National Fuel Gas Company Investor Presentation — January 2020

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Investor Presentation

Q1 Fiscal 2020 Update

January 30, 20202National Fuel is committed to the safe and environmentally

conscious development, transportation, storage, and

distribution of natural gas and oil resources.

For additional information, please visit our corporate responsibility website at https:// responsibility.natfuel.com

3Developing our large, high quality

acreage position in Marcellus & Utica

shales(1)NFG: A Diversified, Integrated Natural Gas Company

Providing safe, reliable and

affordable service to customers in

WNY and NW Pa.Upstream

20EBITDA(1)Expanding and modernizing pipeline

infrastructure to provide outlets for

Appalachian natural gas production785,000

Appalachia~590 MMcf/day

Net Appalachian natural

customers$324 Million

Investments in safety

California: oil production

generates significant cash flow

(1) This presentation includes forward- looking statements. Please review the safe harbor for forward looking statements on slide 56 of this presentation.

(2) Twelve months ending December 31, 2019. A reconciliation of Adjusted EBITDA to Net Income as presented on the Consolidated Statement of Income and Earnings Reinvested in the Business is included atthe end of this presentation. 45% of NFG

:4Why National Fuel?

Diversified Assets Provide Stability and Long- Term Growth Opportunities

5MidstreamIntegrated Model Enhances Shareholder Value . . .

Ability to adjust to changing

commodity price environments