Form 8-K

8-K — NATIONAL FUEL GAS CO

Accession: 0000070145-26-000030

Filed: 2026-07-30

Period: 2026-07-29

CIK: 0000070145

SIC: 4924 (NATURAL GAS DISTRIBUTION)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — nfg-20260729.htm (Primary)

EX-99 (nfg-6302026xexhibit99x8k.htm)

GRAPHIC (exhibit998kimagea15.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: nfg-20260729.htm · Sequence: 1

nfg-20260729

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

EX-99

EX-99

Filename: nfg-6302026xexhibit99x8k.htm · Sequence: 2

Document

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."

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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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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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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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- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

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dei_EntityTaxIdentificationNumber

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- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

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dei_LocalPhoneNumber

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

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- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

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- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

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Data Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

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- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

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Data Type:

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Period Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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