National Fuel Reports Third Quarter Fiscal 2026 Earnings

Rhea-AI Summary

National Fuel (NYSE:NFG) reported third quarter fiscal 2026 GAAP earnings of $138.6 million, or $1.45 per share, down from $149.8 million, or $1.64 per share, a year ago. Adjusted EPS was $1.54 versus $1.64. For the nine months ended June 30, 2026, operating cash flow was $1.035 billion and free cash flow $280 million.

The Integrated Upstream and Gathering segment benefited from a $0.56 per Mcf hedge and marketing gain, offsetting lower NYMEX prices, but Q3 production fell 7% to 104.3 Bcf and per-unit operating costs rose. Supply Corporation expanded its Line N Upgrade to 294,000 dekatherms/day, including a 20‑year precedent agreement for 200,000 dekatherms/day to support a coal-to-gas power conversion.

National Fuel secured financing and final regulatory approval for its pending Ohio gas utility acquisition, expected to close October 1, 2026. The Board raised the annual dividend 4% to $2.22 per share, marking 124 consecutive years of payments and 56 consecutive annual increases. Fiscal 2026 adjusted EPS guidance was revised to $7.40–$7.60, with a midpoint implying a 9% increase over fiscal 2025. Updated guidance includes Integrated Upstream and Gathering production of 420–430 Bcf, slightly lower than prior expectations, and segment capital expenditures of $580–$605 million plus $20–$40 million of discretionary land spending. Pipeline and Storage capex is now guided to $235–$265 million. The company issued $1.5 billion of new notes and redeemed $300 million of 2026 notes, recording a small after-tax loss as an item impacting comparability.

Positive

• Fiscal 2026 adjusted EPS guidance $7.40–$7.60, midpoint implies 9% growth vs. 2025
• Nine-month operating cash flow $1.035 billion; free cash flow $280 million
• Dividend increased 4% to $2.22 annual rate; 56 consecutive yearly raises
• Ohio gas utility acquisition fully financed and finally approved; targeted close October 1, 2026
• Line N pipeline expansion to 294,000 dth/day with 20-year, 200,000 dth/day firm capacity deal
• $1.5 billion long-term notes issued and $300 million 2026 maturity refinanced

Negative

• Q3 GAAP EPS declined to $1.45 from $1.64; adjusted EPS $1.54 vs. $1.64
• Integrated Upstream & Gathering adjusted earnings down $4.5 million; production -7% to 104.3 Bcf
• Per-unit operating costs in Integrated Upstream & Gathering up $0.14/Mcf year over year
• Integrated Upstream & Gathering FY2026 production guidance reduced to 420–430 Bcf
• Integrated Upstream & Gathering capex guidance raised about 2% plus $20–$40 million discretionary land spend

News Explained

National Fuel reports an equity issuance tied to the pending Ohio utility acquisition; issuing additional shares increases the share count and reduces existing holders’ percentage ownership absent offsetting changes, although the acquisition is still expected to close on October 1, 2026.

Market Context

NFG's recent earnings history included a -4.19% reaction after Q2 fiscal 2026 results. The record ad...

Analysis

NFG's recent earnings history included a -4.19% reaction after Q2 fiscal 2026 results. The record adds a cautionary comparison; guidance delivery and acquisition closing status remain relevant, while low short positioning is a sourced risk context.

Key Figures

GAAP earnings: $138.6 million GAAP EPS: $1.45 Adjusted EPS: $1.54 +5 more

8 metrics

GAAP earnings $138.6 million Third quarter fiscal 2026 versus $149.8 million prior year

GAAP EPS $1.45 Third quarter fiscal 2026 versus $1.64 prior year

Adjusted EPS $1.54 Third quarter fiscal 2026 versus $1.64 prior year

Operating cash flow $1.035 billion Nine months ending June 30, 2026

Free cash flow $280 million Nine months ending June 30, 2026

Annual dividend $2.22 per share Following a 4% increase

Adjusted EPS guidance $7.40 to $7.60 per share Fiscal 2026, representing a projected 9% increase from fiscal 2025

Production guidance 420 to 430 Bcf Integrated Upstream and Gathering segment fiscal 2026

Historical Context

5 past events · Latest: Jul 09 (Neutral)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Jul 09	Earnings call scheduling	Neutral	+0.0%	Scheduled third-quarter fiscal 2026 earnings release and conference call
Jun 22	Strategic partnership	Positive	+0.3%	Three-year agreement for electric fracturing technology across Appalachian operations
Jun 11	Dividend increase	Positive	-0.4%	Dividend increased 4% to an annual rate of $2.22 per share
Apr 29	Second-quarter earnings	Positive	-4.2%	Adjusted EPS increased 13% year over year while guidance was revised
Apr 09	Earnings call scheduling	Neutral	-0.6%	Scheduled second-quarter fiscal 2026 earnings release and conference call

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent positive company announcements produced mixed reactions, including negative reactions to the prior earnings report and dividend increase.

Key Terms

gaap, adjusted eps, nymex, precedent agreement, +1 more

5 terms

gaap financial

"GAAP earnings of $138.6 million, or earnings per share (EPS) of $1.45"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

adjusted eps financial

"Adjusted EPS of $1.54 compared to $1.64 from the prior year."

Adjusted earnings per share (adjusted eps) is a measure of a company's profit per share that has been modified to exclude certain one-time or unusual items, such as costs from restructuring or asset sales. It provides a clearer picture of the company’s core performance by removing events that may distort the usual earnings. Investors use adjusted eps to better understand a company's ongoing profitability and compare it more accurately over time.

nymex financial

"maintaining an average NYMEX natural gas price assumption of $3.00 per MMBtu"

NYMEX is a major U.S. commodities exchange where traders buy and sell standardized contracts that lock in the future delivery and price of physical goods like crude oil, natural gas and metals; think of it as a centralized marketplace that establishes widely watched benchmark prices. Investors pay attention because those prices influence company revenues, input costs and market valuations, and because contracts traded there are used to hedge risk or speculate on future commodity moves.

precedent agreement regulatory

"executing a 20-year precedent agreement for 200,000 dekatherms per day"

A precedent agreement is an earlier or template contract that serves as a model for a new deal, with parties copying or adapting its terms rather than starting from scratch. For investors, it matters because it reveals the likely structure, rights and obligations, and market expectations around pricing or timing—like looking at last season’s recipe to predict how a new dish will be prepared and tasted.

dekatherms technical

"expanded its Line N System Upgrade Project to 294,000 dekatherms per day"

A dekatherm is a standard unit of energy equal to ten therms, or about one million British thermal units (BTUs), commonly used to measure natural gas volume and trade. For investors it matters because gas prices, revenues and contract sizes are often quoted per dekatherm, so changes in price or volume expressed in dekatherms directly affect a company’s sales, costs and the value of commodity positions—think of it as buying energy in ten‑unit bundles.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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WILLIAMSVILLE, N.Y., July 29, 2026 (GLOBE NEWSWIRE) -- National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced consolidated results for the third quarter of its 2026 fiscal year.

THIRD QUARTER FISCAL 2026 SUMMARY

• GAAP earnings of $138.6 million, or earnings per share (EPS) of $1.45, compared to GAAP earnings of $149.8 million, or $1.64 per share, in the prior year.
• Adjusted EPS of $1.54 compared to $1.64 from the prior year. See non-GAAP reconciliation on page 2.
• Net cash provided by operating activities of $1.035 billion for the nine months ending June 30, 2026, with free cash flow of $280 million (as defined on page 25) through the same period.
• The Integrated Upstream and Gathering segment benefitted from its strong hedge and marketing portfolio during the quarter, as a $0.56 per Mcf gain more than offset the drop in NYMEX natural gas prices compared to the prior year.
• Supply Corporation expanded its Line N System Upgrade Project to 294,000 dekatherms per day, executing a 20-year precedent agreement for 200,000 dekatherms per day of incremental firm transportation capacity, supporting the initial phase of the coal-to-gas conversion at the existing Shippingport Power Station site in western Pennsylvania.
• The Company completed the necessary financing needed to close the pending Ohio gas utility acquisition and received its final regulatory approval during the quarter, which places the acquisition on track to close on October 1 of this year.
• The Company maintained its longstanding focus on shareholder returns as the Board of Directors approved a 4% increase in the Company's dividend, to an annual rate of $2.22 per share. The Company has now paid a dividend for 124 consecutive years and increased its annual dividend rate for 56 consecutive years.
• The Company is revising its fiscal 2026 adjusted EPS guidance range of $7.40 to $7.60 per share, or $7.50 per share at the midpoint, a projected 9% increase from fiscal 2025.
  
  

MANAGEMENT COMMENTS

David P. Bauer, President and Chief Executive Officer of National Fuel Gas Company, stated: “Looking forward, with the growing demand for natural gas, the outlook for the industry and National Fuel is as strong as ever. Over the last several years, we have consistently enhanced the quality of our asset base, improved capital efficiency, and expanded our long-term growth opportunities through disciplined execution across the Company. Whether it is expanding our pipelines to serve new data center or power generation demand in the region, or producing gas supply to meet growing demand in Appalachia and across markets served by our high-quality firm transportation portfolio, our ability to benefit from these industry tailwinds is evident. In addition, our pending Ohio gas utility acquisition, once completed, will significantly increase rate base for our regulated businesses and provides an additional avenue for meaningful regulated earnings growth.

"With this strong backdrop, National Fuel is expected to deliver approximately 7% to 10% average annual EPS growth through 2029. This growth alongside our disciplined capital allocation strategy and focus on returning an increasing amount of capital to shareholders through our long-standing dividend, positions National Fuel to deliver sustainable long-term value for shareholders."

RECONCILIATION OF GAAP EARNINGS TO ADJUSTED EARNINGS

		Three Months Ended June 30,
		(Thousands)								(Per Share)
		2026				2025				2026				2025
Reported GAAP Earnings		$	138,621			$	149,818			$	1.45			$	1.64
Items impacting comparability:
Costs related to the pending Ohio gas utility acquisition			6,192				—				0.07				—
Tax impact of costs related to the pending Ohio acquisition			(1,435	)			—				(0.02	)			—
Impact of equity issuance related to pending Ohio acquisition, net of interest benefits			(3,566	)			—				0.03				—
Tax impact of net interest benefit from equity issuance			826				—				0.01				—
Interest expense from long-term debt issuances for pending Ohio acquisition, net of interest benefit			1,129				—				0.01				—
Tax impact of interest expense from long-term debt issuances, net of interest benefit			(262	)			—				—				—
Premiums paid on early redemption of debt			413				—				—				—
Tax impact of premiums paid on early redemption of debt			(96	)			—				—				—
Other/rounding (refer to Segment results for details)			(840	)			(615	)			(0.01	)			—
Adjusted Earnings		$	140,982			$	149,203			$	1.54			$	1.64

FISCAL 2026 GUIDANCE UPDATE

National Fuel is revising its adjusted earnings per share guidance for fiscal 2026 to a range of $7.40 to $7.60. This updated range incorporates our third quarter results as well as lower expected production for the remaining three months, partially offset by lower unit costs in the Integrated Upstream and Gathering segment. The Company is maintaining an average NYMEX natural gas price assumption of $3.00 per MMBtu for the remaining three months of fiscal 2026, which approximates the current NYMEX forward curve at this time.

Integrated Upstream and Gathering segment fiscal 2026 production is now expected to be 420 to 430 Bcf, a moderate decrease from our prior guidance, primarily reflecting the combined impact of ongoing appraisal activities and greater than anticipated well interactions related to more intensive completion design testing. While these activities affected near-term production, they will allow for further optimization of future development planning and capital allocation decisions and are not expected to impact the outlook for long-term production growth and continued improvement in capital efficiency. This guidance range also does not incorporate any price-related curtailments over the remainder of the fiscal year.

The Company is also revising its Integrated Upstream and Gathering segment capital expenditure guidance to a range of $580 to $605 million, a 2% increase at the midpoint, largely as a result of higher oil and diesel prices, as well as schedule changes. In addition, this segment has implemented a new discretionary land acquisition spending program, which is expected to lead to an additional $20 to $40 million in spending outside of the aforementioned capital spending guidance. This discretionary program represents a strategic investment to expand core inventory depth in Tioga County and strengthen what the Company believes is one of the premier natural gas resource positions in North America. Over the next two years, the Company expects to invest $100 to $200 million of discretionary land capital to extend development runway, increase long-term development optionality, and support future capital efficiency improvements.

In addition, the Company is also revising its capital expenditure guidance in the Pipeline and Storage segment, which is now expected to be between $235 to $265 million. This increase is driven by the strong execution on our various modernization and expansion projects for this calendar year, several of which are proceeding at a quicker pace than previously anticipated.

The acquisition of CenterPoint Energy's Ohio natural gas utility business is expected to close on October 1 of this year. As a result, this is not expected to impact fiscal 2026 guidance, which also excludes any financing or acquisition-related costs.

The Company’s other fiscal 2026 guidance assumptions are detailed in the table on page 7.

LONG-TERM OUTLOOK

National Fuel plans to provide detailed fiscal 2027 guidance after the closing of the Ohio utility acquisition, which is on track to occur on October 1 of this year.

The Company is also updating its long-term earnings per share outlook, which it now expects to be 7% to 10% per year, on average from fiscal 2026 through fiscal 2029, using the current natural gas price outlook. In addition to significant per-share earnings growth driven by strong outlooks in each segment, the Company anticipates leveraging its best-in-class capital efficiency trend to generate between $1.0 and $1.5 billion of free cash flow over the next three years. The combination of significant earnings growth, a more balanced business mix following the closing of the Ohio utility acquisition, and strong free cash flow generation is expected to provide increased flexibility to allocate capital in ways that maximize per share value over the long-term. This free cash flow is projected to be utilized to reduce outstanding debt, which will further strengthen the Company's investment grade balance sheet, and support strategic investments and other opportunities to enhance shareholder returns beyond the 7% to 10% target.

FINANCING ACTIVITIES UPDATE

In June 2026, the Company issued $1.5 billion of new three-, five-, and ten-year notes (split into three equal tranches) to fund a portion of the CenterPoint acquisition and refinance the early redemption of $300 million of notes that were scheduled to mature in October 2026. In conjunction with these transactions, the Company recognized an after-tax loss of $0.3 million related to the early redemption of the October 2026 maturity, which is presented as an item impacting comparability for the quarter.

DISCUSSION OF THIRD QUARTER RESULTS BY SEGMENT

The following earnings discussion of each operating segment for the quarter ended June 30, 2026 is summarized in a tabular form on pages 8 and 9 of this report (earnings drivers for the nine months ended June 30, 2026 are summarized on pages 10 and 11).

Note that management defines adjusted earnings as reported GAAP earnings adjusted for items impacting comparability, and adjusted EBITDA as reported GAAP earnings before the following items: interest expense, income taxes, depreciation, depletion and amortization, other income and deductions, impairments, and other items reflected in operating income that impact comparability.

Integrated Upstream and Gathering Segment

The Integrated Upstream and Gathering segment's exploration and production operations are carried out by Seneca Resources Company, LLC (“Seneca”) and its gathering operations are carried out by the operating subsidiaries of National Fuel Gas Midstream Company, LLC ("Gathering"). Seneca explores for, develops, and produces primarily natural gas reserves in Pennsylvania. Gathering constructs, owns and operates natural gas gathering pipelines and compression facilities in the Appalachian region, which primarily delivers Seneca's production and, to a lesser extent, third-party Appalachian production to various interstate pipelines.

	Three Months Ended
	June 30,
(in thousands)	2026				2025				Variance
GAAP Earnings	$	111,874			$	116,667			$	(4,793	)
Premiums paid on early redemption of debt		413				—				413
Tax impact of premiums paid on early redemption of debt		(96	)			—				(96	)
Unrealized (gain) loss on derivative asset (2022 CA asset sale)		—				45				(45	)
Tax impact of unrealized (gain) loss on derivative asset		—				(12	)			12
Adjusted Earnings	$	112,191			$	116,700			$	(4,509	)
Adjusted EBITDA	$	248,528			$	258,411			$	(9,883	)

The Integrated Upstream and Gathering segment's third quarter GAAP earnings decreased $4.8 million versus the prior year. Excluding items impacting comparability, adjusted earnings decreased $4.5 million from the prior year, as the benefit of higher realized natural gas prices and lower interest expense was more than offset by lower production volumes and higher operating expenses.

Seneca’s weighted average realized natural gas price, after the impact of hedging and transportation costs, was $2.81 per Mcf, an increase of $0.10 per Mcf, or 4%, compared to the prior year, as gains in Seneca's hedging portfolio and tighter basis differentials more than offset lower NYMEX prices during the quarter.

During the third quarter, Seneca produced 104.3 Bcf of natural gas, a decrease of 7.3 Bcf, or 7%, compared to the prior year, as production from recently turned-in-line wells was more than offset by natural declines from existing wells.

	Three Months Ended
	June 30,
(Cost per Mcf)	2026				2025					Variance
Upstream General and Administrative Expense (“G&A”)	$	0.17			$	0.17				$	—
Lease Operating Expense (“LOE”)	$	0.15			$	0.11				$	0.04
Adjusted Gathering Operation and Maintenance Expense ("O&M")	$	0.13			$	0.11		(1)		$	0.02
Taxes and Other	$	0.07			$	0.08				$	(0.01	)
Adjusted Total Cash Operating Costs	$	0.52			$	0.47		(1)		$	0.05
Depreciation, Depletion and Amortization Expense (“DD&A”)	$	0.80			$	0.71				$	0.09
Adjusted Total Operating Costs	$	1.32			$	1.18		(1)		$	0.14

(1)		Adjusted Gathering O&M Expense of $0.11 per Mcf for the quarter ended June 30, 2025 excludes a $0.04 per Mcf reduction to Gathering O&M Expense attributed to a change in segment reporting, which is fully offset in operating revenue.

On a per unit basis, third quarter adjusted total operating costs were $0.14 higher compared to the prior year, primarily due to higher per unit LOE and DD&A expense. Consistent with previous quarters this fiscal year, the increase in per unit LOE compared to the prior year was largely driven by additional third-party gathering expenses. The increase in DD&A expense was largely driven by the impact of ceiling test impairments Seneca recorded in fiscal 2025 that artificially lowered the per unit DD&A rate in the prior year.

Pipeline and Storage Segment

The Pipeline and Storage segment’s operations are carried out by National Fuel Gas Supply Corporation (“Supply Corporation”) and Empire Pipeline, Inc. (“Empire”). The Pipeline and Storage segment provides natural gas transportation and storage services to affiliated and non-affiliated companies through an integrated system of pipelines and underground natural gas storage fields in western New York and Pennsylvania.

	Three Months Ended
	June 30,
(in thousands)	2026				2025				Variance
GAAP Earnings	$	28,739			$	28,857			$	(118	)
Adjusted EBITDA	$	66,933			$	67,019			$	(86	)

The Pipeline and Storage segment’s third quarter GAAP earnings were in line with the prior year as an increase in operating revenues was offset by higher O&M and DD&A.

Operating revenues increased $1.0 million, primarily driven by higher transportation revenues related to new long-term contracts. O&M expense increased $1.2 million, primarily due to higher third-party and material costs.

Utility Segment

The Utility segment operations are carried out by National Fuel Gas Distribution Corporation (“Distribution Corporation”), which sells or transports natural gas to customers located in western New York and northwestern Pennsylvania.

	Three Months Ended
	June 30,
(in thousands)	2026				2025				Variance
GAAP Earnings	$	5,686			$	4,997			$	689
Adjusted EBITDA	$	27,148			$	25,743			$	1,405

The Utility segment’s third quarter GAAP earnings increased $0.7 million, primarily as a result of higher customer margin (operating revenue less purchased gas sold) of $6.0 million. Contributors to increased customer margin included the implementation of year two of the three-year joint settlement in New York and revenue from the Utility’s Distribution System Improvement Charge in Pennsylvania. Partially offsetting this was an increase in O&M expense driven by higher employee-related costs (which were largely the result of new collective bargaining agreements) and an increase in uncollectible expense.

Corporate and All Other

	Three Months Ended
	June 30,
(in thousands)	2026				2025				Variance
GAAP Earnings	$	(7,678	)		$	(703	)		$	(6,975	)
Costs related to the pending Ohio gas utility acquisition		6,192				—				6,192
Tax impact of costs related to the pending Ohio acquisition		(1,435	)			—				(1,435	)
Net interest benefit from equity issuance related to pending acquisition		(3,566	)			—				(3,566	)
Tax impact of net interest benefit from equity issuance		826				—				826
Interest expense from long-term debt issuances for pending Ohio acquisition, net of interest benefit		1,129				—				1,129
Tax impact of interest expense from long-term debt issuances, net of interest benefit		(262	)			—				(262	)
Unrealized (gain) loss on other investments		(1,064	)			(820	)			(244	)
Tax impact of unrealized (gain) loss on other investments		224				172				52
Adjusted Earnings	$	(5,634	)		$	(1,351	)		$	(4,283	)

The Company’s operations that are included in Corporate and All Other generated a combined net loss of $7.7 million in the third quarter, largely due to transaction and financing costs related to the pending Ohio gas utility acquisition.

EARNINGS TELECONFERENCE

A conference call to discuss the results will be held on Thursday, July 30, 2026, at 9 a.m. ET. All participants must pre-register to join this conference using the Participant Registration link. A webcast link to the conference call is provided under the Events Calendar on the NFG Investor Relations website at investor.nationalfuelgas.com, and a replay of the webcast will be available on the website following the call.

National Fuel is an integrated energy company reporting financial results for three operating segments: Integrated Upstream and Gathering, Pipeline and Storage, and Utility. Additional information about National Fuel is available at www.nationalfuel.com.

Analyst Contact:	Ryan P. Vossler	716-857-7158
Media Contact:	Karen L. Merkel	716-857-7654

Certain statements contained herein, including statements identified by the use of the words “anticipates,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “predicts,” “projects,” “believes,” “seeks,” “will,” “may” and similar expressions, and statements which are other than statements of historical facts, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, which could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. The Company’s expectations, beliefs and projections contained herein are expressed in good faith and are believed to have a reasonable basis, but there can be no assurance that such expectations, beliefs or projections will result or be achieved or accomplished. In addition to other factors, the following are important factors that could cause actual results to differ materially from those discussed in the forward-looking statements: changes in laws, regulations or judicial interpretations to which the Company is subject, including those involving derivatives, taxes, safety, employment, climate change, other environmental matters, real property, and exploration and production activities such as hydraulic fracturing; governmental/regulatory actions, initiatives and proceedings, including those involving rate cases (which address, among other things, target rates of return, rate design, retained natural gas and system modernization), environmental/safety requirements, affiliate relationships, industry structure, and franchise renewal; changes in economic conditions, including the imposition of additional tariffs on U.S. imports and related retaliatory tariffs, inflationary pressures, supply chain issues, liquidity challenges, and global, national or regional recessions, and their effect on the demand for, and customers’ ability to pay for, the Company’s products and services; the Company’s ability to complete strategic transactions, such as the planned CenterPoint Ohio acquisition, including receipt of required regulatory clearances and satisfaction of other conditions to closing, and to recognize the anticipated benefits of such transactions; governmental/regulatory actions and/or market pressures to reduce or eliminate reliance on natural gas; the Company’s ability to estimate accurately the time and resources necessary to meet emissions targets; changes in the price of natural gas; impairments under the SEC’s full cost ceiling test for natural gas reserves; the creditworthiness or performance of the Company’s key suppliers, customers and counterparties; financial and economic conditions, including the availability of credit, and occurrences affecting the Company’s ability to obtain financing on acceptable terms for working capital, capital expenditures, other investments, and acquisitions, including any downgrades in the Company’s credit ratings and changes in interest rates and other capital market conditions; negotiations with the collective bargaining units representing the Company’s workforce, including potential work stoppages during negotiations; changes in price differentials between similar quantities of natural gas sold at different geographic locations, and the effect of such changes on commodity production, revenues and demand for pipeline transportation capacity to or from such locations; the impact of information technology disruptions, cybersecurity or data security breaches, including the impact of issues that may arise from the use of artificial intelligence technologies; factors affecting the Company’s ability to successfully identify, drill for and produce economically viable natural gas reserves, including among others geology, lease availability and costs, title disputes, weather conditions, water availability and disposal or recycling opportunities of used water, shortages, delays or unavailability of equipment and services required in drilling operations, insufficient gathering, processing and transportation capacity, the need to obtain governmental approvals and permits, and compliance with environmental laws and regulations; increased costs or delays or changes in plans with respect to Company projects or related projects of other companies, as well as difficulties or delays in obtaining necessary governmental approvals, permits or orders or in obtaining the cooperation of interconnecting facility operators; increasing health care costs and the resulting effect on health insurance premiums and on the obligation to provide other post-retirement benefits; other changes in price differentials between similar quantities of natural gas having different quality, heating value, hydrocarbon mix or delivery date; the cost and effects of legal and administrative claims against the Company or activist shareholder campaigns to effect changes at the Company; uncertainty of natural gas reserve estimates; significant differences between the Company’s projected and actual production levels for natural gas; changes in demographic patterns and weather conditions (including those related to climate change); changes in the availability, price or accounting treatment of derivative financial instruments; changes in laws, actuarial assumptions, the interest rate environment and the return on plan/trust assets related to the Company’s pension and other post-retirement benefits, which can affect future funding obligations and costs and plan liabilities; economic disruptions or uninsured losses resulting from major accidents, fires, severe weather, natural disasters, terrorist activities or acts of war, as well as economic and operational disruptions due to third-party outages; significant differences between the Company’s projected and actual capital expenditures and operating expenses; or increasing costs of insurance, changes in coverage and the ability to obtain insurance. The Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date thereof.

NATIONAL FUEL GAS COMPANY AND SUBSIDIARIES GUIDANCE SUMMARY

As discussed on page 2, the Company is revising its adjusted earnings per share guidance for fiscal 2026. Additional details on the Company's forecast assumptions and business segment guidance are outlined in the table below. The acquisition of CenterPoint Energy's Ohio natural gas utility business still is expected to close in the fourth quarter of calendar 2026, as previously planned. As a result, this is not expected to impact fiscal 2026 guidance, which also excludes any financing or acquisition-related costs. Fiscal 2026 adjusted earnings per share guidance also excludes after-tax financing and acquisition related costs during the nine months ended June 30, 2026, which reduced earnings by $0.30 per share, and expected financing and acquisition related costs during the three months ending September 30, 2026.

The revised adjusted earnings per share guidance range also excludes certain items that impacted the comparability of adjusted operating results during the nine months ended June 30, 2026, including after-tax unrealized losses on other investments, which increased earnings by less than $0.01 per share. While the Company expects to record certain adjustments to unrealized gain or loss on investments during the remaining three months ending September 30, 2026, the amounts of these and other potential adjustments are not reasonably determinable at this time. As such, the Company is unable to provide earnings guidance other than on a non-GAAP basis.

	Previous FY 2026 Guidance		Updated FY 2026 Guidance
Consolidated Adjusted Earnings per Share	$7.45 - $7.75		$7.40 - $7.60
Consolidated Effective Tax Rate	~ 25.5%		~ 25.5%
Capital Expenditures (Millions)
Integrated Upstream and Gathering	$560 - $610		$580 - $605(1)
Pipeline and Storage	$210 - $250		$235 - $265
Utility	$185 - $205		$185 - $205
Consolidated Capital Expenditures	$955 - $1,065		$1,000 - $1,075
Integrated Upstream & Gathering Segment Guidance
Commodity Price Assumptions	(price for remaining six months)		(price for remaining three months)
NYMEX natural gas price (per MMBtu)	$3.00		$3.00
Appalachian basin spot price (per MMBtu)	$2.20		$2.15
Production (Bcf)	425 to 440		420 to 430
Integrated Operating Costs ($/Mcf)
Upstream General and Administrative Expense	~$0.18		~$0.18
Lease Operating Expense	$0.16 - $0.17		$0.15 - $0.16
Gathering Operation and Maintenance Expense	~$0.12		~$0.12
Depreciation, Depletion and Amortization	$0.76 - $0.81		$0.77 - $0.80
Pipeline and Storage Segment Revenues (Millions)	$420 - $435		$420 - $435
Utility Segment Guidance (Millions)
Customer Margin(2)	$470 - $490		$470 - $490
O&M Expense	$250 – $260		$250 – $260
Non-Service Pension & OPEB Income	$23 - $27		$23 - $27

(1) Integrated Upstream and Gathering Capital Expenditures exclude $20 to $40 million of discretionary land spending.
(2) Customer Margin is defined as Operating Revenues less Purchased Gas Expense.

NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
QUARTER ENDED JUNE 30, 2026
(Unaudited)
	Integrated
	Upstream				Pipeline &								Corporate /
(Thousands of Dollars)	& Gathering				Storage				Utility				All Other				Consolidated(1)
Third quarter 2025 GAAP earnings	$	116,667			$	28,857			$	4,997			$	(703	)		$	149,818
Items impacting comparability:
Unrealized (gain) loss on derivative asset		45																45
Tax impact of unrealized (gain) loss on derivative asset		(12	)															(12	)
Unrealized (gain) loss on other investments														(820	)			(820	)
Tax impact of unrealized (gain) loss on other investments														172				172
Third quarter 2025 adjusted earnings		116,700				28,857				4,997				(1,351	)			149,203
Drivers of adjusted earnings(2)
Integrated Upstream and Gathering Revenues
Higher (lower) natural gas production		(15,646	)															(15,646	)
Higher (lower) realized natural gas prices, after hedging		8,253																8,253
Higher (lower) gathering revenues		951																951
Higher (lower) other operating revenues		3,830																3,830
Pipeline and Storage Revenues
Higher (lower) operating revenues						760												760
Utility Margins(3)
Impact of usage and weather										(689	)							(689	)
Impact of new rates in New York										4,443								4,443
Regulatory revenue adjustments										304								304
Higher (lower) other operating revenues										644								644
Operating Expenses
Lower (higher) lease operating expenses		(2,592	)															(2,592	)
Lower (higher) operating expenses		(3,290	)			(960	)			(3,644	)			(2,500	)			(10,394	)
Lower (higher) property, franchise and other taxes		1,145																1,145
Lower (higher) depreciation / depletion		(2,672	)			(833	)											(3,505	)
Other Income (Expense)
Higher (lower) other income						635								(454	)			181
(Higher) lower interest expense		3,712												(637	)			3,075
Income Taxes
Lower (higher) income tax expense / effective tax rate		2,095				564				(711	)			(712	)			1,236
All other / rounding		(295	)			(284	)			342				20				(217	)
Third quarter 2026 adjusted earnings		112,191				28,739				5,686				(5,634	)			140,982
Items impacting comparability:
Costs related to the pending Ohio gas utility acquisition														(6,192	)			(6,192	)
Tax impact of costs related to the pending Ohio gas utility acquisition														1,435				1,435
Net interest benefit from equity issuance related to pending acquisition														3,566				3,566
Tax impact of net interest benefit from equity issuance														(826	)			(826	)
Interest expense from long-term debt issuances for pending acquisition, net of interest benefit														(1,129	)			(1,129	)
Tax impact of interest expense from long-term debt issuances, net of interest benefit														262				262
Premiums paid on early redemption of debt		(413	)															(413	)
Tax impact of premiums paid on early redemption of debt		96																96
Unrealized gain (loss) on other investments														1,064				1,064
Tax impact of unrealized gain (loss) on other investments														(224	)			(224	)
Third quarter 2026 GAAP earnings	$	111,874			$	28,739			$	5,686			$	(7,678	)		$	138,621
(1)Amounts do not reflect intercompany eliminations.
(2)Drivers of adjusted earnings have been calculated using the 21% federal statutory rate.
(3)Downstream margin defined as operating revenues less purchased gas expense.

NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
QUARTER ENDED JUNE 30, 2026
(Unaudited)
	Integrated
	Upstream				Pipeline &								Corporate /
	& Gathering				Storage				Utility				All Other				Consolidated(1)
Third quarter 2025 GAAP earnings per share	$	1.28			$	0.32			$	0.05			$	(0.01	)		$	1.64
Items impacting comparability:
Unrealized (gain) loss on derivative asset, net of tax																		—
Unrealized (gain) loss on other investments, net of tax														(0.01	)			(0.01	)
Rounding														0.01				0.01
Third quarter 2025 adjusted earnings per share		1.28				0.32				0.05				(0.01	)			1.64
Drivers of adjusted earnings(2)(4)
Integrated Upstream and Gathering Revenues
Higher (lower) natural gas production		(0.17	)															(0.17	)
Higher (lower) realized natural gas prices, after hedging		0.09																0.09
Higher (lower) gathering revenues		0.01																0.01
Higher (lower) other operating revenues		0.04																0.04
Pipeline and Storage Revenues
Higher (lower) operating revenues						0.01												0.01
Utility Margins(3)
Impact of usage and weather										(0.01	)							(0.01	)
Impact of new rates in New York										0.05								0.05
Regulatory revenue adjustments										—								—
Higher (lower) other operating revenues										0.01								0.01
Operating Expenses
Lower (higher) lease operating expenses		(0.03	)															(0.03	)
Lower (higher) operating expenses		(0.04	)			(0.01	)			(0.04	)			(0.03	)			(0.12	)
Lower (higher) property, franchise and other taxes		0.01																0.01
Lower (higher) depreciation / depletion		(0.03	)			(0.01	)											(0.04	)
Other Income (Expense)
Higher (lower) other income						0.01								—				0.01
(Higher) lower interest expense		0.04												(0.01	)			0.03
Income Taxes
Lower (higher) income tax expense / effective tax rate		0.02				0.01				(0.01	)			(0.01	)			0.01
All other / rounding		0.01				(0.02	)			0.01				—				—
Third quarter 2026 adjusted earnings per share(4)		1.23				0.31				0.06				(0.06	)			1.54
Items impacting comparability(4):
Costs related to the pending Ohio gas utility acquisition, net of tax														(0.05	)			(0.05	)
Impact of equity issuance related to pending acquisition, net of interest benefits		(0.06	)			(0.01	)			—				0.03				(0.04	)
Interest expense from long-term debt issuances for pending acquisition, net of tax														(0.01	)			(0.01	)
Premiums paid on early redemption of debt, net of tax		—																—
Unrealized gain (loss) on other investments, net of tax														0.01				0.01
Third quarter 2026 GAAP earnings per share	$	1.17			$	0.30			$	0.06			$	(0.08	)		$	1.45
(1)Amounts do not reflect intercompany eliminations.
(2)Drivers of adjusted earnings have been calculated using the 21% federal statutory rate.
(3)Downstream margin defined as operating revenues less purchased gas expense.
(4)As a result of the equity issuance, drivers of adjusted earnings, third quarter 2026 adjusted earnings per share, and items impacting comparability for the third quarter 2026 have been calculated using adjusted diluted shares of 91,333,969.

NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
NINE MONTHS ENDED JUNE 30, 2026
(Unaudited)
	Integrated
	Upstream				Pipeline &								Corporate /
(Thousands of Dollars)	& Gathering				Storage				Utility				All Other				Consolidated(1)
Nine months ended June 30, 2025 GAAP earnings	$	221,205			$	93,019			$	101,040			$	(4,102	)		$	411,162
Items impacting comparability:
Impairment of assets		141,802																141,802
Tax impact of impairment of assets		(37,169	)															(37,169	)
Premiums paid on early redemption of debt		2,385																2,385
Tax impact of premiums paid on early redemption of debt		(642	)															(642	)
Unrealized (gain) loss on derivative asset		729																729
Tax impact of unrealized (gain) loss on derivative asset		(196	)															(196	)
Unrealized (gain) loss on other investments														1,780				1,780
Tax impact of unrealized (gain) loss on other investments														(374	)			(374	)
Nine months ended June 30, 2025 adjusted earnings		328,114				93,019				101,040				(2,696	)			519,477
Drivers of adjusted earnings(2)
Integrated Upstream and Gathering Revenues
Higher (lower) natural gas production		1,406																1,406
Higher (lower) realized natural gas prices, after hedging		77,803																77,803
Higher (lower) other operating revenues		8,880																8,880
Pipeline and Storage Revenues
Higher (lower) operating revenues						2,481												2,481
Utility Margins(3)
Impact of usage and weather										957								957
Impact of new rates in New York										10,520								10,520
Regulatory revenue adjustments										4,856								4,856
Higher (lower) other operating revenues										1,928								1,928
Operating Expenses
Lower (higher) lease operating expenses		(11,316	)															(11,316	)
Lower (higher) operating expenses		(9,061	)			(1,559	)			(10,298	)			(4,453	)			(25,371	)
Lower (higher) depreciation / depletion		(14,945	)			(2,359	)			(2,578	)							(19,882	)
Other Income (Expense)
Higher (lower) other income						(1,081	)			862				708				489
(Higher) lower interest expense		10,510								(717	)			(1,949	)			7,844
Income Taxes
Lower (higher) income tax expense / effective tax rate		(2,288	)			1,140				(1,290	)			(741	)			(3,179	)
All other / rounding		(835	)			(76	)			(155	)			69				(997	)
Nine months ended June 30, 2026 adjusted earnings		388,268				91,565				105,125				(9,062	)			575,896
Items impacting comparability:
Costs related to the pending Ohio gas utility acquisition														(16,378	)			(16,378	)
Tax impact of costs related to the pending Ohio gas utility acquisition														3,796				3,796
Net interest benefit from equity issuance														7,497				7,497
Tax impact of net interest benefit from equity issuance														(1,738	)			(1,738	)
Interest expense from long-term debt issuances for pending acquisition, net of interest benefit														(1,129	)			(1,129	)
Tax impact of interest expense from long-term debt issuances, net of interest benefit														262				262
Premiums paid on early redemption of debt		(413	)															(413	)
Tax impact of premiums paid on early redemption of debt		96																96
Unrealized gain (loss) on other investments														57				57
Tax impact of unrealized gain (loss) on other investments														(12	)			(12	)
Nine months ended June 30, 2026 GAAP earnings	$	387,951			$	91,565			$	105,125			$	(16,707	)		$	567,934
(1)Amounts do not reflect intercompany eliminations.
(2)Drivers of adjusted earnings have been calculated using the 21% federal statutory rate.
(3)Downstream margin defined as operating revenues less purchased gas expense.

NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
NINE MONTHS ENDED JUNE 30, 2026
(Unaudited)
	Integrated
	Upstream				Pipeline &								Corporate /
	& Gathering				Storage				Utility				All Other				Consolidated(1)
Nine months ended June 30, 2025 GAAP earnings per share	$	2.42			$	1.02			$	1.11			$	(0.04	)		$	4.51
Items impacting comparability:
Impairment of assets, net of tax		1.14																1.14
Premiums paid on early redemption of debt, net of tax		0.02																0.02
Unrealized (gain) loss on derivative asset, net of tax		0.01																0.01
Unrealized (gain) loss on other investments, net of tax														0.02				0.02
Rounding														(0.01	)			(0.01	)
Nine months ended June 30, 2025 adjusted earnings per share		3.59				1.02				1.11				(0.03	)			5.69
Drivers of adjusted earnings(2)(4)
Integrated Upstream and Gathering Revenues
Higher (lower) natural gas production		0.02																0.02
Higher (lower) realized natural gas prices, after hedging		0.85																0.85
Higher (lower) other operating revenues		0.10																0.10
Pipeline and Storage Revenues
Higher (lower) operating revenues						0.03												0.03
Utility Margins(3)
Impact of usage and weather										0.01								0.01
Impact of new rates in New York										0.12								0.12
Regulatory revenue adjustments										0.05								0.05
Higher (lower) other operating revenues										0.02								0.02
Operating Expenses
Lower (higher) lease operating expenses		(0.12	)															(0.12	)
Lower (higher) operating expenses		(0.10	)			(0.02	)			(0.11	)			(0.05	)			(0.28	)
Lower (higher) depreciation / depletion		(0.16	)			(0.03	)			(0.03	)							(0.22	)
Other Income (Expense)
Higher (lower) other income						(0.01	)			0.01				0.01				0.01
(Higher) lower interest expense		0.12								(0.01	)			(0.02	)			0.09
Income Taxes
Lower (higher) income tax expense / effective tax rate		(0.03	)			0.01				(0.01	)			(0.01	)			(0.04	)
All other / rounding		(0.02	)			—				(0.01	)			0.01				(0.02	)
Nine months ended June 30, 2026 adjusted earnings per share(4)		4.25				1.00				1.15				(0.09	)			6.31
Items impacting comparability(4):
Costs related to the pending Ohio gas utility acquisition, net of tax														(0.14	)			(0.14	)
Impact of equity issuance related to pending acquisition, net of interest benefits		(0.14	)			(0.03	)			(0.04	)			0.06				(0.15	)
Interest expense from long-term debt issuances for pending acquisition, net of tax														(0.01	)			(0.01	)
Premiums paid on early redemption of debt, net of tax		—																—
Unrealized gain (loss) on other investments, net of tax														—				—
Nine months ended June 30, 2026 GAAP earnings per share	$	4.11			$	0.97			$	1.11			$	(0.18	)		$	6.01
(1)Amounts do not reflect intercompany eliminations.
(2)Drivers of adjusted earnings have been calculated using the 21% federal statutory rate.
(3)Downstream margin defined as operating revenues less purchased gas expense.
(4)As a result of the equity issuance, drivers of adjusted earnings, nine months ended June 30, 2026 adjusted earnings per share, and items impacting comparability for the nine months ended June 30, 2026 have been calculated using adjusted diluted shares of 91,284,991.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
(Thousands of Dollars, except per share amounts)
	Three Months Ended								Nine Months Ended
	June 30,								June 30,
	(Unaudited)								(Unaudited)
SUMMARY OF OPERATIONS	2026				2025				2026				2025
Operating Revenues:
Utility Revenues	$	165,422			$	157,446			$	850,258			$	729,445
Integrated Upstream and Gathering Revenues		302,516				306,402				984,561				873,901
Pipeline and Storage Revenues		69,559				67,982				212,558				207,916
		537,497				531,830				2,047,377				1,811,262
Operating Expenses:
Purchased Gas		29,878				27,986				323,335				228,661
Operation and Maintenance:
Utility		60,592				56,053				187,549				174,744
Integrated Upstream and Gathering and Other		63,534				47,137				180,904				137,312
Pipeline and Storage		31,013				29,814				88,459				86,544
Property, Franchise and Other Taxes		22,482				24,180				72,519				71,450
Depreciation, Depletion and Amortization		121,058				116,408				362,412				337,055
Impairment of Assets		—				—				—				141,802
		328,557				301,578				1,215,178				1,177,568
Operating Income		208,940				230,252				832,199				633,694
Other Income (Expense):
Other Income (Deductions)		11,866				8,534				37,100				31,486
Interest Expense on Long-Term Debt		(33,181	)			(34,333	)			(96,776	)			(107,356	)
Other Interest Expense		(2,831	)			(3,556	)			(16,344	)			(13,033	)
Income Before Income Taxes		184,794				200,897				756,179				544,791
Income Tax Expense		46,173				51,079				188,245				133,629
Net Income Available for Common Stock	$	138,621			$	149,818			$	567,934			$	411,162
Earnings Per Common Share
Basic	$	1.46			$	1.66			$	6.06			$	4.54
Diluted	$	1.45			$	1.64			$	6.01			$	4.51
Weighted Average Common Shares:
Used in Basic Calculation		95,034,935				90,358,018				93,730,191				90,546,228
Used in Diluted Calculation		95,736,482				91,139,556				94,445,771				91,247,547

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
	June 30,				September 30,
(Thousands of Dollars)	2026				2025
ASSETS
Property, Plant and Equipment	$	16,097,040			$	15,406,329
Less - Accumulated Depreciation, Depletion and Amortization		8,002,972				7,693,687
Net Property, Plant and Equipment		8,094,068				7,712,642
Current Assets:
Cash and Temporary Cash Investments		1,235,178				43,166
Receivables - Net		227,913				180,801
Unbilled Revenue		16,916				16,219
Gas Stored Underground		12,838				33,468
Materials and Supplies - at average cost		51,232				50,545
Unrecovered Purchased Gas Costs		2,136				5,769
Other Current Assets		67,660				80,759
Total Current Assets		1,613,873				410,727
Other Assets:
Recoverable Future Taxes		98,996				89,247
Unamortized Debt Expense		5,821				6,236
Other Regulatory Assets		123,464				135,486
Deferred Charges		117,345				73,941
Other Investments		66,946				68,346
Goodwill		5,476				5,476
Prepaid Pension and Post-Retirement Benefit Costs		187,737				169,228
Fair Value of Derivative Financial Instruments		127,630				39,388
Other		10,411				8,387
Total Other Assets		743,826				595,735
Total Assets	$	10,451,767			$	8,719,104
CAPITALIZATION AND LIABILITIES
Capitalization:
Comprehensive Shareholders' Equity
Common Stock, $1 Par Value Authorized - 200,000,000 Shares; Issued and
Outstanding - 95,035,675 Shares and 90,379,095 Shares, Respectively	$	95,036			$	90,379
Paid in Capital		1,393,023				1,050,918
Earnings Reinvested in the Business		2,426,044				2,012,529
Accumulated Other Comprehensive Income (Loss)		9,576				(59,222	)
Total Comprehensive Shareholders' Equity		3,923,679				3,094,604
Long-Term Debt, Net of Current Portion and Unamortized Discount and Debt Issuance Costs		3,567,401				2,382,861
Total Capitalization		7,491,080				5,477,465
Current and Accrued Liabilities:
Notes Payable to Banks and Commercial Paper		—				150,200
Current Portion of Long-Term Debt		—				300,000
Accounts Payable		146,096				184,046
Amounts Payable to Customers		752				968
Dividends Payable		52,745				48,353
Interest Payable on Long-Term Debt		34,475				14,393
Customer Advances		—				17,188
Customer Security Deposits		27,723				29,853
Other Accruals and Current Liabilities		241,398				174,689
Fair Value of Derivative Financial Instruments		1,027				6,074
Total Current and Accrued Liabilities		504,216				925,764
Other Liabilities:
Deferred Income Taxes		1,353,287				1,225,262
Taxes Refundable to Customers		302,149				306,335
Cost of Removal Regulatory Liability		319,921				307,659
Other Regulatory Liabilities		116,935				121,944
Pension and Other Post-Retirement Liabilities		3,768				5,252
Asset Retirement Obligations		223,021				236,787
Other Liabilities		137,390				112,636
Total Other Liabilities		2,456,471				2,315,875
Commitments and Contingencies		—				—
Total Capitalization and Liabilities	$	10,451,767			$	8,719,104

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
		Nine Months Ended
		June 30,
(Thousands of Dollars)		2026				2025
Operating Activities:
Net Income Available for Common Stock		$	567,934			$	411,162
Adjustments to Reconcile Net Income to Net Cash
Provided by Operating Activities:
Impairment of Assets			—				141,802
Depreciation, Depletion and Amortization			362,412				337,055
Deferred Income Taxes			88,936				60,754
Premium Paid on Early Redemption of Debt			413				2,385
Stock-Based Compensation			14,801				15,721
Other			17,695				19,296
Change in:
Receivables and Unbilled Revenue			(47,233	)			(95,254	)
Gas Stored Underground and Materials and Supplies			19,943				18,803
Unrecovered Purchased Gas Costs			3,633				(2,903	)
Other Current Assets			13,054				28,038
Accounts Payable			2				1,744
Amounts Payable to Customers			(216	)			(18,445	)
Customer Advances			(17,188	)			(19,373	)
Customer Security Deposits			(2,130	)			(7,526	)
Other Accruals and Current Liabilities			57,892				44,283
Other Assets			(15,919	)			(35,348	)
Other Liabilities			(29,494	)			(39,918	)
Net Cash Provided by Operating Activities		$	1,034,535			$	862,276
Investing Activities:
Capital Expenditures		$	(764,515	)		$	(627,316	)
Other			10,302				9,352
Net Cash Used in Investing Activities		$	(754,213	)		$	(617,964	)
Financing Activities:
Changes in Notes Payable to Banks and Commercial Paper		$	(150,200	)		$	(29,200	)
Shares Repurchased Under Repurchase Plan			—				(54,430	)
Reduction of Long-Term Debt			(601,239	)			(1,004,086	)
Net Proceeds From Issuance of Long-Term Debt			1,481,195				988,731
Dividends Paid on Common Stock			(150,027	)			(140,098	)
Net Proceeds from Common Stock Sale			338,396				—
Net Repurchases of Common Stock Under Stock and Benefit Plans			(6,435	)			(4,134	)
Net Cash Provided by (Used in) Financing Activities		$	911,690			$	(243,217	)
Net Increase in Cash and Cash Equivalents			1,192,012				1,095
Cash and Cash Equivalents at Beginning of Period			43,166				38,222
Cash and Cash Equivalents at June 30		$	1,235,178			$	39,317

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)
INTEGRATED UPSTREAM AND GATHERING SEGMENT
	Three Months Ended												Nine Months Ended
(Thousands of Dollars, except per share amounts)	June 30,												June 30,
	2026				2025				Variance				2026				2025				Variance
Total Operating Revenues	$	302,516			$	306,402			$	(3,886	)		$	984,561			$	873,901			$	110,660
Operating Expenses:
Operation and Maintenance:
Upstream General and Administrative Expense		17,487				18,602				(1,115	)			55,365				56,776				(1,411	)
Lease Operating Expense		15,847				12,566				3,281				50,034				35,710				14,324
Gathering Operation and Maintenance Expense		13,595				7,865				5,730				37,788				23,760				14,028
All Other Operation and Maintenance Expense		3,366				3,816				(450	)			9,847				10,994				(1,147	)
Property, Franchise and Other Taxes		3,693				5,142				(1,449	)			12,118				12,572				(454	)
Depreciation, Depletion and Amortization		83,078				79,696				3,382				247,888				228,970				18,918
Impairment of Assets		—				—				—				—				141,802				(141,802	)
		137,066				127,687				9,379				413,040				510,584				(97,544	)
Operating Income		165,450				178,715				(13,265	)			571,521				363,317				208,204
Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Credit (Cost)		(81	)			36				(117	)			(244	)			110				(354	)
Interest and Other Income		414				44				370				986				568				418
Interest Expense on Long-Term Debt		(493	)			—				(493	)			(493	)			(3,283	)			2,790
Interest Expense		(13,016	)			(17,795	)			4,779				(44,260	)			(56,746	)			12,486
Income Before Income Taxes		152,274				161,000				(8,726	)			527,510				303,966				223,544
Income Tax Expense		40,400				44,333				(3,933	)			139,559				82,761				56,798
Net Income	$	111,874			$	116,667			$	(4,793	)		$	387,951			$	221,205			$	166,746
Net Income Per Share (Diluted)	$	1.17			$	1.28			$	(0.11	)		$	4.11			$	2.42			$	1.69

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)
PIPELINE AND STORAGE SEGMENT
	Three Months Ended												Nine Months Ended
(Thousands of Dollars, except per share amounts)	June 30,												June 30,
	2026				2025				Variance				2026				2025				Variance
Revenues from External Customers	$	69,559			$	67,982			$	1,577			$	212,558			$	207,916			$	4,642
Intersegment Revenues		36,982				37,597				(615	)			112,347				113,849				(1,502	)
Total Operating Revenues		106,541				105,579				962				324,905				321,765				3,140
Operating Expenses:
Purchased Gas		(67	)			(164	)			97				(74	)			(42	)			(32	)
Operation and Maintenance		31,479				30,264				1,215				89,913				87,940				1,973
Property, Franchise and Other Taxes		8,196				8,460				(264	)			25,178				25,727				(549	)
Depreciation, Depletion and Amortization		19,656				18,601				1,055				58,719				55,733				2,986
		59,264				57,161				2,103				173,736				169,358				4,378
Operating Income		47,277				48,418				(1,141	)			151,169				152,407				(1,238	)
Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Credit		537				952				(415	)			1,610				2,857				(1,247	)
Interest and Other Income		2,077				1,111				966				4,441				4,945				(504	)
Interest Expense		(11,735	)			(11,209	)			(526	)			(35,314	)			(34,637	)			(677	)
Income Before Income Taxes		38,156				39,272				(1,116	)			121,906				125,572				(3,666	)
Income Tax Expense		9,417				10,415				(998	)			30,341				32,553				(2,212	)
Net Income	$	28,739			$	28,857			$	(118	)		$	91,565			$	93,019			$	(1,454	)
Net Income Per Share (Diluted)	$	0.30			$	0.32			$	(0.02	)		$	0.97			$	1.02			$	(0.05	)

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)
UTILITY SEGMENT
	Three Months Ended												Nine Months Ended
(Thousands of Dollars, except per share amounts)	June 30,												June 30,
	2026				2025				Variance				2026				2025				Variance
Revenues from External Customers	$	165,422			$	157,446			$	7,976			$	850,258			$	729,445			$	120,813
Intersegment Revenues		78				77				1				294				279				15
Total Operating Revenues		165,500				157,523				7,977				850,552				729,724				120,828
Operating Expenses:
Purchased Gas		66,239				64,292				1,947				433,384				337,541				95,843
Operation and Maintenance		61,652				57,039				4,613				190,778				177,742				13,036
Property, Franchise and Other Taxes		10,461				10,449				12				34,827				32,761				2,066
Depreciation, Depletion and Amortization		18,090				17,945				145				55,171				51,908				3,263
		156,442				149,725				6,717				714,160				599,952				114,208
Operating Income		9,058				7,798				1,260				136,392				129,772				6,620
Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Credit		5,220				5,328				(108	)			23,032				23,498				(466	)
Interest and Other Income		1,054				628				426				3,426				1,869				1,557
Interest Expense		(10,764	)			(10,958	)			194				(33,508	)			(32,601	)			(907	)
Income Before Income Taxes		4,568				2,796				1,772				129,342				122,538				6,804
Income Tax Expense (Benefit)		(1,118	)			(2,201	)			1,083				24,217				21,498				2,719
Net Income	$	5,686			$	4,997			$	689			$	105,125			$	101,040			$	4,085
Net Income Per Share (Diluted)	$	0.06			$	0.05			$	0.01			$	1.11			$	1.11			$	—

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)
	Three Months Ended												Nine Months Ended
(Thousands of Dollars, except per share amounts)	June 30,												June 30,
ALL OTHER	2026				2025				Variance				2026				2025				Variance
Total Operating Revenues	$	—			$	—			$	—			$	—			$	—			$	—
Operating Expenses:
Operation and Maintenance		—				—				—				—				—				—
		—				—				—				—				—				—
Operating Loss		—				—				—				—				—				—
Other Income (Expense):
Interest and Other Income (Deductions)		(172	)			(131	)			(41	)			1,053				(489	)			1,542
Interest Expense		(122	)			(141	)			19				(376	)			(389	)			13
Income (Loss) before Income Taxes		(294	)			(272	)			(22	)			677				(878	)			1,555
Income Tax Expense (Benefit)		(72	)			(63	)			(9	)			154				(204	)			358
Net Income (Loss)	$	(222	)		$	(209	)		$	(13	)		$	523			$	(674	)		$	1,197
Net Income (Loss) Per Share (Diluted)	$	—			$	—			$	—			$	—			$	(0.01	)		$	0.01
	Three Months Ended												Nine Months Ended
	June 30,												June 30,
CORPORATE	2026				2025				Variance				2026				2025				Variance
Revenues from External Customers	$	—			$	—			$	—			$	—			$	—			$	—
Intersegment Revenues		1,436				1,341				95				4,307				4,024				283
Total Operating Revenues		1,436				1,341				95				4,307				4,024				283
Operating Expenses:
Operation and Maintenance		13,915				5,725				8,190				30,160				14,992				15,168
Property, Franchise and Other Taxes		132				129				3				396				390				6
Depreciation, Depletion and Amortization		234				166				68				634				444				190
		14,281				6,020				8,261				31,190				15,826				15,364
Operating Loss		(12,845	)			(4,679	)			(8,166	)			(26,883	)			(11,802	)			(15,081	)
Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Costs		(217	)			(212	)			(5	)			(652	)			(635	)			(17	)
Interest and Other Income		39,151				41,073				(1,922	)			116,316				123,918				(7,602	)
Interest Expense on Long-Term Debt		(32,688	)			(34,333	)			1,645				(96,283	)			(104,073	)			7,790
Other Interest Expense		(3,311	)			(3,748	)			437				(15,754	)			(13,815	)			(1,939	)
Loss before Income Taxes		(9,910	)			(1,899	)			(8,011	)			(23,256	)			(6,407	)			(16,849	)
Income Tax Benefit		(2,454	)			(1,405	)			(1,049	)			(6,026	)			(2,979	)			(3,047	)
Net Loss	$	(7,456	)		$	(494	)		$	(6,962	)		$	(17,230	)		$	(3,428	)		$	(13,802	)
Net Loss Per Share (Diluted)	$	(0.08	)		$	(0.01	)		$	(0.07	)		$	(0.18	)		$	(0.03	)		$	(0.15	)
	Three Months Ended												Nine Months Ended
	June 30,												June 30,
INTERSEGMENT ELIMINATIONS	2026				2025				Variance				2026				2025				Variance
Intersegment Revenues	$	(38,496	)		$	(39,015	)		$	519			$	(116,948	)		$	(118,152	)		$	1,204
Operating Expenses:
Purchased Gas		(36,294	)			(36,142	)			(152	)			(109,975	)			(108,838	)			(1,137	)
Operation and Maintenance		(2,202	)			(2,873	)			671				(6,973	)			(9,314	)			2,341
		(38,496	)			(39,015	)			519				(116,948	)			(118,152	)			1,204
Operating Income		—				—				—				—				—				—
Other Income (Expense):
Interest and Other Deductions		(36,117	)			(40,295	)			4,178				(112,868	)			(125,155	)			12,287
Interest Expense		36,117				40,295				(4,178	)			112,868				125,155				(12,287	)
Net Income	$	—			$	—			$	—			$	—			$	—			$	—
Net Income Per Share (Diluted)	$	—			$	—			$	—			$	—			$	—			$	—

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT INFORMATION (Continued)
(Thousands of Dollars)
	Three Months Ended														Nine Months Ended
	June 30,														June 30,
	(Unaudited)														(Unaudited)
											Increase														Increase
	2026					2025					(Decrease)				2026					2025					(Decrease)
Capital Expenditures:
Integrated Upstream and Gathering	$	146,327		(1)		$	150,007		(3)		$	(3,680	)		$	453,903		(1)(2)		$	412,519		(3)(4)		$	41,384
Pipeline and Storage		91,571		(1)			22,700		(3)			68,871				166,199		(1)(2)			58,117		(3)(4)			108,082
Utility		46,956		(1)			50,025		(3)			(3,069	)			120,550		(1)(2)			128,322		(3)(4)			(7,772	)
Total Reportable Segments		284,854					222,732					62,122				740,652					598,958					141,694
All Other		—					—					—				—					—					—
Corporate		4,009					138					3,871				4,434					518					3,916
Eliminations		—					—					—				(546	)				(3,520	)				2,974
Total Capital Expenditures	$	288,863				$	222,870				$	65,993			$	744,540				$	595,956				$	148,584

(1)		Capital expenditures for the quarter and nine months ended June 30, 2026, include accounts payable and accrued liabilities related to capital expenditures of $65.7 million, $29.0 million, $7.2 million and $3.4 million in the Integrated Upstream and Gathering segment, Pipeline and Storage segment, Utility segment and Corporate category, respectively. These amounts have been excluded from the Consolidated Statement of Cash Flows at June 30, 2026, since they represent non-cash investing activities at that date.
(2)		Capital expenditures for the nine months ended June 30, 2026, exclude capital expenditures of $87.9 million, $19.4 million and $18.0 million in the Integrated Upstream and Gathering segment, Pipeline and Storage segment and Utility segment, respectively. These amounts were in accounts payable and accrued liabilities at September 30, 2025 and paid during the nine months ended June 30, 2026. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2025, since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at June 30, 2026.
(3)		Capital expenditures for the quarter and nine months ended June 30, 2025, include accounts payable and accrued liabilities related to capital expenditures of $73.1 million, $5.7 million and $9.8 million in the Integrated Upstream and Gathering segment, Pipeline and Storage segment and Utility segment, respectively. These amounts were excluded from the Consolidated Statement of Cash Flows at June 30, 2025, since they represented non-cash investing activities at that date.
(4)		Capital expenditures for the nine months ended June 30, 2025, exclude capital expenditures of $85.0 million, $14.4 million and $20.6 million in the Integrated Upstream and Gathering segment, Pipeline and Storage segment and Utility segment, respectively. These amounts were in accounts payable and accrued liabilities at September 30, 2024 and paid during the nine months ended June 30, 2025. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2024, since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at June 30, 2025.

DEGREE DAYS
										Percent Colder
										(Warmer) Than:
Three Months Ended June 30,	Normal			2026			2025			Normal(1)			Last Year(1)
Buffalo, NY	843			797			825			(5.5	)		(3.4	)
Erie, PA	776			711			813			(8.4	)		(12.5	)
Nine Months Ended June 30,
Buffalo, NY	6,195			6,360			5,825			2.7			9.2
Erie, PA	5,693			5,911			5,527			3.8			6.9

(1)		Percents compare actual 2026 degree days to normal degree days and actual 2026 degree days to actual 2025 degree days.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
INTEGRATED UPSTREAM AND GATHERING INFORMATION
		Three Months Ended												Nine Months Ended
		June 30,												June 30,
										Increase												Increase
		2026				2025				(Decrease)				2026				2025				(Decrease)
Gas Production/Prices:
Production (MMcf)
Appalachia			104,285				111,588				(7,303	)			315,470				314,819				651
Average Prices (Per Mcf)
Weighted Average		$	2.25			$	2.69			$	(0.44	)		$	2.97			$	2.66			$	0.31
Weighted Average after Hedging		$	2.81			$	2.71			$	0.10			$	3.05			$	2.73			$	0.32
Selected Operating Performance Statistics:
Upstream General and Administrative Expense per Mcf(1)		$	0.17			$	0.17			$	—			$	0.18			$	0.18			$	—
Lease Operating Expense per Mcf(1)		$	0.15			$	0.11			$	0.04			$	0.16			$	0.11			$	0.05
Adjusted Gathering Operation and Maintenance Expense per Mcf(1)(2)		$	0.13			$	0.11			$	0.02			$	0.12			$	0.11			$	0.01
Depreciation, Depletion and Amortization per Mcf(1)		$	0.80			$	0.71			$	0.09			$	0.79			$	0.73			$	0.06

(1)		Refer to page 15 for the Upstream General and Administrative Expense, Lease Operating Expense, Gathering Operation and Maintenance Expense, and Depreciation, Depletion, and Amortization Expense for the Integrated Upstream and Gathering segment.
(2)		Adjusted Gathering O&M Expense of $0.11 per Mcf for both the three and nine months ended June 30, 2025, exclude a $0.04 per Mcf and $0.03 per Mcf reduction, respectively, to Gathering O&M Expense attributed to a change in segment reporting, which is fully offset in operating revenue.

  

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
Pipeline and Storage Throughput - (millions of cubic feet - MMcf)
		Three Months Ended									Nine Months Ended
		June 30,									June 30,
								Increase									Increase
		2026			2025			(Decrease)			2026			2025			(Decrease)
Firm Transportation - Affiliated		17,166			20,123			(2,957	)		97,184			101,233			(4,049	)
Firm Transportation - Non-Affiliated		162,182			158,910			3,272			543,183			515,411			27,772
Interruptible Transportation		935			149			786			1,543			665			878
		180,283			179,182			1,101			641,910			617,309			24,601
Utility Throughput - (MMcf)
		Three Months Ended									Nine Months Ended
		June 30,									June 30,
								Increase									Increase
		2026			2025			(Decrease)			2026			2025			(Decrease)
Retail Sales:
Residential Sales		9,253			10,151			(898	)		64,029			60,738			3,291
Commercial Sales		1,260			1,658			(398	)		10,389			9,997			392
Industrial Sales		95			93			2			590			594			(4	)
		10,608			11,902			(1,294	)		75,008			71,329			3,679
Transportation		12,756			13,853			(1,097	)		57,927			55,881			2,046
		23,364			25,755			(2,391	)		132,935			127,210			5,725

NATIONAL FUEL GAS COMPANY AND SUBSIDIARIES NON-GAAP FINANCIAL MEASURES

In addition to financial measures calculated in accordance with generally accepted accounting principles (GAAP), this press release contains information regarding adjusted earnings, adjusted EBITDA, and free cash flow, which are non-GAAP financial measures. The Company believes that these non-GAAP financial measures are useful to investors because they provide an alternative method for assessing the Company's ongoing operating results or liquidity and for comparing the Company’s financial performance to other companies. The Company's management uses these non-GAAP financial measures for the same purpose, and for planning and forecasting purposes. The presentation of non-GAAP financial measures is not meant to be a substitute for financial measures in accordance with GAAP.

Management defines adjusted earnings as reported GAAP earnings before items impacting comparability. The following table reconciles National Fuel's reported GAAP earnings to adjusted earnings for the three and nine months ended June 30, 2026 and 2025:

		Three Months Ended								Nine Months Ended
		June 30,								June 30,
(in thousands except per share amounts)		2026				2025				2026				2025
Reported GAAP Earnings		$	138,621			$	149,818			$	567,934			$	411,162
Items impacting comparability:
Impairment of assets			—				—				—				141,802
Tax impact of impairment of assets			—				—				—				(37,169	)
Premiums paid on early redemption of debt			413				—				413				2,385
Tax impact of premiums paid on early redemption of debt			(96	)			—				(96	)			(642	)
Unrealized (gain) loss on derivative asset			—				45				—				729
Tax impact of unrealized (gain) loss on derivative asset			—				(12	)			—				(196	)
Costs related to the pending Ohio gas utility acquisition			6,192				—				16,378				—
Tax impact of costs related to the pending Ohio gas utility acquisition			(1,435	)			—				(3,796	)			—
Net interest benefit from equity issuance			(3,566	)			—				(7,497	)			—
Tax impact of net interest benefit from equity issuance			826				—				1,738				—
Interest expense from long-term debt issuances for pending acquisition, net of interest benefit			1,129				—				1,129				—
Tax impact of interest expense from long-term debt issuances, net of interest benefit			(262	)			—				(262	)			—
Unrealized (gain) loss on other investments			(1,064	)			(820	)			(57	)			1,780
Tax impact of unrealized (gain) loss on other investments			224				172				12				(374	)
Adjusted Earnings		$	140,982			$	149,203			$	575,896			$	519,477
Reported GAAP Earnings Per Share		$	1.45			$	1.64			$	6.01			$	4.51
Items impacting comparability:
Impairment of assets, net of tax			—				—				—				1.14
Premiums paid on early redemption of debt, net of tax			—				—				—				0.02
Unrealized (gain) loss on derivative asset, net of tax			—				—				—				0.01
Costs related to the pending Ohio gas utility acquisition, net of tax			0.05				—				0.14				—
Impact of equity issuance related to pending acquisition, net of interest benefits			0.04				—				0.15				—
Interest expense from long-term debt issuances for pending acquisition, net of tax			0.01				—				0.01				—
Unrealized (gain) loss on other investments, net of tax			(0.01	)			(0.01	)			—				0.02
Rounding			—				0.01				—				(0.01	)
Adjusted Earnings Per Share		$	1.54			$	1.64			$	6.31			$	5.69

NATIONAL FUEL GAS COMPANY AND SUBSIDIARIES NON-GAAP FINANCIAL MEASURES

Management defines adjusted EBITDA as reported GAAP earnings before the following items: interest expense, income taxes, depreciation, depletion and amortization, other income and deductions, impairments, and other items reflected in operating income that impact comparability. The following tables reconcile National Fuel's reported GAAP earnings to adjusted EBITDA for the three and nine months ended June 30, 2026 and 2025:

		Three Months Ended								Nine Months Ended
		June 30,								June 30,
(in thousands)		2026				2025				2026				2025
Reported GAAP Earnings		$	138,621			$	149,818			$	567,934			$	411,162
Depreciation, Depletion and Amortization			121,058				116,408				362,412				337,055
Other (Income) Deductions			(11,866	)			(8,534	)			(37,100	)			(31,486	)
Interest Expense			36,012				37,889				113,120				120,389
Income Taxes			46,173				51,079				188,245				133,629
Impairment of Assets			—				—				—				141,802
Costs related to the pending Ohio gas utility acquisition(1)			5,025				—				9,531				—
Adjusted EBITDA		$	335,023			$	346,660			$	1,204,142			$	1,112,551
Adjusted EBITDA by Segment
Integrated Upstream and Gathering Adjusted EBITDA		$	248,528			$	258,411			$	819,409			$	734,089
Pipeline and Storage Adjusted EBITDA			66,933				67,019				209,888				208,140
Utility Adjusted EBITDA			27,148				25,743				191,563				181,680
Corporate and All Other Adjusted EBITDA			(7,586	)			(4,513	)			(16,718	)			(11,358	)
Total Adjusted EBITDA		$	335,023			$	346,660			$	1,204,142			$	1,112,551

(1)		For the three months and nine months ended June 30, 2026, costs represent a portion of acquisition costs recognized in O&M expense for the pending Ohio gas utility acquisition. The remaining $1.2 million and $6.8 million of acquisition costs for the three months and nine months ended June 30, 2026, respectively, are recognized in interest expense.

NATIONAL FUEL GAS COMPANY AND SUBSIDIARIES NON-GAAP FINANCIAL MEASURES SEGMENT ADJUSTED EBITDA
	Three Months Ended								Nine Months Ended
	June 30,								June 30,
(in thousands)	2026				2025				2026				2025
Integrated Upstream and Gathering Segment
Reported GAAP Earnings	$	111,874			$	116,667			$	387,951			$	221,205
Depreciation, Depletion and Amortization		83,078				79,696				247,888				228,970
Other (Income) Deductions		(333	)			(80	)			(742	)			(678	)
Interest Expense		13,509				17,795				44,753				60,029
Income Taxes		40,400				44,333				139,559				82,761
Impairment of Assets		—				—				—				141,802
Adjusted EBITDA	$	248,528			$	258,411			$	819,409			$	734,089
Pipeline and Storage Segment
Reported GAAP Earnings	$	28,739			$	28,857			$	91,565			$	93,019
Depreciation, Depletion and Amortization		19,656				18,601				58,719				55,733
Other (Income) Deductions		(2,614	)			(2,063	)			(6,051	)			(7,802	)
Interest Expense		11,735				11,209				35,314				34,637
Income Taxes		9,417				10,415				30,341				32,553
Adjusted EBITDA	$	66,933			$	67,019			$	209,888			$	208,140
Utility Segment
Reported GAAP Earnings	$	5,686			$	4,997			$	105,125			$	101,040
Depreciation, Depletion and Amortization		18,090				17,945				55,171				51,908
Other (Income) Deductions		(6,274	)			(5,956	)			(26,458	)			(25,367	)
Interest Expense		10,764				10,958				33,508				32,601
Income Taxes		(1,118	)			(2,201	)			24,217				21,498
Adjusted EBITDA	$	27,148			$	25,743			$	191,563			$	181,680
Corporate and All Other
Reported GAAP Earnings	$	(7,678	)		$	(703	)		$	(16,707	)		$	(4,102	)
Depreciation, Depletion and Amortization		234				166				634				444
Other (Income) Deductions		(2,645	)			(435	)			(3,849	)			2,361
Interest Expense		4				(2,073	)			(455	)			(6,878	)
Income Taxes		(2,526	)			(1,468	)			(5,872	)			(3,183	)
Costs related to the pending Ohio gas utility acquisition		5,025				—				9,531				—
Adjusted EBITDA	$	(7,586	)		$	(4,513	)		$	(16,718	)		$	(11,358	)

NATIONAL FUEL GAS COMPANY AND SUBSIDIARIES NON-GAAP FINANCIAL MEASURES FREE CASH FLOW

Management defines free cash flow as net cash provided by operating activities, less net cash used in investing activities, adjusted for acquisitions and divestitures. The following table reconciles National Fuel's free cash flow to Net Cash Provided by Operating Activities on the Consolidated Statement of Cash Flows for the nine months ended June 30, 2026 and 2025:

		Nine Months Ended
		June 30,
(in thousands)		2026				2025
Net Cash Provided by Operating Activities		$	1,034,535			$	862,276
Less:
Net Cash Used in Investing Activities			754,213				617,964
Proceeds from Divestitures			—				—
			280,322				244,312
Plus:
Acquisitions			—				—
Free Cash Flow		$	280,322			$	244,312

The Company is unable to provide a reconciliation of any projected free cash flow measure to its comparable GAAP financial measure without unreasonable efforts. This is due to an inability to calculate the comparable GAAP projected metrics, including operating income and total production costs, given the unknown effect, timing, and potential significance of certain income statement items.

Ryan P. Vossler Investor Relations 716-857-7158	Timothy J. Silverstein Chief Financial Officer 716-857-6987

FAQ

How did National Fuel (NYSE:NFG) perform in Q3 fiscal 2026?

National Fuel reported Q3 fiscal 2026 GAAP earnings of $138.6 million, or $1.45 per share, with adjusted EPS of $1.54. According to National Fuel, this compared with GAAP EPS of $1.64 and adjusted EPS of $1.64 in the prior-year quarter.

What is National Fuel's updated fiscal 2026 EPS guidance for NFG stock?

National Fuel updated its fiscal 2026 adjusted EPS guidance to $7.40–$7.60 per share. According to National Fuel, the midpoint of $7.50 represents a projected 9% increase over fiscal 2025, assuming an average NYMEX natural gas price of $3.00 per MMBtu.

Did National Fuel (NFG) increase its dividend in 2026 and by how much?

National Fuel's Board approved a 4% dividend increase, raising the annual rate to $2.22 per share. According to National Fuel, the company has paid dividends for 124 consecutive years and raised its annual dividend rate for 56 consecutive years, underscoring its shareholder-return focus.

What is happening with National Fuel's Ohio gas utility acquisition (NFG)?

National Fuel completed the required financing and obtained final regulatory approval for its Ohio gas utility acquisition. According to National Fuel, the transaction is on track to close on October 1, 2026 and is not included in fiscal 2026 earnings guidance assumptions.

How did segment results trend for National Fuel (NFG) in Q3 2026?

In Q3 2026, Integrated Upstream & Gathering GAAP earnings were $111.9 million, down $4.8 million year over year, while Pipeline & Storage earned $28.7 million and Utility earned $5.7 million. According to National Fuel, segment EBITDA metrics were broadly stable except upstream cost pressures.

What are National Fuel's long-term growth and free cash flow targets for NFG?

National Fuel expects 7%–10% average annual EPS growth from fiscal 2026 through 2029. According to National Fuel, it also anticipates generating $1.0–$1.5 billion of free cash flow over the next three years, planned for debt reduction and strategic shareholder-focused investments.