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National Fuel Gas Company (NFG) Discusses Planned Spin-Off of Integrated Upstream and Gathering Business Transcript

National Fuel’s Integrated Upstream and Gathering business (“IUG”) will become an independent public company focused solely on its highly integrated, Appalachian upstream and gathering natural gas assets.Post-separation, National Fuel will be a 100% rate-regulated natural gas company with utility as well as interstate pipeline and storage assets across Ohio, New York, and Pennsylvania.The separation is expected to be completed in the second half of 2027 and effected through a tax-free distribution of at least 80.1% of IUG shares to National Fuel shareholders.The Company will host a conference call to discuss the planned separation on October 14, 2026 at 9:00 a.m. ET. WILLIAMSVILLE, N.Y., Oct. 14, 2026 (GLOBE NEWSWIRE) -- National Fuel Gas Company (NYSE: NFG) (“National Fuel” or the “Company”) today announced its Board of Directors approved a plan to separate the Company into two independent, publicly traded companies through a tax-free spin-off of the Company’s Integrated Upstream and Gathering business. Upon completion of the transaction, National Fuel shareholders will own shares in both National Fuel and IUG.

As independent, focused entities, each publicly traded company will have significant scale and a strong financial profile, positioning each to deliver long-term growth and sustainable value creation for investors, customers, and employees. The stand-alone businesses are expected to benefit from:

Greater capital allocation flexibility to pursue each company’s distinct growth opportunities and shareholder return priorities, supported by highly experienced leadership teams, strong balance sheets, and more tailored capital structures.Preserving the key benefits of integration that each business realizes today, including the capital efficiencies provided by IUG’s integrated upstream and gathering operations, and critical operating synergies that support customer affordability and commercial benefits across National Fuel’s regulated businesses.Clearer, more compelling equity stories that increase visibility among investors and research analysts and align each public company with its natural investor base. “Our integrated business model has provided us significant benefits for many years, including the financial capacity and cash flow generation to support transformative acquisitions and strategic investments across the Company. Following the recent closing of our Ohio gas utility acquisition, each business is now a scaled platform, and post-separation, is expected to have the financial strength to best capitalize on the long-term growth opportunities as independent companies,” said David P. Bauer, President and Chief Executive Officer of National Fuel.

“After a thorough review, we believe now is the right time to take the next step in National Fuel’s evolution, with the tax-free separation of IUG positioning the two standalone businesses to build on their strong foundations and pursue the significant opportunities we see across the natural gas value chain.”

National Fuel: 100% regulated natural gas platform, with highly strategic, growing integrated utility and interstate pipeline and storage assets in constructive regulatory jurisdictions

Post-separation, National Fuel will be a fully regulated natural gas business with nearly $5 billion of rate base. National Fuel’s natural gas utilities serve 1.1 million customers across Ohio, New York and Pennsylvania, and its FERC-regulated pipeline and storage business will provide nearly 5 Bcf per day of contracted natural gas transportation capacity and 77 Bcf of fully contracted natural gas storage services.

Today, National Fuel operates across constructive regulatory jurisdictions, with significant long-term investment opportunities that are underpinned by ongoing infrastructure modernization programs in each jurisdiction. Additionally, increased natural gas demand, including data center and power generation needs within our operating footprint, is accelerating the need for new pipeline and storage infrastructure. Together, the importance of continually investing in safety and reliability, along with meeting increasing regional demand for natural gas, is driving a strong outlook for growth across these businesses.

National Fuel will continue to benefit from maintaining key operating synergies across its utility and FERC-regulated businesses. From a financial perspective, this business is expected to maintain a strong balance sheet, targeting investment grade credit metrics expected to be in line with some of the strongest in the utility sector, with no expected need to raise incremental equity capital over the next five years based on current capital plans. This will provide the company with significant financial flexibility to execute on its long-term growth opportunities. In addition, National Fuel plans to maintain a capital return policy consistent with utility peers.

The existing management teams at both the Utility and Pipeline and Storage businesses are also expected to remain in place, including David P. Bauer as President and Chief Executive Officer, and Timothy J. Silverstein as Treasurer and Chief Financial Officer. This provides National Fuel with the continuity of a highly experienced senior leadership team that has a proven track record of operating safely, maintaining strong regulatory relationships, and executing on its financial plans, all while maintaining customer rates among the lowest in its operating jurisdictions.

Taken together, these attributes are expected to provide National Fuel investors with a compelling risk-adjusted return proposition, underpinned by attractive, predictable growth, and stable cash flows which support a strong financial foundation.

Integrated Upstream and Gathering: A premier, integrated Appalachian natural gas business with high-quality assets, and top-tier inventory depth and capital efficiency trends

Post-separation, IUG will be a leading integrated, low-cost upstream natural gas business, with approximately 1.2 million total net acres in Appalachia and approximately 1.1 Bcf per day of net natural gas production. IUG's wholly owned gathering assets transport the vast majority of its production, creating a durable competitive advantage through lower costs, greater operating control, and enhanced capital efficiency. With approximately 5 Tcf of proved natural gas reserves, and more than 25 years of development inventory at very low breakeven prices, IUG is well positioned to build upon its top-tier capital efficiency trends and create long-term value through disciplined capital allocation.

Since transitioning its development program to its Eastern Development Area in 2023, IUG has delivered capital efficiency improvements of approximately 25%, enabling IUG to generate increased production and free cash flow per dollar invested. Combined with its integrated gathering platform and portfolio of firm transportation capacity that provides access to premium markets, IUG is expected to maintain a highly-competitive cash operating cost structure with market access advantages that support high cash margins and long-term value creation.

As an independent entity, IUG is expected to have a strong balance sheet, providing the flexibility to optimize capital allocation, efficiently develop its premier drilling inventory, and pursue targeted growth opportunities. IUG will continue to be led by its current team, including Seneca Resources and NFG Midstream President, Justin I. Loweth, who will become Chief Executive Officer of the new company. Maintaining the continuity of the experienced IUG leadership team will further enhance the company’s ability to deliver on its history of operational excellence. The combination of a more focused business model, an experienced management team, and a high-quality resource base positions IUG to execute its strategy from day one as an independent company.

Transaction Details

National Fuel intends to separate IUG through a pro rata distribution of shares of IUG to National Fuel shareholders in a manner that is intended to be tax-free for National Fuel and its shareholders for U.S. federal income tax purposes. National Fuel expects to retain an ownership stake of up to 19.9% in IUG after the completion of the spin-off, which it intends to dispose of in a tax-efficient manner to further strengthen its investment grade balance sheet.

National Fuel expects to complete the separation during the second half of calendar year 2027, subject to customary conditions, including the filing and effectiveness of applicable filings (including a Form 10 registration statement) with the Securities and Exchange Commission, the completion of financing arrangements, and final approval by National Fuel’s Board of Directors.

The Company intends to provide formal guidance for fiscal 2027 in connection with its fourth quarter earnings release in November 2026. IUG will continue to be included in National Fuel’s consolidated financial results until the separation is completed.

Advisors

Goldman Sachs & Co. LLC is serving as financial advisor, and Veriten LLC served as independent strategic advisor. Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel.

Conference Call Details

A conference call to discuss the separation will be held on Wednesday, October 14, 2026, at 9:00 a.m. ET. All participants must pre-register to join this conference using the Participant Registration link.

A webcast link to the conference will be provided under the Events Calendar on the NFG Investor Relations website at investor.nationalfuelgas.com.

A replay will be available following the call through the end of the day, Wednesday, October 21, 2026. To access the replay, dial 1-833-309-1852 and provide Access Code 661718761.

An investor presentation regarding the planned separation has been posted on the NFG Investor Relations website at investor.nationalfuelgas.com.

About National Fuel Gas Company
National Fuel is a diversified energy company headquartered in Western New York that currently operates an integrated collection of natural gas assets across three operating segments: Integrated Upstream and Gathering, Pipeline and Storage, and Utility. Additional information about National Fuel is available at www.nationalfuel.com.

Cautionary Statements
Certain statements contained herein, including statements identified by the use of the words “anticipates,” “believes,” “could,” “estimates,” “expects,” “forecasts,” “guidance,” “intends,” “may,” “might,” “outlook,” “plans,” “potential,” “predicts,” “projects,” “seeks,” “targets,” “will,” “would”, and variations of such words and similar future or conditional expressions, and statements which are other than statements of historical facts, are intended to identify “forward-looking statements” as defined under U.S. federal securities laws, including, but not limited to, statements, estimates, and projections relating to the potential separation of the Company into two companies (the “Separation”), including the timing and structure of the Separation, the characteristics of the separated businesses, and the expected benefits of the Separation, future operating and financial performance and long-term strategy, and the assumptions underlying such expected benefits, targets, strategies, and statements. These forward-looking statements are based on management’s beliefs, expectations, estimates, and projections at the time they are made and are not guarantees of future performance. 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. There can be no guarantees with respect to whether the Separation will be completed. In addition to other factors, the following are among the important factors that could cause actual results to differ materially from those discussed in the forward-looking statements: the ability to effect the Separation and to meet the conditions related thereto; the ability to obtain any consents or approvals required to complete the Separation; the ability of the separated companies to each succeed as standalone publicly traded companies; negative effects of the announcement or pendency of the Separation on the market price of the Company’s securities and/or on the Company’s financial performance; the possibility that the Separation will not achieve its intended benefits; the possibility of disruption, including disputes, litigation, or unanticipated costs in connection with the Separation; the impact of the Separation on the Company’s businesses and the risk that the Separation may be more difficult, time-consuming, or costly than expected, including the impact on the Company’s resources, systems, procedures, and controls, diversion of management’s attention, and the impact and possible disruption of existing relationships with regulators, customers, suppliers, employees, and other business counterparties; the ability to achieve anticipated capital structures in connection with the Separation; the ability to achieve anticipated credit ratings in connection with the Separation; the ability to achieve anticipated tax treatments in connection with the Separation and future, if any, divestitures, mergers, acquisitions, and other portfolio changes, and the impact of changes in relevant tax and other laws and regulations; 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, 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, 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; increasing costs of insurance, changes in coverage, and the ability to obtain insurance; other factors described in the risk factors set forth in the Company’s filings with the U.S. Securities and Exchange Commission, including the Company’s most recently filed Annual Report on Form 10-K and subsequent Current Reports on Form 8-K and Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation, and disclaims any duty, to update, revise, or withdraw any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by applicable law or regulation.

Media Contact: Karen Merkel | 716-857-7654
Analyst Contact: Ryan Vossler | 716-857-7158

, /PRNewswire/ -- CenterPoint Energy, Inc. (NYSE: CNP) ("CenterPoint" or the "Company") today announced that it has successfully completed the previously announced $2.62 billion sale of its Ohio natural gas Local Distribution Company (LDC) business, Vectren Energy Delivery of Ohio, LLC, to National Fuel Gas Company (NYSE: NFG), which is headquartered in Western New York. The assets include approximately 5,900 miles of gas transmission and distribution pipeline serving approximately 335,000 metered customers in West Central Ohio.

The transaction received all required federal and state approvals necessary to complete the sale, including the completion of a review by the Public Utilities Commission of Ohio. National Fuel will immediately assume responsibility for serving CenterPoint's former Ohio natural gas customers.

"I would like to thank our Ohio natural gas employees and the many team members who support this business for their continued dedication to safety, customer service and operational excellence. Their commitment has helped build a strong local natural gas utility that has reliably served customers and communities across West Central Ohio for decades. We are committed to a smooth transition with National Fuel Gas for our Ohio customers," said CenterPoint Chair and Chief Executive Officer Jason Wells.

"We remain focused on executing our long-term strategy and investing in the electric and natural gas systems that serve the customers and communities across our core utility footprint. The proceeds from this transaction will help support the efficient funding of our $66.7 billion, 10-year capital plan and our continued efforts to enhance the resiliency and reliability or our infrastructure and facilitate economic growth during one of the most dynamic periods in our industry's history while helping keep bills as low as possible," Wells concluded.

CenterPoint has previously stated that proceeds from the transaction will support investments across its focused regulated utility footprint.

About CenterPoint Energy, Inc.
 As the only investor-owned electric and gas utility based in Texas, CenterPoint Energy, Inc. (NYSE: CNP) is an energy delivery company with electric transmission and distribution, power generation and natural gas distribution operations that serve nearly 7 million metered customers in Indiana, Minnesota and Texas. As of June 30, 2026, the Company owned approximately $48.3 billion in assets. With approximately 8,800 employees, CenterPoint and its predecessor companies have been in business for more than 150 years. For more information, visit CenterPointEnergy.com.

Forward-Looking Statements

This news release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical fact included in this news release are forward-looking statements made in good faith by us and are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. When used in this news release, the words "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "goal," "intend," "may," "objective," "plan," "potential," "predict," "projection," "should," "target," "will" or other similar words are intended to identify forward-looking statements. These forward-looking statements are based upon assumptions of management which are believed to be reasonable at the time made and are subject to significant risks and uncertainties. Actual events and results may differ materially from those expressed or implied by these forward-looking statements. Forward-looking statements include, but are not limited to, the execution of the Company's long-term strategy and capital plan, including planned investments in its electric and natural gas systems and associated benefits therefrom, use of proceeds from the transaction, and any other statements that are not historical facts are forward-looking statements. Each forward-looking statement contained in this news release speaks only as of the date of this news release. Important factors that could cause actual results to differ materially from those indicated by the provided forward-looking information include risks and uncertainties relating to (1) business strategies and strategic initiatives involving the Company or its industry; (2) the Company's ability to fund and invest planned capital, and the timely recovery of its investments; (3) financial market and general economic conditions; (4) the timing and impact of future regulatory, legislative and political actions or developments; and (5) other factors discussed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, the Company's Quarterly Reports on Form 10-Q for the quarters ended March 31, 2026 and June 30, 2026 and other reports the Company may file from time to time with the Securities and Exchange Commission.

For more information, contact
Communications
[email protected] 

SOURCE CenterPoint Energy

National Fuel Gas Company (NYSE:NFG – Get Free Report) announced a quarterly dividend on Thursday, September 17th. Investors of record on Wednesday, September 30th will be given a dividend of $0.5550 per share by the oil and gas producer on Thursday, October 15th. This represents a $2.22 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Wednesday, September 30th.

National Fuel Gas has raised its dividend by an average of 0.0%annually over the last three years and has increased its dividend annually for the last 55 consecutive years. National Fuel Gas has a dividend payout ratio of 26.2% meaning its dividend is sufficiently covered by earnings. Equities analysts expect National Fuel Gas to earn $7.64 per share next year, which means the company should continue to be able to cover its $2.22 annual dividend with an expected future payout ratio of 29.1%.

National Fuel Gas Stock Up 0.1% National Fuel Gas stock opened at $79.07 on Monday. National Fuel Gas has a twelve month low of $75.17 and a twelve month high of $97.06. The company has a quick ratio of 3.07, a current ratio of 3.20 and a debt-to-equity ratio of 0.91. The company has a 50 day moving average of $81.82 and a 200-day moving average of $83.41. The stock has a market capitalization of $7.51 billion, a PE ratio of 10.98, a price-to-earnings-growth ratio of 1.76 and a beta of 0.37.

National Fuel Gas (NYSE:NFG – Get Free Report) last released its earnings results on Thursday, July 30th. The oil and gas producer reported $1.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.44 by $0.10. National Fuel Gas had a return on equity of 19.04% and a net margin of 26.97%.The firm had revenue of $537.50 million during the quarter, compared to analysts’ expectations of $564.33 million. During the same quarter in the prior year, the company earned $1.64 EPS. The company’s revenue was up 1.1% on a year-over-year basis. On average, equities research analysts anticipate that National Fuel Gas will post 7.49 EPS for the current fiscal year. (Get Free Report)

National Fuel Gas Company (NYSE:NFG) is a diversified energy company with operations spanning natural gas exploration and production, pipeline transportation and storage, and utility distribution. Through its subsidiaries, the company develops, produces, gathers, stores and transports natural gas, primarily serving markets in the northeastern United States.

National Fuel’s exploration and production business is operated through Seneca Resources Company, which focuses on developing natural gas reserves in the Appalachian region, including the Marcellus and Utica shale formations.

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National Fuel’s Integrated Upstream and Gathering business would become an independent public company focused solely on its highly integrated, Appalachian upstream and gathering natural gas business.Post-separation, National Fuel would be a 100% rate-regulated company with natural gas utility and interstate pipeline and storage assets across Pennsylvania, Ohio, and New York.The separation would be effected through a tax-free distribution of shares to National Fuel shareholders.National Fuel expects to conclude its evaluation by October 15, 2026. WILLIAMSVILLE, N.Y., Sept. 17, 2026 (GLOBE NEWSWIRE) -- National Fuel Gas Company (NYSE: NFG) (“National Fuel” or the “Company”) announced that by October 15, 2026 its Board of Directors intends to complete an ongoing evaluation of a plan to separate the Company into two independent publicly traded companies, which remains subject to final Board approval.

If pursued and upon completion of the transaction, National Fuel shareholders would own shares in both National Fuel and its Integrated Upstream and Gathering (“IUG”) business, creating two focused companies, each with significant scale, strong financial profiles, and distinct growth opportunities. As independent entities, each publicly traded company would be well positioned to deliver long-term growth and sustainable value creation for investors, customers, and employees, with the standalone businesses expected to benefit from:

Greater capital allocation flexibility to pursue each company’s distinct growth opportunities and shareholder return priorities, supported by highly experienced leadership teams, strong balance sheets, and more tailored capital structures.Preserving the key benefits of integration that each business realizes today, including the capital efficiencies provided by IUG’s integrated upstream and gathering operations, and critical operating synergies that support customer affordability and commercial benefits across National Fuel’s regulated businesses.Potentially more compelling equity stories that increase visibility among relevant investors and research analysts and align each public company with its natural investor base.
“National Fuel has benefitted for many years from the strength and diversification of our integrated business model, which provided the financial capacity and cash flow generation to support significant strategic investments across the Company, including multiple transformative acquisitions since 2020,” said David P. Bauer, President and Chief Executive Officer of National Fuel. “Over that same period, the capital markets and operating environment of our regulated and non-regulated natural gas businesses have evolved meaningfully. With the expected closing of our Ohio gas utility acquisition next month, each business will be a scaled platform with distinct strategic priorities, organic growth opportunities, capital needs, and investment profiles.”

If approved, National Fuel would separate IUG through a distribution of shares of IUG to National Fuel shareholders in a manner which would be intended to be tax-free for National Fuel and its shareholders for U.S. federal income tax purposes.

National Fuel: 100% regulated natural gas platform, with a highly-strategic, growing integrated utility and interstate pipeline and storage assets in constructive regulatory jurisdictions

If a separation is pursued, National Fuel would be a fully-regulated natural gas business with nearly $5 billion of rate base.1 Its utility business would serve 1.1 million customers across Ohio, New York and Pennsylvania. In addition, the FERC-regulated pipeline and storage business would provide nearly 5 Bcf per day of contracted natural gas transportation capacity and 77 Bcf of fully-contracted natural gas storage services.

National Fuel operates across constructive regulatory jurisdictions, with significant long-term investment opportunities, supported by ongoing infrastructure modernization programs and increased natural gas demand accelerating the need for new pipeline and storage infrastructure. Together, these dynamics support continued investment in existing pipeline systems, as well as the ongoing execution of transmission and storage expansions to support growing demand.

National Fuel would benefit from a strong balance sheet and investment grade credit metrics expected to be in line with some of the strongest in the utility sector, with no need to raise incremental equity capital expected over the next five years based on current capital plans. This could potentially provide the company with significant financial flexibility to fund its growth plans and position it to execute on its long-term growth opportunities.

Integrated Upstream and Gathering: A premier, integrated Appalachian natural gas business with high-quality assets, and best-in-class inventory depth and capital efficiency trends

If a separation is pursued, IUG will be a leading integrated, low-cost, upstream natural gas business, with approximately 1.2 million total net acres in Appalachia and approximately 1.1 Bcf per day of net natural gas production. IUG owns significant integrated gathering assets that transport the vast majority of its production, providing greater operational control, cost certainty, and alignment across its operating footprint. With approximately 5 Tcf of natural gas reserves and more than 40 years of prospective Marcellus and Utica development inventory, IUG would be well positioned to grow production, extend its track record of operational improvement, and create long-term value through disciplined capital allocation.

Since transitioning its development program to the Eastern Development Area in 2023, IUG has delivered industry-leading capital efficiency improvements of approximately 25%, enabling IUG to generate increased production and free cash flow per dollar invested while enhancing potential shareholder returns. Combined with its integrated gathering platform and portfolio of firm transportation capacity that provides access to premium markets, IUG would be expected to maintain a best-in-class operating cost structure and market access advantages that support long-term value creation.

Advisors

Goldman Sachs & Co. LLC is serving as financial advisor to National Fuel, and Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel.

About National Fuel Gas Company
National Fuel is a diversified energy company headquartered in Western New York that currently operates an integrated collection of natural gas assets across three operating segments: Integrated Upstream and Gathering, Pipeline and Storage, and Utility. Additional information about National Fuel is available at www.nationalfuel.com.

Cautionary Statements
Certain statements contained herein, including statements identified by the use of the words “anticipates,” “believes,” “could,” “estimates,” “expects,” “forecasts,” “guidance,” “intends,” “may,” “might,” “outlook,” “plans,” “potential,” “predicts,” “projects,” “seeks,” “targets,” “will,” “would”, and variations of such words and similar future or conditional expressions, and statements which are other than statements of historical facts, are intended to identify “forward-looking statements” as defined under U.S. federal securities laws, including, but not limited to, statements, estimates, and projections relating to the potential separation of the Company into two companies (the “Separation”), including the timing and structure of the Separation, the characteristics of the separated businesses, and the expected benefits of the Separation, future operating and financial performance and long-term strategy, and the assumptions underlying such expected benefits, targets, strategies, and statements. These forward-looking statements are based on management’s beliefs, expectations, estimates, and projections at the time they are made and are not guarantees of future performance. 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. There can be no guarantees with respect to whether the Separation will be completed. In addition to other factors, the following are among the important factors that could cause actual results to differ materially from those discussed in the forward-looking statements: the ability to effect the Separation and to meet the conditions related thereto; the ability to obtain any consents or approvals required to complete the Separation; the ability of the separated companies to each succeed as standalone publicly traded companies; negative effects of the announcement or pendency of the Separation on the market price of the Company’s securities and/or on the Company’s financial performance; the possibility that the Separation will not achieve its intended benefits; the possibility of disruption, including disputes, litigation, or unanticipated costs in connection with the Separation; the impact of the Separation on the Company’s businesses and the risk that the Separation may be more difficult, time-consuming, or costly than expected, including the impact on the Company’s resources, systems, procedures, and controls, diversion of management’s attention, and the impact and possible disruption of existing relationships with regulators, customers, suppliers, employees, and other business counterparties; the ability to achieve anticipated capital structures in connection with the Separation; the ability to achieve anticipated credit ratings in connection with the Separation; the ability to achieve anticipated tax treatments in connection with the Separation and future, if any, divestitures, mergers, acquisitions, and other portfolio changes, and the impact of changes in relevant tax and other laws and regulations; 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, 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, 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; increasing costs of insurance, changes in coverage, and the ability to obtain insurance; other factors described in the risk factors set forth in the Company’s filings with the U.S. Securities and Exchange Commission, including the Company’s most recently filed Annual Report on Form 10-K and subsequent Current Reports on Form 8-K and Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation, and disclaims any duty, to update, revise, or withdraw any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by applicable law or regulation.

1 Projected as of December 31, 2026 and assumes the October 1, 2026 closing of National Fuel’s previously announced acquisition of CenterPoint’s Ohio natural gas utility business.

Analyst Contact: Ryan Vossler | 716-857-7158
Media Contact: Karen Merkel | 716-857-7654

WILLIAMSVILLE, N.Y., Sept. 17, 2026 (GLOBE NEWSWIRE) -- The Board of Directors of National Fuel Gas Company (NYSE: NFG) today approved a regular quarterly dividend of 55.5 cents per share on the Company's common stock. The dividend is payable October 15, 2026, to stockholders of record at the close of business on September 30, 2026. The Company has approximately 95.0 million shares of common stock outstanding. It has no preferred stock outstanding.

National Fuel is a diversified energy company headquartered in Western New York that operates an integrated collection of natural gas assets across 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 Vossler | 716-857-7158
Media Contact: Karen Merkel | 716-857-7654

California State Teachers Retirement System lifted its stake in shares of National Fuel Gas Company (NYSE:NFG – Free Report) by 7,517.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,088,211 shares of the oil and gas producer’s stock after acquiring an additional 7,982,027 shares during the quarter. California State Teachers Retirement System owned 8.51% of National Fuel Gas worth $624,491,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of NFG. BlackRock Inc. acquired a new position in shares of National Fuel Gas in the 2nd quarter valued at $748,569,000. Energy Income Partners LLC lifted its stake in National Fuel Gas by 1.1% during the first quarter. Energy Income Partners LLC now owns 2,589,824 shares of the oil and gas producer’s stock valued at $243,340,000 after buying an additional 28,755 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of National Fuel Gas by 7.1% in the fourth quarter. Geode Capital Management LLC now owns 1,816,217 shares of the oil and gas producer’s stock worth $145,446,000 after buying an additional 121,099 shares during the period. Gamco Investors INC. ET AL boosted its holdings in shares of National Fuel Gas by 2.6% in the fourth quarter. Gamco Investors INC. ET AL now owns 1,445,601 shares of the oil and gas producer’s stock worth $115,735,000 after buying an additional 37,056 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in shares of National Fuel Gas by 3.7% in the first quarter. Dimensional Fund Advisors LP now owns 1,177,958 shares of the oil and gas producer’s stock worth $110,686,000 after acquiring an additional 42,108 shares in the last quarter. 73.96% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth NFG has been the topic of a number of recent analyst reports. Weiss Ratings lowered shares of National Fuel Gas from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, July 21st. Wall Street Zen lowered shares of National Fuel Gas from a “hold” rating to a “sell” rating in a research note on Saturday, August 29th. Finally, KeyCorp reiterated an “overweight” rating on shares of National Fuel Gas in a research report on Monday, August 31st. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $105.50.

View Our Latest Research Report on NFG National Fuel Gas Stock Down 0.2% NFG opened at $80.80 on Tuesday. National Fuel Gas Company has a fifty-two week low of $75.17 and a fifty-two week high of $97.06. The business has a 50-day moving average of $81.84 and a 200-day moving average of $84.17. The company has a debt-to-equity ratio of 0.91, a current ratio of 3.20 and a quick ratio of 3.07. The company has a market capitalization of $7.68 billion, a PE ratio of 11.22, a price-to-earnings-growth ratio of 1.80 and a beta of 0.37.

National Fuel Gas (NYSE:NFG – Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The oil and gas producer reported $1.54 EPS for the quarter, beating the consensus estimate of $1.44 by $0.10. The business had revenue of $537.50 million during the quarter, compared to analysts’ expectations of $564.33 million. National Fuel Gas had a return on equity of 19.04% and a net margin of 26.97%.The firm’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.64 EPS. Equities research analysts forecast that National Fuel Gas Company will post 7.49 EPS for the current fiscal year.

National Fuel Gas Profile (Free Report)

National Fuel Gas Company (NYSE:NFG) is a diversified energy company with operations spanning natural gas exploration and production, pipeline transportation and storage, and utility distribution. Through its subsidiaries, the company develops, produces, gathers, stores and transports natural gas, primarily serving markets in the northeastern United States.

National Fuel’s exploration and production business is operated through Seneca Resources Company, which focuses on developing natural gas reserves in the Appalachian region, including the Marcellus and Utica shale formations.

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WILLIAMSVILLE, N.Y., Sept. 10, 2026 (GLOBE NEWSWIRE) -- National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today released its 2025 Corporate Responsibility Report (“Report”), detailing the Company’s policies, practices and performance metrics in key corporate responsibility and sustainability areas. An electronic version of the report is available by clicking here.

“Throughout our nearly 125-year history, National Fuel has remained committed to responsibly and sustainably serving the communities where we live and work,” said David P. Bauer, President and Chief Executive Officer of National Fuel. “As the energy landscape evolves, National Fuel’s core values of safety, commitment, excellence and integrity will continue to guide our approach to responsible business practices and long-term value creation.”

2025 Report Highlights

Strong Corporate Values

Integration of Core Values supports our ability to deliver long-term sustainable value. Prioritizing Safety

Our combined businesses achieved their best-ever DART ratings. Continued Methane Intensity Target Progress

Advanced progress toward 2030 methane intensity reduction targets across all business segments, achieving reductions ranging from 16.4% to 84.1% from baseline levels. Maintained Responsible Natural Gas Certifications

Seneca Resources and National Fuel Gas Midstream maintained their responsibly sourced gas designations, which serve to differentiate our production and gathering operations and provide independent, credible verification of our corporate responsibility-related policies, procedures and practices. Helping Employees Flourish

Continued focus on employee safety and inclusivity, highlighting the importance of employee mentorship programs and resource groups. Commitment to Community Impact

Since 2005, the Company has proudly supported 1000+ organizations through nearly $31 million in donations. National Fuel’s 2025 Corporate Responsibility Report

The Company’s Corporate Responsibility Report incorporates multiple sustainability reporting standards, guidelines and frameworks, in alignment with the Sustainability Accounting Standards Board (“SASB”) and the Task Force on Climate-Related Financial Disclosures (“TCFD”). Against the backdrop of the numerous initiatives and commitments described in the Report, and the overall strength of National Fuel’s business, the Company’s future is bright. National Fuel’s integrated, diversified natural gas business provides the opportunity, across the value chain, to meet growing energy demand with reliable, sustainable and affordable energy supplies.

About National Fuel Gas Company

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.

Cautionary Note on Corporate Responsibility Data and Forward-Looking Statements

All information included in this Corporate Responsibility Report (“Report”) is being provided on a voluntary basis and, as such, the Company has customized certain sustainability standards and frameworks to our specific circumstances. The decision to include data for historical and future years is at the discretion of the Company and its subsidiaries, and the specific years used as a historical baseline were chosen as appropriate for each reporting segment. The data included in this Report does not constitute financial data calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). This Report also contains “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, projections, strategies, future events or performance, and underlying assumptions and other statements, other than statements of historical facts, as well as statements that are identified by the use of the words “anticipates,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “predicts,” “projects,” “believes,” “seeks,” “will,” “may” and similar expressions. This Report and the statements contained herein are submitted for the general information of Company stakeholders and are not intended to induce any sale or purchase of securities or to be used in connection therewith. While the Company’s expectations, beliefs and projections are expressed in good faith and are believed to have a reasonable basis, actual results may differ materially from those projected in forward-looking statements. Furthermore, each forward-looking statement speaks only as of the date on which it is made. 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: (1) the Company’s ability to estimate accurately the time and resources necessary to meet applicable testing standards, reporting frameworks and emissions targets, as well as the cost and availability of capital required for such projects; (2) evolving standards and frameworks, including those related to tracking and reporting GHG and methane emissions; (3) changes in the Company’s business, including acquisitions or other expansions of the Company’s property, plant and equipment; (4) disallowance by applicable regulatory bodies of appropriate rate recovery for system modernization; (5) the development and performance of new technology and products, services and programs, particularly those related to energy efficiency and emission reductions; (6) governmental initiatives or market pressures to reduce or eliminate reliance on natural gas, and the viability of energy-transition-related opportunities, including adaptation of the Company’s existing assets; and (7) the other risks and uncertainties described in (i) the Company’s most recent Annual Report on Form 10-K at Item 7, MD&A and Quarterly Reports on Form 10-Q at Part I, Item 2, MD&A, in each case under the heading “Safe Harbor for Forward-Looking Statements,” and (ii) the “Risk Factors” included in the Company’s most recent Annual Report on Form 10-K at Item 1A, as updated by the Company’s Quarterly Reports on Form 10-Q for subsequent quarters at Part II, Item 1A. Forward-looking and other statements in this Report regarding our plans and goals are not an indication that these statements are material to investors or are required to be disclosed in our filings with the Securities and Exchange Commission. The Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof. Because of these risks and uncertainties, readers should not place undue reliance on these forward-looking statements or use them for anything other than their intended purpose. This Report contains references to National Fuel’s website and other reporting documents. National Fuel is not incorporating this Report by reference into any other document and is not incorporating any other document posted on the website into this Report. Except where specified, this Report and the data presented have not been externally audited, assured, attested or verified. The Company makes no warranty, express or implied, regarding the accuracy, adequacy, completeness, legality, reliability or usefulness of this Report.

Analyst Contact: Ryan P. Vossler | 716-857-7158 
Media Contact: Karen L. Merkel | 716-857-7654

This press release was published by a CLEAR® Verified individual.

National Fuel Gas (NYSE: NFG - Get Free Report) and RGC Resources (NASDAQ: RGCO - Get Free Report) are both utilities companies, but which is the better investment? We will contrast the two companies based on the strength of their dividends, valuation, profitability, institutional ownership, risk, analyst recommendations and earnings. Dividends National Fuel Gas pays an annual

It has been about a month since the last earnings report for National Fuel Gas (NFG - Free Report) . Shares have added about 0.5% in that time frame, underperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is National Fuel Gas due for a pullback? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent catalysts for National Fuel Gas Company before we dive into how investors and analysts have reacted as of late.

National Fuel Gas Q3 Earnings Surpass Estimates, Revenues Increase Y/Y

National Fuel Gas Company reported third-quarter fiscal 2026 adjusted earnings of $1.54 per share, which beat the Zacks Consensus Estimate of $1.47 by 4.8%. However, earnings declined 6.1% from $1.64 in the year-ago quarter.

GAAP earnings for the reported quarter were $1.45 per share compared with $1.64 in the year-ago quarter.

NFG’s Total RevenuesNFG reported sales of $537.5 million, which missed the consensus estimate of $564 million by 4.7%. However, the top line increased 1.1% from the prior-year recorded figure of $531.8 million.

NFG's Revenue Mix Shows Uneven TrendsUtility: Revenues totaled $165.42 million, up 5.1% from $157.45 million in the year-ago quarter.

Integrated Upstream and Gathering: Revenues totaled $302.52 million, down 1.3% from $306.4 million in the year-ago quarter. Lower natural gas production more than offset the benefits of improved realized pricing, gathering revenues and other operating revenues.

Pipeline and Storage: Revenues amounted to $69.56 million, up 2.3% from $67.98 million recorded in the year-ago quarter, supported by higher transportation revenues from new long-term contracts.

NFG’s Higher Costs and Lower Production Weigh on ResultsTotal operating expenses increased 8.9% year over year to $328.6 million. Operation and maintenance expenses rose across all three operating segments, with the sharpest increase in the Integrated Upstream and Gathering.

Operating income totaled $208.9 million, down 9.3% from $230.3 million in the year-ago quarter.

Interest expense on long-term debt totaled $33.2 million, down 3.4% from $34.3 million in the year-ago period.

Seneca produced 104.3 billion cubic feet of natural gas during the reported quarter, down 7% from the prior-year period. Production from recently completed wells was insufficient to offset natural declines from existing wells.

NFG's Balance Sheet and Cash FlowAs of June 30, 2026, National Fuel Gas had cash and temporary cash investments of $1.24 billion compared with $43.2 million as of Sept. 30, 2025.

 Net cash provided by operating activities totaled $1.03 billion for the first nine months of fiscal 2026, up 20% year over year.

 For the first nine months of fiscal 2026, ended June 30 capital expenditures rose 21.9 % year over year to $764.5 million.

The company completed the financing needed for its $2.62-billion acquisition of CenterPoint Energy's Ohio natural gas utility and received final regulatory approval. The transaction remains on track to close Oct. 1, 2026.

National Fuel also increased its annual dividend rate by 4% to $2.22 per share. The company has now paid dividends for 124 consecutive years and raised its annual dividend for 56 straight years.

NFG Revises 2026 OutlookNational Fuel Gas lowered its fiscal 2026 adjusted earnings guidance to $7.40-$7.60 per share from $7.45-$7.75. The Zacks Consensus Estimate for fiscal 2026 is currently pegged at $7.66.

 Production guidance was cut to 420-430 Bcf from 425-440 Bcf. The company cited ongoing appraisal work and greater-than-expected well interactions associated with more intensive completion design testing.

Consolidated capital expenditure guidance was raised to $1-$1.08 billion from $955 million to $1.07 billion.

 Pipeline and Storage spending is now projected at $235-$265 million, while Integrated Upstream and Gathering expenditures are expected between $580 million and $605 million, excluding discretionary land purchases.

How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a flat trend in fresh estimates.

VGM ScoresAt this time, National Fuel Gas has a subpar Growth Score of D, though it is lagging a bit on the Momentum Score front with an F. However, the stock was allocated a grade of B on the value side, putting it in the second quintile for value investors.

Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook National Fuel Gas has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Danske Bank A S purchased a new stake in National Fuel Gas Company (NYSE:NFG – Free Report) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 7,483 shares of the oil and gas producer’s stock, valued at approximately $578,000.

Several other large investors have also recently added to or reduced their stakes in the company. Oppenheimer Asset Management Inc. bought a new stake in shares of National Fuel Gas during the second quarter worth $7,983,000. Oppenheimer & Co. Inc. increased its stake in shares of National Fuel Gas by 84.6% in the fourth quarter. Oppenheimer & Co. Inc. now owns 61,728 shares of the oil and gas producer’s stock valued at $4,942,000 after buying an additional 28,293 shares in the last quarter. Vaughan Nelson Investment Management L.P. bought a new position in shares of National Fuel Gas in the first quarter valued at about $63,863,000. Principal Financial Group Inc. raised its holdings in shares of National Fuel Gas by 9.1% in the first quarter. Principal Financial Group Inc. now owns 212,091 shares of the oil and gas producer’s stock valued at $19,928,000 after buying an additional 17,713 shares during the last quarter. Finally, Summit Global Investments acquired a new position in National Fuel Gas during the 2nd quarter worth about $1,101,000. 73.96% of the stock is owned by institutional investors.

Analyst Ratings Changes A number of equities research analysts have commented on NFG shares. Wall Street Zen raised shares of National Fuel Gas from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. Weiss Ratings downgraded shares of National Fuel Gas from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, July 21st. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $105.50.

Get Our Latest Analysis on National Fuel Gas National Fuel Gas Stock Down 1.8% NYSE:NFG opened at $82.47 on Friday. The company has a market cap of $7.84 billion, a price-to-earnings ratio of 11.45, a P/E/G ratio of 1.83 and a beta of 0.37. The company has a debt-to-equity ratio of 0.91, a quick ratio of 3.07 and a current ratio of 3.20. The stock’s fifty day moving average price is $80.05 and its two-hundred day moving average price is $84.54. National Fuel Gas Company has a 52-week low of $75.17 and a 52-week high of $97.06.

National Fuel Gas (NYSE:NFG – Get Free Report) last released its earnings results on Thursday, July 30th. The oil and gas producer reported $1.54 EPS for the quarter, beating the consensus estimate of $1.44 by $0.10. The company had revenue of $537.50 million during the quarter, compared to analysts’ expectations of $564.33 million. National Fuel Gas had a return on equity of 19.04% and a net margin of 26.97%.The business’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same period last year, the firm earned $1.64 EPS. On average, analysts anticipate that National Fuel Gas Company will post 7.5 EPS for the current year.

National Fuel Gas Increases Dividend The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were issued a $0.555 dividend. This is a positive change from National Fuel Gas’s previous quarterly dividend of $0.54. This represents a $2.22 annualized dividend and a yield of 2.7%. The ex-dividend date was Tuesday, June 30th. National Fuel Gas’s dividend payout ratio (DPR) is 30.83%.

National Fuel Gas Profile (Free Report)

National Fuel Gas Company (NYSE: NFG) is a diversified energy company engaged primarily in the production, gathering, transmission, distribution and marketing of natural gas. The company operates through four principal segments: Exploration & Production, Pipeline & Storage, Utilities, and Energy Marketing. Its integrated asset base spans upstream development in the Appalachian Basin, regional pipeline networks, underground storage facilities, and regulated utility distribution systems.

In its Exploration & Production segment, National Fuel Gas focuses on developing natural gas reserves in the Marcellus and Utica shales, leveraging modern drilling and completion techniques.

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Posted by Defense World Staff on Aug 4th, 2026

California State Teachers Retirement System boosted its stake in shares of National Fuel Gas Company (NYSE:NFG – Free Report) by 29.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 106,184 shares of the oil and gas producer’s stock after purchasing an additional 24,321 shares during the quarter. California State Teachers Retirement System owned about 0.11% of National Fuel Gas worth $9,977,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in the stock. SJS Investment Consulting Inc. boosted its holdings in shares of National Fuel Gas by 458.0% in the 1st quarter. SJS Investment Consulting Inc. now owns 279 shares of the oil and gas producer’s stock valued at $26,000 after buying an additional 229 shares in the last quarter. Fairscale Capital LLC bought a new position in shares of National Fuel Gas during the 4th quarter worth approximately $29,000. HM Payson & Co. bought a new position in shares of National Fuel Gas during the 4th quarter worth approximately $29,000. Cassaday & Co Wealth Management LLC purchased a new stake in National Fuel Gas during the first quarter valued at approximately $38,000. Finally, SHP Wealth Management purchased a new stake in National Fuel Gas during the fourth quarter valued at approximately $44,000. Institutional investors own 73.96% of the company’s stock.

National Fuel Gas Price Performance NYSE NFG opened at $82.80 on Tuesday. The company has a debt-to-equity ratio of 0.91, a current ratio of 3.20 and a quick ratio of 3.07. The stock’s fifty day moving average price is $78.81 and its 200 day moving average price is $84.58. National Fuel Gas Company has a 1 year low of $75.17 and a 1 year high of $97.06. The company has a market cap of $7.87 billion, a price-to-earnings ratio of 11.50, a PEG ratio of 1.83 and a beta of 0.37.

National Fuel Gas (NYSE:NFG – Get Free Report) last issued its earnings results on Wednesday, July 29th. The oil and gas producer reported $1.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.44 by $0.10. The company had revenue of $537.50 million during the quarter, compared to analyst estimates of $564.33 million. National Fuel Gas had a return on equity of 19.04% and a net margin of 26.97%.The firm’s quarterly revenue was up 1.1% on a year-over-year basis. During the same quarter last year, the business posted $1.64 EPS. National Fuel Gas has set its FY 2026 guidance at 7.400-7.600 EPS. As a group, equities research analysts forecast that National Fuel Gas Company will post 7.5 earnings per share for the current year.

National Fuel Gas Increases Dividend The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were issued a dividend of $0.555 per share. This represents a $2.22 dividend on an annualized basis and a dividend yield of 2.7%. This is a positive change from National Fuel Gas’s previous quarterly dividend of $0.54. The ex-dividend date of this dividend was Tuesday, June 30th. National Fuel Gas’s dividend payout ratio is presently 30.83%.

Analysts Set New Price Targets Several brokerages have weighed in on NFG. Wall Street Zen downgraded shares of National Fuel Gas from a “hold” rating to a “sell” rating in a research note on Saturday. Weiss Ratings downgraded National Fuel Gas from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, July 21st. Finally, KeyCorp began coverage on National Fuel Gas in a report on Tuesday, April 7th. They set an “overweight” rating and a $110.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $105.50.

Check Out Our Latest Stock Analysis on NFG

About National Fuel Gas (Free Report)

National Fuel Gas Company (NYSE: NFG) is a diversified energy company engaged primarily in the production, gathering, transmission, distribution and marketing of natural gas. The company operates through four principal segments: Exploration & Production, Pipeline & Storage, Utilities, and Energy Marketing. Its integrated asset base spans upstream development in the Appalachian Basin, regional pipeline networks, underground storage facilities, and regulated utility distribution systems.

In its Exploration & Production segment, National Fuel Gas focuses on developing natural gas reserves in the Marcellus and Utica shales, leveraging modern drilling and completion techniques.

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Key Takeaways NFG's fiscal Q3 adjusted EPS beat estimates by 4.8%, while revenues rose 1.1% year over year.Lower gas production and higher operating expenses drove operating income down 9.3% year over year.NFG cut fiscal 2026 EPS and production guidance while raising its capital spending outlook. National Fuel Gas Company (NFG - Free Report) reported third-quarter fiscal 2026 adjusted earnings of $1.54 per share, which beat the Zacks Consensus Estimate of $1.47 by 4.8%. However, earnings declined 6.1% from $1.64 in the year-ago quarter.

GAAP earnings for the reported quarter were $1.45 per share compared with $1.64 in the year-ago quarter.

NFG’s Total RevenuesNFG reported sales of $537.5 million, which missed the consensus estimate of $564 million by 4.7%. However, the top line increased 1.1% from the prior-year recorded figure of $531.8 million.

National Fuel Gas Company Price, Consensus and EPS SurpriseNFG's Revenue Mix Shows Uneven TrendsUtility: Revenues totaled $165.42 million, up 5.1% from $157.45 million in the year-ago quarter.

Integrated Upstream and Gathering: Revenues totaled $302.52 million, down 1.3% from $306.4 million in the year-ago quarter. Lower natural gas production more than offset the benefits of improved realized pricing, gathering revenues and other operating revenues.

Pipeline and Storage: Revenues amounted to $69.56 million, up 2.3% from $67.98 million recorded in the year-ago quarter, supported by higher transportation revenues from new long-term contracts.

NFG’s Higher Costs and Lower Production Weigh on ResultsTotal operating expenses increased 8.9% year over year to $328.6 million. Operation and maintenance expenses rose across all three operating segments, with the sharpest increase in the Integrated Upstream and Gathering.

Operating income totaled $208.9 million, down 9.3% from $230.3 million in the year-ago quarter.

Interest expense on long-term debt totaled $33.2 million, down 3.4% from $34.3 million in the year-ago period.

Seneca produced 104.3 billion cubic feet of natural gas during the reported quarter, down 7% from the prior-year period. Production from recently completed wells was insufficient to offset natural declines from existing wells.

NFG's Balance Sheet and Cash FlowAs of June 30, 2026, National Fuel Gas had cash and temporary cash investments of $1.24 billion compared with $43.2 million as of Sept. 30, 2025.

Net cash provided by operating activities totaled $1.03 billion for the first nine months of fiscal 2026, up 20% year over year.

For the first nine months of fiscal 2026, ended June 30 capital expenditures rose 21.9 % year over year to $764.5 million.

The company completed the financing needed for its $2.62-billion acquisition of CenterPoint Energy's Ohio natural gas utility and received final regulatory approval. The transaction remains on track to close Oct. 1, 2026.

National Fuel also increased its annual dividend rate by 4% to $2.22 per share. The company has now paid dividends for 124 consecutive years and raised its annual dividend for 56 straight years.

NFG Revises 2026 OutlookNational Fuel Gas lowered its fiscal 2026 adjusted earnings guidance to $7.40-$7.60 per share from $7.45-$7.75. The Zacks Consensus Estimate for fiscal 2026 is currently pegged at $7.66. 

Production guidance was cut to 420-430 Bcf from 425-440 Bcf. The company cited ongoing appraisal work and greater-than-expected well interactions associated with more intensive completion design testing.

Consolidated capital expenditure guidance was raised to $1-$1.08 billion from $955 million to $1.07 billion.

Pipeline and Storage spending is now projected at $235-$265 million, while Integrated Upstream and Gathering expenditures are expected between $580 million and $605 million, excluding discretionary land purchases.

NFG’s Zacks RankNational Fuel Gas currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Upcoming ReleasesONE Gas, Inc. (OGS - Free Report) is slated to report second-quarter 2026 results on Aug. 4, after market close. The Zacks Consensus Estimate for earnings is pegged at 65 cents per share, which suggests a year-over-year increase of 22.64%

OGS’ long-term (three to five years) earnings growth rate is 6.23%. The Zacks Consensus Estimate for second-quarter sales is pinned at $440.21 million, which suggests a year-over-year increase of 3.89%.

Atmos Energy Corporation (ATO - Free Report) is slated to report third-quarter fiscal 2026 results on Aug. 5, after market close. The Zacks Consensus Estimate for earnings is pegged at $1.34 per share, which suggests a year-over-year increase of 15.52%

ATO’s long-term earnings growth rate is 6.82%. The Zacks Consensus Estimate for third-quarter fiscal sales is pinned at $1.04 billion, which suggests a year-over-year improvement of 23.73%.

Occidental Petroleum (OXY - Free Report) is slated to report second-quarter 2026 results on Aug. 5, after market close. The Zacks Consensus Estimate for earnings is pegged at $1.96 per share, which suggests a year-over-year increase of 402.56%

OXY’s long-term earnings growth rate is 12.73%. The Zacks Consensus Estimate for second-quarter sales is pinned at $7.18 billion, which suggests a year-over-year increase of 11.16%.

National Fuel Gas (NFG - Free Report) came out with quarterly earnings of $1.54 per share, beating the Zacks Consensus Estimate of $1.47 per share. This compares to earnings of $1.64 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +4.76%. A quarter ago, it was expected that this energy company would post earnings of $2.85 per share when it actually produced earnings of $2.71, delivering a surprise of -4.91%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

National Fuel Gas, which belongs to the Zacks Oil and Gas - Integrated - United States industry, posted revenues of $537.5 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 4.77%. This compares to year-ago revenues of $531.83 million. The company has topped consensus revenue estimates two times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

National Fuel Gas shares have added about 1.7% since the beginning of the year versus the S&P 500's gain of 8.5%.

What's Next for National Fuel Gas?While National Fuel Gas has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for National Fuel Gas was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.26 on $542.42 million in revenues for the coming quarter and $7.66 on $2.59 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Oil and Gas - Integrated - United States is currently in the bottom 25% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, LandBridge Company LLC (LB - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on August 5.

This company is expected to post quarterly earnings of $0.37 per share in its upcoming report, which represents a year-over-year change of +54.2%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

LandBridge Company LLC's revenues are expected to be $61.35 million, up 29.1% from the year-ago quarter.

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  

Posted by Defense World Staff on Jul 29th, 2026

Dimensional Fund Advisors LP raised its stake in shares of National Fuel Gas Company (NYSE:NFG – Free Report) by 3.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 1,177,958 shares of the oil and gas producer’s stock after purchasing an additional 42,108 shares during the quarter. Dimensional Fund Advisors LP owned 1.24% of National Fuel Gas worth $110,686,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. SJS Investment Consulting Inc. grew its position in National Fuel Gas by 458.0% during the first quarter. SJS Investment Consulting Inc. now owns 279 shares of the oil and gas producer’s stock worth $26,000 after buying an additional 229 shares in the last quarter. Fairscale Capital LLC bought a new stake in shares of National Fuel Gas in the 4th quarter worth approximately $29,000. HM Payson & Co. acquired a new stake in shares of National Fuel Gas during the 4th quarter worth approximately $29,000. Bogart Wealth LLC grew its holdings in shares of National Fuel Gas by 170.2% during the 1st quarter. Bogart Wealth LLC now owns 516 shares of the oil and gas producer’s stock worth $49,000 after purchasing an additional 325 shares in the last quarter. Finally, Eastern Bank acquired a new stake in shares of National Fuel Gas during the 4th quarter worth approximately $42,000. Institutional investors and hedge funds own 73.96% of the company’s stock.

National Fuel Gas Stock Performance NYSE:NFG opened at $81.46 on Wednesday. National Fuel Gas Company has a 12-month low of $75.17 and a 12-month high of $97.06. The company has a quick ratio of 0.55, a current ratio of 0.62 and a debt-to-equity ratio of 0.55. The firm has a market capitalization of $7.74 billion, a PE ratio of 11.02, a price-to-earnings-growth ratio of 1.76 and a beta of 0.37. The firm has a 50-day moving average price of $78.74 and a 200 day moving average price of $84.48.

National Fuel Gas (NYSE:NFG – Get Free Report) last released its quarterly earnings data on Thursday, April 30th. The oil and gas producer reported $2.71 earnings per share for the quarter, missing analysts’ consensus estimates of $2.85 by ($0.14). National Fuel Gas had a net margin of 27.48% and a return on equity of 20.62%. The company had revenue of $858.37 million for the quarter, compared to analyst estimates of $856.57 million. During the same period in the previous year, the firm posted $2.39 earnings per share. The firm’s revenue for the quarter was up 17.6% compared to the same quarter last year. Research analysts anticipate that National Fuel Gas Company will post 7.66 earnings per share for the current fiscal year.

National Fuel Gas Increases Dividend The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were given a dividend of $0.555 per share. This is a boost from National Fuel Gas’s previous quarterly dividend of $0.54. The ex-dividend date was Tuesday, June 30th. This represents a $2.22 annualized dividend and a dividend yield of 2.7%. National Fuel Gas’s dividend payout ratio is 30.04%.

Wall Street Analyst Weigh In A number of research analysts recently commented on the company. KeyCorp initiated coverage on National Fuel Gas in a research note on Tuesday, April 7th. They issued an “overweight” rating and a $110.00 target price for the company. Weiss Ratings downgraded shares of National Fuel Gas from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $105.50.

Get Our Latest Stock Analysis on National Fuel Gas

National Fuel Gas Company Profile (Free Report)

National Fuel Gas Company (NYSE: NFG) is a diversified energy company engaged primarily in the production, gathering, transmission, distribution and marketing of natural gas. The company operates through four principal segments: Exploration & Production, Pipeline & Storage, Utilities, and Energy Marketing. Its integrated asset base spans upstream development in the Appalachian Basin, regional pipeline networks, underground storage facilities, and regulated utility distribution systems.

In its Exploration & Production segment, National Fuel Gas focuses on developing natural gas reserves in the Marcellus and Utica shales, leveraging modern drilling and completion techniques.

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Posted by Defense World Staff on Jul 23rd, 2026

California Public Employees Retirement System increased its stake in National Fuel Gas Company (NYSE:NFG – Free Report) by 3.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 224,408 shares of the oil and gas producer’s stock after acquiring an additional 7,025 shares during the period. California Public Employees Retirement System owned approximately 0.24% of National Fuel Gas worth $21,085,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in NFG. SJS Investment Consulting Inc. lifted its position in National Fuel Gas by 458.0% in the first quarter. SJS Investment Consulting Inc. now owns 279 shares of the oil and gas producer’s stock worth $26,000 after purchasing an additional 229 shares during the period. Fairscale Capital LLC acquired a new position in shares of National Fuel Gas during the 4th quarter valued at $29,000. HM Payson & Co. acquired a new position in shares of National Fuel Gas during the 4th quarter valued at $29,000. Eastern Bank acquired a new position in shares of National Fuel Gas during the 4th quarter valued at $42,000. Finally, SHP Wealth Management bought a new stake in shares of National Fuel Gas in the 4th quarter worth $44,000. Institutional investors and hedge funds own 73.96% of the company’s stock.

National Fuel Gas Price Performance Shares of NYSE:NFG opened at $82.93 on Thursday. National Fuel Gas Company has a one year low of $75.17 and a one year high of $97.06. The stock has a fifty day moving average of $78.82 and a 200-day moving average of $84.45. The company has a market capitalization of $7.88 billion, a PE ratio of 11.22, a price-to-earnings-growth ratio of 1.76 and a beta of 0.37. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.55 and a current ratio of 0.62.

National Fuel Gas (NYSE:NFG – Get Free Report) last issued its earnings results on Thursday, April 30th. The oil and gas producer reported $2.71 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.85 by ($0.14). The company had revenue of $858.37 million during the quarter, compared to analyst estimates of $856.57 million. National Fuel Gas had a return on equity of 20.62% and a net margin of 27.48%.The business’s revenue was up 17.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.39 earnings per share. As a group, equities analysts anticipate that National Fuel Gas Company will post 7.66 EPS for the current fiscal year.

National Fuel Gas Increases Dividend The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid a $0.555 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $2.22 dividend on an annualized basis and a yield of 2.7%. This is an increase from National Fuel Gas’s previous quarterly dividend of $0.54. National Fuel Gas’s dividend payout ratio (DPR) is 30.04%.

Analyst Upgrades and Downgrades NFG has been the subject of several research reports. Weiss Ratings cut National Fuel Gas from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday. KeyCorp initiated coverage on National Fuel Gas in a report on Tuesday, April 7th. They set an “overweight” rating and a $110.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $105.50.

View Our Latest Report on NFG

About National Fuel Gas (Free Report)

National Fuel Gas Company (NYSE: NFG) is a diversified energy company engaged primarily in the production, gathering, transmission, distribution and marketing of natural gas. The company operates through four principal segments: Exploration & Production, Pipeline & Storage, Utilities, and Energy Marketing. Its integrated asset base spans upstream development in the Appalachian Basin, regional pipeline networks, underground storage facilities, and regulated utility distribution systems.

In its Exploration & Production segment, National Fuel Gas focuses on developing natural gas reserves in the Marcellus and Utica shales, leveraging modern drilling and completion techniques.

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23.7 g/t Au over 15.88 m from Lotto Channels
43.5 g/t Au over 4.75 m from Lotto Underground Infill Drilling

Vancouver, British Columbia--(Newsfile Corp. - July 21, 2026) - New Found Gold Corp. (TSXV: NFG) (NYSE American: NFGC) ("New Found Gold" or the "Company") is pleased to announce channel sample and infill drill results of Phase 2 open pit and underground inferred mineral resource blocks from the Lotto Zone ("Lotto" or the "Zone") on its 100%-owned Queensway Gold Project ("Queensway" or the "Project") in Newfoundland and Labrador ("NL"), Canada.

Lotto channel sample highlights include:

23.7 g/t Au over 15.88 m from 11.62 m (LT-25-01-27)3.38 g/t Au over 9.07 m from 15.80 m (LT-25-01-28)2.17 g/t Au over 16.36 m from 8.26 m (LT-25-01-30)3.22 g/t Au over 12.83 m from 4.58 m (LT-25-01-31)Lotto underground infill drilling highlights include:

43.5 g/t Au over 4.75 m from 298.45 m (NFGC-25-2661)22.3 g/t Au over 3.60 m from 282.10 m (NFGC-25-2680)"I am pleased to report that both channel sampling and drilling at Lotto have returned high grades over good widths, consistent with the MRE block model," stated Melissa Render, President of New Found Gold. "Queensway is an orogenic, structurally controlled gold system that comes to within a few metres of surface, allowing us to systematically derisk the Project through both drilling and the excavation of key zones. The excavations expose high-grade gold mineralization at surface which can then be mapped and channel sampled. We began our excavation program at the Keats and Iceberg zones, and more recently extended it to Lotto, as a cost-effective method of continuing to refine and derisk our mine plan and geological model as we advance towards near-term production at Queensway."

Work Summary and Results

Lotto is located in the AFZ Core area ("AFZC"), approximately 1.6 kilometres ("km") north of the Keats and Iceberg zones (Figure 1). In 2025, the shallow overburden over Lotto was excavated to expose the mineralized bedrock over a 210 by 70 metre ("m") area for geological mapping and channel sampling. This press release reports results from both the channel sampling of the Lotto excavation and infill drilling of Phase 2 open pit and underground inferred mineral resource blocks to support mine planning completed in 2025, as outlined in the 2025 Preliminary Economic Assessment ("PEA") in relation to the Phase 2 and Phase 3 development (see the New Found Gold press release dated July 21, 2025).

Results are reported for 729 m of channel samples ("Channels") collected from 57 lines spaced at 7.5 m intervals and completed in H2/25 at the Lotto excavation. Results from seven diamond drill holes ("DDH"), totalling 1,928 m, are also presented herein. Drill highlights, along with full channel and DDH details for the results included in this press release, are provided in Tables 1 to 3.

Figure 1: Plan view map of Queensway North with location of Lotto in the AFZC.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7337/306002_f1b98386d4757a1c_001full.jpg

Channels

The excavation at Lotto met its objective in successfully exposing a network of gold-bearing quartz veins over a strike length of 210 m directly below 2.5 to 9 m of overburden, allowing for detailed geological and structural mapping to inform the geological and resource models to increase confidence in resource areas that form a portion of the Phase 1 mine plan outlined in the Queensway PEA.

Sampling at 7.5 m spacing across the bedrock surface has provided valuable detailed information to inform the geological model on the gold grade variability across the top of the Zone, with the data expected to be incorporated into future mineral resource estimates ('MRE') for Queensway.

The results of the Channels and mapping validated the overarching modeling of the mineralized trends and key veins, while providing an additional level of data to inform the established geological and resource model. Secondary veins not well represented by the drilling were exposed in the excavation and may provide opportunities for further testing and expansion. Overall, the results of the Channels and mapping are not expected to significantly impact the future MRE and demonstrated the local variability characteristic of a coarse, free-gold quartz vein system.

DDH

Lotto infill drilling from 2025 was completed as part of a broader geotechnical program targeting the Phase 2 open pit and Phase 3 underground as defined in the PEA, while also serving as infill to support the conversion of open pit and underground areas of the block model from the inferred to the indicated category. Additional infill drilling is required to complete the conversion program at Lotto and is planned for H2/26.

Results from the DDH reported in this release conform well with the initial MRE block model, with expected localized variability. These results will be incorporated into the next MRE update.

Figure 2: Plan view map of Lotto with Channel highlights.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7337/306002_f1b98386d4757a1c_002full.jpg

Table 1: Drill and Channel Result Highlights.

LOTTO 

Hole No.From (m)To (m)Interval (m)Au (g/t)True Width (%)ZoneNFGC-25-2661298.45303.204.7543.5250-80Lotto MainIncluding299.20301.202.0097.4450-80NFGC-25-2680282.10285.703.6022.2970-95Lotto MainIncluding282.45283.150.7013.7670-95Including283.90284.901.0068.9570-95

LOTTO EXCAVATION

Hole No.From (m)To (m)Interval (m)Au (g/t)True Width (%)ZoneLT-25-01-2711.6227.5015.8823.6685-100 Lotto ExcavationIncluding21.7823.892.11164.6985-100 LT-25-01-2815.8024.879.073.3885-100 Lotto ExcavationIncluding16.5716.980.4132.3385-100 LT-25-01-308.2624.6216.362.1785-100 Lotto ExcavationIncluding14.6315.460.8316.5385-100 LT-25-01-314.5817.4112.833.2280-100 Lotto ExcavationIncluding4.586.121.5417.0980-100 Including16.8417.410.5710.3385-100 Note that the host structures are interpreted to be moderately to steeply dipping. Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core and channel which could result in additional uncertainty in true width. Composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core or channel length of 2 m with a maximum of 4 m consecutive dilution when above 200 m vertical depth and 2 m consecutive dilution when below 200 m vertical depth. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as drill or channel length thickness. Details of all drill holes and channels reported in this release are included in Table 2 and Table 3 below.

Figure 3: Inclined view of Lotto (looking north) with DDH highlights.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7337/306002_f1b98386d4757a1c_003full.jpg

Figure 4: Exposed gold-bearing veins in the Lotto Excavation.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7337/306002_figurefour.jpg

Looking Ahead

The 2025 Queensway drill program included 74,377 m of drilling in 614 diamond DDH, with approximately 75% of the drilling focused on the AFZ Core area to support advancement of the Phase 1 mine plan, as outlined in the Company's PEA, and 25% focused on exploration targets such as Dropkick. To date, approximately 6% of the results from 2025 drilling remain outstanding. These results will be reported once available.

On June 2, 2026 the Company announced an expanded 2026 Queensway work program which includes 90,000 m of drilling with a focus on discovery and resource growth (see the New Found Gold press release dated June 2, 2026). To date approximately 40,100 m have been completed in 284 DDH.

The Company plans to file an updated Technical Report for Queensway later in H2/26 which will include an updated MRE.

Table 2: Summary of composite drill hole and channel results reported in this news release.

LOTTO

Hole/Channel No.From (m)To (m)Interval (m)Au (g/t)True Width (%)ZoneNFGC-25-2631155.00157.152.151.2210-40Lotto MainAnd174.75177.052.303.5870-95Including176.20176.550.3518.2970-95NFGC-25-2639No Significant ValuesLotto MainNFGC-25-2646134.00139.555.553.17UnknownLotto MainNFGC-25-2652300.00302.002.001.0370-95Lotto MainAnd307.30311.053.751.8170-95NFGC-25-2661298.45303.204.7543.5250-80Lotto MainIncluding299.20301.202.0097.4450-80NFGC-25-2672No Significant ValuesLotto MainNFGC-25-2680282.10285.703.6022.2970-95Lotto MainIncluding282.45283.150.7013.7670-95Including283.90284.901.0068.9570-95

LOTTO EXCAVATION

Hole No.From (m)To (m)Interval (m)Au (g/t)True Width (%)ZoneLT-25-01-01No Significant ValuesLotto ExcavationLT-25-01-02No Significant ValuesLotto ExcavationLT-25-01-03No Significant ValuesLotto ExcavationLT-25-01-04No Significant ValuesLotto ExcavationLT-25-01-05No Significant ValuesLotto ExcavationLT-25-01-06No Significant ValuesLotto ExcavationLT-25-01-07No Significant ValuesLotto ExcavationLT-25-01-08No Significant ValuesLotto ExcavationLT-25-01-09No Significant ValuesLotto ExcavationLT-25-01-10No Significant ValuesLotto ExcavationLT-25-01-11No Significant ValuesLotto ExcavationLT-25-01-12No Significant ValuesLotto ExcavationLT-25-01-13No Significant ValuesLotto ExcavationLT-25-01-14No Significant ValuesLotto ExcavationLT-25-01-15No Significant ValuesLotto ExcavationLT-25-01-168.7612.794.031.2175-95Lotto ExcavationLT-25-01-17No Significant ValuesLotto ExcavationLT-25-01-18No Significant ValuesLotto ExcavationLT-25-01-19No Significant ValuesLotto ExcavationLT-25-01-20No Significant ValuesLotto ExcavationLT-25-01-21No Significant ValuesLotto ExcavationLT-25-01-22No Significant ValuesLotto ExcavationLT-25-01-23No Significant ValuesLotto ExcavationLT-25-01-2432.3834.752.371.6165-85 Lotto ExcavationLT-25-01-2516.9522.545.592.1855-75 Lotto ExcavationLT-25-01-2625.8130.774.961.7465-85Lotto ExcavationLT-25-01-2711.6227.5015.8823.6685-100Lotto ExcavationIncluding21.7823.892.11164.6985-100 LT-25-01-2815.8024.879.073.3885-100 Lotto ExcavationIncluding16.5716.980.4132.3385-100 LT-25-01-298.0112.804.792.3770-90 Lotto ExcavationIncluding10.8111.200.3912.5870-90LT-25-01-302.004.382.382.0465-85 Lotto ExcavationAnd8.2624.6216.362.1785-100 Including14.6315.460.8316.5385-100 LT-25-01-314.5817.4112.833.2280-100 Lotto ExcavationIncluding4.586.121.5417.0980-100 Including16.8417.410.5710.3385-100 LT-25-01-3216.1018.312.211.0185-100Lotto ExcavationLT-25-01-33No Significant ValuesLotto ExcavationLT-25-01-341.634.202.571.7580-100 Lotto ExcavationAnd7.6010.012.411.5380-100 LT-25-01-353.877.223.353.1775-95 Lotto ExcavationLT-25-01-38No Significant ValuesLotto ExcavationLT-25-01-394.857.642.791.1785-100Lotto ExcavationLT-25-01-40No Significant ValuesLotto ExcavationLT-25-01-41No Significant ValuesLotto ExcavationLT-25-01-421.093.442.357.98 80-100Lotto ExcavationIncluding2.292.890.6030.06 80-100LT-25-01-432.238.546.312.8485-100Lotto ExcavationLT-25-01-441.454.052.601.2685-100Lotto ExcavationAnd9.8312.142.311.5685-100LT-25-01-450.742.972.231.0885-100Lotto ExcavationLT-25-01-46No Significant ValuesLotto ExcavationLT-25-01-47No Significant ValuesLotto ExcavationLT-25-01-48No Significant ValuesLotto ExcavationLT-25-01-49No Significant ValuesLotto ExcavationLT-25-01-50No Significant ValuesLotto ExcavationLT-25-01-51No Significant ValuesLotto ExcavationLT-25-01-52No Significant ValuesLotto ExcavationLT-25-01-53No Significant ValuesLotto ExcavationLT-25-01-54No Significant ValuesLotto ExcavationLT-25-01-55No Significant ValuesLotto ExcavationLT-25-01-56No Significant ValuesLotto ExcavationLT-25-01-570.003.183.181.9880-100Lotto ExcavationNote that the host structures are interpreted to be moderately to steeply dipping. Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core and channel which could result in additional uncertainty in true width. Composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core or channel length of 2 m with a maximum of 4 m consecutive dilution when above 200 m vertical depth and 2 m consecutive dilution when below 200 m vertical depth. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as drill or channel length thickness.

Table 3: Details of drill holes reported in this news release.

Hole /Channel No.Length (m)Azimuth (°)Dip (°)UTM EUTM NProspectLT-25-01-012.76 5236588855429104Lotto ExcavationLT-25-01-025.93 5016589035429120Lotto ExcavationLT-25-01-032.46 5006588905429099Lotto ExcavationLT-25-01-044.32 51-16589075429113Lotto ExcavationLT-25-01-052.49 50-36588945429092Lotto ExcavationLT-25-01-064.80 51-236589115429106Lotto ExcavationLT-25-01-076.86 5006588995429087Lotto ExcavationLT-25-01-087.38 51-136589155429100Lotto ExcavationLT-25-01-092.62 49-46589045429081Lotto ExcavationLT-25-01-105.53 51176589085429085Lotto ExcavationLT-25-01-116.48 50-46589185429093Lotto ExcavationLT-25-01-129.35 50-106589055429072Lotto ExcavationLT-25-01-134.95 50-46589165429082Lotto ExcavationLT-25-01-145.04 5046589235429087Lotto ExcavationLT-25-01-1518.62 50 16589155429071Lotto ExcavationLT-25-01-1615.90 50-56589215429066Lotto ExcavationLT-25-01-177.84 120-156588725429041Lotto ExcavationLT-25-01-185.95 120-176588835429043Lotto ExcavationLT-25-01-196.42 120-106588925429046Lotto ExcavationLT-25-01-2011.56 12096588725428980Lotto ExcavationLT-25-01-2120.31 12096588735428988Lotto ExcavationLT-25-01-2227.30 12066588735428997Lotto ExcavationLT-25-01-2330.92 12056588775429003Lotto ExcavationLT-25-01-2440.93 12086588835429008Lotto ExcavationLT-25-01-2541.40 12076588875429015Lotto ExcavationLT-25-01-2641.82 12066588915429021Lotto ExcavationLT-25-01-2742.29 12066588955429027Lotto ExcavationLT-25-01-2846.20 12046588975429035Lotto ExcavationLT-25-01-2949.44 12026589015429041Lotto ExcavationLT-25-01-3055.59 12006589015429050Lotto ExcavationLT-25-01-3141.83 120-36589075429055Lotto ExcavationLT-25-01-3220.89 120-146589055429065Lotto ExcavationLT-25-01-338.73 120196589315429050Lotto ExcavationLT-25-01-3418.03 120-106589225429064Lotto ExcavationLT-25-01-358.15 120-176589265429070Lotto ExcavationLT-25-01-362.5612196588865428955Lotto ExcavationLT-25-01-372.90122-56588925428960Lotto ExcavationLT-25-01-383.85 119166588975428966Lotto ExcavationLT-25-01-398.21 12036589015428972Lotto ExcavationLT-25-01-403.73 120106589065428978Lotto ExcavationLT-25-01-414.69 120136589095428984Lotto ExcavationLT-25-01-425.80 50-66589035428964Lotto ExcavationLT-25-01-4311.77 4916589085428958Lotto ExcavationLT-25-01-4414.20 50106589135428953Lotto ExcavationLT-25-01-452.97 4916589165428946Lotto ExcavationLT-25-01-462.42 51136589245428952Lotto ExcavationLT-25-01-473.40 4916589285428956Lotto ExcavationLT-25-01-484.30 49146589195428938Lotto ExcavationLT-25-01-494.16 50-36589285428946Lotto ExcavationLT-25-01-505.15 5016589355428952Lotto ExcavationLT-25-01-510.90 51-216589225428931Lotto ExcavationLT-25-01-523.79 50-196589345428941Lotto ExcavationLT-25-01-535.25 5036589425428950Lotto ExcavationLT-25-01-540.75 46-96589285428926Lotto ExcavationLT-25-01-552.13 4826589405428936Lotto ExcavationLT-25-01-560.75 4986589335428920Lotto ExcavationLT-25-01-573.78 5036589075428961Lotto ExcavationNFGC-25-2631209330-456588685428935LottoNFGC-25-2639131290-506588615429093LottoNFGC-25-2646245290-486589715429086LottoNFGC-25-2652341262-46.56591285429075LottoNFGC-25-2661323260-436591285429076LottoNFGC-25-2672356256-51.56591275429018LottoNFGC-25-2680323260-44.56591245429018LottoSampling, Sub-sampling, and Laboratory

All drilling recovers HQ core. For deep and condemnation holes, the core size may be reduced to NQ. The drill core is split in half using a diamond saw or a hydraulic splitter for rare intersections with incompetent core.

A geologist examines the drill core and marks out the intervals to be sampled and the cutting line. Sample lengths are mostly 1.0 meter and adjusted to respect lithological and/or mineralogical contacts and isolate narrow (<1.0m) veins or other structures that may yield higher grades.

Technicians saw the core along the defined cutting line. One-half of the core is kept as a witness sample and the other half is submitted for analysis. Individual sample bags are sealed and placed into totes, which are then sealed and marked with the contents.

All channel samples are collected directly from the bedrock.

A geologist examines the bedrock and marks out the intervals to be sampled and the cutting line. Sample lengths are mostly 1.0 m and adjusted to respect lithological and/or mineralogical contacts and isolate narrow (<1.0m) veins or other structures that may yield higher grades.

Technicians saw the channel along the cut line, producing two lines 5 cm apart and approximately 6-8 cm deep. The sample is removed from the bedrock and placed into sample bags. Individual sample bags are sealed and placed into totes, which are then sealed and marked with the contents.

New Found Gold has submitted samples for gold determination by PhotonAssay™ to ALS Canada Ltd. ("ALS") since February 2024. ALS operates under a commercial contract with New Found Gold.

Drill core and channel samples are shipped to ALS for sample preparation and gold analysis in Thunder Bay, Ontario. ALS does not currently have accreditation for the PhotonAssay™ method at their Thunder Bay, ON laboratory. They do however have ISO/IEC 17025 (2017) accreditation for gamma ray analysis of samples for gold at their Australian labs with this method, including the Canning Vale lab in Perth, WA.

Samples submitted to ALS beginning in February 2024, received gold analysis by photon assay whereby the entire sample is crushed to approximately 70% passing 2 mm mesh. The sample is then riffle split and transferred into jars. For "routine" samples that do not have VG identified, one (300-500g) jar is analyzed by photon assay. If the jar assays greater than 0.8 g/t, the remaining crushed material is weighed into multiple jars and submitted for photon assay. For channel samples which returned greater than 0.8 g/t, 50% of the material was analysed, to a minimum of 3 kg, due to very large sample size.

For samples that have VG identified, the entire crushed sample is riffle split and weighed into multiple jars that are submitted for photon assay. The assays from all jars are combined on a weight-averaged basis.

Select samples prepared at ALS are also analyzed for a multi-element ICP package (ALS method code ME-ICP61) at ALS Vancouver.

Drill program design, Quality Assurance/Quality Control, and interpretation of results are performed by qualified persons employing a rigorous Quality Assurance/Quality Control program consistent with industry best practices. Standards and blanks account for a minimum of 10% of the samples in addition to the laboratory's internal quality assurance programs.

Quality Control data are evaluated on receipt from the laboratories for failures. Appropriate action is taken if assay results for standards and blanks fall outside allowed tolerances. All results stated have passed New Found Gold's quality control protocols.

New Found Gold's quality control program also includes submission of the second half of the core for approximately 2% of the drilled intervals. In addition, approximately 1% of sample pulps for mineralized samples are submitted for re-analysis to a second ISO-accredited laboratory for check assays.

The Company does not recognize any factors of drilling, sampling, or recovery that could materially affect the accuracy or reliability of the assay data disclosed.

The assay data disclosed in this press release have been verified by the Company's Qualified Person against the original assay certificates.

Qualified Person

The scientific and technical information disclosed in this press release was reviewed and approved by Melissa Render, P. Geo., President, and a Qualified Person as defined under National Instrument 43-101. Ms. Render consents to the publication of this press release by New Found Gold. Ms. Render certifies that this press release fairly and accurately represents the scientific and technical information that forms the basis for this press release.

About New Found Gold

New Found Gold is an emerging Canadian gold producer with assets in NL, Canada. The Company holds a 100% interest in its fully funded flagship asset, Queensway, as well as the Hammerdown Gold Project which includes the Hammerdown deposit and Pine Cove. New Found Gold is focused on bringing the Hammerdown deposit into commercial gold production in H2/26 while advancing its flagship Queensway toward Phase I production.

The Company's portfolio is further strengthened by its district-scale land package at Queensway, covering more than 110 km of strike length across two highly prospective faults zones, and a strong shareholder base, including renowned mining investor and cornerstone shareholder, Eric Sprott.

On June 29, 2026, the Company announced it had received conditional approval to graduate to the Toronto Stock Exchange. The stock symbol "NFGC" has been reserved for use by the Company upon listing on the TSX, to align with its stock symbol on the NYSE American LLC.

Keith Boyle, P.Eng.
Chief Executive Officer
New Found Gold Corp.

Follow us on social media at https://www.linkedin.com/company/newfound-gold-corp and https://x.com/newfoundgold.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statement Cautions

This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, including relating to the Company's drill programs on its Queensway Gold Project in Newfoundland and Labrador, Canada, and the timing, results, interpretation and use of the results, including expected incorporation of data into future MRE for Queensway; continued refining and derisking of the Company's mine plan and geological model; advancement towards near-term production at Queensway; further testing and expansion of secondary veins; planned additional infill drilling to complete the conversion program at Lotto in H2/26; planned reporting of the remaining results from 2025 drilling; the excavation programs and the timing and results thereof; future drill and excavation programs and the timing and focus thereof; exploration, drilling and mineralization at Queensway; the extent of mineralization and the continuity of high-grade gold mineralization; the potential resource expansions; planned filing of an updated Technical Report for Queensway, including an updated MRE, in H2/26; and the Company's focus on bringing the Hammerdown deposit into commercial gold production in H2/26 while advancing its flagship Queensway toward Phase I production;. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "interpreted", "intends", "estimates", "projects", "aims", "suggests", "indicate", "often", "target", "future", "likely", "pending", "potential", "encouraging", "goal", "objective", "prospective", "possibly", "preliminary", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSXV, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated with the Company's ability to complete exploration and drilling programs as expected, possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, risks associated with the interpretation of exploration results and the results of the metallurgical testing program, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's Annual Information Form and Management's Discussion and Analysis, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR+) at www.sedarplus.ca for a more complete discussion of such risk factors and their potential effects.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/306002

Source: New Found Gold Corp.

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Key Takeaways NFG is expanding pipeline and storage assets to boost capacity, reliability and regulated earnings. Tioga Pathway and Shippingport Lateral are expected to add 395,000 Dth/day of capacity in late 2026. NFG plans $210-$250M in fiscal 2026 Pipeline & Storage spending to support rate base growth. National Fuel Gas (NFG - Free Report) is strengthening its pipeline network through pipeline and storage expansion projects and ongoing infrastructure modernization. These investments expand transportation capacity, enhance pipeline reliability and drive long-term regulated earnings growth.

National Fuel Gas is progressing with the Shippingport Lateral and Tioga Pathway expansion projects, both of which are expected to begin service in late 2026. Tioga Pathway is expected to provide 190,000 dekatherms per day (Dth/day) of capacity, while Shippingport Lateral is projected to add 205,000 Dth/day of transportation capacity. The company has launched the Line N System Upgrade Project, which will add 94,000 Dth/day of transportation capacity under a long-term contract with an investment-grade customer. The project replaces aging pipelines, improves system reliability and is expected to begin service in late 2028, supporting stable long-term cash flows.

National Fuel Gas aims to invest in the $210-$250 million range in Pipeline & Storage projects in fiscal 2026, supporting 5-7% long-term rate base growth and driving steady earnings expansion. NFG currently has 77 billion cubic feet (Bcf) of natural gas storage capacity and specializes in underground storage of natural gas.

According to the U.S. Energy Information Administration (“EIA”), nearly 44.9 bcf per day of new pipeline capacity is planned for 2026-2027. Favorable industry trends and NFG's disciplined capital investment plans are expected to support long-term Pipeline & Storage expansion and earnings growth.

Investments in Pipeline & Storage Boost Midstream OperationsAccording to the U.S. EIA, pipeline investments enhance transportation efficiency, reduce bottlenecks and improve energy delivery reliability. These investments also support rising oil and natural gas production, strengthen long-term fee-based cash flows and enhance connectivity among production regions, storage facilities and end markets.

Kinder Morgan (KMI - Free Report) is expanding its natural gas network through the Gulf Coast Express expansion, South System Expansion, Trident and Mississippi Crossing, increasing pipeline capacity, meeting rising power demand and supporting fee-based growth.

Energy Transfer LP (ET - Free Report) continues to expand its natural gas pipeline network through the Desert Southwest Pipeline, Hugh Brinson Pipeline and Mustang Draw projects, increasing transportation capacity and supporting EBITDA and cash flow growth.

NFG’s Earnings EstimatesThe Zacks Consensus Estimate for 2026 and 2027 earnings per share indicates an increase of 9.70% and 4.98%, respectively, year over year.

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NFG’s Returns on Equity (ROE)National Fuel Gas' trailing-12-month ROE is 20.62%, higher than the industry average of 10.94%.

Image Source: Zacks Investment Research

NFG’s Stock Price PerformanceIn the past month, the company’s shares have risen 4.2% against the industry’s 6.3% fall.

Image Source: Zacks Investment Research

NFG’s Zacks RankNFG currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
 

Vancouver, British Columbia--(Newsfile Corp. - June 29, 2026) - New Found Gold Corp. (TSXV: NFG) (NYSE American: NFGC) ("New Found Gold" or the "Company") is pleased to announce that it has received conditional approval to list its common shares on the Toronto Stock Exchange (the "TSX") and graduate from the TSX Venture Exchange (the "TSXV"). Final approval of the listing is subject to the Company fulfilling all of the requirements of the TSX, including receipt of all required documentation on or before September 14, 2026.

"Conditional approval to list on the TSX marks an important corporate milestone," stated Keith Boyle, CEO of New Found Gold. "As we move toward commercial production at our Hammerdown Gold Project and continue to advance our fully funded Phase 1 development at our flagship Queensway Gold Project, we believe this graduation will provide greater visibility, liquidity and an expanded capital markets presence, supporting our objective of building a leading Canadian gold mining company as we continue to create value for New Found Gold shareholders."

The stock symbol "NFGC" has been reserved for use by the Company upon listing on the TSX, to align with its stock symbol on the NYSE American LLC. The Company will issue a press release once the TSX confirms the date on which trading of New Found Gold's common shares under the stock symbol "NFGC" is expected to commence on the TSX.

Concurrently with the graduation to the TSX, the Company's common shares will be delisted from the TSXV. Shareholders are not required to exchange their share certificates or take any other action in connection with the TSX listing, as there will be no change in the CUSIP for the common shares.

About New Found Gold

New Found Gold is an emerging Canadian gold producer with assets in Newfoundland and Labrador, Canada. The Company holds a 100% interest in its fully funded flagship Queensway Gold Project and the Hammerdown Gold Project, which includes the Hammerdown deposit as well as milling and tailings facilities at Pine Cove. New Found Gold is focused on bringing the Hammerdown deposit into commercial gold production in H2/26 while advancing its flagship Queensway toward Phase I production.

The Company's portfolio is further strengthened by its district-scale land package at Queensway, covering more than 110 km of strike length across two highly prospective faults zones, and a strong shareholder base, including renowned mining investor and cornerstone shareholder, Eric Sprott.

Keith Boyle, P.Eng.
Chief Executive Officer
New Found Gold Corp.

Qualified Person

The scientific and technical information disclosed in this press release was reviewed and approved by Keith Boyle, P.Eng., CEO, and a Qualified Person as defined under NI 43-101. Mr. Boyle consents to the publication of this press release by New Found Gold. Mr. Boyle certifies that this press release fairly and accurately represents the scientific and technical information that forms the basis for this press release.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information

This press release contains certain "forward-looking statements" within the meaning of Canadian and United States securities legislation, including statements regarding the listing of the Company's common shares on the TSX and the concurrent delisting from the TSX Venture Exchange; the anticipated greater visibility, liquidity and expanded capital markets presence of the Company; the change of stock symbol on the TSX to "NFGC"; the continued work on creating value for the Company shareholders; and the Company's focus on bringing the Hammerdown deposit into commercial gold production in H2/26 and advancing Queensway toward Phase I production. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "interpreted", "intends", "estimates", "projects", "aims", "suggests", "indicate", "often", "target", "future", "likely", "pending", "potential", "encouraging", "goal", "objective", "prospective", "possibly", "preliminary", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSXV and NYSE American, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated with the Company's ability to complete exploration and drilling programs as expected, possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, risks associated with the interpretation of exploration results and the results of the metallurgical testing program, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's Annual Information Form and Management's Discussion and Analysis, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR+) at www.sedarplus.ca and on the website of the United States Securities and Exchange Commission at www.sec.gov for a more complete discussion of such risk factors and their potential effects.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/303220

Source: New Found Gold Corp.

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Seneca Resources Company, LLC (Seneca), the exploration and production segment of National Fuel Gas Company (NYSE: NFG), and Evolution Well Services (Evolution) today announced a strategic alignment to deploy advanced electric fracturing technology across Seneca’s Appalachian basin footprint.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260622340922/en/

Seneca and Evolution today announced a strategic alignment to deploy advanced electric fracturing technology across Seneca’s Appalachian basin footprint.

The partnership reflects strong alignment between two organizations committed to the responsible and transparent development of natural gas. By combining Evolution’s patent-protected electric fracturing technology, in-house power generation, and advanced field gas conditioning services with Seneca’s responsibly sourced natural gas production, the collaboration is designed to improve operational efficiency while reducing the environmental footprint of completions.

Together, the companies bring a shared focus on safety, performance, and disciplined execution. Evolution’s technology-driven approach and Seneca’s operational leadership will allow both teams to leverage real-time data and engineered solutions to drive efficiency during high-intensity completions.

“This initiative reflects Seneca’s focus on disciplined capital allocation and operational execution,” said Justin Loweth, President of Seneca Resources and NFG Midstream. “By leveraging our responsibly produced and gathered field gas to power electric fracturing operations, we can reduce fuel and logistics costs, improve reliability and uptime, and lower overall cost of ownership. Our partnership with Evolution demonstrates how thoughtfully integrated technology can drive meaningful operating efficiencies, enhance capital productivity, and deliver durable returns while maintaining strong environmental performance.”

“This alignment exemplifies how innovation and disciplined execution can work together to advance natural gas development,” said Steven W. Anderson, President and CEO of Evolution Well Services. “By integrating our fully electric fracturing technology, in-house power generation, and field gas conditioning with Seneca’s responsibly sourced natural gas, we are delivering a completion solution that prioritizes safety, reliability, and efficiency while reducing operational complexity. We’re proud to partner with Seneca to help set a higher standard for sustainable, high-performance completions in Appalachia.”

About Seneca Resources

Seneca Resources Company, LLC, headquartered in Houston, Texas, explores for, develops, and produces natural gas in the Appalachian Region including the Marcellus and Utica Shales. We have been providing energy and jobs for more than 100 years and remain committed to our core values of safety, environmental stewardship, community, professionalism, teamwork, and technical excellence.

Learn more at http://www.natfuel.com/seneca/default.aspx.

About Evolution Well Services

Evolution Well Services’ mission is to set the standard for electric fracturing by delivering consistent, best-in-class operational excellence through safety, innovation, and teamwork. The company leverages fully integrated, patent-protected electric frac operations, in-house power generation, and advanced field gas conditioning services to deliver reliable engineered solutions. Together, We Innovate to enhance performance, maximize efficiency, and create lasting value for partners across the oil and gas industry.

Learn more at www.evolutionws.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260622340922/en/

Posted by Defense World Staff on Apr 21st, 2026

Farther Finance Advisors LLC increased its stake in National Fuel Gas Company (NYSE:NFG – Free Report) by 84.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 18,329 shares of the oil and gas producer’s stock after buying an additional 8,377 shares during the quarter. Farther Finance Advisors LLC’s holdings in National Fuel Gas were worth $1,467,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of NFG. Root Financial Partners LLC acquired a new position in shares of National Fuel Gas in the third quarter worth about $29,000. Richardson Financial Services Inc. raised its position in shares of National Fuel Gas by 88.5% in the 3rd quarter. Richardson Financial Services Inc. now owns 360 shares of the oil and gas producer’s stock valued at $33,000 after purchasing an additional 169 shares in the last quarter. Hantz Financial Services Inc. raised its position in shares of National Fuel Gas by 105.3% in the 3rd quarter. Hantz Financial Services Inc. now owns 423 shares of the oil and gas producer’s stock valued at $39,000 after purchasing an additional 217 shares in the last quarter. Eastern Bank purchased a new position in shares of National Fuel Gas during the 4th quarter valued at approximately $42,000. Finally, True Wealth Design LLC grew its position in shares of National Fuel Gas by 3,883.3% during the third quarter. True Wealth Design LLC now owns 478 shares of the oil and gas producer’s stock worth $44,000 after buying an additional 466 shares in the last quarter. 73.96% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets NFG has been the topic of several recent analyst reports. Zacks Research raised shares of National Fuel Gas from a “strong sell” rating to a “hold” rating in a report on Monday, March 9th. Scotiabank set a $101.00 target price on shares of National Fuel Gas in a research report on Wednesday, January 21st. KeyCorp began coverage on shares of National Fuel Gas in a research note on Tuesday, April 7th. They issued an “overweight” rating and a $110.00 target price on the stock. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of National Fuel Gas in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, National Fuel Gas has an average rating of “Moderate Buy” and a consensus target price of $106.00.

View Our Latest Report on National Fuel Gas

National Fuel Gas Price Performance NFG opened at $86.67 on Tuesday. The company has a quick ratio of 0.59, a current ratio of 0.65 and a debt-to-equity ratio of 0.58. The company’s 50-day moving average price is $91.50 and its 200 day moving average price is $85.34. National Fuel Gas Company has a fifty-two week low of $75.73 and a fifty-two week high of $97.06. The firm has a market cap of $8.24 billion, a price-to-earnings ratio of 12.09, a price-to-earnings-growth ratio of 1.14 and a beta of 0.52.

National Fuel Gas (NYSE:NFG – Get Free Report) last released its quarterly earnings results on Thursday, January 29th. The oil and gas producer reported $2.06 EPS for the quarter, topping the consensus estimate of $1.91 by $0.15. National Fuel Gas had a net margin of 27.65% and a return on equity of 21.45%. The business had revenue of $651.51 million during the quarter, compared to analyst estimates of $650.70 million. During the same quarter in the prior year, the firm earned $1.66 earnings per share. The company’s quarterly revenue was up 18.6% on a year-over-year basis. As a group, sell-side analysts expect that National Fuel Gas Company will post 7.81 earnings per share for the current year.

National Fuel Gas Dividend Announcement The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st were issued a $0.535 dividend. The ex-dividend date of this dividend was Tuesday, March 31st. This represents a $2.14 annualized dividend and a yield of 2.5%. National Fuel Gas’s dividend payout ratio is presently 29.85%.

National Fuel Gas Company Profile (Free Report)

National Fuel Gas Company (NYSE: NFG) is a diversified energy company engaged primarily in the production, gathering, transmission, distribution and marketing of natural gas. The company operates through four principal segments: Exploration & Production, Pipeline & Storage, Utilities, and Energy Marketing. Its integrated asset base spans upstream development in the Appalachian Basin, regional pipeline networks, underground storage facilities, and regulated utility distribution systems.

In its Exploration & Production segment, National Fuel Gas focuses on developing natural gas reserves in the Marcellus and Utica shales, leveraging modern drilling and completion techniques.

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Wall Street expects a year-over-year increase in earnings on higher revenues when National Fuel Gas (NFG - Free Report) reports results for the quarter ended March 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.

The earnings report, which is expected to be released on April 29, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis energy company is expected to post quarterly earnings of $2.74 per share in its upcoming report, which represents a year-over-year change of +14.6%.

Revenues are expected to be $823.87 million, up 12.9% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 3.55% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for National Fuel Gas?For National Fuel Gas, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +5.20%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination indicates that National Fuel Gas will most likely beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that National Fuel Gas would post earnings of $1.91 per share when it actually produced earnings of $2.06, delivering a surprise of +7.85%.

Over the last four quarters, the company has beaten consensus EPS estimates four times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

National Fuel Gas appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

All amounts in Canadian dollars unless otherwise noted

Vancouver, British Columbia--(Newsfile Corp. - April 27, 2026) - New Found Gold Corp. (TSXV: NFG) (NYSE American: NFGC) ("New Found Gold" or the "Company") is pleased to announce that it has closed its previously announced "bought deal" public offering of 38,870,000 common shares of the Company (the "Common Shares") at a price of $2.96 per Common Share (the "Offering Price"), including the exercise, in full, of the Underwriters' (as defined below) over-allotment option (the "Over-Allotment Option") of 5,070,000 Common Shares at the Offering Price per Common Share, for aggregate gross proceeds of $115,055,200 (the "Offering").

The Offering was completed pursuant to an underwriting agreement, dated April 22, 2026, entered into among the Company and a syndicate of underwriters led by BMO Capital Markets and SCP Resource Finance LP and including Canaccord Genuity Corp., National Bank Financial Inc., Paradigm Capital Inc., Roth Canada, Inc., ATB Cormark Capital Markets, Beacon Securities Limited, CIBC Capital Markets, Desjardins Capital Markets and Stifel Canada (collectively, the "Underwriters").

Both EdgePoint Investment Group Inc. and Mr. Eric Sprott participated in the Offering with co-lead orders. Mr. Sprott has maintained his approximate 19% shareholdings.

In connection with the closing of the Offering, the Company paid to the Underwriters a cash fee in the aggregate amount of $5,160,441, representing (i) 5.25% of the gross proceeds of the Offering, other than the gross proceeds raised from certain sales pursuant to a president's list (the "President's List Sales"); and (ii) 1.0% of the gross proceeds raised from President's List Sales. BMO Capital Markets, SCP Resource Finance LP, Canaccord Genuity Corp., National Bank Financial Inc., Paradigm Capital Inc., Roth Canada, Inc., ATB Cormark Capital Markets, Beacon Securities Limited, CIBC Capital Markets, Desjardins Capital Markets and Stifel Canada each received $1,967,418, $1,722,297, $245,121, $245,121, $245,121, $245,121, $98,048, $98,048, $98,048, $98,048 and $98,048, respectively.

The net proceeds from the Offering will be used by the Company to advance its 100% owned Queensway Gold Project ("Queensway") and for general corporate and working capital purposes.

The Common Shares were offered in all of the provinces and territories of Canada, excluding Quebec and Nunavut, by way of a prospectus supplement (the "Prospectus Supplement") to the Company's short form base shelf prospectus dated May 23, 2025 (the "Base Shelf Prospectus"). The Common Shares were also offered by way of a U.S. prospectus supplement to the Company's base shelf prospectus (the "U.S. Prospectus") forming part of the Company's registration statement on Form F-10 in the United States. Copies of the Prospectus Supplement, Base Shelf Prospectus, U.S. Prospectus and documents incorporated by reference therein are available electronically on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov under New Found Gold's issuer profile, as applicable.

The Offering remains subject to the final approval of the TSX Venture Exchange (the "TSXV").

Certain directors and officers of the Company participated, directly or indirectly, in the Offering, along with the Company's cornerstone investor, Mr. Eric Sprott, who is considered a "related party" of New Found Gold due to his shareholdings (collectively, the "Insiders"). The Insiders' participation in the Offering constitutes "a related party transaction" within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company has relied on the exemptions from valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of such related party participation.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Common Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.

About New Found Gold

New Found Gold is an emerging Canadian gold producer with assets in Newfoundland and Labrador, Canada. The Company holds a 100% interest in Queensway and the Hammerdown Gold Project, which includes the Hammerdown deposit and Pine Cove milling and tailings facilities. The Company is currently focused on advancing its flagship Queensway to production and bringing the Hammerdown deposit into commercial gold production.

In July 2025, the Company completed a PEA at Queensway (see New Found Gold press release dated July 21, 2025). Recent drilling continues to yield new discoveries along strike and down dip of known gold zones, pointing to the district-scale potential that covers a +110 km strike extent along two prospective fault zones at Queensway.

Throughout 2025, New Found Gold built a new board of directors and management team and has a solid shareholder base which includes cornerstone investor Eric Sprott. The Company is focused on growth and value creation.

Keith Boyle, P.Eng.
Chief Executive Officer
New Found Gold Corp.

Qualified Person

The scientific and technical information disclosed in this press release was reviewed and approved by Keith Boyle, P.Eng., CEO, and a Qualified Person as defined under NI 43-101. Mr. Boyle consents to the publication of this press release by New Found Gold. Mr. Boyle certifies that this press release fairly and accurately represents the scientific and technical information that forms the basis for this press release.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information

This press release contains certain "forward-looking statements" within the meaning of Canadian and United States securities legislation, including statements regarding the Offering, the use of proceeds of the Offering; the approval by the TSXV of the Offering; the Company's focus on advancing Queensway to production and bringing the Hammerdown deposit into commercial gold production; and the Company's focus on growth and value creation. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "interpreted", "intends", "estimates", "projects", "aims", "suggests", "indicate", "often", "target", "future", "likely", "pending", "potential", "encouraging", "goal", "objective", "prospective", "possibly", "preliminary", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSXV and NYSE American LLC , the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated with the Company's ability to complete exploration and drilling programs as expected, possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, risks associated with the interpretation of exploration results and the results of the metallurgical testing program, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's Annual Information Form and Management's Discussion and Analysis, publicly available through the Canadian Securities Administrators' System for Electronic Data Analysis and Retrieval + (SEDAR+) at www.sedarplus.ca and on the website of the United States Securities and Exchange Commission at www.sec.gov for a more complete discussion of such risk factors and their potential effects.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/294314

Source: New Found Gold Corp.

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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   2025Reported GAAP Earnings $247,668  $216,358 $2.59  $2.37Items 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  —   0.02Adjusted 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  VarianceGAAP 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 VarianceUpstream General and Administrative Expense (“G&A”)$0.18 $0.18 $—Lease Operating Expense (“LOE”)$0.17 $0.12 $0.05Adjusted Gathering Operation and Maintenance Expense ("O&M")$0.14 $0.12(1) $0.02Taxes and Other$0.07 $0.07 $—Adjusted Total Cash Operating Costs$0.56 $0.49(1) $0.07Depreciation, Depletion and Amortization Expense (“DD&A”)$0.79 $0.72 $0.07Adjusted 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 VarianceGAAP 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 VarianceGAAP 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. Fischer716-857-7315Media 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 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 - $7.75Consolidated Effective Tax Rate~ 25.5% ~ 25.5%    Capital Expenditures (Millions)   Integrated Upstream and Gathering$560 - $610 $560 - $610Pipeline and Storage$210 - $250 $210 - $250Utility$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 $3.00Appalachian 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 ~$0.18Lease Operating Expense$0.17 - $0.18 $0.16 - $0.17Gathering Operation and Maintenance Expense~$0.11 ~$0.12Depreciation, 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 - $490O&M Expense$250 – $260 $250 – $260Non-Service Pension & OPEB Income$23 - $27 $23 - $27 (1) Customer Margin is defined as Operating Revenues less Purchased Gas Expense.

 NATIONAL FUEL GAS COMPANYRECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGSQUARTER 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 COMPANYRECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHAREQUARTER 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 COMPANYRECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGSSIX 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 COMPANYRECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARESIX 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 COMPANYAND 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 COMPANYAND SUBSIDIARIESCONSOLIDATED 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 COMPANYAND SUBSIDIARIESCONSOLIDATED 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 COMPANYAND 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 VarianceTotal 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 COMPANYAND 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 VarianceRevenues 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  1,905  (832)Interest and Other Income 1,405   1,794   (389)  2,365  3,833  (1,468)Interest Expense (11,779)  (11,700)  (79)  (23,580) (23,428) (152)Income Before Income Taxes 42,164   42,668   (504)  83,750  86,300  (2,550)Income Tax Expense 10,558   10,961   (403)  20,925  22,138  (1,213)Net Income$31,606  $31,707  $(101) $62,825 $64,162 $(1,337)Net Income Per Share (Diluted)$0.33  $0.35  $(0.02) $0.67 $0.70 $(0.03)           NATIONAL FUEL GAS COMPANYAND SUBSIDIARIES          SEGMENT OPERATING RESULTS AND STATISTICS(UNAUDITED)          UTILITY SEGMENT           Three Months Ended Six Months Ended(Thousands of Dollars, except per share amounts)March 31, March 31,  2026   2025  Variance  2026  2025 VarianceRevenues from External Customers$425,788  $343,574  $82,214  $684,837 $571,998 $112,839 Intersegment Revenues 126   119   7   215  203  12 Total Operating Revenues 425,914   343,693   82,221   685,052  572,201  112,851 Operating Expenses:         Purchased Gas 244,860   171,777   73,083   367,145  273,249  93,896 Operation and Maintenance 68,129   64,444   3,685   129,126  120,704  8,422 Property, Franchise and Other Taxes 13,162   12,202   960   24,365  22,313  2,052 Depreciation, Depletion and Amortization 18,601   17,135   1,466   37,081  33,962  3,119   344,752   265,558   79,194   557,717  450,228  107,489           Operating Income 81,162   78,135   3,027   127,335  121,973  5,362           Other Income (Expense):         Non-Service Pension and Post-Retirement Benefit Credit 12,059   12,299   (240)  17,813  18,170  (357)Interest and Other Income 1,265   714   551   2,370  1,242  1,128 Interest Expense (11,138)  (10,927)  (211)  (22,744) (21,643) (1,101)Income Before Income Taxes 83,348   80,221   3,127   124,774  119,742  5,032 Income Tax Expense 17,999   16,677   1,322   25,335  23,699  1,636 Net Income$65,349  $63,544  $1,805  $99,439 $96,043 $3,396 Net Income Per Share (Diluted)$0.68  $0.70  $(0.02) $1.06 $1.05 $0.01            NATIONAL FUEL GAS COMPANYAND SUBSIDIARIES          SEGMENT OPERATING RESULTS AND STATISTICS(UNAUDITED)           Three Months Ended Six Months Ended(Thousands of Dollars, except per share amounts)March 31, March 31,ALL OTHER 2026   2025  Variance  2026  2025 VarianceTotal Operating Revenues$—  $—  $—  $— $— $— Operating Expenses:         Operation and Maintenance —   —   —   —  —  —   —   —   —   —  —  —           Operating Loss —   —   —   —  —  — Other Income (Expense):         Interest and Other Income (Deductions) 1,248   (222)  1,470   1,225  (358) 1,583 Interest Expense (118)  (131)  13   (254) (248) (6)Income (Loss) before Income Taxes 1,130   (353)  1,483   971  (606) 1,577 Income Tax Expense (Benefit) 262   (82)  344   225  (141) 366 Net Income (Loss)$868  $(271) $1,139  $746 $(465)$1,211 Net Income (Loss) Per Share (Diluted)$0.01  $—  $0.01  $0.01 $(0.01)$0.02        Three Months Ended Six Months Ended March 31, March 31,CORPORATE 2026   2025  Variance  2026  2025 VarianceRevenues from External Customers$—  $—  $—  $— $— $— Intersegment Revenues 1,435   1,341   94   2,872  2,683  189 Total Operating Revenues 1,435   1,341   94   2,872  2,683  189 Operating Expenses:         Operation and Maintenance 9,002   5,219   3,783   16,244  9,266  6,978 Property, Franchise and Other Taxes 134   130   4   265  261  4 Depreciation, Depletion and Amortization 219   139   80   400  279  121   9,355   5,488   3,867   16,909  9,806  7,103           Operating Loss (7,920)  (4,147)  (3,773)  (14,037) (7,123) (6,914)Other Income (Expense):         Non-Service Pension and Post-Retirement Benefit Costs (217)  (212)  (5)  (435) (423) (12)Interest and Other Income 37,810   41,785   (3,975)  77,164  82,846  (5,682)Interest Expense on Long-Term Debt (30,083)  (36,379)  6,296   (63,596) (69,741) 6,145 Other Interest Expense (2,908)  (4,905)  1,997   (12,442) (10,066) (2,376)Loss before Income Taxes (3,318)  (3,858)  540   (13,346) (4,507) (8,839)Income Tax Benefit (1,133)  (1,066)  (67)  (3,572) (1,573) (1,999)Net Loss$(2,185) $(2,792) $607  $(9,774)$(2,934)$(6,840)Net Loss Per Share (Diluted)$(0.02) $(0.04) $0.02  $(0.10)$(0.03)$(0.07)                     Three Months Ended Six Months Ended March 31, March 31,INTERSEGMENT ELIMINATIONS 2026   2025  Variance  2026  2025 VarianceIntersegment Revenues$(39,262) $(39,848) $586  $(78,452)$(79,137)$685 Operating Expenses:         Purchased Gas (37,002)  (36,601)  (401)  (73,681) (72,695) (986)Operation and Maintenance (2,260)  (3,247)  987   (4,771) (6,442) 1,671   (39,262)  (39,848)  586   (78,452) (79,137) 685 Operating Income —   —   —   —  —  — Other Income (Expense):         Interest and Other Deductions (37,403)  (42,109)  4,706   (76,751) (84,861) 8,110 Interest Expense 37,403   42,109   (4,706)  76,751  84,861  (8,110)Net Income$—  $—  $—  $— $— $— Net Income Per Share (Diluted)$—  $—  $—  $— $— $—              NATIONAL FUEL GAS COMPANYAND SUBSIDIARIES            SEGMENT INFORMATION (Continued)(Thousands of Dollars)             Three Months Ended Six Months Ended March 31, March 31, (Unaudited) (Unaudited)     Increase     Increase  2026   2025 (Decrease)  2026   2025 (Decrease)            Capital Expenditures:           Integrated Upstream and Gathering(1)$165,727 (1)$123,363(3)$42,364  $307,576 (1)(2)$258,992(3)(4)$48,584 Pipeline and Storage 37,026 (1) 15,626(3) 21,400   74,628 (1)(2) 35,417(3)(4) 39,211 Utility 30,500 (1) 41,867(3) (11,367)  73,594 (1)(2) 78,298(3)(4) (4,704)Total Reportable Segments 233,253   180,856  52,397   455,798   372,707  83,091 All Other —   —  —   —   —  — Corporate 249   174  75   425   378  47 Eliminations (546)  —  (546)  (546)  —  (546)Total Capital Expenditures$232,956  $181,030 $51,926  $455,677  $373,085 $82,592  (1)Capital expenditures for the quarter and six months ended March 31, 2026, include accounts payable and accrued liabilities related to capital expenditures of $71.6 million, $5.1 million and $6.0 million in the Integrated Upstream and Gathering segment, Pipeline and Storage segment and Utility segment, respectively. These amounts have been excluded from the Consolidated Statement of Cash Flows at March 31, 2026, since they represent non-cash investing activities at that date.(2)Capital expenditures for the six months ended March 31, 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 six months ended March 31, 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 March 31, 2026.(3)Capital expenditures for the quarter and six months ended March 31, 2025, include accounts payable and accrued liabilities related to capital expenditures of $51.6 million, $2.4 million and $4.8 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 March 31, 2025, since they represented non-cash investing activities at that date.(4)Capital expenditures for the six months ended March 31, 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 six months ended March 31, 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 March 31, 2025.           DEGREE DAYS                Percent Colder       (Warmer) Than:Three Months Ended March 31,Normal 2026 2025 Normal(1) Last Year(1)Buffalo, NY3,226 3,282 3,116 1.7 5.3Erie, PA3,023 3,079 3,017 1.9 2.1          Six Months Ended March 31,         Buffalo, NY5,352 5,563 5,000 3.9 11.3Erie, PA4,917 5,200 4,714 5.8 10.3           (1)Percents compare actual 2026 degree days to normal degree days and actual 2026 degree days to actual 2025 degree days.  NATIONAL FUEL GAS COMPANYAND SUBSIDIARIES             INTEGRATED UPSTREAM AND GATHERING INFORMATION               Three Months Ended Six Months Ended  March 31, March 31,      Increase     Increase   2026  2025 (Decrease)  2026  2025 (Decrease)             Gas Production/Prices:            Production (MMcf)            Appalachia  102,004  105,514  (3,510)  211,185  203,232  7,953              Average Prices (Per Mcf)            Weighted Average $3.92 $3.02 $0.90  $3.33 $2.64 $0.69 Weighted Average after Hedging  3.45  2.94  0.51   3.16  2.74  0.42                           Selected Operating Performance Statistics:            Upstream General and Administrative Expense per Mcf(1) $0.18 $0.18 $—  $0.18 $0.19 $(0.01)Lease Operating Expense per Mcf(1) $0.17 $0.12 $0.05  $0.16 $0.11 $0.05 Adjusted Gathering Operation and Maintenance Expense per Mcf(1)(2) $0.14 $0.12 $0.02  $0.11 $0.11 $— Depreciation, Depletion and Amortization per Mcf(1) $0.79 $0.72 $0.07  $0.78 $0.73 $0.05               (1)Refer to page 14 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 $0.12 per Mcf and $0.11 per Mcf for the three and six months ended March 31, 2025, respectively, each exclude 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.              NATIONAL FUEL GAS COMPANYAND SUBSIDIARIES             Pipeline and Storage Throughput - (millions of cubic feet - MMcf)                   Three Months Ended Six Months Ended  March 31, March 31,      Increase     Increase  2026 2025 (Decrease) 2026 2025 (Decrease)Firm Transportation - Affiliated 45,486 49,240 (3,754) 80,018 81,110 (1,092)Firm Transportation - Non-Affiliated 201,460 185,490 15,970  381,001 356,502 24,499 Interruptible Transportation 583 454 129  608 515 93   247,529 235,184 12,345  461,627 438,127 23,500                           Utility Throughput - (MMcf)              Three Months Ended Six Months Ended  March 31, March 31,      Increase     Increase  2026 2025 (Decrease) 2026 2025 (Decrease)Retail Sales:            Residential Sales 32,934 32,111 823  54,775 50,587 4,188 Commercial Sales 5,581 5,420 161  9,130 8,339 791 Industrial Sales 305 302 3  495 501 (6)  38,820 37,833 987  64,400 59,427 4,973 Transportation 25,502 25,086 416  45,171 42,028 3,143   64,322 62,919 1,403  109,571 101,455 8,116               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 six months ended March 31, 2026 and 2025:

  Three Months Ended Six Months Ended  March 31, March 31,(in thousands except per share amounts)  2026   2025   2026   2025 Reported GAAP Earnings $247,668  $216,358  $429,313  $261,344 Items impacting comparability:        Impairment of assets  —   —   —   141,802 Tax impact of impairment of assets  —   —   —   (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  —   335   —   684 Tax impact of unrealized (gain) loss on derivative asset  —   (90)  —   (184)Costs related to the pending Ohio gas utility acquisition  2,499   —   10,186   — Tax impact of costs related to the pending Ohio gas utility acquisition  (579)  —   (2,361)  — Net interest benefit from equity issuance  (3,422)  —   (3,931)  — Tax impact of net interest benefit from equity issuance  793   —   911   — Unrealized (gain) loss on other investments  347   (17)  1,008   2,600 Tax impact of unrealized (gain) loss on other investments  (73)  4   (212)  (546)Adjusted Earnings $247,233  $218,333  $434,914  $370,274          Reported GAAP Earnings Per Share $2.59  $2.37  $4.58  $2.86 Items impacting comparability:        Impairment of assets, net of tax  —   —   —   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 Costs related to the pending Ohio gas utility acquisition, net of tax  0.02   —   0.09   — Impact of equity issuance related to pending acquisition, net of interest benefits  0.10   —   0.09   — Unrealized (gain) loss on other investments, net of tax  —   —   0.01   0.02 Rounding  —   —   —   0.01 Adjusted Earnings Per Share $2.71  $2.39  $4.77  $4.06  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 six months ended March 31, 2026 and 2025:

  Three Months Ended Six Months Ended  March 31, March 31,(in thousands)  2026   2025   2026   2025 Reported GAAP Earnings $247,668  $216,358  $429,313  $261,344 Depreciation, Depletion and Amortization  119,329   111,277   241,354   220,647 Other (Income) Deductions  (17,002)  (15,232)  (25,235)  (22,952)Interest Expense  33,734   44,757   77,110   82,500 Income Taxes  82,735   71,369   142,072   82,551 Impairment of Assets  —   —   —   141,802 Costs related to the pending Ohio gas utility acquisition(1)  2,499   —   4,506   — Adjusted EBITDA $468,963  $428,529  $869,120  $765,892          Adjusted EBITDA by Segment        Integrated Upstream and Gathering Adjusted EBITDA $302,439  $267,098  $570,880  $475,679 Pipeline and Storage Adjusted EBITDA  71,963   70,169   142,955   141,122 Utility Adjusted EBITDA  99,763   95,270   164,416   155,935 Corporate and All Other Adjusted EBITDA  (5,202)  (4,008)  (9,131)  (6,844)Total Adjusted EBITDA $468,963  $428,529  $869,120  $765,892  (1)For the six months ended March 31, 2026, costs represent a portion of acquisition costs recognized in O&M expense for the pending Ohio gas utility acquisition. The remaining $5.7 million of acquisition costs for the six months ended March 31, 2026 are recognized in interest expense.     NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES
SEGMENT ADJUSTED EBITDA     Three Months Ended Six Months Ended March 31, March 31,(in thousands) 2026   2025   2026   2025 Integrated Upstream and Gathering Segment       Reported GAAP Earnings$152,030  $124,170  $276,077  $104,538 Depreciation, Depletion and Amortization 80,548   75,456   164,810   149,274 Other (Income) Deductions (299)  (231)  (411)  (598)Interest Expense 15,111   22,824   31,245   42,235 Income Taxes 55,049   44,879   99,159   38,428 Impairment of Assets —   —   —   141,802 Adjusted EBITDA$302,439  $267,098  $570,880  $475,679         Pipeline and Storage Segment       Reported GAAP Earnings$31,606  $31,707  $62,825  $64,162 Depreciation, Depletion and Amortization 19,961   18,547   39,063   37,132 Other (Income) Deductions (1,941)  (2,746)  (3,438)  (5,738)Interest Expense 11,779   11,700   23,580   23,428 Income Taxes 10,558   10,961   20,925   22,138 Adjusted EBITDA$71,963  $70,169  $142,955  $141,122         Utility Segment       Reported GAAP Earnings$65,349  $63,544  $99,439  $96,043 Depreciation, Depletion and Amortization 18,601   17,135   37,081   33,962 Other (Income) Deductions (13,324)  (13,013)  (20,183)  (19,412)Interest Expense 11,138   10,927   22,744   21,643 Income Taxes 17,999   16,677   25,335   23,699 Adjusted EBITDA$99,763  $95,270  $164,416  $155,935         Corporate and All Other       Reported GAAP Earnings$(1,317) $(3,063) $(9,028) $(3,399)Depreciation, Depletion and Amortization 219   139   400   279 Other (Income) Deductions (1,438)  758   (1,203)  2,796 Interest Expense (4,294)  (694)  (459)  (4,806)Income Taxes (871)  (1,148)  (3,347)  (1,714)Costs related to the pending Ohio gas utility acquisition 2,499   —   4,506   — Adjusted EBITDA$(5,202) $(4,008) $(9,131) $(6,844) Management defines free cash flow as net cash provided by operating activities, less net cash used in investing activities, adjusted for acquisitions and divestitures. For the six months ended March 31, 2026, net cash provided by operating activities was $661 million; net cash used in investing activities was $501 million; there were no adjustments for acquisitions or divestitures; and free cash flow was $160 million. For the six months ended March 31, 2025, net cash provided by operating activities was $474 million; net cash used in investing activities was $425 million; there were no adjustments for acquisitions or divestitures; and free cash flow was $49 million. 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.

  Natalie M. Fischer
Investor Relations
716-857-7315Timothy J. Silverstein
Chief Financial Officer
716-857-6987