National Fuel Gas Company Investor Presentation — May 2022

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Investor Presentation

Q2 Fiscal 2022 Update

May 5, 2022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

3Developing 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~930 MMcf /day

NetAppalachian natural

since 2010~4.5 MMDth

Daily interstate pipeline capacity under contract

Investments in safety since 2017

(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 ended March 31, 2022. A reconciliation of Adjusted EBITDA to Net Income as presented on the Consolidated St atement 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 ended March 31, 2022. Total net Seneca production for the three m onths ended March 31, 2022 was ~970 MMcf /day.

(4) Includes Leidy South leased capacity of 330,000 Dth/day.50% of NFG

EBITDA(2)Why National Fuel?

4Diversified Assets Provide Stability and Long -Term Growth Opportunities

Integrated Model Enhances Shareholder Value