National Fuel Gas Company · NYSE:NFG
National Fuel Gas — Q3 2025 Earnings Presentation
60 slides from National Fuel Gas's earnings presentation, Jul 31, 2025
Slide 1: Investor Presentation: Fiscal 2025 – 3rd Quarter Update
Investor Presentation Fiscal 2025 – 3rd Quarter Update July 30, 2025 Fiscal 2025 Q3 Update 1
Slide 2: National Fuel Gas Company
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) Fiscal 2025 Q3 Update 2
Slide 3: Company Overview
Company Overview Corporate HQ: Buffalo, NY NYSE: NFG ~2,300 employees Market Cap: ~$7.8B 123 Years of consecutive dividend payments >10% Adjusted EPS 55 Years of consecutive Growth FY24-FY27E dividend increases 17% reduction in Investment Grade methane emissions credit rating since 2020 Left picture
Slide 4: History of National Fuel
History of National Fuel Industry Pioneer Born From Rockefeller’s Standard Oil Company Fiscal 2025 Q3 Update 4
Slide 5: NFG: A Diversified, Integrated Natural Gas Company
NFG: A Diversified, Integrated Natural Gas Company Upstream: Exploration & Production Midstream: Gathering Developing our large, high-quality acreage in Partnering with producers to construct pipeline Marcellus & Utica shales systems and deliver gas to interstate pipelines Non-Regulated ~1.2 Million
Slide 6: Non-Regulated Business Overview
Non-Regulated Business Overview Exploration & Production Segment (Upstream) • Seneca Resources Company ‒ Total Net Acres (Pennsylvania): ~1.2 million Western Development Area – ~925,000 Acres ‒ Total Proved Reserves: 4.8 Tcfe(1) ‒ Current Net Production: ~1.2 Bcf/d(2) ‒ Firm Transportation Capacity:
Slide 7: Regulated Business Overview
Regulated Business Overview Pipeline & Storage Segment (Midstream) • 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 Capacity: 71 Bcf(2) ‒ Firm
Slide 8: Why National Fuel?
Why National Fuel? Strong Integrated Visibility on Long-Term Long-Standing History Responsibly Responsibly Reducing Reduce Returns EPS & FCF Growth of Shareholder Returns Emissions Emissions Optimized capital Targeting significant 123 consecutive years Continued progress allocation rate base
Slide 9: Integrated Model Drives Strong Returns
Integrated Model Drives Strong Returns NFG’s ROCE Outperforms Peers and Broader Market, on Average, Over a Multi-Year Period Return on Capital Employed(1) NFG vs. S&P 500 and Industry Peers Integrated Business Model Benefits 20% Operations: Lower cost structure Financial: Lower cost of capital S
Slide 10: Strong Value Proposition Driven by Earnings & Cash Flow Outlook
Strong Value Proposition Driven by Earnings & Cash Flow Outlook On Track for >10% Consolidated 3-Year Adjusted EPS CAGR (FY24-27E) Regulated Businesses Non-Regulated Businesses Increasing EPS expected to drive future dividend growth Significant FCF generation expected to provide flexibility in c
Slide 11: Proven Track Record of Returning Capital to Shareholders
Proven Track Record of Returning Capital to Shareholders >$650 Million Returned to Shareholders in Last 3 Years(1) Stable, Growing Dividend … …Plus Share Buyback $2.14 $200 MM Share Repurchase Program approved per share in March 2024 $2.00 55 Years Through June 30th purchased: Consecutive Divide
Slide 12: Considerable Progress on Emissions Reductions
Considerable Progress on Emissions Reductions Latest Corporate Responsibility Report Provides Enhanced Disclosures on Sustainability Initiatives Continued Progress On Our Methane Intensity Targets(1) 17% reduction in consolidated methane emissions since 2020 Responsible gas certifications Pneu
Slide 13: Financial Overview
Financial Overview Fiscal 2025 Q3 Update 13
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) Quarterly Highlights & Higher FY26 Initial Outlook Adjusted Operating Results(1) $11.00 ($ per share) Q3 Highlights $10.00 $10.00 $5.00 • Non-Regulated – higher production/throughput
Slide 15: Capital Allocation Priorities Drive Spending Levels
Capital Allocation Priorities Drive Spending Levels Capital Allocation Priorities Capital Expenditures by Segment ($ millions)(1) (2) Utility Pipeline & Storage Gathering Exploration & Production • Invest in regulated growth via modernization ~$1,010 Organic and pipeline expansions $973 $936 ~$923 I
Slide 16: Balance Sheet Resiliency Through the Commodity Cycle
Balance Sheet Resiliency Through the Commodity Cycle Conservative Leverage Provides for Opportunistic Capital Allocation Net Debt / Adjusted EBITDA(1) Current Credit Rating Capitalization Committed to Investment Grade 3.5 x Downgrade Credit Rating Threshold 2.72 x Investment Grade Equity Total Debt
Slide 17: Business Highlights
Business Highlights Fiscal 2025 Q3 Update 17
Slide 18: Earnings Growth from Successful Rate Case Activity & Pipeline Projects
Earnings Growth from Successful Rate Case Activity & Pipeline Projects Utility Pipeline & Storage 3-Year rate case settlement drives significant earnings growth Pipeline Expansion Projects Boost Rate Base Growth Supply Corporation Filed a rate case in October 2023 for new rates effective October 2
Slide 19: Integrated Development Creates Differentiated Value
Integrated Development Creates Differentiated Value Western Development Areas (WDA) Eastern Development Areas (EDA) Legacy Development Area Development Focus Area Development Plan Highlights Primarily Owned in Fee (No Royalty) EDA development plan drives higher capital efficiencies and cash flow g
Slide 20: Focused on Capital Efficiency & FCF Generation
Focused on Capital Efficiency & FCF Generation Development Program Driving 30% Improvement in Capital Efficiency (Since FY23) Productivity Increasing Significantly Strong Capital Efficiency Improvements Seneca Capital Expenditures ($ MM)(2) 700 600 12 M. Cumulative Gas, MCF/1,000(1) 500 $588 $530 $5
Slide 21: Well Design Changes Improving Tioga Utica Performance
Well Design Changes Improving Tioga Utica Performance Cumulative Prod, MMCF/1,000' Estimated Ultimate Recovery (Bcf / 1000 ft.) 1,200 3.0 ~25% 1,000 Improvement 2.5 800 2.0 MMCF/1,000' BCF/1,000’ 600 1.5 400 1.0 200 0.5 0 0.0 (1) 0 12 24 Pre-Seneca Seneca Gen 1 Seneca Gen 2 Seneca Gen 3 Months On (B
Slide 22: Decades of High-Quality Inventory at Industry Leading Breakevens
Decades of High-Quality Inventory at Industry Leading Breakevens Seneca Analysis: >10 Years of Inventory @ <$2.00 Breakevens Enverus Analysis Validates Inventory Depth 40 40 35 35 30 30 (1) 25 25 Years Inventory Years Inventory WDA 20 20 15 EDA 15 10 10 5 5 0 0 <$1.75 <$2.00 <$2.25 $2.25-$3.00 NFG N
Slide 23: NFG is a Preferred Partner for Growing Electricity Demand
NFG is a Preferred Partner for Growing Electricity Demand Integrated assets uniquely situated to meet the needs of power and data center development Core Skill Set Long-term In Developing Gas Supply Gathering Agreement Infrastructure Pipeline ESG Expansion, Focus Interconnection, Storage & Firm Tran
Slide 24: Shippingport Lateral Project Supports Data Center Development
Pipeline & Storage Shippingport Lateral Project Supports Data Center Development Recently Announced Project will Support the Repowering of a 3.6 GW Power Generation Facility and Co-located Data Center Capacity: Initially 205,000 Dth/day with potential to increase significantly Estimated capital
Slide 25: Supplemental Information
Supplemental Information Fiscal 2025 Q3 Update 25
Slide 26: Exploration & Production & Gathering Overview
Supplemental Information: Segment Overview Exploration & Production & Gathering Overview Seneca Resources Company, LLC National Fuel Gas Midstream Company, LLC 26 Fiscal 2025 Q3 Update 26
Slide 27: Long Runway of Development Opportunities in the EDA
E&P and Gathering Long Runway of Development Opportunities in the EDA Upstream Development Program 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 a
Slide 28: High Quality Acreage in WDA, Primarily Owned in Fee
E&P and Gathering High Quality Acreage in WDA, Primarily Owned in Fee Western Development Area (WDA) Highlights Marcellus & Utica Development Area(1) ~10 years of fully delineated inventory in the Utica and Marcellus plus significant additional future development potential with expected PV-10% bre
Slide 29: Production Supported by Long-Term Contracts
E&P and Gathering Production Supported by Long-Term Contracts 1,400 ~1 Bcf/d of Firm Transportation(1) Firm Sales Portfolio Gross Volumes MDth/d 1,200 In-Basin Firm Sales(2) Will continue to layer-in firm sales deals to reduce in-basin spot exposure 1,000 Gulf Coast Capacity 50 MDth/d (WDA) Northern
Slide 30: Fiscal 2025 Sales Mix Provides Near-Term Price Certainty
E&P and Gathering Fiscal 2025 Sales Mix Provides Near-Term Price Certainty Firm Sales & Production Cadence(1) Price Realizations with Hedging (Net Bcfe, $ per MMBtu) 112 Bcfe Spot 106 Bcfe Unhedged Firm Sales 14 Bcfe Floor 12 Bcfe Protection(2) $(0.75) Diff 98 Bcfe $(0.81) Diff 19 Bcfe Price Certain
Slide 31: Fiscal 2026 Sales Mix Provides Near-Term Price Certainty
E&P and Gathering Fiscal 2026 Sales Mix Provides Near-Term Price Certainty Firm Sales & Production Cadence(1) Price Realizations with Hedging (Net Bcfe, $ per MMBtu) Spot 77 Bcfe $(0.90) Diff Unhedged Firm Sales 87 Bcfe $(0.83) Diff Floor Protection(2) ($0.78) 96 Bcfe ($0.76) $3.57 Floor ($0.86) ($0
Slide 32: Hedging Program: Disciplined with Upside Potential
E&P and Gathering Hedging Program: Disciplined with Upside Potential Methodical Approach to Layering in Hedges Over Time Supports Investment Grade Credit Rating Swaps and Fixed Price Sales Provide Price Certainty(1)… …Collars and Unhedged Production Provide Upside Capture Opportunities Hedged vs Unh
Slide 33: Integration Drives Industry Leading Cost Structure
E&P and Gathering Integration Drives Industry Leading Cost Structure Seneca Cash OpEx ($/Mcfe) Seneca + Gathering Cash OpEx ($/Mcfe) $0.94 $0.94 $0.92 $0.92 $0.07 $0.08 $0.06 (1) (1) $0.18 $0.18 $0.18 (2) $0.12 $0.12 (2) $0.13 $0.10 $0.47 $0.57 $0.56 (2) $0.55 (2) -$0.55 FY2024 FY2025E FY2026E Senec
Slide 34: Industry-Leading Focus on Sustainability
E&P and Gathering Industry-Leading Focus on Sustainability Responsible Gas Certifications, Emissions Reductions & Biodiversity Equitable Origin – EO100TM Standard for Responsible Emissions Reductions Energy Development Certification (100% of natural gas production recertified in December 2024) Sur
Slide 35: Pipeline & Storage Overview
Supplemental Information: Segment Overview Pipeline & Storage Overview National Fuel Gas Supply Corporation Empire Pipeline, Inc. 35 Fiscal 2025 Q3 Update 35
Slide 36: Pipeline & Storage Segment Overview
Pipeline & Storage Pipeline & Storage Segment Overview National Fuel Gas Supply Corporation Contracted Capacity(1): Firm Storage: 71 Bcf (fully subscribed) Firm Transportation: 3.5 Bcf / day Rate Base(2): ~$1.3 billion Empire Pipeline FERC Rate Proceeding Status: Rate case settled in Q2
Slide 37: Pipeline & Storage Customer Mix
Pipeline & Storage Pipeline & Storage Customer Mix Customer Transportation by Shipper Type(1) Affiliated Customer Mix (Contracted Capacity) Affiliated Non-Affiliated End User 8% 21% Outside Producer Pipeline 52% 28% 15% 80% Marketer 79% 14% LDC 48% 35% 20% LDCs Producers Firm Storage Firm Transport
Slide 38: P&S Capital Expenditures
Pipeline & Storage Pipeline Modernization & Expansion Projects Propel Growth Capex Investments Support Long-Term Rate Base Growth Estimate of ~5-7% P&S Capital Expenditures(1) Organic Growth Drivers Expect long-term non-expansion capex spend of ~$100-150 MM/year ($ millions) Tioga Pathway & Shippi
Slide 39: Tioga Pathway Project Creates Organic Growth
Pipeline & Storage Tioga Pathway Project Creates Organic Growth Long-term revenue growth for Supply, while providing an additional outlet for Seneca’s EDA development Capacity: 190,000 Dth/day Estimated capital cost: ~$100 million A portion of the capital to be allocated to modernization facil
Slide 40: Continued Expansion Opportunities for Supply Corp. Line N System
Pipeline & Storage Continued Expansion Opportunities for Supply Corp. Line N System 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 • Proxima
Slide 41: Utility Overview
Supplemental Information: Segment Overview Utility Overview National Fuel Gas Distribution Corporation 41 Fiscal 2025 Q3 Update 41
Slide 42: New York & Pennsylvania Service Territories
Utility 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: o Revenue Decoupling o Weath
Slide 43: NY Utility Rate Case Supports Growing Earnings Outlook
Utility 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 ra
Slide 44: NY Utility Regulatory Environment
Utility NY Utility Regulatory Environment NY Regulatory Environment Continues to Prioritize Access to Safe, Reliable and Affordable Energy 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 P
Slide 45: Customer Affordability
Utility Customer Affordability New York Pennsylvania #1 #1 Out of 9 Gas Utilities(1) Out of 6 Gas Utilities(2) New York Large Gas Utilities Monthly Bill Pennsylvania Large Gas Utilities Monthly Bill Residential Heating (based on 100 Mcf annually) Residential Heating (based on 15 Mcf monthly) $300 $3
Slide 46: Utility Continues its Significant Investments in Safety
Utility Utility Continues its Significant Investments in Safety Long-Standing Focus on Distribution System Safety and Reliability $200.0 Capital Expenditures for Safety Total Capital Expenditures (1) $230.0 $185-$205 $180.0 (2) $175-$195 $184.6 Utility Capital Expenditures ($ millions) $160.0 $180.0
Slide 47: Long-Standing Pipeline Replacement & Modernization
Utility Long-Standing Pipeline Replacement & Modernization Utility Mains by Material(1) Miles of Utility Main Pipeline Replaced(2) 180 Wrought 168 Coated Bare Iron 161 154 156 154 160 NY 140 53 40 43 49 9,834 miles Plastic 41 120 100 80 Wrought Coated Iron Bare 60 114 115 113 113 112 PA 40 4,852 mil
Slide 48: Utility Targeting Substantial Emissions Reductions
Utility Utility Targeting Substantial Emissions Reductions Significant Reductions in Utility GHG Emissions to Date, GHG Reduction Targets, Continuing Focus on Lowering Driven by System Modernization Efforts Carbon Footprint Utility Mains & Services Emissions(1) Utility GHG Emissions Reduction Target
Slide 49: Guidance & Other Financial Information
Supplemental Information Guidance & Other Financial Information Fiscal 2025 Q3 Update 49
Slide 50: Fiscal 2026 Adjusted EPS Guidance
Fiscal 2026 Adjusted EPS Guidance Updated FY25 Adj. EPS Guidance Preliminary FY2026 Adj. EPS Guidance NYMEX Assumed EPS Sensitivities $6.80 to $6.95/share(1) Assumption Spot Price $3.00 $6.35 - $6.85 $2.30 $4.00 $8.00 - $8.50 $3.10 Key Guidance Drivers $5.00 $9.75 - $10.25 $3.90 Net Production 440 -
Slide 51: Regulated: Rate Case Overview
Regulated: Rate Case Overview Pipeline & Storage Utility Supply Empire NY(2) PA Regulatory Agency (Governed by) FERC FERC NYPSC PAPUC • Settlement approved by • Amendment to 2019 • Joint Proposal • Settlement approved FERC June 11, 2024 Settlement approved approved(2) December in June 2023 • New rat
Slide 52: Hedge Portfolio & Capped Firm Sales
Hedge Portfolio & Capped Firm Sales 4Q 2025 1Q 2026 2Q 2026 3Q 2026 4Q 2026 FY 2027 FY 2028 Swaps Units Volume Bbtu 42,725 28,795 25,140 29,640 29,640 86,860 28,780 Wtd. Avg. Price $ / MMBtu $3.46 $3.68 $4.04 $4.05 $4.05 $3.95 $3.82 Collars Volume Bbtu 19,080 24,440 30,975 21,600 21,600 40,000 6,680
Slide 53: Type Curves Demonstrate Outstanding Well Results
Type Curves Demonstrate Outstanding Well Results 1,600 Operational Data Tioga Tioga Lycoming WDA 1,400 Estimated Utica Marcellus Marcellus Utica Location 200 70 20 250 Count Gross Cumulative Production, MMCF/1,000’ 1,200 Avg. TLL (ft) 13,000’ 10,000’ 8,000’ 13,000’ $1,250 - $900 - $1,075 - $1,050 -
Slide 54: Safe Harbor For Forward Looking Statements
Safe Harbor For Forward Looking Statements This presentation may contain “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995, including statements regarding future prospects, plans, objectives, goals, projections, estimates of gas quantities, strategies, f
Slide 55: Comparable GAAP Financial Measure Slides & Reconciliations
Comparable GAAP Financial Measure Slides & Reconciliations This presentation contains certain non-GAAP financial measures. For pages that contain non-GAAP financial measures, pages containing the most directly comparable GAAP financial measures and reconciliations are provided in the slides that fol
Slide 56: Non-GAAP Reconciliations – Adjusted EBITDA & Net Debt
Non-GAAP Reconciliations – Adjusted EBITDA & Net Debt ($ Thousands) FY 2021 FY 2022 FY 2023 FY 2024 Total Adjusted EBITDA Exploration & Production Adjusted EBITDA 464,529 656,310 611,782 589,831 Pipeline & Storage Adjusted EBITDA 218,921 240,904 237,327 259,920 Gathering Adjusted EBITDA 159,005 176,
Slide 57: Non-GAAP Reconciliations – Adjusted EBITDA, by Segment
Non-GAAP Reconciliations – Adjusted EBITDA, by Segment Reconciliation of Adjusted EBITDA to Net Income, by Segment ($ Thousands) 12-Months FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 Ended 6/30/25 Exploration and Production Segment Reported GAAP Earnings $ (326,904) $ 101,916 $ 306,064 $ 232,275 (163,95
Slide 58: Non-GAAP Reconciliations – Adjusted Operating Results
Non-GAAP Reconciliations – Adjusted Operating Results Fiscal Year Ended Three Months Ended September 30, June 30, (in thousands except per share amounts) 2024 2023 2025 2024 Reported GAAP Earnings $ 77,513 $ 476,866 $ 149,818 $ (54,158) Items impacting comparability: Impairment of assets (E&P) 519,1
Slide 59: Non-GAAP Reconciliations – Funds From Operations
Non-GAAP Reconciliations – Funds From Operations Reconciliation of Funds From Operations (FFO) to Net Cash Provided by Operating Activities ($ Thousands) FY21 FY22 FY23 FY24 Net Cash Provided by Operating Activities $791,553 $812,521 $1,237,075 $1,065,961 Less: Change in Working Capital: Receivables
Slide 60: Reconciliation – Capital Expenditures
Reconciliation – Capital Expenditures Reconciliation of Segment Capital Expenditures to Consolidated Capital Expenditures ($ Thousands) FY 2025 FY 2026 FY 2023 FY 2024 Guidance Guidance Capital Expenditures Exploration & Production Capital Expenditures $ 737,725 $ 536,349 $500,000 - $510,000 $470,00
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