National Fuel Gas Company · NYSE:NFG
National Fuel Gas — Q4 2025 Earnings Presentation
56 slides from National Fuel Gas's earnings presentation, Nov 6, 2025
Slide 1: Investor Presentation: Fiscal 2025 4th Quarter & Full Year Update
Investor Presentation Fiscal 2025 – 4th Quarter & Full Year Update November 5, 2025 Fiscal 2025 Q4 Update 1
Slide 2: National Fuel Gas Company
National Fuel Gas Company • Company Overview (3) • Recent Highlights (6) • Why National Fuel? (10) • Financial Overview (15) • Integrated Upstream & Gathering Highlights (19) • Pipeline & Storage and Utility Highlights (30) • Guidance & Other Financial Information (45) Fiscal 2025 Q4 Update 2
Slide 3: Company Overview
Company Overview Corporate HQ: Buffalo, NY NYSE: NFG ~2,300 employees Market Cap: ~$7.2B 123 Years of consecutive dividend payments >10% Adjusted EPS 55 Years of consecutive Growth FY24-FY27E dividend increases 25% 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 Q4 Update 4
Slide 5: NFG: A Diversified, Integrated Natural Gas Company
NFG: A Diversified, Integrated Natural Gas Company Developing our large, high-quality acreage Adjusted EBITDA(1) Non-Regulated in Marcellus & Utica shales Integrated ~1.2 Million ~1.2 Bcf/day Upstream & Net acres in Appalachia Net total production(3) Gathering 68% ~1.4 Bcf/day ~400 Miles of pipe Tot
Slide 6: Recent Highlights
Recent Highlights Strength of the Integrated Model Evident as Each Business Contributes Meaningfully Utility Upstream & Gathering Upstream & Gathering Tioga Utica Gen 3 well Announced acquisition of Doubled core inventory in performance drives further CenterPoint’s Ohio gas the EDA with the addition
Slide 7: Acquisition of CenterPoint's Ohio Gas Utility
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 & Balances Busine
Slide 8: Non-Regulated Business Overview
Non-Regulated Business Overview Integrated Upstream & Gathering Segment Seneca Resources Company ‒ Total Net Acres (Pennsylvania): ~1.2 million Western Development Area – ~920,000 Acres ‒ Total Proved Reserves: 5.0 Tcfe(1) ‒ Current Net Production: ~1.2 Bcf/d(2) ‒ Current Firm Transportation: ~1 Bcf
Slide 9: Regulated Business Overview
Regulated Business Overview Pipeline & Storage Segment • Regulated by Federal Energy Regulatory Commission (FERC) • Total Rate Base: $1.6 Billion(2) • ~2,600 miles of pipeline / 28 storage fields • National Fuel Gas Supply Corporation: ‒ Firm Contracted Storage Capacity: 71 Bcf(3) ‒ Firm Contracted
Slide 10: 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 Regulated earnings 123 consecutive years Continued progress allocation growth from
Slide 11: 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 (2) NFG Adj. Financial: Lower cost
Slide 12: Strong Value Proposition Driven by Earnings & Cash Flow Outlook
Strong Value Proposition Driven by Earnings & Cash Flow Outlook Long-Term Growth Remains On Track: >10% Consolidated 3-Year Adjusted EPS CAGR (FY24-27E) Regulated: Pipeline & Storage & Utility Businesses Non-Regulated: Upstream and Gathering Businesses Increasing EPS drives future dividend growth
Slide 13: Over Half Century of Dividend Growth
Over Half Century of Dividend Growth Acquisition of CNP Ohio Provides Potential Enhancement to Long-Term Dividend Growth $2.14 55 Years 123 Years per share Consecutive Dividend Increases Consecutive Payments $1.6 Billion 4% Dividend payments Over Last 10 Years 2025 Dividend Increase $0.19 per share
Slide 14: Considerable Progress on Emissions Reductions
Considerable Progress on Emissions Reductions Latest Corporate Responsibility Report Provides Disclosures on Sustainability Initiatives Continued Progress On Our Methane Intensity Targets(1) E&P and Gathering surpassed targets six years ahead of plan Prioritization of emissions reduction project
Slide 15: Financial Overview
Financial Overview Fiscal 2025 Q4 Update 15
Slide 16: Continued Momentum Propels Higher Earnings Guidance
Continued Momentum Propels Higher Earnings Guidance Growth Supports Consolidated 3-Year Adj. EPS CAGR >10% (FY24-27E) FY25 Results & FY26 Outlook Adjusted Earnings Per Share(1) $9.00 ($ per share) FY25 Highlights $7.85 $8.00 • Integrated Upstream and Gathering – higher production/throughput combined
Slide 17: Capital Allocation Priorities Drive Spending Levels
Capital Allocation Priorities Drive Spending Levels Capital Allocation Priorities Capital Expenditures by Segment ($ millions)(1) (2) Utility Pipeline & Storage Integreated Upstream & Gathering • Invest in regulated growth via modernization ~$1,010 Organic and pipeline expansions $973 $936 $918 Inve
Slide 18: Balance Sheet Resiliency Through the Commodity Cycle
Balance Sheet Resiliency Through the Commodity Cycle Net Debt / Adjusted EBITDA(1) Current Credit Rating Capitalization as of 9/30/2025 3.5 x Downgrade Committed to Investment Grade Threshold Credit Rating ~2.50 x Investment Grade Equity Total Debt 2.27 x Credit Rating 52% 48% 1.97 x ~1.8 x S&P BBB-
Slide 19: Integrated Upstream and Gathering
Integrated Upstream and Gathering Business Highlights Fiscal 2025 Q4 Update 19
Slide 20: Integrated Upstream & Gathering Highlights
Upstream and Gathering Integrated Upstream & Gathering Highlights Enhancing 30% Improvement in Capital Efficiency (FY26E vs. FY23) Capital Efficiency Production up 20% and Capital down 15% Expanding 50% Increase in Core Inventory Inventory Depth >15 years of Core Locations with Addition of Upper Uti
Slide 21: Integrated Upstream & Gathering
Upstream and Gathering Integrated Upstream & Gathering Western Development Area Eastern Development Area ~920,000 Acres (mostly held in fee) ~310,000 Acres Development zones: Development zones: Development Plan Highlights Marcellus, Lower Utica Marcellus, Upper Utica, Lower Utica > 25 years of dev
Slide 22: Increasing FCF through Enhanced Capital Efficiency
Upstream and Gathering Increasing FCF through Enhanced Capital Efficiency… 30% Improvement in Capital Efficiency Since FY23 Net Production (Bcfe) Capital Expenditures ($ MM)(1) $691 $639 $605 $560-$610 Gathering 440 - 455 427 392 Upstream 372 FY23 FY24 FY25 FY26E FY23 FY24 FY25 FY26E (1) A reconcili
Slide 23: While Driving Low-Cost Structure and Strong Margins
Upstream and Gathering …While Driving Low-Cost Structure and Strong Margins FY26 Integrated Operating Expense ($/Mcfe) LTM Peer vs NFG Margin ($/Mcfe)(1) $2.23 $1.81 $1.74 $1.41 $1.40 $1.33 $1.06 $0.07 $0.53 $0.18 $0.11 $0.17 LOE Gathering O&M G&A Other Integrated NFG Peer 1 Peer 2 Peer 3 Peer 4 Pee
Slide 24: Addition of Upper Utica Zone More than Doubles Tioga Utica Inventory
Upstream and Gathering 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 Upper and Lower Utica Well Performance 1,200 EUR / 1,000 ft. Gen 3 Lower Utica 2.5 Gen 2 Lower
Slide 25: Decades of High-Quality Inventory at Industry Leading Breakevens
Upstream and Gathering Decades of High-Quality Inventory at Industry Leading Breakevens Seneca Analysis: >15 Years of Inventory @ <$2.00 Breakevens Enverus Analysis Validates Inventory Depth 50 50 45 45 40 40 35 35 Years Inventory(1) 30 30 Years Inventory WDA 25 25 EDA Upper Utica 20 20 15 15 10 Upp
Slide 26: Production Growth Supported by New Firm Transportation
E&P and Gathering 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
Slide 27: FY 2026 Sales Mix Provides Significant Price Certainty
Upstream and Gathering FY 2026 Sales Mix Provides Significant Price Certainty Firm Sales & Production Cadence(1) Fiscal 2026 Highlights Expected production of 440 to 455 Bcfe ($0.70) ($0.63) ($0.75) ($0.75) Minimal spot exposure of 65 to 80 Bcfe (~15% of remaining volumes) ($0.80) Firm sales c
Slide 28: Hedging Program: Disciplined with Upside Potential
Upstream 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 ~35% ~55
Slide 29: Industry-Leading Focus on Sustainability
Upstream and Gathering Industry-Leading Focus on Sustainability Responsible Gas Certifications, Emission Reductions & Water Management Equitable Origin – EO100TM Standard for Responsible Emission Reductions Energy Development Certification (100% of natural gas production and gathering assets certifi
Slide 30: Pipeline & Storage and Utility Overview
Pipeline & Storage and Utility Overview Business Highlights Fiscal 2025 Q4 Update 30
Slide 31: Pipeline & Storage and Utility Highlights
Pipeline & Storage and Utility Highlights Tioga Pathway and Shippingport Lateral Project combined estimated capital Pipeline Expansion spend of ~$150 MM contributes to ~$30M in annual revenues Projects Drive Both projects on track for a late calendar 2026 targeted in-service date Meaningful Grow
Slide 32: 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: 3.4 Bcf / day Rate Base(2): ~$1.3 billion Empire Pipeline FERC Rate Proceeding Status: Rate case settled in Q2
Slide 33: 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% 22% Outside Producer 52% Pipeline 28% 16% 80% Marketer 78% 12% LDC 48% 36% 20% LDCs Producers Firm Storage Firm Transport
Slide 34: Pipeline Modernization & Expansion Projects Propel Growth
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 35: 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 36: 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 37: 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 38: NFG is a Preferred Partner for Growing Electricity Demand
Pipeline & Storage 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,
Slide 39: Utility Service Territories in New York & Pennsylvania
Utility 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: o Revenue Decoupl
Slide 40: 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 filed Joint Proposal New rates implement
Slide 41: 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 42: 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 $180.0 (2) $190.0 $185-$205 $184.6 Utility Capital Expenditures ($ millions) $160.0 $180.0 $1
Slide 43: 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 161 161 156 154 160 NY 140 53 43 49 53 9,834 miles Plastic 41 120 100 80 Wrought Coated Iron Bare 60 115 113 113 112 109 PA 40 4,852 mil
Slide 44: 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 45: Guidance & Other Financial Information
Contact Information: Natalie Fischer, Director of Investor Relations (716) 857-7315 fischern@natfuel.com Guidance & Other Financial Information Fiscal 2025 Q4 Update 45
Slide 46: Updated FY26 Adjusted EPS Guidance & Assumptions
Updated FY26 Adjusted EPS Guidance & Assumptions (1) Assuming $3.75 NYMEX, FY26 Adjusted EPS(2) of $7.60 - $8.10 ($7.85 at midpoint) represents 14% increase from FY25 Adj. EPS Sensitivities Integrated Upstream & Gathering(3) Previous Guidance Updated Guidance NYMEX Assumption (per share) $3.00 $6.55
Slide 47: Type Curves Demonstrate Outstanding Well Results
Type Curves Demonstrate Outstanding Well Results Type Curve Operational Data 1,600 New Tioga Tioga 1,400 Utica Utica Tioga Lycoming WDA Estimated Lower Upper Marcellus Marcellus Utica Gross Cumulative Production, MMCF/1000' Location Count 170 220 56 20 250 1,200 Avg. TLL (ft) 13,000’ 13,000’ 10,000’
Slide 48: Detailed Hedging Information for Modeling
Detailed Hedging Information for Modeling Units 1Q 26 2Q 26 3Q 26 4Q 26 FY26 FY 27 FY 28 FY 29 Hedged Volumes Bbtu 78,157 76,065 78,462 78,698 311,382 232,464 101,261 28,267 Swaps Volume Bbtu 28,795 25,140 34,440 34,440 122,815 105,260 47,730 4,350 Wtd. Avg. Price $ / MMBtu $3.68 $4.04 $4.05 $4.05 $
Slide 49: Regulated Businesses: Rate Case Overview
Regulated Businesses: 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 202
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 EBITDA & Net Debt
Non-GAAP Reconciliations - Adjusted EBITDA & Net Debt Reconciliation of Adjusted EBITDA to Consolidated Net Income: ($ Thousands) FY 2024 FY 2025 Total Adjusted EBITDA Integrated Upstream & Gathering Adjusted EBITDA 787,613 975,182 Pipeline & Storage Adjusted EBITDA 259,920 270,779 Utility Adjusted
Slide 52: Non-GAAP Reconciliations - Adjusted EBITDA, by Segment
Non-GAAP Reconciliations - Adjusted EBITDA, by Segment Reconciliation of Adjusted EBITDA to Net Income, by Segment: ($ Thousands) FY 2024 FY 2025 Integrated Upstream and Gethering Segment Reported GAAP Earnings $ (57,041) $ 324,698 Depreciation, Depletion and Amortization 316,762 311,817 Other (Inco
Slide 53: Non-GAAP Reconciliations - Adjusted Operating Results
Non-GAAP Reconciliations - Adjusted Operating Results Reconciliation of Adjusted Operating Results: ($ thousands except per share amounts) Three Months Ended Fiscal Year Ended September 30, September 30, 2025 2024 2025 2024 Reported GAAP Earnings $ 107,342 $ (167,621) $ 518,504 $ 77,513 Items impact
Slide 54: 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) FY24 FY25 Net Cash Provided by Operating Activities $1,065,961 $1,100,027 Less: Change in Working Capital: Receivables and Unbilled Revenue $ 34,
Slide 55: Reconciliation – Capital Expenditures
Reconciliation – Capital Expenditures Reconciliation of Segment Capital Expenditures to Consolidated Capital Expenditures ($ Thousands) FY 2026 FY 2024 FY 2025 Guidance Capital Expenditures Integrated Upstream & Gathering Capital Expenditures $ 645,600 $ 605,433 $560,000 - $610,00 Pipeline & Storage
Slide 56: 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
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