National Fuel Gas Company · NYSE:NFG
National Fuel Gas — FY2026 Earnings Presentation
50 slides from National Fuel Gas's earnings presentation, Nov 4, 2026
Slide 1: Investor Presentation Fiscal 2026 – 4th Quarter & Full Year Update
Investor Presentation Fiscal 2026 – 4th Quarter & Full Year Update November 5, 2026 Exhibit 99
Slide 2: National Fuel Gas Company agenda
National Fuel Gas Company Company Overview (3) National Fuel Today (4) Planned Separation of IUG (5) Key Investment Highlights (8) Fiscal 2026 Results (11) Integrated Upstream & Gathering Highlights (16) Regulated Business Highlights (25) Guidance & Other Financial Information (41)
Slide 3: Company Overview
Company Overview Left picture: Seneca Resources rig in Tioga County, PA. Right picture: Buffalo Bills’ New Highmark Stadium construction in Orchard Park, NY. Corporate HQ: Buffalo, NY ~2,600 employees NYSE: NFG Market Cap: ~$7.6B(1) 124 Years of consecutive dividend payments 56 Years of consecutive
Slide 4: National Fuel Today
National Fuel Today… Developing our large, high-quality acreage in Marcellus & Utica shales Providing safe, reliable and affordable service to customers in WNY, NW PA, and Western Ohio CNP Ohio Acquisition Doubled Utility Rate Base Integrated Upstream & Gathering Regulated Midstream Pipeline & Stora
Slide 5: National Fuel Tomorrow: Planned Separation
…National Fuel Tomorrow: Planned Separation References NYMEX Henry Hub prices to breakeven assuming a PV-10 value. Assumes an average of 25 wells brought online/year, which is equivalent to current pace. NFG expects no need to raise incremental equity capital over the next five years based on curren
Slide 6: National Fuel: A Premier Fully Regulated Natural Gas Company
National Fuel: A Premier Fully Regulated Natural Gas Company Natural Gas Utility and Interstate Pipeline & Storage Estimated as of September 30, 2026. Reported annually as of September 30, 2026, and includes short-term and long-term contracted capacity. Includes ~6 Bcf related to the acquisition of
Slide 7: Seneca: A Premier Integrated Appalachian Natural Gas Company
Seneca: A Premier Integrated Appalachian Natural Gas Company Reported annually as of September 30, 2026. Average net production and throughput for the three months ended September 30, 2026. References NYMEX Henry Hub prices to breakeven assuming a PV-10 value. Assumes an average of 25 wells brought
Slide 8: Key Investment Highlights
Key Investment Highlights Premier asset base supported by integrated, low-cost operations, peer-leading inventory depth and long-term growth potential 25+ years of development inventory at PV-10 breakeven prices of less than $2.25/MMBtu(1) Significant free cash flow generation supports shareholder r
Slide 9: Planned Separation Details and Expected Timing
Planned Separation Details and Expected Timing Transaction Structure IUG will be named Seneca Resources and is expected to trade on the NYSE Separation expected to be effected through a tax-free distribution of Seneca shares to National Fuel shareholders National Fuel shareholders will retain Nation
Slide 10: Financial Overview
Financial Overview G) National Fuel’
Slide 11: Achieved 9% Annual Adjusted EPS Growth in Fiscal 2026
Achieved 9% Annual Adjusted EPS Growth in Fiscal 2026 Adjusted Earnings Per Share(1) ($ per share) Excludes items impacting comparability. Consolidated Adjusted Earnings Per Share includes Corporate & All Other. See Comparable GAAP Financial Measure Slides & Reconciliations at the end of this presen
Slide 12: Capital Investment Supports Growth Across Each Business
Capital Investment Supports Growth Across Each Business (2,3) Capital expenditures includes accrued capital expenditures. Total Capital Expenditures include Corporate and All Other. A reconciliation to Capital Expenditures as presented on the Consolidated Statement of Cash Flows is included at the e
Slide 13: Balance Sheet Resiliency Through the Commodity Cycle
Balance Sheet Resiliency Through the Commodity Cycle Net Debt / Adjusted EBITDA(1) Net Debt is net of cash and temporary cash investments. Reconciliations of Net Debt and Adjusted EBITDA are included at the end of this presentation. A reconciliation of Funds From Operations (FFO) to Net Cash Provide
Slide 14: Enhanced Financial Profile Post-Separation
Enhanced Financial Profile Post-Separation High-quality resource base, efficiently capitalized for disciplined growth and long-term shareholder returns Compelling rate-regulated return proposition, driven by stable cash flows, predictable growth, and a strong credit profile Expect strong balance she
Slide 15: Integrated Upstream and Gathering Business Highlights
Integrated Upstream and Gathering Business Highlights
Slide 16: Integrated Upstream & Gathering Highlights
Integrated Upstream & Gathering Highlights Significant Improvement in Capital Efficiency (FY23 to FY26) ~25% Improvement Since FY23 Shift to EDA Development(1) Peer-Leading Inventory Depth with Strategic Optionality Over 25 Years of Inventory at <$2.25/MMBtu NYMEX Breakeven PV-10(2) Balanced Marketi
Slide 17: Top-Tier Cost Structure and Long-Term Capital Efficiency Trends
Top-Tier Cost Structure and Long-Term Capital Efficiency Trends (1) Capital Efficiency defined as Integrated Upstream and Gathering Capital Expenditures less Acquisitions, Discretionary Land Spend, and Third-Party Midstream investments, divided by Seneca net production. FY23 capex reflects the netti
Slide 18: FY26 Appraisals / FY27 Plan Strengthen Long-term Development
FY26 Appraisals / FY27 Plan Strengthen Long-term Development FY 2026 | Appraisal Learnings Appraisal results reduced near-term production Upper Utica well results confirm low-breakevens, though Lower Utica provides superior economics Frac interactions in Lower Utica were more evident in more intensi
Slide 19: Peer-Leading Inventory Depth at Low Breakeven Prices
Peer-Leading Inventory Depth at Low Breakeven Prices Assumes an average of 25 wells brought online per year. Enverus research is at $2.75 breakevens as of the most recent report published on September 24, 2026. Peers include AR, Ascent, CNX, EQT, EXE, GPOR, RRC. Eastern Development Area Predominantl
Slide 20: Production Growth Supported by Expanding FT Portfolio
Production Growth Supported by Expanding FT Portfolio Marketing Portfolio Has Premium Market Access(1) New FT Enhances Long-Term Marketing Portfolio: Supports future production growth with egress from Tioga County Minimizes spot exposure (together with in-basin firm sales) Increases optionality and
Slide 21: FY 2027 Sales Mix Provides Significant Price Certainty
FY 2027 Sales Mix Provides Significant Price Certainty (1) Q1 Volumes: Fixed Price 24 Bcfe, NYMEX-Linked 68 Bcfe, Index 5 Bcfe. Q2 Volumes: Fixed Price 22 Bcfe, NYMEX-Linked 66 Bcfe, Index 6 Bcfe. Q3 Volumes: Fixed Price 21 Bcfe, NYMEX-Linked 66 Bcfe, Index 9 Bcfe. Q4 Volumes: Fixed Price 21 Bcfe, N
Slide 22: Disciplined Hedging Program with Upside Potential
Disciplined Hedging Program with Upside Potential Methodical Approach to Layering in Hedges Over Time Supports Investment Grade Credit Rating Swaps and Fixed Price Sales Provide Price Certainty(1) ~50% ~35% ~65%- 70% ~90%- 95% ~15% FY27 estimated hedge percentage assumes midpoint of production guida
Slide 23: Industry-Leading Focus on Sustainability
Industry-Leading Focus on Sustainability Responsible Gas Certifications, Emission Reductions & Water Management Equitable Origin – EO100TM Standard for Responsible Energy Development Certification (100% of natural gas production and gathering assets certified) Certification focuses on three emission
Slide 24: Regulated Companies Overview Business Highlights
Regulated Companies Overview Business Highlights
Slide 25: Regulated Business Highlights
NY Utility 3-Year rate case settlement (2025-2027) drives continued earnings growth PA Utility rate case completed based on PAPUC order on October 22, 2026 Ohio Utility rate case completed in January 2026, no-near term rate case filing expected Supply filed a rate case on 4/30/2026 with new rates ef
Slide 26: Pipeline & Storage Overview
Pipeline & Storage Overview Pipeline & Storage Firm transportation includes short-term and long-term and is disclosed annually as of September 30, 2026. Reported as of September 30, 2026. National Fuel Gas Supply Corporation Empire Pipeline Supply Corp. $5 million acquisition closed on October 30, 2
Slide 27: Pipeline & Storage Customer Mix
Pipeline & Storage Customer Mix Customer Transportation by Shipper Type Affiliated Customer Mix (Contracted Capacity) Note: As of 9/30/2026, adjusted to include Tioga Pathway and Shippingport Lateral projects placed into service November 1, 2026. Pipeline & Storage Firm Transport
Slide 28: Pipeline Modernization & Expansion Projects Propel Growth
Pipeline Modernization & Expansion Projects Propel Growth A reconciliation to Capital Expenditures as presented on the Consolidated Statement of Cash Flows is included at the end of this presentation. FY27E capex is presented at mid-point of guidance. Represents expansion-related capital for Tioga P
Slide 29: Line N System Upgrade Project
Line N System Upgrade Project Fully subscribed project will support growing in-basin production and the initial phase of the coal-to-gas conversion at Shippingport Industrial Park Replacement of ~7 miles of Line N Total Capex: ~$100 million (~$34 million in expansion capital) Estimated annual revenu
Slide 30: Utility Operations in Constructive Regulatory Jurisdictions
Utility Operations in Constructive Regulatory Jurisdictions New York Last Rate Case: Joint Proposal approved December 19, 2024 (3-year rate plan effective Oct. 1, 2024 through Sept. 30, 2027) Total Customers(1): ~543,000 Allowed ROE: 9.7% (NYPSC Case 23-G-0627) Capital Cost Recovery Mechanisms: Syst
Slide 31: Long History of Delivering Industry-Leading Affordability
Long History of Delivering Industry-Leading Affordability Based on 2025 average monthly residential bill data posted on company websites required by the NYPSC. Chart reflects NY Large Gas Utilities Monthly Bill Residential Heating (based on 100 Mcf annually). Based on analysis of 2025 PAPUC Annual R
Slide 32: NY Utility Rate Case & Regulatory Overview
SMT Rider Approved in August 2026 Enables cost recovery (return of/on) related to incremental LPP investments in FY28 and FY29 No customer bill increase required – SMT revenues to be funded through dollars currently in base rates for regulatory amortizations NY Utility Rate Case & Regulatory Overvie
Slide 33: Pennsylvania Utility Rate Case Overview
DSIC Rider Existing DSIC revenues and eligible rate base rolled into new base rates Able to accrue additional DSIC revenues on incremental rate base investments after 10/31/2027 Pennsylvania Utility Rate Case Overview Docket # R-2025-3059428 ROE | Equity Layer 9.86% | 55% Authorized increase ($ mill
Slide 34: Ohio Utility Rate Case Overview
Ohio Utility Rate Case Overview Docket # 24-0832-GA-AIR ROE | Equity Layer 9.79% | 52.9% Authorized increase ($ millions) $51.3 Depreciable Life 25 Years Key General Rate Case Highlights Ohio Public Utility Commission PUCO regulates investor-owned utilities including natural gas, electric, water and
Slide 35: Utility Continues its Significant Investments in Safety
Utility Continues its Significant Investments in Safety (1) A reconciliation to Capital Expenditures as presented on the Consolidated Statement of Cash Flows is included at the end of this presentation. Increase from FY23 to FY24 is partially due to the impact of New York State’s Roadway Excavation
Slide 36: Long-Standing Pipeline Replacement & Modernization
Long-Standing Pipeline Replacement & Modernization NY ~10,000 miles PA ~5,000 miles Miles of Utility Main Pipeline Replaced(2) Utility Mains by Material(1) (1) All values are reported on a calendar year basis, as of December 31, 2025, as required by the DOT. (2) All values are reported on a fiscal y
Slide 37: Utility Targeting Substantial Emissions Reductions
Baseline emissions & emissions reduction targets are calculated pursuant to the reporting methodology under the EPA GHG Reporting Program (current Subpart W, and using AR5), primarily Distribution pipeline mains & services. Revisions of Subpart W emissions factors, effective for 2025 reporting, will
Slide 38: Guidance & Other Financial Information
Guidance & Other Financial Information Contact Information: Ryan Vossler, Director of Investor Relations (716) 857-7158 [email protected]
Slide 39: Initial FY 2027 Adjusted EPS Guidance & Assumptions
Initial FY 2027 Adjusted EPS Guidance & Assumptions Excludes items impacting comparability. See Comparable GAAP Financial Measure Slides & Reconciliations at the end of this presentation. Guidance assumes NYMEX pricing of $2.85/MMBtu and in-basin spot pricing of $2.15/MMBtu for Fiscal 2027, and refl
Slide 40: Type Curves
Type Curves Eastern Development Area (EDA) WDA Tioga Lycoming Estimated Lower Utica Upper Utica Marcellus Marcellus Upper Utica Location Count 150 210 60 10 240 Avg. TLL (ft) 13,000 13,000 10,000 8,000 13,000 D&C ($000s/ft) $1,250 to $1,300 $1,200 to $1,250 $900 to $1,000 $1,075 to $1,125 $1,000 to
Slide 41: Regulated Businesses: Rate Case Overview
Regulated Businesses: Rate Case Overview Supply Empire NY(2) PA(2) OH(2) Regulatory Agency (Governed by) FERC FERC NYPSC PAPUC PUCO Timing / Status Filed rate case on April 30, 2026 New rates went into effect on 11/1, subject to refund Settlement discussions remain ongoing Amendment to 2019 Settleme
Slide 42: Detailed Hedging Information for Modeling
Detailed Hedging Information for Modeling Calculated as the weighted average NYMEX forward price for each time period shown based on the Fixed Price Physical firm sale execution date, plus basis differentials and transportation costs. (All volumes in MMBtu; Prices in $ / MMBtu) 1Q 27 2Q 27 3Q 27 4Q
Slide 43: Comparable GAAP Financial Measure Slides & Reconciliations
Comparable GAAP Financial Measure Slides & Reconciliations This presentation contains certain non-GAAP financial measures. For pages that contain non-GAAP financial measures, pages containing the most directly comparable GAAP financial measures and reconciliations are provided in the slides that fol
Slide 44: Non-GAAP Reconciliations - Adjusted Operating Results
Non-GAAP Reconciliations - Adjusted Operating Results
Slide 45: Non-GAAP Reconciliations - Adjusted EBITDA, by Segment
Non-GAAP Reconciliations - Adjusted EBITDA, by Segment
Slide 46: Non-GAAP Reconciliations - Adjusted EBITDA & Net Debt
Non-GAAP Reconciliations - Adjusted EBITDA & Net Debt
Slide 47: Non-GAAP Reconciliations - Funds From Operations
Non-GAAP Reconciliations - Funds From Operations
Slide 48: Reconciliation – Capital Expenditures
Reconciliation – Capital Expenditures 48
Slide 49: Reconciliation – Free Cash Flow
Reconciliation – Free Cash Flow
Slide 50: Safe Harbor For Forward Looking Statements
Safe Harbor For Forward Looking Statements Certain statements contained herein, including statements identified by the use of the words “anticipates,” “believes,” “could,” “estimates,” “expects,” “forecasts,” “guidance,” “intends,” “may,” “might,” “outlook,” “plans,” “potential,” “predicts,” “projec