National Fuel Gas Company Investor Presentation — July 2024

Document content

July 31, 2024 Update 1

Investor Presentation

Fiscal 2024 –3rdQuarter Update

July 31, 2024July 31, 2024 Update 2

National Fuel Gas Company

•Company Overview ( 3)

•Why National Fuel? ( 7)

•Business Updates ( 12)

•Supplemental Information

•Segment Information ( 19)

•Rate Case Overview ( 45)

•Guidance & Other Financial Information ( 47)July 31, 2024 Update 3

History of National Fuel

Industry Pioneer Born From Rockefeller’s Standard Oil CompanyJuly 31, 2024 Update 4

NFG Today: A Diversified, Integrated Natural Gas Company

Developing our large, high -quality acreage

position in Marcellus & Utica shales

Providing safe, reliable and affordable

service to customers in WNY and NW PAUpstream

UtilityExpanding and modernizing pipeline infrastructure to provide outlets for Appalachian natural gas production~1.2 Million

Appalachia~1.1 Bcf/day

Net total production(2)

Daily interstate pipeline capacity under contract

customers~$900 Million

Investments in safety since 2010

Note: This presentation includes forward- looking statements. Please review the safe harbor for forward looking statements at the end of this presentation.

(1) Twelve months ended June 30, 2024. A reconciliation of Adjusted EBITDA to Net Income as presented on the Consolidated Statement of Income and Earnings Reinves ted in the Business is included at the end of this presentation.

(2) Average net production for the three months ended June 30, 2024.