---
title: "National Fuel Reports Third Quarter Fiscal 2026 Earnings  | NFG Stock News"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/294260326.md"
description: "National Fuel Gas reported Q3 FY2026 GAAP EPS of $1.45 and adjusted EPS of $1.54. The company raised its annual dividend by 4% to $2.22 per share, marking 56 consecutive years of increases. It finalized financing for the Ohio gas utility acquisition, targeting an October 1 closing. Management revised full-year adjusted EPS guidance to $7.40-$7.60, projecting 9% growth from FY2025, with expected 7-10% average annual EPS growth through 2029."
datetime: "2026-07-29T12:45:00.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/294260326.md)
  - [en](https://longbridge.com/en/news/294260326.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/294260326.md)
generator: "portal-rs"
---

# National Fuel Reports Third Quarter Fiscal 2026 Earnings  | NFG Stock News

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WILLIAMSVILLE, N.Y., July 29, 2026 (GLOBE NEWSWIRE) -- National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced consolidated results for the third quarter of its 2026 fiscal year.

**THIRD QUARTER FISCAL** **2026** **SUMMARY**

-   GAAP earnings of $138.6 million, or earnings per share (EPS) of $1.45, compared to GAAP earnings of $149.8 million, or $1.64 per share, in the prior year.
-   Adjusted EPS of $1.54 compared to $1.64 from the prior year. See non-GAAP reconciliation on page 2.
-   Net cash provided by operating activities of $1.035 billion for the nine months ending June 30, 2026, with free cash flow of $280 million (as defined on page 25) through the same period.
-   The Integrated Upstream and Gathering segment benefitted from its strong hedge and marketing portfolio during the quarter, as a $0.56 per Mcf gain more than offset the drop in NYMEX natural gas prices compared to the prior year.
-   Supply Corporation expanded its Line N System Upgrade Project to 294,000 dekatherms per day, executing a 20-year precedent agreement for 200,000 dekatherms per day of incremental firm transportation capacity, supporting the initial phase of the coal-to-gas conversion at the existing Shippingport Power Station site in western Pennsylvania.
-   The Company completed the necessary financing needed to close the pending Ohio gas utility acquisition and received its final regulatory approval during the quarter, which places the acquisition on track to close on October 1 of this year.
-   The Company maintained its longstanding focus on shareholder returns as the Board of Directors approved a 4% increase in the Company's dividend, to an annual rate of $2.22 per share. The Company has now paid a dividend for 124 consecutive years and increased its annual dividend rate for 56 consecutive years.
-   The Company is revising its fiscal 2026 adjusted EPS guidance range of $7.40 to $7.60 per share, or $7.50 per share at the midpoint, a projected 9% increase from fiscal 2025.

**MANAGEMENT COMMENTS**

David P. Bauer, President and Chief Executive Officer of National Fuel Gas Company, stated: “Looking forward, with the growing demand for natural gas, the outlook for the industry and National Fuel is as strong as ever. Over the last several years, we have consistently enhanced the quality of our asset base, improved capital efficiency, and expanded our long-term growth opportunities through disciplined execution across the Company. Whether it is expanding our pipelines to serve new data center or power generation demand in the region, or producing gas supply to meet growing demand in Appalachia and across markets served by our high-quality firm transportation portfolio, our ability to benefit from these industry tailwinds is evident. In addition, our pending Ohio gas utility acquisition, once completed, will significantly increase rate base for our regulated businesses and provides an additional avenue for meaningful regulated earnings growth.

"With this strong backdrop, National Fuel is expected to deliver approximately 7% to 10% average annual EPS growth through 2029. This growth alongside our disciplined capital allocation strategy and focus on returning an increasing amount of capital to shareholders through our long-standing dividend, positions National Fuel to deliver sustainable long-term value for shareholders."

**RECONCILIATION OF GAAP EARNINGS TO ADJUSTED EARNINGS**

**Three Months Ended June 30,**

*(Thousands)*

*(Per Share)*

**2026**  

**2025**  

**2026**  

**2025**

**Reported GAAP Earnings**

$

138,621

$

149,818

$

1.45

$

1.64

**Items impacting comparability:**

Costs related to the pending Ohio gas utility acquisition

6,192

—

0.07

—

Tax impact of costs related to the pending Ohio acquisition

(1,435

)

—

(0.02

)

—

Impact of equity issuance related to pending Ohio acquisition, net of interest benefits

(3,566

)

—

0.03

—

Tax impact of net interest benefit from equity issuance

826

—

0.01

—

Interest expense from long-term debt issuances for pending Ohio acquisition, net of interest benefit

1,129

—

0.01

—

Tax impact of interest expense from long-term debt issuances, net of interest benefit

(262

)

—

—

—

Premiums paid on early redemption of debt

413

—

—

—

Tax impact of premiums paid on early redemption of debt

(96

)

—

—

—

Other/rounding (refer to Segment results for details)

(840

)

(615

)

(0.01

)

—

**Adjusted Earnings**

$

140,982

$

149,203

$

1.54

$

1.64

**FISCAL 2026 GUIDANCE UPDATE**

National Fuel is revising its adjusted earnings per share guidance for fiscal 2026 to a range of $7.40 to $7.60. This updated range incorporates our third quarter results as well as lower expected production for the remaining three months, partially offset by lower unit costs in the Integrated Upstream and Gathering segment. The Company is maintaining an average NYMEX natural gas price assumption of $3.00 per MMBtu for the remaining three months of fiscal 2026, which approximates the current NYMEX forward curve at this time.

Integrated Upstream and Gathering segment fiscal 2026 production is now expected to be 420 to 430 Bcf, a moderate decrease from our prior guidance, primarily reflecting the combined impact of ongoing appraisal activities and greater than anticipated well interactions related to more intensive completion design testing. While these activities affected near-term production, they will allow for further optimization of future development planning and capital allocation decisions and are not expected to impact the outlook for long-term production growth and continued improvement in capital efficiency. This guidance range also does not incorporate any price-related curtailments over the remainder of the fiscal year.

The Company is also revising its Integrated Upstream and Gathering segment capital expenditure guidance to a range of $580 to $605 million, a 2% increase at the midpoint, largely as a result of higher oil and diesel prices, as well as schedule changes. In addition, this segment has implemented a new discretionary land acquisition spending program, which is expected to lead to an additional $20 to $40 million in spending outside of the aforementioned capital spending guidance. This discretionary program represents a strategic investment to expand core inventory depth in Tioga County and strengthen what the Company believes is one of the premier natural gas resource positions in North America. Over the next two years, the Company expects to invest $100 to $200 million of discretionary land capital to extend development runway, increase long-term development optionality, and support future capital efficiency improvements.

In addition, the Company is also revising its capital expenditure guidance in the Pipeline and Storage segment, which is now expected to be between $235 to $265 million. This increase is driven by the strong execution on our various modernization and expansion projects for this calendar year, several of which are proceeding at a quicker pace than previously anticipated.

The acquisition of CenterPoint Energy's Ohio natural gas utility business is expected to close on October 1 of this year. As a result, this is not expected to impact fiscal 2026 guidance, which also excludes any financing or acquisition-related costs.

The Company’s other fiscal 2026 guidance assumptions are detailed in the table on page 7.

**LONG-TERM OUTLOOK** 

National Fuel plans to provide detailed fiscal 2027 guidance after the closing of the Ohio utility acquisition, which is on track to occur on October 1 of this year.

The Company is also updating its long-term earnings per share outlook, which it now expects to be 7% to 10% per year, on average from fiscal 2026 through fiscal 2029, using the current natural gas price outlook. In addition to significant per-share earnings growth driven by strong outlooks in each segment, the Company anticipates leveraging its best-in-class capital efficiency trend to generate between $1.0 and $1.5 billion of free cash flow over the next three years. The combination of significant earnings growth, a more balanced business mix following the closing of the Ohio utility acquisition, and strong free cash flow generation is expected to provide increased flexibility to allocate capital in ways that maximize per share value over the long-term. This free cash flow is projected to be utilized to reduce outstanding debt, which will further strengthen the Company's investment grade balance sheet, and support strategic investments and other opportunities to enhance shareholder returns beyond the 7% to 10% target.

**FINANCING ACTIVITIES UPDATE**

In June 2026, the Company issued $1.5 billion of new three-, five-, and ten-year notes (split into three equal tranches) to fund a portion of the CenterPoint acquisition and refinance the early redemption of $300 million of notes that were scheduled to mature in October 2026. In conjunction with these transactions, the Company recognized an after-tax loss of $0.3 million related to the early redemption of the October 2026 maturity, which is presented as an item impacting comparability for the quarter.

**DISCUSSION OF THIRD QUARTER RESULTS BY SEGMENT** 

The following earnings discussion of each operating segment for the quarter ended June 30, 2026 is summarized in a tabular form on pages 8 and 9 of this report (earnings drivers for the nine months ended June 30, 2026 are summarized on pages 10 and 11).

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

Integrated Upstream and Gathering Segment

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

**Three Months Ended**

**June 30,**

*(in thousands)*

**2026**  

**2025**  

**Variance**

GAAP Earnings

$

111,874

$

116,667

$

(4,793

)

Premiums paid on early redemption of debt

413

—

413

Tax impact of premiums paid on early redemption of debt

(96

)

—

(96

)

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

—

45

(45

)

Tax impact of unrealized (gain) loss on derivative asset

—

(12

)

12

Adjusted Earnings

$

112,191

$

116,700

$

(4,509

)

Adjusted EBITDA

$

248,528

$

258,411

$

(9,883

)

The Integrated Upstream and Gathering segment's third quarter GAAP earnings decreased $4.8 million versus the prior year. Excluding items impacting comparability, adjusted earnings decreased $4.5 million from the prior year, as the benefit of higher realized natural gas prices and lower interest expense was more than offset by lower production volumes and higher operating expenses.

Seneca’s weighted average realized natural gas price, after the impact of hedging and transportation costs, was $2.81 per Mcf, an increase of $0.10 per Mcf, or 4%, compared to the prior year, as gains in Seneca's hedging portfolio and tighter basis differentials more than offset lower NYMEX prices during the quarter.

During the third quarter, Seneca produced 104.3 Bcf of natural gas, a decrease of 7.3 Bcf, or 7%, compared to the prior year, as production from recently turned-in-line wells was more than offset by natural declines from existing wells.

**Three Months Ended**

**June 30,**

*(Cost per Mcf)*

**2026**

**2025**

**Variance**

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

$

0.17

$

0.17

$

—

Lease Operating Expense (“LOE”)

$

0.15

$

0.11

$

0.04

Adjusted Gathering Operation and Maintenance Expense ("O&M")

$

0.13

$

0.11

(1)

$

0.02

Taxes and Other

$

0.07

$

0.08

$

(0.01

)

**Adjusted Total Cash Operating Costs**

**$**

**0.52**

**$**

**0.47**

(1)

**$**

**0.05**

Depreciation, Depletion and Amortization Expense (“DD&A”)

$

0.80

$

0.71

$

0.09

**Adjusted Total Operating Costs**

**$**

**1.32**

**$**

**1.18**

(1)

**$**

**0.14**

(1)

Adjusted Gathering O&M Expense of $0.11 per Mcf for the quarter ended June 30, 2025 excludes a $0.04 per Mcf reduction to Gathering O&M Expense attributed to a change in segment reporting, which is fully offset in operating revenue.

On a per unit basis, third quarter adjusted total operating costs were $0.14 higher compared to the prior year, primarily due to higher per unit LOE and DD&A expense. Consistent with previous quarters this fiscal year, the increase in per unit LOE compared to the prior year was largely driven by additional third-party gathering expenses. The increase in DD&A expense was largely driven by the impact of ceiling test impairments Seneca recorded in fiscal 2025 that artificially lowered the per unit DD&A rate in the prior year.

Pipeline and Storage Segment

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

**Three Months Ended**

**June 30,**

*(in thousands)*

**2026**

**2025**

**Variance**

GAAP Earnings

$

28,739

$

28,857

$

(118

)

Adjusted EBITDA

$

66,933

$

67,019

$

(86

)

The Pipeline and Storage segment’s third quarter GAAP earnings were in line with the prior year as an increase in operating revenues was offset by higher O&M and DD&A.

Operating revenues increased $1.0 million, primarily driven by higher transportation revenues related to new long-term contracts. O&M expense increased $1.2 million, primarily due to higher third-party and material costs.

Utility Segment

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

**Three Months Ended**

**June 30,**

*(in thousands)*

**2026**

**2025**

**Variance**

GAAP Earnings

$

5,686

$

4,997

$

689

Adjusted EBITDA

$

27,148

$

25,743

$

1,405

The Utility segment’s third quarter GAAP earnings increased $0.7 million, primarily as a result of higher customer margin (operating revenue less purchased gas sold) of $6.0 million. Contributors to increased customer margin included the implementation of year two of the three-year joint settlement in New York and revenue from the Utility’s Distribution System Improvement Charge in Pennsylvania. Partially offsetting this was an increase in O&M expense driven by higher employee-related costs (which were largely the result of new collective bargaining agreements) and an increase in uncollectible expense.

Corporate and All Other

**Three Months Ended**

**June 30,**

*(in thousands)*

**2026**  

**2025**  

**Variance**

GAAP Earnings

$

(7,678

)

$

(703

)

$

(6,975

)

Costs related to the pending Ohio gas utility acquisition

6,192

—

6,192

Tax impact of costs related to the pending Ohio acquisition

(1,435

)

—

(1,435

)

Net interest benefit from equity issuance related to pending acquisition

(3,566

)

—

(3,566

)

Tax impact of net interest benefit from equity issuance

826

—

826

Interest expense from long-term debt issuances for pending Ohio acquisition, net of interest benefit

1,129

—

1,129

Tax impact of interest expense from long-term debt issuances, net of interest benefit

(262

)

—

(262

)

Unrealized (gain) loss on other investments

(1,064

)

(820

)

(244

)

Tax impact of unrealized (gain) loss on other investments

224

172

52

Adjusted Earnings

$

(5,634

)

$

(1,351

)

$

(4,283

)

The Company’s operations that are included in Corporate and All Other generated a combined net loss of $7.7 million in the third quarter, largely due to transaction and financing costs related to the pending Ohio gas utility acquisition.

**EARNINGS TELECONFERENCE**

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

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

**Analyst Contact:**

**Ryan P. Vossler**

**716-857-7158**

**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, such as the planned CenterPoint Ohio acquisition, including receipt of required regulatory clearances and satisfaction of other conditions to closing, and to recognize the anticipated benefits of such transactions; governmental/regulatory actions and/or market pressures to reduce or eliminate reliance on natural gas; the Company’s ability to estimate accurately the time and resources necessary to meet emissions targets; changes in the price of natural gas; impairments under the SEC’s full cost ceiling test for natural gas reserves; the creditworthiness or performance of the Company’s key suppliers, customers and counterparties; financial and economic conditions, including the availability of credit, and occurrences affecting the Company’s ability to obtain financing on acceptable terms for working capital, capital expenditures, other investments, and acquisitions, including any downgrades in the Company’s credit ratings and changes in interest rates and other capital market conditions; negotiations with the collective bargaining units representing the Company’s workforce, including potential work stoppages during negotiations; changes in price differentials between similar quantities of natural gas sold at different geographic locations, and the effect of such changes on commodity production, revenues and demand for pipeline transportation capacity to or from such locations; the impact of information technology disruptions, cybersecurity or data security breaches, including the impact of issues that may arise from the use of artificial intelligence technologies; factors affecting the Company’s ability to successfully identify, drill for and produce economically viable natural gas reserves, including among others geology, lease availability and costs, title disputes, weather conditions, water availability and disposal or recycling opportunities of used water, shortages, delays or unavailability of equipment and services required in drilling operations, insufficient gathering, processing and transportation capacity, the need to obtain governmental approvals and permits, and compliance with environmental laws and regulations; increased costs or delays or changes in plans with respect to Company projects or related projects of other companies, as well as difficulties or delays in obtaining necessary governmental approvals, permits or orders or in obtaining the cooperation of interconnecting facility operators; increasing health care costs and the resulting effect on health insurance premiums and on the obligation to provide other post-retirement benefits; other changes in price differentials between similar quantities of natural gas having different quality, heating value, hydrocarbon mix or delivery date; the cost and effects of legal and administrative claims against the Company or activist shareholder campaigns to effect changes at the Company; uncertainty of natural gas reserve estimates; significant differences between the Company’s projected and actual production levels for natural gas; changes in demographic patterns and weather conditions (including those related to climate change); changes in the availability, price or accounting treatment of derivative financial instruments; changes in laws, actuarial assumptions, the interest rate environment and the return on plan/trust assets related to the Company’s pension and other post-retirement benefits, which can affect future funding obligations and costs and plan liabilities; economic disruptions or uninsured losses resulting from major accidents, fires, severe weather, natural disasters, terrorist activities or acts of war, as well as economic and operational disruptions due to third-party outages; significant differences between the Company’s projected and actual capital expenditures and operating expenses; or increasing costs of insurance, changes in coverage and the ability to obtain insurance. The Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date thereof.

**NATIONAL FUEL GAS COMPANY**  
**AND SUBSIDIARIESGUIDANCE SUMMARY**

As discussed on page 2, the Company is revising its adjusted earnings per share guidance for fiscal 2026. Additional details on the Company's forecast assumptions and business segment guidance are outlined in the table below. The acquisition of CenterPoint Energy's Ohio natural gas utility business still is expected to close in the fourth quarter of calendar 2026, as previously planned. As a result, this is not expected to impact fiscal 2026 guidance, which also excludes any financing or acquisition-related costs. Fiscal 2026 adjusted earnings per share guidance also excludes after-tax financing and acquisition related costs during the nine months ended June 30, 2026, which reduced earnings by $0.30 per share, and expected financing and acquisition related costs during the three months ending September 30, 2026.

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

**Previous FY 2026 Guidance**

**Updated FY 2026 Guidance**

**Consolidated Adjusted Earnings per Share**

$7.45 - $7.75

$7.40 - $7.60

**Consolidated Effective Tax Rate**

\~ 25.5%

\~ 25.5%

**Capital Expenditures** (Millions)

Integrated Upstream and Gathering

$560 - $610

$580 - $605(1)

Pipeline and Storage

$210 - $250

$235 - $265

Utility

$185 - $205

$185 - $205

**Consolidated Capital Expenditures**

**$955 - $1,065**

**$1,000 - $1,075**

**Integrated Upstream & Gathering Segment Guidance**

**Commodity Price Assumptions**

*(price for remaining six months)*

*(price for remaining three months)*

NYMEX natural gas price (per MMBtu)

$3.00

$3.00

Appalachian basin spot price (per MMBtu)

$2.20

$2.15

**Production (Bcf)**

**425 to 440**

**420 to 430**

**Integrated Operating Costs** ($/Mcf)

Upstream General and Administrative Expense

\~$0.18

\~$0.18

Lease Operating Expense

$0.16 - $0.17

$0.15 - $0.16

Gathering Operation and Maintenance Expense

\~$0.12

\~$0.12

Depreciation, Depletion and Amortization

$0.76 - $0.81

$0.77 - $0.80

**Pipeline and Storage Segment Revenues** (Millions)

$420 - $435

$420 - $435

**Utility Segment Guidance** (Millions)

Customer Margin(2)

$470 - $490

$470 - $490

O&M Expense

$250 – $260

$250 – $260

Non-Service Pension & OPEB Income

$23 - $27

$23 - $27

(1) Integrated Upstream and Gathering Capital Expenditures exclude $20 to $40 million of discretionary land spending.  
(2) Customer Margin is defined as Operating Revenues less Purchased Gas Expense.

**NATIONAL FUEL GAS COMPANY**

**RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS**

**QUARTER ENDED JUNE 30, 2026**

**(Unaudited)**

Integrated

Upstream

Pipeline &

Corporate /

(Thousands of Dollars)

& Gathering

Storage

Utility

All Other

Consolidated(1)

**Third quarter 2025 GAAP earnings**

$

116,667

$

28,857

$

4,997

$

(703

)

$

149,818

**Items impacting comparability:**

Unrealized (gain) loss on derivative asset

45

45

Tax impact of unrealized (gain) loss on derivative asset

(12

)

(12

)

Unrealized (gain) loss on other investments

(820

)

(820

)

Tax impact of unrealized (gain) loss on other investments

172

172

**Third quarter 2025 adjusted earnings**

116,700

28,857

4,997

(1,351

)

149,203

**Drivers of adjusted earnings****(2)**

**Integrated Upstream and Gathering Revenues**

Higher (lower) natural gas production

(15,646

)

(15,646

)

Higher (lower) realized natural gas prices, after hedging

8,253

8,253

Higher (lower) gathering revenues

951

951

Higher (lower) other operating revenues

3,830

3,830

**Pipeline and Storage Revenues**

Higher (lower) operating revenues

760

760

**Utility Margins****(3)**

Impact of usage and weather

(689

)

(689

)

Impact of new rates in New York

4,443

4,443

Regulatory revenue adjustments

304

304

Higher (lower) other operating revenues

644

644

**Operating Expenses**

Lower (higher) lease operating expenses

(2,592

)

(2,592

)

Lower (higher) operating expenses

(3,290

)

(960

)

(3,644

)

(2,500

)

(10,394

)

Lower (higher) property, franchise and other taxes

1,145

1,145

Lower (higher) depreciation / depletion

(2,672

)

(833

)

(3,505

)

**Other Income (Expense)**

Higher (lower) other income

635

(454

)

181

(Higher) lower interest expense

3,712

(637

)

3,075

**Income Taxes**

Lower (higher) income tax expense / effective tax rate

2,095

564

(711

)

(712

)

1,236

All other / rounding

(295

)

(284

)

342

20

(217

)

**Third quarter 2026 adjusted earnings**

112,191

28,739

5,686

(5,634

)

140,982

**Items impacting comparability:**

Costs related to the pending Ohio gas utility acquisition

(6,192

)

(6,192

)

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

1,435

1,435

Net interest benefit from equity issuance related to pending acquisition

3,566

3,566

Tax impact of net interest benefit from equity issuance

(826

)

(826

)

Interest expense from long-term debt issuances for pending acquisition, net of interest benefit

(1,129

)

(1,129

)

Tax impact of interest expense from long-term debt issuances, net of interest benefit

262

262

Premiums paid on early redemption of debt

(413

)

(413

)

Tax impact of premiums paid on early redemption of debt

96

96

Unrealized gain (loss) on other investments

1,064

1,064

Tax impact of unrealized gain (loss) on other investments

(224

)

(224

)

**Third quarter 2026 GAAP earnings**

$

111,874

$

28,739

$

5,686

$

(7,678

)

$

138,621

(1)Amounts do not reflect intercompany eliminations.  

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

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

**NATIONAL FUEL GAS COMPANY**

**RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE**

**QUARTER ENDED JUNE 30, 2026**

**(Unaudited)**

Integrated

Upstream

Pipeline &

Corporate /

& Gathering

Storage

Utility

All Other

Consolidated(1)

**Third quarter 2025 GAAP earnings per share**

$

1.28

$

0.32

$

0.05

$

(0.01

)

$

1.64

**Items impacting comparability:**

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

—

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

(0.01

)

(0.01

)

Rounding

0.01

0.01

**Third quarter 2025 adjusted earnings per share**

1.28

0.32

0.05

(0.01

)

1.64

**Drivers of adjusted earnings****(2)(4)**

**Integrated Upstream and Gathering Revenues**

Higher (lower) natural gas production

(0.17

)

(0.17

)

Higher (lower) realized natural gas prices, after hedging

0.09

0.09

Higher (lower) gathering revenues

0.01

0.01

Higher (lower) other operating revenues

0.04

0.04

**Pipeline and Storage Revenues**

Higher (lower) operating revenues

0.01

0.01

**Utility Margins****(3)**

Impact of usage and weather

(0.01

)

(0.01

)

Impact of new rates in New York

0.05

0.05

Regulatory revenue adjustments

—

—

Higher (lower) other operating revenues

0.01

0.01

**Operating Expenses**

Lower (higher) lease operating expenses

(0.03

)

(0.03

)

Lower (higher) operating expenses

(0.04

)

(0.01

)

(0.04

)

(0.03

)

(0.12

)

Lower (higher) property, franchise and other taxes

0.01

0.01

Lower (higher) depreciation / depletion

(0.03

)

(0.01

)

(0.04

)

**Other Income (Expense)**

Higher (lower) other income

0.01

—

0.01

(Higher) lower interest expense

0.04

(0.01

)

0.03

**Income Taxes**

Lower (higher) income tax expense / effective tax rate

0.02

0.01

(0.01

)

(0.01

)

0.01

All other / rounding

0.01

(0.02

)

0.01

—

—

**Third quarter 2026 adjusted earnings per share****(4)**

1.23

0.31

0.06

(0.06

)

1.54

**Items impacting comparability****(4)****:**

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

(0.05

)

(0.05

)

Impact of equity issuance related to pending acquisition, net of interest benefits

(0.06

)

(0.01

)

—

0.03

(0.04

)

Interest expense from long-term debt issuances for pending acquisition, net of tax

(0.01

)

(0.01

)

Premiums paid on early redemption of debt, net of tax

—

—

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

0.01

0.01

**Third quarter 2026 GAAP earnings per share**

$

1.17

$

0.30

$

0.06

$

(0.08

)

$

1.45

(1)Amounts do not reflect intercompany eliminations.  

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

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

(4)As a result of the equity issuance, drivers of adjusted earnings, third quarter 2026 adjusted earnings per share, and items impacting comparability for the third quarter 2026 have been calculated using adjusted diluted shares of 91,333,969.

**NATIONAL FUEL GAS COMPANY**

**RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS**

**NINE MONTHS ENDED JUNE 30, 2026**

**(Unaudited)**

Integrated

Upstream

Pipeline &

Corporate /

(Thousands of Dollars)

& Gathering

Storage

Utility

All Other

Consolidated(1)

**Nine months ended June 30, 2025 GAAP earnings**

$

221,205

$

93,019

$

101,040

$

(4,102

)

$

411,162

**Items impacting comparability:**

Impairment of assets

141,802

141,802

Tax impact of impairment of assets

(37,169

)

(37,169

)

Premiums paid on early redemption of debt

2,385

2,385

Tax impact of premiums paid on early redemption of debt

(642

)

(642

)

Unrealized (gain) loss on derivative asset

729

729

Tax impact of unrealized (gain) loss on derivative asset

(196

)

(196

)

Unrealized (gain) loss on other investments

1,780

1,780

Tax impact of unrealized (gain) loss on other investments

(374

)

(374

)

**Nine months ended June 30, 2025 adjusted earnings**

328,114

93,019

101,040

(2,696

)

519,477

**Drivers of adjusted earnings****(2)**

**Integrated Upstream and Gathering Revenues**

Higher (lower) natural gas production

1,406

1,406

Higher (lower) realized natural gas prices, after hedging

77,803

77,803

Higher (lower) other operating revenues

8,880

8,880

**Pipeline and Storage Revenues**

Higher (lower) operating revenues

2,481

2,481

**Utility Margins****(3)**

Impact of usage and weather

957

957

Impact of new rates in New York

10,520

10,520

Regulatory revenue adjustments

4,856

4,856

Higher (lower) other operating revenues

1,928

1,928

**Operating Expenses**

Lower (higher) lease operating expenses

(11,316

)

(11,316

)

Lower (higher) operating expenses

(9,061

)

(1,559

)

(10,298

)

(4,453

)

(25,371

)

Lower (higher) depreciation / depletion

(14,945

)

(2,359

)

(2,578

)

(19,882

)

**Other Income (Expense)**

Higher (lower) other income

(1,081

)

862

708

489

(Higher) lower interest expense

10,510

(717

)

(1,949

)

7,844

**Income Taxes**

Lower (higher) income tax expense / effective tax rate

(2,288

)

1,140

(1,290

)

(741

)

(3,179

)

All other / rounding

(835

)

(76

)

(155

)

69

(997

)

**Nine months ended June 30, 2026 adjusted earnings**

388,268

91,565

105,125

(9,062

)

575,896

**Items impacting comparability:**

Costs related to the pending Ohio gas utility acquisition

(16,378

)

(16,378

)

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

3,796

3,796

Net interest benefit from equity issuance

7,497

7,497

Tax impact of net interest benefit from equity issuance

(1,738

)

(1,738

)

Interest expense from long-term debt issuances for pending acquisition, net of interest benefit

(1,129

)

(1,129

)

Tax impact of interest expense from long-term debt issuances, net of interest benefit

262

262

Premiums paid on early redemption of debt

(413

)

(413

)

Tax impact of premiums paid on early redemption of debt

96

96

Unrealized gain (loss) on other investments

57

57

Tax impact of unrealized gain (loss) on other investments

(12

)

(12

)

**Nine months ended June 30, 2026 GAAP earnings**

$

387,951

$

91,565

$

105,125

$

(16,707

)

$

567,934

(1)Amounts do not reflect intercompany eliminations.  

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

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

**NATIONAL FUEL GAS COMPANY**

**RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE**

**NINE MONTHS ENDED JUNE 30, 2026**

**(Unaudited)**

Integrated

Upstream

Pipeline &

Corporate /

& Gathering

Storage

Utility

All Other

Consolidated(1)

**Nine months ended June 30, 2025 GAAP earnings per share**

$

2.42

$

1.02

$

1.11

$

(0.04

)

$

4.51

**Items impacting comparability:**

Impairment of assets, net of tax

1.14

1.14

Premiums paid on early redemption of debt, net of tax

0.02

0.02

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

0.01

0.01

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

0.02

0.02

Rounding

(0.01

)

(0.01

)

**Nine months ended June 30, 2025 adjusted earnings per share**

3.59

1.02

1.11

(0.03

)

5.69

**Drivers of adjusted earnings****(2)(4)**

**Integrated Upstream and Gathering Revenues**

Higher (lower) natural gas production

0.02

0.02

Higher (lower) realized natural gas prices, after hedging

0.85

0.85

Higher (lower) other operating revenues

0.10

0.10

**Pipeline and Storage Revenues**

Higher (lower) operating revenues

0.03

0.03

**Utility Margins****(3)**

Impact of usage and weather

0.01

0.01

Impact of new rates in New York

0.12

0.12

Regulatory revenue adjustments

0.05

0.05

Higher (lower) other operating revenues

0.02

0.02

**Operating Expenses**

Lower (higher) lease operating expenses

(0.12

)

(0.12

)

Lower (higher) operating expenses

(0.10

)

(0.02

)

(0.11

)

(0.05

)

(0.28

)

Lower (higher) depreciation / depletion

(0.16

)

(0.03

)

(0.03

)

(0.22

)

**Other Income (Expense)**

Higher (lower) other income

(0.01

)

0.01

0.01

0.01

(Higher) lower interest expense

0.12

(0.01

)

(0.02

)

0.09

**Income Taxes**

Lower (higher) income tax expense / effective tax rate

(0.03

)

0.01

(0.01

)

(0.01

)

(0.04

)

All other / rounding

(0.02

)

—

(0.01

)

0.01

(0.02

)

**Nine months ended June 30, 2026 adjusted earnings per share****(4)**

4.25

1.00

1.15

(0.09

)

6.31

**Items impacting comparability****(4)****:**

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

(0.14

)

(0.14

)

Impact of equity issuance related to pending acquisition, net of interest benefits

(0.14

)

(0.03

)

(0.04

)

0.06

(0.15

)

Interest expense from long-term debt issuances for pending acquisition, net of tax

(0.01

)

(0.01

)

Premiums paid on early redemption of debt, net of tax

—

—

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

—

—

**Nine months ended June 30, 2026 GAAP earnings per share**

$

4.11

$

0.97

$

1.11

$

(0.18

)

$

6.01

(1)Amounts do not reflect intercompany eliminations.  

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

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

(4)As a result of the equity issuance, drivers of adjusted earnings, nine months ended June 30, 2026 adjusted earnings per share, and items impacting comparability for the nine months ended June 30, 2026 have been calculated using adjusted diluted shares of 91,284,991.

**NATIONAL FUEL GAS COMPANY**

**AND SUBSIDIARIES**

(Thousands of Dollars, except per share amounts)

Three Months Ended

Nine Months Ended

June 30,

June 30,

(Unaudited)

(Unaudited)

**SUMMARY OF OPERATIONS**

2026  

2025  

2026  

2025  

Operating Revenues:

Utility Revenues

$

165,422

$

157,446

$

850,258

$

729,445

Integrated Upstream and Gathering Revenues

302,516

306,402

984,561

873,901

Pipeline and Storage Revenues

69,559

67,982

212,558

207,916

537,497

531,830

2,047,377

1,811,262

Operating Expenses:

Purchased Gas

29,878

27,986

323,335

228,661

Operation and Maintenance:

Utility

60,592

56,053

187,549

174,744

Integrated Upstream and Gathering and Other

63,534

47,137

180,904

137,312

Pipeline and Storage

31,013

29,814

88,459

86,544

Property, Franchise and Other Taxes

22,482

24,180

72,519

71,450

Depreciation, Depletion and Amortization

121,058

116,408

362,412

337,055

Impairment of Assets

—

—

—

141,802

328,557

301,578

1,215,178

1,177,568

Operating Income

208,940

230,252

832,199

633,694

Other Income (Expense):

Other Income (Deductions)

11,866

8,534

37,100

31,486

Interest Expense on Long-Term Debt

(33,181

)

(34,333

)

(96,776

)

(107,356

)

Other Interest Expense

(2,831

)

(3,556

)

(16,344

)

(13,033

)

Income Before Income Taxes

184,794

200,897

756,179

544,791

Income Tax Expense

46,173

51,079

188,245

133,629

Net Income Available for Common Stock

$

138,621

$

149,818

$

567,934

$

411,162

Earnings Per Common Share

Basic

$

1.46

$

1.66

$

6.06

$

4.54

Diluted

$

1.45

$

1.64

$

6.01

$

4.51

**Weighted Average Common Shares:**

Used in Basic Calculation

95,034,935

90,358,018

93,730,191

90,546,228

Used in Diluted Calculation

95,736,482

91,139,556

94,445,771

91,247,547

**NATIONAL FUEL GAS COMPANY**

**AND SUBSIDIARIES**

**CONSOLIDATED BALANCE SHEETS**

(Unaudited)

June 30,  

September 30,

*(Thousands of Dollars)*

2026  

2025  

**ASSETS**

Property, Plant and Equipment

$

16,097,040

$

15,406,329

Less - Accumulated Depreciation, Depletion and Amortization

8,002,972

7,693,687

Net Property, Plant and Equipment

8,094,068

7,712,642

Current Assets:

Cash and Temporary Cash Investments

1,235,178

43,166

Receivables - Net

227,913

180,801

Unbilled Revenue

16,916

16,219

Gas Stored Underground

12,838

33,468

Materials and Supplies - at average cost

51,232

50,545

Unrecovered Purchased Gas Costs

2,136

5,769

Other Current Assets

67,660

80,759

Total Current Assets

1,613,873

410,727

Other Assets:

Recoverable Future Taxes

98,996

89,247

Unamortized Debt Expense

5,821

6,236

Other Regulatory Assets

123,464

135,486

Deferred Charges

117,345

73,941

Other Investments

66,946

68,346

Goodwill

5,476

5,476

Prepaid Pension and Post-Retirement Benefit Costs

187,737

169,228

Fair Value of Derivative Financial Instruments

127,630

39,388

Other

10,411

8,387

Total Other Assets

743,826

595,735

Total Assets

$

10,451,767

$

8,719,104

**CAPITALIZATION AND LIABILITIES**

Capitalization:

Comprehensive Shareholders' Equity

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

Outstanding - 95,035,675 Shares and 90,379,095 Shares, Respectively

$

95,036

$

90,379

Paid in Capital

1,393,023

1,050,918

Earnings Reinvested in the Business

2,426,044

2,012,529

Accumulated Other Comprehensive Income (Loss)

9,576

(59,222

)

Total Comprehensive Shareholders' Equity

3,923,679

3,094,604

Long-Term Debt, Net of Current Portion and Unamortized Discount and Debt Issuance Costs

3,567,401

2,382,861

Total Capitalization

7,491,080

5,477,465

Current and Accrued Liabilities:

Notes Payable to Banks and Commercial Paper

—

150,200

Current Portion of Long-Term Debt

—

300,000

Accounts Payable

146,096

184,046

Amounts Payable to Customers

752

968

Dividends Payable

52,745

48,353

Interest Payable on Long-Term Debt

34,475

14,393

Customer Advances

—

17,188

Customer Security Deposits

27,723

29,853

Other Accruals and Current Liabilities

241,398

174,689

Fair Value of Derivative Financial Instruments

1,027

6,074

Total Current and Accrued Liabilities

504,216

925,764

Other Liabilities:

Deferred Income Taxes

1,353,287

1,225,262

Taxes Refundable to Customers

302,149

306,335

Cost of Removal Regulatory Liability

319,921

307,659

Other Regulatory Liabilities

116,935

121,944

Pension and Other Post-Retirement Liabilities

3,768

5,252

Asset Retirement Obligations

223,021

236,787

Other Liabilities

137,390

112,636

Total Other Liabilities

2,456,471

2,315,875

Commitments and Contingencies

—

—

Total Capitalization and Liabilities

$

10,451,767

$

8,719,104

**NATIONAL FUEL GAS COMPANY**

**AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(Unaudited)**

Nine Months Ended

June 30,

*(Thousands of Dollars)*

2026  

2025  

Operating Activities:

Net Income Available for Common Stock

$

567,934

$

411,162

Adjustments to Reconcile Net Income to Net Cash

Provided by Operating Activities:

Impairment of Assets

—

141,802

Depreciation, Depletion and Amortization

362,412

337,055

Deferred Income Taxes

88,936

60,754

Premium Paid on Early Redemption of Debt

413

2,385

Stock-Based Compensation

14,801

15,721

Other

17,695

19,296

Change in:

Receivables and Unbilled Revenue

(47,233

)

(95,254

)

Gas Stored Underground and Materials and Supplies

19,943

18,803

Unrecovered Purchased Gas Costs

3,633

(2,903

)

Other Current Assets

13,054

28,038

Accounts Payable

2

1,744

Amounts Payable to Customers

(216

)

(18,445

)

Customer Advances

(17,188

)

(19,373

)

Customer Security Deposits

(2,130

)

(7,526

)

Other Accruals and Current Liabilities

57,892

44,283

Other Assets

(15,919

)

(35,348

)

Other Liabilities

(29,494

)

(39,918

)

Net Cash Provided by Operating Activities

$

1,034,535

$

862,276

Investing Activities:

Capital Expenditures

$

(764,515

)

$

(627,316

)

Other

10,302

9,352

Net Cash Used in Investing Activities

$

(754,213

)

$

(617,964

)

Financing Activities:

Changes in Notes Payable to Banks and Commercial Paper

$

(150,200

)

$

(29,200

)

Shares Repurchased Under Repurchase Plan

—

(54,430

)

Reduction of Long-Term Debt

(601,239

)

(1,004,086

)

Net Proceeds From Issuance of Long-Term Debt

1,481,195

988,731

Dividends Paid on Common Stock

(150,027

)

(140,098

)

Net Proceeds from Common Stock Sale

338,396

—

Net Repurchases of Common Stock Under Stock and Benefit Plans

(6,435

)

(4,134

)

Net Cash Provided by (Used in) Financing Activities

$

911,690

$

(243,217

)

Net Increase in Cash and Cash Equivalents

1,192,012

1,095

Cash and Cash Equivalents at Beginning of Period

43,166

38,222

Cash and Cash Equivalents at June 30

$

1,235,178

$

39,317

**NATIONAL FUEL GAS COMPANY**

**AND SUBSIDIARIES**

**SEGMENT OPERATING RESULTS AND STATISTICS**

**(UNAUDITED)**

**INTEGRATED UPSTREAM AND GATHERING SEGMENT**

Three Months Ended

Nine Months Ended

(Thousands of Dollars, except per share amounts)

June 30,

June 30,

2026  

2025  

Variance

2026  

2025  

Variance

Total Operating Revenues

$

302,516

$

306,402

$

(3,886

)

$

984,561

$

873,901

$

110,660

Operating Expenses:

Operation and Maintenance:

Upstream General and Administrative Expense

17,487

18,602

(1,115

)

55,365

56,776

(1,411

)

Lease Operating Expense

15,847

12,566

3,281

50,034

35,710

14,324

Gathering Operation and Maintenance Expense

13,595

7,865

5,730

37,788

23,760

14,028

All Other Operation and Maintenance Expense

3,366

3,816

(450

)

9,847

10,994

(1,147

)

Property, Franchise and Other Taxes

3,693

5,142

(1,449

)

12,118

12,572

(454

)

Depreciation, Depletion and Amortization

83,078

79,696

3,382

247,888

228,970

18,918

Impairment of Assets

—

—

—

—

141,802

(141,802

)

137,066

127,687

9,379

413,040

510,584

(97,544

)

Operating Income

165,450

178,715

(13,265

)

571,521

363,317

208,204

Other Income (Expense):

Non-Service Pension and Post-Retirement Benefit Credit (Cost)

(81

)

36

(117

)

(244

)

110

(354

)

Interest and Other Income

414

44

370

986

568

418

Interest Expense on Long-Term Debt

(493

)

—

(493

)

(493

)

(3,283

)

2,790

Interest Expense

(13,016

)

(17,795

)

4,779

(44,260

)

(56,746

)

12,486

Income Before Income Taxes

152,274

161,000

(8,726

)

527,510

303,966

223,544

Income Tax Expense

40,400

44,333

(3,933

)

139,559

82,761

56,798

Net Income

$

111,874

$

116,667

$

(4,793

)

$

387,951

$

221,205

$

166,746

Net Income Per Share (Diluted)

$

1.17

$

1.28

$

(0.11

)

$

4.11

$

2.42

$

1.69

**NATIONAL FUEL GAS COMPANY**

**AND SUBSIDIARIES**

**SEGMENT OPERATING RESULTS AND STATISTICS**

**(UNAUDITED)**

**PIPELINE AND STORAGE SEGMENT**

Three Months Ended

Nine Months Ended

(Thousands of Dollars, except per share amounts)

June 30,

June 30,

2026  

2025  

Variance

2026  

2025  

Variance

Revenues from External Customers

$

69,559

$

67,982

$

1,577

$

212,558

$

207,916

$

4,642

Intersegment Revenues

36,982

37,597

(615

)

112,347

113,849

(1,502

)

Total Operating Revenues

106,541

105,579

962

324,905

321,765

3,140

Operating Expenses:

Purchased Gas

(67

)

(164

)

97

(74

)

(42

)

(32

)

Operation and Maintenance

31,479

30,264

1,215

89,913

87,940

1,973

Property, Franchise and Other Taxes

8,196

8,460

(264

)

25,178

25,727

(549

)

Depreciation, Depletion and Amortization

19,656

18,601

1,055

58,719

55,733

2,986

59,264

57,161

2,103

173,736

169,358

4,378

Operating Income

47,277

48,418

(1,141

)

151,169

152,407

(1,238

)

Other Income (Expense):

Non-Service Pension and Post-Retirement Benefit Credit

537

952

(415

)

1,610

2,857

(1,247

)

Interest and Other Income

2,077

1,111

966

4,441

4,945

(504

)

Interest Expense

(11,735

)

(11,209

)

(526

)

(35,314

)

(34,637

)

(677

)

Income Before Income Taxes

38,156

39,272

(1,116

)

121,906

125,572

(3,666

)

Income Tax Expense

9,417

10,415

(998

)

30,341

32,553

(2,212

)

Net Income

$

28,739

$

28,857

$

(118

)

$

91,565

$

93,019

$

(1,454

)

Net Income Per Share (Diluted)

$

0.30

$

0.32

$

(0.02

)

$

0.97

$

1.02

$

(0.05

)

**NATIONAL FUEL GAS COMPANY**

**AND SUBSIDIARIES**

**SEGMENT OPERATING RESULTS AND STATISTICS**

**(UNAUDITED)**

**UTILITY SEGMENT**

Three Months Ended

Nine Months Ended

(Thousands of Dollars, except per share amounts)

June 30,

June 30,

2026  

2025  

Variance

2026  

2025  

Variance

Revenues from External Customers

$

165,422

$

157,446

$

7,976

$

850,258

$

729,445

$

120,813

Intersegment Revenues

78

77

1

294

279

15

Total Operating Revenues

165,500

157,523

7,977

850,552

729,724

120,828

Operating Expenses:

Purchased Gas

66,239

64,292

1,947

433,384

337,541

95,843

Operation and Maintenance

61,652

57,039

4,613

190,778

177,742

13,036

Property, Franchise and Other Taxes

10,461

10,449

12

34,827

32,761

2,066

Depreciation, Depletion and Amortization

18,090

17,945

145

55,171

51,908

3,263

156,442

149,725

6,717

714,160

599,952

114,208

Operating Income

9,058

7,798

1,260

136,392

129,772

6,620

Other Income (Expense):

Non-Service Pension and Post-Retirement Benefit Credit

5,220

5,328

(108

)

23,032

23,498

(466

)

Interest and Other Income

1,054

628

426

3,426

1,869

1,557

Interest Expense

(10,764

)

(10,958

)

194

(33,508

)

(32,601

)

(907

)

Income Before Income Taxes

4,568

2,796

1,772

129,342

122,538

6,804

Income Tax Expense (Benefit)

(1,118

)

(2,201

)

1,083

24,217

21,498

2,719

Net Income

$

5,686

$

4,997

$

689

$

105,125

$

101,040

$

4,085

Net Income Per Share (Diluted)

$

0.06

$

0.05

$

0.01

$

1.11

$

1.11

$

—

**NATIONAL FUEL GAS COMPANY**

**AND SUBSIDIARIES**

**SEGMENT OPERATING RESULTS AND STATISTICS**

**(UNAUDITED)**

Three Months Ended

Nine Months Ended

(Thousands of Dollars, except per share amounts)

June 30,

June 30,

**ALL OTHER**

2026  

2025  

Variance

2026  

2025  

Variance

Total Operating Revenues

$

—

$

—

$

—

$

—

$

—

$

—

Operating Expenses:

Operation and Maintenance

—

—

—

—

—

—

—

—

—

—

—

—

Operating Loss

—

—

—

—

—

—

Other Income (Expense):

Interest and Other Income (Deductions)

(172

)

(131

)

(41

)

1,053

(489

)

1,542

Interest Expense

(122

)

(141

)

19

(376

)

(389

)

13

Income (Loss) before Income Taxes

(294

)

(272

)

(22

)

677

(878

)

1,555

Income Tax Expense (Benefit)

(72

)

(63

)

(9

)

154

(204

)

358

Net Income (Loss)

$

(222

)

$

(209

)

$

(13

)

$

523

$

(674

)

$

1,197

Net Income (Loss) Per Share (Diluted)

$

—

$

—

$

—

$

—

$

(0.01

)

$

0.01

Three Months Ended

Nine Months Ended

June 30,

June 30,

**CORPORATE**

2026  

2025  

Variance

2026  

2025  

Variance

Revenues from External Customers

$

—

$

—

$

—

$

—

$

—

$

—

Intersegment Revenues

1,436

1,341

95

4,307

4,024

283

Total Operating Revenues

1,436

1,341

95

4,307

4,024

283

Operating Expenses:

Operation and Maintenance

13,915

5,725

8,190

30,160

14,992

15,168

Property, Franchise and Other Taxes

132

129

3

396

390

6

Depreciation, Depletion and Amortization

234

166

68

634

444

190

14,281

6,020

8,261

31,190

15,826

15,364

Operating Loss

(12,845

)

(4,679

)

(8,166

)

(26,883

)

(11,802

)

(15,081

)

Other Income (Expense):

Non-Service Pension and Post-Retirement Benefit Costs

(217

)

(212

)

(5

)

(652

)

(635

)

(17

)

Interest and Other Income

39,151

41,073

(1,922

)

116,316

123,918

(7,602

)

Interest Expense on Long-Term Debt

(32,688

)

(34,333

)

1,645

(96,283

)

(104,073

)

7,790

Other Interest Expense

(3,311

)

(3,748

)

437

(15,754

)

(13,815

)

(1,939

)

Loss before Income Taxes

(9,910

)

(1,899

)

(8,011

)

(23,256

)

(6,407

)

(16,849

)

Income Tax Benefit

(2,454

)

(1,405

)

(1,049

)

(6,026

)

(2,979

)

(3,047

)

Net Loss

$

(7,456

)

$

(494

)

$

(6,962

)

$

(17,230

)

$

(3,428

)

$

(13,802

)

Net Loss Per Share (Diluted)

$

(0.08

)

$

(0.01

)

$

(0.07

)

$

(0.18

)

$

(0.03

)

$

(0.15

)

Three Months Ended

Nine Months Ended

June 30,

June 30,

**INTERSEGMENT ELIMINATIONS**

2026  

2025  

Variance

2026  

2025  

Variance

Intersegment Revenues

$

(38,496

)

$

(39,015

)

$

519

$

(116,948

)

$

(118,152

)

$

1,204

Operating Expenses:

Purchased Gas

(36,294

)

(36,142

)

(152

)

(109,975

)

(108,838

)

(1,137

)

Operation and Maintenance

(2,202

)

(2,873

)

671

(6,973

)

(9,314

)

2,341

(38,496

)

(39,015

)

519

(116,948

)

(118,152

)

1,204

Operating Income

—

—

—

—

—

—

Other Income (Expense):

Interest and Other Deductions

(36,117

)

(40,295

)

4,178

(112,868

)

(125,155

)

12,287

Interest Expense

36,117

40,295

(4,178

)

112,868

125,155

(12,287

)

Net Income

$

—

$

—

$

—

$

—

$

—

$

—

Net Income Per Share (Diluted)

$

—

$

—

$

—

$

—

$

—

$

—

**NATIONAL FUEL GAS COMPANY**

**AND SUBSIDIARIES**

**SEGMENT INFORMATION (Continued)**

(Thousands of Dollars)

Three Months Ended

Nine Months Ended

June 30,

June 30,

(Unaudited)

(Unaudited)

Increase

Increase

2026  

2025  

(Decrease)

2026  

2025  

(Decrease)

**Capital Expenditures:**

Integrated Upstream and Gathering

$

146,327

(1)

$

150,007

(3)

$

(3,680

)

$

453,903

(1)(2)

$

412,519

(3)(4)

$

41,384

Pipeline and Storage

91,571

(1)

22,700

(3)

68,871

166,199

(1)(2)

58,117

(3)(4)

108,082

Utility

46,956

(1)

50,025

(3)

(3,069

)

120,550

(1)(2)

128,322

(3)(4)

(7,772

)

Total Reportable Segments

284,854

222,732

62,122

740,652

598,958

141,694

All Other

—

—

—

—

—

—

Corporate

4,009

138

3,871

4,434

518

3,916

Eliminations

—

—

—

(546

)

(3,520

)

2,974

Total Capital Expenditures

$

288,863

$

222,870

$

65,993

$

744,540

$

595,956

$

148,584

(1)

Capital expenditures for the quarter and nine months ended June 30, 2026, include accounts payable and accrued liabilities related to capital expenditures of $65.7 million, $29.0 million, $7.2 million and $3.4 million in the Integrated Upstream and Gathering segment, Pipeline and Storage segment, Utility segment and Corporate category, respectively. These amounts have been excluded from the Consolidated Statement of Cash Flows at June 30, 2026, since they represent non-cash investing activities at that date.

(2)

Capital expenditures for the nine months ended June 30, 2026, exclude capital expenditures of $87.9 million, $19.4 million and $18.0 million in the Integrated Upstream and Gathering segment, Pipeline and Storage segment and Utility segment, respectively. These amounts were in accounts payable and accrued liabilities at September 30, 2025 and paid during the nine months ended June 30, 2026. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2025, since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at June 30, 2026.

(3)

Capital expenditures for the quarter and nine months ended June 30, 2025, include accounts payable and accrued liabilities related to capital expenditures of $73.1 million, $5.7 million and $9.8 million in the Integrated Upstream and Gathering segment, Pipeline and Storage segment and Utility segment, respectively. These amounts were excluded from the Consolidated Statement of Cash Flows at June 30, 2025, since they represented non-cash investing activities at that date.

(4)

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

**DEGREE DAYS**

Percent Colder

(Warmer) Than:

Three Months Ended June 30,

Normal  

2026  

2025  

Normal(1)

Last Year(1)

Buffalo, NY

843

797

825

(5.5

)

(3.4

)

Erie, PA

776

711

813

(8.4

)

(12.5

)

Nine Months Ended June 30,

Buffalo, NY

6,195

6,360

5,825

2.7

9.2

Erie, PA

5,693

5,911

5,527

3.8

6.9

(1)

Percents compare actual 2026 degree days to normal degree days and actual 2026 degree days to actual 2025 degree days.

**NATIONAL FUEL GAS COMPANY**

**AND SUBSIDIARIES**

**INTEGRATED UPSTREAM AND GATHERING INFORMATION**

Three Months Ended

Nine Months Ended  

June 30,

June 30,  

Increase

Increase  

2026  

2025  

(Decrease)

2026  

2025  

(Decrease)  

**Gas Production/Prices:**

Production (MMcf)

Appalachia

104,285

111,588

(7,303

)

315,470

314,819

651

Average Prices (Per Mcf)

Weighted Average

$

2.25

$

2.69

$

(0.44

)

$

2.97

$

2.66

$

0.31

Weighted Average after Hedging

$

2.81

$

2.71

$

0.10

$

3.05

$

2.73

$

0.32

**Selected Operating Performance Statistics:**

Upstream General and Administrative Expense per Mcf(1)

$

0.17

$

0.17

$

—

$

0.18

$

0.18

$

—

Lease Operating Expense per Mcf(1)

$

0.15

$

0.11

$

0.04

$

0.16

$

0.11

$

0.05

Adjusted Gathering Operation and Maintenance Expense per Mcf(1)(2)

$

0.13

$

0.11

$

0.02

$

0.12

$

0.11

$

0.01

Depreciation, Depletion and Amortization per Mcf(1)

$

0.80

$

0.71

$

0.09

$

0.79

$

0.73

$

0.06

(1)

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

(2)

Adjusted Gathering O&M Expense of $0.11 per Mcf for both the three and nine months ended June 30, 2025, exclude a $0.04 per Mcf and $0.03 per Mcf reduction, respectively, to Gathering O&M Expense attributed to a change in segment reporting, which is fully offset in operating revenue.

**NATIONAL FUEL GAS COMPANY**

**AND SUBSIDIARIES**

**Pipeline and Storage Throughput - (millions of cubic feet - MMcf)**

Three Months Ended

Nine Months Ended

June 30,

June 30,

Increase

Increase

2026  

2025  

(Decrease)

2026  

2025  

(Decrease)

Firm Transportation - Affiliated

17,166

20,123

(2,957

)

97,184

101,233

(4,049

)

Firm Transportation - Non-Affiliated

162,182

158,910

3,272

543,183

515,411

27,772

Interruptible Transportation

935

149

786

1,543

665

878

180,283

179,182

1,101

641,910

617,309

24,601

**Utility Throughput - (MMcf)**

Three Months Ended

Nine Months Ended

June 30,

June 30,

Increase

Increase

2026  

2025  

(Decrease)

2026  

2025  

(Decrease)

Retail Sales:

Residential Sales

9,253

10,151

(898

)

64,029

60,738

3,291

Commercial Sales

1,260

1,658

(398

)

10,389

9,997

392

Industrial Sales

95

93

2

590

594

(4

)

10,608

11,902

(1,294

)

75,008

71,329

3,679

Transportation

12,756

13,853

(1,097

)

57,927

55,881

2,046

23,364

25,755

(2,391

)

132,935

127,210

5,725

**NATIONAL FUEL GAS COMPANY**  
**AND SUBSIDIARIES**  
**NON-GAAP FINANCIAL MEASURES**

In addition to financial measures calculated in accordance with generally accepted accounting principles (GAAP), this press release contains information regarding adjusted earnings, adjusted EBITDA, and free cash flow, which are non-GAAP financial measures. The Company believes that these non-GAAP financial measures are useful to investors because they provide an alternative method for assessing the Company's ongoing operating results or liquidity and for comparing the Company’s financial performance to other companies. The Company's management uses these non-GAAP financial measures for the same purpose, and for planning and forecasting purposes. The presentation of non-GAAP financial measures is not meant to be a substitute for financial measures in accordance with GAAP.

Management defines adjusted earnings as reported GAAP earnings before items impacting comparability. The following table reconciles National Fuel's reported GAAP earnings to adjusted earnings for the three and nine months ended June 30, 2026 and 2025:

Three Months Ended

Nine Months Ended

June 30,

June 30,

*(in thousands except per share amounts)*

2026  

2025  

2026  

2025  

**Reported GAAP Earnings**

$

138,621

$

149,818

$

567,934

$

411,162

**Items impacting comparability:**

Impairment of assets

—

—

—

141,802

Tax impact of impairment of assets

—

—

—

(37,169

)

Premiums paid on early redemption of debt

413

—

413

2,385

Tax impact of premiums paid on early redemption of debt

(96

)

—

(96

)

(642

)

Unrealized (gain) loss on derivative asset

—

45

—

729

Tax impact of unrealized (gain) loss on derivative asset

—

(12

)

—

(196

)

Costs related to the pending Ohio gas utility acquisition

6,192

—

16,378

—

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

(1,435

)

—

(3,796

)

—

Net interest benefit from equity issuance

(3,566

)

—

(7,497

)

—

Tax impact of net interest benefit from equity issuance

826

—

1,738

—

Interest expense from long-term debt issuances for pending acquisition, net of interest benefit

1,129

—

1,129

—

Tax impact of interest expense from long-term debt issuances, net of interest benefit

(262

)

—

(262

)

—

Unrealized (gain) loss on other investments

(1,064

)

(820

)

(57

)

1,780

Tax impact of unrealized (gain) loss on other investments

224

172

12

(374

)

**Adjusted Earnings**

$

140,982

$

149,203

$

575,896

$

519,477

**Reported GAAP Earnings Per Share**

$

1.45

$

1.64

$

6.01

$

4.51

**Items impacting comparability:**

Impairment of assets, net of tax

—

—

—

1.14

Premiums paid on early redemption of debt, net of tax

—

—

—

0.02

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

—

—

—

0.01

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

0.05

—

0.14

—

Impact of equity issuance related to pending acquisition, net of interest benefits

0.04

—

0.15

—

Interest expense from long-term debt issuances for pending acquisition, net of tax

0.01

—

0.01

—

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

(0.01

)

(0.01

)

—

0.02

Rounding

—

0.01

—

(0.01

)

**Adjusted Earnings Per Share**

$

1.54

$

1.64

$

6.31

$

5.69

**NATIONAL FUEL GAS COMPANY**  
**AND SUBSIDIARIES**  
**NON-GAAP FINANCIAL MEASURES**

Management defines adjusted EBITDA as reported GAAP earnings before the following items: interest expense, income taxes, depreciation, depletion and amortization, other income and deductions, impairments, and other items reflected in operating income that impact comparability. The following tables reconcile National Fuel's reported GAAP earnings to adjusted EBITDA for the three and nine months ended June 30, 2026 and 2025:

Three Months Ended

Nine Months Ended

June 30,

June 30,

*(in thousands)*

2026  

2025  

2026  

2025  

**Reported GAAP Earnings**

$

138,621

$

149,818

$

567,934

$

411,162

Depreciation, Depletion and Amortization

121,058

116,408

362,412

337,055

Other (Income) Deductions

(11,866

)

(8,534

)

(37,100

)

(31,486

)

Interest Expense

36,012

37,889

113,120

120,389

Income Taxes

46,173

51,079

188,245

133,629

Impairment of Assets

—

—

—

141,802

Costs related to the pending Ohio gas utility acquisition(1)

5,025

—

9,531

—

**Adjusted EBITDA**

$

335,023

$

346,660

$

1,204,142

$

1,112,551

**Adjusted EBITDA by Segment**

Integrated Upstream and Gathering Adjusted EBITDA

$

248,528

$

258,411

$

819,409

$

734,089

Pipeline and Storage Adjusted EBITDA

66,933

67,019

209,888

208,140

Utility Adjusted EBITDA

27,148

25,743

191,563

181,680

Corporate and All Other Adjusted EBITDA

(7,586

)

(4,513

)

(16,718

)

(11,358

)

**Total Adjusted EBITDA**

$

335,023

$

346,660

$

1,204,142

$

1,112,551

(1)

For the three months and nine months ended June 30, 2026, costs represent a portion of acquisition costs recognized in O&M expense for the pending Ohio gas utility acquisition. The remaining $1.2 million and $6.8 million of acquisition costs for the three months and nine months ended June 30, 2026, respectively, are recognized in interest expense.

**NATIONAL FUEL GAS COMPANY****AND SUBSIDIARIES**  
**NON-GAAP FINANCIAL MEASURES**  
**SEGMENT ADJUSTED EBITDA**

Three Months Ended

Nine Months Ended

June 30,

June 30,

*(in thousands)*

2026  

2025  

2026  

2025  

**Integrated Upstream and Gathering Segment**

Reported GAAP Earnings

$

111,874

$

116,667

$

387,951

$

221,205

Depreciation, Depletion and Amortization

83,078

79,696

247,888

228,970

Other (Income) Deductions

(333

)

(80

)

(742

)

(678

)

Interest Expense

13,509

17,795

44,753

60,029

Income Taxes

40,400

44,333

139,559

82,761

Impairment of Assets

—

—

—

141,802

Adjusted EBITDA

$

248,528

$

258,411

$

819,409

$

734,089

**Pipeline and Storage Segment**

Reported GAAP Earnings

$

28,739

$

28,857

$

91,565

$

93,019

Depreciation, Depletion and Amortization

19,656

18,601

58,719

55,733

Other (Income) Deductions

(2,614

)

(2,063

)

(6,051

)

(7,802

)

Interest Expense

11,735

11,209

35,314

34,637

Income Taxes

9,417

10,415

30,341

32,553

Adjusted EBITDA

$

66,933

$

67,019

$

209,888

$

208,140

**Utility Segment**

Reported GAAP Earnings

$

5,686

$

4,997

$

105,125

$

101,040

Depreciation, Depletion and Amortization

18,090

17,945

55,171

51,908

Other (Income) Deductions

(6,274

)

(5,956

)

(26,458

)

(25,367

)

Interest Expense

10,764

10,958

33,508

32,601

Income Taxes

(1,118

)

(2,201

)

24,217

21,498

Adjusted EBITDA

$

27,148

$

25,743

$

191,563

$

181,680

**Corporate and All Other**

Reported GAAP Earnings

$

(7,678

)

$

(703

)

$

(16,707

)

$

(4,102

)

Depreciation, Depletion and Amortization

234

166

634

444

Other (Income) Deductions

(2,645

)

(435

)

(3,849

)

2,361

Interest Expense

4

(2,073

)

(455

)

(6,878

)

Income Taxes

(2,526

)

(1,468

)

(5,872

)

(3,183

)

Costs related to the pending Ohio gas utility acquisition

5,025

—

9,531

—

Adjusted EBITDA

$

(7,586

)

$

(4,513

)

$

(16,718

)

$

(11,358

)

**NATIONAL FUEL GAS COMPANY**  
**AND SUBSIDIARIES**  
**NON-GAAP FINANCIAL MEASURES**  
 **FREE CASH FLOW**

Management defines free cash flow as net cash provided by operating activities, less net cash used in investing activities, adjusted for acquisitions and divestitures. The following table reconciles National Fuel's free cash flow to Net Cash Provided by Operating Activities on the Consolidated Statement of Cash Flows for the nine months ended June 30, 2026 and 2025:

Nine Months Ended  

June 30,  

*(in thousands)*

2026  

2025  

**Net Cash Provided by Operating Activities**

$

1,034,535

$

862,276

**Less:**

Net Cash Used in Investing Activities

754,213

617,964

Proceeds from Divestitures

—

—

280,322

244,312

**Plus:**

Acquisitions

—

—

**Free Cash Flow**

$

280,322

$

244,312

The Company is unable to provide a reconciliation of any projected free cash flow measure to its comparable GAAP financial measure without unreasonable efforts. This is due to an inability to calculate the comparable GAAP projected metrics, including operating income and total production costs, given the unknown effect, timing, and potential significance of certain income statement items.

Ryan P. Vossler  
Investor Relations  
716-857-7158

Timothy J. Silverstein  
Chief Financial Officer  
716-857-6987

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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**