National Fuel Gas Company Investor Presentation — November 2018

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Investor Presentation

Q4 Fiscal 2018 Update

November 1, 2018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

EBITDA(1)Expanding and modernizing pipeline

infrastructure to provide outlets for

Appalachian natural gas production785,000

Appalachia489 MMcf /day

Net Appalachian natural

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) A reconciliation of FY 2018 Adjusted EBITDA to Net Income as presented on the Consolidated Statement of Income and Earnings Rei nvested in the Business is included at the end of this presentation.. 218201843% of NFG

EBITDA(2)201837% of NFG

EBITDA(2)201820% of NFG

:4Why National Fuel?

Large Appalachian Footprint Driving Significant Growth

51 Production and Gathering Growth of 15 -20% Through 2022

Addition of Third Drilling Rig Expected to