National Fuel Gas Company · NYSE:NFG
National Fuel Gas — Investor Presentation (May 2026)
21 slides from National Fuel Gas's investor presentation, May 21, 2026
Slide 1: Welcome! National Fuel Gas Supply Corporation & Empire Pipeline, Inc. Biennial Customer Meeting
Privileged & Confidential Welcome! National Fuel Gas Supply Corporation & Empire Pipeline, Inc. Biennial Customer Meeting Genevieve Gullo, Assistant Vice President Joe Del Vecchio, President May 21st, 2026 1
Slide 2: NFG Supply & Empire Pipeline - Business Overview
NFG Supply & Empire Pipeline - Business Overview May 2026 Pipeline & Storage Segment • Regulated by Federal Energy Regulatory Commission (FERC) • Total Rate Base: $1.7 Billion (1) • National Fuel Gas Supply Corporation: TCPL - Niagara • Firm Contracted Storage Capacity: 71 Bcf (2) TCPL - Chippawa TG
Slide 3: Continued Growth in Pipeline System Throughput
Continued Growth in Pipeline System Throughput May 2026 Sustained, Record-Setting Throughput Growth for NFG Supply & Empire Pipeline Winter Polar Peak Day Throughput Storm Fern 4.00 3.76 Bcf Vortex 3.51 Bcf Key Drivers of Throughput Growth: 3.50 • Stable demand across connected utility markets 3.00
Slide 4: Long History of Developing and Executing Pipeline Expansions
Privileged & Confidential Long History of Developing and Executing Pipeline Expansions May 2026 National Fuel is on track to place over 3 Bcf/d of expansion capacity into service to support northeast markets since 2010 Markets Served: NFG Supply & Empire Pipeline Expansion Project Capacity 3.5 • Nor
Slide 5: Business Development Opportunities in Progress
Privileged & Confidential Business Development Opportunities in Progress May 2026 P&S Growth Project Initiatives 2025/2026 IN-SERVICE NYSEG Olean Interconnect – 5,000 Dth/d WAGA RNG – 2,070 Dth/d CONSTRUCTION COMMENCED (MID/LATE 2026 IN-SERVICE) Tioga Pathway – 190,000 Dth/d Shippingport Lateral – 2
Slide 6: 2026 Construction Season is Well Underway
Privileged & Confidential 2026 Construction Season is Well Underway May 2026 Tioga Pathway Project Shippingport Lateral Project 6
Slide 7: New Park & Loan Service
Privileged & Confidential New Park & Loan Service May 2026 PAL FUNDAMENTALS Standalone Off-Cycle Offsetting Interconnection Deliverability Storage Positions Optionality KEY DETAILS • Guidance posted monthly/seasonally detailing capacity available for daily Parking or Loaning on Supply Corporation sy
Slide 8: Commercial Services Org Chart
Privileged & Confidential Commercial Services Org Chart May 2026 Joe Del Vecchio President Matt Frank Senior Vice President Genevieve Gullo Assistant Vice President Interstate Marketing, Business System Optimization, T&E Contracts & Rates Development Christian Kanaley Anthony Limina Ashley Rohrich D
Slide 9: National Fuel's Core Values
Privileged & Confidential National Fuel’s Core Values May 2026 9
Slide 10: National Fuel Gas Corporate Update: Another Major Inflection Point
Privileged & Confidential National Fuel Gas Corporate Update Another Major Inflection Point Tim Silverstein Treasurer & Chief Financial Officer
Slide 11: NFG: A Diversified, Integrated Natural Gas Company
Confidential Business Information NFG: A Diversified, Integrated Natural Gas Company May 2026 Adjusted EBITDA(1) Integrated Upstream & Gathering Non-Regulated Integrated Upstream & ~1.2 Million ~1.1 Bcf/day 69% Gathering Net acres in Net total production(3) Appalachia (2) Pipeline & Storage Regulate
Slide 12: NFG is an Industry Pioneer Born from Rockefeller's Standard Oil
Privileged & Confidential NFG is an Industry Pioneer Born from Rockefeller’s Standard Oil May 2026 NFG formed as a holding company of Rockefeller’s Standard Oil Natural Gas Trust Birth of Oil & Gas Industry 1902 NFG develops the first U.S. storage facility south of Buffalo in Zoar Valley 1916 Realig
Slide 13: Acquiring Shell Assets and Unlocking Capital Efficiency
Privileged & Confidential Acquiring Shell Assets and Unlocking Capital Efficiency May 2026 2008: ~750,000 Acres Today: ~1,200,000 Acres Seneca Resources WDA ~920,000 Acres Inflection Points Year Production 2008 41 Bcf EDA ~310,000 2020 227 Bcf Acres 2026E 433 Bcf 10X Growth EDA Transition Further St
Slide 14: A New Wave of Demand is Reigniting the Energy Industry
A New Wave of Demand is Reigniting the Energy Industry Total Capacity Additions (BCF/d) 2.0 1.9 1.8 1.6 1.4 1.2 Data Center Growth 1.2 1.0 Prospective 0.8 0.8 Power 0.7 Power Generation 0.6 Generation 0.4 0.2 0.5 LNG Exports 0.0 2010 - 2016 2017 - 2021 2022 - 2025 2026+ Shale Growth Pipeline Produce
Slide 15: CenterPoint's Ohio Gas Utility Acquisition
Privileged & Confidential NEW CenterPoint’s Ohio Gas Utility Acquisition May 2026 Acquiring a High-Quality Gas Utility in a Neighboring Service Territory Significant Regulated Scale ✓ ~335,000 Customers ✓ 5,600+ System Miles ✓ $1.6 B in Rate Base ✓ ~65 Bcf in Annual Throughput ✓ Calendar Year Q4 Exp
Slide 16: Strategic Acquisition Driving Latest Utility Inflection Point
Privileged & Confidential Strategic Acquisition Driving Latest Utility Inflection Point May 2026 Balances Business Mix Utility Ratebase ($B) Expands Footprint $3.5 $3.2 $3.0 Doubles Ratebase $2.5 $1.6 $2.0 $1.5 $1.1 $0.5 $1.0 $1.0 $0.3 $0.4 $0.5 $1.1 $0.7 $0.7 $0.0 2008 2020 2026 (1) Dayton NY PA Oh
Slide 17: Positive Advances in Favor of Natural Gas in New York
Privileged & Confidential Positive Advances in Favor of Natural Gas in New York May2026 Affordability Concerns At The Forefront of All-Of-The-Above Energy Momentum State Energy Planning Board 1 Cap and Invest Program Delayed 2025 New York State Energy Plan 2 acknowledges that natural gas will remain
Slide 18: Pennsylvania Pulls out of Costly Energy Reforms
Privileged & Confidential Pennsylvania Pulls out of Costly Energy Reforms May2026 PJM Reforms Regional Greenhouse Gas Initiative
Slide 19: All-Of-The-Above Energy
Privileged & Confidential All-Of-The-Above Energy May2026 Affordability Reliability NATURAL GAS New York Pennsylvania Ohio “We need to govern in reality. We are facing war against clean energy “To continue Ohio’s growth and to “It is time now to look forward, and from Washington create jobs, we must
Slide 20: The Future for NFG and Natural Gas Is Bright
Privileged & Confidential The Future for NFG and Natural Gas Is Bright May 2026 Capital Growing Improved Strategic Efficiency Opportunity for Energy Policy Acquisitions Strengthens Pipeline Supports Drive Further Financial Expansion Natural Gas Value Position Projects Investments 20
Slide 21: Thank you for joining us!
Thank you for joining us!
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