Financial Data and Key Metrics Changes - The company reported adjusted earnings per share (EPS) of $2.06 for Q1 2026, aligning with expectations and reflecting a solid start to the fiscal year [5][13] - Adjusted EBITDA increased by 29% compared to the prior year, driven by higher production and natural gas prices [5] - The company reaffirmed its adjusted EPS guidance range for the fiscal year at $7.60-$8.10, with a midpoint of $7.85 [15] Business Line Data and Key Metrics Changes - The integrated upstream and gathering segment saw net production of 109 billion cubic feet (BCF), a 12% increase over Q1 2025 [24] - The utility business filed a new rate case requesting a $20 million increase in rates, which would result in an approximate 11% increase in customer bills if approved [9][10] - The regulated businesses benefited from a three-year rate settlement at the New York utility and a pipeline modernization tracker at the Pennsylvania utility [6] Market Data and Key Metrics Changes - Natural gas prices have shown significant volatility, with the February contract settling at nearly $7.50, a 140% increase from two weeks prior [16] - The company anticipates a price environment for natural gas in the $3-$5 range, supported by strong structural demand from LNG exports and power generation [29] Company Strategy and Development Direction - The company is focused on operational excellence and growth, with plans to expand Seneca's inventory and improve capital efficiency [7] - The Tioga Pathway project and Shippingport Lateral project are progressing well, with expectations for additional expansion opportunities [8] - The company is optimistic about the Ohio utility acquisition, which is expected to close in Q4 2026, enhancing its growth potential [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong outlook for natural gas demand, citing bipartisan support for an all-of-the-above energy approach [6] - The company noted that pricing fluctuations are expected to persist, but its hedge book provides downside protection for 70% of remaining production [16] - Management highlighted the importance of building more pipeline infrastructure to alleviate price volatility in the Northeast [55] Other Important Information - The company completed a $350 million private placement of common stock to satisfy equity needs for the Ohio utility acquisition [11][19] - The Ohio regulatory environment is improving, with new laws expected to shorten the rate case timeline and provide greater certainty in achieving allowed returns [22] Q&A Session Summary Question: Ability to take advantage of local price spikes - Management confirmed they keep a portion of gas available to capitalize on high local prices during extreme weather events [34] Question: Future growth projects in the pipeline business - Management indicated there are additional opportunities for pipeline projects beyond those currently announced, given the strategic location of their pipelines [37] Question: Impact of federal permitting reform on pipeline projects - Management believes permitting reform would expedite project development but does not fundamentally change their view on pipeline development [40] Question: Optimal production growth rate - Management stated that mid-single digit growth (3%-7%) is the target, contingent on interstate pipeline capacity and market conditions [50] Question: Co-development strategy for Upper Utica - Management is currently testing co-development strategies and remains flexible based on data and results from ongoing projects [64][65] Question: Incremental takeaway capacity from the basin - Management noted ongoing projects that will enhance takeaway capacity and expressed optimism about future infrastructure developments [76][77]

Investor Presentation Fiscal 2026 – 1st Quarter Update January 28, 2026 Fiscal 2026 Q1 Update 1 National Fuel Gas Company Fiscal 2026 Q1 Update 2 • Company Overview (3) • Recent Highlights (6) • Why National Fuel? (11) • Financial Overview (16) • Integrated Upstream & Gathering Highlights (20) • Pipeline & Storage and Utility Highlights (32) • Guidance & Other Financial Information (48) Company Overview Corporate HQ: Buffalo, NY ~2,300 employees NYSE: NFG Market Cap: ~$7.9B 123 Years of consecutive dividend ...

Financial Data and Key Metrics Changes - National Fuel Gas Company reported adjusted earnings per share of $1.22 for Q4 2025, a 58% increase from the previous year, and a 38% increase compared to fiscal 2024 [4][12] - The company achieved a consolidated production increase of 21% year over year, with total per unit operating expenses lower [13] - Adjusted earnings per share in the integrated upstream and gathering business increased by 70% year over year [13] Business Line Data and Key Metrics Changes - The integrated upstream and gathering segment saw significant growth, with production increasing by approximately 20% since the EDA transition began in mid-2023 [4][5] - The company added approximately 220 prospective well locations in the Upper Utica formation, nearly doubling its inventory in the EDA [5] - Capital expenditures for the integrated upstream and gathering segment are expected to be $550-$610 million for fiscal 2026, down 3% at the midpoint compared to fiscal 2025 [26] Market Data and Key Metrics Changes - NYMEX prices averaged approximately $3.75, with adjusted earnings expected to be within the range of $7.60-$8.10 per share for fiscal 2026 [14][17] - Approximately 85% of expected fiscal 2026 volumes are covered by physical firm sales and/or firm transportation, minimizing exposure to spot pricing [27] Company Strategy and Development Direction - The company is focused on enhancing capital efficiency and operational excellence, with a strong emphasis on the development of its Tioga County assets [4][5] - National Fuel is pursuing the acquisition of CenterPoint's Ohio Gas Utility, which is expected to double its utility rate base and provide significant growth opportunities [10][20] - The company is optimistic about the future of natural gas as a reliable energy source, advocating for an all-of-the-above energy approach [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's long-term growth potential, citing strong operational performance and a solid outlook for fiscal 2026 [12][20] - The company anticipates generating $300-$350 million in free cash flow for fiscal 2026, which will support dividend payments and balance sheet strengthening [17] - Management highlighted the importance of firm transportation agreements to ensure market access for production growth [6][27] Other Important Information - The company streamlined its segment reporting by combining exploration and production with gathering into one integrated segment [14] - National Fuel's sustainability efforts were recognized, with improvements in ECHO origin ratings reflecting its commitment to environmental stewardship [30] Q&A Session Summary Question: Details on Upper Utica inventory and economics - Management indicated that the Upper Utica zone has been under examination for years, with confidence in the 220 locations based on extensive testing and production history [34][35] Question: Outlook for in-basin demand and project interest - Management noted strong interest from data center developers and other entities, emphasizing the advantages of integrated operations in discussions with potential partners [36][37] Question: Upper Utica's role in future plans - Management confirmed that Upper Utica wells will be incorporated into future plans, with a gradual increase in their proportion relative to Lower Utica wells [40][41] Question: Debt allocation with CenterPoint acquisition - Management explained that financing decisions are made at the parent company level, considering overall cash flows and capital structures across segments [42] Question: Supply Corp rate case returns - Management indicated that typical rate-making returns for Supply Corp are in the low double digits, with potential for higher returns based on capital structure [45][46]