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						6363 Main Street/Williamsville, NY 14221
Release Date:			Immediate November 5, 2025			Natalie M. Fischer Investor Relations 716-857-7315			Timothy J. Silverstein Chief Financial Officer 716-857-6987

NATIONAL FUEL REPORTS FOURTH QUARTER

AND FULL YEAR FISCAL 2025 EARNINGS

WILLIAMSVILLE, N.Y.: National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced consolidated results for the three months and fiscal year ended September 30, 2025.

FOURTH QUARTER FISCAL 2025 SUMMARY

•GAAP earnings per share of $1.18 compared to a net loss of $1.84 per share in the prior year.

•Adjusted earnings per share of $1.22, an increase of 58%, compared to $0.77 per share in the prior year. See non-GAAP reconciliation on page 2.

•Announced the acquisition of CenterPoint Energy's Ohio natural gas utility for $2.62 billion, which is expected to double Utility segment rate base and is targeted to close in the fourth quarter of calendar 2026.

•Supply Corporation filed an application with FERC for its Shippingport Lateral Project, an interstate pipeline expansion project that is expected to provide 205,000 dekatherms per day of firm transportation capacity to a data center site and will generate approximately $15 million in annual revenues with a targeted in-service date in late calendar 2026.

•Strong Tioga Utica well performance in the Eastern Development Area (“EDA”) drove 112 Bcf of natural gas production, an increase of 21% compared to the prior year.

•NYMEX natural gas price realizations increased to $2.61 per Mcf, up 9% compared to the prior year.

FISCAL 2025 HIGHLIGHTS

•GAAP earnings per share of $5.68 compared to $0.84 per share in fiscal 2024.

•Adjusted earnings per share of $6.91, an increase of 38%, compared to $5.01 per share in fiscal 2024.

•The Company announced its 55th consecutive dividend increase to an annual rate of $2.14 per share, continuing its long history of returning cash to shareholders.

•Integrated Upstream and Gathering segment capital efficiency continued to improve, with record natural gas production of 426 Bcf in the fiscal year, an increase of 9% compared to the prior year, while capital expenditures decreased $40 million, or 6% (see page 19).

•Increased inventory of high-quality, low-breakeven drilling locations in the EDA by 50% with the addition of approximately 220 locations prospective for a new horizon within the upper section of the Utica Shale.

•Adjusted earnings per share of $2.24 from the regulated Utility and Pipeline & Storage segments, an increase of 21% compared to the prior year, largely attributable to the continued benefits from rate settlements.

•Supply Corporation received FERC approval for the Tioga Pathway Project, which remains on track for a late calendar 2026 in-service date.

MANAGEMENT COMMENTS

David P. Bauer, President and Chief Executive Officer of National Fuel Gas Company, stated: “National Fuel closed out an exceptional fiscal 2025 with a strong fourth quarter. Driven by great execution across our businesses, adjusted earnings per share increased by 58% compared to the prior year.

“In our Integrated Upstream and Gathering segment, results for the quarter highlight the unique combination of continued operational excellence, along with the best-in-class nature of our assets in the EDA. Our talented team continues to find ways to improve and expand upon our already deep inventory of highly economic drilling locations in this area, where we added 220 new Upper Utica locations this quarter, extending our peer-leading EDA inventory life to more than 15 years. Complementing

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this inventory expansion, our team recently executed a precedent agreement for new firm transportation capacity from Tioga County to premium markets with an expected in-service date of late 2028, further supporting our long-term growth plans

“The outlook for our regulated businesses is equally promising. In addition to our long-standing modernization program, which we expect will continue to drive rate base growth, we see new capacity additions enhancing our growth outlook. The Tioga Pathway and Shippingport Lateral expansion projects continue to progress as planned, and we are seeing increasing interest in further capacity additions across our FERC-regulated pipeline system. Additionally, our recently announced strategic acquisition of CenterPoint Energy’s Ohio natural gas utility business will significantly grow the Company’s regulated asset base, adding high-quality operations in a neighboring, cold weather state, with a constructive political and regulatory backdrop.

“With our investment grade balance sheet, strong growth outlook, and increasing scale, the Company is well positioned to deliver meaningful value to shareholders in the years to come.”

RECONCILIATION OF GAAP EARNINGS TO ADJUSTED EARNINGS

						Three Months Ended September 30,
						(Thousands)												(Per Share)
						2025						2024						2025						2024
Reported GAAP Earnings						$	107,342					$	(167,621)					$	1.18					$	(1.84)
Items impacting comparability:
Impairment of assets						—						318,433						—						3.49
Tax impact of impairment of assets						—						(80,585)						—						(0.88)
Unrealized (gain) loss on derivative asset						—						1,700						—						0.02
Tax impact of unrealized (gain) loss on derivative asset						3,402						(461)						0.04						(0.01)
Other/rounding (refer to Segment results for details)						284						(974)						—						(0.01)
Adjusted Earnings						$	111,028					$	70,492					$	1.22					$	0.77
						Fiscal Year Ended September 30,
						(Thousands)												(Per Share)
						2025						2024						2025						2024
Reported GAAP Earnings						$	518,504					$	77,513					$	5.68					$	0.84
Items impacting comparability:
Impairment of assets						141,802						519,129						1.55						5.62
Tax impact of impairment of assets						(37,169)						(136,271)						(0.41)						(1.47)
Unrealized (gain) loss on derivative asset						729						6,548						0.01						0.07
Tax impact of unrealized (gain) loss on derivative asset						3,206						(1,791)						0.03						(0.02)
Other (refer to Segment results for details)						3,433						(2,397)						0.05						(0.03)
Adjusted Earnings						$	630,505					$	462,731					$	6.91					$	5.01

FISCAL 2026 GUIDANCE UPDATE

National Fuel is providing its formal guidance for adjusted earnings per share for fiscal 2026 with a range of $7.60 to $8.10.

The Company is assuming an average NYMEX natural gas price of $3.75 per MMBtu in fiscal 2026, 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 earnings per share guidance range:

NYMEX Assumption ($/MMBtu)			Fiscal 2026 Adjusted Earnings Per Share Sensitivities
$3.00			$6.55 - $7.05
$4.00			$8.00 - $8.50

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All of the other major assumptions incorporated into this updated guidance range are consistent with the Company’s preliminary guidance disclosed last quarter.

The acquisition of CenterPoint Energy's Ohio natural gas utility business is expected to close in the fourth quarter of calendar 2026 and, therefore, is not expected to impact fiscal 2026 guidance. Fiscal 2026 guidance also excludes expected financing and acquisition related costs.

Additional details on the Company’s updated forecast assumptions and business segment guidance for fiscal 2026 are outlined in the table on page 7.

DISCUSSION OF FOURTH QUARTER RESULTS BY SEGMENT

The following earnings discussion of each operating segment for the quarter ended September 30, 2025 is summarized in a tabular form on pages 8 and 9 of this report (earnings drivers for the fiscal year ended September 30, 2025 are summarized on pages 10 and 11). It may be helpful to refer to those tables while reviewing this discussion.

During the quarter ended September 30, 2025, the Company determined that it was appropriate to consolidate its Exploration and Production and Gathering segments into a single financial reporting segment, which will be presented moving forward as National Fuel’s Integrated Upstream and Gathering segment. This updated presentation is intended to provide additional clarity as to the interdependence of the Company’s exploration and production and gathering businesses in bringing Appalachian natural gas to market. Prior year segment information shown below has been restated to reflect this change in presentation. A more detailed description of the Company's business segments will be provided in the Company's Form 10-K for fiscal 2025.

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

Integrated Upstream and Gathering Segment

The Integrated Upstream and Gathering segment's exploration and production operations are carried out by Seneca Resources Company, LLC (“Seneca”) and the segment's gathering operations are carried out by National Fuel Gas Midstream Company, LLC’s ("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 the interstate pipeline system.

			Three Months Ended
			September 30,
(in thousands)			2025						2024						Variance
GAAP Earnings			$	103,493					$	(142,072)					$	245,565
Impairment of assets			—						272,358						(272,358)
Tax impact of impairment of assets			—						(68,269)						68,269
Unrealized (gain) loss on derivative asset (2022 CA asset sale)			—						1,700						(1,700)
Tax impact of unrealized (gain) loss on derivative asset			3,402						(461)						3,863
Adjusted Earnings			$	106,895					$	63,256					$	43,639
Adjusted EBITDA			$	241,093					$	173,246					$	67,847

The Integrated Upstream and Gathering segment's fourth quarter GAAP earnings increased $245.6 million versus the prior year. This positive benefit was primarily driven by non-cash impairment charges that did not occur in the current period relative to fiscal 2024, where $272.4 million ($204.1 million after-tax) was recorded, the vast majority of which was related to a pre-tax ceiling test impairment to write-down the carrying value of Seneca’s reserves under the full cost method of accounting. GAAP earnings also included a one-time impact related to the income taxes in connection with a contingent consideration tied to the June 2022 divestiture of Seneca’s California assets.

Excluding items impacting comparability, Seneca and Gathering's adjusted earnings in the fourth quarter increased $43.6 million primarily due to higher production and realized natural gas prices, as well as lower per unit operating expenses.

During the fourth quarter, Seneca produced 112 Bcf of natural gas, an increase of 20 Bcf, or 21%, from the prior year. Two highly prolific Utica pads turned in line this year in Tioga County were the main drivers behind this increase in production.

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Seneca’s weighted average realized natural gas price, after the impact of hedging and transportation costs, was $2.61 per Mcf, an increase of $0.21 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
			September 30,
(Cost per Mcf)			2025						2024						Variance
Upstream General and Administrative Expense (“G&A”)			$	0.17					$	0.20					$	(0.03)
Lease Operating Expense (“LOE”)			$	0.13					$	0.18					$	(0.05)
Gathering O&M Expense			$	0.13					$	0.11					$	0.02
Taxes and Other			$	0.10					$	0.08					$	0.02
Total Cash Operating Costs			$	0.53					$	0.57					$	(0.04)
Depreciation, Depletion and Amortization Expense (“DD&A”)			$	0.74					$	0.80					$	(0.06)
Total Operating Costs			$	1.27					$	1.37					$	(0.10)

On a per unit basis, fourth quarter total cash operating costs were $0.04 lower compared to the prior year, primarily due to higher production, as well as lower LOE, specifically lower repairs and maintenance costs. DD&A for the quarter was $0.74 per Mcf, a decrease of $0.06 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.

Proved Reserves Year-End Update

Seneca’s total proved reserves at September 30, 2025 were 4,981 Bcfe, an increase of 229 Bcfe, or 5%, from September 30, 2024. This increase was a result of Seneca replacing 154% of its fiscal 2025 production. Proved developed reserves at the end of fiscal 2025 were 3,665 Bcfe, representing 74% of total proved reserves. In fiscal 2025, Seneca added 633 Bcfe of proved reserve extensions and discoveries and 23 Bcfe of net positive revisions due to improvements in well performance and price revisions, partially offset by changes in development plans.

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
			September 30,
(in thousands)			2025						2024						Variance
GAAP Earnings			$	27,938					$	(5,812)					$	33,750
Impairment of assets			—						46,075						(46,075)
Tax impact of impairment of assets			—						(12,316)						12,316
Adjusted Earnings			$	27,938					$	27,947					$	(9)
Adjusted EBITDA			$	62,639					$	62,527					$	112

The Pipeline and Storage segment’s fourth quarter GAAP earnings increased $33.8 million versus the prior year primarily due to an impairment charge of $46.1 million ($33.8 million after-tax) to write down the carrying value of certain assets associated with Supply Corporation and Empire's Northern Access project, as the Company determined it was unlikely to pursue construction of the project.

Excluding items impacting comparability, fourth quarter adjusted earnings were relatively flat compared to the prior year.

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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
			September 30,
(in thousands)			2025						2024						Variance
GAAP Earnings			$	(17,790)					$	(16,759)					$	(1,031)
Adjusted EBITDA			$	2,036					$	(228)					$	2,264

The Utility segment’s fourth quarter GAAP earnings decreased $1.0 million, or 6%, primarily as a result of increased operation and maintenance ("O&M") expense and income tax expense which more than offset an increase in customer margin.

For the fourth quarter, customer margin (operating revenue less purchased gas sold) increased $5.3 million, largely due to an increase in rates as part of the Utility's New York rate case settlement, which became effective October 1, 2024.

O&M expense increased $3.8 million primarily driven by higher personnel costs, partially offset by a reduction in uncollectible expenses as a result of a tracker implemented as part of the New York rate case settlement. Further, the increase in the Utility segment's income tax expense (or lower income tax benefit) was driven by a higher effective tax rate.

Corporate and All Other

The Company’s operations that are included in Corporate and All Other generated a combined net loss of $6.3 million, an increase of $3.3 million from the prior year net loss, in part due to higher operating expenses which are largely attributable to professional fees related to the previously announced Ohio utility acquisition.

EARNINGS TELECONFERENCE

A conference call to discuss the results will be held on Thursday, November 6, 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, November 13, 2025. To access the replay, dial 1-866-813-9403 and provide Access Code 634818.

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

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

Certain statements contained herein, including statements identified by the use of the words “anticipates,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “predicts,” “projects,” “believes,” “seeks,” “will,” “may” and similar expressions, and statements which are other than statements of historical facts, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, which could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. The Company’s expectations, beliefs and projections contained herein are expressed in good faith and are believed to have a reasonable basis, but there can be no assurance that such expectations, beliefs or projections will result or be achieved or accomplished. In addition to other factors, the following are important factors that could cause actual results to differ materially from those discussed in the forward-looking statements: changes in laws, regulations or judicial interpretations to which the Company is subject, including those involving derivatives, taxes, safety, employment, climate change, other environmental matters, real property, and exploration and production activities such as hydraulic fracturing; governmental/regulatory actions, initiatives and proceedings, including those involving rate cases (which address, among other things, target rates of return, rate design, retained natural gas and system modernization), environmental/safety requirements, affiliate relationships, industry structure, and franchise renewal; changes in economic conditions, including the imposition of additional tariffs on U.S. imports and related retaliatory tariffs, inflationary pressures, supply chain issues, liquidity challenges, and global, national or regional recessions, and their effect on the demand for, and customers’ ability to pay for, the Company’s products and services; the Company’s ability to complete strategic transactions, including receipt of required regulatory clearances and satisfaction of other conditions to closing; governmental/regulatory actions and/or market pressures to reduce or eliminate reliance on natural gas; the

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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; 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; 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 2026. Additional details on the Company's forecast assumptions and business segment guidance are outlined in the table below. As a reminder, the acquisition of CenterPoint Energy's Ohio natural gas utility business is expected to close in the fourth quarter of calendar 2026, and therefore, is not expected to impact fiscal 2026 guidance. Fiscal 2026 guidance also excludes expected financing and acquisition related costs.

While the Company expects to record certain adjustments to unrealized gain or loss on investments during the fiscal year 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			N/A						$7.60 - $8.10
Consolidated Effective Tax Rate			~ 25.5%						~ 25.5%
Capital Expenditures (Millions)
Integrated Upstream and Gathering(1)			$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
NYMEX natural gas price (per MMBtu)			N/A						$3.75
Appalachian basin spot price (per MMBtu)			N/A						$2.85
Production (Bcf)			440 to 455						440 to 455
Integrated Operating Costs(1) ($/Mcf)
Upstream General and Administrative Expense			~$0.18						~$0.18
Lease Operating Expense			$0.17 - $0.18						$0.17 - $0.18
Gathering Operation and Maintenance Expense			~$0.11						~$0.11
Depreciation, Depletion and Amortization			$0.76 - $0.81						$0.76 - $0.81
Pipeline and Storage Segment Revenues (Millions)			$415 - $430						$415 - $430
Utility Segment Guidance (Millions)
Customer Margin(2)			$470 - $490						$470 - $490
O&M Expense			$250 – $260						$250 – $260
Non-Service Pension & OPEB Income			$23 - $27						$23 - $27

(1) Previous guidance has been restated to accurately reflect the combined Integrated Upstream and Gathering segment.

(2) 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 SEPTEMBER 30, 2025
(Unaudited)
			Integrated
			Upstream						Pipeline &																								Corporate /
(Thousands of Dollars)			& Gathering						Storage												Utility												All Other						Consolidated*
Fourth quarter 2024 GAAP earnings			$	(142,072)					$	(5,812)											$	(16,759)											$	(2,978)					$	(167,621)
Items impacting comparability:
Impairment of assets			272,358						46,075																														318,433
Tax impact of impairment of assets			(68,269)						(12,316)																														(80,585)
Unrealized (gain) loss on derivative asset			1,700																																				1,700
Tax impact of unrealized (gain) loss on derivative asset			(461)																																				(461)
Unrealized (gain) loss on other investments																																	(1,232)						(1,232)
Tax impact of unrealized (gain) loss on other investments																																	258						258
Fourth quarter 2024 adjusted earnings			63,256						27,947												(16,759)												(3,952)						70,492
Drivers of adjusted earnings**
Integrated Upstream and Gathering Revenues
Higher (lower) natural gas production			37,160																																				37,160
Higher (lower) realized natural gas prices, after hedging			18,674																																				18,674
Higher (lower) gathering revenues			(606)																																				(606)
Higher (lower) other operating revenues			4,434																																				4,434
Pipeline and Storage Revenues
Higher (lower) operating revenues									1,023																														1,023
Utility Margins***
Impact of usage and weather																					415																		415
Impact of new rates in New York																					3,842																		3,842
Operating Expenses
Lower (higher) lease operating expenses			966																																				966
Lower (higher) operating expenses			(5,695)						(984)												(3,027)												(348)						(10,054)
Lower (higher) property, franchise and other taxes			(1,270)																		757																		(513)
Lower (higher) depreciation / depletion			(7,170)																		(956)																		(8,126)
Other Income (Expense)
Higher (lower) other income									(1,278)																								1,879						601
(Higher) lower interest expense			1,209						679												(824)												(1,688)						(624)
Income Taxes
Lower (higher) income tax expense / effective tax rate			(3,436)						797												(1,434)												(1,780)						(5,853)
All other / rounding			(627)						(246)												196												(126)						(803)
Fourth quarter 2025 adjusted earnings			106,895						27,938												(17,790)												(6,015)						111,028
Items impacting comparability:
Tax impact of unrealized gain (loss) on derivative asset			(3,402)																																				(3,402)
Pending Ohio acquisition costs																																	(1,061)						(1,061)
Tax impact of pending Ohio acquisition costs																																	246						246
Unrealized gain (loss) on other investments																																	672						672
Tax impact of unrealized gain (loss) on other investments																																	(141)						(141)
Fourth quarter 2025 GAAP earnings			$	103,493					$	27,938											$	(17,790)											$	(6,299)					$	107,342
* Amounts do not reflect intercompany eliminations.
** Drivers of adjusted earnings 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 SEPTEMBER 30, 2025
(Unaudited)
			Integrated
			Upstream						Pipeline &																								Corporate /
			& Gathering						Storage												Utility												All Other						Consolidated*
Fourth quarter 2024 GAAP earnings per share			$	(1.55)					$	(0.07)											$	(0.18)											$	(0.04)					$	(1.84)
Items impacting comparability:
Impairment of assets, net of tax			2.24						0.37																														2.61
Unrealized (gain) loss on derivative asset, net of tax			0.01																																				0.01
Unrealized (gain) loss on other investments, net of tax																																	(0.01)						(0.01)
Rounding			(0.01)																														0.01						—
Fourth quarter 2024 adjusted earnings per share			0.69						0.30												(0.18)												(0.04)						0.77
Drivers of adjusted earnings**
Integrated Upstream and Gathering Revenues
Higher (lower) natural gas production			0.41																																				0.41
Higher (lower) realized natural gas prices, after hedging			0.20																																				0.20
Higher (lower) gathering revenues			(0.01)																																				(0.01)
Higher (lower) other operating revenues			0.05																																				0.05
Pipeline and Storage Revenues
Higher (lower) operating revenues									0.01																														0.01
Utility Margins***
Impact of usage and weather																					—																		—
Impact of new rates in New York																					0.04																		0.04
Operating Expenses
Lower (higher) lease operating expenses			0.01																																				0.01
Lower (higher) operating expenses			(0.06)						(0.01)												(0.03)												—						(0.10)
Lower (higher) property, franchise and other taxes			(0.01)																		0.01																		—
Lower (higher) depreciation / depletion			(0.08)																		(0.01)																		(0.09)
Other Income (Expense)
Higher (lower) other income									(0.01)																								0.02						0.01
(Higher) lower interest expense			0.01						0.01												(0.01)												(0.02)						(0.01)
Income Taxes
Lower (higher) income tax expense / effective tax rate			(0.04)						0.01												(0.02)												(0.02)						(0.07)
All other / rounding			—						—												—												—						—
Fourth quarter 2025 adjusted earnings per share			1.17						0.31												(0.20)												(0.06)						1.22
Items impacting comparability:
Unrealized gain (loss) on derivative asset, net of tax			(0.04)																																				(0.04)
Pending Ohio acquisition costs, net of tax																																	(0.01)						(0.01)
Unrealized gain (loss) on other investments, net of tax																																	0.01						0.01
Fourth quarter 2025 GAAP earnings per share			$	1.13					$	0.31											$	(0.20)											$	(0.06)					$	1.18
* Amounts do not reflect intercompany eliminations.
** Drivers of adjusted earnings have been calculated using the 21% federal statutory rate.
*** Downstream margin defined as operating revenues less purchased gas expense.

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Page 10.

NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
TWELVE MONTHS ENDED SEPTEMBER 30, 2025
(Unaudited)
			Integrated
			Upstream						Pipeline &																								Corporate /
(Thousands of Dollars)			& Gathering						Storage												Utility												All Other						Consolidated*
Fiscal 2024 GAAP earnings			$	(57,041)					$	79,670											$	57,089											$	(2,205)					$	77,513
Items impacting comparability:
Impairment of assets			473,054						46,075																														519,129
Tax impact of impairment of assets			(123,955)						(12,316)																														(136,271)
Unrealized (gain) loss on derivative asset			6,548																																				6,548
Tax impact of unrealized (gain) loss on derivative asset			(1,791)																																				(1,791)
Unrealized (gain) loss on other investments																																	(3,034)						(3,034)
Tax impact of unrealized (gain) loss on other investments																																	637						637
Fiscal 2024 adjusted earnings			296,815						113,429												57,089												(4,602)						462,731
Drivers of adjusted earnings**
Integrated Upstream and Gathering Revenues
Higher (lower) natural gas production			66,082																																				66,082
Higher (lower) realized natural gas prices, after hedging			88,324																																				88,324
Higher (lower) gathering revenues			(2,942)																																				(2,942)
Higher (lower) other operating revenues			12,842																																				12,842
Pipeline and Storage Revenues
Higher (lower) operating revenues									13,236																														13,236
Utility Margins***
Impact of usage and weather																					2,411																		2,411
Impact of new rates in New York																					31,808																		31,808
Operating Expenses
Lower (higher) lease operating expenses			1,097																																				1,097
Lower (higher) operating expenses			(13,546)						(4,775)												(9,727)												(2,088)						(30,136)
Lower (higher) property, franchise and other taxes			(3,312)																																				(3,312)
Lower (higher) depreciation / depletion			3,907																		(3,507)																		400
Other Income (Expense)
Higher (lower) other income			(3,089)						(3,119)												15,283												5,534						14,609
(Higher) lower interest expense									1,516												(6,510)												(6,469)						(11,463)
Income Taxes
Lower (higher) income tax expense / effective tax rate			(10,611)						512												(3,750)												(1,028)						(14,877)
All other / rounding			(558)						158												152												(57)						(305)
Fiscal 2025 adjusted earnings			435,009						120,957												83,249												(8,710)						630,505
Items impacting comparability:
Impairment of assets			(141,802)																																				(141,802)
Tax impairment of assets			37,169																																				37,169
Premiums paid on early redemption of debt			(2,385)																																				(2,385)
Tax impact of premiums paid on early redemption of debt			642																																				642
Unrealized gain (loss) on derivative asset			(729)																																				(729)
Tax impact of unrealized gain (loss) on derivative asset			(3,206)																																				(3,206)
Pending Ohio acquisition costs																																	(1,061)						(1,061)
Tax impact of pending Ohio acquisition costs																																	246						246
Unrealized gain (loss) on other investments																																	(1,108)						(1,108)
Tax impact of unrealized gain (loss) on other investments																																	233						233
Fiscal 2025 GAAP earnings			$	324,698					$	120,957											$	83,249											$	(10,400)					$	518,504
* Amounts do not reflect intercompany eliminations.
** Drivers of adjusted earnings 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
TWELVE MONTHS ENDED SEPTEMBER 30, 2025
(Unaudited)
			Integrated
			Upstream						Pipeline &																								Corporate /
			& Gathering						Storage												Utility												All Other						Consolidated*
Fiscal 2024 GAAP earnings per share			$	(0.62)					$	0.86											$	0.62											$	(0.02)					$	0.84
Items impacting comparability:
Impairment of assets, net of tax			3.78						0.37																														4.15
Unrealized (gain) loss on derivative asset, net of tax			0.05																																				0.05
Unrealized (gain) loss on other investments, net of tax																																	(0.03)						(0.03)
Rounding			0.01																														(0.01)						—
Fiscal 2024 adjusted earnings per share			3.22						1.23												0.62												(0.06)						5.01
Drivers of adjusted earnings**
Integrated Upstream and Gathering Revenues
Higher (lower) natural gas production			0.72																																				0.72
Higher (lower) realized natural gas prices, after hedging			0.97																																				0.97
Higher (lower) gathering revenues			(0.03)																																				(0.03)
Higher (lower) other operating revenues			0.14																																				0.14
Pipeline and Storage Revenues
Higher (lower) operating revenues									0.15																														0.15
Utility Margins***
Impact of usage and weather																					0.03																		0.03
Impact of new rates in New York																					0.35																		0.35
Operating Expenses
Lower (higher) lease operating expenses			0.01																																				0.01
Lower (higher) operating expenses			(0.15)						(0.05)												(0.11)												(0.02)						(0.33)
Lower (higher) property, franchise and other taxes			(0.04)																																				(0.04)
Lower (higher) depreciation / depletion			0.04																		(0.04)																		—
Other Income (Expense)
Higher (lower) other income			(0.03)						(0.03)												0.17												0.06						0.17
(Higher) lower interest expense									0.02												(0.07)												(0.07)						(0.12)
Income Taxes
Lower (higher) income tax expense / effective tax rate			(0.12)						0.01												(0.04)												(0.01)						(0.16)
Impact of reduction in shares			0.04						0.01												0.01												—						0.06
All other / rounding			—						(0.01)												(0.01)												—						(0.02)
Fiscal 2025 adjusted earnings per share			4.77						1.33												0.91												(0.10)						6.91
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			(0.04)																																				(0.04)
Pending Ohio acquisition costs, net of tax																																	(0.01)						(0.01)
Unrealized gain (loss) on other investments, net of tax																																	(0.01)						(0.01)
Rounding			(0.01)																																				(0.01)
Fiscal 2025 GAAP earnings per share			$	3.56					$	1.33											$	0.91											$	(0.12)					$	5.68
* Amounts do not reflect intercompany eliminations.
** Drivers of adjusted earnings 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												Twelve Months Ended
			September 30,												September 30,
			(Unaudited)												(Unaudited)
SUMMARY OF OPERATIONS			2025						2024						2025						2024
Operating Revenues:
Utility Revenues			$	87,829					$	79,830					$	817,274					$	696,807
Integrated Upstream and Gathering and Other Revenues			300,362						224,920						1,184,136						976,615
Pipeline and Storage Revenues			68,215						67,318						276,131						271,388
			456,406						372,068						2,277,541						1,944,810
Operating Expenses:
Purchased Gas			(15,221)						(17,382)						213,441						150,062
Operation and Maintenance:
Utility			55,895						51,988						230,639						218,393
Integrated Upstream and Gathering and Other			59,432						51,754						206,616						187,024
Pipeline and Storage			34,066						32,782						120,610						114,601
Property, Franchise and Other Taxes			22,930						22,216						94,380						88,851
Depreciation, Depletion and Amortization			119,539						108,847						456,594						457,026
Impairment of Assets			—						318,433						141,802						519,129
			276,641						568,638						1,464,082						1,735,086
Operating Income (Loss)			179,765						(196,570)						813,459						209,724
Other Income (Expense):
Other Income (Deductions)			4,941						3,237						36,428						16,226
Interest Expense on Long-Term Debt			(33,514)						(33,008)						(140,870)						(122,799)
Other Interest Expense			(1,931)						(1,646)						(14,964)						(15,896)
Income (Loss) Before Income Taxes			149,261						(227,987)						694,053						87,255
Income Tax Expense (Benefit)			41,919						(60,366)						175,549						9,742
Net Income (Loss) Available for Common Stock			$	107,342					$	(167,621)					$	518,504					$	77,513
Earnings (Loss) Per Common Share
Basic			$	1.19					$	(1.84)					$	5.73					$	0.84
Diluted			$	1.18					$	(1.84)					$	5.68					$	0.84
Weighted Average Common Shares:
Used in Basic Calculation			90,366,462						91,270,386						90,500,916						91,791,167
Used in Diluted Calculation			91,189,155						91,270,386						91,227,473						92,344,511

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Page 13.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
			September 30,						September 30,
(Thousands of Dollars)			2025						2024
ASSETS
Property, Plant and Equipment			$15,406,329						$14,524,798
Less - Accumulated Depreciation, Depletion and Amortization			7,693,687						7,185,593
Net Property, Plant and Equipment			7,712,642						7,339,205
Current Assets:
Cash and Temporary Cash Investments			43,166						38,222
Receivables - Net			180,801						127,222
Unbilled Revenue			16,219						15,521
Gas Stored Underground			33,468						35,055
Materials and Supplies - at average cost			50,545						47,670
Unrecovered Purchased Gas Costs			5,769						—
Other Current Assets			80,759						92,229
Total Current Assets			410,727						355,919
Other Assets:
Recoverable Future Taxes			89,247						80,084
Unamortized Debt Expense			6,236						5,604
Other Regulatory Assets			135,486						108,022
Deferred Charges			73,941						69,662
Other Investments			68,346						81,705
Goodwill			5,476						5,476
Prepaid Pension and Post-Retirement Benefit Costs			169,228						180,230
Fair Value of Derivative Financial Instruments			39,388						87,905
Other			8,387						5,958
Total Other Assets			595,735						624,646
Total Assets			$8,719,104						$8,319,770
CAPITALIZATION AND LIABILITIES
Capitalization:
Comprehensive Shareholders' Equity
Common Stock, $1 Par Value Authorized - 200,000,000 Shares; Issued and
Outstanding - 90,379,095 Shares and 91,005,993 Shares, Respectively			$90,379						$91,006
Paid in Capital			1,050,918						1,045,487
Earnings Reinvested in the Business			2,012,529						1,727,326
Accumulated Other Comprehensive Loss			(59,222)						(15,476)
Total Comprehensive Shareholders' Equity			3,094,604						2,848,343
Long-Term Debt, Net of Current Portion and Unamortized Discount and Debt Issuance Costs			2,382,861						2,188,243
Total Capitalization			5,477,465						5,036,586
Current and Accrued Liabilities:
Notes Payable to Banks and Commercial Paper			150,200						90,700
Current Portion of Long-Term Debt			300,000						500,000
Accounts Payable			184,046						165,068
Amounts Payable to Customers			968						42,720
Dividends Payable			48,353						46,872
Interest Payable on Long-Term Debt			14,393						27,247
Customer Advances			17,188						19,373
Customer Security Deposits			29,853						36,265
Other Accruals and Current Liabilities			174,689						162,903
Fair Value of Derivative Financial Instruments			6,074						4,744
Total Current and Accrued Liabilities			925,764						1,095,892
Other Liabilities:
Deferred Income Taxes			1,225,262						1,111,165
Taxes Refundable to Customers			306,335						305,645
Cost of Removal Regulatory Liability			307,659						292,477
Other Regulatory Liabilities			121,944						151,452
Pension and Other Post-Retirement Liabilities			5,252						3,511
Asset Retirement Obligations			236,787						203,006
Other Liabilities			112,636						120,036
Total Other Liabilities			2,315,875						2,187,292
Commitments and Contingencies			—						—
Total Capitalization and Liabilities			$8,719,104						$8,319,770

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Page 14.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
						Twelve Months Ended
						September 30,
(Thousands of Dollars)						2025						2024
Operating Activities:
Net Income Available for Common Stock						$	518,504					$	77,513
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Impairment of Assets						141,802						519,129
Depreciation, Depletion and Amortization						456,594						457,026
Deferred Income Taxes						121,274						(2,610)
Premium Paid on Early Redemption of Debt						2,385						—
Stock-Based Compensation						19,754						22,080
Other						24,936						24,411
Change in:
Receivables and Unbilled Revenue						(54,521)						34,369
Gas Stored Underground and Materials and Supplies						(1,378)						1,738
Unrecovered Purchased Gas Costs						(5,769)						—
Other Current Assets						11,387						8,144
Accounts Payable						12,785						5,616
Amounts Payable to Customers						(41,752)						(16,299)
Customer Advances						(2,185)						(1,630)
Customer Security Deposits						(6,412)						7,501
Other Accruals and Current Liabilities						489						2,637
Other Assets						(29,106)						(48,183)
Other Liabilities						(68,760)						(25,481)
Net Cash Provided by Operating Activities						$	1,100,027					$	1,065,961
Investing Activities:
Capital Expenditures						$	(912,821)					$	(931,236)
Sale of Fixed Income Mutual Fund Shares in Grantor Trust						7,000						—
Other						14,121						(2,669)
Net Cash Used in Investing Activities						$	(891,700)					$	(933,905)
Financing Activities:
Changes in Notes Payable to Banks and Commercial Paper						$	59,500					$	(196,800)
Shares Repurchased Under Repurchase Plan						(54,430)						(64,086)
Reduction of Long-Term Debt						(1,004,086)						—
Net Proceeds From Issuance of Long-Term Debt						988,729						299,359
Dividends Paid on Common Stock						(188,438)						(183,798)
Net Repurchases of Common Stock Under Stock and Benefit Plans						(4,658)						(3,956)
Net Cash Used in Financing Activities						$	(203,383)					$	(149,281)
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash						4,944						(17,225)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period						38,222						55,447
Cash, Cash Equivalents, and Restricted Cash at September 30						$	43,166					$	38,222

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Page 15.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)
INTEGRATED UPSTREAM AND GATHERING SEGMENT
			Three Months Ended																		Twelve Months Ended
(Thousands of Dollars, except per share amounts)			September 30,																		September 30,
			2025						2024						Variance						2025			2024			Variance
Total Operating Revenues			$	300,362					$	224,920					$	75,442					$	1,184,136		$	976,615		$	207,521
Operating Expenses:
Operation and Maintenance:
Upstream General and Administrative Expense			18,504						17,977						527						75,280			71,148			4,132
Lease Operating Expense			14,954						16,176						(1,222)						50,665			52,053			(1,388)
Gathering Operation and Maintenance Expense			15,003						10,561						4,442						48,635			36,140			12,495
All Other Operation and Maintenance Expense			5,056						2,815						2,241						16,049			15,529			520
Property, Franchise and Other Taxes			5,752						4,145						1,607						18,325			14,132			4,193
Depreciation, Depletion and Amortization			82,847						73,771						9,076						311,817			316,762			(4,945)
Impairment of Assets			—						272,358						(272,358)						141,802			473,054			(331,252)
			142,116						397,803						(255,687)						662,573			978,818			(316,245)
Operating Income (Loss)			158,246						(172,883)						331,129						521,563			(2,203)			523,766
Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Credit			37						109						(72)						147			440			(293)
Interest and Other Income (Deductions)			148						(912)						1,060						716			(1,486)			2,202
Interest Expense on Long-Term Debt			—						—						—						(3,283)			—			(3,283)
Interest Expense			(16,604)						(18,134)						1,530						(73,350)			(74,005)			655
Income (Loss) Before Income Taxes			141,827						(191,820)						333,647						445,793			(77,254)			523,047
Income Tax Expense (Benefit)			38,334						(49,748)						88,082						121,095			(20,213)			141,308
Net Income (Loss)			$	103,493					$	(142,072)					$	245,565					$	324,698		$	(57,041)		$	381,739
Net Income (Loss) Per Share (Diluted)			$	1.13					$	(1.55)					$	2.68					$	3.56		$	(0.62)		$	4.18

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Page 16.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)
PIPELINE AND STORAGE SEGMENT
			Three Months Ended																		Twelve Months Ended
(Thousands of Dollars, except per share amounts)			September 30,																		September 30,
			2025						2024						Variance						2025			2024			Variance
Revenues from External Customers			$	68,215					$	67,318					$	897					$	276,131		$	271,388		$	4,743
Intersegment Revenues			37,622						37,224						398						151,470			141,005			10,465
Total Operating Revenues			105,837						104,542						1,295						427,601			412,393			15,208
Operating Expenses:
Purchased Gas			32						(3)						35						(10)			1,537			(1,547)
Operation and Maintenance			34,439						33,194						1,245						122,379			116,335			6,044
Property, Franchise and Other Taxes			8,727						8,824						(97)						34,453			34,601			(148)
Depreciation, Depletion and Amortization			18,747						18,373						374						74,480			74,530			(50)
Impairment of Assets			—						46,075						(46,075)						—			46,075			(46,075)
			61,945						106,463						(44,518)						231,302			273,078			(41,776)
Operating Income (Loss)			43,892						(1,921)						45,813						196,299			139,315			56,984
Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Credit			952						1,257						(305)						3,810			5,030			(1,220)
Interest and Other Income			1,161						2,458						(1,297)						6,105			8,798			(2,693)
Interest Expense			(10,871)						(11,730)						859						(45,509)			(47,428)			1,919
Income (Loss) Before Income Taxes			35,134						(9,936)						45,070						160,705			105,715			54,990
Income Tax Expense (Benefit)			7,196						(4,124)						11,320						39,748			26,045			13,703
Net Income (Loss)			$	27,938					$	(5,812)					$	33,750					$	120,957		$	79,670		$	41,287
Net Income (Loss) Per Share (Diluted)			$	0.31					$	(0.07)					$	0.38					$	1.33		$	0.86		$	0.47

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Page 17.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)
UTILITY SEGMENT
			Three Months Ended																		Twelve Months Ended
(Thousands of Dollars, except per share amounts)			September 30,																		September 30,
			2025						2024						Variance						2025			2024			Variance
Revenues from External Customers			$	87,829					$	79,830					$	7,999					$	817,274		$	696,807		$	120,467
Intersegment Revenues			76						77						(1)						355			555			(200)
Total Operating Revenues			87,905						79,907						7,998						817,629			697,362			120,267
Operating Expenses:
Purchased Gas			20,912						18,232						2,680						358,454			283,215			75,239
Operation and Maintenance			56,713						52,882						3,831						234,455			222,142			12,313
Property, Franchise and Other Taxes			8,244						9,021						(777)						41,006			39,492			1,514
Depreciation, Depletion and Amortization			17,793						16,583						1,210						69,701			65,261			4,440
			103,662						96,718						6,944						703,616			610,110			93,506
Operating Income (Loss)			(15,757)						(16,811)						1,054						114,013			87,252			26,761
Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Credit			1,719						251						1,468						25,217			2,040			23,177
Interest and Other Income			772						1,740						(968)						2,641			6,475			(3,834)
Interest Expense			(10,368)						(9,325)						(1,043)						(42,969)			(34,727)			(8,242)
Income (Loss) Before Income Taxes			(23,634)						(24,145)						511						98,902			61,040			37,862
Income Tax Expense (Benefit)			(5,844)						(7,386)						1,542						15,653			3,951			11,702
Net Income (Loss)			$	(17,790)					$	(16,759)					$	(1,031)					$	83,249		$	57,089		$	26,160
Net Income (Loss) Per Share (Diluted)			$	(0.20)					$	(0.18)					$	(0.02)					$	0.91		$	0.62		$	0.29

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Page 18.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)
			Three Months Ended																		Twelve Months Ended
(Thousands of Dollars, except per share amounts)			September 30,																		September 30,
ALL OTHER			2025						2024						Variance						2025			2024			Variance
Total Operating Revenues			$	—					$	—					$	—					$	—		$	—		$	—
Operating Expenses:
Operation and Maintenance			—						17						(17)						—			17			(17)
			—						17						(17)						—			17			(17)
Operating Loss			—						(17)						17						—			(17)			17
Other Income (Expense):
Interest and Other Income (Deductions)			(35)						(227)						192						(523)			(412)			(111)
Interest Expense			(148)						(112)						(36)						(536)			(374)			(162)
Loss before Income Taxes			(183)						(356)						173						(1,059)			(803)			(256)
Income Tax Benefit			(42)						(81)						39						(245)			(186)			(59)
Net Loss			$	(141)					$	(275)					$	134					$	(814)		$	(617)		$	(197)
Net Loss Per Share (Diluted)			$	—					$	(0.01)					$	0.01					$	(0.01)		$	—		$	(0.01)
			Three Months Ended																		Twelve Months Ended
			September 30,																		September 30,
CORPORATE			2025						2024						Variance						2025			2024			Variance
Revenues from External Customers			$	—					$	—					$	—					$	—		$	—		$	—
Intersegment Revenues			1,070						1,216						(146)						5,094			5,073			21
Total Operating Revenues			1,070						1,216						(146)						5,094			5,073			21
Operating Expenses:
Operation and Maintenance			7,327						5,808						1,519						22,318			18,597			3,721
Property, Franchise and Other Taxes			207						226						(19)						596			626			(30)
Depreciation, Depletion and Amortization			152						120						32						596			473			123
			7,686						6,154						1,532						23,510			19,696			3,814
Operating Loss			(6,616)						(4,938)						(1,678)						(18,416)			(14,623)			(3,793)
Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Costs			(212)						(386)						174						(847)			(1,548)			701
Interest and Other Income			39,504						40,938						(1,434)						163,422			161,225			2,197
Interest Expense on Long-Term Debt			(33,514)						(33,008)						(506)						(137,587)			(122,799)			(14,788)
Other Interest Expense			(3,045)						(4,336)						1,291						(16,860)			(23,698)			6,838
Loss before Income Taxes			(3,883)						(1,730)						(2,153)						(10,288)			(1,443)			(8,845)
Income Tax Expense (Benefit)			2,275						973						1,302						(702)			145			(847)
Net Loss			$	(6,158)					$	(2,703)					$	(3,455)					$	(9,586)		$	(1,588)		$	(7,998)
Net Loss Per Share (Diluted)			$	(0.06)					$	(0.03)					$	(0.03)					$	(0.11)		$	(0.02)		$	(0.09)
			Three Months Ended																		Twelve Months Ended
			September 30,																		September 30,
INTERSEGMENT ELIMINATIONS			2025						2024						Variance						2025			2024			Variance
Intersegment Revenues			$	(38,768)					$	(38,517)					$	(251)					$	(156,919)		$	(146,633)		$	(10,286)
Operating Expenses:
Purchased Gas			(36,165)						(35,611)						(554)						(145,003)			(134,690)			(10,313)
Operation and Maintenance			(2,603)						(2,906)						303						(11,916)			(11,943)			27
			(38,768)						(38,517)						(251)						(156,919)			(146,633)			(10,286)
Operating Income			—						—						—						—			—			—
Other Income (Expense):
Interest and Other Deductions			(39,105)						(41,991)						2,886						(164,260)			(164,336)			76
Interest Expense			39,105						41,991						(2,886)						164,260			164,336			(76)
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																		Twelve Months Ended
			September 30,																		September 30,
			(Unaudited)																		(Unaudited)
															Increase																		Increase
			2025						2024						(Decrease)						2025						2024						(Decrease)
Capital Expenditures:
Integrated Upstream and Gathering(1)			$	196,433		(2)			$	176,692		(3)			$	19,741					$	605,433		(2)(3)			$	645,600		(3)(4)			$	(40,167)
Pipeline and Storage			63,681			(2)			42,039			(3)			21,642						121,798			(2)(3)			110,830			(3)(4)			10,968
Utility			61,639			(2)			67,108			(3)			(5,469)						189,961			(2)(3)			184,615			(3)(4)			5,346
Total Reportable Segments			321,753						285,839						35,914						917,192						941,045						(23,853)
All Other			—						—						—						—						—						—
Corporate			393						717						(324)						909						970						(61)
Total Capital Expenditures			$	322,146					$	286,556					$	35,590					$	918,101					$	942,015					$	(23,914)

(1)The year ended September 30, 2024 includes $6.2 million related to the acquisition of assets from UGI. Non-acquisition capital expenditures in the Integrated Upstream and Gathering segment were $530.1 million in fiscal 2024.

(2)Capital expenditures for the quarter and year ended September 30, 2025, include accounts payable and accrued liabilities related to 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 have been excluded from the Consolidated Statement of Cash Flows at September 30, 2025, since they represent non-cash investing activities at that date.

(3)Capital expenditures for the year ended September 30, 2025, exclude capital expenditures of $85.0 million, $14.4 million and $20.6 million in the Integrated Upstream and Gathering segment, Pipeline and Storage segment and Utility segment, respectively. These amounts were in accounts payable and accrued liabilities at September 30, 2024 and paid during the year ended September 30, 2025. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2024, since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at September 30, 2025.

(4)Capital expenditures for the year ended September 30, 2024, exclude capital expenditures of $63.8 million, $31.8 million and $13.6 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, 2023 and paid during the year ended September 30, 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 September 30, 2024.

DEGREE DAYS
																					Percent Colder
																					(Warmer) Than:
Three Months Ended September 30,			Normal						2025						2024						Normal (1)						Last Year (1)
Buffalo, NY(2)			112						60						34						(46.4)						76.5
Erie, PA			78						70						23						(10.3)						204.3
Twelve Months Ended September 30,
Buffalo, NY(2)			6,307						5,885						5,162						(6.7)						14.0
Erie, PA			5,771						5,597						4,782						(3.0)						17.0

(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
INTEGRATED UPSTREAM AND GATHERING INFORMATION
						Three Months Ended																		Twelve Months Ended
						September 30,																		September 30,
																		Increase																		Increase
						2025						2024						(Decrease)						2025						2024						(Decrease)
Gas Production/Prices:
Production (MMcf)
Appalachia						111,538						91,902						19,636						426,357						392,047						34,310
Average Prices (Per Mcf)
Weighted Average						$	2.41					$	1.73					$	0.68					$	2.59					$	1.88					$	0.71
Weighted Average after Hedging						2.61						2.40						0.21						2.70						2.44						0.26
Selected Operating Performance Statistics:
Upstream General and Administrative Expense per Mcf (1)						$	0.17					$	0.20					$	(0.03)					$	0.18					$	0.18					$	—
Lease Operating Expense per Mcf (1)						$	0.13					$	0.18					$	(0.05)					$	0.12					$	0.13					$	(0.01)
Gathering Operation and Maintenance Expense per Mcf (1)						$	0.13					$	0.11					$	0.02					$	0.11					$	0.09					$	0.02
Depreciation, Depletion and Amortization per Mcf (1)						$	0.74					$	0.80					$	(0.06)					$	0.73					$	0.81					$	(0.08)

(1)Refer to page 15 for the Upstream General and Administrative Expense, Lease Operating Expense, Gathering Operation and Maintenance Expense, and Depreciation, Depletion, and Amortization Expense for the Integrated Upstream and Gathering segment.

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Page 21.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
EXPLORATION AND PRODUCTION INFORMATION
Reserve Quantity Information
(Unaudited)
			U.S.
			Appalachian Region
			Gas						Oil						Total
			(MMcf)						(Mbbl)						(MMcfe)
Proved Developed and Undeveloped Reserves:
September 30, 2024			4,751,762						193						4,752,920
Extensions and Discoveries			632,536						—						632,536
Revisions of Previous Estimates			22,469						15						22,559
Production			(426,357)						(28)						(426,525)
September 30, 2025			4,980,410						180						4,981,490
Proved Developed Reserves:
September 30, 2024			3,484,852						193						3,486,010
September 30, 2025			3,664,381						180						3,665,461

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Page 22.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
Pipeline and Storage Throughput - (millions of cubic feet - MMcf)
						Three Months Ended																		Twelve Months Ended
						September 30,																		September 30,
																		Increase																		Increase
						2025						2024						(Decrease)						2025						2024						(Decrease)
Firm Transportation - Affiliated						15,747						16,412						(665)						116,981						108,845						8,136
Firm Transportation - Non-Affiliated						152,755						150,126						2,629						668,166						648,562						19,604
Interruptible Transportation						319						283						36						984						1,791						(807)
						168,821						166,821						2,000						786,131						759,198						26,933
Utility Throughput - (MMcf)
						Three Months Ended																		Twelve Months Ended
						September 30,																		September 30,
																		Increase																		Increase
						2025						2024						(Decrease)						2025						2024						(Decrease)
Retail Sales:
Residential Sales						3,529						3,590						(61)						64,267						56,758						7,509
Commercial Sales						617						588						29						10,614						8,989						1,625
Industrial Sales						41						54						(13)						635						444						191
						4,187						4,232						(45)						75,516						66,191						9,325
Transportation						10,321						9,313						1,008						66,202						62,297						3,905
						14,508						13,545						963						141,718						128,488						13,230

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Page 23.

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 twelve months ended September 30, 2025 and 2024:

						Three Months Ended												Twelve Months Ended
						September 30,												September 30,
(in thousands except per share amounts)						2025						2024						2025						2024
Reported GAAP Earnings						$	107,342					$	(167,621)					$	518,504					$	77,513
Items impacting comparability:
Impairment of assets						—						318,433						141,802						519,129
Tax impact of impairment of assets						—						(80,585)						(37,169)						(136,271)
Premiums paid on early redemption of debt						—						—						2,385						—
Tax impact of premiums paid on early redemption of debt						—						—						(642)						—
Unrealized (gain) loss on derivative asset						—						1,700						729						6,548
Tax impact of unrealized (gain) loss on derivative asset						3,402						(461)						3,206						(1,791)
Pending Ohio acquisition costs						1,061						—						1,061						—
Tax impact of pending Ohio acquisition costs						(246)						—						(246)						—
Unrealized (gain) loss on other investments						(672)						(1,232)						1,108						(3,034)
Tax impact of unrealized (gain) loss on other investments						141						258						(233)						637
Adjusted Earnings						$	111,028					$	70,492					$	630,505					$	462,731
Reported GAAP Earnings Per Share						$	1.18					$	(1.84)					$	5.68					$	0.84
Items impacting comparability:
Impairment of assets, net of tax						—						2.61						1.14						4.15
Premiums paid on early redemption of debt, net of tax						—						—						0.02						—
Unrealized (gain) loss on derivative asset, net of tax						0.04						0.01						0.04						0.05
Pending Ohio acquisition costs, net of tax						0.01						—						0.01						—
Unrealized (gain) loss on other investments, net of tax						(0.01)						(0.01)						0.01						(0.03)
Rounding						—						—						0.01						—
Adjusted Earnings Per Share						$	1.22					$	0.77					$	6.91					$	5.01

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 twelve months ended September 30, 2025 and 2024:

						Three Months Ended												Twelve Months Ended
						September 30,												September 30,
(in thousands)						2025						2024						2025						2024
Reported GAAP Earnings						$	107,342					$	(167,621)					$	518,504					$	77,513
Depreciation, Depletion and Amortization						119,539						108,847						456,594						457,026
Other (Income) Deductions						(4,941)						(3,237)						(36,428)						(16,226)
Interest Expense						35,445						34,654						155,834						138,695
Income Taxes						41,919						(60,366)						175,549						9,742
Impairment of Assets						—						318,433						141,802						519,129
Pending Ohio Acquisition Costs						1,061						—						1,061						—
Adjusted EBITDA						$	300,365					$	230,710					$	1,412,916					$	1,185,879
Adjusted EBITDA by Segment
Integrated Upstream and Gathering Adjusted EBITDA						$	241,093					$	173,246					$	975,182					$	787,613
Pipeline and Storage Adjusted EBITDA						62,639						62,527						270,779						259,920
Utility Adjusted EBITDA						2,036						(228)						183,714						152,513
Corporate and All Other Adjusted EBITDA						(5,403)						(4,835)						(16,759)						(14,167)
Total Adjusted EBITDA						$	300,365					$	230,710					$	1,412,916					$	1,185,879

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Page 24.

NATIONAL FUEL GAS COMPANY

AND SUBSIDIARIES

NON-GAAP FINANCIAL MEASURES

SEGMENT ADJUSTED EBITDA

						Three Months Ended												Twelve Months Ended
						September 30,												September 30,
(in thousands)						2025						2024						2025						2024
Integrated Upstream and Gathering Segment
Reported GAAP Earnings						$	103,493					$	(142,072)					$	324,698					$	(57,041)
Depreciation, Depletion and Amortization						82,847						73,771						311,817						316,762
Other (Income) Deductions						(185)						803						(863)						1,046
Interest Expense						16,604						18,134						76,633						74,005
Income Taxes						38,334						(49,748)						121,095						(20,213)
Impairment of Assets						—						272,358						141,802						473,054
Adjusted EBITDA						$	241,093					$	173,246					$	975,182					$	787,613
Pipeline and Storage Segment
Reported GAAP Earnings						$	27,938					$	(5,812)					$	120,957					$	79,670
Depreciation, Depletion and Amortization						18,747						18,373						74,480						74,530
Other (Income) Deductions						(2,113)						(3,715)						(9,915)						(13,828)
Interest Expense						10,871						11,730						45,509						47,428
Income Taxes						7,196						(4,124)						39,748						26,045
Impairment of Assets						—						46,075						—						46,075
Adjusted EBITDA						$	62,639					$	62,527					$	270,779					$	259,920
Utility Segment
Reported GAAP Earnings						$	(17,790)					$	(16,759)					$	83,249					$	57,089
Depreciation, Depletion and Amortization						17,793						16,583						69,701						65,261
Other (Income) Deductions						(2,491)						(1,991)						(27,858)						(8,515)
Interest Expense						10,368						9,325						42,969						34,727
Income Taxes						(5,844)						(7,386)						15,653						3,951
Adjusted EBITDA						$	2,036					$	(228)					$	183,714					$	152,513
Corporate and All Other
Reported GAAP Earnings						$	(6,299)					$	(2,978)					$	(10,400)					$	(2,205)
Depreciation, Depletion and Amortization						152						120						596						473
Other (Income) Deductions						(152)						1,666						2,208						5,071
Interest Expense						(2,398)						(4,535)						(9,277)						(17,465)
Income Taxes						2,233						892						(947)						(41)
Pending Ohio Acquisition Costs						1,061						—						1,061						—
Adjusted EBITDA						$	(5,403)					$	(4,835)					$	(16,759)					$	(14,167)

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.