Financial Data and Key Metrics Changes - The company reported a stable production profile throughout the year, with first-half capital expenditures (Capex) expected to account for about 60% of the total annual Capex [9] - Current production levels are generating approximately $30 million annually under the proposed guidance for the 45Z program [11] - The average drilling cost for Utica wells is approximately $1,700 per foot, with performance aligned with expectations [27] Business Line Data and Key Metrics Changes - The RMG business line has seen stable pricing in the PA Tier 1 REC market, with expectations for future price increases tied to stricter renewable energy standards [10] - The company is completing about 5 Utica laterals this year, indicating confidence in the Utica program despite a lower number of turn-in-lines than expected [17] Market Data and Key Metrics Changes - Coal mine methane volumes have experienced a modest year-over-year decline, primarily driven by underlying mining activity [30] - The company is approximately 60% hedged for 2027, targeting a weighted average NYMEX price of about $4, which is favorable for business performance [32][34] Company Strategy and Development Direction - The company is focused on maintaining production levels while being responsive to material changes in gas prices, with plans to potentially add frac activity in the second half of 2026 [25][26] - Long-term strategies involve waiting for infrastructure and demand projects to materialize before increasing production volumes [40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in operational preparedness during extreme cold weather events, indicating no expected disruptions to operations or volumes [19] - The company is cautious about increasing production without clear visibility on future gas prices, emphasizing a long-term approach rather than reacting to short-term market fluctuations [39] Other Important Information - The company is exploring new technologies, such as AutoStep, which has been adopted for flowbacks, but currently does not contribute materially to financial results [21] - The company has a remaining inventory of approximately 40,000-50,000 acres in the core Southwest PA Marcellus area, which is expected to last into the next decade [46] Q&A Session Summary Question: Inquiry about capital and production profile - Management indicated that first-half Capex would be about 60% of the total, allowing flexibility for potential acceleration in the second half [9] Question: Outlook on RMG business line pricing - Management noted that the PA Tier 1 REC market has stabilized, with future price increases dependent on stricter renewable energy standards [10] Question: Clarification on Utica program size - Management clarified that the smaller program size is due to timing, with confidence in the Utica program remaining strong [17] Question: Expectations for operational disruptions due to weather - Management confirmed that they do not expect any disruptions, as preparations have been made [19] Question: Update on new technology business - Management stated that while AutoStep technology is being adopted, it has not yet materially impacted financial results [21] Question: Hedging strategy for 2027 - Management confirmed they are approximately 60% hedged for 2027, targeting a favorable NYMEX price [32][34] Question: Incremental takeaway and infrastructure projects - Management noted that while some projects are proposed, there is currently no material movement off maintenance production levels [42]

Financial Data and Key Metrics Changes - The company has not provided specific financial data or key metrics changes in the call [2][3] Business Line Data and Key Metrics Changes - The capital expenditure (Capex) for the first half of the year is expected to be about 60% of the total annual Capex, with production remaining flat throughout the year [10] - The RMG business line's pricing outlook is stable, with a long-term expectation for prices to increase as renewable energy standards tighten [11] - Current production levels for the 45Z initiative are generating about $30 million annually, with potential adjustments pending final guidance [12] Market Data and Key Metrics Changes - The coal mine methane volumes have seen a modest year-over-year decline, primarily driven by mining activity at specific sites [29] Company Strategy and Development Direction - The company is focused on maintaining production levels while being responsive to changes in gas prices, with plans to potentially add frac activity in the second half of 2026 [24][38] - There is a strategic emphasis on long-term demand growth, particularly in relation to new infrastructure and power projects, rather than short-term production increases [38] Management's Comments on Operating Environment and Future Outlook - Management has expressed confidence in their operational preparedness for extreme weather events, indicating no expected disruptions to operations or volumes [19] - The company is optimistic about the Utica program, clarifying that the current lower number of turn-in-lines is a timing issue rather than a lack of confidence in the project [16][17] Other Important Information - The company is currently over 60% hedged for 2027, targeting an 80% hedge as they approach that year [30][31] Q&A Session Summary Question: Inquiry about capital and production profile - The company expects first-half Capex to be about 60% of the total, with a flat production profile throughout the year, allowing flexibility for potential acceleration in the second half [10] Question: Outlook on RMG business line pricing - The RMG pricing has stabilized, with long-term expectations for increases tied to renewable energy standards [11] Question: Clarification on Utica program size - The smaller program size is attributed to timing, with confidence in the Utica program remaining strong [16][17] Question: Impact of weather on operations - Management does not anticipate any disruptions from weather events, as preparations have been made [19] Question: Update on new technology business - The AutoStep technology has been adopted internally, with expectations for increased adoption in 2026, though it has not yet materially impacted financials [21] Question: Hedging strategy for 2027 - The company aims to be approximately 80% hedged for 2027, with a current average NYMEX price of about $4 [30][31]

Core Viewpoint - TotalEnergies has announced the full restart of the Mozambique LNG project activities following the lifting of Force Majeure declared in 2021 [1] Group 1: Company Actions - Patrick Pouyanné, Chairman and CEO of TotalEnergies, met with the President of Mozambique to discuss the project [1] - The Mozambique LNG consortium made the decision to lift the Force Majeure on November 7, 2025 [1] Group 2: Project Status - The restart includes both onshore and offshore activities related to the Mozambique LNG project [1]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share (EPS) of $2.06 for the first quarter of fiscal 2026, aligning with expectations [4] - Adjusted EBITDA increased by 29% compared to the prior year, driven by higher production and natural gas prices [4] Business Line Data and Key Metrics Changes - The integrated upstream and gathering business saw net production of 109 billion cubic feet (BCF), a 12% increase over the first quarter of fiscal 2025 [23] - The regulated businesses performed strongly due to a three-year rate settlement at the New York utility and a pipeline modernization tracker at the Pennsylvania utility [5][8] 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 [15] - The company expects natural gas prices to remain in the $3-$5 range, influenced by structural demand from LNG exports and limited new infrastructure [28] 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 [6] - The Tioga Pathway project and shipping port lateral project are progressing well, with additional expansion opportunities anticipated [7] - The company is pursuing an acquisition of CenterPoint's Ohio LDC, expected to close in the fourth quarter of calendar 2026, which will enhance its regulated business [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the natural gas outlook, citing all-time high demand and bipartisan support for an all-of-the-above energy approach [5] - The company reaffirmed its adjusted EPS guidance range of $7.60-$8.10 for fiscal 2026, projecting a 14% growth over the previous year [22] - Management noted that the regulatory environment in Ohio is improving, which could facilitate future projects [21] Other Important Information - The company has a strong investment-grade balance sheet and expects to approach a net debt to EBITDA ratio of 1.75 times by the end of fiscal 2026 [17] - The company has executed a ten-year agreement to provide MIQ-certified methane reduction certificates, reinforcing its commitment to sustainability [29] Q&A Session Summary Question: Ability to take advantage of local price spikes - The company has a marketing portfolio that allows it to keep some gas available to take advantage of high local prices during cold weather [32][33] Question: Future growth projects in the pipeline business - Management indicated that there are additional opportunities for pipeline projects beyond the Tioga Pathway, given the favorable location of their pipelines [34][36] Question: Impact of federal permitting reform on pipeline projects - Management believes that permitting reform would expedite project development but does not expect it to change their overall view on pipeline development [39] Question: DNC costs of Seneca Gen 4 design - The Gen 4 design incurs additional costs due to wider inner well spacing and increased prop loading, estimated at $150-$175 per foot [40][41] Question: Optimal production growth rate - The company aims for a mid-single digit growth rate, contingent on interstate pipeline capacity and market conditions [47][49] Question: Co-development strategy for Upper Utica - The company is currently testing co-development strategies for Upper and Lower Utica, with plans to assess data from ongoing tests [62][64] Question: Incremental takeaway capacity from the basin - Management noted ongoing projects that will enhance takeaway capacity from the basin, which is crucial for reducing price volatility [73][75]

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]

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 [4][13] - Adjusted EBITDA increased by 29% compared to the prior year, driven by higher production and natural gas prices [4] Business Line Data and Key Metrics Changes - The integrated upstream and gathering segment achieved net production of 109 BCF, a 12% increase over Q1 2025, highlighting the strength of the Tioga Utica program [23] - The utility business filed a new rate case in Pennsylvania requesting a $20 million increase, which, if approved, would raise customer bills by about 11% [9][10] 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, marking a record move in NYMEX history [15] - 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 [27] 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, targeting a 30% gain since 2023 [6] - The company is optimistic about future pipeline expansion opportunities and is actively engaged in discussions for additional projects [7][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the natural gas market, citing all-time high demand and bipartisan support for an all-of-the-above energy approach [5][11] - The adjusted EPS guidance for the full year remains unchanged at $7.60-$8.10, with expectations for a 14% growth over the previous year [14][21] Other Important Information - The company is progressing with the acquisition of CenterPoint's Ohio LDC, expected to close in Q4 2026, with financing secured through a $350 million private placement [12][18] - Regulatory changes in Ohio are expected to shorten the rate case timeline and provide greater certainty in achieving allowed returns [20] Q&A Session Summary Question: Ability to take advantage of local price spikes - The company has a marketing portfolio that allows it to keep some gas available to take advantage of high local prices during cold weather [32][33] Question: Future growth projects in the pipeline business - Management indicated that there are additional opportunities for pipeline projects beyond the announced Tioga Pathway, with ongoing interest in the area [34][35] Question: Impact of federal permitting reform on pipeline projects - Management believes that permitting reform would expedite project development but does not fundamentally change their view on pipeline development [39] Question: Optimal production growth rate - The company aims for a mid-single digit growth rate, contingent on interstate pipeline capacity and market conditions [48] Question: Plans for further delineation or testing in the Upper Utica zone - The company is actively appraising and delineating additional locations in both the upper and lower Utica, with over 400 locations identified [50][51] Question: Variability of the frac barrier between upper and lower Utica - The company has a good understanding of the thickness of the impermeable barrier across its acreage, which is consistent and effective [72] Question: Incremental takeaway industry-wide from the basin - Management noted ongoing projects that are increasing takeaway capacity and expressed cautious optimism about future 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 ...

Core Insights - EQT Corporation is recognized as one of the most profitable stocks over the last 20 years [1] - Analysts have recently adjusted price targets for EQT, with Stephens lowering it to $68 and Scotiabank to $63, while maintaining positive ratings [2][3] Financial Performance - Stephens analyst Mike Scialla noted that EQT's Q4 cash flow per share and production estimates are 5% and 1% below consensus, respectively [2] - Scotiabank's projections indicate supply shortages in the U.S. and Western Canada, supporting predictions for higher natural gas prices [3] Company Overview - EQT Corporation is a leading U.S. energy company focused on the production, gathering, and transmission of natural gas, primarily in the Appalachian Basin [4]

Core Viewpoint - Orca Energy Group Inc. has announced the approval of its Independent Reserves Evaluation as of December 31, 2025, indicating significant decreases in its natural gas reserves and future net revenue compared to the previous year [1][2]. Reserves Evaluation - The evaluation of the Company's conventional natural gas reserves was conducted by McDaniel & Associates Consultants Ltd. in accordance with Canadian standards [2]. - The Songo Songo Production Sharing Agreement (PSA) with the Tanzanian Petroleum Development Corporation (TPDC) is set to expire in October 2026 [2]. Reserves Data - Total Proved ("1P") Gross Company conventional natural gas reserves at year-end 2025 were 17.5 billion standard cubic feet (Bcf), a 57% decrease from 40.2 Bcf at year-end 2024 [7]. - Total Proved plus Probable ("2P") Gross Company conventional natural gas reserves at year-end 2025 were 19.2 Bcf, down 54% from 41.5 Bcf at year-end 2024 [7]. - The Company estimated gas sales of 26.2 Bcf in 2025, representing a decrease of approximately 2% compared to 2024 [7]. Financial Metrics - The net present value of 1P future net revenue discounted at 10% was $29.2 million at year-end 2025, a 53% decrease from $61.8 million at year-end 2024 [7]. - The net present value of 2P future net revenue discounted at 10% was $31.6 million at year-end 2025, down 51% from $64.7 million at year-end 2024 [7]. Technical Revisions - The reduction in Gross Company 1P reserves was primarily attributed to production of 26.2 Bcf in 2025 and 3.5 Bcf of positive technical revisions due to higher than forecasted gas sales to Power customers [7]. Pricing and Assumptions - The average gas price received by the Company in 2025 was $5.01 per thousand cubic feet (Mcf), with a net price of $4.62/Mcf after transportation tariffs [10]. - The forecast for Brent crude in 2026 is $66.50 per barrel, with Songo Songo gas prices projected at $5.29 per Mcf for proved reserves [11].

Core Insights - National Fuel Gas Company reported strong first-quarter results for fiscal 2026, with adjusted EPS increasing by 24% year-over-year, driven by operational success in its Integrated Upstream and Gathering segment and growth in regulated businesses [3][7]. Financial Performance - The company achieved GAAP earnings of $181.6 million, or $1.98 per share, compared to $45.0 million, or $0.49 per share, in the prior year [7]. - Adjusted earnings were $187.7 million, or adjusted EPS of $2.06, up from $151.9 million, or $1.66 per share, in the previous year [7]. - The Integrated Upstream and Gathering segment's adjusted EPS rose by 45% to $1.36, supported by a 14% increase in natural gas price realizations and a 12% growth in natural gas production [7]. Segment Performance - The Utility segment's net income increased by 5% year-over-year, attributed to ongoing investments in system modernization in New York and Pennsylvania [7]. - The Pipeline and Storage segment experienced a slight decrease in GAAP earnings, primarily due to reduced other income [22]. - The Corporate and All Other segment reported a net loss of $7.7 million, largely due to transaction and financing costs related to the pending Ohio gas utility acquisition [25]. Operational Highlights - The company is focused on capital efficiency improvements, with an expanding inventory of high-quality Appalachian development locations, including approximately 200 new drilling locations [4]. - Key projects such as the Tioga Pathway and Shippingport Lateral expansion are on track for completion later in the calendar year [4]. - National Fuel successfully issued $350 million in common equity to fund the acquisition of CenterPoint Energy's Ohio gas utility, expected to close in Q4 2026 [7]. Guidance and Outlook - The company reaffirmed its fiscal 2026 adjusted EPS guidance range of $7.60 to $8.10 per share, with a midpoint of $7.85 [9]. - The guidance incorporates first-quarter results and pricing assumptions consistent with previous guidance, including an average NYMEX natural gas price of $3.75 per MMBtu [9]. - Sensitivities to adjusted EPS guidance were provided based on varying NYMEX natural gas price assumptions [9].