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3Q 2025 Update Investor Presentation – National Fuel Gas Co.

National Fuel Gas Co. · Jul 30, 2025 · 60 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 1
    Investor Presentation Fiscal 2025 3rd Quarter Update July 30, 2025 Fiscal 2025 Q3 Update 1
  2. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 2
    National Fuel Gas Company Company Overview (3) Why National Fuel (8) Financial Overview (13) Business Highlights (17) Supplemental Information Segment Information (24) Guidance & Other Financial Information (49) Fiscal 2025…
  3. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 3
    Company Overview Corporate HQ: Buffalo, NY NYSE: NFG 2,300 employees Market Cap: 7.8B 123 Years of consecutive dividend payments 10% Adjusted EPS 55 Years of consecutive Growth FY24-FY27E dividend increases 17% reduction…
  4. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 4
    History of National Fuel Industry Pioneer Born From Rockefellers Standard Oil Company Fiscal 2025 Q3 Update 4
  5. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 5
    NFG: A Diversified, Integrated Natural Gas Company Upstream: Exploration & Production Midstream: Gathering Developing our large, high-quality acreage in Partnering with producers to construct pipeline Marcellus & Utica shales systems…
  6. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 6
    Non-Regulated Business Overview Exploration & Production Segment (Upstream) Seneca Resources Company Total Net Acres (Pennsylvania): 1.2 million Western Development Area 925,000 Acres Total Proved Reserves: 4.8 Tcfe(1) Current Net…
  7. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 7
    Regulated Business Overview Pipeline & Storage Segment (Midstream) Regulated by Federal Energy Regulatory Commission (FERC) Total Rate Base: 1.6 Billion(1) 2,600 miles of pipeline / 28 storage fields National Fuel Gas Supply…
  8. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 8
    Why National Fuel Strong Integrated Visibility on Long-Term Long-Standing History Responsibly Responsibly Reducing Reduce Returns EPS & FCF Growth of Shareholder Returns Emissions Emissions Optimized capital Targeting…
  9. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 9
    Integrated Model Drives Strong Returns NFGs ROCE Outperforms Peers and Broader Market, on Average, Over a Multi-Year Period Return on Capital Employed(1) NFG vs. S&P 500 and Industry Peers Integrated Business Model Benefits 20%…
  10. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 10
    Strong Value Proposition Driven by Earnings & Cash Flow Outlook On Track for 10% Consolidated 3-Year Adjusted EPS CAGR (FY24-27E) Regulated Businesses Non-Regulated Businesses Increasing EPS expected to drive future dividend growth…
  11. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 11
    Proven Track Record of Returning Capital to Shareholders 650 Million Returned to Shareholders in Last 3 Years(1) Stable, Growing Dividend Plus Share Buyback 2.14 200 MM Share Repurchase Program approved per share in March 2024…
  12. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 12
    Considerable Progress on Emissions Reductions Latest Corporate Responsibility Report Provides Enhanced Disclosures on Sustainability Initiatives Continued Progress On Our Methane Intensity Targets(1) 17% reduction in consolidated…
  13. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 13
    Financial Overview Fiscal 2025 Q3 Update 13
  14. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 14
    Continued Momentum Propels Higher Earnings Guidance Growth Supports Consolidated 3-Year Adj. EPS CAGR 10% (FY24-27E) Quarterly Highlights & Higher FY26 Initial Outlook Adjusted Operating Results(1) 11.00 ( per share) Q3 Highlights…
  15. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 15
    Capital Allocation Priorities Drive Spending Levels Capital Allocation Priorities Capital Expenditures by Segment ( millions)(1) (2) Utility Pipeline & Storage Gathering Exploration & Production Invest in regulated growth via…
  16. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 16
    Balance Sheet Resiliency Through the Commodity Cycle Conservative Leverage Provides for Opportunistic Capital Allocation Net Debt / Adjusted EBITDA(1) Current Credit Rating Capitalization Committed to Investment Grade 3.5 x…
  17. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 17
    Business Highlights Fiscal 2025 Q3 Update 17
  18. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 18
    Earnings Growth from Successful Rate Case Activity & Pipeline Projects Utility Pipeline & Storage 3-Year rate case settlement drives significant earnings growth Pipeline Expansion Projects Boost Rate Base Growth Supply…
  19. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 19
    Integrated Development Creates Differentiated Value Western Development Areas (WDA) Eastern Development Areas (EDA) Legacy Development Area Development Focus Area Development Plan Highlights Primarily Owned in Fee (No Royalty) EDA…
  20. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 20
    Focused on Capital Efficiency & FCF Generation Development Program Driving 30% Improvement in Capital Efficiency (Since FY23) Productivity Increasing Significantly Strong Capital Efficiency Improvements Seneca Capital Expenditures (…
  21. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 21
    Well Design Changes Improving Tioga Utica Performance Cumulative Prod, MMCF/1,000' Estimated Ultimate Recovery (Bcf / 1000 ft.) 1,200 3.0 25% 1,000 Improvement 2.5 800 2.0 MMCF/1,000' BCF/1,000 600 1.5 400 1.0…
  22. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 22
    Decades of High-Quality Inventory at Industry Leading Breakevens Seneca Analysis: 10 Years of…
  23. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 23
    NFG is a Preferred Partner for Growing Electricity Demand Integrated assets uniquely situated to meet the needs of power and data center development Core Skill Set Long-term In Developing Gas Supply Gathering Agreement…
  24. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 24
    Pipeline & Storage Shippingport Lateral Project Supports Data Center Development Recently Announced Project will Support the Repowering of a 3.6 GW Power Generation Facility and Co-located Data Center Capacity: Initially 205,000…
  25. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 25
    Supplemental Information Fiscal 2025 Q3 Update 25
  26. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 26
    Supplemental Information: Segment Overview Exploration & Production & Gathering Overview Seneca Resources Company, LLC National Fuel Gas Midstream Company, LLC 26 Fiscal 2025 Q3 Update 26
  27. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 27
    E&P and Gathering Long Runway of Development Opportunities in the EDA Upstream Development Program Utica Development 10 years of inventory with an expected PV-10% breakeven price of less than 2.00/MMBbtu NYMEX Tioga County, PA…
  28. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 28
    E&P and Gathering High Quality Acreage in WDA, Primarily Owned in Fee Western Development Area (WDA) Highlights Marcellus & Utica Development Area(1) 10 years of fully delineated inventory in the Utica and Marcellus plus…
  29. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 29
    E&P and Gathering Production Supported by Long-Term Contracts 1,400 1 Bcf/d of Firm Transportation(1) Firm Sales Portfolio Gross Volumes MDth/d 1,200 In-Basin Firm Sales(2) Will continue to layer-in firm sales deals to reduce…
  30. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 30
    E&P and Gathering Fiscal 2025 Sales Mix Provides Near-Term Price Certainty Firm Sales & Production Cadence(1) Price Realizations with Hedging (Net Bcfe, per MMBtu) 112 Bcfe Spot 106 Bcfe Unhedged Firm Sales 14 Bcfe Floor 12…
  31. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 31
    E&P and Gathering Fiscal 2026 Sales Mix Provides Near-Term Price Certainty Firm Sales & Production Cadence(1) Price Realizations with Hedging (Net Bcfe, per MMBtu) Spot 77 Bcfe (0.90) Diff Unhedged Firm Sales 87 Bcfe (0.83)…
  32. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 32
    E&P and Gathering Hedging Program: Disciplined with Upside Potential Methodical Approach to Layering in Hedges Over Time Supports Investment Grade Credit Rating Swaps and Fixed Price Sales Provide Price Certainty(1) Collars and…
  33. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 33
    E&P and Gathering Integration Drives Industry Leading Cost Structure Seneca Cash OpEx (/Mcfe) Seneca + Gathering Cash OpEx (/Mcfe) 0.94 0.94 0.92 0.92 0.07 0.08 0.06 (1) (1) 0.18 0.18 0.18 (2) 0.12 0.12 (2) 0.13 0.10…
  34. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 34
    E&P and Gathering Industry-Leading Focus on Sustainability Responsible Gas Certifications, Emissions Reductions & Biodiversity Equitable Origin EO100TM Standard for Responsible Emissions Reductions Energy Development…
  35. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 35
    Supplemental Information: Segment Overview Pipeline & Storage Overview National Fuel Gas Supply Corporation Empire Pipeline, Inc. 35 Fiscal 2025 Q3 Update 35
  36. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 36
    Pipeline & Storage Pipeline & Storage Segment Overview National Fuel Gas Supply Corporation Contracted Capacity(1): Firm Storage: 71 Bcf (fully subscribed) Firm Transportation: 3.5 Bcf / day Rate Base(2): 1.3 billion Empire…
  37. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 37
    Pipeline & Storage Pipeline & Storage Customer Mix Customer Transportation by Shipper Type(1) Affiliated Customer Mix (Contracted Capacity) Affiliated Non-Affiliated End User 8% 21% Outside Producer Pipeline 52% 28% 15%…
  38. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 38
    Pipeline & Storage Pipeline Modernization & Expansion Projects Propel Growth Capex Investments Support Long-Term Rate Base Growth Estimate of 5-7% P&S Capital Expenditures(1) Organic Growth Drivers Expect long-term…
  39. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 39
    Pipeline & Storage Tioga Pathway Project Creates Organic Growth Long-term revenue growth for Supply, while providing an additional outlet for Senecas EDA development Capacity: 190,000 Dth/day Estimated capital cost: 100 million…
  40. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 40
    Pipeline & Storage Continued Expansion Opportunities for Supply Corp. Line N System Additional Line N Expansion Opportunities Line N corridor is well positioned to serve growing power demand from AI and data centers Significant…
  41. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 41
    Supplemental Information: Segment Overview Utility Overview National Fuel Gas Distribution Corporation 41 Fiscal 2025 Q3 Update 41
  42. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 42
    Utility New York & Pennsylvania Service Territories New York Last Rate Case: Joint Proposal approved December 19, 2024 (3- year rate plan effective Oct. 1, 2024 through Sept. 30, 2027) Total Customers(1): 541,000 Allowed ROE:…
  43. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 43
    Utility NY Utility Rate Case Supports Growing Earnings Outlook Three-Year Rate Settlement Approved on December 19th, 2024 Joint Proposal approved(1) on December 19, 2024: 3-year rate settlement (fiscal 2025 2027) with no…
  44. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 44
    Utility NY Utility Regulatory Environment NY Regulatory Environment Continues to Prioritize Access to Safe, Reliable and Affordable Energy First utility in the state to submit a LTP (Long-Term Plan) NYPSC implemented NFGs LTP with…
  45. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 45
    Utility Customer Affordability New York Pennsylvania 1 1 Out of 9 Gas Utilities(1) Out of 6 Gas Utilities(2) New York Large Gas Utilities Monthly Bill Pennsylvania Large Gas Utilities Monthly Bill Residential Heating…
  46. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 46
    Utility Utility Continues its Significant Investments in Safety Long-Standing Focus on Distribution System Safety and Reliability 200.0 Capital Expenditures for Safety Total Capital Expenditures (1) 230.0 185-205 180.0 (2)…
  47. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 47
    Utility Long-Standing Pipeline Replacement & Modernization Utility Mains by Material(1) Miles of Utility Main Pipeline Replaced(2) 180 Wrought 168 Coated Bare Iron 161 154 156 154 160 NY 140 53 40 43 49 9,834 miles Plastic…
  48. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 48
    Utility Utility Targeting Substantial Emissions Reductions Significant Reductions in Utility GHG Emissions to Date, GHG Reduction Targets, Continuing Focus on Lowering Driven by System Modernization Efforts Carbon Footprint…
  49. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 49
    Supplemental Information Guidance & Other Financial Information Fiscal 2025 Q3 Update 49
  50. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 50
    Fiscal 2026 Adjusted EPS Guidance Updated FY25 Adj. EPS Guidance Preliminary FY2026 Adj. EPS Guidance NYMEX Assumed EPS Sensitivities 6.80 to 6.95/share(1) Assumption Spot Price 3.00 6.35 - 6.85 2.30 4.00 8.00 - 8.50 3.10 Key…
  51. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 51
    Regulated: Rate Case Overview Pipeline & Storage Utility Supply Empire NY(2) PA Regulatory Agency (Governed by) FERC FERC NYPSC PAPUC Settlement approved by Amendment to 2019 Joint Proposal Settlement approved FERC June 11, 2024…
  52. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 52
    Hedge Portfolio & Capped Firm Sales 4Q 2025 1Q 2026 2Q 2026 3Q 2026 4Q 2026 FY 2027 FY 2028 Swaps Units Volume Bbtu 42,725 28,795 25,140 29,640 29,640 86,860 28,780 Wtd. Avg. Price / MMBtu 3.46 3.68 4.04 4.05 4.05 3.95 3.82…
  53. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 53
    Type Curves Demonstrate Outstanding Well Results 1,600 Operational Data Tioga Tioga Lycoming WDA 1,400 Estimated Utica Marcellus Marcellus Utica Location 200 70 20 250 Count Gross Cumulative Production, MMCF/1,000 1,200 Avg.…
  54. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 54
    Safe Harbor For Forward Looking Statements This presentation may contain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995, including statements regarding future prospects, plans, objectives,…
  55. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 55
    Comparable GAAP Financial Measure Slides & Reconciliations This presentation contains certain non-GAAP financial measures. For pages that contain non-GAAP financial measures, pages containing the most directly comparable GAAP financial…
  56. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 56
    Non-GAAP Reconciliations Adjusted EBITDA & Net Debt ( Thousands) FY 2021 FY 2022 FY 2023 FY 2024 Total Adjusted EBITDA Exploration & Production Adjusted EBITDA 464,529 656,310 611,782 589,831 Pipeline & Storage Adjusted EBITDA 218,921…
  57. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 57
    Non-GAAP Reconciliations Adjusted EBITDA, by Segment Reconciliation of Adjusted EBITDA to Net Income, by Segment ( Thousands) 12-Months FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 Ended 6/30/25 Exploration and Production Segment Reported…
  58. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 58
    Non-GAAP Reconciliations Adjusted Operating Results Fiscal Year Ended Three Months Ended September 30, June 30, (in thousands except per share amounts) 2024 2023 2025 2024 Reported GAAP Earnings 77,513 476,866 149,818 (54,158) Items…
  59. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 59
    Non-GAAP Reconciliations Funds From Operations Reconciliation of Funds From Operations (FFO) to Net Cash Provided by Operating Activities ( Thousands) FY21 FY22 FY23 FY24 Net Cash Provided by Operating Activities 791,553 812,521…
  60. 3Q 2025 Update Investor Presentation – National Fuel Gas Co. – slide 60
    Reconciliation Capital Expenditures Reconciliation of Segment Capital Expenditures to Consolidated Capital Expenditures ( Thousands) FY 2025 FY 2026 FY 2023 FY 2024 Guidance Guidance Capital Expenditures Exploration & Production Capital…

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