National Fuel Gas Company Investor Presentation — May 2021

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Investor Presentation

Q2 Fiscal 2021 Update

May 6, 2021National Fuel is committed to the safe and environmentally

conscious development, transportation, storage, and distribution

of natural gas and oil resources.

For additional information, please review our Corporate Responsibility Report .

2NFG: A Diversified, Integrated Natural Gas Company

Developing our large, high quality

acreage position in Marcellus &

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 production~1.2 Million

Appalachia~905 MMcf /day

NetAppalachian natural

customers$341 Million

Investments in safety

(1) This presentation includes forward- looking statements. Please review the safe harbor for forward looking statements at the end of this presentation.

(2) Twelve months ending March 31, 2021. A reconciliation of Adjusted EBITDA to Net Income as presented on the Consolidated S tatement of Income and Earnings Reinvested in the Business is included at the end of this presentation.

(3) Average net Appalachian production for the three months ending March 31, 2021. 42% of NFG

EBITDA(2)Why National Fuel?

4Diversified Assets Provide Stability and Long -Term Growth Opportunities

Integrated Model Enhances Shareholder Value

Appalachian Program Expected to Generate Significant Free Cash Flow

Interstate Pipeline Business Drives Significant Regulated Growth