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NATIONAL FUEL GAS
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
			Twelve Months Ended
			December 31,
(Thousands of Dollars)			2025						2024
INCOME
Operating Revenues:
Utility Revenues			$	847,898					$	723,310
Integrated Upstream and Gathering Revenues			1,255,051						970,308
Pipeline and Storage Revenues			276,618						275,313
			2,379,567						1,968,931
Operating Expenses:
Purchased Gas			233,710						158,847
Operation and Maintenance:
Utility			235,292						219,932
Integrated Upstream and Gathering and Other			220,018						185,660
Pipeline and Storage			120,819						115,660
Property, Franchise and Other Taxes			97,088						88,491
Depreciation, Depletion and Amortization			469,248						450,606
Impairment of Assets			—						660,930
			1,376,175						1,880,126
Operating Income			1,003,392						88,805
Other Income (Expense):
Other Income (Deductions)			36,941						20,214
Interest Expense on Long-Term Debt			(141,021)						(127,698)
Other Interest Expense			(20,444)						(14,005)
Income (Loss) Before Income Taxes			878,868						(32,684)
Income Tax Expense (Benefit)			223,704						(22,163)
Net Income (Loss) Available for Common Stock			$	655,164					$	(10,521)
Earnings (Loss) Per Common Share:
Basic:
Net Income (Loss) Available for Common Stock			$	7.23					$	(0.11)
Diluted:
Net Income (Loss) Available for Common Stock			$	7.17					$	(0.11)
Weighted Average Common Shares Outstanding:
Used in Basic Calculation			90,600,293						91,506,423
Used in Diluted Calculation			91,371,134						91,506,423