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						6363 Main Street/Williamsville, NY 14221
Release Date:			Immediate April 30, 2025			Natalie M. Fischer Investor Relations 716-857-7315			Timothy J. Silverstein Chief Financial Officer 716-857-6987

NATIONAL FUEL REPORTS SECOND QUARTER 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 2025 fiscal year.

FISCAL 2025 SECOND QUARTER SUMMARY

•GAAP net income of $216 million, or $2.37 per share, an increase of 32% per share compared to the prior year.

•Adjusted operating results of $218 million, or $2.39 per share, an increase of 34% per share compared to the prior year. See non-GAAP reconciliation on page 2.

•Seneca produced a record 105.5 Bcf of natural gas, an increase of 3% from the prior year and 8% sequentially, largely due to strong results from pads recently turned in line in the Eastern Development Area (“EDA”).

•Utility segment net income of $63.5 million, or $0.70 per share, an increase of 44% per share compared to the prior year, primarily as a result of the New York jurisdiction’s 2024 rate settlement, which led to its first base rate increase since 2017.

•Pipeline & Storage segment net income of $31.7 million, or $0.35 per share, an increase of 5% per share compared to the prior year. In addition, Empire Pipeline reached an agreement with its customers to amend its existing rate settlement, which was approved by the FERC on March 17, 2025, with new rates effective November 1, 2025.

•The Company is increasing its guidance for fiscal 2025 adjusted earnings per share to a range of $6.75 to $7.05.

MANAGEMENT COMMENTS

David P. Bauer, President and Chief Executive Officer of National Fuel Gas Company, stated: “During our second quarter, National Fuel built upon its positive momentum which, along with the tailwind of higher natural gas price realizations, drove a 32% increase in earnings per share over the prior year.

“Our integrated Appalachian natural gas development program, focused on the highly prolific EDA, continues to deliver strong operational results and improving capital efficiency. Seneca’s recent well results exhibited the highest productivity we’ve seen to date, giving us further confidence in our deep, high-quality well inventory, and allowing us to increase our production guidance for fiscal 2025. On the regulated side of the business, we saw significant earnings growth during the quarter, driven by the ongoing impact of positive rate case outcomes that balance the continued investment in modernizing our infrastructure with the goal of maintaining affordable rates for our customers.

“National Fuel’s integrated natural gas business, track record of strong operational execution, and consistent approach to managing risk, collectively position us well to navigate an uncertain global economic backdrop. As such, we remain confident in our ability to provide strong returns, achieve our long-term growth targets, and continue to deliver shareholder value.”

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RECONCILIATION OF GAAP EARNINGS TO ADJUSTED OPERATING RESULTS

						Three Months Ended March 31,
						(Thousands)												(Per Share)
						2025						2024						2025						2024
Reported GAAP Earnings						$	216,358					$	166,272					$	2.37					$	1.80
Items impacting comparability:
Premiums paid on early redemption of debt (E&P / Midstream)						2,385						—						0.03						—
Tax impact of premiums paid on early redemption of debt						(642)						—						(0.01)						—
Unrealized (gain) loss on derivative asset (E&P)						335						(536)						0.00						0.00
Tax impact of unrealized (gain) loss on derivative asset						(90)						147						0.00						0.00
Unrealized (gain) loss on other investments (Corporate / All Other)						(17)						(769)						0.00						(0.01)
Tax impact of unrealized (gain) loss on other investments						4						162						0.00						0.00
Adjusted Operating Results						$	218,333					$	165,276					$	2.39					$	1.79

FISCAL 2025 GUIDANCE UPDATE

National Fuel is increasing its guidance for fiscal 2025 adjusted earnings per share, which is now expected to be within a range of $6.75 to $7.05, an increase of $0.15 at the midpoint of the Company’s prior guidance range. This updated range incorporates our second quarter results as well as higher expected production and lower unit costs in the Exploration and Production segment for the remainder of the fiscal year.

The Company is assuming NYMEX natural gas prices will average $3.50 per MMBtu for the remaining six months of fiscal 2025 (no change from previous guidance), which approximates the current NYMEX forward curve at this time. Given the continued volatility in NYMEX natural gas prices, the Company is providing the following sensitivities to its adjusted operating results guidance range:

NYMEX Assumption Remaining 6 months ($/MMBtu)			Fiscal 2025 Adjusted Earnings Per Share Sensitivities
$3.00			$6.50 - $6.80
$3.50			$6.75 - $7.05
$4.00			$7.05 - $7.35

The Company’s other fiscal 2025 guidance assumptions remain largely unchanged as detailed in the table on page 7.

FINANCING ACTIVITIES UPDATE

In February 2025, the Company issued $1 billion of new five- and ten-year notes (split in two equal tranches) to refinance the early redemption of $950 million of notes that were scheduled to mature in July 2025 and January 2026. In addition, the Company placed $50 million (plus interest) in trust for the benefit of holders of long-term debt issued under the Company’s 1974 Indenture and scheduled to mature in June 2025. Placing these funds in trust discharged the 1974 Indenture, relieving the Company from its obligations to comply with the indenture’s covenants. In connection with these transactions, the Company recognized an after-tax loss of $1.7 million, which is presented as an item impacting comparability for the quarter.

DISCUSSION OF SECOND QUARTER RESULTS BY SEGMENT

The following earnings discussion of each operating segment for the quarter ended March 31, 2025 is summarized in a tabular form on pages 8 and 9 of this report (earnings drivers for the six months ended March 31, 2025 are summarized on pages 10 and 11). It may be helpful to refer to those tables while reviewing this discussion.

Note that management defines adjusted operating results 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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Upstream Business

Exploration and Production Segment

The Exploration and Production segment operations are carried out by Seneca Resources Company, LLC (“Seneca”). Seneca explores for, develops and produces primarily natural gas reserves in Pennsylvania.

			Three Months Ended
			March 31,
(in thousands)			2025						2024						Variance
GAAP Earnings			$	97,828					$	62,065					$	35,763
Premiums paid on early redemption of debt, net of tax			1,045						—						1,045
Unrealized (gain) loss on derivative asset (2022 CA asset sale), net of tax			245						(389)						634
Adjusted Operating Results			$	99,118					$	61,676					$	37,442
Adjusted EBITDA			$	214,350					$	172,068					$	42,282

Seneca’s second quarter GAAP earnings increased $35.8 million versus the prior year. GAAP earnings included a $1.0 million after-tax loss recognized during the quarter on the early redemption of long-term debt for Seneca’s share of premiums paid by the Company associated with its long-term debt redemptions.

Excluding items impacting comparability, Seneca’s adjusted operating results in the second quarter increased $37.4 million primarily due to higher realized natural gas prices and natural gas production, as well as lower per unit operating expenses.

During the second quarter, Seneca produced 105.5 Bcf of natural gas, an increase of 2.6 Bcf, or 3%, from the prior year, and 7.8 Bcf, or 8%, higher compared to the fiscal 2025 first quarter. Two highly prolific pads turned in line this year in the EDA (Tioga Utica) were the main drivers behind these increases in production.

Seneca’s weighted average realized natural gas price, after the impact of hedging and transportation costs, was $2.94 per Mcf, an increase of $0.38 per Mcf from the prior year. This increase was primarily due to higher NYMEX prices and higher spot prices at local sales points in Pennsylvania.

			Three Months Ended
			March 31,
(Cost per Mcf)			2025						2024						Variance
Lease Operating and Transportation Expense (“LOE”)			$	0.67					$	0.68					$	(0.01)
General and Administrative Expense (“G&A”)			$	0.18					$	0.17					$	0.01
Taxes and Other			$	0.07					$	0.06					$	0.01
Total Cash Operating Costs			$	0.92					$	0.91					$	0.01
Depreciation, Depletion and Amortization Expense (“DD&A”)			$	0.61					$	0.71					$	(0.10)
Total Operating Costs			$	1.53					$	1.62					$	(0.09)

On a per unit basis, the second quarter total cash operating costs were up slightly compared to the prior year as other taxes increased as a result of a higher Impact Fee in Pennsylvania due to the increase in NYMEX natural gas prices. LOE included $59 million ($0.56 per Mcf), or 84% of total LOE, for gathering and compression service fees paid to the Company’s Gathering segment to connect Seneca’s production to sales points along interstate pipelines. DD&A for the quarter was $0.61 per Mcf, a decrease of $0.10 per Mcf from the prior year, largely due to ceiling test impairments recorded in prior quarters that lowered Seneca’s full cost pool depletable base.

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Midstream Businesses

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)			2025						2024						Variance
GAAP Earnings			$	31,707					$	30,737					$	970
Adjusted EBITDA			$	70,169					$	70,033					$	136

The Pipeline and Storage segment’s second quarter GAAP earnings increased $1.0 million versus the prior year primarily due to higher operating revenues. The increase in operating revenues of $1.6 million, or 1%, was primarily attributable to an increase in Supply Corporation’s transportation and storage rates effective February 1, 2024, in accordance with its rate settlement, which was approved in fiscal 2024.

Empire Rate Case Update

On March 17, 2025, FERC approved an amendment to Empire’s 2019 rate case settlement, which provides for modest unit rate reductions for Empire’s transportation services. Based on current contracts, this settlement amendment is estimated to decrease Empire’s revenues on a yearly basis by approximately $0.5 million with new rates effective November 1, 2025. Under the amendment, Empire may not file a new rate case before April 30, 2027, and is required to file a rate case by May 31, 2031.

Gathering Segment

The Gathering segment’s operations are carried out by National Fuel Gas Midstream Company, LLC’s limited liability companies. The Gathering segment constructs, owns and operates natural gas gathering pipelines and compression facilities in the Appalachian region, which delivers Seneca and other non-affiliated Appalachian production to the interstate pipeline system.

			Three Months Ended
			March 31,
(in thousands)			2025						2024						Variance
GAAP Earnings			$	26,342					$	28,706					$	(2,364)
Premiums paid on early redemption of debt, net of tax			698						—						698
Adjusted Operating Results			$	27,040					$	28,706					$	(1,666)
Adjusted EBITDA			$	52,748					$	53,103					$	(355)

The Gathering segment’s second quarter GAAP earnings decreased $2.4 million versus the prior year as higher operating revenues were more than offset by higher O&M and DD&A expense. GAAP earnings also included a $0.7 million after-tax loss recognized during the quarter on the early redemption of long-term debt for Gathering’s share of premiums paid by the Company associated with its long-term debt redemptions.

Operating revenues increased $1.0 million, or 2%, primarily due to an increase in throughput from Seneca’s new wells in Tioga County. While O&M expense increased $1.5 million, the per unit rate of $0.09 per Mcf remained unchanged. DD&A expense increased $1.2 million primarily due to higher average depreciable plant in service compared to the prior year.

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Downstream Business

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)			2025						2024						Variance
GAAP Earnings			$	63,544					$	44,739					$	18,805
Adjusted EBITDA			$	95,270					$	78,326					$	16,944

The Utility segment’s second quarter GAAP earnings increased $18.8 million, or 42%, primarily as a result of the implementation of the recently approved rate case settlement in the Utility’s New York jurisdiction, which became effective October 1, 2024.

For the quarter, customer margin (operating revenues less purchased gas sold) increased $22.2 million, primarily due to the New York rate case settlement. Other income increased $10.8 million, largely due to the New York rate settlement, which required the recognition of non-service pension and post-retirement benefit income and a corresponding reduction in new base rates, resulting in no effect on net income.

O&M expense increased by $4.2 million, primarily driven by higher personnel costs, partially offset by a reduction related to amortizations of certain regulatory assets as a result of the New York rate settlement. Further, interest expense increased $2.4 million primarily due to a higher average amount of net borrowings.

Corporate and All Other

The Company’s operations that are included in Corporate and All Other generated a combined net loss of $3.1 million in the current year second quarter, compared to combined earnings of less than $0.1 million in the prior year. The reduction in earnings during the second quarter was primarily driven by higher interest expense due to a higher average amount of net borrowings. A decrease in investment income on marketable securities and corporate-owned life insurance policies also contributed to the earnings reduction.

EARNINGS TELECONFERENCE

A conference call to discuss the results will be held on Thursday, May 1, 2025, 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 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, Thursday, May 8, 2025. To access the replay, dial 1-866-813-9403 and provide Access Code 458634.

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

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

Certain statements contained herein, including statements identified by the use of the words “anticipates,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “predicts,” “projects,” “believes,” “seeks,” “will,” “may” and similar expressions, and statements which are other than statements of historical facts, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, which could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. The Company’s expectations, beliefs and projections contained herein are expressed in good faith and are believed to have a reasonable basis, but there can be no assurance that such expectations, beliefs or projections will result or be achieved or accomplished. In

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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 estimate accurately the time and resources necessary to meet emissions targets; governmental/regulatory actions and/or market pressures to reduce or eliminate reliance on natural gas; impairments under the SEC’s full cost ceiling test for natural gas reserves; changes in the price of natural gas; 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 and other investments, including any downgrades in the Company’s credit ratings and changes in interest rates and other capital market conditions; 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; the Company’s ability to complete strategic transactions; 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; negotiations with the collective bargaining units representing the Company’s workforce, including potential work stoppages during negotiations; 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 2025. Additional details on the Company's forecast assumptions and business segment guidance are outlined in the table below.

The revised adjusted earnings per share guidance range excludes certain items that impacted the comparability of adjusted operating results during the six months ended March 31, 2025, including: (1) the after tax impairment of assets, which reduced earnings by $1.14 per share; (2) after-tax premiums paid on early redemptions of debt, which reduced earnings by $0.02 per share; (3) after-tax unrealized losses on a derivative asset, which reduced earnings by $0.01 per share; and (4) after-tax unrealized losses on other investments, which reduced earnings by $0.02 per share. While the Company expects to record certain adjustments to unrealized gain or loss on a derivative asset and unrealized gain or loss on investments during the remaining six months ending September 30, 2025, 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 2025 Guidance						Updated FY 2025 Guidance
Consolidated Adjusted Earnings per Share			$6.50 to $7.00						$6.75 to $7.05
Consolidated Effective Tax Rate			~ 25%						~ 25%
Capital Expenditures (Millions)
Exploration and Production			$495 - $515						$495 - $515
Pipeline and Storage			$130 - $150						$130 - $150
Gathering			$95 - $110						$95 - $110
Utility			$165 - $185						$165 - $185
Consolidated Capital Expenditures			$885 - $960						$885 - $960
Exploration and Production Segment Guidance
Commodity Price Assumptions (remaining six months)
NYMEX natural gas price			$3.50 /MMBtu						$3.50 /MMBtu
Appalachian basin spot price			$2.90 /MMBtu						$2.60 /MMBtu
Realized natural gas prices, after hedging ($/Mcf)			$2.77 - $2.81						$2.72 - $2.76
Production (Bcf)			410 to 425						415 to 425
E&P Operating Costs ($/Mcf)
LOE			$0.68 - $0.70						$0.68 - $0.69
G&A			$0.18 - $0.19						$0.18 - $0.19
DD&A			$0.63 - $0.67						$0.63 - $0.65
Other Business Segment Guidance (Millions)
Gathering Segment Revenues			$250 - $260						$250 - $260
Pipeline and Storage Segment Revenues			$415 - $435						$415 - $435
Utility Segment Guidance (Millions)
Customer Margin*			$445 - $465						$445 - $465
O&M Expense			$240 - $250						$240 - $245
Non-Service Pension & OPEB Income			$23 - $27						$23 - $27

* Customer Margin is defined as Operating Revenues less Purchased Gas Expense.

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NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
QUARTER ENDED MARCH 31, 2025
(Unaudited)
			Upstream						Midstream												Downstream
			Exploration &						Pipeline &																								Corporate /
(Thousands of Dollars)			Production						Storage						Gathering						Utility												All Other						Consolidated*
Second quarter 2024 GAAP earnings			$	62,065					$	30,737					$	28,706					$	44,739											$	25					$	166,272
Items impacting comparability:
Unrealized (gain) loss on derivative asset			(536)																																				(536)
Tax impact of unrealized (gain) loss on derivative asset			147																																				147
Unrealized (gain) loss on other investments																																	(769)						(769)
Tax impact of unrealized (gain) loss on other investments																																	162						162
Second quarter 2024 adjusted operating results			61,676						30,737						28,706						44,739												(582)						165,276
Drivers of adjusted operating results**
Upstream Revenues
Higher (lower) natural gas production			5,322																																				5,322
Higher (lower) realized natural gas prices, after hedging			31,956																																				31,956
Midstream Revenues
Higher (lower) operating revenues									1,227						819																								2,046
Downstream Margins***
Impact of usage and weather																					3,011																		3,011
Impact of new rates in New York																					14,577																		14,577
Higher (lower) other operating revenues																					(924)																		(924)
Operating Expenses
Lower (higher) lease operating and transportation expenses			(1,196)																																				(1,196)
Lower (higher) operating expenses			(1,855)						(1,248)						(1,168)						(3,330)																		(7,601)
Lower (higher) property, franchise and other taxes			(948)																																				(948)
Lower (higher) depreciation / depletion			6,973						745						(966)						(685)																		6,067
Other Income (Expense)
Higher (lower) other income																					8,545												612						9,157
(Higher) lower interest expense									331						(891)						(1,895)												(2,902)						(5,357)
Income Taxes
Lower (higher) income tax expense / effective tax rate			(2,331)						241						463						(545)												(159)						(2,331)
All other / rounding			(479)						(326)						77						51												(45)						(722)
Second quarter 2025 adjusted operating results			99,118						31,707						27,040						63,544												(3,076)						218,333
Items impacting comparability:
Premiums paid on early redemption of debt			(1,430)												(955)																								(2,385)
Tax impact of premiums paid on early redemption of debt			385												257																								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 GAAP earnings			$	97,828					$	31,707					$	26,342					$	63,544											$	(3,063)					$	216,358
* Amounts do not reflect intercompany eliminations.
** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.
*** Downstream margin defined as operating revenues less purchased gas expense.

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NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
QUARTER ENDED MARCH 31, 2025
(Unaudited)
			Upstream						Midstream												Downstream
			Exploration &						Pipeline &																								Corporate /
			Production						Storage						Gathering						Utility												All Other						Consolidated*
Second quarter 2024 GAAP earnings per share			$	0.67					$	0.33					$	0.31					$	0.48											$	0.01					$	1.80
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)
Second quarter 2024 adjusted operating results per share			0.67						0.33						0.31						0.48												—						1.79
Drivers of adjusted operating results**
Upstream Revenues
Higher (lower) natural gas production			0.06																																				0.06
Higher (lower) realized natural gas prices, after hedging			0.35																																				0.35
Midstream Revenues
Higher (lower) operating revenues									0.01						0.01																								0.02
Downstream Margins***
Impact of usage and weather																					0.03																		0.03
Impact of new rates in New York																					0.16																		0.16
Higher (lower) other operating revenues																					(0.01)																		(0.01)
Operating Expenses
Lower (higher) lease operating and transportation expenses			(0.01)																																				(0.01)
Lower (higher) operating expenses			(0.02)						(0.01)						(0.01)						(0.04)																		(0.08)
Lower (higher) property, franchise and other taxes			(0.01)																																				(0.01)
Lower (higher) depreciation / depletion			0.09						0.01						(0.01)						(0.01)																		0.08
Other Income (Expense)
Higher (lower) other income																					0.09												0.01						0.10
(Higher) lower interest expense									—						(0.01)						(0.02)												(0.03)						(0.06)
Income Taxes
Lower (higher) income tax expense / effective tax rate			(0.03)						—						0.01						(0.01)												—						(0.03)
All other / rounding			(0.02)						0.01						—						0.03												(0.02)						—
Second quarter 2025 adjusted operating results per share			1.08						0.35						0.30						0.70												(0.04)						2.39
Items impacting comparability:
Premiums paid on early redemption of debt, net of tax			(0.01)												(0.01)																								(0.02)
Unrealized gain (loss) on derivative asset, net of tax			—																																				—
Unrealized gain (loss) on other investments, net of tax																																	—						—
Second quarter 2025 GAAP earnings per share			$	1.07					$	0.35					$	0.29					$	0.70											$	(0.04)					$	2.37
* Amounts do not reflect intercompany eliminations.
** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.
*** Downstream margin defined as operating revenues less purchased gas expense.

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NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
SIX MONTHS ENDED MARCH 31, 2025
(Unaudited)
			Upstream						Midstream												Downstream
			Exploration &						Pipeline &																								Corporate /
(Thousands of Dollars)			Production						Storage						Gathering						Utility												All Other						Consolidated*
Six months ended March 31, 2024 GAAP earnings			$	114,548					$	54,792					$	57,531					$	71,289											$	1,132					$	299,292
Items impacting comparability:
Unrealized (gain) loss on derivative asset			3,662																																				3,662
Tax impact of unrealized (gain) loss on derivative asset			(1,004)																																				(1,004)
Unrealized (gain) loss on other investments																																	(1,818)						(1,818)
Tax impact of unrealized (gain) loss on other investments																																	382						382
Six months ended March 31, 2024 adjusted operating results			117,206						54,792						57,531						71,289												(304)						300,514
Drivers of adjusted operating results**
Upstream Revenues
Higher (lower) natural gas production			(817)																																				(817)
Higher (lower) realized natural gas prices, after hedging			33,964																																				33,964
Midstream Revenues
Higher (lower) operating revenues									10,865						(332)																								10,533
Downstream Margins***
Impact of usage and weather																					2,685																		2,685
Impact of new rates in New York																					22,442																		22,442
Higher (lower) other operating revenues																					(1,364)																		(1,364)
Operating Expenses
Lower (higher) operating expenses			(1,742)						(2,105)						(1,108)						(4,575)																		(9,530)
Lower (higher) property, franchise and other taxes			(746)																																				(746)
Lower (higher) depreciation / depletion			13,816						452						(1,802)						(1,309)																		11,157
Other Income (Expense)
Higher (lower) other income			(1,888)						(603)												11,720												2,300						11,529
(Higher) lower interest expense									328						(1,271)						(3,679)												(3,165)						(7,787)
Income Taxes
Lower (higher) income tax expense / effective tax rate			(2,338)						(246)						905						(1,128)												43						(2,764)
All other / rounding			(226)						679						262						(38)												(219)						458
Six months ended March 31, 2025 adjusted operating results			157,229						64,162						54,185						96,043												(1,345)						370,274
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			(1,430)												(955)																								(2,385)
Tax impact of premiums paid on early redemption of debt			385												257																								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 GAAP earnings			$	51,051					$	64,162					$	53,487					$	96,043											$	(3,399)					$	261,344
* Amounts do not reflect intercompany eliminations.
** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.
*** Downstream margin defined as operating revenues less purchased gas expense.

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Page 11.

NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
SIX MONTHS ENDED MARCH 31, 2025
(Unaudited)
			Upstream						Midstream												Downstream
			Exploration &						Pipeline &																								Corporate /
			Production						Storage						Gathering						Utility												All Other						Consolidated*
Six months ended March 31, 2024 GAAP earnings per share			$	1.24					$	0.59					$	0.62					$	0.77											$	0.02					$	3.24
Items impacting comparability:
Unrealized (gain) loss on derivative asset, net of tax			0.03																																				0.03
Unrealized (gain) loss on other investments, net of tax																																	(0.02)						(0.02)
Six months ended March 31, 2024 adjusted operating results per share			1.27						0.59						0.62						0.77												—						3.25
Drivers of adjusted operating results**
Upstream Revenues
Higher (lower) natural gas production			(0.01)																																				(0.01)
Higher (lower) realized natural gas prices, after hedging			0.37																																				0.37
Midstream Revenues
Higher (lower) operating revenues									0.12						—																								0.12
Downstream Margins***
Impact of usage and weather																					0.03																		0.03
Impact of new rates in New York																					0.25																		0.25
Higher (lower) other operating revenues																					(0.01)																		(0.01)
Operating Expenses
Lower (higher) operating expenses			(0.02)						(0.02)						(0.01)						(0.05)																		(0.10)
Lower (higher) property, franchise and other taxes			(0.01)																																				(0.01)
Lower (higher) depreciation / depletion			0.15						—						(0.02)						(0.01)																		0.12
Other Income (Expense)
Higher (lower) other income			(0.02)						(0.01)												0.13												0.03						0.13
(Higher) lower interest expense									—						(0.01)						(0.04)												(0.03)						(0.08)
Income Taxes
Lower (higher) income tax expense / effective tax rate			(0.03)						—						0.01						(0.01)												—						(0.03)
All other / rounding			0.02						0.02						0.01						(0.01)												(0.01)						0.03
Six months ended March 31, 2025 adjusted operating results per share			1.72						0.70						0.60						1.05												(0.01)						4.06
Items impacting comparability:
Impairment of assets, net of tax			(1.14)																																				(1.14)
Premiums paid on early redemption of debt, net of tax			(0.01)												(0.01)																								(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 GAAP earnings per share			$	0.56					$	0.70					$	0.59					$	1.05											$	(0.04)					$	2.86
* Amounts do not reflect intercompany eliminations.
** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.
*** Downstream margin defined as operating revenues less purchased gas expense.

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Page 12.

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			2025						2024						2025						2024
Operating Revenues:
Utility Revenues			$	343,574					$	290,198					$	571,998					$	492,119
Exploration and Production and Other Revenues			311,958						264,614						560,818						518,633
Pipeline and Storage and Gathering Revenues			74,418						75,127						146,616						144,549
			729,950						629,939						1,279,432						1,155,301
Operating Expenses:
Purchased Gas			135,338						105,940						200,675						162,491
Operation and Maintenance:
Utility			63,447						59,288						118,691						112,993
Exploration and Production and Other			35,059						32,794						68,600						67,620
Pipeline and Storage and Gathering			42,363						39,340						78,304						74,303
Property, Franchise and Other Taxes			25,214						23,019						47,270						45,434
Depreciation, Depletion and Amortization			111,277						118,935						220,647						234,725
Impairment of Assets			—						—						141,802						—
			412,698						379,316						875,989						697,566
Operating Income			317,252						250,623						403,443						457,735
Other Income (Expense):
Other Income (Deductions)			15,232						6,070						22,952						9,801
Interest Expense on Long-Term Debt			(39,662)						(28,453)						(73,024)						(56,915)
Other Interest Expense			(5,095)						(6,636)						(9,476)						(12,910)
Income Before Income Taxes			287,727						221,604						343,895						397,711
Income Tax Expense			71,369						55,332						82,551						98,419
Net Income Available for Common Stock			$	216,358					$	166,272					$	261,344					$	299,292
Earnings Per Common Share
Basic			$	2.39					$	1.81					$	2.88					$	3.25
Diluted			$	2.37					$	1.80					$	2.86					$	3.24
Weighted Average Common Shares:
Used in Basic Calculation			90,500,162						92,114,415						90,640,333						92,011,772
Used in Diluted Calculation			91,176,327						92,512,447						91,312,334						92,478,604

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Page 13.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
			March 31,						September 30,
(Thousands of Dollars)			2025						2024
ASSETS
Property, Plant and Equipment			$14,834,817						$14,524,798
Less - Accumulated Depreciation, Depletion and Amortization			7,487,618						7,185,593
Net Property, Plant and Equipment			7,347,199						7,339,205
Current Assets:
Cash and Temporary Cash Investments			39,954						38,222
Cash Held in Trust for Bondholders			51,352						—
Receivables - Net			291,132						127,222
Unbilled Revenue			49,077						15,521
Gas Stored Underground			6,413						35,055
Materials and Supplies - at average cost			48,451						47,670
Unrecovered Purchased Gas Costs			3,562						—
Other Current Assets			78,532						92,229
Total Current Assets			568,473						355,919
Other Assets:
Recoverable Future Taxes			88,623						80,084
Unamortized Debt Expense			7,166						5,604
Other Regulatory Assets			118,800						108,022
Deferred Charges			69,572						69,662
Other Investments			71,958						81,705
Goodwill			5,476						5,476
Prepaid Pension and Post-Retirement Benefit Costs			194,325						180,230
Fair Value of Derivative Financial Instruments			45						87,905
Other			8,326						5,958
Total Other Assets			564,291						624,646
Total Assets			$8,479,963						$8,319,770
CAPITALIZATION AND LIABILITIES
Capitalization:
Comprehensive Shareholders' Equity
Common Stock, $1 Par Value Authorized - 200,000,000 Shares; Issued and
Outstanding - 90,397,698 Shares and 91,005,993 Shares, Respectively			$90,398						$91,006
Paid in Capital			1,042,822						1,045,487
Earnings Reinvested in the Business			1,855,366						1,727,326
Accumulated Other Comprehensive Loss			(222,975)						(15,476)
Total Comprehensive Shareholders' Equity			2,765,611						2,848,343
Long-Term Debt, Net of Current Portion and Unamortized Discount and Debt Issuance Costs			2,381,126						2,188,243
Total Capitalization			5,146,737						5,036,586
Current and Accrued Liabilities:
Notes Payable to Banks and Commercial Paper			208,400						90,700
Current Portion of Long-Term Debt			350,000						500,000
Accounts Payable			127,611						165,068
Amounts Payable to Customers			34,393						42,720
Dividends Payable			46,555						46,872
Interest Payable on Long-Term Debt			19,454						27,247
Customer Advances			—						19,373
Customer Security Deposits			30,358						36,265
Other Accruals and Current Liabilities			184,925						162,903
Fair Value of Derivative Financial Instruments			201,464						4,744
Total Current and Accrued Liabilities			1,203,160						1,095,892
Other Liabilities:
Deferred Income Taxes			1,072,436						1,111,165
Taxes Refundable to Customers			302,293						305,645
Cost of Removal Regulatory Liability			300,256						292,477
Other Regulatory Liabilities			140,828						151,452
Other Post-Retirement Liabilities			3,404						3,511
Asset Retirement Obligations			193,802						203,006
Other Liabilities			117,047						120,036
Total Other Liabilities			2,130,066						2,187,292
Commitments and Contingencies			—						—
Total Capitalization and Liabilities			$8,479,963						$8,319,770

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Page 14.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
						Six Months Ended
						March 31,
(Thousands of Dollars)						2025						2024
Operating Activities:
Net Income Available for Common Stock						$	261,344					$	299,292
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Impairment of Assets						141,802						—
Depreciation, Depletion and Amortization						220,647						234,725
Deferred Income Taxes						25,787						65,187
Premiums Paid on Early Redemption of Debt						2,385						—
Stock-Based Compensation						10,487						10,477
Other						14,317						11,874
Change in:
Receivables and Unbilled Revenue						(197,553)						(50,123)
Gas Stored Underground and Materials and Supplies						27,861						25,675
Unrecovered Purchased Gas Costs						(3,562)						—
Other Current Assets						13,737						15,201
Accounts Payable						17,322						(15,641)
Amounts Payable to Customers						(8,327)						13,327
Customer Advances						(19,373)						(21,003)
Customer Security Deposits						(5,907)						1,836
Other Accruals and Current Liabilities						21,528						26,927
Other Assets						(20,282)						(22,165)
Other Liabilities						(28,343)						(9,328)
Net Cash Provided by Operating Activities						$	473,870					$	586,261
Investing Activities:
Capital Expenditures						$	(434,260)					$	(481,958)
Other						8,881						(1,189)
Net Cash Used in Investing Activities						$	(425,379)					$	(483,147)
Financing Activities:
Changes in Notes Payable to Banks and Commercial Paper						117,700						(8,600)
Shares Repurchased Under Repurchase Plan						(50,471)						(4,230)
Reduction of Long-Term Debt						(954,086)						—
Net Proceeds From Issuance of Long-Term Debt						989,019						—
Dividends Paid on Common Stock						(93,543)						(91,048)
Net Repurchases of Common Stock Under Stock and Benefit Plans						(4,026)						(3,914)
Net Cash Provided by (Used in) Financing Activities						$	4,593					$	(107,792)
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash						53,084						(4,678)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period						38,222						55,447
Cash, Cash Equivalents, and Restricted Cash at March 31						$	91,306					$	50,769

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Page 15.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)
UPSTREAM BUSINESS
			Three Months Ended																		Six Months Ended
(Thousands of Dollars, except per share amounts)			March 31,																		March 31,
EXPLORATION AND PRODUCTION SEGMENT			2025						2024						Variance						2025			2024			Variance
Total Operating Revenues			$	311,958					$	264,614					$	47,344					$	560,818		$	518,633		$	42,185
Operating Expenses:
Operation and Maintenance:
General and Administrative Expense			18,847						17,165						1,682						38,173			34,958			3,215
Lease Operating and Transportation Expense			71,176						69,662						1,514						136,816			136,736			80
All Other Operation and Maintenance Expense			3,310						2,644						666						7,178			8,188			(1,010)
Property, Franchise and Other Taxes			4,275						3,075						1,200						7,657			6,713			944
Depreciation, Depletion and Amortization			64,622						73,448						(8,826)						127,925			145,413			(17,488)
Impairment of Assets			—						—						—						141,802			—			141,802
			162,230						165,994						(3,764)						459,551			332,008			127,543
Operating Income			149,728						98,620						51,108						101,267			186,625			(85,358)
Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Credit			37						100						(63)						74			201			(127)
Interest and Other Income (Deductions)			101						1,170						(1,069)						373			(342)			715
Interest Expense on Long-Term Debt			(1,949)						—						(1,949)						(1,949)			—			(1,949)
Other Interest Expense			(15,091)						(15,108)						17						(30,291)			(30,377)			86
Income Before Income Taxes			132,826						84,782						48,044						69,474			156,107			(86,633)
Income Tax Expense			34,998						22,717						12,281						18,423			41,559			(23,136)
Net Income			$	97,828					$	62,065					$	35,763					$	51,051		$	114,548		$	(63,497)
Net Income Per Share (Diluted)			$	1.07					$	0.67					$	0.40					$	0.56		$	1.24		$	(0.68)

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Page 16.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)
MIDSTREAM BUSINESSES
			Three Months Ended																		Six Months Ended
(Thousands of Dollars, except per share amounts)			March 31,																		March 31,
PIPELINE AND STORAGE SEGMENT			2025						2024						Variance						2025			2024			Variance
Revenues from External Customers			$	71,185					$	71,210					$	(25)					$	139,935		$	136,036		$	3,899
Intersegment Revenues			38,388						36,810						1,578						76,251			66,397			9,854
Total Operating Revenues			109,573						108,020						1,553						216,186			202,433			13,753
Operating Expenses:
Purchased Gas			162						325						(163)						121			926			(805)
Operation and Maintenance			30,642						29,062						1,580						57,677			55,013			2,664
Property, Franchise and Other Taxes			8,600						8,600						—						17,266			17,320			(54)
Depreciation, Depletion and Amortization			18,547						19,490						(943)						37,132			37,704			(572)
			57,951						57,477						474						112,196			110,963			1,233
Operating Income			51,622						50,543						1,079						103,990			91,470			12,520
Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Credit			952						1,257						(305)						1,905			2,515			(610)
Interest and Other Income			1,794						2,046						(252)						3,833			3,978			(145)
Interest Expense			(11,700)						(12,119)						419						(23,428)			(23,843)			415
Income Before Income Taxes			42,668						41,727						941						86,300			74,120			12,180
Income Tax Expense			10,961						10,990						(29)						22,138			19,328			2,810
Net Income			$	31,707					$	30,737					$	970					$	64,162		$	54,792		$	9,370
Net Income Per Share (Diluted)			$	0.35					$	0.33					$	0.02					$	0.70		$	0.59		$	0.11
			Three Months Ended																		Six Months Ended
			March 31,																		March 31,
GATHERING SEGMENT			2025						2024						Variance						2025			2024			Variance
Revenues from External Customers			$	3,233					$	3,917					$	(684)					$	6,681		$	8,513		$	(1,832)
Intersegment Revenues			61,797						60,076						1,721						119,480			118,068			1,412
Total Operating Revenues			65,030						63,993						1,037						126,161			126,581			(420)
Operating Expenses:
Operation and Maintenance			12,275						10,796						1,479						21,703			20,300			1,403
Property, Franchise and Other Taxes			7						94						(87)						(227)			117			(344)
Depreciation, Depletion and Amortization			10,834						9,611						1,223						21,349			19,068			2,281
			23,116						20,501						2,615						42,825			39,485			3,340
Operating Income			41,914						43,492						(1,578)						83,336			87,096			(3,760)
Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Credit (Costs)			—						9						(9)						(1)			19			(20)
Interest and Other Income			93						72						21						152			143			9
Interest Expense on Long-Term Debt			(1,334)						—						(1,334)						(1,334)			—			(1,334)
Other Interest Expense			(4,450)						(3,701)						(749)						(8,661)			(7,431)			(1,230)
Income Before Income Taxes			36,223						39,872						(3,649)						73,492			79,827			(6,335)
Income Tax Expense			9,881						11,166						(1,285)						20,005			22,296			(2,291)
Net Income			$	26,342					$	28,706					$	(2,364)					$	53,487		$	57,531		$	(4,044)
Net Income Per Share (Diluted)			$	0.29					$	0.31					$	(0.02)					$	0.59		$	0.62		$	(0.03)

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Page 17.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)
DOWNSTREAM BUSINESS
			Three Months Ended																		Six Months Ended
(Thousands of Dollars, except per share amounts)			March 31,																		March 31,
UTILITY SEGMENT			2025						2024						Variance						2025			2024			Variance
Revenues from External Customers			$	343,574					$	290,198					$	53,376					$	571,998		$	492,119		$	79,879
Intersegment Revenues			119						306						(187)						203			393			(190)
Total Operating Revenues			343,693						290,504						53,189						572,201			492,512			79,689
Operating Expenses:
Purchased Gas			171,777						140,836						30,941						273,249			224,886			48,363
Operation and Maintenance			64,444						60,229						4,215						120,704			114,913			5,791
Property, Franchise and Other Taxes			12,202						11,113						1,089						22,313			21,019			1,294
Depreciation, Depletion and Amortization			17,135						16,268						867						33,962			32,305			1,657
			265,558						228,446						37,112						450,228			393,123			57,105
Operating Income			78,135						62,058						16,077						121,973			99,389			22,584
Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Credit			12,299						857						11,442						18,170			1,327			16,843
Interest and Other Income			714						1,340						(626)						1,242			3,250			(2,008)
Interest Expense			(10,927)						(8,528)						(2,399)						(21,643)			(16,986)			(4,657)
Income Before Income Taxes			80,221						55,727						24,494						119,742			86,980			32,762
Income Tax Expense			16,677						10,988						5,689						23,699			15,691			8,008
Net Income			$	63,544					$	44,739					$	18,805					$	96,043		$	71,289		$	24,754
Net Income Per Share (Diluted)			$	0.70					$	0.48					$	0.22					$	1.05		$	0.77		$	0.28

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Page 18.

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			2025						2024						Variance						2025			2024			Variance
Total Operating Revenues			$	—					$	—					$	—					$	—		$	—		$	—
Operating Expenses:
Operation and Maintenance			—						—						—						—			—			—
			—						—						—						—			—			—
Operating Income			—						—						—						—			—			—
Other Income (Expense):
Interest and Other Income (Deductions)			(222)						(41)						(181)						(358)			(119)			(239)
Interest Expense			(131)						(84)						(47)						(248)			(165)			(83)
Loss before Income Taxes			(353)						(125)						(228)						(606)			(284)			(322)
Income Tax Benefit			(82)						(29)						(53)						(141)			(67)			(74)
Net Loss			$	(271)					$	(96)					$	(175)					$	(465)		$	(217)		$	(248)
Net Loss Per Share (Diluted)			$	—					$	—					$	—					$	(0.01)		$	—		$	(0.01)
			Three Months Ended																		Six Months Ended
			March 31,																		March 31,
CORPORATE			2025						2024						Variance						2025			2024			Variance
Revenues from External Customers			$	—					$	—					$	—					$	—		$	—		$	—
Intersegment Revenues			1,341						1,286						55						2,683			2,571			112
Total Operating Revenues			1,341						1,286						55						2,683			2,571			112
Operating Expenses:
Operation and Maintenance			5,219						5,121						98						9,266			8,916			350
Property, Franchise and Other Taxes			130						137						(7)						261			265			(4)
Depreciation, Depletion and Amortization			139						118						21						279			235			44
			5,488						5,376						112						9,806			9,416			390
Operating Loss			(4,147)						(4,090)						(57)						(7,123)			(6,845)			(278)
Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Costs			(212)						(387)						175						(423)			(774)			351
Interest and Other Income			41,785						40,234						1,551						82,846			81,262			1,584
Interest Expense on Long-Term Debt			(36,379)						(28,453)						(7,926)						(69,741)			(56,915)			(12,826)
Other Interest Expense			(4,905)						(7,683)						2,778						(10,066)			(15,767)			5,701
Income (Loss) before Income Taxes			(3,858)						(379)						(3,479)						(4,507)			961			(5,468)
Income Tax Benefit			(1,066)						(500)						(566)						(1,573)			(388)			(1,185)
Net Income (Loss)			$	(2,792)					$	121					$	(2,913)					$	(2,934)		$	1,349		$	(4,283)
Net Income (Loss) Per Share (Diluted)			$	(0.04)					$	0.01					$	(0.05)					$	(0.03)		$	0.02		$	(0.05)
			Three Months Ended																		Six Months Ended
			March 31,																		March 31,
INTERSEGMENT ELIMINATIONS			2025						2024						Variance						2025			2024			Variance
Intersegment Revenues			$	(101,645)					$	(98,478)					$	(3,167)					$	(198,617)		$	(187,429)		$	(11,188)
Operating Expenses:
Purchased Gas			(36,601)						(35,221)						(1,380)						(72,695)			(63,321)			(9,374)
Operation and Maintenance			(65,044)						(63,257)						(1,787)						(125,922)			(124,108)			(1,814)
			(101,645)						(98,478)						(3,167)						(198,617)			(187,429)			(11,188)
Operating Income			—						—						—						—			—			—
Other Income (Expense):
Interest and Other Deductions			(42,109)						(40,587)						(1,522)						(84,861)			(81,659)			(3,202)
Interest Expense			42,109						40,587						1,522						84,861			81,659			3,202
Net Income			$	—					$	—					$	—					$	—		$	—		$	—
Net Income Per Share (Diluted)			$	—					$	—					$	—					$	—		$	—		$	—

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Page 19.

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
			2025						2024						(Decrease)						2025						2024						(Decrease)
Capital Expenditures:
Exploration and Production			$	108,384		(1)			$	124,184		(3)			$	(15,800)					$	230,986		(1)(2)			$	285,141		(3)(4)			$	(54,155)
Pipeline and Storage			15,626			(1)			18,025			(3)			(2,399)						35,417			(1)(2)			42,579			(3)(4)			(7,162)
Gathering			18,499			(1)			19,949			(3)			(1,450)						31,526			(1)(2)			39,518			(3)(4)			(7,992)
Utility			41,867			(1)			37,741			(3)			4,126						78,298			(1)(2)			68,251			(3)(4)			10,047
Total Reportable Segments			184,376						199,899						(15,523)						376,227						435,489						(59,262)
All Other			—						—						—						—						—						—
Corporate			174						121						53						378						182						196
Eliminations			(3,520)						—						(3,520)						(3,520)						—						(3,520)
Total Capital Expenditures			$	181,030					$	200,020					$	(18,990)					$	373,085					$	435,671					$	(62,586)

(1)Capital expenditures for the quarter and six months ended March 31, 2025, include accounts payable and accrued liabilities related to capital expenditures of $44.8 million, $2.4 million, $6.8 million, and $4.8 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts have been excluded from the Consolidated Statement of Cash Flows at March 31, 2025, since they represent non-cash investing activities at that date.

(2)Capital expenditures for the six months ended March 31, 2025, exclude capital expenditures of $63.3 million, $14.4 million, $21.7 million and $20.6 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering 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.

(3)Capital expenditures for the quarter and six months ended March 31, 2024, include accounts payable and accrued liabilities related to capital expenditures of $44.4 million, $5.0 million, $5.5 million, and $8.0 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts were excluded from the Consolidated Statement of Cash Flows at March 31, 2024, since they represented non-cash investing activities at that date.

(4)Capital expenditures for the six months ended March 31, 2024, exclude capital expenditures of $43.2 million, $31.8 million, $20.6 million and $13.6 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts were in accounts payable and accrued liabilities at September 30, 2023 and paid during the six months ended March 31, 2024. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2023, 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, 2024.

DEGREE DAYS
																					Percent Colder
																					(Warmer) Than:
Three Months Ended March 31,			Normal						2025						2024						Normal (1)						Last Year (1)
Buffalo, NY(2)			3,226						3,116						2,705						(3.4)						15.2
Erie, PA			3,023						3,017						2,576						(0.2)						17.1
Six Months Ended March 31,
Buffalo, NY(2)			5,352						5,000						4,563						(6.6)						9.6
Erie, PA			4,917						4,714						4,240						(4.1)						11.2

(1)Percents compare actual 2025 degree days to normal degree days and actual 2025 degree days to actual 2024 degree days.

(2)Normal degree days changed from NOAA 30-year degree days to NOAA 15-year degree days with the implementation of new base rates in New York effective October 2024.

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Page 20.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
EXPLORATION AND PRODUCTION INFORMATION
						Three Months Ended																		Six Months Ended
						March 31,																		March 31,
																		Increase																		Increase
						2025						2024						(Decrease)						2025						2024						(Decrease)
Gas Production/Prices:
Production (MMcf)
Appalachia						105,514						102,883						2,631						203,232						203,640						(408)
Average Prices (Per Mcf)
Weighted Average						$	3.02					$	1.98					$	1.04					$	2.64					$	2.14					$	0.50
Weighted Average after Hedging						$	2.94					$	2.56					$	0.38					$	2.74					$	2.53					$	0.21
Selected Operating Performance Statistics:
General and Administrative Expense per Mcf (1)						$	0.18					$	0.17					$	0.01					$	0.19					$	0.17					$	0.02
Lease Operating and Transportation Expense per Mcf (1)(2)						$	0.67					$	0.68					$	(0.01)					$	0.67					$	0.67					$	—
Depreciation, Depletion and Amortization per Mcf (1)						$	0.61					$	0.71					$	(0.10)					$	0.63					$	0.71					$	(0.08)

(1)Refer to page 15 for the General and Administrative Expense, Lease Operating and Transportation Expense and Depreciation, Depletion, and Amortization Expense for the Exploration and Production segment.

(2)Amounts include transportation expense of $0.57 per Mcf for the three months ended March 31, 2025 and March 31, 2024. Amounts include transportation expense of $0.57 per Mcf for the six months ended March 31, 2025 and March 31, 2024.

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Page 21.

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
						2025						2024						(Decrease)						2025						2024						(Decrease)
Firm Transportation - Affiliated						49,240						42,561						6,679						81,110						74,056						7,054
Firm Transportation - Non-Affiliated						185,490						179,697						5,793						356,502						348,303						8,199
Interruptible Transportation						454						1,271						(817)						515						1,389						(874)
						235,184						223,529						11,655						438,127						423,748						14,379
Gathering Volume - (MMcf)
						Three Months Ended																		Six Months Ended
						March 31,																		March 31,
																		Increase																		Increase
						2025						2024						(Decrease)						2025						2024						(Decrease)
Gathered Volume						129,771						125,565						4,206						250,732						249,388						1,344
Utility Throughput - (MMcf)
						Three Months Ended																		Six Months Ended
						March 31,																		March 31,
																		Increase																		Increase
						2025						2024						(Decrease)						2025						2024						(Decrease)
Retail Sales:
Residential Sales						32,111						27,063						5,048						50,587						45,045						5,542
Commercial Sales						5,420						4,293						1,127						8,339						7,093						1,246
Industrial Sales						302						190						112						501						327						174
						37,833						31,546						6,287						59,427						52,465						6,962
Transportation						25,086						22,637						2,449						42,028						40,166						1,862
						62,919						54,183						8,736						101,455						92,631						8,824

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Page 22.

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 operating results, 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 operating results as reported GAAP earnings before items impacting comparability. The following table reconciles National Fuel's reported GAAP earnings to adjusted operating results for the three and six months ended March 31, 2025 and 2024:

						Three Months Ended												Six Months Ended
						March 31,												March 31,
(in thousands except per share amounts)						2025						2024						2025						2024
Reported GAAP Earnings						$	216,358					$	166,272					$	261,344					$	299,292
Items impacting comparability:
Impairment of assets (E&P)						—						—						141,802						—
Tax impact of impairment of assets						—						—						(37,169)						—
Premiums paid on early redemption of debt (E&P / Midstream)						2,385						—						2,385						—
Tax impact of premiums paid on early redemption of debt						(642)						—						(642)						—
Unrealized (gain) loss on derivative asset (E&P)						335						(536)						684						3,662
Tax impact of unrealized (gain) loss on derivative asset						(90)						147						(184)						(1,004)
Unrealized (gain) loss on other investments (Corporate / All Other)						(17)						(769)						2,600						(1,818)
Tax impact of unrealized (gain) loss on other investments						4						162						(546)						382
Adjusted Operating Results						$	218,333					$	165,276					$	370,274					$	300,514
Reported GAAP Earnings Per Share						$	2.37					$	1.80					$	2.86					$	3.24
Items impacting comparability:
Impairment of assets, net of tax (E&P)						—						—						1.14						—
Premiums paid on early redemption of debt, net of tax (E&P / Midstream)						0.02						—						0.02						—
Unrealized (gain) loss on derivative asset, net of tax (E&P)						—						—						0.01						0.03
Unrealized (gain) loss on other investments, net of tax (Corporate / All Other)						—						(0.01)						0.02						(0.02)
Rounding						—						—						0.01						—
Adjusted Operating Results Per Share						$	2.39					$	1.79					$	4.06					$	3.25

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, 2025 and 2024:

						Three Months Ended												Six Months Ended
						March 31,												March 31,
(in thousands)						2025						2024						2025						2024
Reported GAAP Earnings						$	216,358					$	166,272					$	261,344					$	299,292
Depreciation, Depletion and Amortization						111,277						118,935						220,647						234,725
Other (Income) Deductions						(15,232)						(6,070)						(22,952)						(9,801)
Interest Expense						44,757						35,089						82,500						69,825
Income Taxes						71,369						55,332						82,551						98,419
Impairment of Assets						—						—						141,802						—
Adjusted EBITDA						$	428,529					$	369,558					$	765,892					$	692,460
Adjusted EBITDA by Segment
Pipeline and Storage Adjusted EBITDA						$	70,169					$	70,033					$	141,122					$	129,174
Gathering Adjusted EBITDA						52,748						53,103						104,685						106,164
Total Midstream Businesses Adjusted EBITDA						122,917						123,136						245,807						235,338
Exploration and Production Adjusted EBITDA						214,350						172,068						370,994						332,038
Utility Adjusted EBITDA						95,270						78,326						155,935						131,694
Corporate and All Other Adjusted EBITDA						(4,008)						(3,972)						(6,844)						(6,610)
Total Adjusted EBITDA						$	428,529					$	369,558					$	765,892					$	692,460

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Page 23.

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)						2025						2024						2025						2024
Exploration and Production Segment
Reported GAAP Earnings						$	97,828					$	62,065					$	51,051					$	114,548
Depreciation, Depletion and Amortization						64,622						73,448						127,925						145,413
Other (Income) Deductions						(138)						(1,270)						(447)						141
Interest Expense						17,040						15,108						32,240						30,377
Income Taxes						34,998						22,717						18,423						41,559
Impairment of Assets						—						—						141,802						—
Adjusted EBITDA						$	214,350					$	172,068					$	370,994					$	332,038
Pipeline and Storage Segment
Reported GAAP Earnings						$	31,707					$	30,737					$	64,162					$	54,792
Depreciation, Depletion and Amortization						18,547						19,490						37,132						37,704
Other (Income) Deductions						(2,746)						(3,303)						(5,738)						(6,493)
Interest Expense						11,700						12,119						23,428						23,843
Income Taxes						10,961						10,990						22,138						19,328
Adjusted EBITDA						$	70,169					$	70,033					$	141,122					$	129,174
Gathering Segment
Reported GAAP Earnings						$	26,342					$	28,706					$	53,487					$	57,531
Depreciation, Depletion and Amortization						10,834						9,611						21,349						19,068
Other (Income) Deductions						(93)						(81)						(151)						(162)
Interest Expense						5,784						3,701						9,995						7,431
Income Taxes						9,881						11,166						20,005						22,296
Adjusted EBITDA						$	52,748					$	53,103					$	104,685					$	106,164
Utility Segment
Reported GAAP Earnings						$	63,544					$	44,739					$	96,043					$	71,289
Depreciation, Depletion and Amortization						17,135						16,268						33,962						32,305
Other (Income) Deductions						(13,013)						(2,197)						(19,412)						(4,577)
Interest Expense						10,927						8,528						21,643						16,986
Income Taxes						16,677						10,988						23,699						15,691
Adjusted EBITDA						$	95,270					$	78,326					$	155,935					$	131,694
Corporate and All Other
Reported GAAP Earnings						$	(3,063)					$	25					$	(3,399)					$	1,132
Depreciation, Depletion and Amortization						139						118						279						235
Other (Income) Deductions						758						781						2,796						1,290
Interest Expense						(694)						(4,367)						(4,806)						(8,812)
Income Taxes						(1,148)						(529)						(1,714)						(455)
Adjusted EBITDA						$	(4,008)					$	(3,972)					$	(6,844)					$	(6,610)

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 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.