Form 8-K

8-K — NATIONAL FUEL GAS CO

Accession: 0000070145-26-000014

Filed: 2026-04-30

Period: 2026-04-29

CIK: 0000070145

SIC: 4924 (NATURAL GAS DISTRIBUTION)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — nfg-20260429.htm (Primary)

EX-99 (nfg-3312026xexhibit99x8k.htm)

GRAPHIC (exhibit998kimagea15a.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: nfg-20260429.htm · Sequence: 1

nfg-20260429

0000070145false00000701452026-04-292026-04-29

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 29, 2026

NATIONAL FUEL GAS COMPANY

(Exact name of registrant as specified in its charter)

New Jersey 1-3880 13-1086010

(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)

6363 Main Street

Williamsville, New York 14221

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (716) 857-7000

Former name or former address, if changed since last report: Not Applicable

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol Name of Each Exchange on Which Registered

Common Stock, par value $1.00 per share NFG New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company     ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02    Results of Operations and Financial Condition.

On April 29, 2026, National Fuel Gas Company (the “Company”) issued a press release regarding its earnings for the quarter and six months ended March 31, 2026. A copy of the press release is furnished as part of this Current Report as Exhibit 99.

Neither the furnishing of the press release as an exhibit to this Current Report nor the inclusion in such press release of any reference to the Company’s internet address shall, under any circumstances, be deemed to incorporate the information available at such internet address into this Current Report. The information available at the Company’s internet address is not part of this Current Report or any other report filed or furnished by the Company with the Securities and Exchange Commission.

In addition to financial measures calculated in accordance with generally accepted accounting principles (“GAAP”), the press release furnished as part of this Current Report as Exhibit 99 contains certain non-GAAP financial measures. The Company believes that such non-GAAP financial measures are useful to investors because they provide an alternative method for assessing the Company’s operating results in a manner that is focused on the performance of the Company’s ongoing operations, for measuring the Company’s cash flow and 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 prepared in accordance with GAAP.

Certain statements contained herein or in the press release furnished as part of this Current Report, including statements regarding estimated future earnings and statements that are identified by the use of the words “anticipates,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “predicts,” “projects,” “believes,” “seeks,” “will” and “may” and similar expressions, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. There can be no assurance that the Company’s projections will in fact be achieved nor do these projections reflect any acquisitions or divestitures that may occur in the future. 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: 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 hereof.

Item 9.01    Financial Statements and Exhibits.

(d)    Exhibits

Exhibit 99

Press release furnished regarding earnings for the quarter and six months ended March 31, 2026

Exhibit 104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

NATIONAL FUEL GAS COMPANY

By: /s/ Lee E. Hartz

Lee E. Hartz

General Counsel and Secretary

Dated: April 30, 2026

EX-99

EX-99

Filename: nfg-3312026xexhibit99x8k.htm · Sequence: 2

Document

Exhibit 99

6363 Main Street/Williamsville, NY 14221

Release Date: Immediate April 29, 2026 Natalie M. Fischer

Investor Relations

716-857-7315 Timothy J. Silverstein

Chief Financial Officer

716-857-6987

NATIONAL FUEL REPORTS SECOND QUARTER FISCAL 2026 EARNINGS

WILLIAMSVILLE, N.Y. 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.”

Page 2.

RECONCILIATION OF GAAP EARNINGS TO ADJUSTED EARNINGS

Three Months Ended March 31,

(Thousands) (Per Share)

2026 2025 2026 2025

Reported GAAP Earnings $ 247,668  $ 216,358  $ 2.59  $ 2.37

Items impacting comparability:

Costs related to the pending Ohio gas utility acquisition 2,499  —  0.03  —

Tax impact of costs related to the pending Ohio acquisition (579) —  (0.01) —

Impact of equity issuance related to pending Ohio acquisition, net of interest benefits (3,422) —  0.09  —

Tax impact of net interest benefit from equity issuance 793  —  0.01  —

Other/rounding (refer to Segment results for details) 274  1,975  —  0.02

Adjusted Earnings $ 247,233  $ 218,333  $ 2.71  $ 2.39

FISCAL 2026 GUIDANCE UPDATE

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

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

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

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

DISCUSSION OF SECOND QUARTER RESULTS BY SEGMENT

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

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

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Integrated Upstream and Gathering Segment

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

Three Months Ended

March 31,

(in thousands) 2026 2025 Variance

GAAP Earnings $ 152,030  $ 124,170  $ 27,860

Premiums paid on early redemption of debt —  2,385  (2,385)

Tax impact of premiums paid on early redemption of debt —  (642) 642

Unrealized (gain) loss on derivative asset (2022 CA asset sale) —  335  (335)

Tax impact of unrealized (gain) loss on derivative asset —  (90) 90

Adjusted Earnings $ 152,030  $ 126,158  $ 25,872

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

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

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

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

Three Months Ended

March 31,

(Cost per Mcf) 2026 2025 Variance

Upstream General and Administrative Expense (“G&A”) $ 0.18  $ 0.18  $ —

Lease Operating Expense (“LOE”) $ 0.17  $ 0.12  $ 0.05

Adjusted Gathering Operation and Maintenance Expense ("O&M") $ 0.14  $ 0.12  (1) $ 0.02

Taxes and Other $ 0.07  $ 0.07  $ —

Adjusted Total Cash Operating Costs $ 0.56  $ 0.49  (1) $ 0.07

Depreciation, Depletion and Amortization Expense (“DD&A”) $ 0.79  $ 0.72  $ 0.07

Adjusted Total Operating Costs $ 1.35  $ 1.21  (1) $ 0.14

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

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

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Pipeline and Storage Segment

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

Three Months Ended

March 31,

(in thousands) 2026 2025 Variance

GAAP Earnings $ 31,606  $ 31,707  $ (101)

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

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

Utility Segment

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

Three Months Ended

March 31,

(in thousands) 2026 2025 Variance

GAAP Earnings $ 65,349  $ 63,544  $ 1,805

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

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

Corporate and All Other

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

EARNINGS TELECONFERENCE

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

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

Analyst Contact: Natalie M. Fischer 716-857-7315

Media Contact: Karen L. Merkel 716-857-7654

Certain statements contained herein, including statements identified by the use of the words “anticipates,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “predicts,” “projects,” “believes,” “seeks,” “will,” “may” and similar expressions, and statements which are other than statements of historical facts, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, which could cause actual

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Page 5.

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.

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NATIONAL FUEL GAS COMPANY

AND SUBSIDIARIES

GUIDANCE SUMMARY

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

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

Previous FY 2026 Guidance Updated FY 2026 Guidance

Consolidated Adjusted Earnings per Share $7.60 - $8.10 $7.45 - $7.75

Consolidated Effective Tax Rate ~ 25.5% ~ 25.5%

Capital Expenditures (Millions)

Integrated Upstream and Gathering $560 - $610 $560 - $610

Pipeline and Storage $210 - $250 $210 - $250

Utility $185 - $205 $185 - $205

Consolidated Capital Expenditures $955 - $1,065 $955 - $1,065

Integrated Upstream & Gathering Segment Guidance

Commodity Price Assumptions (price for remaining nine months) (price for remaining six months)

NYMEX natural gas price (per MMBtu) $3.75 $3.00

Appalachian basin spot price (per MMBtu) $2.85 $2.20

Production (Bcf) 440 to 455 425 to 440

Integrated Operating Costs ($/Mcf)

Upstream General and Administrative Expense ~$0.18 ~$0.18

Lease Operating Expense $0.17 - $0.18 $0.16 - $0.17

Gathering Operation and Maintenance Expense ~$0.11 ~$0.12

Depreciation, Depletion and Amortization $0.76 - $0.81 $0.76 - $0.81

Pipeline and Storage Segment Revenues (Millions)

$415 - $430 $420 - $435

Utility Segment Guidance (Millions)

Customer Margin(1)

$470 - $490 $470 - $490

O&M Expense $250 – $260 $250 – $260

Non-Service Pension & OPEB Income $23 - $27 $23 - $27

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

Page 7.

NATIONAL FUEL GAS COMPANY

RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS

QUARTER ENDED MARCH 31, 2026

(Unaudited)

Integrated

Upstream Pipeline & Corporate /

(Thousands of Dollars) & Gathering Storage Utility All Other

Consolidated(1)

Second quarter 2025 GAAP earnings $ 124,170  $ 31,707  $ 63,544  $ (3,063) $ 216,358

Items impacting comparability:

Premiums paid on early redemption of debt 2,385  2,385

Tax impact of premiums paid on early redemption of debt (642) (642)

Unrealized (gain) loss on derivative asset 335  335

Tax impact of unrealized (gain) loss on derivative asset (90) (90)

Unrealized (gain) loss on other investments (17) (17)

Tax impact of unrealized (gain) loss on other investments

4  4

Second quarter 2025 adjusted earnings 126,158  31,707  63,544  (3,076) 218,333

Drivers of adjusted earnings(2)

Integrated Upstream and Gathering Revenues

Higher (lower) natural gas production (8,162) (8,162)

Higher (lower) realized natural gas prices, after hedging 40,515  40,515

Higher (lower) other operating revenues 2,560  2,560

Pipeline and Storage Revenues

Higher (lower) operating revenues 1,493  1,493

Utility Margins(3)

Impact of usage and weather (1,172) (1,172)

Impact of new rates in New York 3,128  3,128

Regulatory revenue adjustments 3,562  3,562

Higher (lower) other operating revenues 891  891

Operating Expenses

Lower (higher) lease operating expenses (3,846) (3,846)

Lower (higher) operating expenses (3,210) (419) (2,911) (1,014) (7,554)

Lower (higher) depreciation / depletion (4,023) (1,117) (1,158) (6,298)

Other Income (Expense)

Higher (lower) other income (525) 1,599  1,074

(Higher) lower interest expense 4,209  564  4,773

Income Taxes

Lower (higher) income tax expense / effective tax rate (2,023) 187  (665) 168  (2,333)

All other / rounding (148) 280  130  7  269

Second quarter 2026 adjusted earnings 152,030  31,606  65,349  (1,752) 247,233

Items impacting comparability:

Costs related to the pending Ohio gas utility acquisition (2,499) (2,499)

Tax impact of costs related to the pending Ohio gas utility acquisition 579  579

Net interest benefit from equity issuance 3,422  3,422

Tax impact of net interest benefit from equity issuance (793) (793)

Unrealized gain (loss) on other investments (347) (347)

Tax impact of unrealized gain (loss) on other investments 73  73

Second quarter 2026 GAAP earnings $ 152,030  $ 31,606  $ 65,349  $ (1,317) $ 247,668

(1) Amounts do not reflect intercompany eliminations.

(2) Drivers of adjusted earnings have been calculated using the 21% federal statutory rate.

(3) Downstream margin defined as operating revenues less purchased gas expense.

Page 8.

NATIONAL FUEL GAS COMPANY

RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE

QUARTER ENDED MARCH 31, 2026

(Unaudited)

Integrated

Upstream Pipeline & Corporate /

& Gathering Storage Utility All Other

Consolidated(1)

Second quarter 2025 GAAP earnings per share $ 1.36  $ 0.35  $ 0.70  $ (0.04) $ 2.37

Items impacting comparability:

Premiums paid on early redemption of debt, net of tax 0.02  0.02

Unrealized (gain) loss on derivative asset, net of tax —  —

Unrealized (gain) loss on other investments, net of tax —  —

Second quarter 2025 adjusted earnings per share 1.38  0.35  0.70  (0.04) 2.39

Drivers of adjusted earnings(2)(4)

Integrated Upstream and Gathering Revenues

Higher (lower) natural gas production (0.09) (0.09)

Higher (lower) realized natural gas prices, after hedging 0.44  0.44

Higher (lower) other operating revenues 0.03  0.03

Pipeline and Storage Revenues

Higher (lower) operating revenues 0.02  0.02

Utility Margins(3)

Impact of usage and weather (0.01) (0.01)

Impact of new rates in New York 0.03  0.03

Regulatory revenue adjustments 0.04  0.04

Higher (lower) other operating revenues 0.01  0.01

Operating Expenses

Lower (higher) lease operating expenses (0.04) (0.04)

Lower (higher) operating expenses (0.04) —  (0.03) (0.01) (0.08)

Lower (higher) depreciation / depletion (0.04) (0.01) (0.01) (0.06)

Other Income (Expense)

Higher (lower) other income (0.01) 0.02  0.01

(Higher) lower interest expense 0.05  0.01  0.06

Income Taxes

Lower (higher) income tax expense / effective tax rate (0.02) —  (0.01) —  (0.03)

All other / rounding —  —  (0.01) —  (0.01)

Second quarter 2026 adjusted earnings per share(4)

1.67  0.35  0.71  (0.02) 2.71

Items impacting comparability(4):

Costs related to the pending Ohio gas utility acquisition, net of tax (0.02) (0.02)

Impact of equity issuance related to pending acquisition, net of interest benefits (0.08) (0.02) (0.03) 0.03  (0.10)

Unrealized gain (loss) on other investments, net of tax —  —

Second quarter 2026 GAAP earnings per share $ 1.59  $ 0.33  $ 0.68  $ (0.01) $ 2.59

(1) Amounts do not reflect intercompany eliminations.

(2) Drivers of adjusted earnings have been calculated using the 21% federal statutory rate.

(3) Downstream margin defined as operating revenues less purchased gas expense.

(4) As a result of the equity issuance, drivers of adjusted earnings, second quarter 2026 adjusted earnings per share, and items impacting comparability for the second quarter 2026 have been calculated using adjusted diluted shares of 91,289,437.

Page 9.

NATIONAL FUEL GAS COMPANY

RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS

SIX MONTHS ENDED MARCH 31, 2026

(Unaudited)

Integrated

Upstream Pipeline & Corporate /

(Thousands of Dollars) & Gathering Storage Utility All Other

Consolidated(1)

Six months ended March 31, 2025 GAAP earnings $ 104,538  $ 64,162  $ 96,043  $ (3,399) $ 261,344

Items impacting comparability:

Impairment of assets 141,802  141,802

Tax impact of impairment of assets (37,169) (37,169)

Premiums paid on early redemption of debt 2,385  2,385

Tax impact of premiums paid on early redemption of debt (642) (642)

Unrealized (gain) loss on derivative asset 684  684

Tax impact of unrealized (gain) loss on derivative asset (184) (184)

Unrealized (gain) loss on other investments 2,600  2,600

Tax impact of unrealized (gain) loss on other investments

(546) (546)

Six months ended March 31, 2025 adjusted earnings 211,414  64,162  96,043  (1,345) 370,274

Drivers of adjusted earnings(2)

Integrated Upstream and Gathering Revenues

Higher (lower) natural gas production 17,244  17,244

Higher (lower) realized natural gas prices, after hedging 69,357  69,357

Higher (lower) gathering revenues (1,020) (1,020)

Higher (lower) other operating revenues 5,050  5,050

Pipeline and Storage Revenues

Higher (lower) operating revenues 1,721  1,721

Utility Margins(3)

Impact of usage and weather

1,646  1,646

Impact of new rates in New York 6,077  6,077

Regulatory revenue adjustments 4,552  4,552

Higher (lower) other operating revenues 1,285  1,285

Operating Expenses

Lower (higher) lease operating expenses (8,723) (8,723)

Lower (higher) operating expenses (5,772) (599) (6,653) (1,953) (14,977)

Lower (higher) property, franchise and other taxes (787) (787)

Lower (higher) depreciation / depletion (12,273) (1,525) (2,464) (16,262)

Other Income (Expense)

Higher (lower) other income (688) (1,715) 1,163  (1,240)

(Higher) lower interest expense 6,798  (870) (1,313) 4,615

Income Taxes

Lower (higher) income tax expense / effective tax rate

(4,382) 575  (579) (29) (4,415)

All other / rounding (141) 206  402  50  517

Six months ended March 31, 2026 adjusted earnings 276,077  62,825  99,439  (3,427) 434,914

Items impacting comparability:

Costs related to the pending Ohio gas utility acquisition (10,186) (10,186)

Tax impact of costs related to the pending Ohio gas utility acquisition 2,361  2,361

Net interest benefit from equity issuance 3,931  3,931

Tax impact of net interest benefit from equity issuance (911) (911)

Unrealized gain (loss) on other investments

(1,008) (1,008)

Tax impact of unrealized gain (loss) on other investments

212  212

Six months ended March 31, 2026 GAAP earnings $ 276,077  $ 62,825  $ 99,439  $ (9,028) $ 429,313

(1) Amounts do not reflect intercompany eliminations.

(2) Drivers of adjusted earnings have been calculated using the 21% federal statutory rate.

(3) Downstream margin defined as operating revenues less purchased gas expense.

Page 10.

NATIONAL FUEL GAS COMPANY

RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE

SIX MONTHS ENDED MARCH 31, 2026

(Unaudited)

Integrated

Upstream Pipeline & Corporate /

& Gathering Storage Utility All Other

Consolidated(1)

Six months ended March 31, 2025 GAAP earnings per share $ 1.15  $ 0.70  $ 1.05  $ (0.04) $ 2.86

Items impacting comparability:

Impairment of assets, net of tax 1.14  1.14

Premiums paid on early redemption of debt, net of tax 0.02  0.02

Unrealized (gain) loss on derivative asset, net of tax 0.01  0.01

Unrealized (gain) loss on other investments, net of tax 0.02  0.02

Rounding 0.01  0.01

Six months ended March 31, 2025 adjusted earnings per share 2.32  0.70  1.05  (0.01) 4.06

Drivers of adjusted earnings(2)(4)

Integrated Upstream and Gathering Revenues

Higher (lower) natural gas production 0.19  0.19

Higher (lower) realized natural gas prices, after hedging 0.76  0.76

Higher (lower) gathering revenues (0.01) (0.01)

Higher (lower) other operating revenues 0.06  0.06

Pipeline and Storage Revenues

Higher (lower) operating revenues 0.02  0.02

Utility Margins(3)

Impact of usage and weather

0.02  0.02

Impact of new rates in New York 0.07  0.07

Regulatory revenue adjustments 0.05  0.05

Higher (lower) other operating revenues 0.01  0.01

Operating Expenses

Lower (higher) lease operating expenses (0.10) (0.10)

Lower (higher) operating expenses (0.06) (0.01) (0.07) (0.02) (0.16)

Lower (higher) property, franchise and other taxes (0.01) (0.01)

Lower (higher) depreciation / depletion (0.13) (0.02) (0.03) (0.18)

Other Income (Expense)

Higher (lower) other income (0.01) (0.02) 0.01  (0.02)

(Higher) lower interest expense 0.07  (0.01) (0.01) 0.05

Income Taxes

Lower (higher) income tax expense / effective tax rate

(0.05) 0.01  (0.01) —  (0.05)

All other / rounding (0.01) 0.01  0.01  —  0.01

Six months ended March 31, 2026 adjusted earnings per share(4)

3.02  0.69  1.09  (0.03) 4.77

Items impacting comparability(4):

Costs related to the pending Ohio gas utility acquisition, net of tax (0.09) (0.09)

Impact of equity issuance related to pending acquisition, net of interest benefits (0.08) (0.02) (0.03) 0.04  (0.09)

Unrealized gain (loss) on other investments, net of tax (0.01) (0.01)

Six months ended March 31, 2026 GAAP earnings per share $ 2.94  $ 0.67  $ 1.06  $ (0.09) $ 4.58

(1) Amounts do not reflect intercompany eliminations.

(2) Drivers of adjusted earnings have been calculated using the 21% federal statutory rate.

(3) Downstream margin defined as operating revenues less purchased gas expense.

(4) As a result of the equity issuance, drivers of adjusted earnings, six months ended March 31, 2026 adjusted earnings per share, and items impacting comparability for the six months ended March 31, 2026 have been calculated using adjusted diluted shares of 91,265,508.

Page 11.

NATIONAL FUEL GAS COMPANY

AND SUBSIDIARIES

(Thousands of Dollars, except per share amounts)

Three Months Ended Six Months Ended

March 31, March 31,

(Unaudited) (Unaudited)

SUMMARY OF OPERATIONS 2026 2025 2026 2025

Operating Revenues:

Utility Revenues $ 425,788  $ 343,574  $ 684,837  $ 571,998

Integrated Upstream and Gathering Revenues 358,823  315,191  682,045  567,499

Pipeline and Storage Revenues 73,762  71,185  142,999  139,935

858,373  729,950  1,509,881  1,279,432

Operating Expenses:

Purchased Gas 207,851  135,338  293,457  200,675

Operation and Maintenance:

Utility 67,060  63,447  126,957  118,691

Integrated Upstream and Gathering and Other 61,064  47,269  117,370  90,174

Pipeline and Storage 30,660  30,153  57,446  56,730

Property, Franchise and Other Taxes 25,274  25,214  50,037  47,270

Depreciation, Depletion and Amortization 119,329  111,277  241,354  220,647

Impairment of Assets —  —  —  141,802

511,238  412,698  886,621  875,989

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

Other Income (Expense):

Other Income 17,002  15,232  25,235  22,952

Interest Expense on Long-Term Debt (30,083) (39,662) (63,596) (73,024)

Other Interest Expense (3,651) (5,095) (13,514) (9,476)

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

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

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

Earnings Per Common Share

Basic $ 2.61  $ 2.39  $ 4.61  $ 2.88

Diluted $ 2.59  $ 2.37  $ 4.58  $ 2.86

Weighted Average Common Shares:

Used in Basic Calculation 95,026,278 90,500,162 93,077,818 90,640,333

Used in Diluted Calculation 95,691,950 91,176,327 93,805,419 91,312,334

Page 12.

NATIONAL FUEL GAS COMPANY

AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

March 31, September 30,

(Thousands of Dollars) 2026 2025

ASSETS

Property, Plant and Equipment $15,832,704  $15,406,329

Less - Accumulated Depreciation, Depletion and Amortization 7,902,521  7,693,687

Net Property, Plant and Equipment

7,930,183  7,712,642

Current Assets:

Cash and Temporary Cash Investments 26,596  43,166

Receivables - Net 292,548  180,801

Unbilled Revenue 52,963  16,219

Gas Stored Underground 4,768  33,468

Materials and Supplies - at average cost 53,773  50,545

Unrecovered Purchased Gas Costs 13,005  5,769

Other Current Assets 63,943  80,759

Total Current Assets

507,596  410,727

Other Assets:

Recoverable Future Taxes 96,226  89,247

Unamortized Debt Expense 5,307  6,236

Other Regulatory Assets 127,061  135,486

Deferred Charges 81,332  73,941

Other Investments 65,870  68,346

Goodwill 5,476  5,476

Prepaid Pension and Post-Retirement Benefit Costs 182,682  169,228

Fair Value of Derivative Financial Instruments 116,014  39,388

Other 9,857  8,387

Total Other Assets

689,825  595,735

Total Assets $9,127,604  $8,719,104

CAPITALIZATION AND LIABILITIES

Capitalization:

Comprehensive Shareholders' Equity

Common Stock, $1 Par Value Authorized - 200,000,000 Shares; Issued and

Outstanding - 95,027,447 Shares and 90,379,095 Shares, Respectively

$95,027  $90,379

Paid in Capital 1,388,193  1,050,918

Earnings Reinvested in the Business 2,340,168  2,012,529

Accumulated Other Comprehensive Income (Loss) 1,111  (59,222)

Total Comprehensive Shareholders' Equity 3,824,499  3,094,604

Long-Term Debt, Net of Current Portion and Unamortized Discount and Debt Issuance Costs 2,084,882  2,382,861

Total Capitalization

5,909,381  5,477,465

Current and Accrued Liabilities:

Notes Payable to Banks and Commercial Paper 41,300  150,200

Current Portion of Long-Term Debt 300,000  300,000

Accounts Payable 143,180  184,046

Amounts Payable to Customers 288  968

Dividends Payable 50,840  48,353

Interest Payable on Long-Term Debt 13,738  14,393

Customer Advances —  17,188

Customer Security Deposits 27,805  29,853

Other Accruals and Current Liabilities 242,760  174,689

Fair Value of Derivative Financial Instruments 236  6,074

Total Current and Accrued Liabilities

820,147  925,764

Other Liabilities:

Deferred Income Taxes 1,325,733  1,225,262

Taxes Refundable to Customers 303,199  306,335

Cost of Removal Regulatory Liability 314,865  307,659

Other Regulatory Liabilities 116,509  121,944

Pension and Other Post-Retirement Liabilities 3,741  5,252

Asset Retirement Obligations 228,105  236,787

Other Liabilities 105,924  112,636

Total Other Liabilities 2,398,076  2,315,875

Commitments and Contingencies —  —

Total Capitalization and Liabilities $9,127,604  $8,719,104

Page 13.

NATIONAL FUEL GAS COMPANY

AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Six Months Ended

March 31,

(Thousands of Dollars) 2026 2025

Operating Activities:

Net Income Available for Common Stock $ 429,313  $ 261,344

Adjustments to Reconcile Net Income to Net Cash

Provided by Operating Activities:

Impairment of Assets —  141,802

Depreciation, Depletion and Amortization 241,354  220,647

Deferred Income Taxes 68,296  25,787

Premium Paid on Early Redemption of Debt —  2,385

Stock-Based Compensation 9,941  10,487

Other 14,319  14,317

Change in:

Receivables and Unbilled Revenue (146,459) (197,553)

Gas Stored Underground and Materials and Supplies 25,472  27,861

Unrecovered Purchased Gas Costs (7,236) (3,562)

Other Current Assets 16,726  13,737

Accounts Payable 13,469  17,322

Amounts Payable to Customers (680) (8,327)

Customer Advances (17,188) (19,373)

Customer Security Deposits (2,048) (5,907)

Other Accruals and Current Liabilities 56,167  21,528

Other Assets (18,864) (20,282)

Other Liabilities (25,303) (28,343)

Net Cash Provided by Operating Activities $ 657,279  $ 473,870

Investing Activities:

Capital Expenditures $ (498,267) $ (434,260)

Other 523  8,881

Net Cash Used in Investing Activities $ (497,744) $ (425,379)

Financing Activities:

Changes in Notes Payable to Banks and Commercial Paper $ (108,900) $ 117,700

Shares Repurchased Under Repurchase Plan —  (50,471)

Reduction of Long-Term Debt (300,000) (954,086)

Net Proceeds From Issuance of Long-Term Debt —  989,019

Dividends Paid on Common Stock (99,187) (93,543)

Net Proceeds from Common Stock Sale 338,403  —

Net Repurchases of Common Stock Under Stock and Benefit Plans (6,421) (4,026)

Net Cash Provided by (Used in) Financing Activities $ (176,105) $ 4,593

Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash (16,570) 53,084

Cash, Cash Equivalents, and Restricted Cash at Beginning of Period 43,166  38,222

Cash, Cash Equivalents, and Restricted Cash at March 31 $ 26,596  $ 91,306

Page 14.

NATIONAL FUEL GAS COMPANY

AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS

(UNAUDITED)

INTEGRATED UPSTREAM AND GATHERING SEGMENT

Three Months Ended Six Months Ended

(Thousands of Dollars, except per share amounts) March 31, March 31,

2026 2025 Variance 2026 2025 Variance

Total Operating Revenues $ 358,823  $ 315,191  $ 43,632  $ 682,045  $ 567,499  $ 114,546

Operating Expenses:

Operation and Maintenance:

Upstream General and Administrative Expense 18,472  18,847  (375) 37,878  38,173  (295)

Lease Operating Expense 17,362  12,494  4,868  34,187  23,145  11,042

Gathering Operation and Maintenance Expense 13,805  9,160  4,645  24,193  15,894  8,299

All Other Operation and Maintenance Expense 3,102  3,310  (208) 6,481  7,178  (697)

Property, Franchise and Other Taxes 3,643  4,282  (639) 8,426  7,430  996

Depreciation, Depletion and Amortization 80,548  75,456  5,092  164,810  149,274  15,536

Impairment of Assets —  —  —  —  141,802  (141,802)

136,932  123,549  13,383  275,975  382,896  (106,921)

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

Other Income (Expense):

Non-Service Pension and Post-Retirement Benefit Credit (Cost) (81) 37  (118) (162) 73  (235)

Interest and Other Income 380  194  186  573  525  48

Interest Expense on Long-Term Debt —  (3,283) 3,283  —  (3,283) 3,283

Interest Expense (15,111) (19,541) 4,430  (31,245) (38,952) 7,707

Income Before Income Taxes 207,079  169,049  38,030  375,236  142,966  232,270

Income Tax Expense 55,049  44,879  10,170  99,159  38,428  60,731

Net Income $ 152,030  $ 124,170  $ 27,860  $ 276,077  $ 104,538  $ 171,539

Net Income Per Share (Diluted) $ 1.59  $ 1.36  $ 0.23  $ 2.94  $ 1.15  $ 1.79

Page 15.

NATIONAL FUEL GAS COMPANY

AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS

(UNAUDITED)

PIPELINE AND STORAGE SEGMENT

Three Months Ended Six Months Ended

(Thousands of Dollars, except per share amounts) March 31, March 31,

2026 2025 Variance 2026 2025 Variance

Revenues from External Customers $ 73,762  $ 71,185  $ 2,577  $ 142,999  $ 139,935  $ 3,064

Intersegment Revenues 37,701  38,388  (687) 75,365  76,251  (886)

Total Operating Revenues 111,463  109,573  1,890  218,364  216,186  2,178

Operating Expenses:

Purchased Gas (7) 162  (169) (7) 121  (128)

Operation and Maintenance 31,172  30,642  530  58,435  57,677  758

Property, Franchise and Other Taxes 8,335  8,600  (265) 16,981  17,266  (285)

Depreciation, Depletion and Amortization 19,961  18,547  1,414  39,063  37,132  1,931

59,461  57,951  1,510  114,472  112,196  2,276

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

Other Income (Expense):

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

Page 16.

NATIONAL FUEL GAS COMPANY

AND 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 Variance

Revenues 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

Page 17.

NATIONAL FUEL GAS COMPANY

AND 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 Variance

Total 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 Variance

Revenues 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 Variance

Intersegment 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) $ —  $ —  $ —  $ —  $ —  $ —

Page 18.

NATIONAL FUEL GAS COMPANY

AND 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, NY 3,226 3,282 3,116 1.7  5.3

Erie, PA 3,023 3,079 3,017 1.9  2.1

Six Months Ended March 31,

Buffalo, NY 5,352 5,563 5,000 3.9  11.3

Erie, PA 4,917 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.

Page 19.

NATIONAL FUEL GAS COMPANY

AND 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.

Page 20.

NATIONAL FUEL GAS COMPANY

AND 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

Page 21.

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.

Page 22.

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.

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