 ~19 Bcf (2) 80% of oil Production (Bcfe) 200 production ~45 Bcf h

36. Slide 36: Fiscal 2021 Production and Price Certainty

    E&P and Gathering Fiscal 2021 Production and Price Certainty 278 Bcf of Appalachian Production Protected by Firm Sales  177 Bcf locked-in realizing net ~$2.16/Mcf (1)  25 Bcf of floor protection at $2.37/Mcf (2)  76 Bcf of additional basis protection 350 305-335 Bcfe ~15 Bcfe 300 ~27 Bcf 49% of o

37. Slide 37: Hedge Positions and Prices

    E&P and Gathering Hedge Positions and Prices Pro Forma Natural Gas - MMDth, $/MMBtu Crude Oil - MBbl, $/Bbl Fiscal 2020 Fiscal 2020 46.4 24.8 $2.68 466 385 $62.31 MMDth MBbl 21.6 $2.13 ~69% ~80% 81 $50.52 - - Hedged(1) Hedged(1) Fiscal 2021 Fiscal 2021 210.0 134.1 $2.61 1,092 936 $59.45 MMDth MBbl 5

38. Slide 38: Seneca Operating Costs

    E&P and Gathering Seneca Operating Costs Appalachia LOE & Gathering California LOE Total Seneca Cash OpEx $/Mcfe $/Boe UPDATE $/Mcfe $20.81 ~$20.50 $1.32 ~$0.70 ~$0.71 ~$18.50 ~$1.23 ~$1.17 $0.67 $0.14 $0.12 $0.11 $0.07 $0.08 $0.09 $0.30 (1) $0.26 $0.22 (1) (2) (2) $0.32 $0.28 $0.25 $0.60 $0.61 $0.6

39. Slide 39: Pipeline and Storage Overview

    Pipeline and Storage Overview National Fuel Gas Supply Corporation ~ Empire Pipeline, Inc. 39

40. Slide 40: Pipeline & Storage Segment Overview

    Pipeline & Storage Pipeline & Storage Segment Overview National Fuel Gas Supply Corporation  Contracted Capacity(1):  Firm Transportation: 3,078 MDth per day  Firm Storage: 70,693 Mdth (fully subscribed)  Rate Base(2): ~$944 million Empire Pipeline  FERC Rate Proceeding Status:  Rate case sett

41. Slide 41: Empire North Project

    Pipeline & Storage Empire North Project Fully Subscribed Project will Provide 205,000 Dth/day of Incremental Firm Transportation  Target in-service: late fourth quarter fiscal 2020 (partial in-service as of 7/11/20)  Est. capital cost: $135 million  Est. annual revenues: ~$25 million  Receipt po

42. Slide 42: FM100 Project - Consolidated Benefit for NFG

    Pipeline & Storage FM100 Project - Consolidated Benefit for NFG Project expected to provide long-term earnings 330,000 Dth/d of new transportation capacity from uplift to Seneca, Supply Corp. and Gathering WDA and EDA acreage positions to premium markets Supply Corp.  Lease to Transco of new capaci

43. Slide 43: FM100 Project – Significant Investment by Supply Corp.

    Pipeline & Storage FM100 Project – Significant Investment by Supply Corp.  Estimated capital cost: $279 million  Expansion facilities: ~$159 million  Modernization facilities: ~$120 million  Facilities (all in Pennsylvania) include:  Approximately 30 miles of new pipeline  2 new compressor sta

44. Slide 44: Continued Expansion of the NFG Supply System

    Pipeline & Storage Continued Expansion of the NFG Supply System Line N to Monaca Project  Project: Firm transportation service to a new ethane cracker facility being built by Shell Chemical Appalachia, LLC  In-service date: November 1, 2019  Capital cost: ~$24.5 million  Contracted capacity: 133

45. Slide 45: Northern Access Project

    Pipeline & Storage Northern Access Project Delivery points:  350,000 Dth/d to Chippawa (TCPL interconnect)  140,000 Dth/d to East Aurora (TGP 200 line) Regulatory/legal status: To Dawn  Feb. 2017 – FERC 7(c) certificate issued  Aug. 2018 – FERC issued Order finding that NY DEC waived water quali

46. Slide 46: Pipeline & Storage Customer Mix

    Pipeline & Storage Pipeline & Storage Customer Mix Customer Transportation by Shipper Type(1) Affiliated Customer Mix (Contracted Capacity) (2) 3.9 MMDth/d Affiliated Non-Affiliated Outside End User Pipeline 6% 7% 28% 56% Marketer 80% 75% Producer 10% 35% 72% LDC 44% 42% 20% 25% LDCs Producers Marke

47. Slide 47: Utility Overview

    Utility Overview National Fuel Gas Distribution Corporation 47

48. Slide 48: New York & Pennsylvania Service Territories

    Utility New York & Pennsylvania Service Territories New York Total Customers(1): 531,400 ROE: 8.7% (NY PSC Rate Case Order, April 2017) Rate Mechanisms: o Revenue Decoupling o Weather Normalization o Low Income Rates o Merchant Function Charge (Uncollectibles Adj.) o 90/10 Sharing (Large Customers)

49. Slide 49: New York Rate Case Outcome

    Utility New York Rate Case Outcome On April 20, 2017, the New York Public Service Commission issued a Rate Order relating to NFG Distribution’s rate case (No. 16-G-0257) filed in April 2016. Rate Order Summary:  Revenue Requirement: $5.9 million  Rate Base: $704 million  Allowed Return on Equity

50. Slide 50: Utility Continues its Significant Investments in Safety

    Utility Utility Continues its Significant Investments in Safety System modernization tracker in NY allows recovery of pipeline replacement costs, which is expected to drive modest gross margin and rate base growth $125.0 Capital Expenditures for Safety (1) Total Capital Expenditures Capital Expendit

51. Slide 51: Ongoing Pipeline Replacement & Modernization

    Utility Ongoing Pipeline Replacement & Modernization Utility Mains by Material(1) Miles of Utility Main Pipeline Replaced Wrought 159 158 Iron 146 144 Coated Bare Cast Iron 130 NY 9,738 miles Plastic Wrought Bare Iron Coated PA* 4,843 miles Plastic 2015 2016 2017 2018 2019 Calendar Year * No Cast Ir

52. Slide 52: A Proven History of Controlling Costs

    Utility A Proven History of Controlling Costs (1) Utility O&M Expense and Non-Service Pension Costs ($ millions) $250 O&M Expense (GAAP) Non-Service Pension Costs $200 $195 $197 $196 $203 $200 $189 $28 $27 $31 $150 $169 $176 $166 $100 $50 $0 2015 2016 2017 2018 2019 TTM 6/30/20 Fiscal Year (1) As of

53. Slide 53: Consolidated Financial Overview

    Consolidated Financial Overview Upstream I Midstream I Downstream 53

54. Slide 54: Diversified, Balanced Earnings and Cash Flows

    Diversified, Balanced Earnings and Cash Flows Adjusted Operating Results ($ per share)(1) Adjusted EBITDA ($ millions)(2) $4.00 $785 $783 $3.40 to $3.70 $800 $3.45 $3.00 $2.75 to $2.85 E&P $1.26 $351 $326 $600 E&P $2.00 Gathering $0.67 Gathering $400 $108 $117 Pipeline & Pipeline & $162 $178 $0.85 R

55. Slide 55: Disciplined, Flexible Capital Allocation

    Disciplined, Flexible Capital Allocation Capital Expenditures by Segment ($ millions)(1) $1,000 Exploration & Production (2) Gathering Pipeline & Storage Utility $781 $750 $680-$740 $660-$770 $583 $290-$330 $492 $375-$395 $500 $455 $366 $356 $30-$40 $99 $246 $60-$70 $250 $50 $54 $250-$300 $33 $48 $1

56. Slide 56: Maintaining Strong Balance Sheet & Liquidity

    Maintaining Strong Balance Sheet & Liquidity Net Debt / Adjusted EBITDA(1) Capitalization 2.51 x 2.61 x 2.65 x 2.45 x 2.47 x Total Total Equity Debt 46% 54% 2016 2017 2018 2019 TTM 6/30/20 $4.9 Billion Total Capitalization Fiscal Year End as of June 30, 2020 Debt Maturity Profile ($MM) Liquidity $60

57. Slide 57: Appendix

    Appendix 57

58. Slide 58: Safe Harbor For Forward Looking Statements

    Appendix 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 oil and gas quantiti

59. Slide 59: Consolidated Seneca and Gathering Economics

    Appendix Consolidated Seneca and Gathering Economics Average Realized Pricing (2) Locations Average 15% IRR (3) Completed EUR Prospect Reservoir Remaining CAPEX $2.50 $2.25 $2.00 Realized Lateral (Bcf/1000') to Be Drilled ($M/1000') IRR (%) (3) IRR (%) (3) IRR (%) (3) Price Length (ft) Tract 100 & G

60. Slide 60: Hedge Positions and Prices

    Appendix Hedge Positions and Prices (1) (1) Fixed price physical sales exclude joint development partner’s share of fixed price contract WDA volumes as specified under the joint development agreement. 60

61. Slide 61: WDA-CRV Type Curves

    Appendix WDA-CRV Type Curves CRV Utica Return Trip CRV Marcellus Return Trip 9 8 7 Cumulative Production (BCF) 6 5 4 Estimated Cumulative Volumes (Bcf) WDA-CRV WDA-CRV 3 Year Utica Marcellus (9,500') (9,000') 2 1 2.2 1.6 5 6.2 4.4 10 8.8 6.3 1 EUR (Bcf) 15.2-16.2 9.0-10.8 NRI 100% 100% 0 0 12 24 36

62. Slide 62: EDA Type Curves

    Appendix EDA Type Curves Lycoming Tioga 007 Utica Utica 16 14 Cumulative Production (BCF) 12 10 8 Estimated Cumulative Volumes (Bcf) 6 Lycoming Tioga Year Marcellus Utica (5,800') (8,700') 4 1 3.2 5.3 5 8.6 12.6 2 10 11.1 15.5 EUR (Bcf) 14.5-16.8 17.4-20.0 NRI 84% 82-87% 0 0 12 24 36 48 60 72 84 96

63. Slide 63: Firm Transportation Commitments

    Appendix Firm Transportation Commitments Volume Delivery Demand Charges Production Source Gas Marketing Strategy (Dth/d) Market ($/Dth) Northeast Supply Firm Sales Contracts Canada $0.50 Diversification EDA – Tioga 50,000 Dawn/NYMEX+ (Dawn) (3rd party) Tennessee Gas Pipeline 10 years NFG pipelines =

64. Slide 64: Comparable GAAP Financial Measure Slides & Reconciliations

    Appendix 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

65. Slide 65: Non-GAAP Reconciliations – Adjusted EBITDA

    Appendix Non-GAAP Reconciliations – Adjusted EBITDA Reconciliation of Adjusted EBITDA to Consolidated Net Income ($ Thousands) (1) 12-Months (1) FY 2016 FY 2017 FY 2018 FY 2019 Ended 6/30/20 Total Adjusted EBITDA Exploration & Production Adjusted EBITDA $ 363,830 $ 360,979 $ 317,707 $ 351,159 326,23

66. Slide 66: Non-GAAP Reconciliations – Adjusted EBITDA, by Segment

    Appendix Non-GAAP Reconciliations – Adjusted EBITDA, by Segment Reconciliation of Adjusted EBITDA to Net Income, by Segment ($ Thousands) FY20 FY19 12-Months 3-Months FY 2019 FYTD FYTD Ended 6/30/20 Ended 6/30/20 Exploration and Production Segment Reported GAAP Earnings $ 111,807 $ (157,733) $ 86,59

67. Slide 67: Non-GAAP Reconciliations – Adjusted Operating Results

    Appendix Non-GAAP Reconciliations – Adjusted Operating Results 67

68. Slide 68: Non-GAAP Reconciliations – Capital Expenditures

    Appendix Non-GAAP Reconciliations – Capital Expenditures Reconciliation of Segment Capital Expenditures to Consolidated Capital Expenditures ($ Thousands) FY 2020 FY 2021 FY 2016 FY 2017 FY 2018 FY 2019 Forecast Forecast Capital Expenditures Exploration & Production Capital Expenditures $ 256,104 $

69. Slide 69: Non-GAAP Reconciliations – E&P Operating Expenses

    Appendix Non-GAAP Reconciliations – E&P Operating Expenses Twelve Months Ended Twelve Months Ended September 30, 2019 September 30, 2018 (2) Appalachia West Coast Total E&P Appalachia West Coast(2) Total E&P Appalachia West Coast(2) Total E&P Appalachia West Coast(2) Total E&P $/ Mcfe $ / Boe $ / Mc

National Fuel Gas Company — Q3 2020 Earnings Presentation on 6ix