National Fuel Gas Company · NYSE:NFG
National Fuel Gas — Q3 FY2026 Earnings Presentation
57 slides from National Fuel Gas's earnings presentation, Jul 29, 2026
Slide 1: Investor Presentation Fiscal 2026 – 3rd Quarter Update
Investor Presentation Fiscal 2026 – 3rd Quarter Update July 29, 2026 Exhibit 99
Slide 2: National Fuel Gas Company agenda
National Fuel Gas Company Company Overview (3) Recent Highlights (6) Why National Fuel? (11) Financial Overview (16) Integrated Upstream & Gathering Highlights (20) Pipeline & Storage and Utility Highlights (31) Guidance & Other Financial Information (45)
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: ~$7.7B 124 Years of consecutive dividend payments 56 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: NFG: A Diversified, Integrated Natural Gas Company
NFG: A Diversified, Integrated Natural Gas Company Developing our large, high-quality acreage in Marcellus & Utica shales Providing safe, reliable and affordable service to customers in WNY and NW PA CNP Ohio Acquisition Will Double Rate Base Integrated Upstream & Gathering Regulated Midstream Pipel
Slide 6: Recent Highlights
Recent Highlights Strength of the Integrated Model is Evident as Each Business Contributes Meaningfully Strategic IUG(1) land expansion program extends core development runway, enhances planning optionality and supports long-term capital efficiency NY Utility System Modernization Tracker (SMT) pendi
Slide 7: Announced Acquisition of CenterPoint's Ohio Gas Utility
Announced Acquisition of CenterPoint’s Ohio Gas Utility Acquiring a High-Quality Gas Utility in a Neighboring Service Territory Entered into an agreement to acquire CenterPoint’s Ohio gas utility business for $2.62 billion, representing ~1.6x 2026E rate base of $1.6 billion Increases Scale & Balance
Slide 8: Acquisition Update
Acquisition Update Regulatory Approvals Completed(1) On Track to Close on October 1, 2026 Integration Planning Progressing Well Working closely with the CenterPoint management team to ensure a smooth transition for employees and customers Financing Complete Issued $350 MM in common equity through a
Slide 9: Non-Regulated Business Overview
Western Development Area – ~920,000 Acres Eastern Development Area – ~310,000 Acres Non-Regulated Business Overview Reported annually as of September 30, 2025. Average net production and throughput for the three months ended June 30, 2026. Integrated Upstream & Gathering Segment Seneca Resources Com
Slide 10: Regulated Business Overview
Regulated Business Overview Pipeline & Storage Segment Utility Segment Regulated by Federal Energy Regulatory Commission (FERC) Total Rate Base: $1.7 Billion(2) ~2,600 miles of pipeline / 28 storage fields National Fuel Gas Supply Corporation: Firm Contracted Storage Capacity: 71 Bcf(3) Firm Contrac
Slide 11: Why National Fuel?
Why National Fuel? Optimized capital allocation Lower cost of capital Operational synergies Improved profitability Regulated earnings growth from modernization, expansion and Ohio utility acquisition Increasing free cash flow driven by improving upstream & gathering capital efficiencies Responsibly
Slide 12: Integrated Model Drives Strong Returns
Integrated Model Drives Strong Returns Source: NFG actuals as reported; S&P500 and Industry Peers as reported in 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
Slide 13: Strong, Durable Long-Term Growth Trajectory
Strong, Durable Long-Term Growth Trajectory 7-10% CAGR Adjusted Earnings Per Share Expect $1.0 to $1.5 Billion of Free Cash Flow Generation 2027E-2029E(1) Key Earnings Growth Drivers: Utility and Pipeline & Storage: Ohio gas utility acquisition and associated growth opportunities Infrastructure expa
Slide 14: Over Half Century of Dividend Growth
Over Half Century of Dividend Growth $1.6 Billion Dividend payments Over Last 10 Years $2.22 per share 56 Years Consecutive Dividend Increases $0.19 per share 124 Years Consecutive Payments 4% 2026 Dividend Increase Acquisition of CNP Ohio Supports Long-Term Dividend Growth
Slide 15: Considerable Progress on Emissions Reductions
Considerable Progress on Emissions Reductions All emissions reduction targets based on 2020 baseline. Measured using calendar 2024 emissions data, as reported in Company’s 2024 Corporate Responsibility Report. Continued Progress On Our Methane Intensity Targets(1) E&P and Gathering surpassed targets
Slide 16: Financial Overview
Financial Overview G) National Fuel’
Slide 17: Continued Momentum Drives Expected Earnings Growth
Continued Momentum Drives Expected Earnings Growth Adjusted Earnings Per Share(1) ($ per share) Excludes items impacting comparability. Consolidated Adjusted Earnings Per Share includes Corporate & All Other. See Comparable GAAP Financial Measure Slides & Reconciliations at the end of this presentat
Slide 18: Capital Allocation Priorities Drive Spending Levels
Capital Allocation Priorities Drive Spending Levels (2) Capital expenditures includes 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 presentati
Slide 19: 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 20: Integrated Upstream and Gathering Business Highlights
Integrated Upstream and Gathering Business Highlights
Slide 21: Integrated Upstream & Gathering Highlights
Integrated Upstream & Gathering Highlights Significant Improvement in Capital Efficiency (FY26E vs. FY23) >25% Improvement Since FY23 Driven by Production Growth and Disciplined Capital Allocation(1) Strategically Growing Core Inventory Through Discretionary Land Investment Over 45 Years of Total Re
Slide 22: Integrated Upstream & Gathering Development Areas
Integrated Upstream & Gathering Eastern Development Area ~310,000 Acres Development zones: Marcellus, Upper Utica, Lower Utica 25+ years of development inventory at PV-10 breakeven price of less than $2.25/MMBtu NYMEX Expect to average 25 to 27 wells brought online per year Well and facility design
Slide 23: Enhanced Capital Efficiency and Competitive Cost Structure
Enhanced Capital Efficiency and Competitive Cost Structure (1) 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
Slide 24: Lower Utica Gen Testing Underway
Lower Utica Gen 4 Testing Underway Gen 3 design primarily uses 1,800 ft. inter-well spacing, 2,200 lbs. per ft. of proppant intensity, and 150 ft. stage spacing. Gen 4 design primarily uses 2,000 ft. inter-well spacing, 3,000 lbs. per ft. of proppant intensity, and 150 ft. stage spacing. Blue shaded
Slide 25: Addition of Upper Utica Zone More than Doubles Tioga Utica Inventory
Addition of Upper Utica Zone More than Doubles Tioga Utica Inventory Upper Utica Adds ~8 Years Inventory on Existing Infrastructure Increased Core Inventory to ~400 Premium Locations Blue shaded leasehold is where Seneca has > 25% ownership in township. Includes wells online for at least 1 month and
Slide 26: Decades of High-Quality Inventory at Industry Leading Breakevens
Decades of High-Quality Inventory at Industry Leading Breakevens Assumes an average of 25 to 30 wells brought online/year, which is equivalent to current pace. Enverus research is at $2.50 breakevens as of the most recent report published on June 29, 2026. Peers include EQT, RRC, AR, GPOR, Ascent, C
Slide 27: Production Growth Supported by New Firm Transportation
Production Growth Supported by New Firm Transportation Marketing Portfolio Has Premium Market Access(1) New FT Enhances Long-Term Marketing Portfolio: Supports future production growth with egress from EDA Minimizes spot exposure (together with in-basin firm sales) Increases optionality and connecti
Slide 28: FY 2026 Sales Mix Provides Significant Price Certainty
FY 2026 Sales Mix Provides Significant Price Certainty (1) Q4 Volumes: Fixed Price 24 Bcfe, NYMEX-Linked 69 Bcfe, Index 3 Bcfe. All prices shown in $/MMBtu. NYMEX-linked and Index prices shown as differentials to NYMEX. Expected production of 420 to 430 Bcfe Minimal spot exposure of 10 to 20 Bcfe (~
Slide 29: Hedging Program: Disciplined with Upside Potential
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)… Swaps and Fixed Price Sales Provide Price Certainty(1)… ~55% ~25% ~40%- 45% ~70%- 75% ~95%- 100% ~20%
Slide 30: Industry-Leading Focus on Sustainability
Industry-Leading Focus on Sustainability Responsible Gas Certifications, Emission Reductions & Water Management Equitable Origin – EO100TM Standard for Responsible Energy Development Certification (100% of natural gas production and gathering assets certified) Certification focuses on three emission
Slide 31: Pipeline & Storage and Utility Overview Business Highlights
Pipeline & Storage and Utility Overview Business Highlights
Slide 32: Pipeline & Storage and Utility Highlights
Pipeline & Storage and Utility Highlights Tioga Pathway and Shippingport Lateral projects expected to add ~$30 MM in incremental revenue annually Supply expanded the Line N System Upgrade project to 294,000 Dth/d, executing a precedent agreement for 200,000 Dth/d of incremental firm transportation c
Slide 33: Pipeline & Storage Segment Overview
Pipeline & Storage Segment Overview Firm transportation includes short-term and long-term and is disclosed annually as of September 30, 2025. Reported as of June 30, 2026. Empire Pipeline, Inc. National Fuel Gas Supply Corporation Empire Pipeline Supply Corp. Contracted Capacity(1): Firm Storage: 71
Slide 34: Pipeline & Storage Customer Mix
Pipeline & Storage Customer Mix Customer Transportation by Shipper Type Affiliated Customer Mix (Contracted Capacity) Note: Data disclosed annually as of 9/30/2025. Pipeline & Storage Firm Transport
Slide 35: 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. FY26E capex is presented at mid-point of guidance. Capex Investments Support Long-Term Rate Base Gr
Slide 36: Tioga Pathway Project Creates Organic Growth
Tioga Pathway Project Creates Organic Growth Capacity: 190,000 Dth/day Estimated capital cost: ~$100 million ~$82 million in expansion capital Estimated annual revenue: ~$15 million (underpinned by 15-year agreement with Seneca) Provides Seneca access to premium markets: Connectivity into TGP 313 Po
Slide 37: Line N System Upgrade Project
Line N System Upgrade Project Newly executed commercial agreement to support the initial phase of the coal-to-gas power plant conversion at Shippingport Industrial Park Replacement of ~7 miles of Line N Total Capex: ~$100 million (~$34 million in expansion capital) Expansion Capacity: 294,000 Dth/da
Slide 38: Utility Service Territories in New York & Pennsylvania
Utility Service Territories in New York & Pennsylvania 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): ~543,000 Allowed ROE: 9.7% (NYPSC Case 23-G-0627) Rate Mechanisms: Revenue Decoupling Weather
Slide 39: Pennsylvania Rate Case Overview
Pennsylvania Rate Case Overview Base Rate Increase = $19.7 million 7.4% increase in total revenues, or ~2.5% increase per year since last rate case New rates expected to be effective November 1, 2026 Proposed Base Revenue Increase Key Drivers Capital Structure and Returns: Capital Structure = 43.6%
Slide 40: NY Utility Rate Activity Supports Growing Earnings Outlook
NY Utility Rate Activity Supports Growing Earnings Outlook Three-Year Rate Settlement(1) Approved on December 19, 2024 Rate activity: Constructive three-year rate settlement approved and implemented effective January 2025, providing earnings visibility through fiscal 2027 Modernization (pipeline rep
Slide 41: Customer Affordability
Customer Affordability New York Pennsylvania Based on 2025 average monthly residential bill data posted on company websites (required by the NYPSC). Based on analysis of 2026 PAPUC Annual Rate Comparison Report, which includes data for average monthly residential bills for January 2026. Utility #1 O
Slide 42: 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 43: Long-Standing Pipeline Replacement & Modernization
Long-Standing Pipeline Replacement & Modernization NY ~10,000 miles PA ~5,000 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, 2025, as required by the DOT. (2) All values are reported on a fiscal y
Slide 44: 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 45: Guidance & Other Financial Information
Guidance & Other Financial Information Contact Information: Ryan Vossler, Director of Investor Relations (716) 857-7158 vosslerr@natfuel.com
Slide 46: Updated FY26 Adjusted EPS Guidance & Assumptions
Updated FY26 Adjusted EPS Guidance & Assumptions Note: The acquisition of CenterPoint Energy’s Ohio natural gas utility business is expected to close on October 1, 2026, and therefore, has no impact on FY26 shown above, including financing and acquisition related costs. Excludes items impacting comp
Slide 47: Type Curves Demonstrate Outstanding Well Results
Type Curves Demonstrate Outstanding Well Results *All TILs except for 1 in FY26 are Tioga Utica Estimated wells Fiscal 2026 Drills 25 - 27 TILs* 25 - 27 Avg. TLL 12,500 – 13,000’ Drilling rigs 1.5 Estimated Tioga Utica Lower Tioga Utica Upper Tioga Marcellus Lycoming Marcellus WDA Utica Location Cou
Slide 48: Regulated Businesses: Rate Case Overview
Regulated Businesses: Rate Case Overview Supply Empire NY(2) PA Regulatory Agency (Governed by) FERC FERC NYPSC PAPUC Timing / Status Filed rate case on April 30, 2026 Requesting new rates effective November 1, 2026 Requested an annual cost of service increase of $95 MM relative to 2024 settlement A
Slide 49: Detailed Hedging Information for Modeling
Detailed Hedging Information for Modeling 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. (All volumes in MMBtu; Prices in $ / MMBtu) 4Q 26 1Q 27 2Q 27 3Q
Slide 50: 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 51: Non-GAAP Reconciliations - Adjusted Operating Results
Non-GAAP Reconciliations - Adjusted Operating Results
Slide 52: Non-GAAP Reconciliations - Adjusted EBITDA, by Segment
Non-GAAP Reconciliations - Adjusted EBITDA, by Segment
Slide 53: Non-GAAP Reconciliations - Adjusted EBITDA & Net Debt
Non-GAAP Reconciliations - Adjusted EBITDA & Net Debt
Slide 54: Non-GAAP Reconciliations - Funds From Operations
Non-GAAP Reconciliations - Funds From Operations
Slide 55: Reconciliation – Capital Expenditures
Reconciliation – Capital Expenditures
Slide 56: Reconciliation – Free Cash Flow
Reconciliation – Free Cash Flow
Slide 57: 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