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WILLIAMSVILLE, N.Y., July 29, 2026 (GLOBE NEWSWIRE) -- National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced consolidated results for the third quarter of its 2026 fiscal year.
THIRD QUARTER FISCAL 2026 SUMMARY
GAAP earnings of $138.6 million, or earnings per share (EPS) of $1.45, compared to GAAP earnings of $149.8 million, or $1.64 per share, in the prior year.Adjusted EPS of $1.54 compared to $1.64 from the prior year. See non-GAAP reconciliation on page 2.Net cash provided by operating activities of $1.035 billion for the nine months ending June 30, 2026, with free cash flow of $280 million (as defined on page 25) through the same period.The Integrated Upstream and Gathering segment benefitted from its strong hedge and marketing portfolio during the quarter, as a $0.56 per Mcf gain more than offset the drop in NYMEX natural gas prices compared to the prior year.Supply Corporation expanded its Line N System Upgrade Project to 294,000 dekatherms per day, executing a 20-year precedent agreement for 200,000 dekatherms per day of incremental firm transportation capacity, supporting the initial phase of the coal-to-gas conversion at the existing Shippingport Power Station site in western Pennsylvania.The Company completed the necessary financing needed to close the pending Ohio gas utility acquisition and received its final regulatory approval during the quarter, which places the acquisition on track to close on October 1 of this year.The Company maintained its longstanding focus on shareholder returns as the Board of Directors approved a 4% increase in the Company's dividend, to an annual rate of $2.22 per share. The Company has now paid a dividend for 124 consecutive years and increased its annual dividend rate for 56 consecutive years.The Company is revising its fiscal 2026 adjusted EPS guidance range of $7.40 to $7.60 per share, or $7.50 per share at the midpoint, a projected 9% increase from fiscal 2025. MANAGEMENT COMMENTS
David P. Bauer, President and Chief Executive Officer of National Fuel Gas Company, stated: “Looking forward, with the growing demand for natural gas, the outlook for the industry and National Fuel is as strong as ever. Over the last several years, we have consistently enhanced the quality of our asset base, improved capital efficiency, and expanded our long-term growth opportunities through disciplined execution across the Company. Whether it is expanding our pipelines to serve new data center or power generation demand in the region, or producing gas supply to meet growing demand in Appalachia and across markets served by our high-quality firm transportation portfolio, our ability to benefit from these industry tailwinds is evident. In addition, our pending Ohio gas utility acquisition, once completed, will significantly increase rate base for our regulated businesses and provides an additional avenue for meaningful regulated earnings growth.
"With this strong backdrop, National Fuel is expected to deliver approximately 7% to 10% average annual EPS growth through 2029. This growth alongside our disciplined capital allocation strategy and focus on returning an increasing amount of capital to shareholders through our long-standing dividend, positions National Fuel to deliver sustainable long-term value for shareholders."
RECONCILIATION OF GAAP EARNINGS TO ADJUSTED EARNINGS
Three Months Ended June 30,
(Thousands) (Per Share)
2026
2025
2026
2025
Reported GAAP Earnings $138,621 $149,818 $1.45 $1.64 Items impacting comparability: Costs related to the pending Ohio gas utility acquisition 6,192 — 0.07 — Tax impact of costs related to the pending Ohio acquisition (1,435) — (0.02) — Impact of equity issuance related to pending Ohio acquisition, net of interest benefits (3,566) — 0.03 — Tax impact of net interest benefit from equity issuance 826 — 0.01 — Interest expense from long-term debt issuances for pending Ohio acquisition, net of interest benefit 1,129 — 0.01 — Tax impact of interest expense from long-term debt issuances, net of interest benefit (262) — — — Premiums paid on early redemption of debt 413 — — — Tax impact of premiums paid on early redemption of debt (96) — — — Other/rounding (refer to Segment results for details) (840) (615) (0.01) — Adjusted Earnings $140,982 $149,203 $1.54 $1.64 FISCAL 2026 GUIDANCE UPDATE
National Fuel is revising its adjusted earnings per share guidance for fiscal 2026 to a range of $7.40 to $7.60. This updated range incorporates our third quarter results as well as lower expected production for the remaining three months, partially offset by lower unit costs in the Integrated Upstream and Gathering segment. The Company is maintaining an average NYMEX natural gas price assumption of $3.00 per MMBtu for the remaining three months of fiscal 2026, which approximates the current NYMEX forward curve at this time.
Integrated Upstream and Gathering segment fiscal 2026 production is now expected to be 420 to 430 Bcf, a moderate decrease from our prior guidance, primarily reflecting the combined impact of ongoing appraisal activities and greater than anticipated well interactions related to more intensive completion design testing. While these activities affected near-term production, they will allow for further optimization of future development planning and capital allocation decisions and are not expected to impact the outlook for long-term production growth and continued improvement in capital efficiency. This guidance range also does not incorporate any price-related curtailments over the remainder of the fiscal year.
The Company is also revising its Integrated Upstream and Gathering segment capital expenditure guidance to a range of $580 to $605 million, a 2% increase at the midpoint, largely as a result of higher oil and diesel prices, as well as schedule changes. In addition, this segment has implemented a new discretionary land acquisition spending program, which is expected to lead to an additional $20 to $40 million in spending outside of the aforementioned capital spending guidance. This discretionary program represents a strategic investment to expand core inventory depth in Tioga County and strengthen what the Company believes is one of the premier natural gas resource positions in North America. Over the next two years, the Company expects to invest $100 to $200 million of discretionary land capital to extend development runway, increase long-term development optionality, and support future capital efficiency improvements.
In addition, the Company is also revising its capital expenditure guidance in the Pipeline and Storage segment, which is now expected to be between $235 to $265 million. This increase is driven by the strong execution on our various modernization and expansion projects for this calendar year, several of which are proceeding at a quicker pace than previously anticipated.
The acquisition of CenterPoint Energy's Ohio natural gas utility business is expected to close on October 1 of this year. 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 are detailed in the table on page 7.
LONG-TERM OUTLOOK
National Fuel plans to provide detailed fiscal 2027 guidance after the closing of the Ohio utility acquisition, which is on track to occur on October 1 of this year.
The Company is also updating its long-term earnings per share outlook, which it now expects to be 7% to 10% per year, on average from fiscal 2026 through fiscal 2029, using the current natural gas price outlook. In addition to significant per-share earnings growth driven by strong outlooks in each segment, the Company anticipates leveraging its best-in-class capital efficiency trend to generate between $1.0 and $1.5 billion of free cash flow over the next three years. The combination of significant earnings growth, a more balanced business mix following the closing of the Ohio utility acquisition, and strong free cash flow generation is expected to provide increased flexibility to allocate capital in ways that maximize per share value over the long-term. This free cash flow is projected to be utilized to reduce outstanding debt, which will further strengthen the Company's investment grade balance sheet, and support strategic investments and other opportunities to enhance shareholder returns beyond the 7% to 10% target.
FINANCING ACTIVITIES UPDATE
In June 2026, the Company issued $1.5 billion of new three-, five-, and ten-year notes (split into three equal tranches) to fund a portion of the CenterPoint acquisition and refinance the early redemption of $300 million of notes that were scheduled to mature in October 2026. In conjunction with these transactions, the Company recognized an after-tax loss of $0.3 million related to the early redemption of the October 2026 maturity, which is presented as an item impacting comparability for the quarter.
DISCUSSION OF THIRD QUARTER RESULTS BY SEGMENT
The following earnings discussion of each operating segment for the quarter ended June 30, 2026 is summarized in a tabular form on pages 8 and 9 of this report (earnings drivers for the nine months ended June 30, 2026 are summarized on pages 10 and 11).
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 June 30,(in thousands)2026
2025
VarianceGAAP Earnings$111,874 $116,667 $(4,793)Premiums paid on early redemption of debt 413 — 413 Tax impact of premiums paid on early redemption of debt (96) — (96)Unrealized (gain) loss on derivative asset (2022 CA asset sale) — 45 (45)Tax impact of unrealized (gain) loss on derivative asset — (12) 12 Adjusted Earnings$112,191 $116,700 $(4,509) Adjusted EBITDA$248,528 $258,411 $(9,883) The Integrated Upstream and Gathering segment's third quarter GAAP earnings decreased $4.8 million versus the prior year. Excluding items impacting comparability, adjusted earnings decreased $4.5 million from the prior year, as the benefit of higher realized natural gas prices and lower interest expense was more than offset by lower production volumes and higher operating expenses.
Seneca’s weighted average realized natural gas price, after the impact of hedging and transportation costs, was $2.81 per Mcf, an increase of $0.10 per Mcf, or 4%, compared to the prior year, as gains in Seneca's hedging portfolio and tighter basis differentials more than offset lower NYMEX prices during the quarter.
During the third quarter, Seneca produced 104.3 Bcf of natural gas, a decrease of 7.3 Bcf, or 7%, compared to the prior year, as production from recently turned-in-line wells was more than offset by natural declines from existing wells.
Three Months Ended June 30,(Cost per Mcf)2026
2025
VarianceUpstream General and Administrative Expense (“G&A”)$0.17 $0.17 $— Lease Operating Expense (“LOE”)$0.15 $0.11 $0.04 Adjusted Gathering Operation and Maintenance Expense ("O&M")$0.13 $0.11 (1) $0.02 Taxes and Other$0.07 $0.08 $(0.01)Adjusted Total Cash Operating Costs$0.52 $0.47 (1) $0.05 Depreciation, Depletion and Amortization Expense (“DD&A”)$0.80 $0.71 $0.09 Adjusted Total Operating Costs$1.32 $1.18 (1) $0.14 (1) Adjusted Gathering O&M Expense of $0.11 per Mcf for the quarter ended June 30, 2025 excludes a $0.04 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, third 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. Consistent with previous quarters this fiscal year, the increase in per unit LOE compared to the prior year was largely driven by additional third-party gathering expenses. 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 June 30,(in thousands)2026
2025
VarianceGAAP Earnings$28,739 $28,857 $(118) Adjusted EBITDA$66,933 $67,019 $(86) The Pipeline and Storage segment’s third quarter GAAP earnings were in line with the prior year as an increase in operating revenues was offset by higher O&M and DD&A.
Operating revenues increased $1.0 million, primarily driven by higher transportation revenues related to new long-term contracts. O&M expense increased $1.2 million, primarily due to higher third-party and material costs.
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
June 30,
(in thousands)2026
2025
Variance
GAAP Earnings$5,686 $4,997 $689 Adjusted EBITDA$27,148 $25,743 $1,405 The Utility segment’s third quarter GAAP earnings increased $0.7 million, primarily as a result of higher customer margin (operating revenue less purchased gas sold) of $6.0 million. Contributors to increased customer margin included the implementation of year two of the three-year joint settlement in New York and revenue from the Utility’s Distribution System Improvement Charge in Pennsylvania. Partially offsetting this was an increase in O&M expense driven by higher employee-related costs (which were largely the result of new collective bargaining agreements) and an increase in uncollectible expense.
Corporate and All Other
Three Months Ended June 30,(in thousands)2026
2025
VarianceGAAP Earnings$(7,678) $(703) $(6,975)Costs related to the pending Ohio gas utility acquisition 6,192 — 6,192 Tax impact of costs related to the pending Ohio acquisition (1,435) — (1,435)Net interest benefit from equity issuance related to pending acquisition (3,566) — (3,566)Tax impact of net interest benefit from equity issuance 826 — 826 Interest expense from long-term debt issuances for pending Ohio acquisition, net of interest benefit 1,129 — 1,129 Tax impact of interest expense from long-term debt issuances, net of interest benefit (262) — (262)Unrealized (gain) loss on other investments (1,064) (820) (244)Tax impact of unrealized (gain) loss on other investments 224 172 52 Adjusted Earnings$(5,634) $(1,351) $(4,283) The Company’s operations that are included in Corporate and All Other generated a combined net loss of $7.7 million in the third 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, July 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:Ryan P. Vossler716-857-7158Media Contact:Karen L. Merkel716-857-7654 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 planned CenterPoint Ohio acquisition, 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 SUBSIDIARIESGUIDANCE 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 nine months ended June 30, 2026, which reduced earnings by $0.30 per share, and expected financing and acquisition related costs during the three 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 nine months ended June 30, 2026, including after-tax unrealized losses on other investments, which increased earnings by less than $0.01 per share. While the Company expects to record certain adjustments to unrealized gain or loss on investments during the remaining three 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$7.45 - $7.75 $7.40 - $7.60Consolidated Effective Tax Rate~ 25.5% ~ 25.5% Capital Expenditures (Millions) Integrated Upstream and Gathering$560 - $610 $580 - $605(1)Pipeline and Storage$210 - $250 $235 - $265Utility$185 - $205 $185 - $205Consolidated Capital Expenditures$955 - $1,065 $1,000 - $1,075 Integrated Upstream & Gathering Segment Guidance Commodity Price Assumptions(price for remaining six months) (price for remaining three months)NYMEX natural gas price (per MMBtu)$3.00 $3.00Appalachian basin spot price (per MMBtu)$2.20 $2.15 Production (Bcf)425 to 440 420 to 430 Integrated Operating Costs ($/Mcf) Upstream General and Administrative Expense~$0.18 ~$0.18Lease Operating Expense$0.16 - $0.17 $0.15 - $0.16Gathering Operation and Maintenance Expense~$0.12 ~$0.12Depreciation, Depletion and Amortization$0.76 - $0.81 $0.77 - $0.80 Pipeline and Storage Segment Revenues (Millions)$420 - $435 $420 - $435 Utility Segment Guidance (Millions) Customer Margin(2)$470 - $490 $470 - $490O&M Expense$250 – $260 $250 – $260Non-Service Pension & OPEB Income$23 - $27 $23 - $27 (1) Integrated Upstream and Gathering Capital Expenditures exclude $20 to $40 million of discretionary land spending.
(2) Customer Margin is defined as Operating Revenues less Purchased Gas Expense.
NATIONAL FUEL GAS COMPANYRECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGSQUARTER ENDED JUNE 30, 2026(Unaudited) Integrated Upstream Pipeline & Corporate / (Thousands of Dollars)& Gathering Storage Utility All Other Consolidated(1) Third quarter 2025 GAAP earnings$116,667 $28,857 $4,997 $(703) $149,818 Items impacting comparability: Unrealized (gain) loss on derivative asset 45 45 Tax impact of unrealized (gain) loss on derivative asset (12) (12)Unrealized (gain) loss on other investments (820) (820)Tax impact of unrealized (gain) loss on other investments 172 172 Third quarter 2025 adjusted earnings 116,700 28,857 4,997 (1,351) 149,203 Drivers of adjusted earnings(2) Integrated Upstream and Gathering Revenues Higher (lower) natural gas production (15,646) (15,646)Higher (lower) realized natural gas prices, after hedging 8,253 8,253 Higher (lower) gathering revenues 951 951 Higher (lower) other operating revenues 3,830 3,830 Pipeline and Storage Revenues Higher (lower) operating revenues 760 760 Utility Margins(3) Impact of usage and weather (689) (689)Impact of new rates in New York 4,443 4,443 Regulatory revenue adjustments 304 304 Higher (lower) other operating revenues 644 644 Operating Expenses Lower (higher) lease operating expenses (2,592) (2,592)Lower (higher) operating expenses (3,290) (960) (3,644) (2,500) (10,394)Lower (higher) property, franchise and other taxes 1,145 1,145 Lower (higher) depreciation / depletion (2,672) (833) (3,505)Other Income (Expense) Higher (lower) other income 635 (454) 181 (Higher) lower interest expense 3,712 (637) 3,075 Income Taxes Lower (higher) income tax expense / effective tax rate 2,095 564 (711) (712) 1,236 All other / rounding (295) (284) 342 20 (217)Third quarter 2026 adjusted earnings 112,191 28,739 5,686 (5,634) 140,982 Items impacting comparability: Costs related to the pending Ohio gas utility acquisition (6,192) (6,192)Tax impact of costs related to the pending Ohio gas utility acquisition 1,435 1,435 Net interest benefit from equity issuance related to pending acquisition 3,566 3,566 Tax impact of net interest benefit from equity issuance (826) (826)Interest expense from long-term debt issuances for pending acquisition, net of interest benefit (1,129) (1,129)Tax impact of interest expense from long-term debt issuances, net of interest benefit 262 262 Premiums paid on early redemption of debt (413) (413)Tax impact of premiums paid on early redemption of debt 96 96 Unrealized gain (loss) on other investments 1,064 1,064 Tax impact of unrealized gain (loss) on other investments (224) (224)Third quarter 2026 GAAP earnings$111,874 $28,739 $5,686 $(7,678) $138,621 (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 COMPANYRECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHAREQUARTER ENDED JUNE 30, 2026(Unaudited) Integrated Upstream Pipeline & Corporate / & Gathering Storage Utility All Other Consolidated(1) Third quarter 2025 GAAP earnings per share$1.28 $0.32 $0.05 $(0.01) $1.64 Items impacting comparability: Unrealized (gain) loss on derivative asset, net of tax — Unrealized (gain) loss on other investments, net of tax (0.01) (0.01)Rounding 0.01 0.01 Third quarter 2025 adjusted earnings per share 1.28 0.32 0.05 (0.01) 1.64 Drivers of adjusted earnings(2)(4) Integrated Upstream and Gathering Revenues Higher (lower) natural gas production (0.17) (0.17)Higher (lower) realized natural gas prices, after hedging 0.09 0.09 Higher (lower) gathering revenues 0.01 0.01 Higher (lower) other operating revenues 0.04 0.04 Pipeline and Storage Revenues Higher (lower) operating revenues 0.01 0.01 Utility Margins(3) Impact of usage and weather (0.01) (0.01)Impact of new rates in New York 0.05 0.05 Regulatory revenue adjustments — — Higher (lower) other operating revenues 0.01 0.01 Operating Expenses Lower (higher) lease operating expenses (0.03) (0.03)Lower (higher) operating expenses (0.04) (0.01) (0.04) (0.03) (0.12)Lower (higher) property, franchise and other taxes 0.01 0.01 Lower (higher) depreciation / depletion (0.03) (0.01) (0.04)Other Income (Expense) Higher (lower) other income 0.01 — 0.01 (Higher) lower interest expense 0.04 (0.01) 0.03 Income Taxes Lower (higher) income tax expense / effective tax rate 0.02 0.01 (0.01) (0.01) 0.01 All other / rounding 0.01 (0.02) 0.01 — — Third quarter 2026 adjusted earnings per share(4) 1.23 0.31 0.06 (0.06) 1.54 Items impacting comparability(4): Costs related to the pending Ohio gas utility acquisition, net of tax (0.05) (0.05)Impact of equity issuance related to pending acquisition, net of interest benefits (0.06) (0.01) — 0.03 (0.04)Interest expense from long-term debt issuances for pending acquisition, net of tax (0.01) (0.01)Premiums paid on early redemption of debt, net of tax — — Unrealized gain (loss) on other investments, net of tax 0.01 0.01 Third quarter 2026 GAAP earnings per share$1.17 $0.30 $0.06 $(0.08) $1.45 (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, third quarter 2026 adjusted earnings per share, and items impacting comparability for the third quarter 2026 have been calculated using adjusted diluted shares of 91,333,969. NATIONAL FUEL GAS COMPANYRECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGSNINE MONTHS ENDED JUNE 30, 2026(Unaudited) Integrated Upstream Pipeline & Corporate / (Thousands of Dollars)& Gathering Storage Utility All Other Consolidated(1)Nine months ended June 30, 2025 GAAP earnings$221,205 $93,019 $101,040 $(4,102) $411,162 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 729 729 Tax impact of unrealized (gain) loss on derivative asset (196) (196)Unrealized (gain) loss on other investments 1,780 1,780 Tax impact of unrealized (gain) loss on other investments (374) (374)Nine months ended June 30, 2025 adjusted earnings 328,114 93,019 101,040 (2,696) 519,477 Drivers of adjusted earnings(2) Integrated Upstream and Gathering Revenues Higher (lower) natural gas production 1,406 1,406 Higher (lower) realized natural gas prices, after hedging 77,803 77,803 Higher (lower) other operating revenues 8,880 8,880 Pipeline and Storage Revenues Higher (lower) operating revenues 2,481 2,481 Utility Margins(3) Impact of usage and weather 957 957 Impact of new rates in New York 10,520 10,520 Regulatory revenue adjustments 4,856 4,856 Higher (lower) other operating revenues 1,928 1,928 Operating Expenses Lower (higher) lease operating expenses (11,316) (11,316)Lower (higher) operating expenses (9,061) (1,559) (10,298) (4,453) (25,371)Lower (higher) depreciation / depletion (14,945) (2,359) (2,578) (19,882)Other Income (Expense) Higher (lower) other income (1,081) 862 708 489 (Higher) lower interest expense 10,510 (717) (1,949) 7,844 Income Taxes Lower (higher) income tax expense / effective tax rate (2,288) 1,140 (1,290) (741) (3,179) All other / rounding (835) (76) (155) 69 (997)Nine months ended June 30, 2026 adjusted earnings 388,268 91,565 105,125 (9,062) 575,896 Items impacting comparability: Costs related to the pending Ohio gas utility acquisition (16,378) (16,378)Tax impact of costs related to the pending Ohio gas utility acquisition 3,796 3,796 Net interest benefit from equity issuance 7,497 7,497 Tax impact of net interest benefit from equity issuance (1,738) (1,738)Interest expense from long-term debt issuances for pending acquisition, net of interest benefit (1,129) (1,129)Tax impact of interest expense from long-term debt issuances, net of interest benefit 262 262 Premiums paid on early redemption of debt (413) (413)Tax impact of premiums paid on early redemption of debt 96 96 Unrealized gain (loss) on other investments 57 57 Tax impact of unrealized gain (loss) on other investments (12) (12)Nine months ended June 30, 2026 GAAP earnings$387,951 $91,565 $105,125 $(16,707) $567,934 (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 COMPANYRECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARENINE MONTHS ENDED JUNE 30, 2026(Unaudited) Integrated Upstream Pipeline & Corporate / & Gathering Storage Utility All Other Consolidated(1)Nine months ended June 30, 2025 GAAP earnings per share$2.42 $1.02 $1.11 $(0.04) $4.51 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)Nine months ended June 30, 2025 adjusted earnings per share 3.59 1.02 1.11 (0.03) 5.69 Drivers of adjusted earnings(2)(4) Integrated Upstream and Gathering Revenues Higher (lower) natural gas production 0.02 0.02 Higher (lower) realized natural gas prices, after hedging 0.85 0.85 Higher (lower) other operating revenues 0.10 0.10 Pipeline and Storage Revenues Higher (lower) operating revenues 0.03 0.03 Utility Margins(3) Impact of usage and weather 0.01 0.01 Impact of new rates in New York 0.12 0.12 Regulatory revenue adjustments 0.05 0.05 Higher (lower) other operating revenues 0.02 0.02 Operating Expenses Lower (higher) lease operating expenses (0.12) (0.12)Lower (higher) operating expenses (0.10) (0.02) (0.11) (0.05) (0.28)Lower (higher) depreciation / depletion (0.16) (0.03) (0.03) (0.22)Other Income (Expense) Higher (lower) other income (0.01) 0.01 0.01 0.01 (Higher) lower interest expense 0.12 (0.01) (0.02) 0.09 Income Taxes Lower (higher) income tax expense / effective tax rate (0.03) 0.01 (0.01) (0.01) (0.04) All other / rounding (0.02) — (0.01) 0.01 (0.02)Nine months ended June 30, 2026 adjusted earnings per share(4) 4.25 1.00 1.15 (0.09) 6.31 Items impacting comparability(4): Costs related to the pending Ohio gas utility acquisition, net of tax (0.14) (0.14)Impact of equity issuance related to pending acquisition, net of interest benefits (0.14) (0.03) (0.04) 0.06 (0.15)Interest expense from long-term debt issuances for pending acquisition, net of tax (0.01) (0.01)Premiums paid on early redemption of debt, net of tax — — Unrealized gain (loss) on other investments, net of tax — — Nine months ended June 30, 2026 GAAP earnings per share$4.11 $0.97 $1.11 $(0.18) $6.01 (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, nine months ended June 30, 2026 adjusted earnings per share, and items impacting comparability for the nine months ended June 30, 2026 have been calculated using adjusted diluted shares of 91,284,991. NATIONAL FUEL GAS COMPANYAND SUBSIDIARIES (Thousands of Dollars, except per share amounts) Three Months Ended Nine Months Ended June 30, June 30, (Unaudited) (Unaudited)SUMMARY OF OPERATIONS2026
2025
2026
2025
Operating Revenues: Utility Revenues$165,422 $157,446 $850,258 $729,445 Integrated Upstream and Gathering Revenues 302,516 306,402 984,561 873,901 Pipeline and Storage Revenues 69,559 67,982 212,558 207,916 537,497 531,830 2,047,377 1,811,262 Operating Expenses: Purchased Gas 29,878 27,986 323,335 228,661 Operation and Maintenance: Utility 60,592 56,053 187,549 174,744 Integrated Upstream and Gathering and Other 63,534 47,137 180,904 137,312 Pipeline and Storage 31,013 29,814 88,459 86,544 Property, Franchise and Other Taxes 22,482 24,180 72,519 71,450 Depreciation, Depletion and Amortization 121,058 116,408 362,412 337,055 Impairment of Assets — — — 141,802 328,557 301,578 1,215,178 1,177,568 Operating Income 208,940 230,252 832,199 633,694 Other Income (Expense): Other Income (Deductions) 11,866 8,534 37,100 31,486 Interest Expense on Long-Term Debt (33,181) (34,333) (96,776) (107,356)Other Interest Expense (2,831) (3,556) (16,344) (13,033) Income Before Income Taxes 184,794 200,897 756,179 544,791 Income Tax Expense 46,173 51,079 188,245 133,629 Net Income Available for Common Stock$138,621 $149,818 $567,934 $411,162 Earnings Per Common Share Basic$1.46 $1.66 $6.06 $4.54 Diluted$1.45 $1.64 $6.01 $4.51 Weighted Average Common Shares: Used in Basic Calculation 95,034,935 90,358,018 93,730,191 90,546,228 Used in Diluted Calculation 95,736,482 91,139,556 94,445,771 91,247,547 NATIONAL FUEL GAS COMPANYAND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(Unaudited) June 30,
September 30,(Thousands of Dollars)2026
2025
ASSETS Property, Plant and Equipment$16,097,040 $15,406,329 Less - Accumulated Depreciation, Depletion and Amortization 8,002,972 7,693,687 Net Property, Plant and Equipment 8,094,068 7,712,642 Current Assets: Cash and Temporary Cash Investments 1,235,178 43,166 Receivables - Net 227,913 180,801 Unbilled Revenue 16,916 16,219 Gas Stored Underground 12,838 33,468 Materials and Supplies - at average cost 51,232 50,545 Unrecovered Purchased Gas Costs 2,136 5,769 Other Current Assets 67,660 80,759 Total Current Assets 1,613,873 410,727 Other Assets: Recoverable Future Taxes 98,996 89,247 Unamortized Debt Expense 5,821 6,236 Other Regulatory Assets 123,464 135,486 Deferred Charges 117,345 73,941 Other Investments 66,946 68,346 Goodwill 5,476 5,476 Prepaid Pension and Post-Retirement Benefit Costs 187,737 169,228 Fair Value of Derivative Financial Instruments 127,630 39,388 Other 10,411 8,387 Total Other Assets 743,826 595,735 Total Assets$10,451,767 $8,719,104 CAPITALIZATION AND LIABILITIES Capitalization: Comprehensive Shareholders' Equity Common Stock, $1 Par Value Authorized - 200,000,000 Shares; Issued and Outstanding - 95,035,675 Shares and 90,379,095 Shares, Respectively$95,036 $90,379 Paid in Capital 1,393,023 1,050,918 Earnings Reinvested in the Business 2,426,044 2,012,529 Accumulated Other Comprehensive Income (Loss) 9,576 (59,222)Total Comprehensive Shareholders' Equity 3,923,679 3,094,604 Long-Term Debt, Net of Current Portion and Unamortized Discount and Debt Issuance Costs 3,567,401 2,382,861 Total Capitalization 7,491,080 5,477,465 Current and Accrued Liabilities: Notes Payable to Banks and Commercial Paper — 150,200 Current Portion of Long-Term Debt — 300,000 Accounts Payable 146,096 184,046 Amounts Payable to Customers 752 968 Dividends Payable 52,745 48,353 Interest Payable on Long-Term Debt 34,475 14,393 Customer Advances — 17,188 Customer Security Deposits 27,723 29,853 Other Accruals and Current Liabilities 241,398 174,689 Fair Value of Derivative Financial Instruments 1,027 6,074 Total Current and Accrued Liabilities 504,216 925,764 Other Liabilities: Deferred Income Taxes 1,353,287 1,225,262 Taxes Refundable to Customers 302,149 306,335 Cost of Removal Regulatory Liability 319,921 307,659 Other Regulatory Liabilities 116,935 121,944 Pension and Other Post-Retirement Liabilities 3,768 5,252 Asset Retirement Obligations 223,021 236,787 Other Liabilities 137,390 112,636 Total Other Liabilities 2,456,471 2,315,875 Commitments and Contingencies — — Total Capitalization and Liabilities$10,451,767 $8,719,104 NATIONAL FUEL GAS COMPANYAND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited) Nine Months Ended June 30,(Thousands of Dollars) 2026
2025
Operating Activities: Net Income Available for Common Stock $567,934 $411,162 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Impairment of Assets — 141,802 Depreciation, Depletion and Amortization 362,412 337,055 Deferred Income Taxes 88,936 60,754 Premium Paid on Early Redemption of Debt 413 2,385 Stock-Based Compensation 14,801 15,721 Other 17,695 19,296 Change in: Receivables and Unbilled Revenue (47,233) (95,254)Gas Stored Underground and Materials and Supplies 19,943 18,803 Unrecovered Purchased Gas Costs 3,633 (2,903)Other Current Assets 13,054 28,038 Accounts Payable 2 1,744 Amounts Payable to Customers (216) (18,445)Customer Advances (17,188) (19,373)Customer Security Deposits (2,130) (7,526)Other Accruals and Current Liabilities 57,892 44,283 Other Assets (15,919) (35,348)Other Liabilities (29,494) (39,918)Net Cash Provided by Operating Activities $1,034,535 $862,276 Investing Activities: Capital Expenditures $(764,515) $(627,316)Other 10,302 9,352 Net Cash Used in Investing Activities $(754,213) $(617,964) Financing Activities: Changes in Notes Payable to Banks and Commercial Paper $(150,200) $(29,200)Shares Repurchased Under Repurchase Plan — (54,430)Reduction of Long-Term Debt (601,239) (1,004,086)Net Proceeds From Issuance of Long-Term Debt 1,481,195 988,731 Dividends Paid on Common Stock (150,027) (140,098)Net Proceeds from Common Stock Sale 338,396 — Net Repurchases of Common Stock Under Stock and Benefit Plans (6,435) (4,134)Net Cash Provided by (Used in) Financing Activities $911,690 $(243,217) Net Increase in Cash and Cash Equivalents 1,192,012 1,095 Cash and Cash Equivalents at Beginning of Period 43,166 38,222 Cash and Cash Equivalents at June 30 $1,235,178 $39,317 NATIONAL FUEL GAS COMPANYAND SUBSIDIARIES SEGMENT OPERATING RESULTS AND STATISTICS(UNAUDITED) INTEGRATED UPSTREAM AND GATHERING SEGMENT Three Months Ended Nine Months Ended(Thousands of Dollars, except per share amounts)June 30, June 30, 2026
2025
Variance 2026
2025
VarianceTotal Operating Revenues$302,516 $306,402 $(3,886) $984,561 $873,901 $110,660 Operating Expenses: Operation and Maintenance: Upstream General and Administrative Expense 17,487 18,602 (1,115) 55,365 56,776 (1,411)Lease Operating Expense 15,847 12,566 3,281 50,034 35,710 14,324 Gathering Operation and Maintenance Expense 13,595 7,865 5,730 37,788 23,760 14,028 All Other Operation and Maintenance Expense 3,366 3,816 (450) 9,847 10,994 (1,147)Property, Franchise and Other Taxes 3,693 5,142 (1,449) 12,118 12,572 (454)Depreciation, Depletion and Amortization 83,078 79,696 3,382 247,888 228,970 18,918 Impairment of Assets — — — — 141,802 (141,802) 137,066 127,687 9,379 413,040 510,584 (97,544) Operating Income 165,450 178,715 (13,265) 571,521 363,317 208,204 Other Income (Expense): Non-Service Pension and Post-Retirement Benefit Credit (Cost) (81) 36 (117) (244) 110 (354)Interest and Other Income 414 44 370 986 568 418 Interest Expense on Long-Term Debt (493) — (493) (493) (3,283) 2,790 Interest Expense (13,016) (17,795) 4,779 (44,260) (56,746) 12,486 Income Before Income Taxes 152,274 161,000 (8,726) 527,510 303,966 223,544 Income Tax Expense 40,400 44,333 (3,933) 139,559 82,761 56,798 Net Income$111,874 $116,667 $(4,793) $387,951 $221,205 $166,746 Net Income Per Share (Diluted)$1.17 $1.28 $(0.11) $4.11 $2.42 $1.69 NATIONAL FUEL GAS COMPANYAND SUBSIDIARIES SEGMENT OPERATING RESULTS AND STATISTICS(UNAUDITED) PIPELINE AND STORAGE SEGMENT Three Months Ended Nine Months Ended(Thousands of Dollars, except per share amounts)June 30, June 30, 2026
2025
Variance 2026
2025
VarianceRevenues from External Customers$69,559 $67,982 $1,577 $212,558 $207,916 $4,642 Intersegment Revenues 36,982 37,597 (615) 112,347 113,849 (1,502)Total Operating Revenues 106,541 105,579 962 324,905 321,765 3,140 Operating Expenses: Purchased Gas (67) (164) 97 (74) (42) (32)Operation and Maintenance 31,479 30,264 1,215 89,913 87,940 1,973 Property, Franchise and Other Taxes 8,196 8,460 (264) 25,178 25,727 (549)Depreciation, Depletion and Amortization 19,656 18,601 1,055 58,719 55,733 2,986 59,264 57,161 2,103 173,736 169,358 4,378 Operating Income 47,277 48,418 (1,141) 151,169 152,407 (1,238) Other Income (Expense): Non-Service Pension and Post-Retirement Benefit Credit 537 952 (415) 1,610 2,857 (1,247)Interest and Other Income 2,077 1,111 966 4,441 4,945 (504)Interest Expense (11,735) (11,209) (526) (35,314) (34,637) (677)Income Before Income Taxes 38,156 39,272 (1,116) 121,906 125,572 (3,666)Income Tax Expense 9,417 10,415 (998) 30,341 32,553 (2,212)Net Income$28,739 $28,857 $(118) $91,565 $93,019 $(1,454)Net Income Per Share (Diluted)$0.30 $0.32 $(0.02) $0.97 $1.02 $(0.05) NATIONAL FUEL GAS COMPANYAND SUBSIDIARIES SEGMENT OPERATING RESULTS AND STATISTICS(UNAUDITED) UTILITY SEGMENT Three Months Ended Nine Months Ended(Thousands of Dollars, except per share amounts)June 30, June 30, 2026
2025
Variance 2026
2025
VarianceRevenues from External Customers$165,422 $157,446 $7,976 $850,258 $729,445 $120,813 Intersegment Revenues 78 77 1 294 279 15 Total Operating Revenues 165,500 157,523 7,977 850,552 729,724 120,828 Operating Expenses: Purchased Gas 66,239 64,292 1,947 433,384 337,541 95,843 Operation and Maintenance 61,652 57,039 4,613 190,778 177,742 13,036 Property, Franchise and Other Taxes 10,461 10,449 12 34,827 32,761 2,066 Depreciation, Depletion and Amortization 18,090 17,945 145 55,171 51,908 3,263 156,442 149,725 6,717 714,160 599,952 114,208 Operating Income 9,058 7,798 1,260 136,392 129,772 6,620 Other Income (Expense): Non-Service Pension and Post-Retirement Benefit Credit 5,220 5,328 (108) 23,032 23,498 (466)Interest and Other Income 1,054 628 426 3,426 1,869 1,557 Interest Expense (10,764) (10,958) 194 (33,508) (32,601) (907)Income Before Income Taxes 4,568 2,796 1,772 129,342 122,538 6,804 Income Tax Expense (Benefit) (1,118) (2,201) 1,083 24,217 21,498 2,719 Net Income$5,686 $4,997 $689 $105,125 $101,040 $4,085 Net Income Per Share (Diluted)$0.06 $0.05 $0.01 $1.11 $1.11 $— NATIONAL FUEL GAS COMPANYAND SUBSIDIARIES SEGMENT OPERATING RESULTS AND STATISTICS(UNAUDITED) Three Months Ended Nine Months Ended(Thousands of Dollars, except per share amounts)June 30, June 30,ALL OTHER2026
2025
Variance 2026
2025
VarianceTotal Operating Revenues$— $— $— $— $— $— Operating Expenses: Operation and Maintenance — — — — — — — — — — — — Operating Loss — — — — — — Other Income (Expense): Interest and Other Income (Deductions) (172) (131) (41) 1,053 (489) 1,542 Interest Expense (122) (141) 19 (376) (389) 13 Income (Loss) before Income Taxes (294) (272) (22) 677 (878) 1,555 Income Tax Expense (Benefit) (72) (63) (9) 154 (204) 358 Net Income (Loss)$(222) $(209) $(13) $523 $(674) $1,197 Net Income (Loss) Per Share (Diluted)$— $— $— $— $(0.01) $0.01 Three Months Ended Nine Months Ended June 30, June 30,CORPORATE2026
2025
Variance 2026
2025
VarianceRevenues from External Customers$— $— $— $— $— $— Intersegment Revenues 1,436 1,341 95 4,307 4,024 283 Total Operating Revenues 1,436 1,341 95 4,307 4,024 283 Operating Expenses: Operation and Maintenance 13,915 5,725 8,190 30,160 14,992 15,168 Property, Franchise and Other Taxes 132 129 3 396 390 6 Depreciation, Depletion and Amortization 234 166 68 634 444 190 14,281 6,020 8,261 31,190 15,826 15,364 Operating Loss (12,845) (4,679) (8,166) (26,883) (11,802) (15,081)Other Income (Expense): Non-Service Pension and Post-Retirement Benefit Costs (217) (212) (5) (652) (635) (17)Interest and Other Income 39,151 41,073 (1,922) 116,316 123,918 (7,602)Interest Expense on Long-Term Debt (32,688) (34,333) 1,645 (96,283) (104,073) 7,790 Other Interest Expense (3,311) (3,748) 437 (15,754) (13,815) (1,939)Loss before Income Taxes (9,910) (1,899) (8,011) (23,256) (6,407) (16,849)Income Tax Benefit (2,454) (1,405) (1,049) (6,026) (2,979) (3,047)Net Loss$(7,456) $(494) $(6,962) $(17,230) $(3,428) $(13,802)Net Loss Per Share (Diluted)$(0.08) $(0.01) $(0.07) $(0.18) $(0.03) $(0.15) Three Months Ended Nine Months Ended June 30, June 30,INTERSEGMENT ELIMINATIONS2026
2025
Variance 2026
2025
VarianceIntersegment Revenues$(38,496) $(39,015) $519 $(116,948) $(118,152) $1,204 Operating Expenses: Purchased Gas (36,294) (36,142) (152) (109,975) (108,838) (1,137)Operation and Maintenance (2,202) (2,873) 671 (6,973) (9,314) 2,341 (38,496) (39,015) 519 (116,948) (118,152) 1,204 Operating Income — — — — — — Other Income (Expense): Interest and Other Deductions (36,117) (40,295) 4,178 (112,868) (125,155) 12,287 Interest Expense 36,117 40,295 (4,178) 112,868 125,155 (12,287)Net Income$— $— $— $— $— $— Net Income Per Share (Diluted)$— $— $— $— $— $— NATIONAL FUEL GAS COMPANYAND SUBSIDIARIES SEGMENT INFORMATION (Continued)(Thousands of Dollars) Three Months Ended Nine Months Ended June 30, June 30, (Unaudited) (Unaudited) Increase Increase 2026
2025
(Decrease) 2026
2025
(Decrease) Capital Expenditures: Integrated Upstream and Gathering$146,327 (1) $150,007 (3) $(3,680) $453,903 (1)(2) $412,519 (3)(4) $41,384 Pipeline and Storage 91,571 (1) 22,700 (3) 68,871 166,199 (1)(2) 58,117 (3)(4) 108,082 Utility 46,956 (1) 50,025 (3) (3,069) 120,550 (1)(2) 128,322 (3)(4) (7,772)Total Reportable Segments 284,854 222,732 62,122 740,652 598,958 141,694 All Other — — — — — — Corporate 4,009 138 3,871 4,434 518 3,916 Eliminations — — — (546) (3,520) 2,974 Total Capital Expenditures$288,863 $222,870 $65,993 $744,540 $595,956 $148,584 (1) Capital expenditures for the quarter and nine months ended June 30, 2026, include accounts payable and accrued liabilities related to capital expenditures of $65.7 million, $29.0 million, $7.2 million and $3.4 million in the Integrated Upstream and Gathering segment, Pipeline and Storage segment, Utility segment and Corporate category, respectively. These amounts have been excluded from the Consolidated Statement of Cash Flows at June 30, 2026, since they represent non-cash investing activities at that date. (2) Capital expenditures for the nine months ended June 30, 2026, exclude capital expenditures of $87.9 million, $19.4 million and $18.0 million in the Integrated Upstream and Gathering segment, Pipeline and Storage segment and Utility segment, respectively. These amounts were in accounts payable and accrued liabilities at September 30, 2025 and paid during the nine months ended June 30, 2026. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2025, since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at June 30, 2026. (3) Capital expenditures for the quarter and nine months ended June 30, 2025, include accounts payable and accrued liabilities related to capital expenditures of $73.1 million, $5.7 million and $9.8 million in the Integrated Upstream and Gathering segment, Pipeline and Storage segment and Utility segment, respectively. These amounts were excluded from the Consolidated Statement of Cash Flows at June 30, 2025, since they represented non-cash investing activities at that date. (4) Capital expenditures for the nine months ended June 30, 2025, exclude capital expenditures of $85.0 million, $14.4 million and $20.6 million in the Integrated Upstream and Gathering segment, Pipeline and Storage segment and Utility segment, respectively. These amounts were in accounts payable and accrued liabilities at September 30, 2024 and paid during the nine months ended June 30, 2025. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2024, since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at June 30, 2025. DEGREE DAYS Percent Colder (Warmer) Than:Three Months Ended June 30,Normal
2026
2025
Normal(1) Last Year(1)Buffalo, NY843 797 825 (5.5) (3.4)Erie, PA776 711 813 (8.4) (12.5) Nine Months Ended June 30, Buffalo, NY6,195 6,360 5,825 2.7 9.2 Erie, PA5,693 5,911 5,527 3.8 6.9 (1) Percents compare actual 2026 degree days to normal degree days and actual 2026 degree days to actual 2025 degree days. NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
INTEGRATED UPSTREAM AND GATHERING INFORMATION
Three Months Ended Nine Months Ended
June 30, June 30,
Increase Increase
2026
2025
(Decrease) 2026
2025
(Decrease)
Gas Production/Prices: Production (MMcf) Appalachia 104,285 111,588 (7,303) 315,470 314,819 651 Average Prices (Per Mcf) Weighted Average $2.25 $2.69 $(0.44) $2.97 $2.66 $0.31 Weighted Average after Hedging $2.81 $2.71 $0.10 $3.05 $2.73 $0.32 Selected Operating Performance Statistics: Upstream General and Administrative Expense per Mcf(1) $0.17 $0.17 $— $0.18 $0.18 $— Lease Operating Expense per Mcf(1) $0.15 $0.11 $0.04 $0.16 $0.11 $0.05 Adjusted Gathering Operation and Maintenance Expense per Mcf(1)(2) $0.13 $0.11 $0.02 $0.12 $0.11 $0.01 Depreciation, Depletion and Amortization per Mcf(1) $0.80 $0.71 $0.09 $0.79 $0.73 $0.06 (1) Refer to page 15 for the Upstream General and Administrative Expense, Lease Operating Expense, Gathering Operation and Maintenance Expense, and Depreciation, Depletion, and Amortization Expense for the Integrated Upstream and Gathering segment. (2) Adjusted Gathering O&M Expense of $0.11 per Mcf for both the three and nine months ended June 30, 2025, exclude a $0.04 per Mcf and $0.03 per Mcf reduction, respectively, to Gathering O&M Expense attributed to a change in segment reporting, which is fully offset in operating revenue. NATIONAL FUEL GAS COMPANYAND SUBSIDIARIES Pipeline and Storage Throughput - (millions of cubic feet - MMcf) Three Months Ended Nine Months Ended June 30, June 30, Increase Increase 2026
2025
(Decrease) 2026
2025
(Decrease)Firm Transportation - Affiliated 17,166 20,123 (2,957) 97,184 101,233 (4,049)Firm Transportation - Non-Affiliated 162,182 158,910 3,272 543,183 515,411 27,772 Interruptible Transportation 935 149 786 1,543 665 878 180,283 179,182 1,101 641,910 617,309 24,601 Utility Throughput - (MMcf) Three Months Ended Nine Months Ended June 30, June 30, Increase Increase 2026
2025
(Decrease) 2026
2025
(Decrease)Retail Sales: Residential Sales 9,253 10,151 (898) 64,029 60,738 3,291 Commercial Sales 1,260 1,658 (398) 10,389 9,997 392 Industrial Sales 95 93 2 590 594 (4) 10,608 11,902 (1,294) 75,008 71,329 3,679 Transportation 12,756 13,853 (1,097) 57,927 55,881 2,046 23,364 25,755 (2,391) 132,935 127,210 5,725 NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES In addition to financial measures calculated in accordance with generally accepted accounting principles (GAAP), this press release contains information regarding adjusted earnings, adjusted EBITDA, and free cash flow, which are non-GAAP financial measures. The Company believes that these non-GAAP financial measures are useful to investors because they provide an alternative method for assessing the Company's ongoing operating results or liquidity and for comparing the Company’s financial performance to other companies. The Company's management uses these non-GAAP financial measures for the same purpose, and for planning and forecasting purposes. The presentation of non-GAAP financial measures is not meant to be a substitute for financial measures in accordance with GAAP.
Management defines adjusted earnings as reported GAAP earnings before items impacting comparability. The following table reconciles National Fuel's reported GAAP earnings to adjusted earnings for the three and nine months ended June 30, 2026 and 2025:
Three Months Ended Nine Months Ended June 30, June 30,(in thousands except per share amounts) 2026
2025
2026
2025
Reported GAAP Earnings $138,621 $149,818 $567,934 $411,162 Items impacting comparability: Impairment of assets — — — 141,802 Tax impact of impairment of assets — — — (37,169)Premiums paid on early redemption of debt 413 — 413 2,385 Tax impact of premiums paid on early redemption of debt (96) — (96) (642)Unrealized (gain) loss on derivative asset — 45 — 729 Tax impact of unrealized (gain) loss on derivative asset — (12) — (196)Costs related to the pending Ohio gas utility acquisition 6,192 — 16,378 — Tax impact of costs related to the pending Ohio gas utility acquisition (1,435) — (3,796) — Net interest benefit from equity issuance (3,566) — (7,497) — Tax impact of net interest benefit from equity issuance 826 — 1,738 — Interest expense from long-term debt issuances for pending acquisition, net of interest benefit 1,129 — 1,129 — Tax impact of interest expense from long-term debt issuances, net of interest benefit (262) — (262) — Unrealized (gain) loss on other investments (1,064) (820) (57) 1,780 Tax impact of unrealized (gain) loss on other investments 224 172 12 (374)Adjusted Earnings $140,982 $149,203 $575,896 $519,477 Reported GAAP Earnings Per Share $1.45 $1.64 $6.01 $4.51 Items impacting comparability: Impairment of assets, net of tax — — — 1.14 Premiums paid on early redemption of debt, net of tax — — — 0.02 Unrealized (gain) loss on derivative asset, net of tax — — — 0.01 Costs related to the pending Ohio gas utility acquisition, net of tax 0.05 — 0.14 — Impact of equity issuance related to pending acquisition, net of interest benefits 0.04 — 0.15 — Interest expense from long-term debt issuances for pending acquisition, net of tax 0.01 — 0.01 — Unrealized (gain) loss on other investments, net of tax (0.01) (0.01) — 0.02 Rounding — 0.01 — (0.01)Adjusted Earnings Per Share $1.54 $1.64 $6.31 $5.69 NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES Management defines 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. The following tables reconcile National Fuel's reported GAAP earnings to adjusted EBITDA for the three and nine months ended June 30, 2026 and 2025:
Three Months Ended Nine Months Ended June 30, June 30,(in thousands) 2026
2025
2026
2025
Reported GAAP Earnings $138,621 $149,818 $567,934 $411,162 Depreciation, Depletion and Amortization 121,058 116,408 362,412 337,055 Other (Income) Deductions (11,866) (8,534) (37,100) (31,486)Interest Expense 36,012 37,889 113,120 120,389 Income Taxes 46,173 51,079 188,245 133,629 Impairment of Assets — — — 141,802 Costs related to the pending Ohio gas utility acquisition(1) 5,025 — 9,531 — Adjusted EBITDA $335,023 $346,660 $1,204,142 $1,112,551 Adjusted EBITDA by Segment Integrated Upstream and Gathering Adjusted EBITDA $248,528 $258,411 $819,409 $734,089 Pipeline and Storage Adjusted EBITDA 66,933 67,019 209,888 208,140 Utility Adjusted EBITDA 27,148 25,743 191,563 181,680 Corporate and All Other Adjusted EBITDA (7,586) (4,513) (16,718) (11,358)Total Adjusted EBITDA $335,023 $346,660 $1,204,142 $1,112,551 (1) For the three months and nine months ended June 30, 2026, costs represent a portion of acquisition costs recognized in O&M expense for the pending Ohio gas utility acquisition. The remaining $1.2 million and $6.8 million of acquisition costs for the three months and nine months ended June 30, 2026, respectively, are recognized in interest expense. NATIONAL FUEL GAS COMPANYAND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES
SEGMENT ADJUSTED EBITDA Three Months Ended Nine Months Ended June 30, June 30,(in thousands)2026
2025
2026
2025
Integrated Upstream and Gathering Segment Reported GAAP Earnings$111,874 $116,667 $387,951 $221,205 Depreciation, Depletion and Amortization 83,078 79,696 247,888 228,970 Other (Income) Deductions (333) (80) (742) (678)Interest Expense 13,509 17,795 44,753 60,029 Income Taxes 40,400 44,333 139,559 82,761 Impairment of Assets — — — 141,802 Adjusted EBITDA$248,528 $258,411 $819,409 $734,089 Pipeline and Storage Segment Reported GAAP Earnings$28,739 $28,857 $91,565 $93,019 Depreciation, Depletion and Amortization 19,656 18,601 58,719 55,733 Other (Income) Deductions (2,614) (2,063) (6,051) (7,802)Interest Expense 11,735 11,209 35,314 34,637 Income Taxes 9,417 10,415 30,341 32,553 Adjusted EBITDA$66,933 $67,019 $209,888 $208,140 Utility Segment Reported GAAP Earnings$5,686 $4,997 $105,125 $101,040 Depreciation, Depletion and Amortization 18,090 17,945 55,171 51,908 Other (Income) Deductions (6,274) (5,956) (26,458) (25,367)Interest Expense 10,764 10,958 33,508 32,601 Income Taxes (1,118) (2,201) 24,217 21,498 Adjusted EBITDA$27,148 $25,743 $191,563 $181,680 Corporate and All Other Reported GAAP Earnings$(7,678) $(703) $(16,707) $(4,102)Depreciation, Depletion and Amortization 234 166 634 444 Other (Income) Deductions (2,645) (435) (3,849) 2,361 Interest Expense 4 (2,073) (455) (6,878)Income Taxes (2,526) (1,468) (5,872) (3,183)Costs related to the pending Ohio gas utility acquisition 5,025 — 9,531 — Adjusted EBITDA$(7,586) $(4,513) $(16,718) $(11,358) NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES
FREE CASH FLOW Management defines free cash flow as net cash provided by operating activities, less net cash used in investing activities, adjusted for acquisitions and divestitures. The following table reconciles National Fuel's free cash flow to Net Cash Provided by Operating Activities on the Consolidated Statement of Cash Flows for the nine months ended June 30, 2026 and 2025:
Nine Months Ended
June 30,
(in thousands) 2026
2025
Net Cash Provided by Operating Activities $1,034,535 $862,276 Less: Net Cash Used in Investing Activities 754,213 617,964 Proceeds from Divestitures — — 280,322 244,312 Plus: Acquisitions — — Free Cash Flow $280,322 $244,312 The Company is unable to provide a reconciliation of any projected free cash flow measure to its comparable GAAP financial measure without unreasonable efforts. This is due to an inability to calculate the comparable GAAP projected metrics, including operating income and total production costs, given the unknown effect, timing, and potential significance of certain income statement items.
Ryan P. Vossler
Investor Relations
716-857-7158Timothy J. Silverstein
Chief Financial Officer
716-857-6987
