Company Overview - National Fuel is committed to the safe and environmentally conscious development, transportation, storage, and distribution of natural gas and oil resources[2] - NFG's integrated model enhances shareholder value through geographic and operational synergies[9, 10] - NFG has a long history of returning capital to shareholders[9] Financial Performance and Guidance - NFG expects to generate significant consolidated free cash flow in fiscal 2022 and beyond[9, 14] - FY22 earnings guidance is $5.70 to $6.00 per share[39] - Net production is expected to be 340-360 Bcfe, up 7% vs FY21[39] Exploration & Production (E&P) and Gathering - NFG has ~1.2 million net acres in the Marcellus and Utica shales[5, 14] - Seneca's California assets were divested for total consideration of between $280 - $310 million[43] - The company is targeting a 40% reduction in methane intensity by 2030 for Exploration & Production[28] Pipeline & Storage - Supply Corporation has contracted firm transportation capacity of 3,284 MDth per day and firm storage of 70,693 Mdth[115] - The FM100 project is expected to generate ~$50 million in annual revenue[118] Utility - The utility serves 753,000 customers[5] - The utility is targeting a 75% reduction in delivery system GHG emissions by 2030 and 90% by 2050[28]

National Fuel Gas Company (NYSE:NFG) Q1 2022 Earnings Conference Call February 4, 2022 11:00 AM ET Company Participants Brandon Haspett ??? Director-Investor Relations Dave Bauer ??? President and Chief Executive Officer Karen Camiolo ??? Treasurer and Principal Financial Officer Justin Loweth ??? President of Seneca Resources Conference Call Participants Zach Parham ??? JPMorgan Holly Stewart ??? Scotia Howard Weil John Abbott ??? Bank of America Trafford Lamar ??? Raymond James Umang Choudhary ??? Goldman ...

[Part I. Financial Information](index=6&type=section&id=Part%20I.%20Financial%20Information) [Financial Statements (Unaudited)](index=6&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Presents unaudited consolidated financial statements for Q1 FY2022, covering income, balance sheets, cash flows, and detailed notes [Consolidated Statements of Income](index=6&type=section&id=a.%20Consolidated%20Statements%20of%20Income%20and%20Earnings%20Reinvested%20in%20the%20Business) Net income significantly increased to $132.4 million, driven by higher operating revenues across all segments Consolidated Income Statement Highlights (Q1 FY2022 vs Q1 FY2021) | Metric | Q1 2022 (ended Dec 31, 2021) | Q1 2021 (ended Dec 31, 2020) | Change | | :--- | :--- | :--- | :--- | | **Total Operating Revenues** | $546.6M | $441.2M | +23.9% | | **Operating Income** | $209.7M | $143.5M | +46.1% | | **Net Income Available for Common Stock** | $132.4M | $77.8M | +70.2% | | **Diluted Earnings Per Share** | $1.44 | $0.85 | +$0.59 | - The prior-year period (Q1 2021) included a **$76.2 million** impairment charge on oil and gas properties and a **$51.1 million** gain on the sale of timber properties, which significantly impacted the comparability of operating income[12](index=12&type=chunk) [Consolidated Statements of Comprehensive Income](index=7&type=section&id=b.%20Consolidated%20Statements%20of%20Comprehensive%20Income) Comprehensive income substantially increased to $369.0 million, primarily due to higher net income and derivative gains Comprehensive Income Summary (Q1 FY2022 vs Q1 FY2021) | (Thousands of U.S. Dollars) | Three Months Ended Dec 31, 2021 | Three Months Ended Dec 31, 2020 | | :--- | :--- | :--- | | Net Income Available for Common Stock | $132,392 | $77,774 | | Other Comprehensive Income, Before Tax | $325,720 | $48,332 | | **Comprehensive Income** | **$368,963** | **$112,790** | [Consolidated Balance Sheets](index=8&type=section&id=c.%20Consolidated%20Balance%20Sheets) Total assets increased to $7.59 billion, driven by higher property, plant, and equipment and shareholders' equity Key Balance Sheet Items | (Thousands of U.S. Dollars) | Dec 31, 2021 | Sep 30, 2021 | | :--- | :--- | :--- | | **Total Assets** | **$7,589,673** | **$7,464,825** | | Net Property, Plant and Equipment | $6,490,755 | $6,384,283 | | Total Current Assets | $567,190 | $522,449 | | **Total Capitalization and Liabilities** | **$7,589,673** | **$7,464,825** | | Total Comprehensive Shareholders' Equity | $2,110,195 | $1,786,206 | | Long-Term Debt, Net | $2,629,602 | $2,628,687 | | Fair Value of Derivative Financial Instruments (Liabilities) | $290,690 | $616,410 | [Consolidated Statements of Cash Flows](index=10&type=section&id=d.%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow decreased to $171.5 million, with significant cash used in investing and financing activities Cash Flow Summary (Q1 FY2022 vs Q1 FY2021) | (Thousands of U.S. Dollars) | Three Months Ended Dec 31, 2021 | Three Months Ended Dec 31, 2020 | | :--- | :--- | :--- | | **Net Cash Provided by Operating Activities** | **$171,483** | **$204,743** | | Net Cash Used in Investing Activities | ($169,710) | ($66,870) | | Net Cash Used in Financing Activities | ($42,846) | ($49,001) | | Net Increase (Decrease) in Cash | ($41,073) | $88,872 | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=e.%20Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Provides detailed explanations of accounting policies, revenue recognition, fair value measurements, and segment information - The company's Exploration and Production segment uses the full cost method of accounting. At **December 31, 2021**, the calculated ceiling for capitalized costs exceeded the book value of oil and gas properties by approximately **$1.3 billion**, indicating no impairment was necessary for the quarter[31](index=31&type=chunk)[33](index=33&type=chunk) - The Pipeline and Storage segment expects to recognize **$165.2 million** in revenue for the remainder of fiscal 2022 from fixed charges associated with existing transportation and storage contracts[50](index=50&type=chunk) - The company has outstanding commodity derivative contracts covering **371.2 Bcf** of natural gas and **1,692,000 Bbls** of crude oil as of **December 31, 2021**, to manage price risk[65](index=65&type=chunk) - In its Pennsylvania jurisdiction, the Utility segment began refunding **$50.0 million** in overcollected OPEB expenses to customers and stopped collecting these expenses in base rates, **effective October 1, 2021**[88](index=88&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=25&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Discusses Q1 FY2022 financial performance, highlighting increased earnings from Exploration & Production and capital resources [Overview](index=26&type=section&id=OVERVIEW) Summarizes the integrated energy business, focusing on natural gas production and recent FM100 Project completion - The FM100 Project, which upgraded a pipeline in northwestern Pennsylvania, was placed in service in **December 2021**. It is expected to provide incremental annual transportation revenues of approximately **$50 million**[96](index=96&type=chunk) - Seneca's companion Leidy South Project also went in service in **December 2021**, providing **330,000 Dth/day** of incremental capacity, allowing Seneca to increase production and access premium Transco Zone 6 markets[97](index=97&type=chunk) [Results of Operations](index=27&type=section&id=RESULTS%20OF%20OPERATIONS) Consolidated earnings rose to $132.4 million, primarily driven by higher commodity prices and increased production Earnings (Loss) by Segment (Thousands) | Segment | Q1 2022 (ended Dec 31, 2021) | Q1 2021 (ended Dec 31, 2020) | Increase (Decrease) | | :--- | :--- | :--- | :--- | | Exploration and Production | $62,369 | $(29,623) | $91,992 | | Pipeline and Storage | $25,168 | $24,183 | $985 | | Gathering | $23,137 | $20,550 | $2,587 | | Utility | $22,130 | $23,037 | $(907) | | **Total Consolidated** | **$132,392** | **$77,774** | **$54,618** | - The prior year's (Q1 2021) results were impacted by a non-cash impairment charge of **$55.2 million** after-tax in the Exploration and Production segment and a **$37.0 million** after-tax gain on the sale of timber properties[106](index=106&type=chunk) [Capital Resources and Liquidity](index=33&type=section&id=CAPITAL%20RESOURCES%20AND%20LIQUIDITY) Operating cash flow decreased, while capital expenditures increased, with adequate liquidity maintained through credit facilities - Net cash provided by operating activities decreased by **$33.2 million** year-over-year, primarily due to lower cash flow from the Utility segment related to the timing of gas cost recovery and customer refunds in Pennsylvania[141](index=141&type=chunk) Capital Expenditures by Segment (Millions) | Segment | Q1 2022 (ended Dec 31, 2021) | Q1 2021 (ended Dec 31, 2020) | | :--- | :--- | :--- | | Exploration and Production | $139.2 | $81.3 | | Pipeline and Storage | $24.1 | $43.7 | | Gathering | $8.9 | $8.3 | | Utility | $19.4 | $17.3 | | **Total** | **$191.8** | **$150.9** | - The company maintains **$1.0 billion** of unsecured committed revolving credit access across two facilities. The debt-to-capitalization ratio was **0.55** at quarter-end, well below the **0.65** covenant limit[163](index=163&type=chunk)[164](index=164&type=chunk) [Other Matters](index=38&type=section&id=OTHER%20MATTERS) Covers regulatory rate matters, environmental regulations, climate change initiatives, and forward-looking statements - In New York, the NYPSC extended the system modernization tracker, allowing recovery of pipeline replacement costs through **March 31, 2023**, contingent on not filing a new rate case before then[179](index=179&type=chunk) - The company has established **methane intensity reduction targets** for each business and an **absolute greenhouse gas emissions reduction target** for the consolidated company, building on its ongoing efforts to lower its emissions profile[185](index=185&type=chunk) - The company highlights risks from legislative and regulatory measures addressing climate change, such as New York's CLCPA, which mandates significant greenhouse gas reductions by **2030** and **2050**[186](index=186&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=42&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Refers to the MD&A for detailed disclosures regarding the company's exposure to market risk - The report directs readers to the "Market Risk Sensitive Instruments" section in Item 2 (MD&A) for disclosures about market risk[191](index=191&type=chunk) [Controls and Procedures](index=42&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective with no material changes during the quarter - The Chief Executive Officer and Principal Financial Officer concluded that the Company's disclosure controls and procedures were **effective as of December 31, 2021**[192](index=192&type=chunk) - There were no changes in internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, these controls[193](index=193&type=chunk) [Part II. Other Information](index=42&type=section&id=Part%20II.%20Other%20Information) [Legal Proceedings](index=42&type=section&id=Item%201.%20Legal%20Proceedings) Refers to Note 8 and MD&A for discussions on legal, environmental, and regulatory proceedings - For information on legal proceedings, the report refers to Note 8 – Commitments and Contingencies, and the MD&A section on Other Matters – Environmental Matters[194](index=194&type=chunk) [Risk Factors](index=42&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors previously disclosed in the 2021 Annual Report on Form 10-K - The risk factors disclosed in the Company's **2021 Form 10-K** have not materially changed[195](index=195&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=42&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Details unregistered common stock issuance to directors and issuer purchases of equity securities for compensation plans - On **October 1, 2021**, the company issued **8,210 unregistered shares** of common stock to non-employee directors under its **2009 Non-Employee Director Equity Compensation Plan**[196](index=196&type=chunk) Issuer Purchases of Equity Securities (Q1 FY2022) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Oct. 1 - 31, 2021 | 10,583 | $57.78 | | Nov. 1 - 30, 2021 | 14,328 | $59.11 | | Dec. 1 - 31, 2021 | 152,833 | $60.37 | | **Total** | **177,744** | **$60.13** | - The company's share repurchase program, authorized in **2008** for **eight million shares**, remains active but no shares have been repurchased under it since **September 2008**. Approximately **6.97 million shares** may still be purchased under the plan[199](index=199&type=chunk) [Exhibits](index=43&type=section&id=Item%206.%20Exhibits) Lists exhibits filed with Form 10-Q, including equity award notices, CEO/CFO certifications, and XBRL data - Key exhibits filed include: - Forms of Award Notices for Performance Shares (**Exhibits 10.1, 10.2, 10.3**) - CEO and CFO certifications (**Exhibits 31.1, 31.2, 32**) - Interactive data files in Inline XBRL format (**Exhibit 101**)[200](index=200&type=chunk)

Company Strategy and Performance - National Fuel is a diversified, integrated natural gas company with upstream, midstream, and downstream operations[4] - The company expects to generate significant free cash flow in fiscal year 2022 and beyond[6, 10] - National Fuel has a long history of returning capital to shareholders, with 51 years of consecutive dividend increases[6, 17] Exploration & Production (E&P) and Gathering - NFG has approximately 12 million net acres in Appalachia for upstream exploration & production[4, 10] - Average net Appalachian natural gas production is approximately 885 MMcf/day[4] - The company targets a 40% reduction in methane intensity by 2030 for its Exploration & Production segment[22] - Seneca's firm transportation and firm sales support DCNR Tract 007, DCNR Tract 595, and Covington area production[60] Pipeline & Storage - The company has approximately 45 MMDth of daily interstate pipeline capacity under contract[4] - FM100 project is expected to generate approximately $50 million in annual revenue[106] - Supply Corp Rate Case Settlement includes a $35 million increase in base rates effective February 2020, with an additional $15 million step-up in April 2022[15] Utility - The company serves 753000 utility customers[4] - National Fuel expects approximately $3-4 million in gross margin in FY 2022 from modernization spending in NY[130] - The utility segment targets a 75% reduction in delivery system GHG emissions by 2030 and a 90% reduction by 2050, based on 1990 baseline[22, 145]

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, 2021 ☐ 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 Gas Company (NYSE:NFG) Q4 2021 Earnings Conference Call November 5, 2021 11:00 AM ET Company Participants Brandon Haspett - Director of IR Dave Bauer - President and CEO Karen Camiolo - Treasurer and Principal Financial Officer Justin Loweth - President, Seneca Resources Conference Call Participants Holly Stewart - Scotia Howard Weil Umang Choudhary - Goldman Sachs Tim Winter - Gabelli Funds Trafford Lamar - Raymond James Operator Good day and thank you for standing by. Welcome to the Quarter ...

| --- | --- | |-------|-------| | | | | | | National Fuel is committed to the safe and environmentally conscious development, transportation, storage, and distribution of natural gas and oil resources. National Fuel's Guiding Principles | --- | --- | --- | --- | |-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

National Fuel Gas Company (NYSE:NFG) Q3 2021 Earnings Conference Call August 6, 2021 11:00 AM ET Company Participants Ken Webster - Director, IR Dave Bauer - President & CEO Karen Camiolo - Treasurer & Principal Financial Officer Justin Loweth - President, Seneca Resources Conference Call Participants Holly Stewart - Scotia Howard Weil Umang Choudhary - Goldman Sachs & Co. Operator Good day and thank you for standing by and welcome to the Q3 2021 National Fuel Gas Company Earnings Conference Call. At this t ...

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 June 30, 2021 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 ...

National Fuel Gas Company (NYSE:NFG) Q2 2021 Earnings Conference Call May 7, 2021 11:00 AM ET Company Participants Ken Webster - Director of IR Dave Bauer - President and Chief Executive Officer Karen Camiolo - Treasurer and Principal Financial Officer Justin Loweth - President of Seneca Resources Conference Call Participants Holly Stewart - Scotia Howard Weil Zach Parham - JPMorgan Caroline Shavel - Goldman Sachs Operator Welcome to the Q2 2021 National Fuel Gas Company Earnings Conference Call. [Operator ...