National Fuel Gas Company · NYSE:NFG
National Fuel Gas — Merger or Acquisition (October 2025)
9 slides from National Fuel Gas's merger presentation, Oct 21, 2025
Slide 1: Acquisition of CenterPoint's Ohio Gas Utility Business
Acquisition of CenterPoint’s Ohio Gas Utility Business October 21, 2025 Exhibit 99.2
Slide 2: Safe Harbor For Forward-Looking Statements
Safe Harbor For Forward-Looking Statements This presentation contains “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995, including statements regarding the impact of National Fuel Gas Company’s (“National Fuel” or the “Company”) planned acquisition of th
Slide 3: Transaction Overview: Acquiring a High-Quality Gas Utility in a Neighboring Service Territory
Transaction Overview Acquiring a High-Quality Gas Utility in a Neighboring Service Territory National Fuel Gas Company has agreed to acquire CenterPoint’s Ohio regulated gas utility business (“CNP Ohio”) for $2.62 billion, representing ~1.6x 2026E Rate Base With approximately 335,000 customers and ~
Slide 4: CenterPoint Ohio Acquisition Delivers Significant Value
CenterPoint Ohio Acquisition Delivers Significant Value Increases Scale & Balances Business Mix National Fuel will now serve ~1.1 million customers and is doubling its gas utility rate base, adding stable, predictable rate-regulated earnings and cash flows Attractive Regulatory & Political Environme
Slide 5: Key Transaction Terms
Key Transaction Terms Transaction and Purchase Price NFG has entered into an agreement to acquire 100% of the equity interests in CNP Ohio from CenterPoint Energy CNP Ohio will be conveyed on a cash-free, debt-free basis for a purchase price of $2.62 billion, subject to customary closing adjustments
Slide 6: CNP Ohio Meaningfully Transforms NFG's Gas Utility
CNP Ohio Meaningfully Transforms NFG’s Gas Utility National Fuel is a September 30 year-end company. CNP Ohio is a December 31 year-end company. Current PA Gas Utility DSIC (Distribution System Improvement Charge) rate. ROE and equity layer are as stated in CNP Ohio’s Stipulation under the General R
Slide 7: NFG's regulated rate base will increase by ~50%
NFG’s regulated rate base will increase by ~50%, significantly improving its scale relative to its regulated gas utility peers With the addition of CNP Ohio, Utility rate base is expected to double Begins to rebalance business mix by increasing share of regulated earnings and cash flows Pro forma fo
Slide 8: Constructive Ohio Regulatory Environment
Constructive Ohio Regulatory Environment Based on regulatory jurisdictions ranked by Regulatory Research Associates. Ohio Provides Supportive Regulatory & Legal Framework RRA Ranking Top quartile regulatory environment Ranking of “Average / 1” (1) improved in 2025 as a result of improving legislativ
Slide 9: Strategically Executing on NFG's Growth Strategy
Strategically Executing on NFG's Growth Strategy Transaction Executes on NFG's Growth Strategy Provides additional avenue for regulated earnings growth Enhances the outlook for continued dividend growth Immediately accretive to regulated earnings Consolidated adjusted earnings per share expected to
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