National Fuel Reports Third Quarter Fiscal 2025 Earnings and Announces Preliminary Guidance for Fiscal 2026

7/30/25 4:45:04 PM ET

Oil/Gas Transmission

Utilities

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WILLIAMSVILLE, N.Y., July 30, 2025 (GLOBE NEWSWIRE) -- National Fuel Gas Company ("National Fuel" or the "Company") (NYSE:NFG) today announced consolidated results for the third quarter of its 2025 fiscal year.

FISCAL 2025 THIRD QUARTER SUMMARY

GAAP earnings per share of $1.64 compared to a net loss $0.59 per share in the prior year.
Adjusted earnings per share of $1.64 increased 66% compared to $0.99 per share in the prior year. See non-GAAP reconciliation on page 2.
Exploration and Production adjusted operating results of $0.95 per share increased 157% versus the prior year, driven by lower per unit operating costs, higher realized natural gas prices, and strong well performance in the Eastern Development Area ("EDA"), which contributed to 112 Bcf of natural gas production, up 16% versus the prior year's third quarter.
The Pipeline and Storage segment achieved several development milestones for expansion projects during the quarter with the announcement of the Shippingport Lateral Project and the receipt of FERC approval for the Tioga Pathway Project, which remains on track for a late calendar 2026 in-service date.
The Company generated $196 million in net cash provided by operating activities less net cash used in investing activities during the third quarter.
The Company is revising the midpoint of its fiscal 2025 adjusted earnings per share guidance to a range of $6.80 to $6.95 per share and is initiating its fiscal 2026 preliminary earnings guidance which, based upon a NYMEX price of $4.00, is expected to increase 20% from fiscal 2025 (see Guidance Summary on page 7).

MANAGEMENT COMMENTARY

David P. Bauer, President and Chief Executive Officer of National Fuel Gas Company, stated: "National Fuel's excellent third quarter reflects ongoing success across the Company. Our integrated upstream and gathering operations saw record production and throughput during the quarter and a continued improvement in capital efficiency, while our regulated Utility and Pipeline & Storage segments continue to see an uplift in earnings from recent ratemaking activities and organic investment opportunities.

"As we look forward to fiscal 2026, we expect to see significant earnings growth versus the prior year. This highlights the momentum in each of our businesses and the overall positive long-term outlook for natural gas. Strong well results in the EDA continue to confirm the depth of our best-in-class inventory and operational excellence in Northeast Pennsylvania, and underpin our mid-single-digit production growth expectations in the coming years. In addition, we have line of sight to further growth in our regulated businesses, supporting our 5% to 7% average annual rate base growth projections. Taken together, along with the broader tailwinds from growing demand for natural gas, National Fuel is well positioned to create meaningful value for shareholders in the years to come."

RETURN OF CAPITAL UPDATE

During the quarter, National Fuel announced that its Board of Directors approved a 4% increase in the Company's dividend for an annual rate of $2.14 per share. This is our 55^th consecutive year of dividend increases and the 123^rd year of consecutive dividend payments, demonstrating the Company's commitment to returning cash to shareholders.

With respect to the Company's share repurchase program, since March 2024, the Company repurchased approximately 2 million shares at an average weighted price of $59.70 per share. Consistent with our disciplined approach to capital allocation, which balances growth with return of capital to shareholders, during the quarter the Company paused repurchases as it evaluated various growth opportunities, preserving balance sheet flexibility.

RECONCILIATION OF GAAP EARNINGS TO ADJUSTED OPERATING RESULTS

	Three Months Ended June 30,
	(Thousands)						(Per Share)
		2025			2024			2025		2024
Reported GAAP Earnings	$	149,818		$	(54,158	)	$	1.64	$	(0.59	)
Items impacting comparability:
Impairment of assets (E&P)		—			200,696			0.00		2.18
Tax impact of impairment of assets		—			(55,686	)		0.00		(0.60	)
Other (refer to Segment results for details)		(615	)		873			—		—
Adjusted Operating Results	$	149,203		$	91,725		$	1.64	$	0.99

FISCAL 2025 GUIDANCE UPDATE

National Fuel is revising its adjusted earnings per share guidance for fiscal 2025 to a range of $6.80 to $6.95. This updated range incorporates our third quarter results as well as lower expected realized natural gas prices for the remaining three months, which is largely offset by expected higher production and lower unit costs in the Exploration and Production segment. The Company is assuming an average NYMEX natural gas price of $3.25 per MMBtu for the remaining three months of fiscal 2025, which approximates the current NYMEX forward curve at this time.

The Company's other fiscal 2025 guidance assumptions are detailed in the table on page 7.

INITIATION OF FISCAL 2026 PRELIMINARY GUIDANCE

The Company is initiating preliminary earnings guidance for fiscal 2026 which it is providing at various NYMEX prices:

NYMEX Assumption ($/MMBtu)	Fiscal 2026 Adjusted Earnings Per Share Sensitivities
$3.00	$6.35 - $6.85
$4.00	$8.00 - $8.50
$5.00	$9.75 - $10.25

2026 OUTLOOK

Seneca's ongoing trend of improving capital efficiency is projected to continue in fiscal 2026 with capital expenditures expected to decrease by $20 million, or 4% at the midpoint, while production is expected to increase to a range of 440 to 455 Bcf, an increase of 6% at the midpoint.
Regulated segment earnings are expected to increase as a result of ongoing modernization investments which are supported by recent ratemaking efforts, driven by Distribution's three-year New York rate settlement that continues through fiscal 2027 and additional margin related to the Pennsylvania modernization tracker, or DSIC (Distribution System Improvement Charge).
Combined Utility and Pipeline & Storage segment capital expenditures are expected to range between $395 and $455 million, an increase of $110 million from fiscal 2025 at midpoint of guidance, with continued investment in our longstanding modernization programs, as well as significant expansion-related spending on the Tioga Pathway and Shippingport Lateral projects driving meaningful rate base growth.

Additional details on the Company's updated forecast assumptions and business segment guidance for fiscal 2026 are outlined in the table on page 7.

DISCUSSION OF THIRD QUARTER RESULTS BY SEGMENT

The following earnings discussion of each operating segment for the quarter ended June 30, 2025 is summarized in a tabular form on pages 8 and 9 of this report (earnings drivers for the nine months ended June 30, 2025 are summarized on pages 10 and 11). It may be helpful to refer to those tables while reviewing this discussion.

Note that management defines adjusted operating results 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.

Upstream Business

Exploration and Production Segment

The Exploration and Production segment operations are carried out by Seneca Resources Company, LLC ("Seneca"). Seneca explores for, develops and produces primarily natural gas reserves in Pennsylvania.

	Three Months Ended
	June 30,
(in thousands)		2025			2024		Variance
GAAP Earnings	$	86,671		$	(112,028	)	$	198,699
Impairment of assets		—			200,696			(200,696	)
Tax impact of impairment of assets		—			(55,686	)		55,686
Unrealized (gain) loss on derivative asset (2022 CA asset sale)		45			1,186			(1,141	)
Tax impact of unrealized (gain) loss on derivative asset		(12	)		(325	)		313
Adjusted Operating Results	$	86,704		$	33,843		$	52,861

Adjusted EBITDA	$	202,488		$	128,535		$	73,953

Seneca's third quarter GAAP earnings increased $198.7 million versus the prior year. GAAP earnings in the prior year included a non-cash, pre-tax ceiling test impairment of $200.7 million ($145.0 million after-tax) to write-down the carrying value of Seneca's reserves under the full cost method of accounting. GAAP earnings also included the impact of unrealized losses related to reductions in the fair value of contingent consideration received in connection with the June 2022 divestiture of Seneca's California assets.

Excluding items impacting comparability, Seneca's adjusted operating results in the third quarter increased $52.9 million primarily due to higher realized natural gas prices and production, as well as lower per unit operating expenses.

During the third quarter, Seneca produced a Company record 112 Bcf of natural gas, an increase of 15 Bcf, or 16%, from the prior year. Two highly prolific Utica pads turned in line this year in the EDA's Tioga County were the main drivers behind this increase in production.

Seneca's weighted average realized natural gas price, after the impact of hedging and transportation costs, was $2.71 per Mcf, an increase of $0.43 per Mcf from the prior year. This increase was primarily due to higher NYMEX prices and higher spot prices at local sales points in Pennsylvania.

	Three Months Ended
	June 30,
(Cost per Mcf)		2025		2024	Variance
Lease Operating and Transportation Expense ("LOE")	$	0.66	$	0.69	$	(0.03	)
General and Administrative Expense ("G&A")	$	0.17	$	0.19	$	(0.02	)
Taxes and Other	$	0.08	$	0.08	$	—
Total Cash Operating Costs	$	0.91	$	0.96	$	(0.05	)
Depreciation, Depletion and Amortization Expense ("DD&A")	$	0.62	$	0.71	$	(0.09	)
Total Operating Costs	$	1.53	$	1.67	$	(0.14	)

On a per unit basis, third quarter total cash operating costs were lower compared to the prior year, primarily due to higher production. LOE included $61 million ($0.55 per Mcf), or 83% of total LOE, for gathering and compression service fees paid to the Company's Gathering segment to connect Seneca's production to sales points along interstate pipelines. DD&A for the quarter was $0.62 per Mcf, a decrease of $0.09 per Mcf from the prior year, largely due to ceiling test impairments recorded in prior quarters that lowered Seneca's full cost pool depletable base.

Midstream Businesses

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)		2025		2024	Variance
GAAP Earnings	$	28,857	$	30,690	$	(1,833	)

Adjusted EBITDA	$	67,019	$	68,221	$	(1,202	)

The Pipeline and Storage segment's third quarter GAAP earnings decreased $1.8 million versus the prior year primarily due to higher Operations and Maintenance ("O&M") expense. The increase in O&M expense was due largely to typical inflationary increases related to higher personnel costs and third-party contractors.

Gathering Segment

The Gathering segment's operations are carried out by National Fuel Gas Midstream Company, LLC's limited liability companies. The Gathering segment constructs, owns and operates natural gas gathering pipelines and compression facilities in the Appalachian region, which delivers Seneca and other non-affiliated Appalachian production to the interstate pipeline system.

	Three Months Ended
	June 30,
(in thousands)		2025		2024	Variance
GAAP Earnings	$	29,996	$	24,979	$	5,017

Adjusted EBITDA	$	55,923	$	47,631	$	8,292

The Gathering segment's third quarter GAAP earnings increased $5.0 million versus the prior year primarily due to higher operating revenues, which increased $7.8 million, or 13%, primarily due to an increase in throughput from Seneca's new wells located in Tioga County.

Downstream Business

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)		2025		2024	Variance
GAAP Earnings	$	4,997	$	2,559	$	2,438

Adjusted EBITDA	$	25,743	$	21,047	$	4,696

The Utility segment's third quarter GAAP earnings increased $2.4 million, or 95%, primarily as a result of new rates approved in the Utility's New York rate case settlement, which became effective October 1, 2024, partially offset by higher operating costs and interest expense.

For the quarter, customer margin (operating revenues less purchased gas sold) increased $8.4 million, primarily due to an increase in customer usage, due in part to colder weather, as well as an increase in rates as part of the New York rate case settlement. Other income increased $4.0 million, largely due to the New York rate settlement, which required the recognition of non-service pension and post-retirement benefit income and a corresponding reduction in new base rates, resulting in no effect on net income.

O&M expense increased $2.7 million primarily driven by higher personnel costs, partially offset by a reduction in uncollectible expenses as a result of a tracker implemented as part of the New York rate case settlement. DD&A expense increased by $1.6 million primarily due to higher average depreciable plant in service compared to the prior year. Further, interest expense increased $2.5 million primarily due to a higher average amount of net borrowings.

Corporate and All Other

The Company's operations that are included in Corporate and All Other generated a combined net loss of $0.7 million, which was largely consistent with the prior year.

EARNINGS TELECONFERENCE

A conference call to discuss the results will be held on Thursday, July 31, 2025, 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 will be provided under the Events Calendar on the NFG Investor Relations website at investor.nationalfuelgas.com. A replay will be available following the call through the end of the day, Thursday, August 7, 2025. To access the replay, dial 1-866-813-9403 and provide Access Code 592578.

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

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 estimate accurately the time and resources necessary to meet emissions targets; governmental/regulatory actions and/or market pressures to reduce or eliminate reliance on natural gas; impairments under the SEC's full cost ceiling test for natural gas reserves; changes in the price of natural gas; 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 and other investments, including any downgrades in the Company's credit ratings and changes in interest rates and other capital market conditions; the Company's ability to complete strategic transactions; 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; negotiations with the collective bargaining units representing the Company's workforce, including potential work stoppages during negotiations; uncertainty of natural gas reserve estimates; significant differences between the Company's projected and actual production levels for natural gas; changes in demographic patterns and weather conditions (including those related to climate change); changes in the availability, price or accounting treatment of derivative financial instruments; changes in laws, actuarial assumptions, the interest rate environment and the return on plan/trust assets related to the Company's pension and other post-retirement benefits, which can affect future funding obligations and costs and plan liabilities; economic disruptions or uninsured losses resulting from major accidents, fires, severe weather, natural disasters, terrorist activities or acts of war, as well as economic and operational disruptions due to third-party outages; significant differences between the Company's projected and actual capital expenditures and operating expenses; or increasing costs of insurance, changes in coverage and the ability to obtain insurance. The Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date thereof.

NATIONAL FUEL GAS COMPANY

AND SUBSIDIARIES

GUIDANCE SUMMARY

As discussed on page 2, the Company is revising its adjusted earnings per share guidance for fiscal 2025. Additional details on the Company's forecast assumptions and business segment guidance are outlined in the table below.

The revised adjusted earnings per share guidance range excludes certain items that impacted the comparability of adjusted operating results during the nine months ended June 30, 2025, including: (1) the after tax impairment of assets, which reduced earnings by $1.14 per share; (2) after-tax premiums paid on early redemptions of debt, which reduced earnings by $0.02 per share; (3) after-tax unrealized losses on a derivative asset, which reduced earnings by $0.01 per share; and (4) after-tax unrealized losses on other investments, which reduced earnings by $0.02 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, 2025, 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.

	Updated FY 2025 Guidance	Preliminary FY 2026 Guidance

Consolidated Adjusted Earnings per Share	$6.80 to $6.95	See sensitivity table on p.2
Consolidated Effective Tax Rate	~ 25.5%	~ 25.5%

Capital Expenditures (Millions)
Exploration and Production	$500 - $510	$470 - $500
Pipeline and Storage	$120 - $140	$210 - $250
Gathering	$95 - $110	$90 - $110
Utility	$175 - $195	$185 - $205
Consolidated Capital Expenditures	$890 - $955	$955 - $1,065

Exploration and Production Segment Guidance

Commodity Price Assumptions	(remaining three months)
NYMEX natural gas price (per MMBtu)	$3.25	$3.00 / $4.00 / $5.00
Appalachian basin spot price (per MMBtu)	$2.50	$2.30 / $3.10 / $3.90

Production (Bcf)	420 to 425	440 to 455

E&P Operating Costs ($/Mcf)
LOE	$0.67 - $0.68	$0.67 - $0.68
G&A	~$0.18	~$0.18
DD&A	$0.63 - $0.65	$0.65 - $0.69

Other Business Segment Guidance (Millions)
Gathering Segment Revenues	$255 - $260	$245 - $255
Pipeline and Storage Segment Revenues	$420 - $430	$415 - $430

Utility Segment Guidance (Millions)
Customer Margin*	$450 - $460	$470 - $490
O&M Expense	$240 - $245	$250 – $260
Non-Service Pension & OPEB Income	$23 - $27	$23 - $27
^{* Customer Margin is defined as Operating Revenues less Purchased Gas Expense.}

NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
QUARTER ENDED JUNE 30, 2025
(Unaudited)

	Upstream			Midstream						Downstream

	Exploration &			Pipeline &									Corporate /
(Thousands of Dollars)	Production			Storage			Gathering			Utility			All Other			Consolidated*

Third quarter 2024 GAAP earnings	$	(112,028	)	$	30,690		$	24,979		$	2,559		$	(358	)	$	(54,158	)
Items impacting comparability:
Impairment of assets		200,696															200,696
Tax impact of impairment of assets		(55,686	)														(55,686	)
Unrealized (gain) loss on derivative asset		1,186															1,186
Tax impact of unrealized (gain) loss on derivative asset		(325	)														(325	)
Unrealized (gain) loss on other investments														15			15
Tax impact of unrealized (gain) loss on other investments														(3	)		(3	)
Third quarter 2024 adjusted operating results		33,843			30,690			24,979			2,559			(346	)		91,725
Drivers of adjusted operating results**
Upstream Revenues
Higher (lower) natural gas production		27,144															27,144
Higher (lower) realized natural gas prices, after hedging		38,281															38,281
Midstream Revenues
Higher (lower) operating revenues								6,125									6,125
Downstream Margins***
Impact of usage and weather											2,738						2,738
Impact of new rates in New York											2,788						2,788
Regulatory revenue adjustments											670						670
Operating Expenses
Lower (higher) lease operating and transportation expenses		(5,747	)														(5,747	)
Lower (higher) operating expenses					(1,687	)					(2,126	)		(1,463	)		(5,276	)
Lower (higher) property, franchise and other taxes		(1,636	)														(1,636	)
Lower (higher) depreciation / depletion								(882	)		(1,242	)					(2,124	)
Other Income (Expense)
Higher (lower) other income		(531	)		(1,238	)					3,169			1,352			2,752
(Higher) lower interest expense		589			510						(2,007	)		(1,616	)		(2,524	)
Income Taxes
Lower (higher) income tax expense / effective tax rate		(5,564	)		(39	)		(178	)		(1,190	)		710			(6,261	)

All other / rounding		325			621			(48	)		(362	)		12			548
Third quarter 2025 adjusted operating results		86,704			28,857			29,996			4,997			(1,351	)		149,203
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 GAAP earnings	$	86,671		$	28,857		$	29,996		$	4,997		$	(703	)	$	149,818

^{* Amounts do not reflect intercompany eliminations.}
^{** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.}
^{*** Downstream margin defined as operating revenues less purchased gas expense.}

NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
QUARTER ENDED JUNE 30, 2025
(Unaudited)

	Upstream			Midstream						Downstream

	Exploration &			Pipeline &									Corporate /
	Production			Storage			Gathering			Utility			All Other			Consolidated*

Third quarter 2024 GAAP earnings per share	$	(1.22	)	$	0.33		$	0.27		$	0.03		$	—		$	(0.59	)
Items impacting comparability:
Impairment of assets, net of tax		1.58															1.58
Unrealized (gain) loss on derivative asset, net of tax		0.01															0.01
Unrealized (gain) loss on other investments, net of tax														—			—
Rounding														(0.01	)		(0.01	)
Third quarter 2024 adjusted operating results per share		0.37			0.33			0.27			0.03			(0.01	)		0.99
Drivers of adjusted operating results**
Upstream Revenues
Higher (lower) natural gas production		0.30															0.30
Higher (lower) realized natural gas prices, after hedging		0.42															0.42
Midstream Revenues
Higher (lower) operating revenues								0.07									0.07
Downstream Margins***
Impact of usage and weather											0.03						0.03
Impact of new rates in New York											0.03						0.03
Regulatory revenue adjustments											0.01						0.01
Operating Expenses
Lower (higher) lease operating and transportation expenses		(0.06	)														(0.06	)
Lower (higher) operating expenses					(0.02	)					(0.02	)		(0.02	)		(0.06	)
Lower (higher) property, franchise and other taxes		(0.02	)														(0.02	)
Lower (higher) depreciation / depletion								(0.01	)		(0.01	)					(0.02	)
Other Income (Expense)
Higher (lower) other income		(0.01	)		(0.01	)					0.03			0.01			0.02
(Higher) lower interest expense		0.01			0.01						(0.02	)		(0.02	)		(0.02	)
Income Taxes
Lower (higher) income tax expense / effective tax rate		(0.06	)		—			—			(0.01	)		0.01			(0.06	)

All other / rounding		—			0.01			—			(0.02	)		0.02			0.01
Third quarter 2025 adjusted operating results per share		0.95			0.32			0.33			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 GAAP earnings per share	$	0.95		$	0.32		$	0.33		$	0.05		$	(0.01	)	$	1.64

^{* Amounts do not reflect intercompany eliminations.}
^{** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.}
^{*** Downstream margin defined as operating revenues less purchased gas expense.}

NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
NINE MONTHS ENDED JUNE 30, 2025
(Unaudited)

	Upstream			Midstream						Downstream

	Exploration &			Pipeline &									Corporate /
(Thousands of Dollars)	Production			Storage			Gathering			Utility			All Other			Consolidated*
Nine months ended June 30, 2024 GAAP earnings	$	2,521		$	85,482		$	82,510		$	73,848		$	773		$	245,134
Items impacting comparability:
Impairment of assets		200,696															200,696
Tax impact of impairment of assets		(55,686	)														(55,686	)
Unrealized (gain) loss on derivative asset		4,848															4,848
Tax impact of unrealized (gain) loss on derivative asset		(1,330	)														(1,330	)
Unrealized (gain) loss on other investments														(1,803	)		(1,803	)
Tax impact of unrealized (gain) loss on other investments														379			379
Nine months ended June 30, 2024 adjusted operating results		151,049			85,482			82,510			73,848			(651	)		392,238
Drivers of adjusted operating results**
Upstream Revenues
Higher (lower) natural gas production		28,414															28,414
Higher (lower) realized natural gas prices, after hedging		70,158															70,158
Midstream Revenues
Higher (lower) operating revenues					12,241			5,793									18,034
Downstream Margins***
Impact of usage and weather											5,423						5,423
Impact of new rates in New York											25,230						25,230
Higher (lower) other operating revenues											(1,400	)					(1,400	)
Operating Expenses
Lower (higher) lease operating and transportation expenses		(5,810	)														(5,810	)
Lower (higher) operating expenses		(1,490	)		(3,790	)		(751	)		(6,700	)		(1,740	)		(14,471	)
Lower (higher) property, franchise and other taxes		(2,381	)														(2,381	)
Lower (higher) depreciation / depletion		13,760						(2,684	)		(2,551	)					8,525
Other Income (Expense)
Higher (lower) other income		(2,420	)		(1,840	)					14,888			3,653			14,281
(Higher) lower interest expense					838			(1,648	)		(5,686	)		(4,780	)		(11,276	)
Income Taxes
Lower (higher) income tax expense / effective tax rate		(7,902	)		(286	)		727			(2,318	)		755			(9,024	)

All other / rounding		555			374			234			306			67			1,536
Nine months ended June 30, 2025 adjusted operating results		243,933			93,019			84,181			101,040			(2,696	)		519,477
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		(1,430	)					(955	)								(2,385	)
Tax impact of premiums paid on early redemption of debt		385						257									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 GAAP earnings	$	137,722		$	93,019		$	83,483		$	101,040		$	(4,102	)	$	411,162

^{* Amounts do not reflect intercompany eliminations.}
^{** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.}
^{*** Downstream margin defined as operating revenues less purchased gas expense.}

NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
NINE MONTHS ENDED JUNE 30, 2025
(Unaudited)

	Upstream			Midstream						Downstream

	Exploration &			Pipeline &									Corporate /
	Production			Storage			Gathering			Utility			All Other			Consolidated*
Nine months ended June 30, 2024 GAAP earnings per share	$	0.03		$	0.92		$	0.89		$	0.80		$	0.01		$	2.65
Items impacting comparability:
Impairment of assets, net of tax		1.57															1.57
Unrealized (gain) loss on derivative asset, net of tax		0.04															0.04
Unrealized (gain) loss on other investments, net of tax														(0.02	)		(0.02	)
Rounding		(0.01	)											0.01			—
Nine months ended June 30, 2024 adjusted operating results per share		1.63			0.92			0.89			0.80			—			4.24
Drivers of adjusted operating results**
Upstream Revenues
Higher (lower) natural gas production		0.31															0.31
Higher (lower) realized natural gas prices, after hedging		0.77															0.77
Midstream Revenues
Higher (lower) operating revenues					0.13			0.06									0.19
Downstream Margins***
Impact of usage and weather											0.06						0.06
Impact of new rates in New York											0.28						0.28
Higher (lower) other operating revenues											0.01						0.01
Operating Expenses
Lower (higher) lease operating and transportation expenses		(0.06	)														(0.06	)
Lower (higher) operating expenses		(0.02	)		(0.04	)		(0.01	)		(0.07	)		(0.02	)		(0.16	)
Lower (higher) property, franchise and other taxes		(0.03	)														(0.03	)
Lower (higher) depreciation / depletion		0.15						(0.03	)		(0.03	)					0.09
Other Income (Expense)
Higher (lower) other income		(0.03	)		(0.02	)					0.16			0.04			0.15
(Higher) lower interest expense					0.01			(0.02	)		(0.06	)		(0.05	)		(0.12	)
Income Taxes
Lower (higher) income tax expense / effective tax rate		(0.09	)		—			0.01			(0.03	)		0.01			(0.10	)

Impact of reduction in shares		0.03			0.01			0.01			0.01			—			0.06
All other / rounding		0.01			0.01			0.01			(0.02	)		(0.01	)		—
Nine months ended June 30, 2025 adjusted operating results per share		2.67			1.02			0.92			1.11			(0.03	)		5.69
Items impacting comparability:
Impairment of assets, net of tax		(1.14	)														(1.14	)
Premiums paid on early redemption of debt, net of tax		(0.01	)					(0.01	)								(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 GAAP earnings per share	$	1.51		$	1.02		$	0.91		$	1.11		$	(0.04	)	$	4.51

^{* Amounts do not reflect intercompany eliminations.}
^{** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.}
^{*** Downstream margin defined as operating revenues less purchased gas expense.}

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		2025			2024			2025			2024
Operating Revenues:
Utility Revenues	$	157,446		$	124,858		$	729,445		$	616,977
Exploration and Production and Other Revenues		303,883			220,905			864,701			739,537
Pipeline and Storage and Gathering Revenues		70,501			71,679			217,116			216,228
		531,830			417,442			1,811,262			1,572,742
Operating Expenses:
Purchased Gas		27,986			4,952			228,661			167,444
Operation and Maintenance:
Utility		56,053			53,412			174,744			166,405
Exploration and Production and Other		35,272			35,148			103,874			102,768
Pipeline and Storage and Gathering		41,679			40,019			119,982			114,321
Property, Franchise and Other Taxes		24,180			21,201			71,450			66,635
Depreciation, Depletion and Amortization		116,408			113,454			337,055			348,179
Impairment of Assets		—			200,696			141,802			200,696
		301,578			468,882			1,177,568			1,166,448

Operating Income (Loss)		230,252			(51,440	)		633,694			406,294

Other Income (Expense):
Other Income (Deductions)		8,534			3,188			31,486			12,989
Interest Expense on Long-Term Debt		(34,333	)		(32,876	)		(107,356	)		(89,791	)
Other Interest Expense		(3,556	)		(1,341	)		(13,033	)		(14,250	)

Income (Loss) Before Income Taxes		200,897			(82,469	)		544,791			315,242

Income Tax Expense (Benefit)		51,079			(28,311	)		133,629			70,108

Net Income (Loss) Available for Common Stock	$	149,818		$	(54,158	)	$	411,162		$	245,134

Earnings (Loss) Per Common Share
Basic	$	1.66		$	(0.59	)	$	4.54		$	2.67
Diluted	$	1.64		$	(0.59	)	$	4.51		$	2.65

Weighted Average Common Shares:
Used in Basic Calculation		90,358,018			91,874,049			90,546,228			91,966,034
Used in Diluted Calculation		91,139,556			91,874,049			91,247,547			92,467,787

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)

	June 30,			September 30,
(Thousands of Dollars)		2025			2024
ASSETS
Property, Plant and Equipment	$	15,044,963		$	14,524,798
Less - Accumulated Depreciation, Depletion and Amortization		7,588,956			7,185,593
Net Property, Plant and Equipment		7,456,007			7,339,205
Current Assets:
Cash and Temporary Cash Investments		39,317			38,222
Receivables - Net		222,515			127,222
Unbilled Revenue		15,347			15,521
Gas Stored Underground		12,810			35,055
Materials and Supplies - at average cost		51,022			47,670
Unrecovered Purchased Gas Costs		2,903			—
Other Current Assets		64,241			92,229
Total Current Assets		408,155			355,919
Other Assets:
Recoverable Future Taxes		90,493			80,084
Unamortized Debt Expense		6,701			5,604
Other Regulatory Assets		124,300			108,022
Deferred Charges		71,426			69,662
Other Investments		73,764			81,705
Goodwill		5,476			5,476
Prepaid Pension and Post-Retirement Benefit Costs		199,286			180,230
Fair Value of Derivative Financial Instruments		2,394			87,905
Other		8,158			5,958
Total Other Assets		581,998			624,646
Total Assets	$	8,446,160		$	8,319,770
CAPITALIZATION AND LIABILITIES
Capitalization:
Comprehensive Shareholders' Equity
Common Stock, $1 Par Value Authorized - 200,000,000 Shares; Issued and
Outstanding - 90,355,956 Shares and 91,005,993 Shares, Respectively	$	90,356		$	91,006
Paid in Capital		1,047,406			1,045,487
Earnings Reinvested in the Business		1,953,533			1,727,326
Accumulated Other Comprehensive Loss		(115,807	)		(15,476	)
Total Comprehensive Shareholders' Equity		2,975,488			2,848,343
Long-Term Debt, Net of Current Portion and Unamortized Discount and Debt Issuance Costs		2,381,852			2,188,243
Total Capitalization		5,357,340			5,036,586
Current and Accrued Liabilities:
Notes Payable to Banks and Commercial Paper		61,500			90,700
Current Portion of Long-Term Debt		300,000			500,000
Accounts Payable		123,131			165,068
Amounts Payable to Customers		24,275			42,720
Dividends Payable		48,340			46,872
Interest Payable on Long-Term Debt		39,060			27,247
Customer Advances		—			19,373
Customer Security Deposits		28,739			36,265
Other Accruals and Current Liabilities		207,179			162,903
Fair Value of Derivative Financial Instruments		57,673			4,744
Total Current and Accrued Liabilities		889,897			1,095,892
Other Liabilities:
Deferred Income Taxes		1,153,427			1,111,165
Taxes Refundable to Customers		297,602			305,645
Cost of Removal Regulatory Liability		302,932			292,477
Other Regulatory Liabilities		137,025			151,452
Other Post-Retirement Liabilities		3,393			3,511
Asset Retirement Obligations		188,305			203,006
Other Liabilities		116,239			120,036
Total Other Liabilities		2,198,923			2,187,292
Commitments and Contingencies		—			—
Total Capitalization and Liabilities	$	8,446,160		$	8,319,770

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

	Nine Months Ended
	June 30,
(Thousands of Dollars)		2025			2024

Operating Activities:
Net Income Available for Common Stock	$	411,162		$	245,134
Adjustments to Reconcile Net Income to Net Cash
Provided by Operating Activities:
Impairment of Assets		141,802			200,696
Depreciation, Depletion and Amortization		337,055			348,179
Deferred Income Taxes		60,754			47,212
Premiums Paid on Early Redemption of Debt		2,385			—
Stock-Based Compensation		15,721			15,984
Other		19,296			18,542
Change in:
Receivables and Unbilled Revenue		(95,254	)		5,253
Gas Stored Underground and Materials and Supplies		18,803			18,981
Unrecovered Purchased Gas Costs		(2,903	)		—
Other Current Assets		28,038			17,431
Accounts Payable		1,744			(13,705	)
Amounts Payable to Customers		(18,445	)		3,550
Customer Advances		(19,373	)		(21,003	)
Customer Security Deposits		(7,526	)		7,910
Other Accruals and Current Liabilities		44,283			23,846
Other Assets		(35,348	)		(35,346	)
Other Liabilities		(39,918	)		(14,649	)
Net Cash Provided by Operating Activities	$	862,276		$	868,015

Investing Activities:
Capital Expenditures	$	(627,316	)	$	(684,200	)
Other		9,352			(1,371	)
Net Cash Used in Investing Activities	$	(617,964	)	$	(685,571	)

Financing Activities:
Changes in Notes Payable to Banks and Commercial Paper		(29,200	)		(287,500	)
Shares Repurchased Under Repurchase Plan		(54,430	)		(27,847	)
Reduction of Long-Term Debt		(1,004,086	)		—
Net Proceeds From Issuance of Long-Term Debt		988,731			299,396
Dividends Paid on Common Stock		(140,098	)		(136,610	)
Net Repurchases of Common Stock Under Stock and Benefit Plans		(4,134	)		(3,916	)
Net Cash Used in Financing Activities	$	(243,217	)	$	(156,477	)

Net Increase in Cash and Cash Equivalents		1,095			25,967
Cash and Cash Equivalents at Beginning of Period		38,222			55,447
Cash and Cash Equivalents at June 30	$	39,317		$	81,414

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)

UPSTREAM BUSINESS

	Three Months Ended									Nine Months Ended
(Thousands of Dollars, except per share amounts)	June 30,									June 30,
EXPLORATION AND PRODUCTION SEGMENT		2025			2024		Variance				2025			2024		Variance
Total Operating Revenues	$	303,883		$	220,905		$	82,978		$	864,701		$	739,537		$	125,164
Operating Expenses:
Operation and Maintenance:
General and Administrative Expense		18,602			18,213			389			56,776			53,170			3,606
Lease Operating and Transportation Expense		73,856			66,581			7,275			210,671			203,317			7,354
All Other Operation and Maintenance Expense		3,816			4,526			(710	)		10,994			12,714			(1,720	)
Property, Franchise and Other Taxes		5,121			3,050			2,071			12,778			9,764			3,014
Depreciation, Depletion and Amortization		68,848			68,778			70			196,773			214,191			(17,418	)
Impairment of Assets		—			200,696			(200,696	)		141,802			200,696			(58,894	)
		170,243			361,844			(191,601	)		629,794			693,852			(64,058	)

Operating Income (Loss)		133,640			(140,939	)		274,579			234,907			45,685			189,222

Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Credit		37			100			(63	)		111			301			(190	)
Interest and Other Income (Deductions)		44			(488	)		532			416			(830	)		1,246
Interest Expense on Long-Term Debt		—			—			—			(1,949	)		—			(1,949	)
Other Interest Expense		(13,925	)		(14,670	)		745			(44,215	)		(45,046	)		831
Income (Loss) Before Income Taxes		119,796			(155,997	)		275,793			189,270			110			189,160
Income Tax Expense (Benefit)		33,125			(43,969	)		77,094			51,548			(2,411	)		53,959
Net Income (Loss)	$	86,671		$	(112,028	)	$	198,699		$	137,722		$	2,521		$	135,201
Net Income (Loss) Per Share (Diluted)	$	0.95		$	(1.22	)	$	2.17		$	1.51		$	0.03		$	1.48

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)

MIDSTREAM BUSINESSES

	Three Months Ended									Nine Months Ended
(Thousands of Dollars, except per share amounts)	June 30,									June 30,
PIPELINE AND STORAGE SEGMENT		2025			2024		Variance				2025			2024		Variance
Revenues from External Customers	$	67,982		$	68,035		$	(53	)	$	207,916		$	204,071		$	3,845
Intersegment Revenues		37,597			37,384			213			113,849			103,781			10,068
Total Operating Revenues		105,579			105,419			160			321,765			307,852			13,913
Operating Expenses:
Purchased Gas		(164	)		614			(778	)		(42	)		1,540			(1,582	)
Operation and Maintenance		30,264			28,128			2,136			87,940			83,142			4,798
Property, Franchise and Other Taxes		8,460			8,456			4			25,727			25,776			(49	)
Depreciation, Depletion and Amortization		18,601			18,453			148			55,733			56,157			(424	)
		57,161			55,651			1,510			169,358			166,615			2,743

Operating Income		48,418			49,768			(1,350	)		152,407			141,237			11,170

Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Credit		952			1,257			(305	)		2,857			3,772			(915	)
Interest and Other Income		1,111			2,362			(1,251	)		4,945			6,340			(1,395	)
Interest Expense		(11,209	)		(11,855	)		646			(34,637	)		(35,698	)		1,061
Income Before Income Taxes		39,272			41,532			(2,260	)		125,572			115,651			9,921
Income Tax Expense		10,415			10,842			(427	)		32,553			30,169			2,384
Net Income	$	28,857		$	30,690		$	(1,833	)	$	93,019		$	85,482		$	7,537
Net Income Per Share (Diluted)	$	0.32		$	0.33		$	(0.01	)	$	1.02		$	0.92		$	0.10

	Three Months Ended									Nine Months Ended
	June 30,									June 30,
GATHERING SEGMENT		2025			2024		Variance				2025			2024		Variance
Revenues from External Customers	$	2,519		$	3,644		$	(1,125	)	$	9,200		$	12,157		$	(2,957	)
Intersegment Revenues		65,354			56,476			8,878			184,834			174,544			10,290
Total Operating Revenues		67,873			60,120			7,753			194,034			186,701			7,333
Operating Expenses:
Operation and Maintenance		11,929			12,382			(453	)		33,633			32,682			951
Property, Franchise and Other Taxes		21			107			(86	)		(206	)		224			(430	)
Depreciation, Depletion and Amortization		10,848			9,732			1,116			32,197			28,800			3,397
		22,798			22,221			577			65,624			61,706			3,918

Operating Income		45,075			37,899			7,176			128,410			124,995			3,415

Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Credit (Costs)		(1	)		9			(10	)		(1	)		28			(29	)
Interest and Other Income		—			113			(113	)		152			257			(105	)
Interest Expense on Long-Term Debt		—			—			—			(1,334	)		—			(1,334	)
Other Interest Expense		(3,870	)		(3,393	)		(477	)		(12,531	)		(10,824	)		(1,707	)
Income Before Income Taxes		41,204			34,628			6,576			114,696			114,456			240
Income Tax Expense		11,208			9,649			1,559			31,213			31,946			(733	)
Net Income	$	29,996		$	24,979		$	5,017		$	83,483		$	82,510		$	973
Net Income Per Share (Diluted)	$	0.33		$	0.27		$	0.06		$	0.91		$	0.89		$	0.02

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)

DOWNSTREAM BUSINESS

	Three Months Ended									Nine Months Ended
(Thousands of Dollars, except per share amounts)	June 30,									June 30,
UTILITY SEGMENT		2025			2024		Variance				2025			2024		Variance
Revenues from External Customers	$	157,446		$	124,858		$	32,588		$	729,445		$	616,977		$	112,468
Intersegment Revenues		77			86			(9	)		279			479			(200	)
Total Operating Revenues		157,523			124,944			32,579			729,724			617,456			112,268
Operating Expenses:
Purchased Gas		64,292			40,096			24,196			337,541			264,983			72,558
Operation and Maintenance		57,039			54,349			2,690			177,742			169,261			8,481
Property, Franchise and Other Taxes		10,449			9,452			997			32,761			30,471			2,290
Depreciation, Depletion and Amortization		17,945			16,373			1,572			51,908			48,678			3,230
		149,725			120,270			29,455			599,952			513,393			86,559

Operating Income		7,798			4,674			3,124			129,772			104,063			25,709

Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Credit		5,328			462			4,866			23,498			1,788			21,710
Interest and Other Income		628			1,485			(857	)		1,869			4,735			(2,866	)
Interest Expense		(10,958	)		(8,417	)		(2,541	)		(32,601	)		(25,402	)		(7,199	)
Income (Loss) Before Income Taxes		2,796			(1,796	)		4,592			122,538			85,184			37,354
Income Tax Expense (Benefit)		(2,201	)		(4,355	)		2,154			21,498			11,336			10,162
Net Income	$	4,997		$	2,559		$	2,438		$	101,040		$	73,848		$	27,192
Net Income Per Share (Diluted)	$	0.05		$	0.03		$	0.02		$	1.11		$	0.80		$	0.31

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		2025			2024		Variance				2025			2024		Variance
Total Operating Revenues	$	—		$	—		$	—		$	—		$	—		$	—
Operating Expenses:
Operation and Maintenance		—			—			—			—			—			—
		—			—			—			—			—			—

Operating Income		—			—			—			—			—			—
Other Income (Expense):
Interest and Other Income (Deductions)		(131	)		(65	)		(66	)		(489	)		(184	)		(305	)
Interest Expense		(141	)		(97	)		(44	)		(389	)		(262	)		(127	)
Loss before Income Taxes		(272	)		(162	)		(110	)		(878	)		(446	)		(432	)
Income Tax Benefit		(63	)		(38	)		(25	)		(204	)		(105	)		(99	)
Net Loss	$	(209	)	$	(124	)	$	(85	)	$	(674	)	$	(341	)	$	(333	)
Net Loss Per Share (Diluted)	$	—		$	—		$	—		$	(0.01	)	$	—		$	(0.01	)

	Three Months Ended									Nine Months Ended
	June 30,									June 30,
CORPORATE		2025			2024		Variance				2025			2024		Variance
Revenues from External Customers	$	—		$	—		$	—		$	—		$	—		$	—
Intersegment Revenues		1,341			1,285			56			4,024			3,856			168
Total Operating Revenues		1,341			1,285			56			4,024			3,856			168
Operating Expenses:
Operation and Maintenance		5,725			3,873			1,852			14,992			12,789			2,203
Property, Franchise and Other Taxes		129			136			(7	)		390			400			(10	)
Depreciation, Depletion and Amortization		166			118			48			444			353			91
		6,020			4,127			1,893			15,826			13,542			2,284

Operating Loss		(4,679	)		(2,842	)		(1,837	)		(11,802	)		(9,686	)		(2,116	)
Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Costs		(212	)		(386	)		174			(635	)		(1,161	)		526
Interest and Other Income		41,073			39,025			2,048			123,918			120,288			3,630
Interest Expense on Long-Term Debt		(34,333	)		(32,876	)		(1,457	)		(104,073	)		(89,791	)		(14,282	)
Other Interest Expense		(3,748	)		(3,595	)		(153	)		(13,815	)		(19,363	)		5,548
Income (Loss) before Income Taxes		(1,899	)		(674	)		(1,225	)		(6,407	)		287			(6,694	)
Income Tax Benefit		(1,405	)		(440	)		(965	)		(2,979	)		(827	)		(2,152	)
Net Income (Loss)	$	(494	)	$	(234	)	$	(260	)	$	(3,428	)	$	1,114		$	(4,542	)
Net Income (Loss) Per Share (Diluted)	$	(0.01	)	$	—		$	(0.01	)	$	(0.03	)	$	0.01		$	(0.04	)

	Three Months Ended									Nine Months Ended
	June 30,									June 30,
INTERSEGMENT ELIMINATIONS		2025			2024		Variance				2025			2024		Variance
Intersegment Revenues	$	(104,369	)	$	(95,231	)	$	(9,138	)	$	(302,986	)	$	(282,660	)	$	(20,326	)
Operating Expenses:
Purchased Gas		(36,142	)		(35,758	)		(384	)		(108,838	)		(99,079	)		(9,759	)
Operation and Maintenance		(68,227	)		(59,473	)		(8,754	)		(194,148	)		(183,581	)		(10,567	)
		(104,369	)		(95,231	)		(9,138	)		(302,986	)		(282,660	)		(20,326	)
Operating Income		—			—			—			—			—			—
Other Income (Expense):
Interest and Other Deductions		(40,295	)		(40,686	)		391			(125,155	)		(122,345	)		(2,810	)
Interest Expense		40,295			40,686			(391	)		125,155			122,345			2,810
Net Income	$	—		$	—		$	—		$	—		$	—		$	—
Net Income Per Share (Diluted)	$	—		$	—		$	—		$	—		$	—		$	—

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT INFORMATION (Continued)
(Thousands of Dollars)

	Three Months Ended									Nine Months Ended
	June 30,									June 30,
	(Unaudited)									(Unaudited)
							Increase										Increase
		2025			2024		(Decrease)				2025				2024		(Decrease)

Capital Expenditures:
Exploration and Production	$	123,369	_⁽¹⁾	$	114,679	_⁽³⁾	$	8,690		$	354,355		_{⁽¹⁾⁽²⁾}	$	399,820	_{⁽³⁾⁽⁴⁾}	$	(45,465	)
Pipeline and Storage		22,700	_⁽¹⁾		26,212	_⁽³⁾		(3,512	)		58,117		_{⁽¹⁾⁽²⁾}		68,791	_{⁽³⁾⁽⁴⁾}		(10,674	)
Gathering		26,638	_⁽¹⁾		29,570	_⁽³⁾		(2,932	)		58,164		_{⁽¹⁾⁽²⁾}		69,088	_{⁽³⁾⁽⁴⁾}		(10,924	)
Utility		50,025	_⁽¹⁾		49,257	_⁽³⁾		768			128,322		_{⁽¹⁾⁽²⁾}		117,508	_{⁽³⁾⁽⁴⁾}		10,814
Total Reportable Segments		222,732			219,718			3,014			598,958				655,207			(56,249	)
All Other		—			—			—			—				—			—
Corporate		138			71			67			518				253			265
Eliminations		—			—			—			(3,520	)			—			(3,520	)
Total Capital Expenditures	$	222,870		$	219,789		$	3,081		$	595,956			$	655,460		$	(59,504	)
_{⁽¹⁾ Capital expenditures for the quarter and nine months ended June 30, 2025, include accounts payable and accrued liabilities related to capital expenditures of $61.5 million, $5.7 million, $11.6 million, and $9.8 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts have been excluded from the Consolidated Statement of Cash Flows at June 30, 2025, since they represent non-cash investing activities at that date.}
_{⁽²⁾ Capital expenditures for the nine months ended June 30, 2025, exclude capital expenditures of $63.3 million, $14.4 million, $21.7 million and $20.6 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering 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.}
_{⁽³⁾ Capital expenditures for the quarter and nine months ended June 30, 2024, include accounts payable and accrued liabilities related to capital expenditures of $50.9 million, $7.0 million, $14.6 million, and $8.0 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts were excluded from the Consolidated Statement of Cash Flows at June 30, 2024, since they represented non-cash investing activities at that date.}
_{⁽⁴⁾ Capital expenditures for the nine months ended June 30, 2024, exclude capital expenditures of $43.2 million, $31.8 million, $20.6 million and $13.6 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts were in accounts payable and accrued liabilities at September 30, 2023 and paid during the nine months ended June 30, 2024. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2023, 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, 2024.}

DEGREE DAYS
				Percent Colder
				(Warmer) Than:
Three Months Ended June 30,	Normal	2025	2024	Normal ⁽¹⁾		Last Year ⁽¹⁾
Buffalo, NY ⁽²⁾	843	825	565	(2.1	)	46.0
Erie, PA	776	813	519	4.8		56.6

Nine Months Ended June 30,
Buffalo, NY ⁽²⁾	6,195	5,825	5,128	(6.0	)	13.6
Erie, PA	5,693	5,527	4,759	(2.9	)	16.1
_{⁽¹⁾Percents compare actual 2025 degree days to normal degree days and actual 2025 degree days to actual 2024 degree days.}
_{⁽²⁾Normal degree days changed from NOAA 30-year degree days to NOAA 15-year degree days with the implementation of new base rates in New York effective October 2024.}

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

EXPLORATION AND PRODUCTION INFORMATION

	Three Months Ended							Nine Months Ended
	June 30,							June 30,
					Increase							Increase
		2025		2024	(Decrease)				2025		2024	(Decrease)

Gas Production/Prices:
Production (MMcf)
Appalachia		111,588		96,504		15,084			314,819		300,144		14,675

Average Prices (Per Mcf)
Weighted Average	$	2.69	$	1.50	$	1.19		$	2.66	$	1.93	$	0.73
Weighted Average after Hedging	$	2.71	$	2.28	$	0.43		$	2.73	$	2.45	$	0.28

Selected Operating Performance Statistics:
General and Administrative Expense per Mcf ⁽¹⁾	$	0.17	$	0.19	$	(0.02	)	$	0.18	$	0.18	$	—
Lease Operating and Transportation Expense per Mcf ⁽¹⁾⁽²⁾	$	0.66	$	0.69	$	(0.03	)	$	0.67	$	0.68	$	(0.01	)
Depreciation, Depletion and Amortization per Mcf ⁽¹⁾	$	0.62	$	0.71	$	(0.09	)	$	0.63	$	0.71	$	(0.08	)
_{⁽¹⁾Refer to page 15 for the General and Administrative Expense, Lease Operating and Transportation Expense and Depreciation, Depletion, and Amortization Expense for the Exploration and Production segment.}
_{⁽²⁾Amounts include transportation expense of $0.56 and $0.59 per Mcf for the three months ended June 30, 2025 and June 30, 2024, respectively. Amounts include transportation expense of $0.57 per Mcf for the nine months ended June 30, 2025 and June 30, 2024.}

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
	2025	2024	(Decrease)	2025	2024	(Decrease)
Firm Transportation - Affiliated	20,123	18,377	1,746	101,233	92,433	8,800
Firm Transportation - Non-Affiliated	158,910	150,133	8,777	515,411	498,435	16,976
Interruptible Transportation	149	118	31	665	1,508	(843	)
	179,182	168,628	10,554	617,309	592,376	24,933

Gathering Volume - (MMcf)
	Three Months Ended			Nine Months Ended
	June 30,			June 30,
			Increase			Increase
	2025	2024	(Decrease)	2025	2024	(Decrease)
Gathered Volume	133,271	118,445	14,826	384,003	367,832	16,171

Utility Throughput - (MMcf)
	Three Months Ended			Nine Months Ended
	June 30,			June 30,
			Increase			Increase
	2025	2024	(Decrease)	2025	2024	(Decrease)
Retail Sales:
Residential Sales	10,151	8,123	2,028	60,738	53,168	7,570
Commercial Sales	1,658	1,308	350	9,997	8,401	1,596
Industrial Sales	93	62	31	594	389	205
	11,902	9,493	2,409	71,329	61,958	9,371
Transportation	13,853	12,819	1,034	55,881	52,984	2,897
	25,755	22,312	3,443	127,210	114,942	12,268

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 operating results, 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 operating results as reported GAAP earnings before items impacting comparability. The following table reconciles National Fuel's reported GAAP earnings to adjusted operating results for the three and nine months ended June 30, 2025 and 2024:

	Three Months Ended						Nine Months Ended
	June 30,						June 30,
(in thousands except per share amounts)		2025			2024			2025			2024
Reported GAAP Earnings	$	149,818		$	(54,158	)	$	411,162		$	245,134
Items impacting comparability:
Impairment of assets (E&P)		—			200,696			141,802			200,696
Tax impact of impairment of assets		—			(55,686	)		(37,169	)		(55,686	)
Premiums paid on early redemption of debt (E&P / Midstream)		—			—			2,385			—
Tax impact of premiums paid on early redemption of debt		—			—			(642	)		—
Unrealized (gain) loss on derivative asset (E&P)		45			1,186			729			4,848
Tax impact of unrealized (gain) loss on derivative asset		(12	)		(325	)		(196	)		(1,330	)
Unrealized (gain) loss on other investments (Corporate / All Other)		(820	)		15			1,780			(1,803	)
Tax impact of unrealized (gain) loss on other investments		172			(3	)		(374	)		379
Adjusted Operating Results	$	149,203		$	91,725		$	519,477		$	392,238

Reported GAAP Earnings Per Share	$	1.64		$	(0.59	)	$	4.51		$	2.65
Items impacting comparability:
Impairment of assets, net of tax (E&P)		—			1.58			1.14			1.57
Premiums paid on early redemption of debt, net of tax (E&P / Midstream)		—			—			0.02			—
Unrealized (gain) loss on derivative asset, net of tax (E&P)		—			0.01			0.01			0.04
Unrealized (gain) loss on other investments, net of tax (Corporate / All Other)		(0.01	)		—			0.02			(0.02	)
Rounding		0.01			(0.01	)		(0.01	)		—
Adjusted Operating Results Per Share	$	1.64		$	0.99		$	5.69		$	4.24

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, 2025 and 2024:

	Three Months Ended						Nine Months Ended
	June 30,						June 30,
(in thousands)		2025			2024			2025			2024
Reported GAAP Earnings	$	149,818		$	(54,158	)	$	411,162		$	245,134
Depreciation, Depletion and Amortization		116,408			113,454			337,055			348,179
Other (Income) Deductions		(8,534	)		(3,188	)		(31,486	)		(12,989	)
Interest Expense		37,889			34,217			120,389			104,041
Income Taxes		51,079			(28,311	)		133,629			70,108
Impairment of Assets		—			200,696			141,802			200,696
Adjusted EBITDA	$	346,660		$	262,710		$	1,112,551		$	955,169

Adjusted EBITDA by Segment
Pipeline and Storage Adjusted EBITDA	$	67,019		$	68,221		$	208,140		$	197,394
Gathering Adjusted EBITDA		55,923			47,631			160,607			153,795
Total Midstream Businesses Adjusted EBITDA		122,942			115,852			368,747			351,189
Exploration and Production Adjusted EBITDA		202,488			128,535			573,482			460,572
Utility Adjusted EBITDA		25,743			21,047			181,680			152,741
Corporate and All Other Adjusted EBITDA		(4,513	)		(2,724	)		(11,358	)		(9,333	)
Total Adjusted EBITDA	$	346,660		$	262,710		$	1,112,551		$	955,169

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)		2025			2024			2025			2024
Exploration and Production Segment
Reported GAAP Earnings	$	86,671		$	(112,028	)	$	137,722		$	2,521
Depreciation, Depletion and Amortization		68,848			68,778			196,773			214,191
Other (Income) Deductions		(81	)		388			(527	)		529
Interest Expense		13,925			14,670			46,164			45,046
Income Taxes		33,125			(43,969	)		51,548			(2,411	)
Impairment of Assets		—			200,696			141,802			200,696
Adjusted EBITDA	$	202,488		$	128,535		$	573,482		$	460,572

Pipeline and Storage Segment
Reported GAAP Earnings	$	28,857		$	30,690		$	93,019		$	85,482
Depreciation, Depletion and Amortization		18,601			18,453			55,733			56,157
Other (Income) Deductions		(2,063	)		(3,619	)		(7,802	)		(10,112	)
Interest Expense		11,209			11,855			34,637			35,698
Income Taxes		10,415			10,842			32,553			30,169
Adjusted EBITDA	$	67,019		$	68,221		$	208,140		$	197,394

Gathering Segment
Reported GAAP Earnings	$	29,996		$	24,979		$	83,483		$	82,510
Depreciation, Depletion and Amortization		10,848			9,732			32,197			28,800
Other (Income) Deductions		1			(122	)		(151	)		(285	)
Interest Expense		3,870			3,393			13,865			10,824
Income Taxes		11,208			9,649			31,213			31,946
Adjusted EBITDA	$	55,923		$	47,631		$	160,607		$	153,795

Utility Segment
Reported GAAP Earnings	$	4,997		$	2,559		$	101,040		$	73,848
Depreciation, Depletion and Amortization		17,945			16,373			51,908			48,678
Other (Income) Deductions		(5,956	)		(1,947	)		(25,367	)		(6,523	)
Interest Expense		10,958			8,417			32,601			25,402
Income Taxes		(2,201	)		(4,355	)		21,498			11,336
Adjusted EBITDA	$	25,743		$	21,047		$	181,680		$	152,741

Corporate and All Other
Reported GAAP Earnings	$	(703	)	$	(358	)	$	(4,102	)	$	773
Depreciation, Depletion and Amortization		166			118			444			353
Other (Income) Deductions		(435	)		2,112			2,361			3,402
Interest Expense		(2,073	)		(4,118	)		(6,878	)		(12,929	)
Income Taxes		(1,468	)		(478	)		(3,183	)		(932	)
Adjusted EBITDA	$	(4,513	)	$	(2,724	)	$	(11,358	)	$	(9,333	)

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 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.

Investor Contact:
Natalie M. Fischer
716-857-7315

Media Contact:
Karen L. Merkel
716-857-7654

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Date	Price Target	Rating	Analyst
7/15/2025	$107.00	Underperform → Buy	BofA Securities
10/28/2024	$62.00	Underperform	BofA Securities
9/13/2023		Sector Perform → Sector Outperform	Scotiabank
2/6/2023		Outperform → Mkt Perform	Raymond James
1/17/2023	$91.00 → $85.00	Sector Outperform → Sector Perform	Scotiabank
7/25/2022	$89.00	Sector Outperform	Scotiabank
1/10/2022	$66.00	Underperform	BofA Securities
10/26/2021	$62.00 → $69.00	Outperform	Raymond James

National Fuel Reports Third Quarter Fiscal 2025 Earnings and Announces Preliminary Guidance for Fiscal 2026

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