WILLIAMSVILLE, N.Y., April 30, 2025 (GLOBE NEWSWIRE) -- National Fuel Gas Company ("National Fuel" or the "Company") (NYSE:NFG) today announced consolidated results for the second quarter of its 2025 fiscal year.

FISCAL 2025 SECOND QUARTER SUMMARY

GAAP net income of $216 million, or $2.37 per share, an increase of 32% per share compared to the prior year.
Adjusted operating results of $218 million, or $2.39 per share, an increase of 34% per share compared to the prior year. See non-GAAP reconciliation on page 2.
Seneca produced a record 105.5 Bcf of natural gas, an increase of 3% from the prior year and 8% sequentially, largely due to strong results from pads recently turned in line in the Eastern Development Area ("EDA").
Utility segment net income of $63.5 million, or $0.70 per share, an increase of 44% per share compared to the prior year, primarily as a result of the New York jurisdiction's 2024 rate settlement, which led to its first base rate increase since 2017.
Pipeline & Storage segment net income of $31.7 million, or $0.35 per share, an increase of 5% per share compared to the prior year. In addition, Empire Pipeline reached an agreement with its customers to amend its existing rate settlement, which was approved by the FERC on March 17, 2025, with new rates effective November 1, 2025.
The Company is increasing its guidance for fiscal 2025 adjusted earnings per share to a range of $6.75 to $7.05.

MANAGEMENT COMMENTS

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

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

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

RECONCILIATION OF GAAP EARNINGS TO ADJUSTED OPERATING RESULTS


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

FISCAL 2025 GUIDANCE UPDATE

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

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

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

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

FINANCING ACTIVITIES UPDATE

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

DISCUSSION OF SECOND QUARTER RESULTS BY SEGMENT

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

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

Upstream Business

Exploration and Production Segment

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

	Three Months Ended
	March 31,
(in thousands)		2025		2024		Variance
GAAP Earnings	$	97,828	$	62,065		$	35,763

Premiums paid on early redemption of debt, net of tax		1,045		—			1,045
Unrealized (gain) loss on derivative asset (2022 CA asset sale), net of tax		245		(389	)		634
Adjusted Operating Results	$	99,118	$	61,676		$	37,442

Adjusted EBITDA	$	214,350	$	172,068		$	42,282

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

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

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

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

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

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

Midstream Businesses

Pipeline and Storage Segment

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

	Three Months Ended
	March 31,
(in thousands)		2025		2024	Variance
GAAP Earnings	$	31,707	$	30,737	$	970

Adjusted EBITDA	$	70,169	$	70,033	$	136

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

Empire Rate Case Update

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

Gathering Segment

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

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

Adjusted EBITDA	$	52,748	$	53,103	$	(355	)

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

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

Downstream Business

Utility Segment

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

	Three Months Ended
	March 31,
(in thousands)		2025		2024	Variance
GAAP Earnings	$	63,544	$	44,739	$	18,805

Adjusted EBITDA	$	95,270	$	78,326	$	16,944

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

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

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

Corporate and All Other

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

EARNINGS TELECONFERENCE

A conference call to discuss the results will be held on Thursday, May 1, 2025, at 9 a.m. ET. All participants must pre-register to join this conference using the Participant Registration link. A webcast link to the conference call will be provided under the Events Calendar on the NFG Investor Relations website at investor.nationalfuelgas.com. A replay will be available following the call through the end of the day, Thursday, May 8, 2025. To access the replay, dial 1-866-813-9403 and provide Access Code 458634.

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

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

NATIONAL FUEL GAS COMPANY

AND SUBSIDIARIES

GUIDANCE SUMMARY

As discussed on page 2, the Company is revising its adjusted earnings per share guidance for fiscal 2025. Additional details on the Company's forecast assumptions and business segment guidance are outlined in the table below.

The revised adjusted earnings per share guidance range excludes certain items that impacted the comparability of adjusted operating results during the six months ended March 31, 2025, including: (1) the after tax impairment of assets, which reduced earnings by $1.14 per share; (2) after-tax premiums paid on early redemptions of debt, which reduced earnings by $0.02 per share; (3) after-tax unrealized losses on a derivative asset, which reduced earnings by $0.01 per share; and (4) after-tax unrealized losses on other investments, which reduced earnings by $0.02 per share. While the Company expects to record certain adjustments to unrealized gain or loss on a derivative asset and unrealized gain or loss on investments during the remaining six months ending September 30, 2025, the amounts of these and other potential adjustments are not reasonably determinable at this time. As such, the Company is unable to provide earnings guidance other than on a non-GAAP basis.

	Previous FY 2025 Guidance	Updated FY 2025 Guidance

Consolidated Adjusted Earnings per Share	$6.50 to $7.00	$6.75 to $7.05
Consolidated Effective Tax Rate	~ 25%	~ 25%

Capital Expenditures (Millions)
Exploration and Production	$495 - $515	$495 - $515
Pipeline and Storage	$130 - $150	$130 - $150
Gathering	$95 - $110	$95 - $110
Utility	$165 - $185	$165 - $185
Consolidated Capital Expenditures	$885 - $960	$885 - $960

Exploration and Production Segment Guidance

Commodity Price Assumptions (remaining six months)
NYMEX natural gas price	$3.50 /MMBtu	$3.50 /MMBtu
Appalachian basin spot price	$2.90 /MMBtu	$2.60 /MMBtu
Realized natural gas prices, after hedging ($/Mcf)	$2.77 - $2.81	$2.72 - $2.76

Production (Bcf)	410 to 425	415 to 425

E&P Operating Costs($/Mcf)
LOE	$0.68 - $0.70	$0.68 - $0.69
G&A	$0.18 - $0.19	$0.18 - $0.19
DD&A	$0.63 - $0.67	$0.63 - $0.65

Other Business Segment Guidance(Millions)
Gathering Segment Revenues	$250 - $260	$250 - $260
Pipeline and Storage Segment Revenues	$415 - $435	$415 - $435

Utility Segment Guidance(Millions)
Customer Margin*	$445 - $465	$445 - $465
O&M Expense	$240 - $250	$240 - $245
Non-Service Pension & OPEB Income	$23 - $27	$23 - $27

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

NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
QUARTER ENDED MARCH 31, 2025
(Unaudited)

	Upstream			Midstream						Downstream

	Exploration &			Pipeline &									Corporate /
(Thousands of Dollars)	Production			Storage			Gathering			Utility			All Other			Consolidated*

Second quarter 2024 GAAP earnings	$	62,065		$	30,737		$	28,706		$	44,739		$	25		$	166,272
Items impacting comparability:
Unrealized (gain) loss on derivative asset		(536	)														(536	)
Tax impact of unrealized (gain) loss on derivative asset		147															147
Unrealized (gain) loss on other investments														(769	)		(769	)
Tax impact of unrealized (gain) loss on other investments														162			162
Second quarter 2024 adjusted operating results		61,676			30,737			28,706			44,739			(582	)		165,276
Drivers of adjusted operating results**
Upstream Revenues
Higher (lower) natural gas production		5,322															5,322
Higher (lower) realized natural gas prices, after hedging		31,956															31,956
Midstream Revenues
Higher (lower) operating revenues					1,227			819									2,046
Downstream Margins***
Impact of usage and weather											3,011						3,011
Impact of new rates in New York											14,577						14,577
Higher (lower) other operating revenues											(924	)					(924	)
Operating Expenses
Lower (higher) lease operating and transportation expenses		(1,196	)														(1,196	)
Lower (higher) operating expenses		(1,855	)		(1,248	)		(1,168	)		(3,330	)					(7,601	)
Lower (higher) property, franchise and other taxes		(948	)														(948	)
Lower (higher) depreciation / depletion		6,973			745			(966	)		(685	)					6,067
Other Income (Expense)
Higher (lower) other income											8,545			612			9,157
(Higher) lower interest expense					331			(891	)		(1,895	)		(2,902	)		(5,357	)
Income Taxes
Lower (higher) income tax expense / effective tax rate		(2,331	)		241			463			(545	)		(159	)		(2,331	)
All other / rounding		(479	)		(326	)		77			51			(45	)		(722	)
Second quarter 2025 adjusted operating results		99,118			31,707			27,040			63,544			(3,076	)		218,333
Items impacting comparability:
Premiums paid on early redemption of debt		(1,430	)					(955	)								(2,385	)
Tax impact of premiums paid on early redemption of debt		385						257									642
Unrealized gain (loss) on derivative asset		(335	)														(335	)
Tax impact of unrealized gain (loss) on derivative asset		90															90
Unrealized gain (loss) on other investments														17			17
Tax impact of unrealized gain (loss) on other investments														(4	)		(4	)
Second quarter 2025 GAAP earnings	$	97,828		$	31,707		$	26,342		$	63,544		$	(3,063	)	$	216,358

* Amounts do not reflect intercompany eliminations.
** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.
*** Downstream margin defined as operating revenues less purchased gas expense.

NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
QUARTER ENDED MARCH 31, 2025
(Unaudited)

	Upstream			Midstream						Downstream

	Exploration &			Pipeline &									Corporate /
	Production			Storage			Gathering			Utility			All Other			Consolidated*

Second quarter 2024 GAAP earnings per share	$	0.67		$	0.33		$	0.31		$	0.48		$	0.01		$	1.80
Items impacting comparability:
Unrealized (gain) loss on derivative asset, net of tax		—															—
Unrealized (gain) loss on other investments, net of tax														(0.01	)		(0.01	)
Second quarter 2024 adjusted operating results per share		0.67			0.33			0.31			0.48			—			1.79
Drivers of adjusted operating results**
Upstream Revenues
Higher (lower) natural gas production		0.06															0.06
Higher (lower) realized natural gas prices, after hedging		0.35															0.35
Midstream Revenues
Higher (lower) operating revenues					0.01			0.01									0.02
Downstream Margins***
Impact of usage and weather											0.03						0.03
Impact of new rates in New York											0.16						0.16
Higher (lower) other operating revenues											(0.01	)					(0.01	)
Operating Expenses
Lower (higher) lease operating and transportation expenses		(0.01	)														(0.01	)
Lower (higher) operating expenses		(0.02	)		(0.01	)		(0.01	)		(0.04	)					(0.08	)
Lower (higher) property, franchise and other taxes		(0.01	)														(0.01	)
Lower (higher) depreciation / depletion		0.09			0.01			(0.01	)		(0.01	)					0.08
Other Income (Expense)
Higher (lower) other income											0.09			0.01			0.10
(Higher) lower interest expense					—			(0.01	)		(0.02	)		(0.03	)		(0.06	)
Income Taxes
Lower (higher) income tax expense / effective tax rate		(0.03	)		—			0.01			(0.01	)		—			(0.03	)
All other / rounding		(0.02	)		0.01			—			0.03			(0.02	)		—
Second quarter 2025 adjusted operating results per share		1.08			0.35			0.30			0.70			(0.04	)		2.39
Items impacting comparability:
Premiums paid on early redemption of debt, net of tax		(0.01	)					(0.01	)								(0.02	)
Unrealized gain (loss) on derivative asset, net of tax		—															—
Unrealized gain (loss) on other investments, net of tax														—			—
Second quarter 2025 GAAP earnings per share	$	1.07		$	0.35		$	0.29		$	0.70		$	(0.04	)	$	2.37

* Amounts do not reflect intercompany eliminations.
** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.
*** Downstream margin defined as operating revenues less purchased gas expense.

NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
SIX MONTHS ENDED MARCH 31, 2025
(Unaudited)

	Upstream			Midstream						Downstream

	Exploration &			Pipeline &									Corporate /
(Thousands of Dollars)	Production			Storage			Gathering			Utility			All Other			Consolidated*
Six months ended March 31, 2024 GAAP earnings	$	114,548		$	54,792		$	57,531		$	71,289		$	1,132		$	299,292
Items impacting comparability:
Unrealized (gain) loss on derivative asset		3,662															3,662
Tax impact of unrealized (gain) loss on derivative asset		(1,004	)														(1,004	)
Unrealized (gain) loss on other investments														(1,818	)		(1,818	)
Tax impact of unrealized (gain) loss on other investments														382			382
Six months ended March 31, 2024 adjusted operating results		117,206			54,792			57,531			71,289			(304	)		300,514
Drivers of adjusted operating results**
Upstream Revenues
Higher (lower) natural gas production		(817	)														(817	)
Higher (lower) realized natural gas prices, after hedging		33,964															33,964
Midstream Revenues
Higher (lower) operating revenues					10,865			(332	)								10,533
Downstream Margins***
Impact of usage and weather											2,685						2,685
Impact of new rates in New York											22,442						22,442
Higher (lower) other operating revenues											(1,364	)					(1,364	)
Operating Expenses
Lower (higher) operating expenses		(1,742	)		(2,105	)		(1,108	)		(4,575	)					(9,530	)
Lower (higher) property, franchise and other taxes		(746	)														(746	)
Lower (higher) depreciation / depletion		13,816			452			(1,802	)		(1,309	)					11,157
Other Income (Expense)
Higher (lower) other income		(1,888	)		(603	)					11,720			2,300			11,529
(Higher) lower interest expense					328			(1,271	)		(3,679	)		(3,165	)		(7,787	)
Income Taxes
Lower (higher) income tax expense / effective tax rate		(2,338	)		(246	)		905			(1,128	)		43			(2,764	)
All other / rounding		(226	)		679			262			(38	)		(219	)		458
Six months ended March 31, 2025 adjusted operating results		157,229			64,162			54,185			96,043			(1,345	)		370,274
Items impacting comparability:
Impairment of assets		(141,802	)														(141,802	)
Tax impact of impairment of assets		37,169															37,169
Premiums paid on early redemption of debt		(1,430	)					(955	)								(2,385	)
Tax impact of premiums paid on early redemption of debt		385						257									642
Unrealized gain (loss) on derivative asset		(684	)														(684	)
Tax impact of unrealized gain (loss) on derivative asset		184															184
Unrealized gain (loss) on other investments														(2,600	)		(2,600	)
Tax impact of unrealized gain (loss) on other investments														546			546
Six months ended March 31, 2025 GAAP earnings	$	51,051		$	64,162		$	53,487		$	96,043		$	(3,399	)	$	261,344

* Amounts do not reflect intercompany eliminations.
** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.
*** Downstream margin defined as operating revenues less purchased gas expense.

NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
SIX MONTHS ENDED MARCH 31, 2025
(Unaudited)

	Upstream			Midstream						Downstream

	Exploration &			Pipeline &									Corporate /
	Production			Storage			Gathering			Utility			All Other			Consolidated*
Six months ended March 31, 2024 GAAP earnings per share	$	1.24		$	0.59		$	0.62		$	0.77		$	0.02		$	3.24
Items impacting comparability:
Unrealized (gain) loss on derivative asset, net of tax		0.03															0.03
Unrealized (gain) loss on other investments, net of tax														(0.02	)		(0.02	)
Six months ended March 31, 2024 adjusted operating results per share		1.27			0.59			0.62			0.77			—			3.25
Drivers of adjusted operating results**
Upstream Revenues
Higher (lower) natural gas production		(0.01	)														(0.01	)
Higher (lower) realized natural gas prices, after hedging		0.37															0.37
Midstream Revenues
Higher (lower) operating revenues					0.12			—									0.12
Downstream Margins***
Impact of usage and weather											0.03						0.03
Impact of new rates in New York											0.25						0.25
Higher (lower) other operating revenues											(0.01	)					(0.01	)
Operating Expenses
Lower (higher) operating expenses		(0.02	)		(0.02	)		(0.01	)		(0.05	)					(0.10	)
Lower (higher) property, franchise and other taxes		(0.01	)														(0.01	)
Lower (higher) depreciation / depletion		0.15			—			(0.02	)		(0.01	)					0.12
Other Income (Expense)
Higher (lower) other income		(0.02	)		(0.01	)					0.13			0.03			0.13
(Higher) lower interest expense					—			(0.01	)		(0.04	)		(0.03	)		(0.08	)
Income Taxes
Lower (higher) income tax expense / effective tax rate		(0.03	)		—			0.01			(0.01	)		—			(0.03	)
All other / rounding		0.02			0.02			0.01			(0.01	)		(0.01	)		0.03
Six months ended March 31, 2025 adjusted operating results per share		1.72			0.70			0.60			1.05			(0.01	)		4.06
Items impacting comparability:
Impairment of assets, net of tax		(1.14	)														(1.14	)
Premiums paid on early redemption of debt, net of tax		(0.01	)					(0.01	)								(0.02	)
Unrealized gain (loss) on derivative asset, net of tax		(0.01	)														(0.01	)
Unrealized gain (loss) on other investments, net of tax														(0.02	)		(0.02	)
Rounding														(0.01	)		(0.01	)
Six months ended March 31, 2025 GAAP earnings per share	$	0.56		$	0.70		$	0.59		$	1.05		$	(0.04	)	$	2.86

* Amounts do not reflect intercompany eliminations.
** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.
*** Downstream margin defined as operating revenues less purchased gas expense.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

(Thousands of Dollars, except per share amounts)
	Three Months Ended						Six Months Ended
	March 31,						March 31,
	(Unaudited)						(Unaudited)
SUMMARY OF OPERATIONS		2025			2024			2025			2024
Operating Revenues:
Utility Revenues	$	343,574		$	290,198		$	571,998		$	492,119
Exploration and Production and Other Revenues		311,958			264,614			560,818			518,633
Pipeline and Storage and Gathering Revenues		74,418			75,127			146,616			144,549
		729,950			629,939			1,279,432			1,155,301
Operating Expenses:
Purchased Gas		135,338			105,940			200,675			162,491
Operation and Maintenance:
Utility		63,447			59,288			118,691			112,993
Exploration and Production and Other		35,059			32,794			68,600			67,620
Pipeline and Storage and Gathering		42,363			39,340			78,304			74,303
Property, Franchise and Other Taxes		25,214			23,019			47,270			45,434
Depreciation, Depletion and Amortization		111,277			118,935			220,647			234,725
Impairment of Assets		—			—			141,802			—
		412,698			379,316			875,989			697,566

Operating Income		317,252			250,623			403,443			457,735

Other Income (Expense):
Other Income (Deductions)		15,232			6,070			22,952			9,801
Interest Expense on Long-Term Debt		(39,662	)		(28,453	)		(73,024	)		(56,915	)
Other Interest Expense		(5,095	)		(6,636	)		(9,476	)		(12,910	)

Income Before Income Taxes		287,727			221,604			343,895			397,711

Income Tax Expense		71,369			55,332			82,551			98,419

Net Income Available for Common Stock	$	216,358		$	166,272		$	261,344		$	299,292

Earnings Per Common Share
Basic	$	2.39		$	1.81		$	2.88		$	3.25
Diluted	$	2.37		$	1.80		$	2.86		$	3.24

Weighted Average Common Shares:
Used in Basic Calculation		90,500,162			92,114,415			90,640,333			92,011,772
Used in Diluted Calculation		91,176,327			92,512,447			91,312,334			92,478,604

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)

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

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

	Six Months Ended
	March 31,
(Thousands of Dollars)		2025			2024

Operating Activities:
Net Income Available for Common Stock	$	261,344		$	299,292
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Impairment of Assets		141,802			—
Depreciation, Depletion and Amortization		220,647			234,725
Deferred Income Taxes		25,787			65,187
Premiums Paid on Early Redemption of Debt		2,385			—
Stock-Based Compensation		10,487			10,477
Other		14,317			11,874
Change in:
Receivables and Unbilled Revenue		(197,553	)		(50,123	)
Gas Stored Underground and Materials and Supplies		27,861			25,675
Unrecovered Purchased Gas Costs		(3,562	)		—
Other Current Assets		13,737			15,201
Accounts Payable		17,322			(15,641	)

National Fuel Reports Second Quarter Earnings