National Fuel Gas Co (NYSE:NFG) Q3 2023 Earnings Conference Call August 3, 2023 10:00 AM ET Company Participants Brandon Haspett - Director, IR David Bauer - President, CEO & Director Justin Loweth - President, National Fuel Gas Midstream Company, LLC & Seneca Resources Company, LLC Timothy Silverstein - Principal Financial Officer & Treasurer Conference Call Participants Umang Choudhary - Goldman Sachs Group John Abbott - Bank of America Merrill Lynch Trafford Lamar - Raymond James Operator Thank you for s ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 For the transition period from____ to_____ Commission File Number 1-3880 NATIONAL FUEL GAS COMPANY (Exact name of registrant as specified in its charter) New Jersey 13-1086010 (State ...

National Fuel Gas Company (NYSE:NFG) Q2 2023 Earnings Conference Call May 4, 2023 11:00 AM ET Company Participants Brandon Haspett - Director, Investor Relations Dave Bauer - President and CEO Tim Silverstein - Treasurer and Principal Financial Officer Justin Loweth - President, Seneca Resources and National Fuel Midstream Conference Call Participants Trafford Lamar - Raymond James Timothy Winter - Gabelli & Company Operator Good afternoon, everyone. I would like to welcome you all to the National Fuel Gas ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from____ to_____ Commission File Number 1-3880 NATIONAL FUEL GAS COMPANY (Exact name of registrant as specified in its charter) New Jersey 13-1086010 (State ...

Financial Data and Key Metrics Changes - The company reported adjusted operating results of $1.84 per share, a 24% increase compared to the previous year [17][59] - EBITDA increased by 29% due to an 11% rise in production in Appalachia and a $0.50 per Mcf improvement in natural gas price realizations [60] - Full-year earnings guidance was lowered to a range of $5.35 to $5.75 per share, primarily due to a drop in natural gas prices [20] Business Line Data and Key Metrics Changes - Seneca's production increased by 11%, contributing to a 6% increase in gathering EBITDA [60][85] - The Utility business saw an increase in underlying customer margin by about $6 million, driven by infrastructure modernization and increased usage due to colder weather [64] Market Data and Key Metrics Changes - The company expects NYMEX pricing to average $3.25 per MMBtu for the last three quarters of the year, a significant decrease from previous estimates [20][66] - The Appalachian basis differentials are expected to average $1 per MMBtu for the remainder of the year, showing modest improvement [20] Company Strategy and Development Direction - The company remains committed to a disciplined hedging strategy to protect earnings and cash flows from commodity price volatility [67] - Long-term growth is anticipated due to new LNG export facilities coming online and a transition from coal to gas generation [65][68] - The company is focused on balancing capital efficiency, growth, and free cash flow generation [51] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about long-term natural gas pricing, particularly in fiscal '25 and beyond [12] - The company highlighted the challenges posed by New York's Climate Action Council's scoping plan, which could lead to increased electricity demand without guaranteed reliability [72][77] - Management emphasized the importance of resilient infrastructure, especially in light of recent extreme weather events [70][71] Other Important Information - The company has hedges in place for nearly 70% of expected remaining fiscal '23 natural gas production, with only about 10% exposed to in-basin pricing [4][21] - Capital spending guidance remains unchanged at $830 million to $940 million for the full year [22][65] Q&A Session Summary Question: Potential deal opportunities and funding - Management indicated that any potential deal would ideally be of a size manageable within the balance sheet or with modest equity involvement [30][31] Question: Future cash taxes - Cash taxes are expected to increase to the lower teens based on current strip pricing for 2024 and 2025 [33] Question: CapEx and inflation environment - Service costs have likely peaked, and the company feels insulated from further inflation due to locked-in contracts [36][37] Question: Bolt-on opportunities for Seneca - The company remains interested in opportunities that fit well with existing acreage and has not seen many new opportunities due to market volatility [38][39] Question: Engagement with regulators on decarbonization - Management is actively participating in discussions with regulators regarding the future of the gas business and has made constructive filings [44]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from____ to_____ Commission File Number 1-3880 NATIONAL FUEL GAS COMPANY (Exact name of registrant as specified in its charter) New Jersey 13-1086010 (St ...

| --- | --- | |-------|-------| | | | | | | National Fuel is committed to the safe and environmentally of natural gas resources. conscious development, transportation, storage, and distribution Comparable GAAP Financial Measure Slides & Reconciliations Management defines Free Cash Flow as Funds from Operations (Net Cash Provided by Operating Activities less changes in working capital) less Capital Expenditures. The Company is unable to provide a reconciliation of projected Free Cash Flow as described in thi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended September 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to Commission File Number 1-3880 National Fuel Gas Company (Exact name of registrant as specified in its charter) New Jersey 13-1086010 (State or other jurisdiction of incorpor ...

| --- | --- | |-------|-------| | | | | | | National Fuel is committed to the safe and environmentally conscious development, transportation, storage, and distribution of natural gas resources. We value the safety of all of our customers, employees, and communities, and work diligently to establish a culture of safety that is embraced throughout the entire organization. National Fuel's Guiding Principles We strive to exceed the standards for safe, clean, and reliable energy development, embracing new techno ...

National Fuel Gas Company (NYSE:NFG) Q4 2022 Earnings Conference Call November 4, 2022 11:00 AM ET Company Participants Brandon Haspett - Director, Investor Relations Dave Bauer - President and CEO Karen Camiolo - Treasurer and Principal Financial Officer Justin Loweth - President, Seneca Resources and National Fuel Midstream Conference Call Participants John Abbott - Bank of America Umang Choudhary - Goldman Sachs Trafford Lamar - Raymond James Operator Hello, all, and welcome. My name is Rita, and I will ...