National Fuel Gas Company Investor Presentation — May 2019

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Investor Presentation

Q2 Fiscal 2019 Update

May 2, 2019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

Appalachia499 MMcf /day

Net Appalachian natural gas production

Daily interstate pipeline capacity under contract

customers$300 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 March 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. 43% of NFG

:4Why National Fuel?

Large Appalachian Footprint Driving Continuous Growth

5Integrated Model Enhances Shareholder Value . . .

Lower cost of capital

Lower operating costs

More efficient capital investment