National Fuel Gas Co 8-K, filed Nov 5, 2026
National Fuel Gas Co (NFG)
8-K
2026-11-05
For: 2026-11-04
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Added on
November 05, 2026
About this 8-K
National Fuel Gas Co filed this 8-K on November 5, 2026, reporting on events of November 4, 2026.
National Fuel Gas Company reported fiscal 2026 adjusted EPS of $7.55, up 9%, and initiated fiscal 2027 adjusted EPS guidance of $6.00 to $6.40. It completed CenterPoint Energy's Ohio utility acquisition and plans a Seneca Resources spin-off. AI summary
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 4, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
| (Address of principal executive offices) | (Zip Code) | ||||||||||
Registrant’s telephone number, including area code: (716 ) 857-7000
Former name or former address, if changed since last report: Not Applicable
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02 Results of Operations and Financial Condition.
On November 4, 2026, National Fuel Gas Company (the “Company”) issued a press release regarding its earnings for the quarter and fiscal year ended September 30, 2026. A copy of the press release is furnished as part of this Current Report as Exhibit 99.
Neither the furnishing of the press release as an exhibit to this Current Report nor the inclusion in such press release of any reference to the Company’s internet address shall, under any circumstances, be deemed to incorporate the information available at such internet address into this Current Report. The information available at the Company’s internet address is not part of this Current Report or any other report filed or furnished by the Company with the Securities and Exchange Commission.
In addition to financial measures calculated in accordance with generally accepted accounting principles (“GAAP”), the press release furnished as part of this Current Report as Exhibit 99 contains certain non-GAAP financial measures. The Company believes that such non-GAAP financial measures are useful to investors because they provide an alternative method for assessing the Company’s operating results in a manner that is focused on the performance of the Company’s ongoing operations, for measuring the Company’s cash flow and 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 prepared in accordance with GAAP.
Certain statements contained herein or in the press release furnished as part of this Current Report, including statements regarding estimated future earnings and statements that are identified by the use of the words “anticipates,” “believes,” “could,” “estimates,” “expects,” “forecasts,” “guidance,” “intends,” “may,” “might,” “outlook,” “plans,” “potential,” “predicts,” “projects,” “seeks,” “targets,” “will,” “would”, and variations of such words and similar future or conditional expressions, and statements which are other than statements of historical facts, are intended to identify “forward-looking statements” as defined under U.S. federal securities laws, including, but not limited to, statements, estimates, and projections relating to the potential separation of the Company into two companies (the “Separation”), including the timing and structure of the Separation, the characteristics of the separated businesses, and the expected benefits of the Separation, future operating and financial performance and long-term strategy, and the assumptions underlying such expected benefits, targets, strategies, and statements. These forward-looking statements are based on management’s beliefs, expectations, estimates, and projections at the time they are made and are not guarantees of future performance.
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. There can be no guarantees with respect to whether the Separation will be completed. There can be no assurance that the Company’s projections will in fact be achieved nor do these projections reflect any acquisitions or divestitures that may occur in the future.
In addition to other factors, the following are among the important factors that could cause actual results to differ materially from those discussed in the forward-looking statements: the ability to effect the Separation and to meet the conditions related thereto; the ability to obtain any consents or approvals required to
complete the Separation; the ability of the separated companies to each succeed as standalone publicly traded companies; negative effects of the announcement or pendency of the Separation on the market price of the Company’s securities and/or on the Company’s financial performance; the possibility that the Separation will not achieve its intended benefits; the possibility of disruption, including disputes, litigation, or unanticipated costs in connection with the Separation; the impact of the Separation on the Company’s businesses and the risk that the Separation may be more difficult, time-consuming, or costly than expected, including the impact on the Company’s resources, systems, procedures, and controls, diversion of management’s attention, and the impact and possible disruption of existing relationships with regulators, customers, suppliers, employees, and other business counterparties; the ability to achieve anticipated capital structures in connection with the Separation; the ability to achieve anticipated credit ratings in connection with the Separation; the ability to achieve anticipated tax treatments in connection with the Separation and future, if any, divestitures, mergers, acquisitions, and other portfolio changes, and the impact of changes in relevant tax and other laws and regulations; the Company's ability to complete strategic transactions, such as the plan to separate the Company into two independent, publicly traded companies through a tax-free spin-off of the Company’s Integrated Upstream and Gathering business, including receipt of required regulatory clearances and satisfaction of other conditions to closing, and to recognize the anticipated benefits of such transactions; 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; governmental/regulatory actions and/or market pressures to reduce or eliminate reliance on natural gas; the Company’s ability to estimate accurately the time and resources necessary to meet emissions targets; changes in the price of natural gas; impairments under the SEC’s full cost ceiling test for natural gas reserves; the creditworthiness or performance of the Company’s key suppliers, customers, and counterparties; financial and economic conditions, including the availability of credit, and occurrences affecting the Company’s ability to obtain financing on acceptable terms for working capital, capital expenditures, other investments, and acquisitions, including any downgrades in the Company’s credit ratings and changes in interest rates and other capital market conditions; negotiations with the collective bargaining units representing the Company’s workforce, including potential work stoppages during negotiations; changes in price differentials between similar quantities of natural gas sold at different geographic locations, and the effect of such changes on commodity production, revenues, and demand for pipeline transportation capacity to or from such locations; the impact of information technology disruptions, cybersecurity, or data security breaches, including the impact of issues that may arise from the use of artificial intelligence technologies; factors affecting the Company’s ability to successfully identify, drill for, and produce economically viable natural gas reserves, including, among others, geology, lease availability and costs, title disputes, weather conditions, water availability and disposal or recycling opportunities of used water, shortages, delays, or unavailability of equipment and services required in drilling operations, insufficient gathering, processing, and transportation capacity, the need to obtain governmental approvals and permits, and compliance with environmental laws and regulations; increased costs, delays, or changes in plans with respect to Company projects or related projects of other companies, as well as difficulties or delays in obtaining necessary governmental approvals, permits or orders or in obtaining the cooperation of interconnecting facility operators; increasing health care costs and the resulting effect on health insurance
premiums and on the obligation to provide other post-retirement benefits; other changes in price differentials between similar quantities of natural gas having different quality, heating value, hydrocarbon mix or delivery date; the cost and effects of legal and administrative claims against the Company or activist shareholder campaigns to effect changes at the Company; uncertainty of natural gas reserve estimates; significant differences between the Company’s projected and actual production levels for natural gas; changes in demographic patterns and weather conditions, including those related to climate change; changes in the availability, price, or accounting treatment of derivative financial instruments; changes in laws, actuarial assumptions, the interest rate environment, and the return on plan/trust assets related to the Company’s pension and other post-retirement benefits, which can affect future funding obligations and costs and plan liabilities; economic disruptions or uninsured losses resulting from major accidents, fires, severe weather, natural disasters, terrorist activities, or acts of war, as well as economic and operational disruptions due to third-party outages; significant differences between the Company’s projected and actual capital expenditures and operating expenses; increasing costs of insurance, changes in coverage, and the ability to obtain insurance; other factors described in the risk factors set forth in the Company’s filings with the U.S. Securities and Exchange Commission, including the Company’s most recently filed Annual Report on Form 10-K and subsequent Current Reports on Form 8-K and Quarterly Reports on Form 10-Q.
Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation, and disclaims any duty to update, revise, or withdraw any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by applicable law or regulation.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| NATIONAL FUEL GAS COMPANY | |||||
| By: | /s/ Lee E. Hartz | ||||
| Lee E. Hartz | |||||
| General Counsel and Secretary | |||||
Dated: November 5, 2026
Exhibit 99
| 6363 Main Street/Williamsville, NY 14221 | |||||||||||
| Release Date: | Immediate November 4, 2026 | Ryan P. Vossler Investor Relations 716-857-7158 | Timothy J. Silverstein Chief Financial Officer 716-857-6987 | ||||||||
NATIONAL FUEL REPORTS FOURTH QUARTER
AND FULL YEAR FISCAL 2026 EARNINGS
WILLIAMSVILLE, N.Y. National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced consolidated results for the fourth quarter and fiscal year ended September 30, 2026.
FOURTH QUARTER FISCAL 2026 SUMMARY
•GAAP earnings of $97.5 million, or earnings per share (EPS) of $1.02, compared to GAAP earnings of $107.3 million, or $1.18 per share, in the prior year.
•Adjusted EPS of $1.22, compared to $1.22 from the prior year. See non-GAAP reconciliation on page 2.
FISCAL 2026 HIGHLIGHTS
•GAAP earnings per share of $7.02, compared to $5.68 per share in fiscal 2025.
•Adjusted earnings per share of $7.55, an increase of 9%, compared to $6.91 per share in fiscal 2025.
•Net cash provided by operating activities of $1,272 million for the twelve months ending September 30, 2026, with free cash flow of $199 million (as defined on page 27) through the same period.
•The Company announced its 56th consecutive dividend increase to an annual rate of $2.22 per share, continuing its long history of returning cash to shareholders.
RECENT STRATEGIC HIGHLIGHTS
•Completed the acquisition of CenterPoint Energy's Ohio natural gas utility on October 1, 2026, doubling the Company's Utility rate base and adding approximately 335,000 utility customers.
•Announced a plan to separate the Company’s Integrated Upstream and Gathering business ("IUG") into a standalone publicly traded company which is expected to be named Seneca Resources, with the transaction anticipated to occur in the second half of calendar 2027.
•The Utility segment realized key regulatory initiatives, with the approval of a System Modernization Tracker in New York, and the approval of a $10.4 million rate increase in the Company’s Pennsylvania jurisdiction.
•The Pipeline & Storage segment continued to successfully advance key expansion projects, placing the Tioga Pathway and Shippingport Lateral projects in service on November 1, 2026.
•IUG initiated a discretionary land acquisition program to further expand its best-in-class core inventory depth in Tioga County, adding significant acreage since the program commenced.
MANAGEMENT COMMENTS
David P. Bauer, President and Chief Executive Officer of National Fuel Gas Company, stated: "Fiscal 2026 was an excellent year for National Fuel. The Company grew adjusted earnings per share 9% year over year, while generating significant free cash flow and continuing to return cash to our shareholders through our dividend, which we’ve paid for the 124th consecutive year.
"As we look forward, National Fuel is entering an exciting next chapter. The long-term outlook for each of our businesses is strong. With the closing of our Ohio gas utility acquisition and our announced plan to separate our Integrated Upstream and Gathering business, we are well positioned to establish two scaled, financially sound publicly traded natural gas businesses. Upon completion of the separation, National Fuel will become a fully rate-regulated natural gas company with approximately $5 billion in rate base and a strong growth profile. Seneca Resources will be a premier, integrated Appalachian natural gas business with a deep inventory of high-quality development opportunities that has a positive outlook for long-term production
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and free cash flow growth. Against a strong long-term outlook for natural gas demand, we believe both businesses are exceptionally well positioned for continued success."
RECONCILIATION OF GAAP EARNINGS TO ADJUSTED EARNINGS
| Three Months Ended September 30, | ||||||||||||||||||||||||||
| (Thousands) | (Per Share) | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Reported GAAP Earnings | $ | 97,509 | $ | 107,342 | $ | 1.02 | $ | 1.18 | ||||||||||||||||||
Items impacting comparability: | ||||||||||||||||||||||||||
| Impact of Ohio gas utility acquisition (costs and financing) | 11,303 | 1,061 | 0.18 | 0.01 | ||||||||||||||||||||||
| Tax impact of Ohio acquisition (costs and financing) | (2,633) | (246) | (0.03) | — | ||||||||||||||||||||||
| Costs related to pending spin-off of Integrated Upstream & Gathering business | 7,214 | — | 0.08 | — | ||||||||||||||||||||||
| Tax impact of costs related to pending spin-off of Integrated Upstream & Gathering business | (1,680) | — | (0.02) | — | ||||||||||||||||||||||
| Tax impact of unrealized (gain) loss on derivative asset | — | 3,402 | — | 0.04 | ||||||||||||||||||||||
| Other/rounding (refer to Segment results for details) | 181 | (531) | (0.01) | (0.01) | ||||||||||||||||||||||
| Adjusted Earnings | $ | 111,894 | $ | 111,028 | $ | 1.22 | $ | 1.22 | ||||||||||||||||||
| Fiscal Year Ended September 30, | ||||||||||||||||||||||||||
| (Thousands) | (Per Share) | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Reported GAAP Earnings | $ | 665,443 | $ | 518,504 | $ | 7.02 | $ | 5.68 | ||||||||||||||||||
Items impacting comparability: | ||||||||||||||||||||||||||
| Impact of Ohio gas utility acquisition (costs and financing) | 21,312 | 1,061 | 0.50 | 0.01 | ||||||||||||||||||||||
| Tax impact of Ohio acquisition (costs and financing) | (4,952) | (246) | (0.05) | — | ||||||||||||||||||||||
| Costs related to pending spin-off of Integrated Upstream & Gathering business | 9,804 | — | 0.11 | — | ||||||||||||||||||||||
| Tax impact of costs related to pending spin-off of Integrated Upstream & Gathering business | (2,281) | — | (0.03) | — | ||||||||||||||||||||||
| Impairment of assets | — | 141,802 | — | 1.55 | ||||||||||||||||||||||
| Tax impact of impairment of assets | — | (37,169) | — | (0.41) | ||||||||||||||||||||||
| Unrealized (gain) loss on derivative asset | — | 729 | — | 0.01 | ||||||||||||||||||||||
| Tax impact of unrealized (gain) loss on derivative asset | — | 3,206 | — | 0.03 | ||||||||||||||||||||||
| Other/rounding (refer to Segment results for details) | 454 | 2,618 | 0.04 | |||||||||||||||||||||||
| Adjusted Earnings | $ | 689,780 | $ | 630,505 | $ | 7.55 | $ | 6.91 | ||||||||||||||||||
INITIATION OF FISCAL 2027 GUIDANCE
The Company is initiating guidance for fiscal 2027. IUG will remain part of National Fuel's consolidated financial results until completion of the planned separation. Accordingly, the Company's fiscal 2027 guidance includes the expected results of IUG for the full fiscal year.
The Company is initiating adjusted earnings per share guidance for fiscal 2027 with a range of $6.00 to $6.40.
The Company is assuming an average NYMEX natural gas price of $2.85 per MMBtu in fiscal 2027, which approximates the current NYMEX forward curve at this time. Given the continued volatility in NYMEX natural gas prices, the Company is providing the following sensitivities to its adjusted earnings per share guidance:
NYMEX Assumption ($/MMBtu) | Fiscal 2027 Adjusted Earnings Per Share Sensitivities | ||||
| $2.50 | $5.60 - $6.00 | ||||
| $3.00 | $6.20 - $6.60 | ||||
| $3.50 | $6.85 - $7.25 | ||||
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2027 OUTLOOK
Regulated:
•Utility segment earnings are expected to increase as a result of the Ohio gas utility acquisition, the continuation of our multi-year New York rate case settlement, and the recently approved base rate increase in Pennsylvania.
•Pipeline & Storage segment earnings are expected to increase, driven by the Tioga Pathway and Shippingport Lateral projects, which were placed in service on November 1, 2026, as well as ongoing ratemaking activity at Supply Corporation, with the resolution of the pending Section 4 rate case expected by the close of the calendar year.
•Combined Utility and Pipeline & Storage segment capital expenditures are expected to range between $490 and $580 million, driven by continued investment in our longstanding modernization programs, as well as the addition of the Ohio natural gas utility.
Integrated Upstream and Gathering:
•IUG expects fiscal 2027 production to be 400 to 435 Bcf, which incorporates the impact of estimated price-related marketing curtailments during October.
•IUG capital expenditures are projected to be $600 to $640 million, including $25 to $30 million of capital related to third-party gathering expansions and non-operated wells, with the potential for an additional $50 to $100 million of discretionary land spending.
Additional details on the Company's updated forecast assumptions and business segment guidance for fiscal 2027 are outlined in the table on page 8.
PLANNED SEPARATION OF INTEGRATED UPSTREAM AND GATHERING
Following its recently announced plan to separate the Integrated Upstream and Gathering business, National Fuel is progressing toward the creation of two independent, publicly traded companies. The separation is designed to provide each business with greater flexibility to pursue its distinct growth opportunities and capital allocation priorities, while maintaining the key benefits of integration within each business.
The newly created company is expected to be named Seneca Resources and is expected to trade on the New York Stock Exchange. Seneca Resources’ premier Appalachian asset base, low-cost integrated operations and deep inventory of development opportunities provide a strong foundation for long-term growth and significant free cash flow generation. Following the separation, National Fuel will be a fully rate-regulated natural gas company with approximately $5 billion of rate base and significant long-term investment opportunities across its Utility and Pipeline & Storage businesses.
National Fuel continues to expect the separation to be completed in the second half of calendar 2027 through a pro rata distribution of at least 80.1% of IUG shares to National Fuel shareholders. National Fuel expects to retain up to a 19.9% ownership interest in IUG following the separation, which it intends to dispose of in a tax-efficient manner to further strengthen its investment grade balance sheet.
DISCUSSION OF FOURTH QUARTER RESULTS BY SEGMENT
The following earnings discussion of each operating segment for the quarter ended September 30, 2026 is summarized in a tabular form on pages 9 and 10 of this report (earnings drivers for the fiscal year ended September 30, 2026 are summarized on pages 11 and 12).
Note that management defines adjusted earnings as reported GAAP earnings adjusted for items impacting comparability, and adjusted EBITDA as reported GAAP earnings before the following items: interest expense, income taxes, depreciation, depletion and amortization, other income and deductions, impairments, and other items reflected in operating income that impact comparability.
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Integrated Upstream and Gathering Segment
The Integrated Upstream and Gathering segment's exploration and production operations are carried out by Seneca Resources Company, LLC (“Seneca”) and its gathering operations are carried out by the operating subsidiaries of National Fuel Gas Midstream Company, LLC ("Gathering"). Seneca explores for, develops, and produces primarily natural gas reserves in Pennsylvania. Gathering constructs, owns and operates natural gas gathering pipelines and compression facilities in the Appalachian region, which primarily delivers Seneca's production and, to a lesser extent, third-party Appalachian production to various interstate pipelines.
| Three Months Ended | |||||||||||||||||||||||||||||||||||
| September 30, | |||||||||||||||||||||||||||||||||||
| (in thousands) | 2026 | 2025 | Variance | ||||||||||||||||||||||||||||||||
| GAAP Earnings | $ | 115,439 | $ | 103,493 | $ | 11,946 | |||||||||||||||||||||||||||||
| Tax impact of unrealized (gain) loss on derivative asset (2022 CA asset sale) | — | 3,402 | (3,402) | ||||||||||||||||||||||||||||||||
| Adjusted Earnings | $ | 115,439 | $ | 106,895 | $ | 8,544 | |||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 240,933 | $ | 241,093 | $ | (160) | |||||||||||||||||||||||||||||
The Integrated Upstream and Gathering segment's fourth quarter GAAP earnings increased $11.9 million versus the prior year. Excluding items impacting comparability, adjusted earnings increased $8.5 million from the prior year, attributable to higher realized natural gas prices, lower interest expense, and lower income taxes, which were partially offset by lower production volumes.
Seneca’s weighted average realized natural gas price, after the impact of hedging and transportation costs, was $2.80 per Mcf, an increase of $0.19 per Mcf, or 7%, compared to the prior year, as gains in Seneca's hedging portfolio more than offset wider basis differentials and lower NYMEX prices during the quarter.
During the fourth quarter, Seneca produced 104 Bcf of natural gas, a decrease of 7.5 Bcf, or 7%, compared to the prior year, as production from recently turned-in-line wells was more than offset by natural declines from existing wells.
| Three Months Ended | |||||||||||||||||||||||||||||||||||
| September 30, | |||||||||||||||||||||||||||||||||||
| (Cost per Mcf) | 2026 | 2025 | Variance | ||||||||||||||||||||||||||||||||
| Upstream General and Administrative Expense (“G&A”) | $ | 0.19 | $ | 0.17 | $ | 0.02 | |||||||||||||||||||||||||||||
| Lease Operating Expense (“LOE”) | $ | 0.16 | $ | 0.13 | $ | 0.03 | |||||||||||||||||||||||||||||
| Gathering Operation and Maintenance Expense ("O&M") | $ | 0.15 | $ | 0.13 | $ | 0.02 | |||||||||||||||||||||||||||||
| Taxes and Other | $ | 0.08 | $ | 0.10 | $ | (0.02) | |||||||||||||||||||||||||||||
| Total Cash Operating Costs | $ | 0.58 | $ | 0.53 | $ | 0.05 | |||||||||||||||||||||||||||||
| Depreciation, Depletion and Amortization Expense (“DD&A”) | $ | 0.81 | $ | 0.74 | $ | 0.07 | |||||||||||||||||||||||||||||
| Total Operating Costs | $ | 1.39 | $ | 1.27 | $ | 0.12 | |||||||||||||||||||||||||||||
On a per unit basis, fourth quarter total operating costs were $0.12 higher compared to the prior year, primarily due to higher per unit LOE and DD&A expense. Consistent with previous quarters during the fiscal year, the increase in per unit LOE compared to the prior year was largely driven by additional third-party gathering expenses. The increase in DD&A expense was largely driven by the impact of ceiling test impairments Seneca recorded in fiscal 2025 that artificially lowered the per unit DD&A rate in the prior year.
The decrease in income taxes was primarily driven by higher tax benefits associated with corporate tax losses, a portion of which was allocated to the IUG segment.
Proved Reserves Year-End Update
Seneca’s total proved reserves at September 30, 2026 were 5,191 Bcfe, an increase of 209 Bcfe, or 4%, from September 30, 2025. This increase was a result of Seneca replacing 150% of its fiscal 2026 production. Proved developed reserves at the end of fiscal 2026 were 3,707 Bcfe, representing 71% of total proved reserves.
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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. The Pipeline and Storage segment does not include financial results from Honeoye Storage Corporation ("HSC"), which the Company acquired on October 30, 2026.
| Three Months Ended | |||||||||||||||||||||||||||||||||||
| September 30, | |||||||||||||||||||||||||||||||||||
| (in thousands) | 2026 | 2025 | Variance | ||||||||||||||||||||||||||||||||
| GAAP Earnings | $ | 26,239 | $ | 27,938 | $ | (1,699) | |||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 61,486 | $ | 62,639 | $ | (1,153) | |||||||||||||||||||||||||||||
The Pipeline and Storage segment’s fourth quarter GAAP earnings decreased $1.7 million versus the prior year, as higher operating revenues were more than offset by higher O&M and DD&A expense.
Operating revenues increased $1.0 million, primarily driven by higher transportation revenues related to new long-term contracts. O&M expense increased $2.0 million, primarily due to higher fuel and material costs. DD&A expense increased $1.4 million, primarily due to higher average depreciable plant in service compared to the prior year.
Utility Segment
The Utility segment operations are carried out by National Fuel Gas Distribution Corporation (“Distribution Corporation”), which sells or transports natural gas to customers located in western New York and northwestern Pennsylvania.
| Three Months Ended | |||||||||||||||||||||||||||||||||||
| September 30, | |||||||||||||||||||||||||||||||||||
| (in thousands) | 2026 | 2025 | Variance | ||||||||||||||||||||||||||||||||
| GAAP Earnings | $ | (15,058) | $ | (17,790) | $ | 2,732 | |||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 3,449 | $ | 2,036 | $ | 1,413 | |||||||||||||||||||||||||||||
The Utility segment’s fourth quarter GAAP earnings increased $2.7 million, as higher customer margin (operating revenue less purchased gas sold) was partially offset by higher O&M expense. The $6.2 million increase in customer margin was primarily driven by the impact of usage, the implementation of year two of the multi-year joint settlement in New York, and revenues from the Utility's Distribution System Improvement Charge in Pennsylvania. Partially offsetting the increase in customer margin was higher O&M expense, primarily driven by higher fuel costs, as well as an increase in uncollectible expense largely due to a non-recurring benefit from a regulatory adjustment in the prior year.
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Corporate and All Other
| Three Months Ended | |||||||||||||||||||||||||||||||||||
| September 30, | |||||||||||||||||||||||||||||||||||
| (in thousands) | 2026 | 2025 | Variance | ||||||||||||||||||||||||||||||||
| GAAP Earnings | $ | (29,111) | $ | (6,299) | $ | (22,812) | |||||||||||||||||||||||||||||
| Costs related to Ohio gas utility acquisition | 10,643 | 1,061 | 9,582 | ||||||||||||||||||||||||||||||||
| Tax impact of costs related to Ohio acquisition | (2,479) | (246) | (2,233) | ||||||||||||||||||||||||||||||||
| Net interest benefit from equity issuance related to Ohio acquisition | (3,608) | — | (3,608) | ||||||||||||||||||||||||||||||||
| Tax impact of net interest benefit from equity issuance | 840 | — | 840 | ||||||||||||||||||||||||||||||||
| Interest expense from long-term debt issuances for Ohio acquisition, net of interest benefit | 4,268 | — | 4,268 | ||||||||||||||||||||||||||||||||
| Tax impact of interest expense from long-term debt issuances, net of interest benefit | (994) | — | (994) | ||||||||||||||||||||||||||||||||
| Costs related to pending spin-off of Integrated Upstream & Gathering business | 7,214 | — | 7,214 | ||||||||||||||||||||||||||||||||
| Tax impact of costs related to pending spin-off of Integrated Upstream & Gathering business | (1,680) | — | (1,680) | ||||||||||||||||||||||||||||||||
| Unrealized (gain) loss on other investments | 229 | (672) | 901 | ||||||||||||||||||||||||||||||||
| Tax impact of unrealized (gain) loss on other investments | (48) | 141 | (189) | ||||||||||||||||||||||||||||||||
| Adjusted Earnings | $ | (14,726) | $ | (6,015) | $ | (8,711) | |||||||||||||||||||||||||||||
The Company’s operations that are included in Corporate and All Other generated a combined net loss of $29.1 million in the fourth quarter, largely due to transaction and financing costs related to the Ohio gas utility acquisition that closed on October 1, 2026, and costs related to the pending IUG separation.
EARNINGS TELECONFERENCE
A conference call to discuss the results will be held on Thursday, November 5, 2026, at 9 a.m. ET. All participants must pre-register to join this conference using the Participant Registration link. A webcast link to the conference call is provided under the Events Calendar on the NFG Investor Relations website at investor.nationalfuelgas.com, and a replay of the webcast will be available on the website following the call.
National Fuel is an integrated energy company reporting financial results for three operating segments: Integrated Upstream and Gathering, Pipeline and Storage, and Utility. Additional information about National Fuel is available at www.nationalfuel.com.
| Analyst Contact: | Ryan P. Vossler | 716-857-7158 | ||||||
| Media Contact: | Karen L. Merkel | 716-857-7654 | ||||||
Certain statements contained herein, including statements identified by the use of the words “anticipates,” “believes,” “could,” “estimates,” “expects,” “forecasts,” “guidance,” “intends,” “may,” “might,” “outlook,” “plans,” “potential,” “predicts,” “projects,” “seeks,” “targets,” “will,” “would”, and variations of such words and similar future or conditional expressions, and statements which are other than statements of historical facts, are intended to identify “forward-looking statements” as defined under U.S. federal securities laws, including, but not limited to, statements, estimates, and projections relating to the potential separation of the Company into two companies (the “Separation”), including the timing and structure of the Separation, the characteristics of the separated businesses, and the expected benefits of the Separation, future operating and financial performance and long-term strategy, and the assumptions underlying such expected benefits, targets, strategies, and statements. These forward-looking statements are based on management’s beliefs, expectations, estimates, and projections at the time they are made and are not guarantees of future performance. 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. There can be no guarantees with respect to whether the Separation will be completed. In addition to other factors, the following are among the important factors that could cause actual results to differ materially from those discussed in the forward-looking statements: the ability to effect the Separation and to meet the conditions related thereto; the ability to obtain any consents or approvals required to complete the Separation; the ability of the separated companies to each succeed as standalone publicly traded companies; negative effects of the announcement or pendency of the Separation on the market price of the Company’s securities and/or on the Company’s financial performance; the possibility that the Separation will not achieve its intended benefits; the possibility of disruption, including disputes, litigation, or unanticipated costs in connection with the Separation; the impact of the Separation on the Company’s businesses and the risk that the Separation may be more
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Page 7.
difficult, time-consuming, or costly than expected, including the impact on the Company’s resources, systems, procedures, and controls, diversion of management’s attention, and the impact and possible disruption of existing relationships with regulators, customers, suppliers, employees, and other business counterparties; the ability to achieve anticipated capital structures in connection with the Separation; the ability to achieve anticipated credit ratings in connection with the Separation; the ability to achieve anticipated tax treatments in connection with the Separation and future, if any, divestitures, mergers, acquisitions, and other portfolio changes, and the impact of changes in relevant tax and other laws and regulations; the Company's ability to complete strategic transactions, such as the plan to separate the Company into two independent, publicly traded companies through a tax-free spin-off of the Company’s Integrated Upstream and Gathering business, including receipt of required regulatory clearances and satisfaction of other conditions to closing, and to recognize the anticipated benefits of such transactions; 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; governmental/regulatory actions and/or market pressures to reduce or eliminate reliance on natural gas; the Company’s ability to estimate accurately the time and resources necessary to meet emissions targets; changes in the price of natural gas; impairments under the SEC’s full cost ceiling test for natural gas reserves; the creditworthiness or performance of the Company’s key suppliers, customers, and counterparties; financial and economic conditions, including the availability of credit, and occurrences affecting the Company’s ability to obtain financing on acceptable terms for working capital, capital expenditures, other investments, and acquisitions, including any downgrades in the Company’s credit ratings and changes in interest rates and other capital market conditions; negotiations with the collective bargaining units representing the Company’s workforce, including potential work stoppages during negotiations; changes in price differentials between similar quantities of natural gas sold at different geographic locations, and the effect of such changes on commodity production, revenues, and demand for pipeline transportation capacity to or from such locations; the impact of information technology disruptions, cybersecurity, or data security breaches, including the impact of issues that may arise from the use of artificial intelligence technologies; factors affecting the Company’s ability to successfully identify, drill for, and produce economically viable natural gas reserves, including, among others, geology, lease availability and costs, title disputes, weather conditions, water availability and disposal or recycling opportunities of used water, shortages, delays, or unavailability of equipment and services required in drilling operations, insufficient gathering, processing, and transportation capacity, the need to obtain governmental approvals and permits, and compliance with environmental laws and regulations; increased costs, delays, or changes in plans with respect to Company projects or related projects of other companies, as well as difficulties or delays in obtaining necessary governmental approvals, permits or orders or in obtaining the cooperation of interconnecting facility operators; increasing health care costs and the resulting effect on health insurance premiums and on the obligation to provide other post-retirement benefits; other changes in price differentials between similar quantities of natural gas having different quality, heating value, hydrocarbon mix or delivery date; the cost and effects of legal and administrative claims against the Company or activist shareholder campaigns to effect changes at the Company; uncertainty of natural gas reserve estimates; significant differences between the Company’s projected and actual production levels for natural gas; changes in demographic patterns and weather conditions, including those related to climate change; changes in the availability, price, or accounting treatment of derivative financial instruments; changes in laws, actuarial assumptions, the interest rate environment, and the return on plan/trust assets related to the Company’s pension and other post-retirement benefits, which can affect future funding obligations and costs and plan liabilities; economic disruptions or uninsured losses resulting from major accidents, fires, severe weather, natural disasters, terrorist activities, or acts of war, as well as economic and operational disruptions due to third-party outages; significant differences between the Company’s projected and actual capital expenditures and operating expenses; increasing costs of insurance, changes in coverage, and the ability to obtain insurance; other factors described in the risk factors set forth in the Company’s filings with the U.S. Securities and Exchange Commission, including the Company’s most recently filed Annual Report on Form 10-K and subsequent Current Reports on Form 8-K and Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation, and disclaims any duty to update, revise, or withdraw any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by applicable law or regulation.
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Page 8.
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
GUIDANCE SUMMARY
As discussed on page 2, the Company is initiating preliminary adjusted earnings per share guidance for fiscal 2027. Additional details on the Company's forecast assumptions and business segment guidance are outlined in the table below. IUG will remain part of National Fuel's consolidated financial results until completion of the planned separation. Accordingly, the Company's fiscal 2027 guidance includes the expected results of IUG for the full fiscal year.
While the Company expects to record certain adjustments to unrealized gain or loss on investments during the fiscal year ending September 30, 2027, 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.
| FY 2027 Guidance | |||||||||||
| Consolidated Adjusted Earnings per Share | $6.00 - $6.40 | ||||||||||
| Consolidated Effective Tax Rate | ~ 24.0% | ||||||||||
Capital Expenditures (Millions) | |||||||||||
| Integrated Upstream and Gathering | $600 - $640(1) | ||||||||||
| Pipeline and Storage | $140 - $180 | ||||||||||
| Utility | $350 - $400 | ||||||||||
| Consolidated Capital Expenditures | $1,090 - $1,220 | ||||||||||
| Integrated Upstream & Gathering Segment Guidance | |||||||||||
| Commodity Price Assumptions | |||||||||||
| NYMEX natural gas price (per MMBtu) | $2.85 | ||||||||||
| Appalachian basin spot price (per MMBtu) | $2.15 | ||||||||||
| Production (Bcf) | 400 to 435 | ||||||||||
Integrated Operating Costs ($/Mcf) | |||||||||||
| Upstream General and Administrative Expense | $0.19 - $0.20 | ||||||||||
| Lease Operating Expense | $0.16 - $0.17 | ||||||||||
| Gathering Operation and Maintenance Expense | $0.13 - $0.14 | ||||||||||
| Depreciation, Depletion and Amortization | $0.84 - $0.86 | ||||||||||
Pipeline and Storage Segment Revenues (Millions) | $475 - $500 | ||||||||||
Utility Segment Guidance (Millions) | |||||||||||
| Operating Income | $235 - $255 | ||||||||||
| Non-Service Pension & OPEB Income | $23 - $27 | ||||||||||
(1) Integrated Upstream and Gathering Capital Expenditures exclude $50 to $100 million of discretionary land spending.
Page 9.
| NATIONAL FUEL GAS COMPANY | |||||||||||||||||||||||||||||||||||||||||
| RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS | |||||||||||||||||||||||||||||||||||||||||
| QUARTER ENDED SEPTEMBER 30, 2026 | |||||||||||||||||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||||||||||||||||
| Integrated | |||||||||||||||||||||||||||||||||||||||||
| Upstream | Pipeline & | Corporate / | |||||||||||||||||||||||||||||||||||||||
| (Thousands of Dollars) | & Gathering | Storage | Utility | All Other | Consolidated(1) | ||||||||||||||||||||||||||||||||||||
| Fourth quarter 2025 GAAP earnings | $ | 103,493 | $ | 27,938 | $ | (17,790) | $ | (6,299) | $ | 107,342 | |||||||||||||||||||||||||||||||
| Items impacting comparability: | |||||||||||||||||||||||||||||||||||||||||
| Tax impact of unrealized (gain) loss on derivative asset | 3,402 | 3,402 | |||||||||||||||||||||||||||||||||||||||
| Costs related to Ohio gas utility acquisition | 1,061 | 1,061 | |||||||||||||||||||||||||||||||||||||||
| Tax impact of costs related to Ohio gas utility acquisition | (246) | (246) | |||||||||||||||||||||||||||||||||||||||
| Unrealized (gain) loss on other investments | (672) | (672) | |||||||||||||||||||||||||||||||||||||||
Tax impact of unrealized (gain) loss on other investments | 141 | 141 | |||||||||||||||||||||||||||||||||||||||
| Fourth quarter 2025 adjusted earnings | 106,895 | 27,938 | (17,790) | (6,015) | 111,028 | ||||||||||||||||||||||||||||||||||||
Drivers of adjusted earnings(2) | |||||||||||||||||||||||||||||||||||||||||
| Integrated Upstream and Gathering Revenues | |||||||||||||||||||||||||||||||||||||||||
| Higher (lower) natural gas production | (15,530) | (15,530) | |||||||||||||||||||||||||||||||||||||||
| Higher (lower) realized natural gas prices, after hedging | 16,226 | 16,226 | |||||||||||||||||||||||||||||||||||||||
| Higher (lower) other operating revenues | (514) | (514) | |||||||||||||||||||||||||||||||||||||||
| Pipeline and Storage Revenues | |||||||||||||||||||||||||||||||||||||||||
| Higher (lower) operating revenues | 766 | 766 | |||||||||||||||||||||||||||||||||||||||
Utility Margins(3) | |||||||||||||||||||||||||||||||||||||||||
| Higher (lower) margin | 4,874 | 4,874 | |||||||||||||||||||||||||||||||||||||||
| Operating Expenses | |||||||||||||||||||||||||||||||||||||||||
| Lower (higher) lease operating expenses | (1,071) | (1,071) | |||||||||||||||||||||||||||||||||||||||
| Lower (higher) operating expenses | (1,555) | (3,704) | (3,239) | (8,498) | |||||||||||||||||||||||||||||||||||||
| Lower (higher) property, franchise and other taxes | 1,305 | 1,305 | |||||||||||||||||||||||||||||||||||||||
| Lower (higher) depreciation / depletion | (966) | (1,138) | 456 | (1,648) | |||||||||||||||||||||||||||||||||||||
| Other Income (Expense) | |||||||||||||||||||||||||||||||||||||||||
| Higher (lower) other income | 1,329 | 1,329 | |||||||||||||||||||||||||||||||||||||||
| (Higher) lower interest expense | 3,111 | (1,292) | (886) | 933 | |||||||||||||||||||||||||||||||||||||
| Income Taxes | |||||||||||||||||||||||||||||||||||||||||
| Lower (higher) income tax expense / effective tax rate | 6,422 | 313 | 842 | (4,865) | 2,712 | ||||||||||||||||||||||||||||||||||||
| All other / rounding | (439) | (122) | 264 | 279 | (18) | ||||||||||||||||||||||||||||||||||||
| Fourth quarter 2026 adjusted earnings | 115,439 | 26,239 | (15,058) | (14,726) | 111,894 | ||||||||||||||||||||||||||||||||||||
| Items impacting comparability: | |||||||||||||||||||||||||||||||||||||||||
| Costs related to Ohio gas utility acquisition | (10,643) | (10,643) | |||||||||||||||||||||||||||||||||||||||
| Tax impact of costs related to Ohio gas utility acquisition | 2,479 | 2,479 | |||||||||||||||||||||||||||||||||||||||
| Net interest benefit from equity issuance related to Ohio acquisition | 3,608 | 3,608 | |||||||||||||||||||||||||||||||||||||||
| Tax impact of net interest benefit from equity issuance | (840) | (840) | |||||||||||||||||||||||||||||||||||||||
| Interest expense from long-term debt issuances for Ohio acquisition, net of interest benefit | (4,268) | (4,268) | |||||||||||||||||||||||||||||||||||||||
| Tax impact of interest expense from long-term debt issuances, net of interest benefit | 994 | 994 | |||||||||||||||||||||||||||||||||||||||
| Costs related to pending spin-off of Integrated Upstream & Gathering business | (7,214) | (7,214) | |||||||||||||||||||||||||||||||||||||||
| Tax impact of costs related to pending spin-off of Integrated Upstream & Gathering business | 1,680 | 1,680 | |||||||||||||||||||||||||||||||||||||||
| Unrealized gain (loss) on other investments | (229) | (229) | |||||||||||||||||||||||||||||||||||||||
| Tax impact of unrealized gain (loss) on other investments | 48 | 48 | |||||||||||||||||||||||||||||||||||||||
| Fourth quarter 2026 GAAP earnings | $ | 115,439 | $ | 26,239 | $ | (15,058) | $ | (29,111) | $ | 97,509 | |||||||||||||||||||||||||||||||
(1) Amounts do not reflect intercompany eliminations. | |||||||||||||||||||||||||||||||||||||||||
(2) Drivers of adjusted earnings have been calculated using the 21% federal statutory rate. | |||||||||||||||||||||||||||||||||||||||||
(3) Utility margin defined as operating revenues less purchased gas expense. | |||||||||||||||||||||||||||||||||||||||||
Page 10.
| NATIONAL FUEL GAS COMPANY | |||||||||||||||||||||||||||||||||||||||||
| RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE | |||||||||||||||||||||||||||||||||||||||||
| QUARTER ENDED SEPTEMBER 30, 2026 | |||||||||||||||||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||||||||||||||||
| Integrated | |||||||||||||||||||||||||||||||||||||||||
| Upstream | Pipeline & | Corporate / | |||||||||||||||||||||||||||||||||||||||
| & Gathering | Storage | Utility | All Other | Consolidated(1) | |||||||||||||||||||||||||||||||||||||
| Fourth quarter 2025 GAAP earnings per share | $ | 1.13 | $ | 0.31 | $ | (0.20) | $ | (0.06) | $ | 1.18 | |||||||||||||||||||||||||||||||
| Items impacting comparability: | |||||||||||||||||||||||||||||||||||||||||
| Unrealized (gain) loss on derivative asset, net of tax | 0.04 | 0.04 | |||||||||||||||||||||||||||||||||||||||
| Costs related to Ohio gas utility acquisition, net of tax | 0.01 | 0.01 | |||||||||||||||||||||||||||||||||||||||
| Unrealized (gain) loss on other investments, net of tax | (0.01) | (0.01) | |||||||||||||||||||||||||||||||||||||||
| Fourth quarter 2025 adjusted earnings per share | 1.17 | 0.31 | (0.20) | (0.06) | 1.22 | ||||||||||||||||||||||||||||||||||||
Drivers of adjusted earnings(2)(4) | |||||||||||||||||||||||||||||||||||||||||
| Integrated Upstream and Gathering Revenues | |||||||||||||||||||||||||||||||||||||||||
| Higher (lower) natural gas production | (0.17) | (0.17) | |||||||||||||||||||||||||||||||||||||||
| Higher (lower) realized natural gas prices, after hedging | 0.18 | 0.18 | |||||||||||||||||||||||||||||||||||||||
| Higher (lower) other operating revenues | (0.01) | (0.01) | |||||||||||||||||||||||||||||||||||||||
| Pipeline and Storage Revenues | |||||||||||||||||||||||||||||||||||||||||
| Higher (lower) operating revenues | 0.01 | 0.01 | |||||||||||||||||||||||||||||||||||||||
Utility Margins(3) | |||||||||||||||||||||||||||||||||||||||||
| Higher (lower) margin | 0.05 | 0.05 | |||||||||||||||||||||||||||||||||||||||
| Operating Expenses | |||||||||||||||||||||||||||||||||||||||||
| Lower (higher) lease operating expenses | (0.01) | (0.01) | |||||||||||||||||||||||||||||||||||||||
| Lower (higher) operating expenses | (0.02) | (0.04) | (0.04) | (0.10) | |||||||||||||||||||||||||||||||||||||
| Lower (higher) property, franchise and other taxes | 0.01 | 0.01 | |||||||||||||||||||||||||||||||||||||||
| Lower (higher) depreciation / depletion | (0.01) | (0.01) | — | (0.02) | |||||||||||||||||||||||||||||||||||||
| Other Income (Expense) | |||||||||||||||||||||||||||||||||||||||||
| Higher (lower) other income | 0.01 | 0.01 | |||||||||||||||||||||||||||||||||||||||
| (Higher) lower interest expense | 0.03 | (0.01) | (0.01) | 0.01 | |||||||||||||||||||||||||||||||||||||
| Income Taxes | |||||||||||||||||||||||||||||||||||||||||
| Lower (higher) income tax expense / effective tax rate | 0.07 | — | 0.01 | (0.05) | 0.03 | ||||||||||||||||||||||||||||||||||||
| All other / rounding | — | — | 0.01 | — | 0.01 | ||||||||||||||||||||||||||||||||||||
Fourth quarter 2026 adjusted earnings per share(4) | 1.26 | 0.29 | (0.17) | (0.16) | 1.22 | ||||||||||||||||||||||||||||||||||||
Items impacting comparability(4): | |||||||||||||||||||||||||||||||||||||||||
| Costs related to Ohio gas utility acquisition, net of tax | (0.09) | (0.09) | |||||||||||||||||||||||||||||||||||||||
| Impact of equity issuance related to Ohio acquisition, net of interest benefits | (0.06) | (0.01) | 0.01 | 0.04 | (0.02) | ||||||||||||||||||||||||||||||||||||
| Interest expense from long-term debt issuances for Ohio acquisition, net of tax | (0.04) | (0.04) | |||||||||||||||||||||||||||||||||||||||
| Costs related to pending spin-off of Integrated Upstream & Gathering business, net of tax | (0.06) | (0.06) | |||||||||||||||||||||||||||||||||||||||
| Unrealized gain (loss) on other investments, net of tax | — | — | |||||||||||||||||||||||||||||||||||||||
| Rounding | 0.01 | (0.01) | — | 0.01 | 0.01 | ||||||||||||||||||||||||||||||||||||
| Fourth quarter 2026 GAAP earnings per share | $ | 1.21 | $ | 0.27 | $ | (0.16) | $ | (0.30) | $ | 1.02 | |||||||||||||||||||||||||||||||
(1) Amounts do not reflect intercompany eliminations. | |||||||||||||||||||||||||||||||||||||||||
(2) Drivers of adjusted earnings have been calculated using the 21% federal statutory rate. | |||||||||||||||||||||||||||||||||||||||||
(3) Utility margin defined as operating revenues less purchased gas expense. | |||||||||||||||||||||||||||||||||||||||||
(4) As a result of the equity issuance, drivers of adjusted earnings, fourth quarter 2026 adjusted earnings per share, and items impacting comparability for the fourth quarter 2026 have been calculated using adjusted diluted shares of 91,387,071. | |||||||||||||||||||||||||||||||||||||||||
Page 11.
| NATIONAL FUEL GAS COMPANY | |||||||||||||||||||||||||||||||||||||||||
| RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS | |||||||||||||||||||||||||||||||||||||||||
| TWELVE MONTHS ENDED SEPTEMBER 30, 2026 | |||||||||||||||||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||||||||||||||||
| Integrated | |||||||||||||||||||||||||||||||||||||||||
| Upstream | Pipeline & | Corporate / | |||||||||||||||||||||||||||||||||||||||
| (Thousands of Dollars) | & Gathering | Storage | Utility | All Other | Consolidated(1) | ||||||||||||||||||||||||||||||||||||
| Fiscal 2025 GAAP earnings | $ | 324,698 | $ | 120,957 | $ | 83,249 | $ | (10,400) | $ | 518,504 | |||||||||||||||||||||||||||||||
| Items impacting comparability: | |||||||||||||||||||||||||||||||||||||||||
| Impairment of assets | 141,802 | 141,802 | |||||||||||||||||||||||||||||||||||||||
| Tax impact of impairment of assets | (37,169) | (37,169) | |||||||||||||||||||||||||||||||||||||||
| Premiums paid on early redemption of debt | 2,385 | 2,385 | |||||||||||||||||||||||||||||||||||||||
| Tax impact of premiums paid on early redemption of debt | (642) | (642) | |||||||||||||||||||||||||||||||||||||||
| Unrealized (gain) loss on derivative asset | 729 | 729 | |||||||||||||||||||||||||||||||||||||||
| Tax impact of unrealized (gain) loss on derivative asset | 3,206 | 3,206 | |||||||||||||||||||||||||||||||||||||||
| Costs related to Ohio gas utility acquisition | 1,061 | 1,061 | |||||||||||||||||||||||||||||||||||||||
| Tax impact of costs related to Ohio gas utility acquisition | (246) | (246) | |||||||||||||||||||||||||||||||||||||||
| Unrealized (gain) loss on other investments | 1,108 | 1,108 | |||||||||||||||||||||||||||||||||||||||
Tax impact of unrealized (gain) loss on other investments | (233) | (233) | |||||||||||||||||||||||||||||||||||||||
| Fiscal 2025 adjusted earnings | 435,009 | 120,957 | 83,249 | (8,710) | 630,505 | ||||||||||||||||||||||||||||||||||||
Drivers of adjusted earnings(2) | |||||||||||||||||||||||||||||||||||||||||
| Integrated Upstream and Gathering Revenues | |||||||||||||||||||||||||||||||||||||||||
| Higher (lower) natural gas production | (14,693) | (14,693) | |||||||||||||||||||||||||||||||||||||||
| Higher (lower) realized natural gas prices, after hedging | 94,597 | 94,597 | |||||||||||||||||||||||||||||||||||||||
| Pipeline and Storage Revenues | |||||||||||||||||||||||||||||||||||||||||
| Higher (lower) operating revenues | 3,247 | 3,247 | |||||||||||||||||||||||||||||||||||||||
Utility Margins(3) | |||||||||||||||||||||||||||||||||||||||||
| Higher (lower) margin | 24,613 | 24,613 | |||||||||||||||||||||||||||||||||||||||
| Operating Expenses | |||||||||||||||||||||||||||||||||||||||||
| Lower (higher) lease operating expenses | (12,386) | (12,386) | |||||||||||||||||||||||||||||||||||||||
| Lower (higher) operating expenses | (1,387) | (3,113) | (14,004) | (5,647) | (24,151) | ||||||||||||||||||||||||||||||||||||
| Lower (higher) property, franchise and other taxes | 1,664 | 700 | (1,685) | 679 | |||||||||||||||||||||||||||||||||||||
| Lower (higher) depreciation / depletion | (15,911) | (3,497) | (2,122) | (21,530) | |||||||||||||||||||||||||||||||||||||
| Other Income (Expense) | |||||||||||||||||||||||||||||||||||||||||
| Higher (lower) other income | 1,015 | 503 | 1,518 | ||||||||||||||||||||||||||||||||||||||
| (Higher) lower interest expense | 13,621 | (1,827) | (2,835) | 8,959 | |||||||||||||||||||||||||||||||||||||
| Income Taxes | |||||||||||||||||||||||||||||||||||||||||
Lower (higher) income tax expense / effective tax rate | 4,134 | 1,453 | (449) | (5,660) | (522) | ||||||||||||||||||||||||||||||||||||
| All other / rounding | (941) | (116) | (551) | 552 | (1,056) | ||||||||||||||||||||||||||||||||||||
| Fiscal 2026 adjusted earnings | 503,707 | 117,804 | 90,066 | (21,797) | 689,780 | ||||||||||||||||||||||||||||||||||||
| Items impacting comparability: | |||||||||||||||||||||||||||||||||||||||||
| Costs related to Ohio gas utility acquisition | (27,020) | (27,020) | |||||||||||||||||||||||||||||||||||||||
| Tax impact of costs related to Ohio gas utility acquisition | 6,275 | 6,275 | |||||||||||||||||||||||||||||||||||||||
| Net interest benefit from equity issuance related to Ohio acquisition | 11,105 | 11,105 | |||||||||||||||||||||||||||||||||||||||
| Tax impact of net interest benefit from equity issuance | (2,578) | (2,578) | |||||||||||||||||||||||||||||||||||||||
| Interest expense from long-term debt issuances for Ohio acquisition, net of interest benefit | (5,397) | (5,397) | |||||||||||||||||||||||||||||||||||||||
| Tax impact of interest expense from long-term debt issuances, net of interest benefit | 1,255 | 1,255 | |||||||||||||||||||||||||||||||||||||||
| Costs related to pending spin-off of Integrated Upstream & Gathering business | (9,804) | (9,804) | |||||||||||||||||||||||||||||||||||||||
| Tax Impact of costs related to pending spin-off of Integrated Upstream & Gathering business | 2,281 | 2,281 | |||||||||||||||||||||||||||||||||||||||
| Premiums paid on early redemption of debt | (413) | (413) | |||||||||||||||||||||||||||||||||||||||
| Tax impact of premiums paid on early redemption of debt | 96 | 96 | |||||||||||||||||||||||||||||||||||||||
Unrealized gain (loss) on other investments | (173) | (173) | |||||||||||||||||||||||||||||||||||||||
Tax impact of unrealized gain (loss) on other investments | 36 | 36 | |||||||||||||||||||||||||||||||||||||||
| Fiscal 2026 GAAP earnings | $ | 503,390 | $ | 117,804 | $ | 90,066 | $ | (45,817) | $ | 665,443 | |||||||||||||||||||||||||||||||
(1) Amounts do not reflect intercompany eliminations. | |||||||||||||||||||||||||||||||||||||||||
(2) Drivers of adjusted earnings have been calculated using the 21% federal statutory rate. | |||||||||||||||||||||||||||||||||||||||||
(3) Utility margin defined as operating revenues less purchased gas expense. | |||||||||||||||||||||||||||||||||||||||||
Page 12.
| NATIONAL FUEL GAS COMPANY | |||||||||||||||||||||||||||||||||||||||||
| RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE | |||||||||||||||||||||||||||||||||||||||||
| TWELVE MONTHS ENDED SEPTEMBER 30, 2026 | |||||||||||||||||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||||||||||||||||
| Integrated | |||||||||||||||||||||||||||||||||||||||||
| Upstream | Pipeline & | Corporate / | |||||||||||||||||||||||||||||||||||||||
| & Gathering | Storage | Utility | All Other | Consolidated(1) | |||||||||||||||||||||||||||||||||||||
| Fiscal 2025 GAAP earnings per share | $ | 3.56 | $ | 1.33 | $ | 0.91 | $ | (0.12) | $ | 5.68 | |||||||||||||||||||||||||||||||
| Items impacting comparability: | |||||||||||||||||||||||||||||||||||||||||
| Impairment of assets, net of tax | 1.14 | 1.14 | |||||||||||||||||||||||||||||||||||||||
| Premiums paid on early redemption of debt, net of tax | 0.02 | 0.02 | |||||||||||||||||||||||||||||||||||||||
| Unrealized (gain) loss on derivative asset, net of tax | 0.04 | 0.04 | |||||||||||||||||||||||||||||||||||||||
| Costs related to Ohio gas utility acquisition, net of tax | 0.01 | 0.01 | |||||||||||||||||||||||||||||||||||||||
| Unrealized (gain) loss on other investments, net of tax | 0.01 | 0.01 | |||||||||||||||||||||||||||||||||||||||
| Rounding | 0.01 | 0.01 | |||||||||||||||||||||||||||||||||||||||
| Fiscal 2025 adjusted earnings per share | 4.77 | 1.33 | 0.91 | (0.10) | 6.91 | ||||||||||||||||||||||||||||||||||||
Drivers of adjusted earnings(2)(4) | |||||||||||||||||||||||||||||||||||||||||
| Integrated Upstream and Gathering Revenues | |||||||||||||||||||||||||||||||||||||||||
| Higher (lower) natural gas production | (0.16) | (0.16) | |||||||||||||||||||||||||||||||||||||||
| Higher (lower) realized natural gas prices, after hedging | 1.04 | 1.04 | |||||||||||||||||||||||||||||||||||||||
| Pipeline and Storage Revenues | |||||||||||||||||||||||||||||||||||||||||
| Higher (lower) operating revenues | 0.04 | 0.04 | |||||||||||||||||||||||||||||||||||||||
Utility Margins(3) | |||||||||||||||||||||||||||||||||||||||||
| Higher (lower) margin | 0.27 | 0.27 | |||||||||||||||||||||||||||||||||||||||
| Operating Expenses | |||||||||||||||||||||||||||||||||||||||||
| Lower (higher) lease operating expenses | (0.14) | (0.14) | |||||||||||||||||||||||||||||||||||||||
| Lower (higher) operating expenses | (0.02) | (0.03) | (0.15) | (0.06) | (0.26) | ||||||||||||||||||||||||||||||||||||
| Lower (higher) property, franchise and other taxes | 0.02 | 0.01 | (0.02) | 0.01 | |||||||||||||||||||||||||||||||||||||
| Lower (higher) depreciation / depletion | (0.17) | (0.04) | (0.02) | (0.23) | |||||||||||||||||||||||||||||||||||||
| Other Income (Expense) | |||||||||||||||||||||||||||||||||||||||||
| Higher (lower) other income | 0.01 | 0.01 | 0.02 | ||||||||||||||||||||||||||||||||||||||
| (Higher) lower interest expense | 0.15 | (0.02) | (0.03) | 0.10 | |||||||||||||||||||||||||||||||||||||
| Income Taxes | |||||||||||||||||||||||||||||||||||||||||
Lower (higher) income tax expense / effective tax rate | 0.05 | 0.02 | — | (0.06) | 0.01 | ||||||||||||||||||||||||||||||||||||
| All other / rounding | (0.02) | (0.02) | (0.01) | (0.01) | (0.06) | ||||||||||||||||||||||||||||||||||||
Fiscal 2026 adjusted earnings per share(4) | 5.52 | 1.29 | 0.99 | (0.25) | 7.55 | ||||||||||||||||||||||||||||||||||||
Items impacting comparability(4): | |||||||||||||||||||||||||||||||||||||||||
| Costs related to Ohio gas utility acquisition, net of tax | (0.23) | (0.23) | |||||||||||||||||||||||||||||||||||||||
| Impact of equity issuance related to Ohio acquisition, net of interest benefits | (0.20) | (0.05) | (0.04) | 0.12 | (0.17) | ||||||||||||||||||||||||||||||||||||
| Interest expense from long-term debt issuances for Ohio acquisition, net of tax | (0.05) | (0.05) | |||||||||||||||||||||||||||||||||||||||
| Costs related to pending spin-off of Integrated Upstream & Gathering business, net of tax | (0.08) | (0.08) | |||||||||||||||||||||||||||||||||||||||
| Premiums paid on early redemption of debt, net of tax | — | — | |||||||||||||||||||||||||||||||||||||||
| Unrealized gain (loss) on other investments, net of tax | — | — | |||||||||||||||||||||||||||||||||||||||
| Rounding | (0.01) | 0.01 | — | ||||||||||||||||||||||||||||||||||||||
| Fiscal 2026 GAAP earnings per share | $ | 5.31 | $ | 1.24 | $ | 0.95 | $ | (0.48) | $ | 7.02 | |||||||||||||||||||||||||||||||
(1) Amounts do not reflect intercompany eliminations. | |||||||||||||||||||||||||||||||||||||||||
(2) Drivers of adjusted earnings have been calculated using the 21% federal statutory rate. | |||||||||||||||||||||||||||||||||||||||||
(3) Utility margin defined as operating revenues less purchased gas expense. | |||||||||||||||||||||||||||||||||||||||||
(4) As a result of the equity issuance, drivers of adjusted earnings, fiscal 2026 adjusted earnings per share, and items impacting comparability for the twelve months ended September 30, 2026 have been calculated using adjusted diluted shares of 91,309,528. | |||||||||||||||||||||||||||||||||||||||||
Page 13.
| NATIONAL FUEL GAS COMPANY | ||||||||||||||||||||||||||
| AND SUBSIDIARIES | ||||||||||||||||||||||||||
| (Thousands of Dollars, except per share amounts) | ||||||||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||||||||||||
| SUMMARY OF OPERATIONS | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| Operating Revenues: | ||||||||||||||||||||||||||
| Utility Revenues | $ | 97,910 | $ | 87,829 | $ | 948,168 | $ | 817,274 | ||||||||||||||||||
| Integrated Upstream and Gathering Revenues | 300,062 | 300,362 | 1,284,623 | 1,184,136 | ||||||||||||||||||||||
| Pipeline and Storage Revenues | 69,873 | 68,215 | 282,431 | 276,131 | ||||||||||||||||||||||
| 467,845 | 456,406 | 2,515,222 | 2,277,541 | |||||||||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||
| Purchased Gas | (10,902) | (15,221) | 312,433 | 213,441 | ||||||||||||||||||||||
| Operation and Maintenance: | ||||||||||||||||||||||||||
| Utility | 60,192 | 55,895 | 247,741 | 230,639 | ||||||||||||||||||||||
| Integrated Upstream and Gathering and Other | 82,558 | 59,432 | 263,462 | 206,616 | ||||||||||||||||||||||
| Pipeline and Storage | 35,876 | 34,066 | 124,335 | 120,610 | ||||||||||||||||||||||
| Property, Franchise and Other Taxes | 20,947 | 22,930 | 93,466 | 94,380 | ||||||||||||||||||||||
| Depreciation, Depletion and Amortization | 121,679 | 119,539 | 484,091 | 456,594 | ||||||||||||||||||||||
| Impairment of Assets | — | — | — | 141,802 | ||||||||||||||||||||||
| 310,350 | 276,641 | 1,525,528 | 1,464,082 | |||||||||||||||||||||||
| Operating Income | 157,495 | 179,765 | 989,694 | 813,459 | ||||||||||||||||||||||
| Other Income (Expense): | ||||||||||||||||||||||||||
| Other Income | 16,816 | 4,941 | 53,917 | 36,428 | ||||||||||||||||||||||
| Interest Expense on Long-Term Debt | (44,790) | (33,514) | (141,566) | (140,870) | ||||||||||||||||||||||
| Other Interest Expense | (1,385) | (1,931) | (17,730) | (14,964) | ||||||||||||||||||||||
| Income Before Income Taxes | 128,136 | 149,261 | 884,315 | 694,053 | ||||||||||||||||||||||
| Income Tax Expense | 30,627 | 41,919 | 218,872 | 175,549 | ||||||||||||||||||||||
| Net Income Available for Common Stock | $ | 97,509 | $ | 107,342 | $ | 665,443 | $ | 518,504 | ||||||||||||||||||
| Earnings Per Common Share | ||||||||||||||||||||||||||
| Basic | $ | 1.03 | $ | 1.19 | $ | 7.07 | $ | 5.73 | ||||||||||||||||||
| Diluted | $ | 1.02 | $ | 1.18 | $ | 7.02 | $ | 5.68 | ||||||||||||||||||
| Weighted Average Common Shares: | ||||||||||||||||||||||||||
| Used in Basic Calculation | 95,046,808 | 90,366,462 | 94,062,053 | 90,500,916 | ||||||||||||||||||||||
| Used in Diluted Calculation | 95,789,584 | 91,189,155 | 94,783,291 | 91,227,473 | ||||||||||||||||||||||
Page 14.
| NATIONAL FUEL GAS COMPANY | |||||||||||
| AND SUBSIDIARIES | |||||||||||
| CONSOLIDATED BALANCE SHEETS | |||||||||||
| (Unaudited) | |||||||||||
| September 30, | September 30, | ||||||||||
| (Thousands of Dollars) | 2026 | 2025 | |||||||||
| ASSETS | |||||||||||
| Property, Plant and Equipment | $16,488,318 | $15,406,329 | |||||||||
| Less - Accumulated Depreciation, Depletion and Amortization | 8,103,721 | 7,693,687 | |||||||||
Net Property, Plant and Equipment | 8,384,597 | 7,712,642 | |||||||||
| Current Assets: | |||||||||||
| Cash and Temporary Cash Investments | 39.351 | 43,166 | |||||||||
| Cash Held in Escrow | 1,440,351 | — | |||||||||
| Receivables - Net | 201,326 | 180,801 | |||||||||
| Unbilled Revenue | 21,359 | 16,219 | |||||||||
| Gas Stored Underground | 36,171 | 33,468 | |||||||||
| Materials and Supplies - at average cost | 51,166 | 50,545 | |||||||||
| Unrecovered Purchased Gas Costs | 16,361 | 5,769 | |||||||||
| Other Current Assets | 88,878 | 80,759 | |||||||||
Total Current Assets | 1,894,963 | 410,727 | |||||||||
| Other Assets: | |||||||||||
| Recoverable Future Taxes | 98,560 | 89,247 | |||||||||
| Unamortized Debt Expense | 5,332 | 6,236 | |||||||||
| Other Regulatory Assets | 104,847 | 135,486 | |||||||||
| Deferred Charges | 124,695 | 73,941 | |||||||||
| Other Investments | 63,825 | 68,346 | |||||||||
| Goodwill | 5,476 | 5,476 | |||||||||
| Prepaid Pension and Post-Retirement Benefit Costs | 190,431 | 169,228 | |||||||||
| Fair Value of Derivative Financial Instruments | 145,364 | 39,388 | |||||||||
| Other | 11,224 | 8,387 | |||||||||
Total Other Assets | 749,754 | 595,735 | |||||||||
| Total Assets | $11,029,314 | $8,719,104 | |||||||||
| CAPITALIZATION AND LIABILITIES | |||||||||||
| Capitalization: | |||||||||||
| Comprehensive Shareholders' Equity | |||||||||||
| Common Stock, $1 Par Value Authorized - 200,000,000 Shares; Issued and | |||||||||||
Outstanding - 95,060,376 Shares and 90,379,095 Shares, Respectively | $95,060 | $90,379 | |||||||||
| Paid in Capital | 1,398,364 | 1,050,918 | |||||||||
| Earnings Reinvested in the Business | 2,470,795 | 2,012,529 | |||||||||
| Accumulated Other Comprehensive Income (Loss) | 23,787 | (59,222) | |||||||||
| Total Comprehensive Shareholders' Equity | 3,988,006 | 3,094,604 | |||||||||
| Long-Term Debt, Net of Current Portion and Unamortized Discount and Debt Issuance Costs | 3,268,223 | 2,382,861 | |||||||||
Total Capitalization | 7,256,229 | 5,477,465 | |||||||||
| Current and Accrued Liabilities: | |||||||||||
| Notes Payable to Banks and Commercial Paper | 380,000 | 150,200 | |||||||||
| Current Portion of Long-Term Debt | 300,000 | 300,000 | |||||||||
| Accounts Payable | 190,068 | 184,046 | |||||||||
| Amounts Payable to Customers | 5,455 | 968 | |||||||||
| Dividends Payable | 52,758 | 48,353 | |||||||||
| Interest Payable on Long-Term Debt | 29,075 | 14,393 | |||||||||
| Customer Advances | 19,097 | 17,188 | |||||||||
| Customer Security Deposits | 27,255 | 29,853 | |||||||||
| Other Accruals and Current Liabilities | 227,768 | 174,689 | |||||||||
| Fair Value of Derivative Financial Instruments | 495 | 6,074 | |||||||||
Total Current and Accrued Liabilities | 1,231,971 | 925,764 | |||||||||
| Other Liabilities: | |||||||||||
| Deferred Income Taxes | 1,378,502 | 1,225,262 | |||||||||
| Taxes Refundable to Customers | 301,910 | 306,335 | |||||||||
| Cost of Removal Regulatory Liability | 322,330 | 307,659 | |||||||||
| Other Regulatory Liabilities | 105,020 | 121,944 | |||||||||
| Pension and Other Post-Retirement Liabilities | 3,253 | 5,252 | |||||||||
| Asset Retirement Obligations | 294,253 | 236,787 | |||||||||
| Other Liabilities | 135,846 | 112,636 | |||||||||
| Total Other Liabilities | 2,541,114 | 2,315,875 | |||||||||
| Commitments and Contingencies | — | — | |||||||||
| Total Capitalization and Liabilities | $11,029,314 | $8,719,104 | |||||||||
Page 15.
| NATIONAL FUEL GAS COMPANY | ||||||||||||||
| AND SUBSIDIARIES | ||||||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||
| (Unaudited) | ||||||||||||||
| Twelve Months Ended | ||||||||||||||
| September 30, | ||||||||||||||
| (Thousands of Dollars) | 2026 | 2025 | ||||||||||||
| Operating Activities: | ||||||||||||||
| Net Income Available for Common Stock | $ | 665,443 | $ | 518,504 | ||||||||||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||||||||||||||
| Impairment of Assets | — | 141,802 | ||||||||||||
| Depreciation, Depletion and Amortization | 484,091 | 456,594 | ||||||||||||
| Deferred Income Taxes | 109,257 | 121,274 | ||||||||||||
| Premium Paid on Early Redemption of Debt | 413 | 2,385 | ||||||||||||
| Stock-Based Compensation | 20,444 | 19,754 | ||||||||||||
| Other | 24,256 | 24,936 | ||||||||||||
| Change in: | ||||||||||||||
| Receivables and Unbilled Revenue | (22,369) | (54,521) | ||||||||||||
| Gas Stored Underground and Materials and Supplies | (3,197) | (1,378) | ||||||||||||
| Unrecovered Purchased Gas Costs | (10,592) | (5,769) | ||||||||||||
| Other Current Assets | (8,119) | 11,387 | ||||||||||||
| Accounts Payable | 18,532 | 12,785 | ||||||||||||
| Amounts Payable to Customers | 4,487 | (41,752) | ||||||||||||
| Customer Advances | 1,909 | (2,185) | ||||||||||||
| Customer Security Deposits | (2,598) | (6,412) | ||||||||||||
| Other Accruals and Current Liabilities | 41,710 | 489 | ||||||||||||
| Other Assets | (6,085) | (29,106) | ||||||||||||
| Other Liabilities | (45,498) | (68,760) | ||||||||||||
| Net Cash Provided by Operating Activities | $ | 1,272,084 | $ | 1,100,027 | ||||||||||
| Investing Activities: | ||||||||||||||
| Capital Expenditures | $ | (1,090,836) | $ | (912,821) | ||||||||||
| Sale of Fixed Income Mutual Fund Shares in Grantor Trust | — | 7,000 | ||||||||||||
| Other | 17,399 | 14,121 | ||||||||||||
| Net Cash Used in Investing Activities | $ | (1,073,437) | $ | (891,700) | ||||||||||
| Financing Activities: | ||||||||||||||
| Changes in Notes Payable to Banks and Commercial Paper | $ | 229,800 | $ | 59,500 | ||||||||||
| Shares Repurchased Under Repurchase Plan | — | (54,430) | ||||||||||||
| Reduction of Long-Term Debt | (601,239) | (1,004,086) | ||||||||||||
| Net Proceeds From Issuance of Long-Term Debt | 1,480,543 | 988,729 | ||||||||||||
| Dividends Paid on Common Stock | (202,772) | (188,438) | ||||||||||||
| Net Proceeds from Common Stock Sale | 338,396 | — | ||||||||||||
| Net Repurchases of Common Stock Under Stock and Benefit Plans | (6,839) | (4,658) | ||||||||||||
| Net Cash Provided by (Used in) Financing Activities | $ | 1,237,889 | $ | (203,383) | ||||||||||
| Net Increase in Cash, Cash Equivalents and Restricted Cash | 1,436,536 | 4,944 | ||||||||||||
| Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 43,166 | 38,222 | ||||||||||||
| Cash, Cash Equivalents and Restricted Cash at September 30 | $ | 1,479,702 | $ | 43,166 | ||||||||||
Page 16.
| NATIONAL FUEL GAS COMPANY | |||||||||||||||||||||||||||||||||||
| AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||
| SEGMENT OPERATING RESULTS AND STATISTICS | |||||||||||||||||||||||||||||||||||
| (UNAUDITED) | |||||||||||||||||||||||||||||||||||
| INTEGRATED UPSTREAM AND GATHERING SEGMENT | |||||||||||||||||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||||||||
| (Thousands of Dollars, except per share amounts) | September 30, | September 30, | |||||||||||||||||||||||||||||||||
| 2026 | 2025 | Variance | 2026 | 2025 | Variance | ||||||||||||||||||||||||||||||
| Total Operating Revenues | $ | 300,062 | $ | 300,362 | $ | (300) | $ | 1,284,623 | $ | 1,184,136 | $ | 100,487 | |||||||||||||||||||||||
| Operating Expenses: | |||||||||||||||||||||||||||||||||||
| Operation and Maintenance: | |||||||||||||||||||||||||||||||||||
| Upstream General and Administrative Expense | 19,430 | 18,504 | 926 | 74,795 | 75,280 | (485) | |||||||||||||||||||||||||||||
| Lease Operating Expense | 16,310 | 14,954 | 1,356 | 66,344 | 50,665 | 15,679 | |||||||||||||||||||||||||||||
| Gathering Operation and Maintenance Expense | 15,219 | 15,003 | 216 | 53,007 | 48,635 | 4,372 | |||||||||||||||||||||||||||||
| All Other Operation and Maintenance Expense | 4,070 | 5,056 | (986) | 13,917 | 16,049 | (2,132) | |||||||||||||||||||||||||||||
| Property, Franchise and Other Taxes | 4,100 | 5,752 | (1,652) | 16,219 | 18,325 | (2,106) | |||||||||||||||||||||||||||||
| Depreciation, Depletion and Amortization | 84,070 | 82,847 | 1,223 | 331,957 | 311,817 | 20,140 | |||||||||||||||||||||||||||||
| Impairment of Assets | — | — | — | — | 141,802 | (141,802) | |||||||||||||||||||||||||||||
| 143,199 | 142,116 | 1,083 | 556,239 | 662,573 | (106,334) | ||||||||||||||||||||||||||||||
| Operating Income | 156,863 | 158,246 | (1,383) | 728,384 | 521,563 | 206,821 | |||||||||||||||||||||||||||||
| Other Income (Expense): | |||||||||||||||||||||||||||||||||||
| Non-Service Pension and Post-Retirement Benefit Credit (Cost) | (81) | 37 | (118) | (325) | 147 | (472) | |||||||||||||||||||||||||||||
| Interest and Other Income | 397 | 148 | 249 | 1,384 | 716 | 668 | |||||||||||||||||||||||||||||
| Interest Expense on Long-Term Debt | — | — | — | (493) | (3,283) | 2,790 | |||||||||||||||||||||||||||||
| Interest Expense | (12,666) | (16,604) | 3,938 | (56,926) | (73,350) | 16,424 | |||||||||||||||||||||||||||||
| Income Before Income Taxes | 144,513 | 141,827 | 2,686 | 672,024 | 445,793 | 226,231 | |||||||||||||||||||||||||||||
| Income Tax Expense | 29,074 | 38,334 | (9,260) | 168,634 | 121,095 | 47,539 | |||||||||||||||||||||||||||||
| Net Income | $ | 115,439 | $ | 103,493 | $ | 11,946 | $ | 503,390 | $ | 324,698 | $ | 178,692 | |||||||||||||||||||||||
| Net Income Per Share (Diluted) | $ | 1.21 | $ | 1.13 | $ | 0.08 | $ | 5.31 | $ | 3.56 | $ | 1.75 | |||||||||||||||||||||||
Page 17.
| NATIONAL FUEL GAS COMPANY | |||||||||||||||||||||||||||||
| AND SUBSIDIARIES | |||||||||||||||||||||||||||||
| SEGMENT OPERATING RESULTS AND STATISTICS | |||||||||||||||||||||||||||||
| (UNAUDITED) | |||||||||||||||||||||||||||||
| PIPELINE AND STORAGE SEGMENT | |||||||||||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||
| (Thousands of Dollars, except per share amounts) | September 30, | September 30, | |||||||||||||||||||||||||||
| 2026 | 2025 | Variance | 2026 | 2025 | Variance | ||||||||||||||||||||||||
| Revenues from External Customers | $ | 69,873 | $ | 68,215 | 1,658 | $ | 282,431 | $ | 276,131 | $ | 6,300 | ||||||||||||||||||
| Intersegment Revenues | 36,933 | 37,622 | (689) | 149,280 | 151,470 | (2,190) | |||||||||||||||||||||||
| Total Operating Revenues | 106,806 | 105,837 | 969 | 431,711 | 427,601 | 4,110 | |||||||||||||||||||||||
| Operating Expenses: | |||||||||||||||||||||||||||||
| Purchased Gas | 523 | 32 | 491 | 449 | (10) | 459 | |||||||||||||||||||||||
| Operation and Maintenance | 36,407 | 34,439 | 1,968 | 126,320 | 122,379 | 3,941 | |||||||||||||||||||||||
| Property, Franchise and Other Taxes | 8,390 | 8,727 | (337) | 33,567 | 34,453 | (886) | |||||||||||||||||||||||
| Depreciation, Depletion and Amortization | 20,187 | 18,747 | 1,440 | 78,907 | 74,480 | 4,427 | |||||||||||||||||||||||
| 65,507 | 61,945 | 3,562 | 239,243 | 231,302 | 7,941 | ||||||||||||||||||||||||
| Operating Income | 41,299 | 43,892 | (2,593) | 192,468 | 196,299 | (3,831) | |||||||||||||||||||||||
| Other Income (Expense): | |||||||||||||||||||||||||||||
| Non-Service Pension and Post-Retirement Benefit Credit | 537 | 952 | (415) | 2,147 | 3,810 | (1,663) | |||||||||||||||||||||||
| Interest and Other Income | 2,827 | 1,161 | 1,666 | 7,268 | 6,105 | 1,163 | |||||||||||||||||||||||
| Interest Expense | (12,507) | (10,871) | (1,636) | (47,822) | (45,509) | (2,313) | |||||||||||||||||||||||
| Income Before Income Taxes | 32,156 | 35,134 | (2,978) | 154,061 | 160,705 | (6,644) | |||||||||||||||||||||||
| Income Tax Expense | 5,917 | 7,196 | (1,279) | 36,257 | 39,748 | (3,491) | |||||||||||||||||||||||
| Net Income | $ | 26,239 | $ | 27,938 | $ | (1,699) | $ | 117,804 | $ | 120,957 | $ | (3,153) | |||||||||||||||||
| Net Income Per Share (Diluted) | $ | 0.27 | $ | 0.31 | $ | (0.04) | $ | 1.24 | $ | 1.33 | $ | (0.09) | |||||||||||||||||
Page 18.
| NATIONAL FUEL GAS COMPANY | |||||||||||||||||||||||||||||
| AND SUBSIDIARIES | |||||||||||||||||||||||||||||
| SEGMENT OPERATING RESULTS AND STATISTICS | |||||||||||||||||||||||||||||
| (UNAUDITED) | |||||||||||||||||||||||||||||
| UTILITY SEGMENT | |||||||||||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||
| (Thousands of Dollars, except per share amounts) | September 30, | September 30, | |||||||||||||||||||||||||||
| 2026 | 2025 | Variance | 2026 | 2025 | Variance | ||||||||||||||||||||||||
| Revenues from External Customers | $ | 97,910 | $ | 87,829 | $ | 10,081 | $ | 948,168 | $ | 817,274 | $ | 130,894 | |||||||||||||||||
| Intersegment Revenues | 78 | 76 | 2 | 372 | 355 | 17 | |||||||||||||||||||||||
| Total Operating Revenues | 97,988 | 87,905 | 10,083 | 948,540 | 817,629 | 130,911 | |||||||||||||||||||||||
| Operating Expenses: | |||||||||||||||||||||||||||||
| Purchased Gas | 24,825 | 20,912 | 3,913 | 458,209 | 358,454 | 99,755 | |||||||||||||||||||||||
| Operation and Maintenance | 61,402 | 56,713 | 4,689 | 252,181 | 234,455 | 17,726 | |||||||||||||||||||||||
| Property, Franchise and Other Taxes | 8,312 | 8,244 | 68 | 43,139 | 41,006 | 2,133 | |||||||||||||||||||||||
| Depreciation, Depletion and Amortization | 17,216 | 17,793 | (577) | 72,387 | 69,701 | 2,686 | |||||||||||||||||||||||
| 111,755 | 103,662 | 8,093 | 825,916 | 703,616 | 122,300 | ||||||||||||||||||||||||
| Operating Income (Loss) | (13,767) | (15,757) | 1,990 | 122,624 | 114,013 | 8,611 | |||||||||||||||||||||||
| Other Income (Expense): | |||||||||||||||||||||||||||||
| Non-Service Pension and Post-Retirement Benefit Credit | 1,679 | 1,719 | (40) | 24,712 | 25,217 | (505) | |||||||||||||||||||||||
| Interest and Other Income | 1,006 | 772 | 234 | 4,431 | 2,641 | 1,790 | |||||||||||||||||||||||
| Interest Expense | (10,159) | (10,368) | 209 | (43,667) | (42,969) | (698) | |||||||||||||||||||||||
| Income (Loss) Before Income Taxes | (21,241) | (23,634) | 2,393 | 108,100 | 98,902 | 9,198 | |||||||||||||||||||||||
| Income Tax Expense (Benefit) | (6,183) | (5,844) | (339) | 18,034 | 15,653 | 2,381 | |||||||||||||||||||||||
| Net Income (Loss) | $ | (15,058) | $ | (17,790) | $ | 2,732 | $ | 90,066 | $ | 83,249 | $ | 6,817 | |||||||||||||||||
| Net Income (Loss) Per Share (Diluted) | $ | (0.16) | $ | (0.20) | $ | 0.04 | $ | 0.95 | $ | 0.91 | $ | 0.04 | |||||||||||||||||
Page 19.
| NATIONAL FUEL GAS COMPANY | |||||||||||||||||||||||||||||||||||
| AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||
| SEGMENT OPERATING RESULTS AND STATISTICS | |||||||||||||||||||||||||||||||||||
| (UNAUDITED) | |||||||||||||||||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||||||||
| (Thousands of Dollars, except per share amounts) | September 30, | September 30, | |||||||||||||||||||||||||||||||||
| ALL OTHER | 2026 | 2025 | Variance | 2026 | 2025 | Variance | |||||||||||||||||||||||||||||
| Total Operating Revenues | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||
| Operating Expenses: | |||||||||||||||||||||||||||||||||||
| Operation and Maintenance | — | — | — | — | — | — | |||||||||||||||||||||||||||||
| — | — | — | — | — | — | ||||||||||||||||||||||||||||||
| Operating Loss | — | — | — | — | — | — | |||||||||||||||||||||||||||||
| Other Income (Expense): | |||||||||||||||||||||||||||||||||||
| Interest and Other Income (Deductions) | (167) | (35) | (132) | 887 | (523) | 1,410 | |||||||||||||||||||||||||||||
| Interest Expense | (131) | (148) | 17 | (507) | (536) | 29 | |||||||||||||||||||||||||||||
| Income (Loss) before Income Taxes | (298) | (183) | (115) | 380 | (1,059) | 1,439 | |||||||||||||||||||||||||||||
| Income Tax Expense (Benefit) | (70) | (42) | (28) | 84 | (245) | 329 | |||||||||||||||||||||||||||||
| Net Income (Loss) | $ | (228) | $ | (141) | $ | (87) | $ | 296 | $ | (814) | $ | 1,110 | |||||||||||||||||||||||
| Net Income (Loss) Per Share (Diluted) | $ | — | $ | — | $ | — | $ | — | $ | (0.01) | $ | 0.01 | |||||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||||||||||||||
| CORPORATE | 2026 | 2025 | Variance | 2026 | 2025 | Variance | |||||||||||||||||||||||||||||
| Revenues from External Customers | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||
| Intersegment Revenues | 1,674 | 1,070 | 604 | 5,981 | 5,094 | 887 | |||||||||||||||||||||||||||||
| Total Operating Revenues | 1,674 | 1,070 | 604 | 5,981 | 5,094 | 887 | |||||||||||||||||||||||||||||
| Operating Expenses: | |||||||||||||||||||||||||||||||||||
| Operation and Maintenance | 28,223 | 7,327 | 20,896 | 58,382 | 22,318 | 36,064 | |||||||||||||||||||||||||||||
| Property, Franchise and Other Taxes | 145 | 207 | (62) | 541 | 596 | (55) | |||||||||||||||||||||||||||||
| Depreciation, Depletion and Amortization | 206 | 152 | 54 | 840 | 596 | 244 | |||||||||||||||||||||||||||||
| 28,574 | 7,686 | 20,888 | 59,763 | 23,510 | 36,253 | ||||||||||||||||||||||||||||||
| Operating Loss | (26,900) | (6,616) | (20,284) | (53,782) | (18,416) | (35,366) | |||||||||||||||||||||||||||||
| Other Income (Expense): | |||||||||||||||||||||||||||||||||||
| Non-Service Pension and Post-Retirement Benefit Costs | (217) | (212) | (5) | (869) | (847) | (22) | |||||||||||||||||||||||||||||
| Interest and Other Income | 47,082 | 39,504 | 7,578 | 163,397 | 163,422 | (25) | |||||||||||||||||||||||||||||
| Interest Expense on Long-Term Debt | (44,790) | (33,514) | (11,276) | (141,073) | (137,587) | (3,486) | |||||||||||||||||||||||||||||
| Other Interest Expense | (2,169) | (3,045) | 876 | (17,923) | (16,860) | (1,063) | |||||||||||||||||||||||||||||
| Loss before Income Taxes | (26,994) | (3,883) | (23,111) | (50,250) | (10,288) | (39,962) | |||||||||||||||||||||||||||||
| Income Tax Expense (Benefit) | 1,889 | 2,275 | (386) | (4,137) | (702) | (3,435) | |||||||||||||||||||||||||||||
| Net Loss | $ | (28,883) | $ | (6,158) | $ | (22,725) | $ | (46,113) | $ | (9,586) | $ | (36,527) | |||||||||||||||||||||||
| Net Loss Per Share (Diluted) | $ | (0.30) | $ | (0.06) | $ | (0.24) | $ | (0.48) | $ | (0.11) | $ | (0.37) | |||||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||||||||||||||
| INTERSEGMENT ELIMINATIONS | 2026 | 2025 | Variance | 2026 | 2025 | Variance | |||||||||||||||||||||||||||||
| Intersegment Revenues | $ | (38,685) | $ | (38,768) | $ | 83 | $ | (155,633) | $ | (156,919) | $ | 1,286 | |||||||||||||||||||||||
| Operating Expenses: | |||||||||||||||||||||||||||||||||||
| Purchased Gas | (36,250) | (36,165) | (85) | (146,225) | (145,003) | (1,222) | |||||||||||||||||||||||||||||
| Operation and Maintenance | (2,435) | (2,603) | 168 | (9,408) | (11,916) | 2,508 | |||||||||||||||||||||||||||||
| (38,685) | (38,768) | 83 | (155,633) | (156,919) | 1,286 | ||||||||||||||||||||||||||||||
| Operating Income | — | — | — | — | — | — | |||||||||||||||||||||||||||||
| Other Income (Expense): | |||||||||||||||||||||||||||||||||||
| Interest and Other Deductions | (36,247) | (39,105) | 2,858 | (149,115) | (164,260) | 15,145 | |||||||||||||||||||||||||||||
| Interest Expense | 36,247 | 39,105 | (2,858) | 149,115 | 164,260 | (15,145) | |||||||||||||||||||||||||||||
| Net Income | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||
| Net Income Per Share (Diluted) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Page 20.
| NATIONAL FUEL GAS COMPANY | |||||||||||||||||||||||||||||||||||
| AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||
| SEGMENT INFORMATION (Continued) | |||||||||||||||||||||||||||||||||||
| (Thousands of Dollars) | |||||||||||||||||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||||||||||||||
| (Unaudited) | (Unaudited) | ||||||||||||||||||||||||||||||||||
| Increase | Increase | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | (Decrease) | 2026 | 2025 | (Decrease) | ||||||||||||||||||||||||||||||
| Capital Expenditures: | |||||||||||||||||||||||||||||||||||
| Integrated Upstream and Gathering | $ | 174,971 | (1) | $ | 196,433 | (2) | $ | (21,462) | $ | 628,875 | (1)(2) | $ | 605,433 | (2)(3) | $ | 23,442 | |||||||||||||||||||
| Pipeline and Storage | 105,661 | (1) | 63,681 | (2) | 41,980 | 271,859 | (1)(2) | 121,798 | (2)(3) | 150,061 | |||||||||||||||||||||||||
| Utility | 58,030 | (1) | 61,639 | (2) | (3,609) | 178,580 | (1)(2) | 189,961 | (2)(3) | (11,381) | |||||||||||||||||||||||||
| Total Reportable Segments | 338,662 | 321,753 | 16,909 | 1,079,314 | 917,192 | 162,122 | |||||||||||||||||||||||||||||
| All Other | — | — | — | — | — | — | |||||||||||||||||||||||||||||
| Corporate | 7,794 | 393 | 7,401 | 12,228 | 909 | 11,319 | |||||||||||||||||||||||||||||
| Eliminations | — | — | — | (546) | — | (546) | |||||||||||||||||||||||||||||
| Total Capital Expenditures | $ | 346,456 | $ | 322,146 | $ | 24,310 | $ | 1,090,996 | $ | 918,101 | $ | 172,895 | |||||||||||||||||||||||
(1)Capital expenditures for the quarter and year ended September 30, 2026, include accounts payable and accrued liabilities related to capital expenditures of $72.2 million, $32.2 million, $15.9 million and $5.1 million in the Integrated Upstream and Gathering segment, Pipeline and Storage segment, Utility segment and Corporate category, respectively. These amounts have been excluded from the Consolidated Statement of Cash Flows at September 30, 2026, since they represent non-cash investing activities at that date.
(2)Capital expenditures for the year ended September 30, 2026, exclude capital expenditures of $87.9 million, $19.4 million and $18.0 million in the Integrated Upstream and Gathering segment, Pipeline and Storage segment and Utility segment, respectively. These amounts were in accounts payable and accrued liabilities at September 30, 2025 and paid during the year ended September 30, 2026. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2025, since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at September 30, 2026.
(3)Capital expenditures for the year ended September 30, 2025, exclude capital expenditures of $85.0 million, $14.4 million and $20.6 million in the Integrated Upstream and Gathering segment, Pipeline and Storage segment and Utility segment, respectively. These amounts were in accounts payable and accrued liabilities at September 30, 2024 and paid during the year ended September 30, 2025. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2024, since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at September 30, 2025.
| DEGREE DAYS | |||||||||||||||||||||||||||||
| Percent Colder | |||||||||||||||||||||||||||||
| (Warmer) Than: | |||||||||||||||||||||||||||||
| Three Months Ended September 30, | Normal | 2026 | 2025 | Normal (1) | Last Year (1) | ||||||||||||||||||||||||
| Buffalo, NY | 112 | 87 | 60 | (22.3) | 45.0 | ||||||||||||||||||||||||
| Erie, PA | 78 | 73 | 70 | (6.4) | 4.3 | ||||||||||||||||||||||||
| Twelve Months Ended September 30, | |||||||||||||||||||||||||||||
| Buffalo, NY | 6,307 | 6,447 | 5,885 | 2.2 | 9.5 | ||||||||||||||||||||||||
| Erie, PA | 5,771 | 5,984 | 5,597 | 3.7 | 6.9 | ||||||||||||||||||||||||
(1)Percents compare actual 2026 degree days to normal degree days and actual 2026 degree days to actual 2025 degree days.
Page 21.
| NATIONAL FUEL GAS COMPANY | ||||||||||||||||||||||||||||||||||||||
| AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||||||||
| INTEGRATED UPSTREAM AND GATHERING INFORMATION | ||||||||||||||||||||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||||||||||||||||||||
| Increase | Increase | |||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | (Decrease) | 2026 | 2025 | (Decrease) | |||||||||||||||||||||||||||||||||
| Gas Production/Prices: | ||||||||||||||||||||||||||||||||||||||
| Production (MMcf) | ||||||||||||||||||||||||||||||||||||||
| Appalachia | 103,999 | 111,538 | (7,539) | 419,469 | 426,357 | (6,888) | ||||||||||||||||||||||||||||||||
| Average Prices (Per Mcf) | ||||||||||||||||||||||||||||||||||||||
| Weighted Average | $ | 2.28 | $ | 2.41 | $ | (0.13) | $ | 2.80 | $ | 2.59 | $ | 0.21 | ||||||||||||||||||||||||||
| Weighted Average after Hedging | 2.80 | 2.61 | 0.19 | 2.99 | 2.70 | 0.29 | ||||||||||||||||||||||||||||||||
| Selected Operating Performance Statistics: | ||||||||||||||||||||||||||||||||||||||
Upstream General and Administrative Expense per Mcf (1) | $ | 0.19 | $ | 0.17 | $ | 0.02 | $ | 0.18 | $ | 0.18 | $ | — | ||||||||||||||||||||||||||
Lease Operating Expense per Mcf (1) | $ | 0.16 | $ | 0.13 | $ | 0.03 | $ | 0.16 | $ | 0.12 | $ | 0.04 | ||||||||||||||||||||||||||
Gathering Operation and Maintenance Expense per Mcf (1) | $ | 0.15 | $ | 0.13 | $ | 0.02 | $ | 0.13 | $ | 0.11 | $ | 0.02 | ||||||||||||||||||||||||||
Depreciation, Depletion and Amortization per Mcf (1) | $ | 0.81 | $ | 0.74 | $ | 0.07 | $ | 0.79 | $ | 0.73 | $ | 0.06 | ||||||||||||||||||||||||||
(1)Refer to page 16 for the Upstream General and Administrative Expense, Lease Operating Expense, Gathering Operation and Maintenance Expense, and Depreciation, Depletion, and Amortization Expense for the Integrated Upstream and Gathering segment.
Page 22.
| NATIONAL FUEL GAS COMPANY | |||||||||||||||||||||||
| AND SUBSIDIARIES | |||||||||||||||||||||||
| EXPLORATION AND PRODUCTION INFORMATION | |||||||||||||||||||||||
| Reserve Quantity Information | |||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||
| U.S. | |||||||||||||||||||||||
| Appalachian Region | |||||||||||||||||||||||
| Gas | Oil | Total | |||||||||||||||||||||
| (MMcf) | (Mbbl) | (MMcfe) | |||||||||||||||||||||
| Proved Developed and Undeveloped Reserves: | |||||||||||||||||||||||
| September 30, 2025 | 4,980,410 | 180 | 4,981,490 | ||||||||||||||||||||
| Extensions and Discoveries | 747,270 | — | 747,270 | ||||||||||||||||||||
| Revisions of Previous Estimates | (117,354) | 33 | (117,156) | ||||||||||||||||||||
| Production | (419,469) | (10) | (419,529) | ||||||||||||||||||||
| Sales of Minerals in Place | (5) | (196) | (1,181) | ||||||||||||||||||||
| September 30, 2026 | 5,190,852 | 7 | 5,190,894 | ||||||||||||||||||||
| Proved Developed Reserves: | |||||||||||||||||||||||
| September 30, 2025 | 3,664,381 | 180 | 3,665,461 | ||||||||||||||||||||
| September 30, 2026 | 3,706,940 | 7 | 3,706,982 | ||||||||||||||||||||
Page 23.
| NATIONAL FUEL GAS COMPANY | ||||||||||||||||||||||||||||||||||||||
| AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||||||||
| Pipeline and Storage Throughput - (millions of cubic feet - MMcf) | ||||||||||||||||||||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||||||||||||||||||||
| Increase | Increase | |||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | (Decrease) | 2026 | 2025 | (Decrease) | |||||||||||||||||||||||||||||||||
| Firm Transportation - Affiliated | 11,576 | 15,747 | (4,171) | 108,759 | 116,981 | (8,222) | ||||||||||||||||||||||||||||||||
| Firm Transportation - Non-Affiliated | 164,296 | 152,755 | 11,541 | 707,479 | 668,166 | 39,313 | ||||||||||||||||||||||||||||||||
| Interruptible Transportation | 1,093 | 319 | 774 | 2,637 | 984 | 1,653 | ||||||||||||||||||||||||||||||||
| 176,965 | 168,821 | 8,144 | 818,875 | 786,131 | 32,744 | |||||||||||||||||||||||||||||||||
| Utility Throughput - (MMcf) | ||||||||||||||||||||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||||||||||||||||||||
| Increase | Increase | |||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | (Decrease) | 2026 | 2025 | (Decrease) | |||||||||||||||||||||||||||||||||
| Retail Sales: | ||||||||||||||||||||||||||||||||||||||
| Residential Sales | 3,741 | 3,529 | 212 | 67,770 | 64,267 | 3,503 | ||||||||||||||||||||||||||||||||
| Commercial Sales | 596 | 617 | (21) | 10,985 | 10,614 | 371 | ||||||||||||||||||||||||||||||||
| Industrial Sales | 51 | 41 | 10 | 641 | 635 | 6 | ||||||||||||||||||||||||||||||||
| 4,388 | 4,187 | 201 | 79,396 | 75,516 | 3,880 | |||||||||||||||||||||||||||||||||
| Transportation | 11,165 | 10,321 | 844 | 69,092 | 66,202 | 2,890 | ||||||||||||||||||||||||||||||||
| 15,553 | 14,508 | 1,045 | 148,488 | 141,718 | 6,770 | |||||||||||||||||||||||||||||||||
Page 24.
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES
In addition to financial measures calculated in accordance with generally accepted accounting principles (GAAP), this press release contains information regarding adjusted earnings, adjusted EBITDA, and free cash flow, which are non-GAAP financial measures. The Company believes that these non-GAAP financial measures are useful to investors because they provide an alternative method for assessing the Company's ongoing operating results or liquidity and for comparing the Company’s financial performance to other companies. The Company's management uses these non-GAAP financial measures for the same purpose, and for planning and forecasting purposes. The presentation of non-GAAP financial measures is not meant to be a substitute for financial measures in accordance with GAAP.
Management defines adjusted earnings as reported GAAP earnings before items impacting comparability. The following table reconciles National Fuel's reported GAAP earnings to adjusted earnings for the three and twelve months ended September 30, 2026 and 2025:
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||||||||
| (in thousands except per share amounts) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| Reported GAAP Earnings | $ | 97,509 | 107,342 | $ | 665,443 | $ | 518,504 | |||||||||||||||||||
Items impacting comparability: | ||||||||||||||||||||||||||
| Impairment of assets | — | — | — | 141,802 | ||||||||||||||||||||||
| Tax impact of impairment of assets | — | — | — | (37,169) | ||||||||||||||||||||||
| Premiums paid on early redemption of debt | — | — | 413 | 2,385 | ||||||||||||||||||||||
| Tax impact of premiums paid on early redemption of debt | — | — | (96) | (642) | ||||||||||||||||||||||
| Unrealized (gain) loss on derivative asset | — | — | — | 729 | ||||||||||||||||||||||
| Tax impact of unrealized (gain) loss on derivative asset | — | 3,402 | — | 3,206 | ||||||||||||||||||||||
| Costs related to Ohio gas utility acquisition | 10,643 | 1,061 | 27,020 | 1,061 | ||||||||||||||||||||||
| Tax impact of costs related to Ohio gas utility acquisition | (2,479) | (246) | (6,275) | (246) | ||||||||||||||||||||||
| Net interest benefit from equity issuance related to Ohio acquisition | (3,608) | — | (11,105) | — | ||||||||||||||||||||||
| Tax impact of net interest benefit from equity issuance | 840 | — | 2,578 | — | ||||||||||||||||||||||
| Interest expense from long-term debt issuances for Ohio acquisition, net of interest benefit | 4,268 | — | 5,397 | — | ||||||||||||||||||||||
| Tax impact of interest expense from long-term debt issuances, net of interest benefit | (994) | — | (1,255) | — | ||||||||||||||||||||||
| Costs related to pending spin-off of Integrated Upstream & Gathering business | 7,214 | — | 9,804 | — | ||||||||||||||||||||||
| Tax impact of costs related to pending spin-off of Integrated Upstream & Gathering business | (1,680) | — | (2,281) | — | ||||||||||||||||||||||
| Unrealized (gain) loss on other investments | 229 | (672) | 173 | 1,108 | ||||||||||||||||||||||
| Tax impact of unrealized (gain) loss on other investments | (48) | 141 | (36) | (233) | ||||||||||||||||||||||
| Adjusted Earnings | $ | 111,894 | $ | 111,028 | $ | 689,780 | $ | 630,505 | ||||||||||||||||||
| Reported GAAP Earnings Per Share | $ | 1.02 | $ | 1.18 | $ | 7.02 | $ | 5.68 | ||||||||||||||||||
Items impacting comparability: | ||||||||||||||||||||||||||
| Impairment of assets, net of tax | — | — | — | 1.14 | ||||||||||||||||||||||
| Premiums paid on early redemption of debt, net of tax | — | — | — | 0.02 | ||||||||||||||||||||||
| Unrealized (gain) loss on derivative asset, net of tax | — | 0.04 | — | 0.04 | ||||||||||||||||||||||
| Costs related to Ohio gas utility acquisition, net of tax | 0.09 | 0.01 | 0.23 | 0.01 | ||||||||||||||||||||||
| Impact of equity issuance related to Ohio acquisition, net of interest benefits | 0.02 | — | 0.17 | — | ||||||||||||||||||||||
| Interest expense from long-term debt issuances for Ohio acquisition, net of tax | 0.04 | — | 0.05 | — | ||||||||||||||||||||||
| Costs related to pending spin-off of Integrated Upstream & Gathering business, net of tax | 0.06 | — | 0.08 | — | ||||||||||||||||||||||
| Unrealized (gain) loss on other investments, net of tax | — | (0.01) | — | 0.01 | ||||||||||||||||||||||
| Rounding | (0.01) | — | — | 0.01 | ||||||||||||||||||||||
| Adjusted Earnings Per Share | $ | 1.22 | $ | 1.22 | $ | 7.55 | $ | 6.91 | ||||||||||||||||||
Page 25.
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES
Management defines adjusted EBITDA as reported GAAP earnings before the following items: interest expense, income taxes, depreciation, depletion and amortization, other income and deductions, impairments, and other items reflected in operating income that impact comparability. The following tables reconcile National Fuel's reported GAAP earnings to adjusted EBITDA for the three and twelve months ended September 30, 2026 and 2025:
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||||||||
| (in thousands) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| Reported GAAP Earnings | $ | 97,509 | 107,342 | $ | 665,443 | $ | 518,504 | |||||||||||||||||||
| Depreciation, Depletion and Amortization | 121,679 | 119,539 | 484,091 | 456,594 | ||||||||||||||||||||||
| Other (Income) Deductions | (16,816) | (4,941) | (53,917) | (36,428) | ||||||||||||||||||||||
| Interest Expense | 46,175 | 35,445 | 159,296 | 155,834 | ||||||||||||||||||||||
| Income Taxes | 30,627 | 41,919 | 218,872 | 175,549 | ||||||||||||||||||||||
| Impairment of Assets | — | — | — | 141,802 | ||||||||||||||||||||||
Costs related to the Ohio gas utility acquisition (1) | 10,643 | 1,061 | 20,173 | 1,061 | ||||||||||||||||||||||
| Costs related to pending spin-off of Integrated Upstream & Gathering business | 7,214 | — | 9,804 | — | ||||||||||||||||||||||
| Adjusted EBITDA | $ | 297,031 | $ | 300,365 | $ | 1,503,762 | $ | 1,412,916 | ||||||||||||||||||
| Adjusted EBITDA by Segment | ||||||||||||||||||||||||||
| Integrated Upstream and Gathering Adjusted EBITDA | $ | 240,933 | $ | 241,093 | $ | 1,060,341 | $ | 975,182 | ||||||||||||||||||
| Pipeline and Storage Adjusted EBITDA | 61,486 | 62,639 | 271,375 | 270,779 | ||||||||||||||||||||||
| Utility Adjusted EBITDA | 3,449 | 2,036 | 195,011 | 183,714 | ||||||||||||||||||||||
| Corporate and All Other Adjusted EBITDA | (8,837) | (5,403) | (22,965) | (16,759) | ||||||||||||||||||||||
| Total Adjusted EBITDA | $ | 297,031 | $ | 300,365 | $ | 1,503,762 | $ | 1,412,916 | ||||||||||||||||||
(1)For the twelve months ended September 30, 2026, costs represent a portion of acquisition costs recognized in O&M expense for the Ohio gas utility acquisition. The remaining $6.8 million of acquisition costs for the twelve months ended September 30, 2026 are recognized in interest expense.
Page 26.
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES
SEGMENT ADJUSTED EBITDA
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||||||||
| (in thousands) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| Integrated Upstream and Gathering Segment | ||||||||||||||||||||||||||
| Reported GAAP Earnings | $ | 115,439 | $ | 103,493 | $ | 503,390 | $ | 324,698 | ||||||||||||||||||
| Depreciation, Depletion and Amortization | 84,070 | 82,847 | 331,957 | 311,817 | ||||||||||||||||||||||
| Other (Income) Deductions | (316) | (185) | (1,059) | (863) | ||||||||||||||||||||||
| Interest Expense | 12,666 | 16,604 | 57,419 | 76,633 | ||||||||||||||||||||||
| Income Taxes | 29,074 | 38,334 | 168,634 | 121,095 | ||||||||||||||||||||||
| Impairment of Assets | — | — | — | 141,802 | ||||||||||||||||||||||
| Adjusted EBITDA | $ | 240,933 | $ | 241,093 | $ | 1,060,341 | $ | 975,182 | ||||||||||||||||||
| Pipeline and Storage Segment | ||||||||||||||||||||||||||
| Reported GAAP Earnings | $ | 26,239 | $ | 27,938 | $ | 117,804 | 120,957 | |||||||||||||||||||
| Depreciation, Depletion and Amortization | 20,187 | 18,747 | 78,907 | 74,480 | ||||||||||||||||||||||
| Other (Income) Deductions | (3,364) | (2,113) | (9,415) | (9,915) | ||||||||||||||||||||||
| Interest Expense | 12,507 | 10,871 | 47,822 | 45,509 | ||||||||||||||||||||||
| Income Taxes | 5,917 | 7,196 | 36,257 | 39,748 | ||||||||||||||||||||||
| Adjusted EBITDA | $ | 61,486 | $ | 62,639 | $ | 271,375 | $ | 270,779 | ||||||||||||||||||
| Utility Segment | ||||||||||||||||||||||||||
| Reported GAAP Earnings | $ | (15,058) | $ | (17,790) | $ | 90,066 | $ | 83,249 | ||||||||||||||||||
| Depreciation, Depletion and Amortization | 17,216 | 17,793 | 72,387 | 69,701 | ||||||||||||||||||||||
| Other (Income) Deductions | (2,685) | (2,491) | (29,143) | (27,858) | ||||||||||||||||||||||
| Interest Expense | 10,159 | 10,368 | 43,667 | 42,969 | ||||||||||||||||||||||
| Income Taxes | (6,183) | (5,844) | 18,034 | 15,653 | ||||||||||||||||||||||
| Adjusted EBITDA | $ | 3,449 | $ | 2,036 | $ | 195,011 | $ | 183,714 | ||||||||||||||||||
| Corporate and All Other | ||||||||||||||||||||||||||
| Reported GAAP Earnings | $ | (29,111) | $ | (6,299) | $ | (45,817) | $ | (10,400) | ||||||||||||||||||
| Depreciation, Depletion and Amortization | 206 | 152 | 840 | 596 | ||||||||||||||||||||||
| Other (Income) Deductions | (10,451) | (152) | (14,300) | 2,208 | ||||||||||||||||||||||
| Interest Expense | 10,843 | (2,398) | 10,388 | (9,277) | ||||||||||||||||||||||
| Income Taxes | 1,819 | 2,233 | (4,053) | (947) | ||||||||||||||||||||||
| Costs related to the Ohio gas utility acquisition | 10,643 | 1,061 | 20,173 | 1,061 | ||||||||||||||||||||||
| Costs related to pending spin-off of Integrated Upstream & Gathering business | 7,214 | — | 9,804 | — | ||||||||||||||||||||||
| Adjusted EBITDA | $ | (8,837) | $ | (5,403) | $ | (22,965) | $ | (16,759) | ||||||||||||||||||
Page 27.
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES
FREE CASH FLOW
Management defines free cash flow as net cash provided by operating activities, less net cash used in investing activities, adjusted for acquisitions and divestitures. The following table reconciles National Fuel's free cash flow to Net Cash Provided by Operating Activities on the Consolidated Statement of Cash Flows for the twelve months ended September 30, 2026 and 2025:
| Twelve Months Ended | ||||||||||||||
| September 30, | ||||||||||||||
| (in thousands) | 2026 | 2025 | ||||||||||||
| Net Cash Provided by Operating Activities | $ | 1,272,084 | $ | 1,100,027 | ||||||||||
| Less: | ||||||||||||||
| Net Cash Used in Investing Activities | 1,073,437 | 891,700 | ||||||||||||
| Proceeds from Divestitures | — | — | ||||||||||||
| 198,647 | 208,327 | |||||||||||||
| Plus: | ||||||||||||||
| Acquisitions | — | — | ||||||||||||
| Free Cash Flow | $ | 198,647 | $ | 208,327 | ||||||||||
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.