WILLIAMSVILLE, N.Y., April 29, 2026 (GLOBE NEWSWIRE) -- National Fuel Gas Company ("National Fuel" or the "Company") (NYSE:NFG) today announced consolidated results for the second quarter of its 2026 fiscal year.

SECOND QUARTER FISCAL 2026 SUMMARY

GAAP earnings of $247.7 million, or earnings per share (EPS) of $2.59, compared to GAAP earnings of $216.4 million, or $2.37 per share, in the prior year.
Adjusted EPS of $2.71, an increase of 13% from the prior year. See non-GAAP reconciliation on page 2.
Net cash provided by operating activities of $657 million, with free cash flow of $160 million (as defined on page 22) through the second quarter year-to-date, a $111 million increase from the prior year.
Integrated Upstream and Gathering segment adjusted EPS of $1.67, an increase of 21% compared to the prior year, driven by a 17% increase in natural gas price realizations.
Utility segment net income of $65 million, an increase of 3% compared to the prior year, as continued investments in system modernization programs in New York and Pennsylvania supported an increase in revenue.
Supply Corporation entered into a precedent agreement to provide 94,000 dekatherms per day of incremental capacity in connection with its new Line N System Upgrade Project in southwest Pennsylvania, targeted for completion in late 2028.
Commenced construction on both the Tioga Pathway and Shippingport Lateral expansion projects, which remain on track for a late calendar year 2026 in-service date.
The Company is revising its fiscal 2026 adjusted EPS guidance range of $7.45 to $7.75 per share, or $7.60 per share at the midpoint.

MANAGEMENT COMMENTS

David P. Bauer, President and Chief Executive Officer of National Fuel Gas Company, stated: "National Fuel had a solid second quarter, with adjusted EPS increasing 13% over the prior year. Operationally, our resilient natural gas system and dedicated workforce performed extremely well during the severe weather of Winter Storm Fern, delivering the safe and reliable production, transmission, storage, and distribution services that customers across our businesses expect.

"Looking forward, we've taken meaningful steps to position National Fuel for the next phase of our long-term growth strategy. In our regulated Pipeline and Storage business, our two major expansion projects are expected to be in-service late this calendar year, and we've signed an agreement for another expansion on our Line N system. At the Utility, our Ohio acquisition is on track to close in the calendar fourth quarter. Lastly, in our Integrated Upstream and Gathering business, we have decades of high-quality Appalachian inventory and a great track record of improving capital efficiency. With our ongoing testing to optimize well designs across our development footprint and our focus on continuously improving our integrated development plans, we expect to see further benefits in the future.

"With these positive catalysts across our operations, including line of sight to earnings growth at our regulated businesses and increasing free cash flow generation at our non-regulated businesses, National Fuel is well positioned to deliver long-term value to shareholders."

RECONCILIATION OF GAAP EARNINGS TO ADJUSTED EARNINGS


	Three Months Ended March 31,
	(Thousands)					(Per Share)
		2026			2025		2026			2025
Reported GAAP Earnings	$	247,668		$	216,358	$	2.59		$	2.37
Items impacting comparability:
Costs related to the pending Ohio gas utility acquisition		2,499			—		0.03			—
Tax impact of costs related to the pending Ohio acquisition		(579	)		—		(0.01	)		—
Impact of equity issuance related to pending Ohio acquisition, net of interest benefits		(3,422	)		—		0.09			—
Tax impact of net interest benefit from equity issuance		793			—		0.01			—
Other/rounding (refer to Segment results for details)		274			1,975		—			0.02
Adjusted Earnings	$	247,233		$	218,333	$	2.71		$	2.39

FISCAL 2026 GUIDANCE UPDATE

National Fuel is revising its adjusted EPS guidance for fiscal 2026, which is now expected to be within a range of $7.45 to $7.75, or $7.60 at the midpoint. This updated range incorporates second quarter results as well as modest changes to certain assumptions for the remainder of the fiscal year, primarily related to natural gas prices. The Company is now assuming the NYMEX natural gas price will average $3.00 per MMBtu for the remaining six months of fiscal 2026 (a decrease of $0.75 from previous guidance), which approximates the current NYMEX forward curve at this time.

Integrated Upstream and Gathering fiscal 2026 production is now expected to be 425 to 440 Bcf, a moderate decrease from our prior guidance. This decrease reflects the weather impacts during the period around Winter Storm Ferm, which primarily delayed flowback and completion timing. In addition, there were modest production impacts from a six-well pad in Tioga County where tests of a new Gen 4 Lower Utica well design and a new Upper Utica performed as expected, however, older generation Lower Utica wells underperformed projections. While these factors are expected to impact the fiscal year, they do not change the long-term production growth outlook, which we still expect will be in the mid-single digits over the next few years. This guidance range also does not incorporate any price-related curtailments over the remainder of the fiscal year. Capital expenditure guidance remains unchanged; however, higher oil and diesel prices related to the Iranian conflict and increased land activity represent potential headwinds that could result in capital trending toward the higher end of the range.

The acquisition of CenterPoint Energy's Ohio natural gas utility business is expected to close in the fourth quarter of calendar 2026, as previously planned. As a result, this is not expected to impact fiscal 2026 guidance, which also excludes any financing or acquisition-related costs.

The Company's other fiscal 2026 guidance assumptions remain largely unchanged and are detailed in the table on page 6.

DISCUSSION OF SECOND QUARTER RESULTS BY SEGMENT

The following earnings discussion of each operating segment for the quarter ended March 31, 2026 is summarized in a tabular form on pages 7 and 8 of this report (earnings drivers for the six months ended March 31, 2026 are summarized on pages 9 and 10).

Note that management defines adjusted earnings as reported GAAP earnings adjusted for items impacting comparability, and adjusted EBITDA as reported GAAP earnings before the following items: interest expense, income taxes, depreciation, depletion and amortization, other income and deductions, impairments, and other items reflected in operating income that impact comparability.

Integrated Upstream and Gathering Segment

The Integrated Upstream and Gathering segment's exploration and production operations are carried out by Seneca Resources Company, LLC ("Seneca") and its gathering operations are carried out by the operating subsidiaries of National Fuel Gas Midstream Company, LLC ("Gathering"). Seneca explores for, develops, and produces primarily natural gas reserves in Pennsylvania. Gathering constructs, owns and operates natural gas gathering pipelines and compression facilities in the Appalachian region, which primarily delivers Seneca's production and, to a lesser extent, third-party Appalachian production to various interstate pipelines.

	Three Months Ended
	March 31,
(in thousands)		2026		2025		Variance
GAAP Earnings	$	152,030	$	124,170		$	27,860
Premiums paid on early redemption of debt		—		2,385			(2,385	)
Tax impact of premiums paid on early redemption of debt		—		(642	)		642
Unrealized (gain) loss on derivative asset (2022 CA asset sale)		—		335			(335	)
Tax impact of unrealized (gain) loss on derivative asset		—		(90	)		90
Adjusted Earnings	$	152,030	$	126,158		$	25,872

Adjusted EBITDA	$	302,439	$	267,098		$	35,341

The Integrated Upstream and Gathering segment's second quarter GAAP earnings increased $27.9 million versus the prior year. Excluding items impacting comparability, adjusted earnings increased $25.9 million from the prior year, primarily due to higher realized natural gas prices, partially offset by modestly lower production volumes and additional third-party gathering expenses.

Seneca's weighted average realized natural gas price, after the impact of hedging and transportation costs, was $3.45 per Mcf, an increase of $0.51 per Mcf, or 17%, from the prior year due to higher NYMEX prices.

During the second quarter, Seneca produced 102.0 Bcf of natural gas, a decrease of 3.5 Bcf, or 3%, from the prior year. During the quarter, production was lower than the prior year due to weather-driven completion delays and typical natural gas production declines on producing wells.

	Three Months Ended
	March 31,
(Cost per Mcf)		2026		2025		Variance
Upstream General and Administrative Expense ("G&A")	$	0.18	$	0.18		$	—
Lease Operating Expense ("LOE")	$	0.17	$	0.12		$	0.05
Adjusted Gathering Operation and Maintenance Expense ("O&M")	$	0.14	$	0.12	⁽¹⁾	$	0.02
Taxes and Other	$	0.07	$	0.07		$	—
Adjusted Total Cash Operating Costs	$	0.56	$	0.49	⁽¹⁾	$	0.07
Depreciation, Depletion and Amortization Expense ("DD&A")	$	0.79	$	0.72		$	0.07
Adjusted Total Operating Costs	$	1.35	$	1.21	⁽¹⁾	$	0.14

⁽¹⁾	Adjusted Gathering O&M Expense of $0.12 per Mcf for the quarter ended March 31, 2025 excludes a $0.03 per Mcf reduction to Gathering O&M Expense attributed to a change in segment reporting, which is fully offset in operating revenue.

On a per unit basis, second quarter adjusted total operating costs were $0.14 higher compared to the prior year, primarily due to higher per unit LOE and DD&A expense. The increase in per unit LOE compared to the prior year was largely driven by additional third-party gathering expenses due to new production brought online during the quarter, as well as modestly higher costs related to winter weather conditions. The increase in DD&A expense was largely driven by the impact of ceiling test impairments Seneca recorded in fiscal 2025 that artificially lowered the per unit DD&A rate in the prior year.

Pipeline and Storage Segment

The Pipeline and Storage segment's operations are carried out by National Fuel Gas Supply Corporation ("Supply Corporation") and Empire Pipeline, Inc. ("Empire"). The Pipeline and Storage segment provides natural gas transportation and storage services to affiliated and non-affiliated companies through an integrated system of pipelines and underground natural gas storage fields in western New York and Pennsylvania.

	Three Months Ended
	March 31,
(in thousands)		2026		2025	Variance
GAAP Earnings	$	31,606	$	31,707	$	(101	)

Adjusted EBITDA	$	71,963	$	70,169	$	1,794

The Pipeline and Storage segment's second quarter GAAP earnings were in line with the prior year as an increase in operating revenues was offset by higher expenses, the majority of which was higher DD&A as a result of a higher average depreciable plant in service compared to the prior year.

Utility Segment

The Utility segment operations are carried out by National Fuel Gas Distribution Corporation ("Distribution Corporation"), which sells or transports natural gas to customers located in western New York and northwestern Pennsylvania.

	Three Months Ended
	March 31,
(in thousands)		2026		2025	Variance
GAAP Earnings	$	65,349	$	63,544	$	1,805

Adjusted EBITDA	$	99,763	$	95,270	$	4,493

The Utility segment's second quarter GAAP earnings increased $1.8 million, or 3%, primarily as a result of higher customer margin (operating revenue less purchased gas sold) of $9.1 million. The biggest contributors to increased customer margin were the implementation of year two of the Utility's three-year rate agreement in New York and revenue from the Utility's Distribution System Improvement Charge in Pennsylvania. Partially offsetting this was an increase in O&M expense driven by higher employee-related costs (which were largely the result of new collective bargaining agreements) and an increase in uncollectible expense, as well as higher DD&A expense due to a larger average depreciable plant in service compared to the prior year.

Corporate and All Other

The Company's operations that are included in Corporate and All Other generated a combined net loss of $1.3 million in the second quarter, largely due to transaction and financing costs related to the pending Ohio gas utility acquisition.

EARNINGS TELECONFERENCE

A conference call to discuss the results will be held on Thursday, April 30, 2026, at 9 a.m. ET. All participants must pre-register to join this conference using the Participant Registration link. A webcast link to the conference call is provided under the Events Calendar on the NFG Investor Relations website at investor.nationalfuelgas.com, and a replay of the webcast will be available on the website following the call.

National Fuel is an integrated energy company reporting financial results for three operating segments: Integrated Upstream and Gathering, Pipeline and Storage, and Utility. Additional information about National Fuel is available at www.nationalfuel.com.

Analyst Contact:	Natalie M. Fischer	716-857-7315
Media Contact:	Karen L. Merkel	716-857-7654

Certain statements contained herein, including statements identified by the use of the words "anticipates," "estimates," "expects," "forecasts," "intends," "plans," "predicts," "projects," "believes," "seeks," "will," "may" and similar expressions, and statements which are other than statements of historical facts, are "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, which could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. The Company's expectations, beliefs and projections contained herein are expressed in good faith and are believed to have a reasonable basis, but there can be no assurance that such expectations, beliefs or projections will result or be achieved or accomplished. In addition to other factors, the following are important factors that could cause actual results to differ materially from those discussed in the forward-looking statements: changes in laws, regulations or judicial interpretations to which the Company is subject, including those involving derivatives, taxes, safety, employment, climate change, other environmental matters, real property, and exploration and production activities such as hydraulic fracturing; governmental/regulatory actions, initiatives and proceedings, including those involving rate cases (which address, among other things, target rates of return, rate design, retained natural gas and system modernization), environmental/safety requirements, affiliate relationships, industry structure, and franchise renewal; changes in economic conditions, including the imposition of additional tariffs on U.S. imports and related retaliatory tariffs, inflationary pressures, supply chain issues, liquidity challenges, and global, national or regional recessions, and their effect on the demand for, and customers' ability to pay for, the Company's products and services; the Company's ability to complete strategic transactions, such as the pending transaction with CenterPoint Energy Resources Corp., including receipt of required regulatory clearances and satisfaction of other conditions to closing, and to recognize the anticipated benefits of such transactions; governmental/regulatory actions and/or market pressures to reduce or eliminate reliance on natural gas; the Company's ability to estimate accurately the time and resources necessary to meet emissions targets; changes in the price of natural gas; impairments under the SEC's full cost ceiling test for natural gas reserves; the creditworthiness or performance of the Company's key suppliers, customers and counterparties; financial and economic conditions, including the availability of credit, and occurrences affecting the Company's ability to obtain financing on acceptable terms for working capital, capital expenditures, other investments, and acquisitions, including any downgrades in the Company's credit ratings and changes in interest rates and other capital market conditions; negotiations with the collective bargaining units representing the Company's workforce, including potential work stoppages during negotiations; changes in price differentials between similar quantities of natural gas sold at different geographic locations, and the effect of such changes on commodity production, revenues and demand for pipeline transportation capacity to or from such locations; the impact of information technology disruptions, cybersecurity or data security breaches, including the impact of issues that may arise from the use of artificial intelligence technologies; factors affecting the Company's ability to successfully identify, drill for and produce economically viable natural gas reserves, including among others geology, lease availability and costs, title disputes, weather conditions, water availability and disposal or recycling opportunities of used water, shortages, delays or unavailability of equipment and services required in drilling operations, insufficient gathering, processing and transportation capacity, the need to obtain governmental approvals and permits, and compliance with environmental laws and regulations; increased costs or delays or changes in plans with respect to Company projects or related projects of other companies, as well as difficulties or delays in obtaining necessary governmental approvals, permits or orders or in obtaining the cooperation of interconnecting facility operators; increasing health care costs and the resulting effect on health insurance premiums and on the obligation to provide other post-retirement benefits; other changes in price differentials between similar quantities of natural gas having different quality, heating value, hydrocarbon mix or delivery date; the cost and effects of legal and administrative claims against the Company or activist shareholder campaigns to effect changes at the Company; uncertainty of natural gas reserve estimates; significant differences between the Company's projected and actual production levels for natural gas; changes in demographic patterns and weather conditions (including those related to climate change); changes in the availability, price or accounting treatment of derivative financial instruments; changes in laws, actuarial assumptions, the interest rate environment and the return on plan/trust assets related to the Company's pension and other post-retirement benefits, which can affect future funding obligations and costs and plan liabilities; economic disruptions or uninsured losses resulting from major accidents, fires, severe weather, natural disasters, terrorist activities or acts of war, as well as economic and operational disruptions due to third-party outages; significant differences between the Company's projected and actual capital expenditures and operating expenses; or increasing costs of insurance, changes in coverage and the ability to obtain insurance. The Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date thereof.

NATIONAL FUEL GAS COMPANY

AND SUBSIDIARIES

GUIDANCE SUMMARY

As discussed on page 2, the Company is revising its adjusted earnings per share guidance for fiscal 2026. Additional details on the Company's forecast assumptions and business segment guidance are outlined in the table below. The acquisition of CenterPoint Energy's Ohio natural gas utility business still is expected to close in the fourth quarter of calendar 2026, as previously planned. As a result, this is not expected to impact fiscal 2026 guidance, which also excludes any financing or acquisition-related costs. Fiscal 2026 adjusted earnings per share guidance also excludes after-tax financing and acquisition related costs during the six months ended March 31, 2026, which reduced earnings by $0.18 per share, and expected financing and acquisition related costs during the six months ending September 30, 2026.

The revised adjusted earnings per share guidance range also excludes certain items that impacted the comparability of adjusted operating results during the six months ended March 31, 2026, including after-tax unrealized losses on other investments, which reduced earnings by $0.01 per share. While the Company expects to record certain adjustments to unrealized gain or loss on investments during the remaining six months ending September 30, 2026, the amounts of these and other potential adjustments are not reasonably determinable at this time. As such, the Company is unable to provide earnings guidance other than on a non-GAAP basis.

	Previous FY 2026 Guidance	Updated FY 2026 Guidance

Consolidated Adjusted Earnings per Share	$7.60 - $8.10	$7.45 - $7.75
Consolidated Effective Tax Rate	~ 25.5%	~ 25.5%

Capital Expenditures (Millions)
Integrated Upstream and Gathering	$560 - $610	$560 - $610
Pipeline and Storage	$210 - $250	$210 - $250
Utility	$185 - $205	$185 - $205
Consolidated Capital Expenditures	$955 - $1,065	$955 - $1,065

Integrated Upstream & Gathering Segment Guidance

Commodity Price Assumptions	(price for remaining nine months)	(price for remaining six months)
NYMEX natural gas price (per MMBtu)	$3.75	$3.00
Appalachian basin spot price (per MMBtu)	$2.85	$2.20

Production (Bcf)	440 to 455	425 to 440

Integrated Operating Costs ($/Mcf)
Upstream General and Administrative Expense	~$0.18	~$0.18
Lease Operating Expense	$0.17 - $0.18	$0.16 - $0.17
Gathering Operation and Maintenance Expense	~$0.11	~$0.12
Depreciation, Depletion and Amortization	$0.76 - $0.81	$0.76 - $0.81

Pipeline and Storage Segment Revenues (Millions)	$415 - $430	$420 - $435

Utility Segment Guidance (Millions)
Customer Margin⁽¹⁾	$470 - $490	$470 - $490
O&M Expense	$250 – $260	$250 – $260
Non-Service Pension & OPEB Income	$23 - $27	$23 - $27

(1) Customer Margin is defined as Operating Revenues less Purchased Gas Expense.


NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
QUARTER ENDED MARCH 31, 2026
(Unaudited)

	Integrated
	Upstream			Pipeline &						Corporate /
(Thousands of Dollars)	& Gathering			Storage			Utility			All Other			Consolidated⁽¹⁾

Second quarter 2025 GAAP earnings	$	124,170		$	31,707		$	63,544		$	(3,063	)	$	216,358
Items impacting comparability:
Premiums paid on early redemption of debt		2,385												2,385
Tax impact of premiums paid on early redemption of debt		(642	)											(642	)
Unrealized (gain) loss on derivative asset		335												335
Tax impact of unrealized (gain) loss on derivative asset		(90	)											(90	)
Unrealized (gain) loss on other investments											(17	)		(17	)
Tax impact of unrealized (gain) loss on other investments											4			4
Second quarter 2025 adjusted earnings		126,158			31,707			63,544			(3,076	)		218,333
Drivers of adjusted earnings⁽²⁾
Integrated Upstream and Gathering Revenues
Higher (lower) natural gas production		(8,162	)											(8,162	)
Higher (lower) realized natural gas prices, after hedging		40,515												40,515
Higher (lower) other operating revenues		2,560												2,560
Pipeline and Storage Revenues
Higher (lower) operating revenues					1,493									1,493
Utility Margins⁽³⁾
Impact of usage and weather								(1,172	)					(1,172	)
Impact of new rates in New York								3,128						3,128
Regulatory revenue adjustments								3,562						3,562
Higher (lower) other operating revenues								891						891
Operating Expenses
Lower (higher) lease operating expenses		(3,846	)											(3,846	)
Lower (higher) operating expenses		(3,210	)		(419	)		(2,911	)		(1,014	)		(7,554	)
Lower (higher) depreciation / depletion		(4,023	)		(1,117	)		(1,158	)					(6,298	)
Other Income (Expense)
Higher (lower) other income					(525	)					1,599			1,074
(Higher) lower interest expense		4,209									564			4,773
Income Taxes
Lower (higher) income tax expense / effective tax rate		(2,023	)		187			(665	)		168			(2,333	)

All other / rounding		(148	)		280			130			7			269
Second quarter 2026 adjusted earnings		152,030			31,606			65,349			(1,752	)		247,233
Items impacting comparability:
Costs related to the pending Ohio gas utility acquisition											(2,499	)		(2,499	)
Tax impact of costs related to the pending Ohio gas utility acquisition											579			579
Net interest benefit from equity issuance											3,422			3,422
Tax impact of net interest benefit from equity issuance											(793	)		(793	)
Unrealized gain (loss) on other investments											(347	)		(347	)
Tax impact of unrealized gain (loss) on other investments											73			73
Second quarter 2026 GAAP earnings	$	152,030		$	31,606		$	65,349		$	(1,317	)	$	247,668

⁽¹⁾Amounts do not reflect intercompany eliminations.
⁽²⁾Drivers of adjusted earnings have been calculated using the 21% federal statutory rate.
⁽³⁾Downstream margin defined as operating revenues less purchased gas expense.

NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
QUARTER ENDED MARCH 31, 2026
(Unaudited)

	Integrated
	Upstream			Pipeline &						Corporate /
	& Gathering			Storage			Utility			All Other			Consolidated⁽¹⁾

Second quarter 2025 GAAP earnings per share	$	1.36		$	0.35		$	0.70		$	(0.04	)	$	2.37
Items impacting comparability:
Premiums paid on early redemption of debt, net of tax		0.02												0.02
Unrealized (gain) loss on derivative asset, net of tax		—												—
Unrealized (gain) loss on other investments, net of tax											—			—
Second quarter 2025 adjusted earnings per share		1.38			0.35			0.70			(0.04	)		2.39
Drivers of adjusted earnings⁽²⁾⁽⁴⁾
Integrated Upstream and Gathering Revenues
Higher (lower) natural gas production		(0.09	)											(0.09	)
Higher (lower) realized natural gas prices, after hedging		0.44												0.44
Higher (lower) other operating revenues		0.03												0.03
Pipeline and Storage Revenues
Higher (lower) operating revenues					0.02									0.02
Utility Margins⁽³⁾
Impact of usage and weather								(0.01	)					(0.01	)
Impact of new rates in New York								0.03						0.03
Regulatory revenue adjustments								0.04						0.04
Higher (lower) other operating revenues								0.01						0.01
Operating Expenses
Lower (higher) lease operating expenses		(0.04	)											(0.04	)
Lower (higher) operating expenses		(0.04	)		—			(0.03	)		(0.01	)		(0.08	)
Lower (higher) depreciation / depletion		(0.04	)		(0.01	)		(0.01	)					(0.06	)
Other Income (Expense)
Higher (lower) other income					(0.01	)					0.02			0.01
(Higher) lower interest expense		0.05									0.01			0.06
Income Taxes
Lower (higher) income tax expense / effective tax rate		(0.02	)		—			(0.01	)		—			(0.03	)

All other / rounding		—			—			(0.01	)		—			(0.01	)
Second quarter 2026 adjusted earnings per share⁽⁴⁾		1.67			0.35			0.71			(0.02	)		2.71
Items impacting comparability⁽⁴⁾:
Costs related to the pending Ohio gas utility acquisition, net of tax											(0.02	)		(0.02	)
Impact of equity issuance related to pending acquisition, net of interest benefits		(0.08	)		(0.02	)		(0.03	)		0.03			(0.10	)
Unrealized gain (loss) on other investments, net of tax											—			—
Second quarter 2026 GAAP earnings per share	$	1.59		$	0.33		$	0.68		$	(0.01	)	$	2.59

⁽¹⁾Amounts do not reflect intercompany eliminations.
⁽²⁾Drivers of adjusted earnings have been calculated using the 21% federal statutory rate.
⁽³⁾Downstream margin defined as operating revenues less purchased gas expense.
⁽⁴⁾As a result of the equity issuance, drivers of adjusted earnings, second quarter 2026 adjusted earnings per share, and items impacting comparability for the second quarter 2026 have been calculated using adjusted diluted shares of 91,289,437.


NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
SIX MONTHS ENDED MARCH 31, 2026
(Unaudited)

	Integrated
	Upstream			Pipeline &						Corporate /
(Thousands of Dollars)	& Gathering			Storage			Utility			All Other			Consolidated⁽¹⁾
Six months ended March 31, 2025 GAAP earnings	$	104,538		$	64,162		$	96,043		$	(3,399	)	$	261,344
Items impacting comparability:
Impairment of assets		141,802												141,802
Tax impact of impairment of assets		(37,169	)											(37,169	)
Premiums paid on early redemption of debt		2,385												2,385
Tax impact of premiums paid on early redemption of debt		(642	)											(642	)
Unrealized (gain) loss on derivative asset		684												684
Tax impact of unrealized (gain) loss on derivative asset		(184	)											(184	)
Unrealized (gain) loss on other investments											2,600			2,600
Tax impact of unrealized (gain) loss on other investments											(546	)		(546	)
Six months ended March 31, 2025 adjusted earnings		211,414			64,162			96,043			(1,345	)		370,274
Drivers of adjusted earnings⁽²⁾
Integrated Upstream and Gathering Revenues
Higher (lower) natural gas production		17,244												17,244
Higher (lower) realized natural gas prices, after hedging		69,357												69,357
Higher (lower) gathering revenues		(1,020	)											(1,020	)
Higher (lower) other operating revenues		5,050												5,050
Pipeline and Storage Revenues
Higher (lower) operating revenues					1,721									1,721
Utility Margins⁽³⁾
Impact of usage and weather								1,646						1,646
Impact of new rates in New York								6,077						6,077
Regulatory revenue adjustments								4,552						4,552
Higher (lower) other operating revenues								1,285						1,285
Operating Expenses
Lower (higher) lease operating expenses		(8,723	)											(8,723	)
Lower (higher) operating expenses		(5,772	)		(599	)		(6,653	)		(1,953	)		(14,977	)
Lower (higher) property, franchise and other taxes		(787	)											(787	)
Lower (higher) depreciation / depletion		(12,273	)		(1,525	)		(2,464	)					(16,262	)
Other Income (Expense)
Higher (lower) other income		(688	)		(1,715	)					1,163			(1,240	)
(Higher) lower interest expense		6,798						(870	)		(1,313	)		4,615
Income Taxes
Lower (higher) income tax expense / effective tax rate		(4,382	)		575			(579	)		(29	)		(4,415	)

All other / rounding		(141	)		206			402			50			517
Six months ended March 31, 2026 adjusted earnings		276,077			62,825			99,439			(3,427	)		434,914
Items impacting comparability:
Costs related to the pending Ohio gas utility acquisition											(10,186	)		(10,186	)
Tax impact of costs related to the pending Ohio gas utility acquisition											2,361			2,361
Net interest benefit from equity issuance											3,931			3,931
Tax impact of net interest benefit from equity issuance											(911	)		(911	)
Unrealized gain (loss) on other investments											(1,008	)		(1,008	)
Tax impact of unrealized gain (loss) on other investments											212			212
Six months ended March 31, 2026 GAAP earnings	$	276,077		$	62,825		$	99,439		$	(9,028	)	$	429,313

⁽¹⁾Amounts do not reflect intercompany eliminations.
⁽²⁾Drivers of adjusted earnings have been calculated using the 21% federal statutory rate.
⁽³⁾Downstream margin defined as operating revenues less purchased gas expense.

NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
SIX MONTHS ENDED MARCH 31, 2026
(Unaudited)

	Integrated
	Upstream			Pipeline &						Corporate /
	& Gathering			Storage			Utility			All Other			Consolidated⁽¹⁾
Six months ended March 31, 2025 GAAP earnings per share	$	1.15		$	0.70		$	1.05		$	(0.04	)	$	2.86
Items impacting comparability:
Impairment of assets, net of tax		1.14												1.14
Premiums paid on early redemption of debt, net of tax		0.02												0.02
Unrealized (gain) loss on derivative asset, net of tax		0.01												0.01
Unrealized (gain) loss on other investments, net of tax											0.02			0.02
Rounding											0.01			0.01
Six months ended March 31, 2025 adjusted earnings per share		2.32			0.70			1.05			(0.01	)		4.06
Drivers of adjusted earnings⁽²⁾⁽⁴⁾
Integrated Upstream and Gathering Revenues
Higher (lower) natural gas production		0.19												0.19
Higher (lower) realized natural gas prices, after hedging		0.76												0.76
Higher (lower) gathering revenues		(0.01	)											(0.01	)
Higher (lower) other operating revenues		0.06												0.06
Pipeline and Storage Revenues
Higher (lower) operating revenues					0.02									0.02
Utility Margins⁽³⁾
Impact of usage and weather								0.02						0.02
Impact of new rates in New York								0.07						0.07
Regulatory revenue adjustments								0.05						0.05
Higher (lower) other operating revenues								0.01						0.01
Operating Expenses
Lower (higher) lease operating expenses		(0.10	)											(0.10	)
Lower (higher) operating expenses		(0.06	)		(0.01	)		(0.07	)		(0.02	)		(0.16	)
Lower (higher) property, franchise and other taxes		(0.01	)											(0.01	)
Lower (higher) depreciation / depletion		(0.13	)		(0.02	)		(0.03	)					(0.18	)
Other Income (Expense)
Higher (lower) other income		(0.01	)		(0.02	)					0.01			(0.02	)
(Higher) lower interest expense		0.07						(0.01	)		(0.01	)		0.05
Income Taxes
Lower (higher) income tax expense / effective tax rate		(0.05	)		0.01			(0.01	)		—			(0.05	)

All other / rounding		(0.01	)		0.01			0.01			—			0.01
Six months ended March 31, 2026 adjusted earnings per share⁽⁴⁾		3.02			0.69			1.09			(0.03	)		4.77
Items impacting comparability⁽⁴⁾:
Costs related to the pending Ohio gas utility acquisition, net of tax											(0.09	)		(0.09	)
Impact of equity issuance related to pending acquisition, net of interest benefits		(0.08	)		(0.02	)		(0.03	)		0.04			(0.09	)
Unrealized gain (loss) on other investments, net of tax											(0.01	)		(0.01	)
Six months ended March 31, 2026 GAAP earnings per share	$	2.94		$	0.67		$	1.06		$	(0.09	)	$	4.58

⁽¹⁾Amounts do not reflect intercompany eliminations.
⁽²⁾Drivers of adjusted earnings have been calculated using the 21% federal statutory rate.
⁽³⁾Downstream margin defined as operating revenues less purchased gas expense.
⁽⁴⁾As a result of the equity issuance, drivers of adjusted earnings, six months ended March 31, 2026 adjusted earnings per share, and items impacting comparability for the six months ended March 31, 2026 have been calculated using adjusted diluted shares of 91,265,508.


NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

(Thousands of Dollars, except per share amounts)
	Three Months Ended						Six Months Ended
	March 31,						March 31,
	(Unaudited)						(Unaudited)
SUMMARY OF OPERATIONS		2026			2025			2026			2025
Operating Revenues:
Utility Revenues	$	425,788		$	343,574		$	684,837		$	571,998
Integrated Upstream and Gathering Revenues		358,823			315,191			682,045			567,499
Pipeline and Storage Revenues		73,762			71,185			142,999			139,935
		858,373			729,950			1,509,881			1,279,432
Operating Expenses:
Purchased Gas		207,851			135,338			293,457			200,675
Operation and Maintenance:
Utility		67,060			63,447			126,957			118,691
Integrated Upstream and Gathering and Other		61,064			47,269			117,370			90,174
Pipeline and Storage		30,660			30,153			57,446			56,730
Property, Franchise and Other Taxes		25,274			25,214			50,037			47,270
Depreciation, Depletion and Amortization		119,329			111,277			241,354			220,647
Impairment of Assets		—			—			—			141,802
		511,238			412,698			886,621			875,989

Operating Income		347,135			317,252			623,260			403,443

Other Income (Expense):
Other Income		17,002			15,232			25,235			22,952
Interest Expense on Long-Term Debt		(30,083	)		(39,662	)		(63,596	)		(73,024	)
Other Interest Expense		(3,651	)		(5,095	)		(13,514	)		(9,476	)

Income Before Income Taxes		330,403			287,727			571,385			343,895

Income Tax Expense		82,735			71,369			142,072			82,551

Net Income Available for Common Stock	$	247,668		$	216,358		$	429,313		$	261,344

Earnings Per Common Share
Basic	$	2.61		$	2.39		$	4.61		$	2.88
Diluted	$	2.59		$	2.37		$	4.58		$	2.86

Weighted Average Common Shares:
Used in Basic Calculation		95,026,278			90,500,162			93,077,818			90,640,333
Used in Diluted Calculation		95,691,950			91,176,327			93,805,419			91,312,334


NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)

	March 31,		September 30,
(Thousands of Dollars)		2026		2025
ASSETS
Property, Plant and Equipment	$	15,832,704	$	15,406,329
Less - Accumulated Depreciation, Depletion and Amortization		7,902,521		7,693,687
Net Property, Plant and Equipment		7,930,183		7,712,642
Current Assets:
Cash and Temporary Cash Investments		26,596		43,166
Receivables - Net		292,548		180,801
Unbilled Revenue		52,963		16,219
Gas Stored Underground		4,768		33,468
Materials and Supplies - at average cost		53,773		50,545
Unrecovered Purchased Gas Costs		13,005		5,769
Other Current Assets		63,943		80,759
Total Current Assets		507,596		410,727
Other Assets:
Recoverable Future Taxes		96,226		89,247
Unamortized Debt Expense		5,307		6,236
Other Regulatory Assets		127,061		135,486
Deferred Charges		81,332		73,941
Other Investments		65,870		68,346
Goodwill		5,476		5,476
Prepaid Pension and Post-Retirement Benefit Costs		182,682		169,228
Fair Value of Derivative Financial Instruments		116,014		39,388
Other		9,857		8,387
Total Other Assets		689,825		595,735
Total Assets	$	9,127,604	$	8,719,104
CAPITALIZATION AND LIABILITIES
Capitalization:
Comprehensive Shareholders' Equity
Common Stock, $1 Par Value Authorized - 200,000,000 Shares; Issued and
Outstanding - 95,027,447 Shares and 90,379,095 Shares, Respectively	$	95,027	$	90,379
Paid in Capital		1,388,193		1,050,918
Earnings Reinvested in the Business		2,340,168		2,012,529
Accumulated Other Comprehensive Income (Loss)		1,111		(59,222	)
Total Comprehensive Shareholders' Equity		3,824,499		3,094,604
Long-Term Debt, Net of Current Portion and Unamortized Discount and Debt Issuance Costs		2,084,882		2,382,861
Total Capitalization		5,909,381		5,477,465
Current and Accrued Liabilities:
Notes Payable to Banks and Commercial Paper		41,300		150,200
Current Portion of Long-Term Debt		300,000		300,000
Accounts Payable		143,180		184,046
Amounts Payable to Customers		288		968
Dividends Payable		50,840		48,353
Interest Payable on Long-Term Debt		13,738		14,393
Customer Advances		—		17,188
Customer Security Deposits		27,805		29,853
Other Accruals and Current Liabilities		242,760		174,689
Fair Value of Derivative Financial Instruments		236		6,074
Total Current and Accrued Liabilities		820,147		925,764
Other Liabilities:
Deferred Income Taxes		1,325,733		1,225,262
Taxes Refundable to Customers		303,199		306,335
Cost of Removal Regulatory Liability		314,865		307,659
Other Regulatory Liabilities		116,509		121,944
Pension and Other Post-Retirement Liabilities		3,741		5,252
Asset Retirement Obligations		228,105		236,787
Other Liabilities		105,924		112,636
Total Other Liabilities		2,398,076		2,315,875
Commitments and Contingencies		—		—
Total Capitalization and Liabilities	$	9,127,604	$	8,719,104


NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
	Six Months Ended
	March 31,
(Thousands of Dollars)		2026			2025

Operating Activities:
Net Income Available for Common Stock	$	429,313		$	261,344
Adjustments to Reconcile Net Income to Net Cash
Provided by Operating Activities:
Impairment of Assets		—			141,802
Depreciation, Depletion and Amortization		241,354			220,647
Deferred Income Taxes		68,296			25,787
Premium Paid on Early Redemption of Debt		—			2,385
Stock-Based Compensation		9,941			10,487
Other		14,319			14,317
Change in:
Receivables and Unbilled Revenue		(146,459	)		(197,553	)
Gas Stored Underground and Materials and Supplies		25,472			27,861
Unrecovered Purchased Gas Costs		(7,236	)		(3,562	)
Other Current Assets		16,726			13,737
Accounts Payable		13,469			17,322
Amounts Payable to Customers		(680	)		(8,327	)
Customer Advances		(17,188	)		(19,373	)
Customer Security Deposits		(2,048	)		(5,907	)
Other Accruals and Current Liabilities		56,167			21,528
Other Assets		(18,864	)		(20,282	)
Other Liabilities		(25,303	)		(28,343	)
Net Cash Provided by Operating Activities	$	657,279		$	473,870

Investing Activities:
Capital Expenditures	$	(498,267	)	$	(434,260	)
Other		523			8,881
Net Cash Used in Investing Activities	$	(497,744	)	$	(425,379	)

Financing Activities:
Changes in Notes Payable to Banks and Commercial Paper	$	(108,900	)	$	117,700
Shares Repurchased Under Repurchase Plan		—			(50,471	)
Reduction of Long-Term Debt		(300,000	)		(954,086	)
Net Proceeds From Issuance of Long-Term Debt		—			989,019
Dividends Paid on Common Stock		(99,187	)		(93,543	)
Net Proceeds from Common Stock Sale		338,403			—
Net Repurchases of Common Stock Under Stock and Benefit Plans		(6,421	)		(4,026	)
Net Cash Provided by (Used in) Financing Activities	$	(176,105	)	$	4,593

Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash		(16,570	)		53,084
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period		43,166			38,222
Cash, Cash Equivalents, and Restricted Cash at March 31	$	26,596		$	91,306


NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)

INTEGRATED UPSTREAM AND GATHERING SEGMENT

	Three Months Ended									Six Months Ended
(Thousands of Dollars, except per share amounts)	March 31,									March 31,
		2026			2025		Variance				2026			2025		Variance
Total Operating Revenues	$	358,823		$	315,191		$	43,632		$	682,045		$	567,499		$	114,546
Operating Expenses:
Operation and Maintenance:
Upstream General and Administrative Expense		18,472			18,847			(375	)		37,878			38,173			(295	)
Lease Operating Expense		17,362			12,494			4,868			34,187			23,145			11,042
Gathering Operation and Maintenance Expense		13,805			9,160			4,645			24,193			15,894			8,299
All Other Operation and Maintenance Expense		3,102			3,310			(208	)		6,481			7,178			(697	)
Property, Franchise and Other Taxes		3,643			4,282			(639	)		8,426			7,430			996
Depreciation, Depletion and Amortization		80,548			75,456			5,092			164,810			149,274			15,536
Impairment of Assets		—			—			—			—			141,802			(141,802	)
		136,932			123,549			13,383			275,975			382,896			(106,921	)

Operating Income		221,891			191,642			30,249			406,070			184,603			221,467

Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Credit (Cost)		(81	)		37			(118	)		(162	)		73			(235	)
Interest and Other Income		380			194			186			573			525			48
Interest Expense on Long-Term Debt		—			(3,283	)		3,283			—			(3,283	)		3,283
Interest Expense		(15,111	)		(19,541	)		4,430			(31,245	)		(38,952	)		7,707
Income Before Income Taxes		207,079			169,049			38,030			375,236			142,966			232,270
Income Tax Expense		55,049			44,879			10,170			99,159			38,428			60,731
Net Income	$	152,030		$	124,170		$	27,860		$	276,077		$	104,538		$	171,539
Net Income Per Share (Diluted)	$	1.59		$	1.36		$	0.23		$	2.94		$	1.15		$	1.79

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)

PIPELINE AND STORAGE SEGMENT

	Three Months Ended								Six Months Ended
(Thousands of Dollars, except per share amounts)	March 31,								March 31,
		2026			2025	Variance				2026			2025	Variance
Revenues from External Customers	$	73,762		$	71,185	$	2,577		$	142,999		$	139,935	$	3,064
Intersegment Revenues		37,701			38,388		(687	)		75,365			76,251		(886	)
Total Operating Revenues		111,463			109,573		1,890			218,364			216,186		2,178
Operating Expenses:
Purchased Gas		(7	)		162		(169	)		(7	)		121		(128	)
Operation and Maintenance		31,172			30,642		530			58,435			57,677		758
Property, Franchise and Other Taxes		8,335			8,600		(265	)		16,981			17,266		(285	)
Depreciation, Depletion and Amortization		19,961			18,547		1,414			39,063			37,132		1,931
		59,461			57,951		1,510			114,472			112,196		2,276

Operating Income		52,002			51,622		380			103,892			103,990		(98	)

Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Credit		536			952		(416	)		1,073

National Fuel Reports Second Quarter Fiscal 2026 Earnings