National Fuel Gas Company · NYSE:NFG
National Fuel Gas — Merger or Acquisition (October 2026)
22 slides from National Fuel Gas's merger presentation, Oct 14, 2026
Slide 1: NFG to Separate Integrated Upstream and Gathering Business
NFG to Separate Integrated Upstream and Gathering Business October 14, 2026 Exhibit 99.2
Slide 2: Today's Presenters
Today’s Presenters David P. Bauer President and Chief Executive Officer National Fuel Gas Company Timothy J. Silverstein Treasurer and Chief Financial Officer National Fuel Gas Company Justin I. Loweth President Seneca Resources and NFG Midstream (Integrated Upstream and Gathering)
Slide 3: Today's Strategic Update
Today’s Strategic Update NFG’s Board of Directors approved a plan to separate its Integrated Upstream and Gathering (“IUG”) business Separation will create two scaled, financially strong companies with dedicated management teams, tailored capital allocation frameworks, and clearer pathways to long-t
Slide 4: Two Scaled, Premier Independent Natural Gas Companies
Two Scaled, Premier Independent Natural Gas Companies Includes Tioga Pathway Project and Shippingport Lateral Project expected in-service November 1, 2026. References NYMEX Henry Hub prices to breakeven assuming a PV-10 value. Assumes an average of 25 to 30 wells brought online/year, which is equiva
Slide 5: NFG Has Built Two Businesses Positioned for Future Growth
Transitioned Development Focus to EDA 2023 NFG Has Built Two Businesses Positioned for Future Growth 2026 Strong Industry Backdrop Expected to Provide Growth Opportunities Across the Natural Gas Value Chain Execution of Strategic Plans and Opportunistic M&A Have Built Scale and Strengthened Each Bus
Slide 6: Key Investment Highlights
Key Investment Highlights Premier asset base supported by integrated, low-cost operations, peer-leading inventory depth and long-term growth potential 25+ years of development inventory at PV-10 breakeven prices of less than $2.25/MMBtu(1) Significant free cash flow generation supports shareholder r
Slide 7: Separation Enhances Long-Term Value Potential for Each Business
Separation Enhances Long-Term Value Potential for Each Business Distinct Strategic Priorities Optimized Capital Allocation Tailored Capital Structures Clear Equity Stories Dedicated strategies align with the distinct dynamics of each individual business Greater capital allocation flexibility to maxi
Slide 8: Integrated Upstream and Gathering Overview
Integrated Upstream and Gathering Overview
Slide 9: IUG: A Premier Integrated Appalachian Natural Gas Company
IUG: A Premier Integrated Appalachian Natural Gas Company Reported annually as of September 30, 2025. Average net production and throughput for the three months ended June 30, 2026. References NYMEX Henry Hub prices to breakeven assuming a PV-10 value. Assumes an average of 25 to 30 wells brought on
Slide 10: Peer-Leading Inventory Depth at Low Breakeven Prices
Peer-Leading Inventory Depth at Low Breakeven Prices Assumes an average of 25 to 30 wells brought online/year, which is equivalent to current pace. Enverus research is at $2.75 breakevens as of the most recent report published on September 24, 2026. Peers include AR, Ascent, CNX, EQT, EXE, GPOR, RRC
Slide 11: Top-Tier Cost Structure and Capital Efficiency Trends
Top-Tier Cost Structure and Capital Efficiency Trends Capital Efficiency defined as Integrated Upstream and Gathering Capital Expenditures less Acquisitions, Discretionary Land Spend, and Third-Party Midstream investments, divided by Seneca net production. FY23 capex reflects the netting of $150 mil
Slide 12: Growing Portfolio of Valuable Firm Transportation
Growing Portfolio of Valuable Firm Transportation Marketing Portfolio Has Premium Market Access(1) New FT Enhances Long-Term Marketing Portfolio: Northern Markets ~30% of total Southeast, Gulf Coast ~20% of total Northeast ~20% of total Percentages in chart indicate expected firm transportation capa
Slide 13: National Fuel Gas Company (RemainCo) Overview
National Fuel Gas Company (RemainCo) Overview
Slide 14: National Fuel: A Premier Fully Regulated Natural Gas Company
National Fuel: A Premier Fully Regulated Natural Gas Company Natural Gas Utility and Interstate Pipeline & Storage Projected as of December 31, 2026. Reported annually as of September 30, 2025, and includes short-term and long-term contracted capacity. Includes Tioga Pathway Project and Shippingport
Slide 15: Constructive Regulatory Backdrop Supports Long-Term Investments
Constructive Regulatory Backdrop Supports Long-Term Investments Well-established utility regulatory rate mechanisms provide timely return on invested capital OH Infrastructure (DRR/CEP) Riders NY System Modernization Tracker PA Distribution System Improvement Charge Pipeline and storage modernizatio
Slide 16: Pipeline Platform Positioned to Serve Growing Gas Demand
Pipeline Platform Positioned to Serve Growing Gas Demand ~3 Bcf/d of NFG Expansion Projects Since 2010 Strategically located infrastructure connects Appalachian supply with key demand markets Structural demand growth is expected to increase the need for reliable gas supply Rising power generation de
Slide 17: Long History of Delivering Industry-Leading Affordability
Long History of Delivering Industry-Leading Affordability Based on 2025 average monthly residential bill data posted on company websites required by the NYPSC. Chart reflects NY Large Gas Utilities Monthly Bill Residential Heating (based on 100 Mcf annually). Based on analysis of 2025 PAPUC Annual R
Slide 18: Financial Profile & Transaction Details
Financial Profile & Transaction Details
Slide 19: Enhanced Financial Profile
Enhanced Financial Profile High-quality resource base, efficiently capitalized for disciplined growth and long-term shareholder returns Compelling rate-regulated return proposition, driven by stable cash flows, predictable growth, and a strong credit profile Expect strong balance sheet and improved
Slide 20: Transaction Details & Expected Timing
Transaction Details & Expected Timing Transaction Structure Separation expected to be effected through a tax-free distribution of IUG shares to National Fuel shareholders National Fuel shareholders will retain National Fuel shares and receive IUG shares on a pro rata basis Retained Ownership Nationa
Slide 21: Enhancing Value Through Strategic Separation
Enhancing Value Through Strategic Separation ü Long-term natural gas demand fundamentals create meaningful opportunities across both companies ü Separation preserves the key benefits of integration that each standalone business realizes today ü Distinct investment opportunities aligned with each com
Slide 22: Safe Harbor For Forward Looking Statements
Safe Harbor For Forward Looking Statements Certain statements contained herein, including statements identified by the use of the words “anticipates,” “believes,” “could,” “estimates,” “expects,” “forecasts,” “guidance,” “intends,” “may,” “might,” “outlook,” “plans,” “potential,” “predicts,” “projec
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