National Fuel Reports Third Quarter Fiscal 2025 Earnings and Announces Preliminary Guidance for Fiscal 2026

WILLIAMSVILLE, N.Y., July 30, 2025 (GLOBE NEWSWIRE) -- National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced consolidated results for the third quarter of its 2025 fiscal year. FISCAL 2025 THIRD QUARTER SUMMARY GAAP earnings per share of $1.64 compared to a net loss $0.59 per share in the prior year.Adjusted earnings per share of $1.64 increased 66% compared to $0.99 per share in the prior year. See non-GAAP reconciliation on page 2.Exploration and Production adjusted operating results of $0.95 per share increased 157% versus the prior year, driven by lower per unit operating costs, higher realized natural gas prices, and strong well performance in the Eastern Development Area (“EDA”), which contributed to 112 Bcf of natural gas production, up 16% versus the prior year’s third quarter.The Pipeline and Storage segment achieved several development milestones for expansion projects during the quarter with the announcement of the Shippingport Lateral Project and the receipt of FERC approval for the Tioga Pathway Project, which remains on track for a late calendar 2026 in-service date.The Company generated $196 million in net cash provided by operating activities less net cash used in investing activities during the third quarter.The Company is revising the midpoint of its fiscal 2025 adjusted earnings per share guidance to a range of $6.80 to $6.95 per share and is initiating its fiscal 2026 preliminary earnings guidance which, based upon a NYMEX price of $4.00, is expected to increase 20% from fiscal 2025 (see Guidance Summary on page 7). MANAGEMENT COMMENTARY David P. Bauer, President and Chief Executive Officer of National Fuel Gas Company, stated: “National Fuel’s excellent third quarter reflects ongoing success across the Company. Our integrated upstream and gathering operations saw record production and throughput during the quarter and a continued improvement in capital efficiency, while our regulated Utility and Pipeline & Storage segments continue to see an uplift in earnings from recent ratemaking activities and organic investment opportunities. “As we look forward to fiscal 2026, we expect to see significant earnings growth versus the prior year. This highlights the momentum in each of our businesses and the overall positive long-term outlook for natural gas. Strong well results in the EDA continue to confirm the depth of our best-in-class inventory and operational excellence in Northeast Pennsylvania, and underpin our mid-single-digit production growth expectations in the coming years. In addition, we have line of sight to further growth in our regulated businesses, supporting our 5% to 7% average annual rate base growth projections. Taken together, along with the broader tailwinds from growing demand for natural gas, National Fuel is well positioned to create meaningful value for shareholders in the years to come.” RETURN OF CAPITAL UPDATE During the quarter, National Fuel announced that its Board of Directors approved a 4% increase in the Company’s dividend for an annual rate of $2.14 per share. This is our 55th consecutive year of dividend increases and the 123rd year of consecutive dividend payments, demonstrating the Company's commitment to returning cash to shareholders. With respect to the Company’s share repurchase program, since March 2024, the Company repurchased approximately 2 million shares at an average weighted price of $59.70 per share. Consistent with our disciplined approach to capital allocation, which balances growth with return of capital to shareholders, during the quarter the Company paused repurchases as it evaluated various growth opportunities, preserving balance sheet flexibility. RECONCILIATION OF GAAP EARNINGS TO ADJUSTED OPERATING RESULTS Three Months Ended June 30, (Thousands) (Per Share) 2025 2024 2025 2024 Reported GAAP Earnings $149,818 $(54,158) $1.64 $(0.59)Items impacting comparability: Impairment of assets (E&P) — 200,696 0.00 2.18 Tax impact of impairment of assets — (55,686) 0.00 (0.60)Other (refer to Segment results for details) (615) 873 — — Adjusted Operating Results $149,203 $91,725 $1.64 $0.99 FISCAL 2025 GUIDANCE UPDATE National Fuel is revising its adjusted earnings per share guidance for fiscal 2025 to a range of $6.80 to $6.95. This updated range incorporates our third quarter results as well as lower expected realized natural gas prices for the remaining three months, which is largely offset by expected higher production and lower unit costs in the Exploration and Production segment. The Company is assuming an average NYMEX natural gas price of $3.25 per MMBtu for the remaining three months of fiscal 2025, which approximates the current NYMEX forward curve at this time. The Company’s other fiscal 2025 guidance assumptions are detailed in the table on page 7. INITIATION OF FISCAL 2026 PRELIMINARY GUIDANCE The Company is initiating preliminary earnings guidance for fiscal 2026 which it is providing at various NYMEX prices: NYMEX Assumption($/MMBtu)Fiscal 2026Adjusted EarningsPer Share Sensitivities$3.00$6.35 - $6.85$4.00$8.00 - $8.50$5.00$9.75 - $10.25 2026 OUTLOOK Seneca’s ongoing trend of improving capital efficiency is projected to continue in fiscal 2026 with capital expenditures expected to decrease by $20 million, or 4% at the midpoint, while production is expected to increase to a range of 440 to 455 Bcf, an increase of 6% at the midpoint.Regulated segment earnings are expected to increase as a result of ongoing modernization investments which are supported by recent ratemaking efforts, driven by Distribution’s three-year New York rate settlement that continues through fiscal 2027 and additional margin related to the Pennsylvania modernization tracker, or DSIC (Distribution System Improvement Charge).Combined Utility and Pipeline & Storage segment capital expenditures are expected to range between $395 and $455 million, an increase of $110 million from fiscal 2025 at midpoint of guidance, with continued investment in our longstanding modernization programs, as well as significant expansion-related spending on the Tioga Pathway and Shippingport Lateral projects driving meaningful rate base growth. 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 THIRD QUARTER RESULTS BY SEGMENT The following earnings discussion of each operating segment for the quarter ended June 30, 2025 is summarized in a tabular form on pages 8 and 9 of this report (earnings drivers for the nine months ended June 30, 2025 are summarized on pages 10 and 11). It may be helpful to refer to those tables while reviewing this discussion. Note that management defines adjusted operating results as reported GAAP earnings adjusted for items impacting comparability, and adjusted EBITDA as reported GAAP earnings before the following items: interest expense, income taxes, depreciation, depletion and amortization, other income and deductions, impairments, and other items reflected in operating income that impact comparability. Upstream Business Exploration and Production Segment The Exploration and Production segment operations are carried out by Seneca Resources Company, LLC (“Seneca”). Seneca explores for, develops and produces primarily natural gas reserves in Pennsylvania. Three Months Ended June 30,(in thousands) 2025 2024 VarianceGAAP Earnings $86,671 $(112,028) $198,699 Impairment of assets — 200,696 (200,696)Tax impact of impairment of assets — (55,686) 55,686 Unrealized (gain) loss on derivative asset (2022 CA asset sale) 45 1,186 (1,141)Tax impact of unrealized (gain) loss on derivative asset (12) (325) 313 Adjusted Operating Results $86,704 $33,843 $52,861 Adjusted EBITDA $202,488 $128,535 $73,953 Seneca’s third quarter GAAP earnings increased $198.7 million versus the prior year. GAAP earnings in the prior year included a non-cash, pre-tax ceiling test impairment of $200.7 million ($145.0 million after-tax) to write-down the carrying value of Seneca’s reserves under the full cost method of accounting. GAAP earnings also included the impact of unrealized losses related to reductions in the fair value of contingent consideration received in connection with the June 2022 divestiture of Seneca’s California assets. Excluding items impacting comparability, Seneca’s adjusted operating results in the third quarter increased $52.9 million primarily due to higher realized natural gas prices and production, as well as lower per unit operating expenses. During the third quarter, Seneca produced a Company record 112 Bcf of natural gas, an increase of 15 Bcf, or 16%, from the prior year. Two highly prolific Utica pads turned in line this year in the EDA’s Tioga County were the main drivers behind this increase in production. Seneca’s weighted average realized natural gas price, after the impact of hedging and transportation costs, was $2.71 per Mcf, an increase of $0.43 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 June 30,(Cost per Mcf) 2025 2024 VarianceLease Operating and Transportation Expense (“LOE”) $0.66 $0.69 $(0.03)General and Administrative Expense (“G&A”) $0.17 $0.19 $(0.02)Taxes and Other $0.08 $0.08 $— Total Cash Operating Costs $0.91 $0.96 $(0.05)Depreciation, Depletion and Amortization Expense (“DD&A”) $0.62 $0.71 $(0.09)Total Operating Costs $1.53 $1.67 $(0.14) On a per unit basis, third quarter total cash operating costs were lower compared to the prior year, primarily due to higher production. LOE included $61 million ($0.55 per Mcf), or 83% of total LOE, for gathering and compression service fees paid to the Company’s Gathering segment to connect Seneca’s production to sales points along interstate pipelines. DD&A for the quarter was $0.62 per Mcf, a decrease of $0.09 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. Midstream Businesses Pipeline and Storage Segment The Pipeline and Storage segment’s operations are carried out by National Fuel Gas Supply Corporation (“Supply Corporation”) and Empire Pipeline, Inc. (“Empire”). The Pipeline and Storage segment provides natural gas transportation and storage services to affiliated and non-affiliated companies through an integrated system of pipelines and underground natural gas storage fields in western New York and Pennsylvania. Three Months Ended June 30,(in thousands) 2025 2024 VarianceGAAP Earnings $28,857 $30,690 $(1,833) Adjusted EBITDA $67,019 $68,221 $(1,202) The Pipeline and Storage segment’s third quarter GAAP earnings decreased $1.8 million versus the prior year primarily due to higher Operations and Maintenance ("O&M") expense. The increase in O&M expense was due largely to typical inflationary increases related to higher personnel costs and third-party contractors. Gathering Segment The Gathering segment’s operations are carried out by National Fuel Gas Midstream Company, LLC’s limited liability companies. The Gathering segment constructs, owns and operates natural gas gathering pipelines and compression facilities in the Appalachian region, which delivers Seneca and other non-affiliated Appalachian production to the interstate pipeline system. Three Months Ended June 30,(in thousands) 2025 2024 VarianceGAAP Earnings $29,996 $24,979 $5,017 Adjusted EBITDA $55,923 $47,631 $8,292 The Gathering segment’s third quarter GAAP earnings increased $5.0 million versus the prior year primarily due to higher operating revenues, which increased $7.8 million, or 13%, primarily due to an increase in throughput from Seneca’s new wells located in Tioga County. Downstream Business Utility Segment The Utility segment operations are carried out by National Fuel Gas Distribution Corporation (“Distribution Corporation”), which sells or transports natural gas to customers located in western New York and northwestern Pennsylvania. Three Months Ended June 30,(in thousands) 2025 2024 VarianceGAAP Earnings $4,997 $2,559 $2,438 Adjusted EBITDA $25,743 $21,047 $4,696 The Utility segment’s third quarter GAAP earnings increased $2.4 million, or 95%, primarily as a result of new rates approved in the Utility’s New York rate case settlement, which became effective October 1, 2024, partially offset by higher operating costs and interest expense. For the quarter, customer margin (operating revenues less purchased gas sold) increased $8.4 million, primarily due to an increase in customer usage, due in part to colder weather, as well as an increase in rates as part of the New York rate case settlement. Other income increased $4.0 million, largely due to the New York rate settlement, which required the recognition of non-service pension and post-retirement benefit income and a corresponding reduction in new base rates, resulting in no effect on net income. O&M expense increased $2.7 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. DD&A expense increased by $1.6 million primarily due to higher average depreciable plant in service compared to the prior year. Further, interest expense increased $2.5 million primarily due to a higher average amount of net borrowings. Corporate and All Other The Company’s operations that are included in Corporate and All Other generated a combined net loss of $0.7 million, which was largely consistent with the prior year. EARNINGS TELECONFERENCE A conference call to discuss the results will be held on Thursday, July 31, 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, August 7, 2025. To access the replay, dial 1-866-813-9403 and provide Access Code 592578. National Fuel is an integrated energy company reporting financial results for four operating segments: Exploration and Production, Pipeline and Storage, Gathering, and Utility. Additional information about National Fuel is available at www.nationalfuel.com. 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 estimate accurately the time and resources necessary to meet emissions targets; governmental/regulatory actions and/or market pressures to reduce or eliminate reliance on natural gas; impairments under the SEC’s full cost ceiling test for natural gas reserves; changes in the price of natural gas; the creditworthiness or performance of the Company’s key suppliers, customers and counterparties; financial and economic conditions, including the availability of credit, and occurrences affecting the Company’s ability to obtain financing on acceptable terms for working capital, capital expenditures and other investments, including any downgrades in the Company’s credit ratings and changes in interest rates and other capital market conditions; the Company’s ability to complete strategic transactions; 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. NATIONAL FUEL GAS COMPANYAND SUBSIDIARIES GUIDANCE SUMMARY As discussed on page 2, the Company is revising its adjusted earnings per share guidance for fiscal 2025. Additional details on the Company's forecast assumptions and business segment guidance are outlined in the table below. The revised adjusted earnings per share guidance range excludes certain items that impacted the comparability of adjusted operating results during the nine months ended June 30, 2025, including: (1) the after tax impairment of assets, which reduced earnings by $1.14 per share; (2) after-tax premiums paid on early redemptions of debt, which reduced earnings by $0.02 per share; (3) after-tax unrealized losses on a derivative asset, which reduced earnings by $0.01 per share; and (4) after-tax unrealized losses on other investments, which reduced earnings by $0.02 per share. While the Company expects to record certain adjustments to unrealized gain or loss on investments during the remaining three months ending September 30, 2025, the amounts of these and other potential adjustments are not reasonably determinable at this time. As such, the Company is unable to provide earnings guidance other than on a non-GAAP basis. Updated FY 2025 Guidance Preliminary FY 2026 Guidance Consolidated Adjusted Earnings per Share $6.80 to $6.95 See sensitivity table on p.2Consolidated Effective Tax Rate ~ 25.5% ~ 25.5% Capital Expenditures (Millions) Exploration and Production $500 - $510 $470 - $500Pipeline and Storage $120 - $140 $210 - $250Gathering $95 - $110 $90 - $110Utility $175 - $195 $185 - $205Consolidated Capital Expenditures $890 - $955 $955 - $1,065 Exploration and Production Segment Guidance Commodity Price Assumptions (remaining three months) NYMEX natural gas price (per MMBtu) $3.25 $3.00 / $4.00 / $5.00Appalachian basin spot price (per MMBtu) $2.50 $2.30 / $3.10 / $3.90 Production (Bcf) 420 to 425 440 to 455 E&P Operating Costs ($/Mcf) LOE $0.67 - $0.68 $0.67 - $0.68G&A ~$0.18 ~$0.18DD&A $0.63 - $0.65 $0.65 - $0.69 Other Business Segment Guidance (Millions) Gathering Segment Revenues $255 - $260 $245 - $255Pipeline and Storage Segment Revenues $420 - $430 $415 - $430 Utility Segment Guidance (Millions) Customer Margin* $450 - $460 $470 - $490O&M Expense $240 - $245 $250 – $260Non-Service Pension & OPEB Income $23 - $27 $23 - $27* Customer Margin is defined as Operating Revenues less Purchased Gas Expense. NATIONAL FUEL GAS COMPANYRECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGSQUARTER ENDED JUNE 30, 2025(Unaudited) Upstream Midstream Downstream Exploration & Pipeline & Corporate / (Thousands of Dollars) Production Storage Gathering Utility All Other Consolidated* Third quarter 2024 GAAP earnings $(112,028) $30,690 $24,979 $2,559 $(358) $(54,158)Items impacting comparability: Impairment of assets 200,696 200,696 Tax impact of impairment of assets (55,686) (55,686)Unrealized (gain) loss on derivative asset 1,186 1,186 Tax impact of unrealized (gain) loss on derivative asset (325) (325)Unrealized (gain) loss on other investments 15 15 Tax impact of unrealized (gain) loss on other investments (3) (3)Third quarter 2024 adjusted operating results 33,843 30,690 24,979 2,559 (346) 91,725 Drivers of adjusted operating results** Upstream Revenues Higher (lower) natural gas production 27,144 27,144 Higher (lower) realized natural gas prices, after hedging 38,281 38,281 Midstream Revenues Higher (lower) operating revenues 6,125 6,125 Downstream Margins*** Impact of usage and weather 2,738 2,738 Impact of new rates in New York 2,788 2,788 Regulatory revenue adjustments 670 670 Operating Expenses Lower (higher) lease operating and transportation expenses (5,747) (5,747)Lower (higher) operating expenses (1,687) (2,126) (1,463) (5,276)Lower (higher) property, franchise and other taxes (1,636) (1,636)Lower (higher) depreciation / depletion (882) (1,242) (2,124)Other Income (Expense) Higher (lower) other income (531) (1,238) 3,169 1,352 2,752 (Higher) lower interest expense 589 510 (2,007) (1,616) (2,524)Income Taxes Lower (higher) income tax expense / effective tax rate (5,564) (39) (178) (1,190) 710 (6,261) All other / rounding 325 621 (48) (362) 12 548 Third quarter 2025 adjusted operating results 86,704 28,857 29,996 4,997 (1,351) 149,203 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 GAAP earnings $86,671 $28,857 $29,996 $4,997 $(703) $149,818 * Amounts do not reflect intercompany eliminations.** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.*** Downstream margin defined as operating revenues less purchased gas expense. NATIONAL FUEL GAS COMPANYRECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHAREQUARTER ENDED JUNE 30, 2025(Unaudited) Upstream Midstream Downstream Exploration & Pipeline & Corporate / Production Storage Gathering Utility All Other Consolidated* Third quarter 2024 GAAP earnings per share $(1.22) $0.33 $0.27 $0.03 $— $(0.59)Items impacting comparability: Impairment of assets, net of tax 1.58 1.58 Unrealized (gain) loss on derivative asset, net of tax 0.01 0.01 Unrealized (gain) loss on other investments, net of tax — — Rounding (0.01) (0.01)Third quarter 2024 adjusted operating results per share 0.37 0.33 0.27 0.03 (0.01) 0.99 Drivers of adjusted operating results** Upstream Revenues Higher (lower) natural gas production 0.30 0.30 Higher (lower) realized natural gas prices, after hedging 0.42 0.42 Midstream Revenues Higher (lower) operating revenues 0.07 0.07 Downstream Margins*** Impact of usage and weather 0.03 0.03 Impact of new rates in New York 0.03 0.03 Regulatory revenue adjustments 0.01 0.01 Operating Expenses Lower (higher) lease operating and transportation expenses (0.06) (0.06)Lower (higher) operating expenses (0.02) (0.02) (0.02) (0.06)Lower (higher) property, franchise and other taxes (0.02) (0.02)Lower (higher) depreciation / depletion (0.01) (0.01) (0.02)Other Income (Expense) Higher (lower) other income (0.01) (0.01) 0.03 0.01 0.02 (Higher) lower interest expense 0.01 0.01 (0.02) (0.02) (0.02)Income Taxes Lower (higher) income tax expense / effective tax rate (0.06) — — (0.01) 0.01 (0.06) All other / rounding — 0.01 — (0.02) 0.02 0.01 Third quarter 2025 adjusted operating results per share 0.95 0.32 0.33 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 GAAP earnings per share $0.95 $0.32 $0.33 $0.05 $(0.01) $1.64 * Amounts do not reflect intercompany eliminations.** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.*** Downstream margin defined as operating revenues less purchased gas expense. NATIONAL FUEL GAS COMPANYRECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGSNINE MONTHS ENDED JUNE 30, 2025(Unaudited) Upstream Midstream Downstream Exploration & Pipeline & Corporate / (Thousands of Dollars) Production Storage Gathering Utility All Other Consolidated*Nine months ended June 30, 2024 GAAP earnings $2,521 $85,482 $82,510 $73,848 $773 $245,134 Items impacting comparability: Impairment of assets 200,696 200,696 Tax impact of impairment of assets (55,686) (55,686)Unrealized (gain) loss on derivative asset 4,848 4,848 Tax impact of unrealized (gain) loss on derivative asset (1,330) (1,330)Unrealized (gain) loss on other investments (1,803) (1,803)Tax impact of unrealized (gain) loss on other investments 379 379 Nine months ended June 30, 2024 adjusted operating results 151,049 85,482 82,510 73,848 (651) 392,238 Drivers of adjusted operating results** Upstream Revenues Higher (lower) natural gas production 28,414 28,414 Higher (lower) realized natural gas prices, after hedging 70,158 70,158 Midstream Revenues Higher (lower) operating revenues 12,241 5,793 18,034 Downstream Margins*** Impact of usage and weather 5,423 5,423 Impact of new rates in New York 25,230 25,230 Higher (lower) other operating revenues (1,400) (1,400)Operating Expenses Lower (higher) lease operating and transportation expenses (5,810) (5,810)Lower (higher) operating expenses (1,490) (3,790) (751) (6,700) (1,740) (14,471)Lower (higher) property, franchise and other taxes (2,381) (2,381)Lower (higher) depreciation / depletion 13,760 (2,684) (2,551) 8,525 Other Income (Expense) Higher (lower) other income (2,420) (1,840) 14,888 3,653 14,281 (Higher) lower interest expense 838 (1,648) (5,686) (4,780) (11,276)Income Taxes Lower (higher) income tax expense / effective tax rate (7,902) (286) 727 (2,318) 755 (9,024) All other / rounding 555 374 234 306 67 1,536 Nine months ended June 30, 2025 adjusted operating results 243,933 93,019 84,181 101,040 (2,696) 519,477 Items impacting comparability: Impairment of assets (141,802) (141,802)Tax impact of impairment of assets 37,169 37,169 Premiums paid on early redemption of debt (1,430) (955) (2,385)Tax impact of premiums paid on early redemption of debt 385 257 642 Unrealized gain (loss) on derivative asset (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 GAAP earnings $137,722 $93,019 $83,483 $101,040 $(4,102) $411,162 * Amounts do not reflect intercompany eliminations.** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.*** Downstream margin defined as operating revenues less purchased gas expense. NATIONAL FUEL GAS COMPANYRECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARENINE MONTHS ENDED JUNE 30, 2025(Unaudited) Upstream Midstream Downstream Exploration & Pipeline & Corporate / Production Storage Gathering Utility All Other Consolidated*Nine months ended June 30, 2024 GAAP earnings per share $0.03 $0.92 $0.89 $0.80 $0.01 $2.65 Items impacting comparability: Impairment of assets, net of tax 1.57 1.57 Unrealized (gain) loss on derivative asset, net of tax 0.04 0.04 Unrealized (gain) loss on other investments, net of tax (0.02) (0.02)Rounding (0.01) 0.01 — Nine months ended June 30, 2024 adjusted operating results per share 1.63 0.92 0.89 0.80 — 4.24 Drivers of adjusted operating results** Upstream Revenues Higher (lower) natural gas production 0.31 0.31 Higher (lower) realized natural gas prices, after hedging 0.77 0.77 Midstream Revenues Higher (lower) operating revenues 0.13 0.06 0.19 Downstream Margins*** Impact of usage and weather 0.06 0.06 Impact of new rates in New York 0.28 0.28 Higher (lower) other operating revenues 0.01 0.01 Operating Expenses Lower (higher) lease operating and transportation expenses (0.06) (0.06)Lower (higher) operating expenses (0.02) (0.04) (0.01) (0.07) (0.02) (0.16)Lower (higher) property, franchise and other taxes (0.03) (0.03)Lower (higher) depreciation / depletion 0.15 (0.03) (0.03) 0.09 Other Income (Expense) Higher (lower) other income (0.03) (0.02) 0.16 0.04 0.15 (Higher) lower interest expense 0.01 (0.02) (0.06) (0.05) (0.12)Income Taxes Lower (higher) income tax expense / effective tax rate (0.09) — 0.01 (0.03) 0.01 (0.10) Impact of reduction in shares 0.03 0.01 0.01 0.01 — 0.06 All other / rounding 0.01 0.01 0.01 (0.02) (0.01) — Nine months ended June 30, 2025 adjusted operating results per share 2.67 1.02 0.92 1.11 (0.03) 5.69 Items impacting comparability: Impairment of assets, net of tax (1.14) (1.14)Premiums paid on early redemption of debt, net of tax (0.01) (0.01) (0.02)Unrealized gain (loss) on derivative asset, net of tax (0.01) (0.01)Unrealized gain (loss) on other investments, net of tax (0.02) (0.02)Rounding 0.01 0.01 Nine months ended June 30, 2025 GAAP earnings per share $1.51 $1.02 $0.91 $1.11 $(0.04) $4.51 * Amounts do not reflect intercompany eliminations.** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.*** Downstream margin defined as operating revenues less purchased gas expense. NATIONAL FUEL GAS COMPANYAND SUBSIDIARIES (Thousands of Dollars, except per share amounts) Three Months Ended Nine Months Ended June 30, June 30, (Unaudited) (Unaudited)SUMMARY OF OPERATIONS 2025 2024 2025 2024 Operating Revenues: Utility Revenues $157,446 $124,858 $729,445 $616,977 Exploration and Production and Other Revenues 303,883 220,905 864,701 739,537 Pipeline and Storage and Gathering Revenues 70,501 71,679 217,116 216,228 531,830 417,442 1,811,262 1,572,742 Operating Expenses: Purchased Gas 27,986 4,952 228,661 167,444 Operation and Maintenance: Utility 56,053 53,412 174,744 166,405 Exploration and Production and Other 35,272 35,148 103,874 102,768 Pipeline and Storage and Gathering 41,679 40,019 119,982 114,321 Property, Franchise and Other Taxes 24,180 21,201 71,450 66,635 Depreciation, Depletion and Amortization 116,408 113,454 337,055 348,179 Impairment of Assets — 200,696 141,802 200,696 301,578 468,882 1,177,568 1,166,448 Operating Income (Loss) 230,252 (51,440) 633,694 406,294 Other Income (Expense): Other Income (Deductions) 8,534 3,188 31,486 12,989 Interest Expense on Long-Term Debt (34,333) (32,876) (107,356) (89,791)Other Interest Expense (3,556) (1,341) (13,033) (14,250) Income (Loss) Before Income Taxes 200,897 (82,469) 544,791 315,242 Income Tax Expense (Benefit) 51,079 (28,311) 133,629 70,108 Net Income (Loss) Available for Common Stock $149,818 $(54,158) $411,162 $245,134 Earnings (Loss) Per Common Share Basic $1.66 $(0.59) $4.54 $2.67 Diluted $1.64 $(0.59) $4.51 $2.65 Weighted Average Common Shares: Used in Basic Calculation 90,358,018 91,874,049 90,546,228 91,966,034 Used in Diluted Calculation 91,139,556 91,874,049 91,247,547 92,467,787 NATIONAL FUEL GAS COMPANYAND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(Unaudited) June 30, September 30,(Thousands of Dollars) 2025 2024 ASSETS Property, Plant and Equipment $15,044,963 $14,524,798 Less - Accumulated Depreciation, Depletion and Amortization 7,588,956 7,185,593 Net Property, Plant and Equipment 7,456,007 7,339,205 Current Assets: Cash and Temporary Cash Investments 39,317 38,222 Receivables - Net 222,515 127,222 Unbilled Revenue 15,347 15,521 Gas Stored Underground 12,810 35,055 Materials and Supplies - at average cost 51,022 47,670 Unrecovered Purchased Gas Costs 2,903 — Other Current Assets 64,241 92,229 Total Current Assets 408,155 355,919 Other Assets: Recoverable Future Taxes 90,493 80,084 Unamortized Debt Expense 6,701 5,604 Other Regulatory Assets 124,300 108,022 Deferred Charges 71,426 69,662 Other Investments 73,764 81,705 Goodwill 5,476 5,476 Prepaid Pension and Post-Retirement Benefit Costs 199,286 180,230 Fair Value of Derivative Financial Instruments 2,394 87,905 Other 8,158 5,958 Total Other Assets 581,998 624,646 Total Assets $8,446,160 $8,319,770 CAPITALIZATION AND LIABILITIES Capitalization: Comprehensive Shareholders' Equity Common Stock, $1 Par Value Authorized - 200,000,000 Shares; Issued and Outstanding - 90,355,956 Shares and 91,005,993 Shares, Respectively $90,356 $91,006 Paid in Capital 1,047,406 1,045,487 Earnings Reinvested in the Business 1,953,533 1,727,326 Accumulated Other Comprehensive Loss (115,807) (15,476)Total Comprehensive Shareholders' Equity 2,975,488 2,848,343 Long-Term Debt, Net of Current Portion and Unamortized Discount and Debt Issuance Costs 2,381,852 2,188,243 Total Capitalization 5,357,340 5,036,586 Current and Accrued Liabilities: Notes Payable to Banks and Commercial Paper 61,500 90,700 Current Portion of Long-Term Debt 300,000 500,000 Accounts Payable 123,131 165,068 Amounts Payable to Customers 24,275 42,720 Dividends Payable 48,340 46,872 Interest Payable on Long-Term Debt 39,060 27,247 Customer Advances — 19,373 Customer Security Deposits 28,739 36,265 Other Accruals and Current Liabilities 207,179 162,903 Fair Value of Derivative Financial Instruments 57,673 4,744 Total Current and Accrued Liabilities 889,897 1,095,892 Other Liabilities: Deferred Income Taxes 1,153,427 1,111,165 Taxes Refundable to Customers 297,602 305,645 Cost of Removal Regulatory Liability 302,932 292,477 Other Regulatory Liabilities 137,025 151,452 Other Post-Retirement Liabilities 3,393 3,511 Asset Retirement Obligations 188,305 203,006 Other Liabilities 116,239 120,036 Total Other Liabilities 2,198,923 2,187,292 Commitments and Contingencies — — Total Capitalization and Liabilities $8,446,160 $8,319,770 NATIONAL FUEL GAS COMPANYAND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited) Nine Months Ended June 30,(Thousands of Dollars) 2025 2024 Operating Activities: Net Income Available for Common Stock $411,162 $245,134 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Impairment of Assets 141,802 200,696 Depreciation, Depletion and Amortization 337,055 348,179 Deferred Income Taxes 60,754 47,212 Premiums Paid on Early Redemption of Debt 2,385 — Stock-Based Compensation 15,721 15,984 Other 19,296 18,542 Change in: Receivables and Unbilled Revenue (95,254) 5,253 Gas Stored Underground and Materials and Supplies 18,803 18,981 Unrecovered Purchased Gas Costs (2,903) — Other Current Assets 28,038 17,431 Accounts Payable 1,744 (13,705)Amounts Payable to Customers (18,445) 3,550 Customer Advances (19,373) (21,003)Customer Security Deposits (7,526) 7,910 Other Accruals and Current Liabilities 44,283 23,846 Other Assets (35,348) (35,346)Other Liabilities (39,918) (14,649)Net Cash Provided by Operating Activities $862,276 $868,015 Investing Activities: Capital Expenditures $(627,316) $(684,200)Other 9,352 (1,371)Net Cash Used in Investing Activities $(617,964) $(685,571) Financing Activities: Changes in Notes Payable to Banks and Commercial Paper (29,200) (287,500)Shares Repurchased Under Repurchase Plan (54,430) (27,847)Reduction of Long-Term Debt (1,004,086) — Net Proceeds From Issuance of Long-Term Debt 988,731 299,396 Dividends Paid on Common Stock (140,098) (136,610)Net Repurchases of Common Stock Under Stock and Benefit Plans (4,134) (3,916)Net Cash Used in Financing Activities $(243,217) $(156,477) Net Increase in Cash and Cash Equivalents 1,095 25,967 Cash and Cash Equivalents at Beginning of Period 38,222 55,447 Cash and Cash Equivalents at June 30 $39,317 $81,414 NATIONAL FUEL GAS COMPANYAND SUBSIDIARIES SEGMENT OPERATING RESULTS AND STATISTICS(UNAUDITED) UPSTREAM BUSINESS Three Months Ended Nine Months Ended(Thousands of Dollars, except per share amounts) June 30, June 30,EXPLORATION AND PRODUCTION SEGMENT 2025 2024 Variance 2025 2024 VarianceTotal Operating Revenues $303,883 $220,905 $82,978 $864,701 $739,537 $125,164 Operating Expenses: Operation and Maintenance: General and Administrative Expense 18,602 18,213 389 56,776 53,170 3,606 Lease Operating and Transportation Expense 73,856 66,581 7,275 210,671 203,317 7,354 All Other Operation and Maintenance Expense 3,816 4,526 (710) 10,994 12,714 (1,720)Property, Franchise and Other Taxes 5,121 3,050 2,071 12,778 9,764 3,014 Depreciation, Depletion and Amortization 68,848 68,778 70 196,773 214,191 (17,418)Impairment of Assets — 200,696 (200,696) 141,802 200,696 (58,894) 170,243 361,844 (191,601) 629,794 693,852 (64,058) Operating Income (Loss) 133,640 (140,939) 274,579 234,907 45,685 189,222 Other Income (Expense): Non-Service Pension and Post-Retirement Benefit Credit 37 100 (63) 111 301 (190)Interest and Other Income (Deductions) 44 (488) 532 416 (830) 1,246 Interest Expense on Long-Term Debt — — — (1,949) — (1,949)Other Interest Expense (13,925) (14,670) 745 (44,215) (45,046) 831 Income (Loss) Before Income Taxes 119,796 (155,997) 275,793 189,270 110 189,160 Income Tax Expense (Benefit) 33,125 (43,969) 77,094 51,548 (2,411) 53,959 Net Income (Loss) $86,671 $(112,028) $198,699 $137,722 $2,521 $135,201 Net Income (Loss) Per Share (Diluted) $0.95 $(1.22) $2.17 $1.51 $0.03 $1.48 NATIONAL FUEL GAS COMPANYAND SUBSIDIARIES SEGMENT OPERATING RESULTS AND STATISTICS(UNAUDITED) MIDSTREAM BUSINESSES Three Months Ended Nine Months Ended(Thousands of Dollars, except per share amounts) June 30, June 30,PIPELINE AND STORAGE SEGMENT 2025 2024 Variance 2025 2024 VarianceRevenues from External Customers $67,982 $68,035 $(53) $207,916 $204,071 $3,845 Intersegment Revenues 37,597 37,384 213 113,849 103,781 10,068 Total Operating Revenues 105,579 105,419 160 321,765 307,852 13,913 Operating Expenses: Purchased Gas (164) 614 (778) (42) 1,540 (1,582)Operation and Maintenance 30,264 28,128 2,136 87,940 83,142 4,798 Property, Franchise and Other Taxes 8,460 8,456 4 25,727 25,776 (49)Depreciation, Depletion and Amortization 18,601 18,453 148 55,733 56,157 (424) 57,161 55,651 1,510 169,358 166,615 2,743 Operating Income 48,418 49,768 (1,350) 152,407 141,237 11,170 Other Income (Expense): Non-Service Pension and Post-Retirement Benefit Credit 952 1,257 (305) 2,857 3,772 (915)Interest and Other Income 1,111 2,362 (1,251) 4,945 6,340 (1,395)Interest Expense (11,209) (11,855) 646 (34,637) (35,698) 1,061 Income Before Income Taxes 39,272 41,532 (2,260) 125,572 115,651 9,921 Income Tax Expense 10,415 10,842 (427) 32,553 30,169 2,384 Net Income $28,857 $30,690 $(1,833) $93,019 $85,482 $7,537 Net Income Per Share (Diluted) $0.32 $0.33 $(0.01) $1.02 $0.92 $0.10 Three Months Ended Nine Months Ended June 30, June 30,GATHERING SEGMENT 2025 2024 Variance 2025 2024 VarianceRevenues from External Customers $2,519 $3,644 $(1,125) $9,200 $12,157 $(2,957)Intersegment Revenues 65,354 56,476 8,878 184,834 174,544 10,290 Total Operating Revenues 67,873 60,120 7,753 194,034 186,701 7,333 Operating Expenses: Operation and Maintenance 11,929 12,382 (453) 33,633 32,682 951 Property, Franchise and Other Taxes 21 107 (86) (206) 224 (430)Depreciation, Depletion and Amortization 10,848 9,732 1,116 32,197 28,800 3,397 22,798 22,221 577 65,624 61,706 3,918 Operating Income 45,075 37,899 7,176 128,410 124,995 3,415 Other Income (Expense): Non-Service Pension and Post-Retirement Benefit Credit (Costs) (1) 9 (10) (1) 28 (29)Interest and Other Income — 113 (113) 152 257 (105)Interest Expense on Long-Term Debt — — — (1,334) — (1,334)Other Interest Expense (3,870) (3,393) (477) (12,531) (10,824) (1,707)Income Before Income Taxes 41,204 34,628 6,576 114,696 114,456 240 Income Tax Expense 11,208 9,649 1,559 31,213 31,946 (733)Net Income $29,996 $24,979 $5,017 $83,483 $82,510 $973 Net Income Per Share (Diluted) $0.33 $0.27 $0.06 $0.91 $0.89 $0.02 NATIONAL FUEL GAS COMPANYAND SUBSIDIARIES SEGMENT OPERATING RESULTS AND STATISTICS(UNAUDITED) DOWNSTREAM BUSINESS Three Months Ended Nine Months Ended(Thousands of Dollars, except per share amounts) June 30, June 30,UTILITY SEGMENT 2025 2024 Variance 2025 2024 VarianceRevenues from External Customers $157,446 $124,858 $32,588 $729,445 $616,977 $112,468 Intersegment Revenues 77 86 (9) 279 479 (200)Total Operating Revenues 157,523 124,944 32,579 729,724 617,456 112,268 Operating Expenses: Purchased Gas 64,292 40,096 24,196 337,541 264,983 72,558 Operation and Maintenance 57,039 54,349 2,690 177,742 169,261 8,481 Property, Franchise and Other Taxes 10,449 9,452 997 32,761 30,471 2,290 Depreciation, Depletion and Amortization 17,945 16,373 1,572 51,908 48,678 3,230 149,725 120,270 29,455 599,952 513,393 86,559 Operating Income 7,798 4,674 3,124 129,772 104,063 25,709 Other Income (Expense): Non-Service Pension and Post-Retirement Benefit Credit 5,328 462 4,866 23,498 1,788 21,710 Interest and Other Income 628 1,485 (857) 1,869 4,735 (2,866)Interest Expense (10,958) (8,417) (2,541) (32,601) (25,402) (7,199)Income (Loss) Before Income Taxes 2,796 (1,796) 4,592 122,538 85,184 37,354 Income Tax Expense (Benefit) (2,201) (4,355) 2,154 21,498 11,336 10,162 Net Income $4,997 $2,559 $2,438 $101,040 $73,848 $27,192 Net Income Per Share (Diluted) $0.05 $0.03 $0.02 $1.11 $0.80 $0.31 NATIONAL FUEL GAS COMPANYAND 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 2025 2024 Variance 2025 2024 VarianceTotal Operating Revenues $— $— $— $— $— $— Operating Expenses: Operation and Maintenance — — — — — — — — — — — — Operating Income — — — — — — Other Income (Expense): Interest and Other Income (Deductions) (131) (65) (66) (489) (184) (305)Interest Expense (141) (97) (44) (389) (262) (127)Loss before Income Taxes (272) (162) (110) (878) (446) (432)Income Tax Benefit (63) (38) (25) (204) (105) (99)Net Loss $(209) $(124) $(85) $(674) $(341) $(333)Net Loss Per Share (Diluted) $— $— $— $(0.01) $— $(0.01) Three Months Ended Nine Months Ended June 30, June 30,CORPORATE 2025 2024 Variance 2025 2024 VarianceRevenues from External Customers $— $— $— $— $— $— Intersegment Revenues 1,341 1,285 56 4,024 3,856 168 Total Operating Revenues 1,341 1,285 56 4,024 3,856 168 Operating Expenses: Operation and Maintenance 5,725 3,873 1,852 14,992 12,789 2,203 Property, Franchise and Other Taxes 129 136 (7) 390 400 (10)Depreciation, Depletion and Amortization 166 118 48 444 353 91 6,020 4,127 1,893 15,826 13,542 2,284 Operating Loss (4,679) (2,842) (1,837) (11,802) (9,686) (2,116)Other Income (Expense): Non-Service Pension and Post-Retirement Benefit Costs (212) (386) 174 (635) (1,161) 526 Interest and Other Income 41,073 39,025 2,048 123,918 120,288 3,630 Interest Expense on Long-Term Debt (34,333) (32,876) (1,457) (104,073) (89,791) (14,282)Other Interest Expense (3,748) (3,595) (153) (13,815) (19,363) 5,548 Income (Loss) before Income Taxes (1,899) (674) (1,225) (6,407) 287 (6,694)Income Tax Benefit (1,405) (440) (965) (2,979) (827) (2,152)Net Income (Loss) $(494) $(234) $(260) $(3,428) $1,114 $(4,542)Net Income (Loss) Per Share (Diluted) $(0.01) $— $(0.01) $(0.03) $0.01 $(0.04) Three Months Ended Nine Months Ended June 30, June 30,INTERSEGMENT ELIMINATIONS 2025 2024 Variance 2025 2024 VarianceIntersegment Revenues $(104,369) $(95,231) $(9,138) $(302,986) $(282,660) $(20,326)Operating Expenses: Purchased Gas (36,142) (35,758) (384) (108,838) (99,079) (9,759)Operation and Maintenance (68,227) (59,473) (8,754) (194,148) (183,581) (10,567) (104,369) (95,231) (9,138) (302,986) (282,660) (20,326)Operating Income — — — — — — Other Income (Expense): Interest and Other Deductions (40,295) (40,686) 391 (125,155) (122,345) (2,810)Interest Expense 40,295 40,686 (391) 125,155 122,345 2,810 Net Income $— $— $— $— $— $— Net Income Per Share (Diluted) $— $— $— $— $— $— NATIONAL FUEL GAS COMPANYAND SUBSIDIARIES SEGMENT INFORMATION (Continued)(Thousands of Dollars) Three Months Ended Nine Months Ended June 30, June 30, (Unaudited) (Unaudited) Increase Increase 2025 2024 (Decrease) 2025 2024 (Decrease) Capital Expenditures: Exploration and Production $123,369 (1)$114,679 (3)$8,690 $354,355 (1)(2)$399,820 (3)(4)$(45,465)Pipeline and Storage 22,700 (1) 26,212 (3) (3,512) 58,117 (1)(2) 68,791 (3)(4) (10,674)Gathering 26,638 (1) 29,570 (3) (2,932) 58,164 (1)(2) 69,088 (3)(4) (10,924)Utility 50,025 (1) 49,257 (3) 768 128,322 (1)(2) 117,508 (3)(4) 10,814 Total Reportable Segments 222,732 219,718 3,014 598,958 655,207 (56,249)All Other — — — — — — Corporate 138 71 67 518 253 265 Eliminations — — — (3,520) — (3,520)Total Capital Expenditures $222,870 $219,789 $3,081 $595,956 $655,460 $(59,504)(1) Capital expenditures for the quarter and nine months ended June 30, 2025, include accounts payable and accrued liabilities related to capital expenditures of $61.5 million, $5.7 million, $11.6 million, and $9.8 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts have been excluded from the Consolidated Statement of Cash Flows at June 30, 2025, since they represent non-cash investing activities at that date.(2) Capital expenditures for the nine months ended June 30, 2025, exclude capital expenditures of $63.3 million, $14.4 million, $21.7 million and $20.6 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts were in accounts payable and accrued liabilities at September 30, 2024 and paid during the 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.(3) Capital expenditures for the quarter and nine months ended June 30, 2024, include accounts payable and accrued liabilities related to capital expenditures of $50.9 million, $7.0 million, $14.6 million, and $8.0 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts were excluded from the Consolidated Statement of Cash Flows at June 30, 2024, since they represented non-cash investing activities at that date.(4) Capital expenditures for the nine months ended June 30, 2024, exclude capital expenditures of $43.2 million, $31.8 million, $20.6 million and $13.6 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts were in accounts payable and accrued liabilities at September 30, 2023 and paid during the nine months ended June 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 June 30, 2024. DEGREE DAYS Percent Colder (Warmer) Than:Three Months Ended June 30, Normal 2025 2024 Normal (1) Last Year (1)Buffalo, NY (2) 843 825 565 (2.1) 46.0 Erie, PA 776 813 519 4.8 56.6 Nine Months Ended June 30, Buffalo, NY (2) 6,195 5,825 5,128 (6.0) 13.6 Erie, PA 5,693 5,527 4,759 (2.9) 16.1 (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. NATIONAL FUEL GAS COMPANYAND SUBSIDIARIES EXPLORATION AND PRODUCTION INFORMATION Three Months Ended Nine Months Ended June 30, June 30, Increase Increase 2025 2024 (Decrease) 2025 2024 (Decrease) Gas Production/Prices: Production (MMcf) Appalachia 111,588 96,504 15,084 314,819 300,144 14,675 Average Prices (Per Mcf) Weighted Average $2.69 $1.50 $1.19 $2.66 $1.93 $0.73 Weighted Average after Hedging $2.71 $2.28 $0.43 $2.73 $2.45 $0.28 Selected Operating Performance Statistics: General and Administrative Expense per Mcf (1) $0.17 $0.19 $(0.02) $0.18 $0.18 $— Lease Operating and Transportation Expense per Mcf (1)(2) $0.66 $0.69 $(0.03) $0.67 $0.68 $(0.01)Depreciation, Depletion and Amortization per Mcf (1) $0.62 $0.71 $(0.09) $0.63 $0.71 $(0.08)(1) Refer to page 15 for the General and Administrative Expense, Lease Operating and Transportation Expense and Depreciation, Depletion, and Amortization Expense for the Exploration and Production segment.(2) Amounts include transportation expense of $0.56 and $0.59 per Mcf for the three months ended June 30, 2025 and June 30, 2024, respectively. Amounts include transportation expense of $0.57 per Mcf for the nine months ended June 30, 2025 and June 30, 2024. NATIONAL FUEL GAS COMPANYAND SUBSIDIARIES Pipeline and Storage Throughput - (millions of cubic feet - MMcf) Three Months Ended Nine Months Ended June 30, June 30, Increase Increase 2025 2024 (Decrease) 2025 2024 (Decrease)Firm Transportation - Affiliated 20,123 18,377 1,746 101,233 92,433 8,800 Firm Transportation - Non-Affiliated 158,910 150,133 8,777 515,411 498,435 16,976 Interruptible Transportation 149 118 31 665 1,508 (843) 179,182 168,628 10,554 617,309 592,376 24,933 Gathering Volume - (MMcf) Three Months Ended Nine Months Ended June 30, June 30, Increase Increase 2025 2024 (Decrease) 2025 2024 (Decrease)Gathered Volume 133,271 118,445 14,826 384,003 367,832 16,171 Utility Throughput - (MMcf) Three Months Ended Nine Months Ended June 30, June 30, Increase Increase 2025 2024 (Decrease) 2025 2024 (Decrease)Retail Sales: Residential Sales 10,151 8,123 2,028 60,738 53,168 7,570 Commercial Sales 1,658 1,308 350 9,997 8,401 1,596 Industrial Sales 93 62 31 594 389 205 11,902 9,493 2,409 71,329 61,958 9,371 Transportation 13,853 12,819 1,034 55,881 52,984 2,897 25,755 22,312 3,443 127,210 114,942 12,268 NATIONAL FUEL GAS COMPANYAND SUBSIDIARIESNON-GAAP FINANCIAL MEASURES In addition to financial measures calculated in accordance with generally accepted accounting principles (GAAP), this press release contains information regarding adjusted operating results, adjusted EBITDA and free cash flow, which are non-GAAP financial measures. The Company believes that these non-GAAP financial measures are useful to investors because they provide an alternative method for assessing the Company's ongoing operating results or liquidity and for comparing the Company’s financial performance to other companies. The Company's management uses these non-GAAP financial measures for the same purpose, and for planning and forecasting purposes. The presentation of non-GAAP financial measures is not meant to be a substitute for financial measures in accordance with GAAP. Management defines adjusted operating results as reported GAAP earnings before items impacting comparability. The following table reconciles National Fuel's reported GAAP earnings to adjusted operating results for the three and nine months ended June 30, 2025 and 2024: Three Months Ended Nine Months Ended June 30, June 30,(in thousands except per share amounts) 2025 2024 2025 2024 Reported GAAP Earnings $149,818 $(54,158) $411,162 $245,134 Items impacting comparability: Impairment of assets (E&P) — 200,696 141,802 200,696 Tax impact of impairment of assets — (55,686) (37,169) (55,686)Premiums paid on early redemption of debt (E&P / Midstream) — — 2,385 — Tax impact of premiums paid on early redemption of debt — — (642) — Unrealized (gain) loss on derivative asset (E&P) 45 1,186 729 4,848 Tax impact of unrealized (gain) loss on derivative asset (12) (325) (196) (1,330)Unrealized (gain) loss on other investments (Corporate / All Other) (820) 15 1,780 (1,803)Tax impact of unrealized (gain) loss on other investments 172 (3) (374) 379 Adjusted Operating Results $149,203 $91,725 $519,477 $392,238 Reported GAAP Earnings Per Share $1.64 $(0.59) $4.51 $2.65 Items impacting comparability: Impairment of assets, net of tax (E&P) — 1.58 1.14 1.57 Premiums paid on early redemption of debt, net of tax (E&P / Midstream) — — 0.02 — Unrealized (gain) loss on derivative asset, net of tax (E&P) — 0.01 0.01 0.04 Unrealized (gain) loss on other investments, net of tax (Corporate / All Other) (0.01) — 0.02 (0.02)Rounding 0.01 (0.01) (0.01) — Adjusted Operating Results Per Share $1.64 $0.99 $5.69 $4.24 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, 2025 and 2024: Three Months Ended Nine Months Ended June 30, June 30,(in thousands) 2025 2024 2025 2024 Reported GAAP Earnings $149,818 $(54,158) $411,162 $245,134 Depreciation, Depletion and Amortization 116,408 113,454 337,055 348,179 Other (Income) Deductions (8,534) (3,188) (31,486) (12,989)Interest Expense 37,889 34,217 120,389 104,041 Income Taxes 51,079 (28,311) 133,629 70,108 Impairment of Assets — 200,696 141,802 200,696 Adjusted EBITDA $346,660 $262,710 $1,112,551 $955,169 Adjusted EBITDA by Segment Pipeline and Storage Adjusted EBITDA $67,019 $68,221 $208,140 $197,394 Gathering Adjusted EBITDA 55,923 47,631 160,607 153,795 Total Midstream Businesses Adjusted EBITDA 122,942 115,852 368,747 351,189 Exploration and Production Adjusted EBITDA 202,488 128,535 573,482 460,572 Utility Adjusted EBITDA 25,743 21,047 181,680 152,741 Corporate and All Other Adjusted EBITDA (4,513) (2,724) (11,358) (9,333)Total Adjusted EBITDA $346,660 $262,710 $1,112,551 $955,169 NATIONAL FUEL GAS COMPANYAND SUBSIDIARIESNON-GAAP FINANCIAL MEASURESSEGMENT ADJUSTED EBITDA Three Months Ended Nine Months Ended June 30, June 30,(in thousands) 2025 2024 2025 2024 Exploration and Production Segment Reported GAAP Earnings $86,671 $(112,028) $137,722 $2,521 Depreciation, Depletion and Amortization 68,848 68,778 196,773 214,191 Other (Income) Deductions (81) 388 (527) 529 Interest Expense 13,925 14,670 46,164 45,046 Income Taxes 33,125 (43,969) 51,548 (2,411)Impairment of Assets — 200,696 141,802 200,696 Adjusted EBITDA $202,488 $128,535 $573,482 $460,572 Pipeline and Storage Segment Reported GAAP Earnings $28,857 $30,690 $93,019 $85,482 Depreciation, Depletion and Amortization 18,601 18,453 55,733 56,157 Other (Income) Deductions (2,063) (3,619) (7,802) (10,112)Interest Expense 11,209 11,855 34,637 35,698 Income Taxes 10,415 10,842 32,553 30,169 Adjusted EBITDA $67,019 $68,221 $208,140 $197,394 Gathering Segment Reported GAAP Earnings $29,996 $24,979 $83,483 $82,510 Depreciation, Depletion and Amortization 10,848 9,732 32,197 28,800 Other (Income) Deductions 1 (122) (151) (285)Interest Expense 3,870 3,393 13,865 10,824 Income Taxes 11,208 9,649 31,213 31,946 Adjusted EBITDA $55,923 $47,631 $160,607 $153,795 Utility Segment Reported GAAP Earnings $4,997 $2,559 $101,040 $73,848 Depreciation, Depletion and Amortization 17,945 16,373 51,908 48,678 Other (Income) Deductions (5,956) (1,947) (25,367) (6,523)Interest Expense 10,958 8,417 32,601 25,402 Income Taxes (2,201) (4,355) 21,498 11,336 Adjusted EBITDA $25,743 $21,047 $181,680 $152,741 Corporate and All Other Reported GAAP Earnings $(703) $(358) $(4,102) $773 Depreciation, Depletion and Amortization 166 118 444 353 Other (Income) Deductions (435) 2,112 2,361 3,402 Interest Expense (2,073) (4,118) (6,878) (12,929)Income Taxes (1,468) (478) (3,183) (932)Adjusted EBITDA $(4,513) $(2,724) $(11,358) $(9,333) 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.

National Fuel Reports Third Quarter Fiscal 2025 Earnings and Announces Preliminary Guidance for Fiscal 2026

FAQ

Why Bullish?

How important is it?

Why Long Term?

Related Companies

Related News