National Fuel Gas Company · NYSE:NFG
National Fuel Gas — Q3 2025 Earnings Presentation
60 slides from National Fuel Gas's earnings presentation, Jul 30, 2025
Slide 1: Investor Presentation Fiscal 2025 – 3rd Quarter Update
Investor Presentation Fiscal 2025 – 3rd Quarter Update July 30, 2025 Exhibit 99
Slide 2: Agenda
National Fuel Gas Company Company Overview (3) Why National Fuel? (8) Financial Overview (13) Business Highlights (17) Supplemental Information Segment Information (24) Guidance & Other Financial Information (49)
Slide 3: Company Overview
Company Overview Left picture: Seneca Resources rig in Tioga County, PA. Right picture: Buffalo Bills’ New Highmark Stadium construction in Orchard Park, NY. Corporate HQ: Buffalo, NY ~2,300 employees NYSE: NFG Market Cap: ~$7.8B 123 Years of consecutive dividend payments 55 Years of consecutive div
Slide 4: History of National Fuel
History of National Fuel Industry Pioneer Born From Rockefeller’s Standard Oil Company
Slide 5: A Diversified, Integrated Natural Gas Company
NFG: A Diversified, Integrated Natural Gas Company (1) Twelve months ended June 30, 2025. A reconciliation of Adjusted EBITDA to Net Income as presented on the Consolidated Statement of Income and Earnings Reinvested in the Business is included at the end of this presentation. (2) Average for the th
Slide 6: Non-Regulated Business Overview
Western Development Area – ~925,000 Acres Eastern Development Area – ~320,000 Acres Non-Regulated Business Overview Exploration & Production Segment (Upstream) Gathering Segment (Midstream) Seneca Resources Company Total Net Acres (Pennsylvania): ~1.2 million Total Proved Reserves: 4.8 Tcfe(1) Curre
Slide 7: Regulated Business Overview
Regulated Business Overview Pipeline & Storage Segment (Midstream) Utility Segment (Downstream) Regulated by Federal Energy Regulatory Commission (FERC) Total Rate Base: $1.6 Billion(1) ~2,600 miles of pipeline / 28 storage fields National Fuel Gas Supply Corporation: Firm Contracted Storage Capacit
Slide 8: Why National Fuel?
Why National Fuel? Optimized capital allocation Lower cost of capital Operational synergies Improved profitability Targeting significant rate base growth from system modernization and expansion Increasing free cash flow driven by improving upstream capital efficiencies Responsibly Reduce Emissions C
Slide 9: Integrated Model Drives Strong Returns
Integrated Model Drives Strong Returns Source: Bloomberg for the TTM ending September 30th. NFG adjusted excludes after-tax non-cash ceiling test impairments. Average Annual NFG Stock Outperformance Since FY17 NFG vs. S&P 500: +2% NFG vs. E&P Peers: +6% NFG vs. Utility Peers: +5% NFG’s ROCE Outperfo
Slide 10: Strong Value Proposition Driven by Earnings & Cash Flow Outlook
(1) NYMEX based on flat price assumptions per year. Includes current hedge positions as of June 30, 2025 and excludes acquisitions. Note: The Company defines free cash flow as net cash provided by operating activities, less net cash used in investing activities, adjusted for acquisitions and divesti
Slide 11: Proven Track Record of Returning Capital to Shareholders
Proven Track Record of Returning Capital to Shareholders 55 Years Consecutive Dividend Increases 123 Years Consecutive Payments $2.14 per share $0.19 per share Stable, Growing Dividend … …Plus Share Buyback $200 MM Share Repurchase Program approved in March 2024 Through June 30th purchased: 2.0 MM s
Slide 12: Considerable Progress on Emissions Reductions
Considerable Progress on Emissions Reductions All emissions reduction targets based on 2020 baseline. Measured using calendar 2023 emissions data, as reported in Company’s 2023 Corporate Responsibility Report. Continued Progress On Our Methane Intensity Targets(1) 17% reduction in consolidated metha
Slide 13: Financial Overview
Financial Overview G) National Fuel’
Slide 14: Continued Momentum Propels Higher Earnings Guidance
Continued Momentum Propels Higher Earnings Guidance Growth Supports Consolidated 3-Year Adj. EPS CAGR >10% (FY24-27E) Adjusted Operating Results(1) ($ per share) Excludes items impacting comparability. Consolidated Adjusted Operating Results includes Corporate & All Other. See Comparable GAAP Financ
Slide 15: Capital Allocation Priorities Drive Spending Levels
Capital Allocation Priorities Drive Spending Levels (2) Capital expenditures include accrued capex. Total Capital Expenditures include Corporate and All Other. A reconciliation to Capital Expenditures as presented on the Consolidated Statement of Cash Flows is included at the end of this presentatio
Slide 16: Balance Sheet Resiliency Through the Commodity Cycle
Balance Sheet Resiliency Through the Commodity Cycle Net Debt / Adjusted EBITDA(1) Net Debt is net of cash and temporary cash investments. Reconciliations of Net Debt and Adjusted EBITDA are included at the end of this presentation. A reconciliation of Funds From Operations (FFO) to Net Cash Provide
Slide 17: Business Highlights
G) National Fuel’ Business Highlights
Slide 18: Earnings Growth from Successful Rate Case Activity & Pipeline Projects
(1) See Case 23-G-0627 on file with the NY PSC. (2) DSIC tracker allows recovery on incremental system investments after July 31, 2024, subject to attaining rate year plant balance of $781.3 million and earning below a statewide ROE target (currently 10.15%). Earnings Growth from Successful Rate Cas
Slide 19: Integrated Development Creates Differentiated Value
Integrated Development Creates Differentiated Value EDA development plan drives higher capital efficiencies and cash flow generation EDA wells deliver >2x the well productivity versus legacy WDA program(1) Well and facility design optimization driving enhanced EDA Utica well performance Recent Utica
Slide 20: Focused on Capital Efficiency & FCF Generation
Focused on Capital Efficiency & FCF Generation FY23 and FY24 is based on actual data. FY25 and FY26 data is projected until 12 months after the last pad has been online. Well data tied to FY based on first production off of pad and includes any marketing or operational curtailments. A reconciliation
Slide 21: Well Design Changes Improving Tioga Utica Performance
Well Design Changes Improving Tioga Utica Performance Gen 3 design primarily uses 1,800 ft. inter-well spacing, 2,200 lbs. per ft. of proppant intensity, and 150 ft. stage spacing. +80% (1) ~25% Improvement
Slide 22: Decades of High-Quality Inventory at Industry Leading Breakevens
Decades of High-Quality Inventory at Industry Leading Breakevens Assumes an average of 20 to 30 wells brought online/year, which is equivalent to current pace. Enverus research is at $2.50 breakevens. Peers include EQT, RRC, AR, GPOR, Ascent, CNX, EXE. Enverus Analysis Validates Inventory Depth (1)
Slide 23: NFG is a Preferred Partner for Growing Electricity Demand
Power Gen Data Center Integrated assets uniquely situated to meet the needs of power and data center development NFG is a Preferred Partner for Growing Electricity Demand Capability to provide reliable and redundant gas supply Ability to build interconnects and laterals to serve end user demand Long
Slide 24: Shippingport Lateral Project Supports Data Center Development
Shippingport Lateral Project Supports Data Center Development Pipeline & Storage Capacity: Initially 205,000 Dth/day with potential to increase significantly Estimated capital cost: $57 million Estimated annual revenue: $15 million Facilities: approximately 7.5 miles of new 24-inch pipeline Target i
Slide 25: Supplemental Information
Supplemental Information G) National Fuel’
Slide 26: Exploration & Production & Gathering Overview
Exploration & Production & Gathering Overview Seneca Resources Company, LLC National Fuel Gas Midstream Company, LLC Supplemental Information: Segment Overview
Slide 27: Long Runway of Development Opportunities in the EDA
Long Runway of Development Opportunities in the EDA Utica Development >10 years of inventory with an expected PV-10% breakeven price of less than $2.00/MMBbtu NYMEX Tioga County, PA Low-risk development locations: ~200 Utica, ~70 Marcellus Utica average total lateral length (TLL) of ~13k feet (~$1,2
Slide 28: High Quality Acreage in WDA, Primarily Owned in Fee
High Quality Acreage in WDA, Primarily Owned in Fee ~10 years of fully delineated inventory in the Utica and Marcellus plus significant additional future development potential with expected PV-10% breakeven price of less than $2.25/MMBtu NYMEX Large gathering system with multiple interconnects provi
Slide 29: E&P and Gathering Production Supported by Long-Term Contracts
E&P and Gathering Production Supported by Long-Term Contracts ~1 Bcf/d of Firm Transportation(1) Gulf Coast Capacity 50 MDth/d (WDA) Firm Sales Portfolio Gross Volumes MDth/d FY 2025 to 2026 NE Supply Diversification (TGP) 50 MDth/d (Canada-Dawn) (EDA-Tioga) Niagara Expansion (TGP & NFG - Supply) Ca
Slide 30: Fiscal 2025 Sales Mix Provides Near-Term Price Certainty
Q4 Volumes: Fixed Price 22 Bcfe, NYMEX-Linked 69 Bcfe, Index 3 Bcfe. Floor protection defined as volumes where a floor price is locked in through a NYMEX-linked firm sale paired with a NYMEX collar. The average realized price, which includes differentials of ~($0.76) is a $2.60 floor and $3.65 cap.
Slide 31: Fiscal 2026 Sales Mix Provides Near-Term Price Certainty
Price Realizations with Hedging (Net Bcfe, $ per MMBtu) Fiscal 2026 Sales Mix Provides Near-Term Price Certainty E&P and Gathering ($0.86) ($0.86) ($0.82) ($0.82) $2.48 $2.48 Firm Sales & Production Cadence(1) 440 to 455 Bcfe Price Certainty(3) 188 Bcfe $2.86 Realized Floor Protection(2) 96 Bcfe $3.
Slide 32: Hedging Program: Disciplined with Upside Potential
…Collars and Unhedged Production Provide Upside Capture Opportunities Hedging Program: Disciplined with Upside Potential E&P and Gathering FY25 estimated hedge percentage shown for the remaining 3 months and assumes ~423 Bcf of production for the year with the remaining years at mid-single digit gro
Slide 33: Integration Drives Industry Leading Cost Structure
Integration Drives Industry Leading Cost Structure Seneca Cash OpEx ($/Mcfe) G&A estimate represents the midpoint of the G&A guidance ranges for fiscal 2025 and 2026. The total of the two LOE components represents the midpoint of the LOE guidance ranges for fiscal 2025 and 2026. (2) E&P and Gatherin
Slide 34: Industry-Leading Focus on Sustainability
Industry-Leading Focus on Sustainability E&P and Gathering Responsible Gas Certifications, Emissions Reductions & Biodiversity Equitable Origin – EO100TM Standard for Responsible Energy Development Certification (100% of natural gas production recertified in December 2024) Certification focuses on t
Slide 35: Pipeline & Storage Overview
Pipeline & Storage Overview National Fuel Gas Supply Corporation Empire Pipeline, Inc. Supplemental Information: Segment Overview
Slide 36: Pipeline & Storage Segment Overview
Pipeline & Storage Segment Overview Firm transportation includes short-term and long-term and is disclosed annually as of September 30, 2024. Reported as of June 30, 2025. Empire Pipeline, Inc. National Fuel Gas Supply Corporation Empire Pipeline Supply Corp. Contracted Capacity(1): Firm Storage: 71
Slide 37: Pipeline & Storage Customer Mix
Pipeline & Storage Customer Mix Customer Transportation by Shipper Type(1) Affiliated Customer Mix (Contracted Capacity) Disclosed annually as of 9/30/2024. Pipeline & Storage Firm Transport
Slide 38: Pipeline Modernization & Expansion Projects Propel Growth
Pipeline Modernization & Expansion Projects Propel Growth A reconciliation to Capital Expenditures as presented on the Consolidated Statement of Cash Flows is included at the end of this presentation. FY25E & FY26E capex is presented at mid-point of guidance. Capex Investments Support Long-Term Rate
Slide 39: Tioga Pathway Project Creates Organic Growth
Tioga Pathway Project Creates Organic Growth Capacity: 190,000 Dth/day Estimated capital cost: ~$100 million A portion of the capital to be allocated to modernization facilities Estimated annual revenue: ~$15 million (underpinned by 15-year agreement with Seneca) Modernization component of capital i
Slide 40: Continued Expansion Opportunities for Supply Corp.
Continued Expansion Opportunities for Supply Corp. Line N System Pipeline & Storage Additional Line N Expansion Opportunities Line N corridor is well positioned to serve growing power demand from AI and data centers Significant data centers exist today, plus more expected in the future Proximate to
Slide 41: Utility Overview
Utility Overview National Fuel Gas Distribution Corporation Supplemental Information: Segment Overview
Slide 42: New York & Pennsylvania Service Territories
New York & Pennsylvania Service Territories 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): ~541,000 Allowed ROE: 9.7% (NYPSC Case 23-G-0627) Rate Mechanisms: Revenue Decoupling Weather Normalizat
Slide 43: NY Utility Rate Case Supports Growing Earnings Outlook
NY Utility Rate Case Supports Growing Earnings Outlook Three-Year Rate Settlement Approved on December 19th, 2024 Joint Proposal approved(1) on December 19, 2024: 3-year rate settlement (fiscal 2025 – 2027) with no significant modifications to the Joint Proposal filed in September New rates implemen
Slide 44: NY Regulatory Environment Prioritizes Safe, Reliable Access
First utility in the state to submit a LTP (Long-Term Plan) NYPSC implemented NFG’s LTP with modifications in December 2023 Includes an “All-of-the-Above Pathway” for an affordable and practical way to meet the State’s climate goals LTP includes Hybrid Heating, Demand Response, and RNG pilot proposa
Slide 45: Customer Affordability
Customer Affordability New York Pennsylvania Based on 2024 average monthly residential bill data posted on company websites required by the NYPSC. Based on analysis of 2025 PAPUC Annual Rate Comparison Report, which includes data for average monthly residential bills for 2024. Utility #1 Out of 9 Ga
Slide 46: Utility Continues its Significant Investments in Safety
Utility Continues its Significant Investments in Safety (1) A reconciliation to Capital Expenditures as presented on the Consolidated Statement of Cash Flows is included at the end of this presentation. Increase from FY23 to FY24 is partially due to the impact of New York State’s Roadway Excavation
Slide 47: Long-Standing Pipeline Replacement & Modernization
Long-Standing Pipeline Replacement & Modernization NY 9,834 miles PA 4,852 miles Miles of Utility Main Pipeline Replaced(2) Utility Mains by Material(1) (1) All values are reported on a calendar year basis, as of December 31, 2024, as required by the DOT. (2) All values are reported on a fiscal year
Slide 48: Utility Targeting Substantial Emissions Reductions
Baseline emissions & emissions reduction targets are calculated pursuant to the reporting methodology under the EPA GHG Reporting Program (current Subpart W, and using AR5), primarily Distribution pipeline mains & services. Revisions of Subpart W emissions factors, effective for 2025 reporting, will
Slide 49: Guidance & Other Financial Information
Guidance & Other Financial Information Supplemental Information
Slide 50: Fiscal 2026 Adjusted EPS Guidance
Fiscal 2026 Adjusted EPS Guidance Updated FY25 Adj. EPS Guidance $6.80 to $6.95/share(1) Preliminary FY2026 Adj. EPS Guidance 440 - 455 Bcfe Key Guidance Drivers Net Production Pipeline & Storage Utility $250 – $260 million $415 - $430 million Pipeline & Storage Revenues Tax Rate Effective Tax Rate
Slide 51: Regulated: Rate Case Overview
Regulated: Rate Case Overview Supply Empire NY(2) PA Regulatory Agency (Governed by) FERC FERC NYPSC PAPUC Timing / Status Settlement approved by FERC June 11, 2024 New rates went into effect February 1, 2024 No moratorium or comeback period Amendment to 2019 Settlement approved by FERC on March 17,
Slide 52: Hedge Portfolio & Capped Firm Sales
Hedge Portfolio & Capped Firm Sales Calculated as the weighted average NYMEX forward price for each time period shown based on the Fixed Price Physical firm sale execution date, plus basis differentials and transportation costs. 4Q 2025 1Q 2026 2Q 2026 3Q 2026 4Q 2026 FY 2027 FY 2028 Swaps Units Vol
Slide 53: Type Curves Demonstrate Outstanding Well Results
Type Curves Demonstrate Outstanding Well Results Estimated wells Fiscal 2026 Drills 25 - 27 TILs* 25 - 27 Avg. TLL 12,500 – 13,000’ Drilling rigs 1.5 Estimated Tioga Utica Tioga Marcellus Lycoming Marcellus WDA Utica Location Count 200 70 20 250 Avg. TLL (ft) 13,000’ 10,000’ 8,000’ 13,000’ Cost / ft
Slide 54: 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
Slide 55: 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 56: Non-GAAP Reconciliations – Adjusted EBITDA & Net Debt
Non-GAAP Reconciliations – Adjusted EBITDA & Net Debt
Slide 57: Non-GAAP Reconciliations – Adjusted EBITDA, by Segment
Non-GAAP Reconciliations – Adjusted EBITDA, by Segment
Slide 58: Non-GAAP Reconciliations – Adjusted Operating Results
Non-GAAP Reconciliations – Adjusted Operating Results
Slide 59: Non-GAAP Reconciliations – Funds From Operations
Non-GAAP Reconciliations – Funds From Operations
Slide 60: Reconciliation – Capital Expenditures
Reconciliation – Capital Expenditures