National Fuel Gas Company Investor Presentation — November 2022

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Investor Presentation

Q4 Fiscal 2022 Update

November 3, 2022National Fuel is committed to the safe and environmentally

conscious development, transportation, storage, and distribution

of natural gas 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~960 MMcf /day

NetAppalachian natural

since 2010~4.5 MMDth

Daily interstate pipeline capacity under contract

Investments in safety since 2010

Note: This presentation includes forward- looking statements. Please review the safe harbor for forward looking statements at the end of this presentation.

(1) Twelve months ended September 30, 2022. A reconciliation of Adjusted EBITDA to Net Income as presented on the Consolidate d Statement of Income and Earnings Reinvested in the Business is included at the end of this presentation.

(2) Average net Appalachian production for the three months ended September 30, 2022. 54% of NFG

EBITDA(1)Why National Fuel?

4Diversified Assets Provide Stability and Long -Term Growth Opportunities

Integrated Model Enhances Shareholder Value

Expect to Generate Significant Free Cash Flow in Fiscal 2023 and Beyond