National Fuel Gas (NYSE: NFG) trims 2026 EPS guidance after Q3 results

Rhea-AI Filing Summary

National Fuel Gas Company reported third quarter fiscal 2026 GAAP earnings of $138.6 million, or $1.45 per diluted share, down from $149.8 million, or $1.64 per share, a year earlier. Adjusted earnings were $141.0 million, or $1.54 per share, versus $1.64 per share in the prior-year quarter. For the nine months ended June 30, 2026, GAAP diluted EPS was $6.01 compared with $4.51, while adjusted EPS was $6.31 versus $5.69.

Net cash provided by operating activities for the nine months reached $1.035 billion, generating $280 million of free cash flow. The Integrated Upstream and Gathering segment saw slightly lower earnings as higher realized natural gas prices were offset by a 7% production decline and higher per-unit operating costs. Pipeline and Storage earnings were essentially flat, and Utility earnings rose modestly on stronger customer margin, partly offset by higher employee and uncollectible costs.

The company revised its fiscal 2026 adjusted EPS guidance to $7.40–$7.60 per share and now expects Integrated Upstream and Gathering production of 420–430 Bcf. Capital expenditure guidance increased for the Integrated Upstream and Gathering and Pipeline and Storage segments, including a new $20–$40 million discretionary land program. National Fuel completed $1.5 billion of new note issuances to fund the pending acquisition of CenterPoint Energy’s Ohio gas utility business, which is on track to close on October 1, 2026. The Board approved a 4% dividend increase to an annual rate of $2.22 per share, extending a 124-year dividend history and 56 consecutive annual increases. The company also outlined a long-term outlook for 7%–10% average annual EPS growth and $1.0–$1.5 billion of free cash flow from fiscal 2026 through 2029.

Positive

• Nine-month earnings and cash flow strengthened: GAAP diluted EPS for the nine months rose to $6.01 from $4.51, adjusted EPS to $6.31 from $5.69, and operating cash flow reached $1.035 billion with $280 million of free cash flow.
• Dividend growth and long track record: The Board approved a 4% dividend increase to an annual rate of $2.22 per share, extending 124 consecutive years of dividends and 56 consecutive annual dividend rate increases.
• Long-term growth and deleveraging outlook: Management targets 7%–10% average annual EPS growth from fiscal 2026 through 2029 and projects $1.0–$1.5 billion of free cash flow over three years, expected to support debt reduction and additional shareholder-focused capital allocation.

Negative

• Quarterly earnings declined: Third quarter GAAP EPS fell to $1.45 from $1.64 and adjusted EPS to $1.54 from $1.64, reflecting lower production volumes and higher operating costs in the Integrated Upstream and Gathering segment.
• Guidance trimmed with higher capital needs: Fiscal 2026 adjusted EPS guidance was revised to $7.40–$7.60 per share from $7.45–$7.75, alongside higher capital expenditure guidance in key segments and slightly reduced production guidance of 420–430 Bcf.
• Increased leverage to fund Ohio acquisition: The company issued $1.5 billion of new three-, five-, and ten-year notes to fund a portion of the CenterPoint Ohio gas utility acquisition and refinance $300 million of notes, adding interest expense and transaction costs.

Filing Explained

The filing discloses an equity issuance related to the pending Ohio acquisition: issued and outstanding shares rose to 95,035,675 at June 30, 2026, from 90,379,095 at September 30, 2025. Because the acquisition remains pending, existing holders’ percentage ownership is reduced by the issuance absent offsetting changes.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Q3 2026 GAAP EPS: $1.45 per share Q3 2026 adjusted EPS: $1.54 per share Nine-month GAAP EPS: $6.01 per share +5 more

8 metrics

Q3 2026 GAAP EPS $1.45 per share Earnings per diluted share for the quarter ended June 30, 2026, down from $1.64 a year earlier

Q3 2026 adjusted EPS $1.54 per share Non-GAAP adjusted earnings per share for the quarter, compared with $1.64 in the prior-year quarter

Nine-month GAAP EPS $6.01 per share GAAP diluted EPS for the nine months ended June 30, 2026, versus $4.51 in the prior-year period

Operating cash flow $1.035 billion Net cash provided by operating activities for the nine months ended June 30, 2026

Free cash flow $280 million Free cash flow for the nine months ended June 30, 2026, as defined by the company

FY 2026 adjusted EPS guidance $7.40 to $7.60 per share Revised fiscal 2026 adjusted earnings per share guidance range

Integrated Upstream & Gathering production guidance 420 to 430 Bcf Fiscal 2026 production outlook for the Integrated Upstream and Gathering segment

New notes issued $1.5 billion Three-, five-, and ten-year notes issued in June 2026 to fund part of the Ohio acquisition and refinance $300 million of notes

Key Terms

adjusted EBITDA, free cash flow, full cost ceiling test, Distribution System Improvement Charge, +2 more

6 terms

adjusted EBITDA financial

"Management defines adjusted EBITDA as reported GAAP earnings before the following items"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

free cash flow financial

"Management defines free cash flow as net cash provided by operating activities, less net cash used"

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

full cost ceiling test financial

"impairments under the SEC’s full cost ceiling test for natural gas reserves"

Distribution System Improvement Charge regulatory

"revenue from the Utility’s Distribution System Improvement Charge in Pennsylvania"

A distribution system improvement charge is a regulated surcharge utilities add to customer bills to recover costs for upgrading local power lines, poles, transformers and other delivery equipment. It matters to investors because it speeds up cost recovery and stabilizes a utility’s cash flow and earnings between full rate reviews—like allowing a homeowner to add a small, ongoing fee to pay for immediate repairs instead of waiting to save up for a big bill.

precedent agreement financial

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

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.

hedging portfolio financial

"benefitted from its strong hedge and marketing portfolio during the quarter"

Earnings Snapshot

GAAP net income: $138.6 million · Guidance included

Quarter and nine months ended June 30, 2026

GAAP net income $138.6 million down from $149.8 million in the prior-year quarter

GAAP diluted EPS $1.45 down from $1.64 in the prior-year quarter

Adjusted EPS $1.54 down from $1.64 in the prior-year quarter

Nine-month GAAP diluted EPS $6.01 up from $4.51 in the nine months ended June 30, 2025

Nine-month adjusted EPS $6.31 up from $5.69 in the nine months ended June 30, 2025

Operating cash flow $1.035 billion up from $862.3 million in the nine months ended June 30, 2025

FY 2026 adjusted EPS guidance range $7.40–$7.60 per share revised from a prior range of $7.45–$7.75 per share

Guidance

For fiscal 2026, the company forecasts adjusted EPS of $7.40–$7.60 per share, Integrated Upstream and Gathering production of 420–430 Bcf, NYMEX natural gas at $3.00 per MMBtu for the remaining three months, and higher capital expenditure ranges in the Integrated Upstream and Gathering and Pipeline and Storage segments.

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Available on EDGAR 07/30/2026 - 08:18 AM Accepted by SEC EDGAR 07/30/2026 - 08:18 AM Learn about SEC filing dates

FAQ

How did National Fuel Gas (NFG) perform financially in Q3 fiscal 2026?

National Fuel Gas reported GAAP earnings of $138.6 million, or $1.45 per diluted share, in Q3 fiscal 2026, compared with $149.8 million, or $1.64 per share, a year earlier. Adjusted EPS was $1.54 versus $1.64, reflecting lower production and higher costs.

What are National Fuel Gas (NFG)’s updated fiscal 2026 EPS guidance and assumptions?

National Fuel Gas now guides to adjusted EPS of $7.40–$7.60 for fiscal 2026, versus a prior range of $7.45–$7.75. The outlook assumes a $3.00 per MMBtu NYMEX gas price for the remaining three months and Integrated Upstream and Gathering production of 420–430 Bcf.

How strong are National Fuel Gas (NFG)’s cash flows year-to-date in 2026?

For the nine months ended June 30, 2026, National Fuel Gas generated $1.035 billion of net cash from operating activities and $280 million of free cash flow. These figures compare with $862.3 million of operating cash flow and $244.3 million of free cash flow in the prior-year period.

What progress has National Fuel Gas (NFG) made on the Ohio gas utility acquisition?

National Fuel Gas completed the necessary financing and received final regulatory approval for the CenterPoint Ohio gas utility acquisition. The transaction is expected to close on October 1, 2026 and is not included in fiscal 2026 earnings guidance or related cost assumptions.

What is National Fuel Gas (NFG)’s long-term growth and free cash flow outlook?

From fiscal 2026 through 2029, National Fuel Gas expects 7%–10% average annual EPS growth and projects $1.0–$1.5 billion of free cash flow. Management plans to use this cash primarily for debt reduction, strategic investments, and enhancing shareholder returns.

How did National Fuel Gas (NFG)’s operating segments perform in Q3 fiscal 2026?

In Q3, Integrated Upstream and Gathering delivered $111.9 million of GAAP earnings, Pipeline and Storage $28.7 million, and Utility $5.7 million. Upstream faced lower production and higher costs, while Pipeline and Storage were steady and Utility benefited from stronger customer margins.

What dividend did National Fuel Gas (NFG) declare, and what is its dividend history?

National Fuel Gas’s Board approved a 4% dividend increase to an annual rate of $2.22 per share. The company has paid dividends for 124 consecutive years and raised its annual dividend rate for 56 consecutive years, underscoring its focus on shareholder returns.

0000070145false00000701452026-07-292026-07-29

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 29, 2026

NATIONAL FUEL GAS COMPANY

(Exact name of registrant as specified in its charter)

New Jersey			1-3880			13-1086010
(State or other jurisdiction of incorporation)			(Commission File Number)			(IRS Employer Identification No.)

6363 Main Street
Williamsville,			New York						14221
(Address of principal executive offices)									(Zip Code)

Registrant’s telephone number, including area code: (716) 857-7000

Former name or former address, if changed since last report: Not Applicable

    Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol			Name of Each Exchange on Which Registered
Common Stock, par value $1.00 per share			NFG			New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company     ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02    Results of Operations and Financial Condition.

On July 29, 2026, National Fuel Gas Company (the “Company”) issued a press release regarding its earnings for the quarter ended June 30, 2026. A copy of the press release is furnished as part of this Current Report as Exhibit 99.

Neither the furnishing of the press release as an exhibit to this Current Report nor the inclusion in such press release of any reference to the Company’s internet address shall, under any circumstances, be deemed to incorporate the information available at such internet address into this Current Report. The information available at the Company’s internet address is not part of this Current Report or any other report filed or furnished by the Company with the Securities and Exchange Commission.

In addition to financial measures calculated in accordance with generally accepted accounting principles (“GAAP”), the press release furnished as part of this Current Report as Exhibit 99 contains certain non-GAAP financial measures. The Company believes that such non-GAAP financial measures are useful to investors because they provide an alternative method for assessing the Company’s operating results in a manner that is focused on the performance of the Company’s ongoing operations, for measuring the Company’s cash flow and 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 prepared in accordance with GAAP.

Certain statements contained herein or in the press release furnished as part of this Current Report, including statements regarding estimated future earnings and statements that are identified by the use of the words “anticipates,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “predicts,” “projects,” “believes,” “seeks,” “will” and “may” and similar expressions, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. There can be no assurance that the Company’s projections will in fact be achieved nor do these projections reflect any acquisitions or divestitures that may occur in the future. While the Company’s expectations, beliefs and projections are expressed in good faith and are believed to have a reasonable basis, actual results may differ materially from those projected in forward-looking statements. Furthermore, each forward-looking statement speaks only as of the date on which it is made. 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 hereof.

Item 9.01    Financial Statements and Exhibits.

    (d)    Exhibits

Exhibit 99			Press release furnished regarding earnings for the quarter ended June 30, 2026
Exhibit 104			Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

NATIONAL FUEL GAS COMPANY
By:			/s/ Lee E. Hartz
			Lee E. Hartz
			General Counsel and Secretary

Dated: July 30, 2026

Exhibit 99

						6363 Main Street/Williamsville, NY 14221
Release Date:			Immediate July 29, 2026			Ryan P. Vossler Investor Relations 716-857-7158			Timothy J. Silverstein Chief Financial Officer 716-857-6987

NATIONAL FUEL REPORTS THIRD QUARTER FISCAL 2026 EARNINGS

WILLIAMSVILLE, N.Y. 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."

Page 2.

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.

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Page 3.

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.

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Page 4.

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

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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

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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.

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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.

Page 8.

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.

Page 9.

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.

Page 10.

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.

Page 11.

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.

Page 12.

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

Page 13.

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

Page 14.

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

Page 15.

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

Page 16.

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)

Page 17.

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		$	—

Page 18.

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)			$	—					$	—					$	—					$	—		$	—		$	—

Page 19.

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.

Page 20.

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.

Page 21.

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

Page 22.

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

Page 23.

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.

Page 24.

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)

Page 25.

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.

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