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

THIRD QUARTER FISCAL 2026 SUMMARY

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

MANAGEMENT COMMENTS

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

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

RECONCILIATION OF GAAP EARNINGS TO ADJUSTED EARNINGS

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

FISCAL 2026 GUIDANCE UPDATE

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

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

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

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

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

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

LONG-TERM OUTLOOK

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

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

FINANCING ACTIVITIES UPDATE

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

DISCUSSION OF THIRD QUARTER RESULTS BY SEGMENT

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

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

Integrated Upstream and Gathering Segment

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

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

Adjusted EBITDA	$	248,528		$	258,411		$	(9,883	)

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

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

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

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

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

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

Pipeline and Storage Segment

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

	Three Months Ended
	June 30,
(in thousands)	2026		2025		Variance
GAAP Earnings	$	28,739	$	28,857	$	(118	)

Adjusted EBITDA	$	66,933	$	67,019	$	(86	)

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

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

Utility Segment

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

	Three Months Ended
	June 30,
(in thousands)	2026		2025		Variance
GAAP Earnings	$	5,686	$	4,997	$	689

Adjusted EBITDA	$	27,148	$	25,743	$	1,405

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

Corporate and All Other

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

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

EARNINGS TELECONFERENCE

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

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

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

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

NATIONAL FUEL GAS COMPANY

AND SUBSIDIARIES

GUIDANCE SUMMARY

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

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

	Previous FY 2026 Guidance	Updated FY 2026 Guidance

Consolidated Adjusted Earnings per Share	$7.45 - $7.75	$7.40 - $7.60
Consolidated Effective Tax Rate	~ 25.5%	~ 25.5%

Capital Expenditures (Millions)
Integrated Upstream and Gathering	$560 - $610	$580 - $605⁽¹⁾
Pipeline and Storage	$210 - $250	$235 - $265
Utility	$185 - $205	$185 - $205
Consolidated Capital Expenditures	$955 - $1,065	$1,000 - $1,075

Integrated Upstream & Gathering Segment Guidance

Commodity Price Assumptions	(price for remaining six months)	(price for remaining three months)
NYMEX natural gas price (per MMBtu)	$3.00	$3.00
Appalachian basin spot price (per MMBtu)	$2.20	$2.15

Production (Bcf)	425 to 440	420 to 430

Integrated Operating Costs ($/Mcf)
Upstream General and Administrative Expense	~$0.18	~$0.18
Lease Operating Expense	$0.16 - $0.17	$0.15 - $0.16
Gathering Operation and Maintenance Expense	~$0.12	~$0.12
Depreciation, Depletion and Amortization	$0.76 - $0.81	$0.77 - $0.80

Pipeline and Storage Segment Revenues (Millions)	$420 - $435	$420 - $435

Utility Segment Guidance (Millions)
Customer Margin⁽²⁾	$470 - $490	$470 - $490
O&M Expense	$250 – $260	$250 – $260
Non-Service Pension & OPEB Income	$23 - $27	$23 - $27

(1) Integrated Upstream and Gathering Capital Expenditures exclude $20 to $40 million of discretionary land spending.

(2) Customer Margin is defined as Operating Revenues less Purchased Gas Expense.


NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
QUARTER ENDED JUNE 30, 2026
(Unaudited)

	Integrated
	Upstream			Pipeline &						Corporate /
(Thousands of Dollars)	& Gathering			Storage			Utility			All Other			Consolidated⁽¹⁾

Third quarter 2025 GAAP earnings	$	116,667		$	28,857		$	4,997		$	(703	)	$	149,818
Items impacting comparability:
Unrealized (gain) loss on derivative asset		45												45
Tax impact of unrealized (gain) loss on derivative asset		(12	)											(12	)
Unrealized (gain) loss on other investments											(820	)		(820	)
Tax impact of unrealized (gain) loss on other investments											172			172
Third quarter 2025 adjusted earnings		116,700			28,857			4,997			(1,351	)		149,203
Drivers of adjusted earnings⁽²⁾
Integrated Upstream and Gathering Revenues
Higher (lower) natural gas production		(15,646	)											(15,646	)
Higher (lower) realized natural gas prices, after hedging		8,253												8,253
Higher (lower) gathering revenues		951												951
Higher (lower) other operating revenues		3,830												3,830
Pipeline and Storage Revenues
Higher (lower) operating revenues					760									760
Utility Margins⁽³⁾
Impact of usage and weather								(689	)					(689	)
Impact of new rates in New York								4,443						4,443
Regulatory revenue adjustments								304						304
Higher (lower) other operating revenues								644						644
Operating Expenses
Lower (higher) lease operating expenses		(2,592	)											(2,592	)
Lower (higher) operating expenses		(3,290	)		(960	)		(3,644	)		(2,500	)		(10,394	)
Lower (higher) property, franchise and other taxes		1,145												1,145
Lower (higher) depreciation / depletion		(2,672	)		(833	)								(3,505	)
Other Income (Expense)
Higher (lower) other income					635						(454	)		181
(Higher) lower interest expense		3,712									(637	)		3,075
Income Taxes
Lower (higher) income tax expense / effective tax rate		2,095			564			(711	)		(712	)		1,236

All other / rounding		(295	)		(284	)		342			20			(217	)
Third quarter 2026 adjusted earnings		112,191			28,739			5,686			(5,634	)		140,982
Items impacting comparability:
Costs related to the pending Ohio gas utility acquisition											(6,192	)		(6,192	)
Tax impact of costs related to the pending Ohio gas utility acquisition											1,435			1,435
Net interest benefit from equity issuance related to pending acquisition											3,566			3,566
Tax impact of net interest benefit from equity issuance											(826	)		(826	)
Interest expense from long-term debt issuances for pending acquisition, net of interest benefit											(1,129	)		(1,129	)
Tax impact of interest expense from long-term debt issuances, net of interest benefit											262			262
Premiums paid on early redemption of debt		(413	)											(413	)
Tax impact of premiums paid on early redemption of debt		96												96
Unrealized gain (loss) on other investments											1,064			1,064
Tax impact of unrealized gain (loss) on other investments											(224	)		(224	)
Third quarter 2026 GAAP earnings	$	111,874		$	28,739		$	5,686		$	(7,678	)	$	138,621

⁽¹⁾Amounts do not reflect intercompany eliminations.
⁽²⁾Drivers of adjusted earnings have been calculated using the 21% federal statutory rate.
⁽³⁾Downstream margin defined as operating revenues less purchased gas expense.


NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
QUARTER ENDED JUNE 30, 2026
(Unaudited)

	Integrated
	Upstream			Pipeline &						Corporate /
	& Gathering			Storage			Utility			All Other			Consolidated⁽¹⁾

Third quarter 2025 GAAP earnings per share	$	1.28		$	0.32		$	0.05		$	(0.01	)	$	1.64
Items impacting comparability:
Unrealized (gain) loss on derivative asset, net of tax														—
Unrealized (gain) loss on other investments, net of tax											(0.01	)		(0.01	)
Rounding											0.01			0.01
Third quarter 2025 adjusted earnings per share		1.28			0.32			0.05			(0.01	)		1.64
Drivers of adjusted earnings⁽²⁾⁽⁴⁾
Integrated Upstream and Gathering Revenues
Higher (lower) natural gas production		(0.17	)											(0.17	)
Higher (lower) realized natural gas prices, after hedging		0.09												0.09
Higher (lower) gathering revenues		0.01												0.01
Higher (lower) other operating revenues		0.04												0.04
Pipeline and Storage Revenues
Higher (lower) operating revenues					0.01									0.01
Utility Margins⁽³⁾
Impact of usage and weather								(0.01	)					(0.01	)
Impact of new rates in New York								0.05						0.05
Regulatory revenue adjustments								—						—
Higher (lower) other operating revenues								0.01						0.01
Operating Expenses
Lower (higher) lease operating expenses		(0.03	)											(0.03	)
Lower (higher) operating expenses		(0.04	)		(0.01	)		(0.04	)		(0.03	)		(0.12	)
Lower (higher) property, franchise and other taxes		0.01												0.01
Lower (higher) depreciation / depletion		(0.03	)		(0.01	)								(0.04	)
Other Income (Expense)
Higher (lower) other income					0.01						—			0.01
(Higher) lower interest expense		0.04									(0.01	)		0.03
Income Taxes
Lower (higher) income tax expense / effective tax rate		0.02			0.01			(0.01	)		(0.01	)		0.01

All other / rounding		0.01			(0.02	)		0.01			—			—
Third quarter 2026 adjusted earnings per share⁽⁴⁾		1.23			0.31			0.06			(0.06	)		1.54
Items impacting comparability⁽⁴⁾:
Costs related to the pending Ohio gas utility acquisition, net of tax											(0.05	)		(0.05	)
Impact of equity issuance related to pending acquisition, net of interest benefits		(0.06	)		(0.01	)		—			0.03			(0.04	)
Interest expense from long-term debt issuances for pending acquisition, net of tax											(0.01	)		(0.01	)
Premiums paid on early redemption of debt, net of tax		—												—
Unrealized gain (loss) on other investments, net of tax											0.01			0.01
Third quarter 2026 GAAP earnings per share	$	1.17		$	0.30		$	0.06		$	(0.08	)	$	1.45

⁽¹⁾Amounts do not reflect intercompany eliminations.
⁽²⁾Drivers of adjusted earnings have been calculated using the 21% federal statutory rate.
⁽³⁾Downstream margin defined as operating revenues less purchased gas expense.
⁽⁴⁾As a result of the equity issuance, drivers of adjusted earnings, third quarter 2026 adjusted earnings per share, and items impacting comparability for the third quarter 2026 have been calculated using adjusted diluted shares of 91,333,969.


NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
NINE MONTHS ENDED JUNE 30, 2026
(Unaudited)

	Integrated
	Upstream			Pipeline &						Corporate /
(Thousands of Dollars)	& Gathering			Storage			Utility			All Other			Consolidated⁽¹⁾
Nine months ended June 30, 2025 GAAP earnings	$	221,205		$	93,019		$	101,040		$	(4,102	)	$	411,162
Items impacting comparability:
Impairment of assets		141,802												141,802
Tax impact of impairment of assets		(37,169	)											(37,169	)
Premiums paid on early redemption of debt		2,385												2,385
Tax impact of premiums paid on early redemption of debt		(642	)											(642	)
Unrealized (gain) loss on derivative asset		729												729
Tax impact of unrealized (gain) loss on derivative asset		(196	)											(196	)
Unrealized (gain) loss on other investments											1,780			1,780
Tax impact of unrealized (gain) loss on other investments											(374	)		(374	)
Nine months ended June 30, 2025 adjusted earnings		328,114			93,019			101,040			(2,696	)		519,477
Drivers of adjusted earnings⁽²⁾
Integrated Upstream and Gathering Revenues
Higher (lower) natural gas production		1,406												1,406
Higher (lower) realized natural gas prices, after hedging		77,803												77,803
Higher (lower) other operating revenues		8,880												8,880
Pipeline and Storage Revenues
Higher (lower) operating revenues					2,481									2,481
Utility Margins⁽³⁾
Impact of usage and weather								957						957
Impact of new rates in New York								10,520						10,520
Regulatory revenue adjustments								4,856						4,856
Higher (lower) other operating revenues								1,928						1,928
Operating Expenses
Lower (higher) lease operating expenses		(11,316	)											(11,316	)
Lower (higher) operating expenses		(9,061	)		(1,559	)		(10,298	)		(4,453	)		(25,371	)
Lower (higher) depreciation / depletion		(14,945	)		(2,359	)		(2,578	)					(19,882	)
Other Income (Expense)
Higher (lower) other income					(1,081	)		862			708			489
(Higher) lower interest expense		10,510						(717	)		(1,949	)		7,844
Income Taxes
Lower (higher) income tax expense / effective tax rate		(2,288	)		1,140			(1,290	)		(741	)		(3,179	)

All other / rounding		(835	)		(76	)		(155	)		69			(997	)
Nine months ended June 30, 2026 adjusted earnings		388,268			91,565			105,125			(9,062	)		575,896
Items impacting comparability:
Costs related to the pending Ohio gas utility acquisition											(16,378	)		(16,378	)
Tax impact of costs related to the pending Ohio gas utility acquisition											3,796			3,796
Net interest benefit from equity issuance											7,497			7,497
Tax impact of net interest benefit from equity issuance											(1,738	)		(1,738	)
Interest expense from long-term debt issuances for pending acquisition, net of interest benefit											(1,129	)		(1,129	)
Tax impact of interest expense from long-term debt issuances, net of interest benefit											262			262
Premiums paid on early redemption of debt		(413	)											(413	)
Tax impact of premiums paid on early redemption of debt		96												96
Unrealized gain (loss) on other investments											57			57
Tax impact of unrealized gain (loss) on other investments											(12	)		(12	)
Nine months ended June 30, 2026 GAAP earnings	$	387,951		$	91,565		$	105,125		$	(16,707	)	$	567,934

⁽¹⁾Amounts do not reflect intercompany eliminations.
⁽²⁾Drivers of adjusted earnings have been calculated using the 21% federal statutory rate.
⁽³⁾Downstream margin defined as operating revenues less purchased gas expense.


NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
NINE MONTHS ENDED JUNE 30, 2026
(Unaudited)

	Integrated
	Upstream			Pipeline &						Corporate /
	& Gathering			Storage			Utility			All Other			Consolidated⁽¹⁾
Nine months ended June 30, 2025 GAAP earnings per share	$	2.42		$	1.02		$	1.11		$	(0.04	)	$	4.51
Items impacting comparability:
Impairment of assets, net of tax		1.14												1.14
Premiums paid on early redemption of debt, net of tax		0.02												0.02
Unrealized (gain) loss on derivative asset, net of tax		0.01												0.01
Unrealized (gain) loss on other investments, net of tax											0.02			0.02
Rounding											(0.01	)		(0.01	)
Nine months ended June 30, 2025 adjusted earnings per share		3.59			1.02			1.11			(0.03	)		5.69
Drivers of adjusted earnings⁽²⁾⁽⁴⁾
Integrated Upstream and Gathering Revenues
Higher (lower) natural gas production		0.02												0.02
Higher (lower) realized natural gas prices, after hedging		0.85												0.85
Higher (lower) other operating revenues		0.10												0.10
Pipeline and Storage Revenues
Higher (lower) operating revenues					0.03									0.03
Utility Margins⁽³⁾
Impact of usage and weather								0.01						0.01
Impact of new rates in New York								0.12						0.12
Regulatory revenue adjustments								0.05						0.05
Higher (lower) other operating revenues								0.02						0.02
Operating Expenses
Lower (higher) lease operating expenses		(0.12	)											(0.12	)
Lower (higher) operating expenses		(0.10	)		(0.02	)		(0.11	)		(0.05	)		(0.28	)
Lower (higher) depreciation / depletion		(0.16	)		(0.03	)		(0.03	)					(0.22	)
Other Income (Expense)
Higher (lower) other income					(0.01	)		0.01			0.01			0.01
(Higher) lower interest expense		0.12						(0.01	)		(0.02	)		0.09
Income Taxes
Lower (higher) income tax expense / effective tax rate		(0.03	)		0.01			(0.01	)		(0.01	)		(0.04	)

All other / rounding		(0.02	)		—			(0.01	)		0.01			(0.02	)
Nine months ended June 30, 2026 adjusted earnings per share⁽⁴⁾		4.25			1.00			1.15			(0.09	)		6.31
Items impacting comparability⁽⁴⁾:
Costs related to the pending Ohio gas utility acquisition, net of tax											(0.14	)		(0.14	)
Impact of equity issuance related to pending acquisition, net of interest benefits		(0.14	)		(0.03	)		(0.04	)		0.06			(0.15	)
Interest expense from long-term debt issuances for pending acquisition, net of tax											(0.01	)		(0.01	)
Premiums paid on early redemption of debt, net of tax		—												—
Unrealized gain (loss) on other investments, net of tax											—			—
Nine months ended June 30, 2026 GAAP earnings per share	$	4.11		$	0.97		$	1.11		$	(0.18	)	$	6.01

⁽¹⁾Amounts do not reflect intercompany eliminations.
⁽²⁾Drivers of adjusted earnings have been calculated using the 21% federal statutory rate.
⁽³⁾Downstream margin defined as operating revenues less purchased gas expense.
⁽⁴⁾As a result of the equity issuance, drivers of adjusted earnings, nine months ended June 30, 2026 adjusted earnings per share, and items impacting comparability for the nine months ended June 30, 2026 have been calculated using adjusted diluted shares of 91,284,991.


NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

(Thousands of Dollars, except per share amounts)
	Three Months Ended						Nine Months Ended
	June 30,						June 30,
	(Unaudited)						(Unaudited)
SUMMARY OF OPERATIONS	2026			2025			2026			2025
Operating Revenues:
Utility Revenues	$	165,422		$	157,446		$	850,258		$	729,445
Integrated Upstream and Gathering Revenues		302,516			306,402			984,561			873,901
Pipeline and Storage Revenues		69,559			67,982			212,558			207,916
		537,497			531,830			2,047,377			1,811,262
Operating Expenses:
Purchased Gas		29,878			27,986			323,335			228,661
Operation and Maintenance:
Utility		60,592			56,053			187,549			174,744
Integrated Upstream and Gathering and Other		63,534			47,137			180,904			137,312
Pipeline and Storage		31,013			29,814			88,459			86,544
Property, Franchise and Other Taxes		22,482			24,180			72,519			71,450
Depreciation, Depletion and Amortization		121,058			116,408			362,412			337,055
Impairment of Assets		—			—			—			141,802
		328,557			301,578			1,215,178			1,177,568

Operating Income		208,940			230,252			832,199			633,694

Other Income (Expense):
Other Income (Deductions)		11,866			8,534			37,100			31,486
Interest Expense on Long-Term Debt		(33,181	)		(34,333	)		(96,776	)		(107,356	)
Other Interest Expense		(2,831	)		(3,556	)		(16,344	)		(13,033	)

Income Before Income Taxes		184,794			200,897			756,179			544,791

Income Tax Expense		46,173			51,079			188,245			133,629

Net Income Available for Common Stock	$	138,621		$	149,818		$	567,934		$	411,162

Earnings Per Common Share
Basic	$	1.46		$	1.66		$	6.06		$	4.54
Diluted	$	1.45		$	1.64		$	6.01		$	4.51

Weighted Average Common Shares:
Used in Basic Calculation		95,034,935			90,358,018			93,730,191			90,546,228
Used in Diluted Calculation		95,736,482			91,139,556			94,445,771			91,247,547


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

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


NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
	Nine Months Ended
	June 30,
(Thousands of Dollars)	2026			2025

Operating Activities:
Net Income Available for Common Stock	$	567,934		$	411,162
Adjustments to Reconcile Net Income to Net Cash
Provided by Operating Activities:
Impairment of Assets		—			141,802
Depreciation, Depletion and Amortization		362,412			337,055
Deferred Income Taxes		88,936			60,754
Premium Paid on Early Redemption of Debt		413			2,385
Stock-Based Compensation		14,801			15,721
Other		17,695			19,296
Change in:
Receivables and Unbilled Revenue		(47,233	)		(95,254	)
Gas Stored Underground and Materials and Supplies		19,943			18,803
Unrecovered Purchased Gas Costs		3,633			(2,903	)
Other Current Assets		13,054			28,038
Accounts Payable		2			1,744
Amounts Payable to Customers		(216	)		(18,445	)
Customer Advances		(17,188	)		(19,373	)
Customer Security Deposits		(2,130	)		(7,526	)
Other Accruals and Current Liabilities		57,892			44,283
Other Assets		(15,919	)		(35,348	)
Other Liabilities		(29,494	)		(39,918	)
Net Cash Provided by Operating Activities	$	1,034,535		$	862,276

Investing Activities:
Capital Expenditures	$	(764,515	)	$	(627,316	)
Other		10,302			9,352
Net Cash Used in Investing Activities	$	(754,213	)	$	(617,964	)

Financing Activities:
Changes in Notes Payable to Banks and Commercial Paper	$	(150,200	)	$	(29,200	)
Shares Repurchased Under Repurchase Plan		—			(54,430	)
Reduction of Long-Term Debt		(601,239	)		(1,004,086	)
Net Proceeds From Issuance of Long-Term Debt		1,481,195			988,731
Dividends Paid on Common Stock		(150,027	)		(140,098	)
Net Proceeds from Common Stock Sale		338,396			—
Net Repurchases of Common Stock Under Stock and Benefit Plans		(6,435	)		(4,134	)
Net Cash Provided by (Used in) Financing Activities	$	911,690		$	(243,217	)

Net Increase in Cash and Cash Equivalents		1,192,012			1,095
Cash and Cash Equivalents at Beginning of Period		43,166			38,222
Cash and Cash Equivalents at June 30	$	1,235,178		$	39,317


NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)

INTEGRATED UPSTREAM AND GATHERING SEGMENT


	Three Months Ended							Nine Months Ended
(Thousands of Dollars, except per share amounts)	June 30,							June 30,
	2026		2025		Variance			2026		2025		Variance
Total Operating Revenues	$	302,516	$	306,402	$	(3,886	)	$	984,561	$	873,901	$	110,660
Operating Expenses:
Operation and Maintenance:
Upstream General and Administrative Expense		17,487		18,602		(1,115	)		55,365		56,776		(1,411	)
Lease Operating Expense		15,847		12,566		3,281