National Fuel Gas Company Investor Presentation — November 2020

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Investor Presentation

Q4 Fiscal 2020 Update

November 5, 2020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 review our Corporate Responsibility Report at https:// responsibility.natfuel.com

Developing 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 production~1.2 Million

Appalachia~1 Bcf/day

natural gas production(3)

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 September 30, 2020. A reconciliation of Adjusted EBITDA to Net Income as presented on the Consolidat ed Statement of Income and Earnings Reinvested in the Business is included at the end of this presentation.

(3) Gross Appalachian production as of September 30, 2020, excluding the impact of approximately 6 Bcf of production curtailm ents due to pricing. 40% of NFG

Diversified Assets Provide Stability and Long -Term Growth Opportunities

5MidstreamIntegrated Model Enhances Shareholder Value . . .

Ability to adjust to changing