Exhibit 99

						6363 Main Street/Williamsville, NY 14221
Release Date:			Immediate April 29, 2026			Natalie M. Fischer Investor Relations 716-857-7315			Timothy J. Silverstein Chief Financial Officer 716-857-6987

NATIONAL FUEL REPORTS SECOND QUARTER FISCAL 2026 EARNINGS

WILLIAMSVILLE, N.Y. National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced consolidated results for the second quarter of its 2026 fiscal year.

SECOND QUARTER FISCAL 2026 SUMMARY

•GAAP earnings of $247.7 million, or earnings per share (EPS) of $2.59, compared to GAAP earnings of $216.4 million, or $2.37 per share, in the prior year.

•Adjusted EPS of $2.71, an increase of 13% from the prior year. See non-GAAP reconciliation on page 2.

•Net cash provided by operating activities of $657 million, with free cash flow of $160 million (as defined on page 22) through the second quarter year-to-date, a $111 million increase from the prior year.

•Integrated Upstream and Gathering segment adjusted EPS of $1.67, an increase of 21% compared to the prior year, driven by a 17% increase in natural gas price realizations.

•Utility segment net income of $65 million, an increase of 3% compared to the prior year, as continued investments in system modernization programs in New York and Pennsylvania supported an increase in revenue.

•Supply Corporation entered into a precedent agreement to provide 94,000 dekatherms per day of incremental capacity in connection with its new Line N System Upgrade Project in southwest Pennsylvania, targeted for completion in late 2028.

•Commenced construction on both the Tioga Pathway and Shippingport Lateral expansion projects, which remain on track for a late calendar year 2026 in-service date.

•The Company is revising its fiscal 2026 adjusted EPS guidance range of $7.45 to $7.75 per share, or $7.60 per share at the midpoint.

MANAGEMENT COMMENTS

David P. Bauer, President and Chief Executive Officer of National Fuel Gas Company, stated: “National Fuel had a solid second quarter, with adjusted EPS increasing 13% over the prior year. Operationally, our resilient natural gas system and dedicated workforce performed extremely well during the severe weather of Winter Storm Fern, delivering the safe and reliable production, transmission, storage, and distribution services that customers across our businesses expect.

“Looking forward, we’ve taken meaningful steps to position National Fuel for the next phase of our long-term growth strategy. In our regulated Pipeline and Storage business, our two major expansion projects are expected to be in-service late this calendar year, and we’ve signed an agreement for another expansion on our Line N system. At the Utility, our Ohio acquisition is on track to close in the calendar fourth quarter. Lastly, in our Integrated Upstream and Gathering business, we have decades of high-quality Appalachian inventory and a great track record of improving capital efficiency. With our ongoing testing to optimize well designs across our development footprint and our focus on continuously improving our integrated development plans, we expect to see further benefits in the future.

“With these positive catalysts across our operations, including line of sight to earnings growth at our regulated businesses and increasing free cash flow generation at our non-regulated businesses, National Fuel is well positioned to deliver long-term value to shareholders.”

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RECONCILIATION OF GAAP EARNINGS TO ADJUSTED EARNINGS

						Three Months Ended March 31,
						(Thousands)												(Per Share)
						2026						2025						2026						2025
Reported GAAP Earnings						$	247,668					$	216,358					$	2.59					$	2.37
Items impacting comparability:
Costs related to the pending Ohio gas utility acquisition						2,499						—						0.03						—
Tax impact of costs related to the pending Ohio acquisition						(579)						—						(0.01)						—
Impact of equity issuance related to pending Ohio acquisition, net of interest benefits						(3,422)						—						0.09						—
Tax impact of net interest benefit from equity issuance						793						—						0.01						—
Other/rounding (refer to Segment results for details)						274						1,975						—						0.02
Adjusted Earnings						$	247,233					$	218,333					$	2.71					$	2.39

FISCAL 2026 GUIDANCE UPDATE

National Fuel is revising its adjusted EPS guidance for fiscal 2026, which is now expected to be within a range of $7.45 to $7.75, or $7.60 at the midpoint. This updated range incorporates second quarter results as well as modest changes to certain assumptions for the remainder of the fiscal year, primarily related to natural gas prices. The Company is now assuming the NYMEX natural gas price will average $3.00 per MMBtu for the remaining six months of fiscal 2026 (a decrease of $0.75 from previous guidance), which approximates the current NYMEX forward curve at this time.

Integrated Upstream and Gathering fiscal 2026 production is now expected to be 425 to 440 Bcf, a moderate decrease from our prior guidance. This decrease reflects the weather impacts during the period around Winter Storm Ferm, which primarily delayed flowback and completion timing. In addition, there were modest production impacts from a six-well pad in Tioga County where tests of a new Gen 4 Lower Utica well design and a new Upper Utica performed as expected, however, older generation Lower Utica wells underperformed projections. While these factors are expected to impact the fiscal year, they do not change the long-term production growth outlook, which we still expect will be in the mid-single digits over the next few years. This guidance range also does not incorporate any price-related curtailments over the remainder of the fiscal year. Capital expenditure guidance remains unchanged; however, higher oil and diesel prices related to the Iranian conflict and increased land activity represent potential headwinds that could result in capital trending toward the higher end of the range.

The acquisition of CenterPoint Energy's Ohio natural gas utility business is expected to close in the fourth quarter of calendar 2026, as previously planned. As a result, this is not expected to impact fiscal 2026 guidance, which also excludes any financing or acquisition-related costs.

The Company’s other fiscal 2026 guidance assumptions remain largely unchanged and are detailed in the table on page 6.

DISCUSSION OF SECOND QUARTER RESULTS BY SEGMENT

The following earnings discussion of each operating segment for the quarter ended March 31, 2026 is summarized in a tabular form on pages 7 and 8 of this report (earnings drivers for the six months ended March 31, 2026 are summarized on pages 9 and 10).

Note that management defines adjusted earnings as reported GAAP earnings adjusted for items impacting comparability, and adjusted EBITDA as reported GAAP earnings before the following items: interest expense, income taxes, depreciation, depletion and amortization, other income and deductions, impairments, and other items reflected in operating income that impact comparability.

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Integrated Upstream and Gathering Segment

The Integrated Upstream and Gathering segment's exploration and production operations are carried out by Seneca Resources Company, LLC (“Seneca”) and its gathering operations are carried out by the operating subsidiaries of National Fuel Gas Midstream Company, LLC ("Gathering"). Seneca explores for, develops, and produces primarily natural gas reserves in Pennsylvania. Gathering constructs, owns and operates natural gas gathering pipelines and compression facilities in the Appalachian region, which primarily delivers Seneca's production and, to a lesser extent, third-party Appalachian production to various interstate pipelines.

			Three Months Ended
			March 31,
(in thousands)			2026						2025						Variance
GAAP Earnings			$	152,030					$	124,170					$	27,860
Premiums paid on early redemption of debt			—						2,385						(2,385)
Tax impact of premiums paid on early redemption of debt			—						(642)						642
Unrealized (gain) loss on derivative asset (2022 CA asset sale)			—						335						(335)
Tax impact of unrealized (gain) loss on derivative asset			—						(90)						90
Adjusted Earnings			$	152,030					$	126,158					$	25,872
Adjusted EBITDA			$	302,439					$	267,098					$	35,341

The Integrated Upstream and Gathering segment's second quarter GAAP earnings increased $27.9 million versus the prior year. Excluding items impacting comparability, adjusted earnings increased $25.9 million from the prior year, primarily due to higher realized natural gas prices, partially offset by modestly lower production volumes and additional third-party gathering expenses.

Seneca’s weighted average realized natural gas price, after the impact of hedging and transportation costs, was $3.45 per Mcf, an increase of $0.51 per Mcf, or 17%, from the prior year due to higher NYMEX prices.

During the second quarter, Seneca produced 102.0 Bcf of natural gas, a decrease of 3.5 Bcf, or 3%, from the prior year. During the quarter, production was lower than the prior year due to weather-driven completion delays and typical natural gas production declines on producing wells.

			Three Months Ended
			March 31,
(Cost per Mcf)			2026						2025						Variance
Upstream General and Administrative Expense (“G&A”)			$	0.18					$	0.18					$	—
Lease Operating Expense (“LOE”)			$	0.17					$	0.12					$	0.05
Adjusted Gathering Operation and Maintenance Expense ("O&M")			$	0.14					$	0.12		(1)			$	0.02
Taxes and Other			$	0.07					$	0.07					$	—
Adjusted Total Cash Operating Costs			$	0.56					$	0.49		(1)			$	0.07
Depreciation, Depletion and Amortization Expense (“DD&A”)			$	0.79					$	0.72					$	0.07
Adjusted Total Operating Costs			$	1.35					$	1.21		(1)			$	0.14

(1)Adjusted Gathering O&M Expense of $0.12 per Mcf for the quarter ended March 31, 2025 excludes a $0.03 per Mcf reduction to Gathering O&M Expense attributed to a change in segment reporting, which is fully offset in operating revenue.

On a per unit basis, second quarter adjusted total operating costs were $0.14 higher compared to the prior year, primarily due to higher per unit LOE and DD&A expense. The increase in per unit LOE compared to the prior year was largely driven by additional third-party gathering expenses due to new production brought online during the quarter, as well as modestly higher costs related to winter weather conditions. The increase in DD&A expense was largely driven by the impact of ceiling test impairments Seneca recorded in fiscal 2025 that artificially lowered the per unit DD&A rate in the prior year.

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Pipeline and Storage Segment

The Pipeline and Storage segment’s operations are carried out by National Fuel Gas Supply Corporation (“Supply Corporation”) and Empire Pipeline, Inc. (“Empire”). The Pipeline and Storage segment provides natural gas transportation and storage services to affiliated and non-affiliated companies through an integrated system of pipelines and underground natural gas storage fields in western New York and Pennsylvania.

			Three Months Ended
			March 31,
(in thousands)			2026						2025						Variance
GAAP Earnings			$	31,606					$	31,707					$	(101)
Adjusted EBITDA			$	71,963					$	70,169					$	1,794

The Pipeline and Storage segment’s second quarter GAAP earnings were in line with the prior year as an increase in operating revenues was offset by higher expenses, the majority of which was higher DD&A as a result of a higher average depreciable plant in service compared to the prior year.

Utility Segment

The Utility segment operations are carried out by National Fuel Gas Distribution Corporation (“Distribution Corporation”), which sells or transports natural gas to customers located in western New York and northwestern Pennsylvania.

			Three Months Ended
			March 31,
(in thousands)			2026						2025						Variance
GAAP Earnings			$	65,349					$	63,544					$	1,805
Adjusted EBITDA			$	99,763					$	95,270					$	4,493

The Utility segment’s second quarter GAAP earnings increased $1.8 million, or 3%, primarily as a result of higher customer margin (operating revenue less purchased gas sold) of $9.1 million. The biggest contributors to increased customer margin were the implementation of year two of the Utility’s three-year rate agreement in New York and revenue from the Utility’s Distribution System Improvement Charge in Pennsylvania. Partially offsetting this was an increase in O&M expense driven by higher employee-related costs (which were largely the result of new collective bargaining agreements) and an increase in uncollectible expense, as well as higher DD&A expense due to a larger average depreciable plant in service compared to the prior year.

Corporate and All Other

The Company’s operations that are included in Corporate and All Other generated a combined net loss of $1.3 million in the second quarter, largely due to transaction and financing costs related to the pending Ohio gas utility acquisition.

EARNINGS TELECONFERENCE

A conference call to discuss the results will be held on Thursday, April 30, 2026, at 9 a.m. ET. All participants must pre-register to join this conference using the Participant Registration link. A webcast link to the conference call is provided under the Events Calendar on the NFG Investor Relations website at investor.nationalfuelgas.com, and a replay of the webcast will be available on the website following the call.

National Fuel is an integrated energy company reporting financial results for three operating segments: Integrated Upstream and Gathering, Pipeline and Storage, and Utility. Additional information about National Fuel is available at www.nationalfuel.com.

Analyst Contact:			Natalie M. Fischer			716-857-7315
Media Contact:			Karen L. Merkel			716-857-7654

Certain statements contained herein, including statements identified by the use of the words “anticipates,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “predicts,” “projects,” “believes,” “seeks,” “will,” “may” and similar expressions, and statements which are other than statements of historical facts, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, which could cause actual

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results or outcomes to differ materially from those expressed in the forward-looking statements. The Company’s expectations, beliefs and projections contained herein are expressed in good faith and are believed to have a reasonable basis, but there can be no assurance that such expectations, beliefs or projections will result or be achieved or accomplished. In addition to other factors, the following are important factors that could cause actual results to differ materially from those discussed in the forward-looking statements: changes in laws, regulations or judicial interpretations to which the Company is subject, including those involving derivatives, taxes, safety, employment, climate change, other environmental matters, real property, and exploration and production activities such as hydraulic fracturing; governmental/regulatory actions, initiatives and proceedings, including those involving rate cases (which address, among other things, target rates of return, rate design, retained natural gas and system modernization), environmental/safety requirements, affiliate relationships, industry structure, and franchise renewal; changes in economic conditions, including the imposition of additional tariffs on U.S. imports and related retaliatory tariffs, inflationary pressures, supply chain issues, liquidity challenges, and global, national or regional recessions, and their effect on the demand for, and customers’ ability to pay for, the Company’s products and services; the Company’s ability to complete strategic transactions, such as the pending transaction with CenterPoint Energy Resources Corp., including receipt of required regulatory clearances and satisfaction of other conditions to closing, and to recognize the anticipated benefits of such transactions; governmental/regulatory actions and/or market pressures to reduce or eliminate reliance on natural gas; the Company’s ability to estimate accurately the time and resources necessary to meet emissions targets; changes in the price of natural gas; impairments under the SEC’s full cost ceiling test for natural gas reserves; the creditworthiness or performance of the Company’s key suppliers, customers and counterparties; financial and economic conditions, including the availability of credit, and occurrences affecting the Company’s ability to obtain financing on acceptable terms for working capital, capital expenditures, other investments, and acquisitions, including any downgrades in the Company’s credit ratings and changes in interest rates and other capital market conditions; negotiations with the collective bargaining units representing the Company’s workforce, including potential work stoppages during negotiations; changes in price differentials between similar quantities of natural gas sold at different geographic locations, and the effect of such changes on commodity production, revenues and demand for pipeline transportation capacity to or from such locations; the impact of information technology disruptions, cybersecurity or data security breaches, including the impact of issues that may arise from the use of artificial intelligence technologies; factors affecting the Company’s ability to successfully identify, drill for and produce economically viable natural gas reserves, including among others geology, lease availability and costs, title disputes, weather conditions, water availability and disposal or recycling opportunities of used water, shortages, delays or unavailability of equipment and services required in drilling operations, insufficient gathering, processing and transportation capacity, the need to obtain governmental approvals and permits, and compliance with environmental laws and regulations; increased costs or delays or changes in plans with respect to Company projects or related projects of other companies, as well as difficulties or delays in obtaining necessary governmental approvals, permits or orders or in obtaining the cooperation of interconnecting facility operators; increasing health care costs and the resulting effect on health insurance premiums and on the obligation to provide other post-retirement benefits; other changes in price differentials between similar quantities of natural gas having different quality, heating value, hydrocarbon mix or delivery date; the cost and effects of legal and administrative claims against the Company or activist shareholder campaigns to effect changes at the Company; uncertainty of natural gas reserve estimates; significant differences between the Company’s projected and actual production levels for natural gas; changes in demographic patterns and weather conditions (including those related to climate change); changes in the availability, price or accounting treatment of derivative financial instruments; changes in laws, actuarial assumptions, the interest rate environment and the return on plan/trust assets related to the Company’s pension and other post-retirement benefits, which can affect future funding obligations and costs and plan liabilities; economic disruptions or uninsured losses resulting from major accidents, fires, severe weather, natural disasters, terrorist activities or acts of war, as well as economic and operational disruptions due to third-party outages; significant differences between the Company’s projected and actual capital expenditures and operating expenses; or increasing costs of insurance, changes in coverage and the ability to obtain insurance. The Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date thereof.

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NATIONAL FUEL GAS COMPANY

AND SUBSIDIARIES

GUIDANCE SUMMARY

As discussed on page 2, the Company is revising its adjusted earnings per share guidance for fiscal 2026. Additional details on the Company's forecast assumptions and business segment guidance are outlined in the table below. The acquisition of CenterPoint Energy's Ohio natural gas utility business still is expected to close in the fourth quarter of calendar 2026, as previously planned. As a result, this is not expected to impact fiscal 2026 guidance, which also excludes any financing or acquisition-related costs. Fiscal 2026 adjusted earnings per share guidance also excludes after-tax financing and acquisition related costs during the six months ended March 31, 2026, which reduced earnings by $0.18 per share, and expected financing and acquisition related costs during the six months ending September 30, 2026.

The revised adjusted earnings per share guidance range also excludes certain items that impacted the comparability of adjusted operating results during the six months ended March 31, 2026, including after-tax unrealized losses on other investments, which reduced earnings by $0.01 per share. While the Company expects to record certain adjustments to unrealized gain or loss on investments during the remaining six months ending September 30, 2026, the amounts of these and other potential adjustments are not reasonably determinable at this time. As such, the Company is unable to provide earnings guidance other than on a non-GAAP basis.

			Previous FY 2026 Guidance						Updated FY 2026 Guidance
Consolidated Adjusted Earnings per Share			$7.60 - $8.10						$7.45 - $7.75
Consolidated Effective Tax Rate			~ 25.5%						~ 25.5%
Capital Expenditures (Millions)
Integrated Upstream and Gathering			$560 - $610						$560 - $610
Pipeline and Storage			$210 - $250						$210 - $250
Utility			$185 - $205						$185 - $205
Consolidated Capital Expenditures			$955 - $1,065						$955 - $1,065
Integrated Upstream & Gathering Segment Guidance
Commodity Price Assumptions			(price for remaining nine months)						(price for remaining six months)
NYMEX natural gas price (per MMBtu)			$3.75						$3.00
Appalachian basin spot price (per MMBtu)			$2.85						$2.20
Production (Bcf)			440 to 455						425 to 440
Integrated Operating Costs ($/Mcf)
Upstream General and Administrative Expense			~$0.18						~$0.18
Lease Operating Expense			$0.17 - $0.18						$0.16 - $0.17
Gathering Operation and Maintenance Expense			~$0.11						~$0.12
Depreciation, Depletion and Amortization			$0.76 - $0.81						$0.76 - $0.81
Pipeline and Storage Segment Revenues (Millions)			$415 - $430						$420 - $435
Utility Segment Guidance (Millions)
Customer Margin(1)			$470 - $490						$470 - $490
O&M Expense			$250 – $260						$250 – $260
Non-Service Pension & OPEB Income			$23 - $27						$23 - $27

(1) Customer Margin is defined as Operating Revenues less Purchased Gas Expense.

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NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
QUARTER ENDED MARCH 31, 2026
(Unaudited)
			Integrated
			Upstream						Pipeline &																								Corporate /
(Thousands of Dollars)			& Gathering						Storage												Utility												All Other						Consolidated(1)
Second quarter 2025 GAAP earnings			$	124,170					$	31,707											$	63,544											$	(3,063)					$	216,358
Items impacting comparability:
Premiums paid on early redemption of debt			2,385																																				2,385
Tax impact of premiums paid on early redemption of debt			(642)																																				(642)
Unrealized (gain) loss on derivative asset			335																																				335
Tax impact of unrealized (gain) loss on derivative asset			(90)																																				(90)
Unrealized (gain) loss on other investments																																	(17)						(17)
Tax impact of unrealized (gain) loss on other investments																																	4						4
Second quarter 2025 adjusted earnings			126,158						31,707												63,544												(3,076)						218,333
Drivers of adjusted earnings(2)
Integrated Upstream and Gathering Revenues
Higher (lower) natural gas production			(8,162)																																				(8,162)
Higher (lower) realized natural gas prices, after hedging			40,515																																				40,515
Higher (lower) other operating revenues			2,560																																				2,560
Pipeline and Storage Revenues
Higher (lower) operating revenues									1,493																														1,493
Utility Margins(3)
Impact of usage and weather																					(1,172)																		(1,172)
Impact of new rates in New York																					3,128																		3,128
Regulatory revenue adjustments																					3,562																		3,562
Higher (lower) other operating revenues																					891																		891
Operating Expenses
Lower (higher) lease operating expenses			(3,846)																																				(3,846)
Lower (higher) operating expenses			(3,210)						(419)												(2,911)												(1,014)						(7,554)
Lower (higher) depreciation / depletion			(4,023)						(1,117)												(1,158)																		(6,298)
Other Income (Expense)
Higher (lower) other income									(525)																								1,599						1,074
(Higher) lower interest expense			4,209																														564						4,773
Income Taxes
Lower (higher) income tax expense / effective tax rate			(2,023)						187												(665)												168						(2,333)
All other / rounding			(148)						280												130												7						269
Second quarter 2026 adjusted earnings			152,030						31,606												65,349												(1,752)						247,233
Items impacting comparability:
Costs related to the pending Ohio gas utility acquisition																																	(2,499)						(2,499)
Tax impact of costs related to the pending Ohio gas utility acquisition																																	579						579
Net interest benefit from equity issuance																																	3,422						3,422
Tax impact of net interest benefit from equity issuance																																	(793)						(793)
Unrealized gain (loss) on other investments																																	(347)						(347)
Tax impact of unrealized gain (loss) on other investments																																	73						73
Second quarter 2026 GAAP earnings			$	152,030					$	31,606											$	65,349											$	(1,317)					$	247,668
(1) Amounts do not reflect intercompany eliminations.
(2) Drivers of adjusted earnings have been calculated using the 21% federal statutory rate.
(3) Downstream margin defined as operating revenues less purchased gas expense.

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NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
QUARTER ENDED MARCH 31, 2026
(Unaudited)
			Integrated
			Upstream						Pipeline &																								Corporate /
			& Gathering						Storage												Utility												All Other						Consolidated(1)
Second quarter 2025 GAAP earnings per share			$	1.36					$	0.35											$	0.70											$	(0.04)					$	2.37
Items impacting comparability:
Premiums paid on early redemption of debt, net of tax			0.02																																				0.02
Unrealized (gain) loss on derivative asset, net of tax			—																																				—
Unrealized (gain) loss on other investments, net of tax																																	—						—
Second quarter 2025 adjusted earnings per share			1.38						0.35												0.70												(0.04)						2.39
Drivers of adjusted earnings(2)(4)
Integrated Upstream and Gathering Revenues
Higher (lower) natural gas production			(0.09)																																				(0.09)
Higher (lower) realized natural gas prices, after hedging			0.44																																				0.44
Higher (lower) other operating revenues			0.03																																				0.03
Pipeline and Storage Revenues
Higher (lower) operating revenues									0.02																														0.02
Utility Margins(3)
Impact of usage and weather																					(0.01)																		(0.01)
Impact of new rates in New York																					0.03																		0.03
Regulatory revenue adjustments																					0.04																		0.04
Higher (lower) other operating revenues																					0.01																		0.01
Operating Expenses
Lower (higher) lease operating expenses			(0.04)																																				(0.04)
Lower (higher) operating expenses			(0.04)						—												(0.03)												(0.01)						(0.08)
Lower (higher) depreciation / depletion			(0.04)						(0.01)												(0.01)																		(0.06)
Other Income (Expense)
Higher (lower) other income									(0.01)																								0.02						0.01
(Higher) lower interest expense			0.05																														0.01						0.06
Income Taxes
Lower (higher) income tax expense / effective tax rate			(0.02)						—												(0.01)												—						(0.03)
All other / rounding			—						—												(0.01)												—						(0.01)
Second quarter 2026 adjusted earnings per share(4)			1.67						0.35												0.71												(0.02)						2.71
Items impacting comparability(4):
Costs related to the pending Ohio gas utility acquisition, net of tax																																	(0.02)						(0.02)
Impact of equity issuance related to pending acquisition, net of interest benefits			(0.08)						(0.02)												(0.03)												0.03						(0.10)
Unrealized gain (loss) on other investments, net of tax																																	—						—
Second quarter 2026 GAAP earnings per share			$	1.59					$	0.33											$	0.68											$	(0.01)					$	2.59
(1) Amounts do not reflect intercompany eliminations.
(2) Drivers of adjusted earnings have been calculated using the 21% federal statutory rate.
(3) Downstream margin defined as operating revenues less purchased gas expense.
(4) As a result of the equity issuance, drivers of adjusted earnings, second quarter 2026 adjusted earnings per share, and items impacting comparability for the second quarter 2026 have been calculated using adjusted diluted shares of 91,289,437.

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NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
SIX MONTHS ENDED MARCH 31, 2026
(Unaudited)
			Integrated
			Upstream						Pipeline &																								Corporate /
(Thousands of Dollars)			& Gathering						Storage												Utility												All Other						Consolidated(1)
Six months ended March 31, 2025 GAAP earnings			$	104,538					$	64,162											$	96,043											$	(3,399)					$	261,344
Items impacting comparability:
Impairment of assets			141,802																																				141,802
Tax impact of impairment of assets			(37,169)																																				(37,169)
Premiums paid on early redemption of debt			2,385																																				2,385
Tax impact of premiums paid on early redemption of debt			(642)																																				(642)
Unrealized (gain) loss on derivative asset			684																																				684
Tax impact of unrealized (gain) loss on derivative asset			(184)																																				(184)
Unrealized (gain) loss on other investments																																	2,600						2,600
Tax impact of unrealized (gain) loss on other investments																																	(546)						(546)
Six months ended March 31, 2025 adjusted earnings			211,414						64,162												96,043												(1,345)						370,274
Drivers of adjusted earnings(2)
Integrated Upstream and Gathering Revenues
Higher (lower) natural gas production			17,244																																				17,244
Higher (lower) realized natural gas prices, after hedging			69,357																																				69,357
Higher (lower) gathering revenues			(1,020)																																				(1,020)
Higher (lower) other operating revenues			5,050																																				5,050
Pipeline and Storage Revenues
Higher (lower) operating revenues									1,721																														1,721
Utility Margins(3)
Impact of usage and weather																					1,646																		1,646
Impact of new rates in New York																					6,077																		6,077
Regulatory revenue adjustments																					4,552																		4,552
Higher (lower) other operating revenues																					1,285																		1,285
Operating Expenses
Lower (higher) lease operating expenses			(8,723)																																				(8,723)
Lower (higher) operating expenses			(5,772)						(599)												(6,653)												(1,953)						(14,977)
Lower (higher) property, franchise and other taxes			(787)																																				(787)
Lower (higher) depreciation / depletion			(12,273)						(1,525)												(2,464)																		(16,262)
Other Income (Expense)
Higher (lower) other income			(688)						(1,715)																								1,163						(1,240)
(Higher) lower interest expense			6,798																		(870)												(1,313)						4,615
Income Taxes
Lower (higher) income tax expense / effective tax rate			(4,382)						575												(579)												(29)						(4,415)
All other / rounding			(141)						206												402												50						517
Six months ended March 31, 2026 adjusted earnings			276,077						62,825												99,439												(3,427)						434,914
Items impacting comparability:
Costs related to the pending Ohio gas utility acquisition																																	(10,186)						(10,186)
Tax impact of costs related to the pending Ohio gas utility acquisition																																	2,361						2,361
Net interest benefit from equity issuance																																	3,931						3,931
Tax impact of net interest benefit from equity issuance																																	(911)						(911)
Unrealized gain (loss) on other investments																																	(1,008)						(1,008)
Tax impact of unrealized gain (loss) on other investments																																	212						212
Six months ended March 31, 2026 GAAP earnings			$	276,077					$	62,825											$	99,439											$	(9,028)					$	429,313
(1) Amounts do not reflect intercompany eliminations.
(2) Drivers of adjusted earnings have been calculated using the 21% federal statutory rate.
(3) Downstream margin defined as operating revenues less purchased gas expense.

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Page 10.

NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
SIX MONTHS ENDED MARCH 31, 2026
(Unaudited)
			Integrated
			Upstream						Pipeline &																								Corporate /
			& Gathering						Storage												Utility												All Other						Consolidated(1)
Six months ended March 31, 2025 GAAP earnings per share			$	1.15					$	0.70											$	1.05											$	(0.04)					$	2.86
Items impacting comparability:
Impairment of assets, net of tax			1.14																																				1.14
Premiums paid on early redemption of debt, net of tax			0.02																																				0.02
Unrealized (gain) loss on derivative asset, net of tax			0.01																																				0.01
Unrealized (gain) loss on other investments, net of tax																																	0.02						0.02
Rounding																																	0.01						0.01
Six months ended March 31, 2025 adjusted earnings per share			2.32						0.70												1.05												(0.01)						4.06
Drivers of adjusted earnings(2)(4)
Integrated Upstream and Gathering Revenues
Higher (lower) natural gas production			0.19																																				0.19
Higher (lower) realized natural gas prices, after hedging			0.76																																				0.76
Higher (lower) gathering revenues			(0.01)																																				(0.01)
Higher (lower) other operating revenues			0.06																																				0.06
Pipeline and Storage Revenues
Higher (lower) operating revenues									0.02																														0.02
Utility Margins(3)
Impact of usage and weather																					0.02																		0.02
Impact of new rates in New York																					0.07																		0.07
Regulatory revenue adjustments																					0.05																		0.05
Higher (lower) other operating revenues																					0.01																		0.01
Operating Expenses
Lower (higher) lease operating expenses			(0.10)																																				(0.10)
Lower (higher) operating expenses			(0.06)						(0.01)												(0.07)												(0.02)						(0.16)
Lower (higher) property, franchise and other taxes			(0.01)																																				(0.01)
Lower (higher) depreciation / depletion			(0.13)						(0.02)												(0.03)																		(0.18)
Other Income (Expense)
Higher (lower) other income			(0.01)						(0.02)																								0.01						(0.02)
(Higher) lower interest expense			0.07																		(0.01)												(0.01)						0.05
Income Taxes
Lower (higher) income tax expense / effective tax rate			(0.05)						0.01												(0.01)												—						(0.05)
All other / rounding			(0.01)						0.01												0.01												—						0.01
Six months ended March 31, 2026 adjusted earnings per share(4)			3.02						0.69												1.09												(0.03)						4.77
Items impacting comparability(4):
Costs related to the pending Ohio gas utility acquisition, net of tax																																	(0.09)						(0.09)
Impact of equity issuance related to pending acquisition, net of interest benefits			(0.08)						(0.02)												(0.03)												0.04						(0.09)
Unrealized gain (loss) on other investments, net of tax																																	(0.01)						(0.01)
Six months ended March 31, 2026 GAAP earnings per share			$	2.94					$	0.67											$	1.06											$	(0.09)					$	4.58
(1) Amounts do not reflect intercompany eliminations.
(2) Drivers of adjusted earnings have been calculated using the 21% federal statutory rate.
(3) Downstream margin defined as operating revenues less purchased gas expense.
(4) As a result of the equity issuance, drivers of adjusted earnings, six months ended March 31, 2026 adjusted earnings per share, and items impacting comparability for the six months ended March 31, 2026 have been calculated using adjusted diluted shares of 91,265,508.

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Page 11.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
(Thousands of Dollars, except per share amounts)
			Three Months Ended												Six Months Ended
			March 31,												March 31,
			(Unaudited)												(Unaudited)
SUMMARY OF OPERATIONS			2026						2025						2026						2025
Operating Revenues:
Utility Revenues			$	425,788					$	343,574					$	684,837					$	571,998
Integrated Upstream and Gathering Revenues			358,823						315,191						682,045						567,499
Pipeline and Storage Revenues			73,762						71,185						142,999						139,935
			858,373						729,950						1,509,881						1,279,432
Operating Expenses:
Purchased Gas			207,851						135,338						293,457						200,675
Operation and Maintenance:
Utility			67,060						63,447						126,957						118,691
Integrated Upstream and Gathering and Other			61,064						47,269						117,370						90,174
Pipeline and Storage			30,660						30,153						57,446						56,730
Property, Franchise and Other Taxes			25,274						25,214						50,037						47,270
Depreciation, Depletion and Amortization			119,329						111,277						241,354						220,647
Impairment of Assets			—						—						—						141,802
			511,238						412,698						886,621						875,989
Operating Income			347,135						317,252						623,260						403,443
Other Income (Expense):
Other Income			17,002						15,232						25,235						22,952
Interest Expense on Long-Term Debt			(30,083)						(39,662)						(63,596)						(73,024)
Other Interest Expense			(3,651)						(5,095)						(13,514)						(9,476)
Income Before Income Taxes			330,403						287,727						571,385						343,895
Income Tax Expense			82,735						71,369						142,072						82,551
Net Income Available for Common Stock			$	247,668					$	216,358					$	429,313					$	261,344
Earnings Per Common Share
Basic			$	2.61					$	2.39					$	4.61					$	2.88
Diluted			$	2.59					$	2.37					$	4.58					$	2.86
Weighted Average Common Shares:
Used in Basic Calculation			95,026,278						90,500,162						93,077,818						90,640,333
Used in Diluted Calculation			95,691,950						91,176,327						93,805,419						91,312,334

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Page 12.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
			March 31,						September 30,
(Thousands of Dollars)			2026						2025
ASSETS
Property, Plant and Equipment			$15,832,704						$15,406,329
Less - Accumulated Depreciation, Depletion and Amortization			7,902,521						7,693,687
Net Property, Plant and Equipment			7,930,183						7,712,642
Current Assets:
Cash and Temporary Cash Investments			26,596						43,166
Receivables - Net			292,548						180,801
Unbilled Revenue			52,963						16,219
Gas Stored Underground			4,768						33,468
Materials and Supplies - at average cost			53,773						50,545
Unrecovered Purchased Gas Costs			13,005						5,769
Other Current Assets			63,943						80,759
Total Current Assets			507,596						410,727
Other Assets:
Recoverable Future Taxes			96,226						89,247
Unamortized Debt Expense			5,307						6,236
Other Regulatory Assets			127,061						135,486
Deferred Charges			81,332						73,941
Other Investments			65,870						68,346
Goodwill			5,476						5,476
Prepaid Pension and Post-Retirement Benefit Costs			182,682						169,228
Fair Value of Derivative Financial Instruments			116,014						39,388
Other			9,857						8,387
Total Other Assets			689,825						595,735
Total Assets			$9,127,604						$8,719,104
CAPITALIZATION AND LIABILITIES
Capitalization:
Comprehensive Shareholders' Equity
Common Stock, $1 Par Value Authorized - 200,000,000 Shares; Issued and
Outstanding - 95,027,447 Shares and 90,379,095 Shares, Respectively			$95,027						$90,379
Paid in Capital			1,388,193						1,050,918
Earnings Reinvested in the Business			2,340,168						2,012,529
Accumulated Other Comprehensive Income (Loss)			1,111						(59,222)
Total Comprehensive Shareholders' Equity			3,824,499						3,094,604
Long-Term Debt, Net of Current Portion and Unamortized Discount and Debt Issuance Costs			2,084,882						2,382,861
Total Capitalization			5,909,381						5,477,465
Current and Accrued Liabilities:
Notes Payable to Banks and Commercial Paper			41,300						150,200
Current Portion of Long-Term Debt			300,000						300,000
Accounts Payable			143,180						184,046
Amounts Payable to Customers			288						968
Dividends Payable			50,840						48,353
Interest Payable on Long-Term Debt			13,738						14,393
Customer Advances			—						17,188
Customer Security Deposits			27,805						29,853
Other Accruals and Current Liabilities			242,760						174,689
Fair Value of Derivative Financial Instruments			236						6,074
Total Current and Accrued Liabilities			820,147						925,764
Other Liabilities:
Deferred Income Taxes			1,325,733						1,225,262
Taxes Refundable to Customers			303,199						306,335
Cost of Removal Regulatory Liability			314,865						307,659
Other Regulatory Liabilities			116,509						121,944
Pension and Other Post-Retirement Liabilities			3,741						5,252
Asset Retirement Obligations			228,105						236,787
Other Liabilities			105,924						112,636
Total Other Liabilities			2,398,076						2,315,875
Commitments and Contingencies			—						—
Total Capitalization and Liabilities			$9,127,604						$8,719,104

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Page 13.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
						Six Months Ended
						March 31,
(Thousands of Dollars)						2026						2025
Operating Activities:
Net Income Available for Common Stock						$	429,313					$	261,344
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Impairment of Assets						—						141,802
Depreciation, Depletion and Amortization						241,354						220,647
Deferred Income Taxes						68,296						25,787
Premium Paid on Early Redemption of Debt						—						2,385
Stock-Based Compensation						9,941						10,487
Other						14,319						14,317
Change in:
Receivables and Unbilled Revenue						(146,459)						(197,553)
Gas Stored Underground and Materials and Supplies						25,472						27,861
Unrecovered Purchased Gas Costs						(7,236)						(3,562)
Other Current Assets						16,726						13,737
Accounts Payable						13,469						17,322
Amounts Payable to Customers						(680)						(8,327)
Customer Advances						(17,188)						(19,373)
Customer Security Deposits						(2,048)						(5,907)
Other Accruals and Current Liabilities						56,167						21,528
Other Assets						(18,864)						(20,282)
Other Liabilities						(25,303)						(28,343)
Net Cash Provided by Operating Activities						$	657,279					$	473,870
Investing Activities:
Capital Expenditures						$	(498,267)					$	(434,260)
Other						523						8,881
Net Cash Used in Investing Activities						$	(497,744)					$	(425,379)
Financing Activities:
Changes in Notes Payable to Banks and Commercial Paper						$	(108,900)					$	117,700
Shares Repurchased Under Repurchase Plan						—						(50,471)
Reduction of Long-Term Debt						(300,000)						(954,086)
Net Proceeds From Issuance of Long-Term Debt						—						989,019
Dividends Paid on Common Stock						(99,187)						(93,543)
Net Proceeds from Common Stock Sale						338,403						—
Net Repurchases of Common Stock Under Stock and Benefit Plans						(6,421)						(4,026)
Net Cash Provided by (Used in) Financing Activities						$	(176,105)					$	4,593
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash						(16,570)						53,084
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period						43,166						38,222
Cash, Cash Equivalents, and Restricted Cash at March 31						$	26,596					$	91,306

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Page 14.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)
INTEGRATED UPSTREAM AND GATHERING SEGMENT
			Three Months Ended																		Six Months Ended
(Thousands of Dollars, except per share amounts)			March 31,																		March 31,
			2026						2025						Variance						2026			2025			Variance
Total Operating Revenues			$	358,823					$	315,191					$	43,632					$	682,045		$	567,499		$	114,546
Operating Expenses:
Operation and Maintenance:
Upstream General and Administrative Expense			18,472						18,847						(375)						37,878			38,173			(295)
Lease Operating Expense			17,362						12,494						4,868						34,187			23,145			11,042
Gathering Operation and Maintenance Expense			13,805						9,160						4,645						24,193			15,894			8,299
All Other Operation and Maintenance Expense			3,102						3,310						(208)						6,481			7,178			(697)
Property, Franchise and Other Taxes			3,643						4,282						(639)						8,426			7,430			996
Depreciation, Depletion and Amortization			80,548						75,456						5,092						164,810			149,274			15,536
Impairment of Assets			—						—						—						—			141,802			(141,802)
			136,932						123,549						13,383						275,975			382,896			(106,921)
Operating Income			221,891						191,642						30,249						406,070			184,603			221,467
Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Credit (Cost)			(81)						37						(118)						(162)			73			(235)
Interest and Other Income			380						194						186						573			525			48
Interest Expense on Long-Term Debt			—						(3,283)						3,283						—			(3,283)			3,283
Interest Expense			(15,111)						(19,541)						4,430						(31,245)			(38,952)			7,707
Income Before Income Taxes			207,079						169,049						38,030						375,236			142,966			232,270
Income Tax Expense			55,049						44,879						10,170						99,159			38,428			60,731
Net Income			$	152,030					$	124,170					$	27,860					$	276,077		$	104,538		$	171,539
Net Income Per Share (Diluted)			$	1.59					$	1.36					$	0.23					$	2.94		$	1.15		$	1.79

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Page 15.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)
PIPELINE AND STORAGE SEGMENT
			Three Months Ended																		Six Months Ended
(Thousands of Dollars, except per share amounts)			March 31,																		March 31,
			2026						2025						Variance						2026			2025			Variance
Revenues from External Customers			$	73,762					$	71,185					$	2,577					$	142,999		$	139,935		$	3,064
Intersegment Revenues			37,701						38,388						(687)						75,365			76,251			(886)
Total Operating Revenues			111,463						109,573						1,890						218,364			216,186			2,178
Operating Expenses:
Purchased Gas			(7)						162						(169)						(7)			121			(128)
Operation and Maintenance			31,172						30,642						530						58,435			57,677			758
Property, Franchise and Other Taxes			8,335						8,600						(265)						16,981			17,266			(285)
Depreciation, Depletion and Amortization			19,961						18,547						1,414						39,063			37,132			1,931
			59,461						57,951						1,510						114,472			112,196			2,276
Operating Income			52,002						51,622						380						103,892			103,990			(98)
Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Credit			536						952						(416)						1,073			1,905			(832)
Interest and Other Income			1,405						1,794						(389)						2,365			3,833			(1,468)
Interest Expense			(11,779)						(11,700)						(79)						(23,580)			(23,428)			(152)
Income Before Income Taxes			42,164						42,668						(504)						83,750			86,300			(2,550)
Income Tax Expense			10,558						10,961						(403)						20,925			22,138			(1,213)
Net Income			$	31,606					$	31,707					$	(101)					$	62,825		$	64,162		$	(1,337)
Net Income Per Share (Diluted)			$	0.33					$	0.35					$	(0.02)					$	0.67		$	0.70		$	(0.03)

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Page 16.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)
UTILITY SEGMENT
			Three Months Ended																		Six Months Ended
(Thousands of Dollars, except per share amounts)			March 31,																		March 31,
			2026						2025						Variance						2026			2025			Variance
Revenues from External Customers			$	425,788					$	343,574					$	82,214					$	684,837		$	571,998		$	112,839
Intersegment Revenues			126						119						7						215			203			12
Total Operating Revenues			425,914						343,693						82,221						685,052			572,201			112,851
Operating Expenses:
Purchased Gas			244,860						171,777						73,083						367,145			273,249			93,896
Operation and Maintenance			68,129						64,444						3,685						129,126			120,704			8,422
Property, Franchise and Other Taxes			13,162						12,202						960						24,365			22,313			2,052
Depreciation, Depletion and Amortization			18,601						17,135						1,466						37,081			33,962			3,119
			344,752						265,558						79,194						557,717			450,228			107,489
Operating Income			81,162						78,135						3,027						127,335			121,973			5,362
Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Credit			12,059						12,299						(240)						17,813			18,170			(357)
Interest and Other Income			1,265						714						551						2,370			1,242			1,128
Interest Expense			(11,138)						(10,927)						(211)						(22,744)			(21,643)			(1,101)
Income Before Income Taxes			83,348						80,221						3,127						124,774			119,742			5,032
Income Tax Expense			17,999						16,677						1,322						25,335			23,699			1,636
Net Income			$	65,349					$	63,544					$	1,805					$	99,439		$	96,043		$	3,396
Net Income Per Share (Diluted)			$	0.68					$	0.70					$	(0.02)					$	1.06		$	1.05		$	0.01

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Page 17.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)
			Three Months Ended																		Six Months Ended
(Thousands of Dollars, except per share amounts)			March 31,																		March 31,
ALL OTHER			2026						2025						Variance						2026			2025			Variance
Total Operating Revenues			$	—					$	—					$	—					$	—		$	—		$	—
Operating Expenses:
Operation and Maintenance			—						—						—						—			—			—
			—						—						—						—			—			—
Operating Loss			—						—						—						—			—			—
Other Income (Expense):
Interest and Other Income (Deductions)			1,248						(222)						1,470						1,225			(358)			1,583
Interest Expense			(118)						(131)						13						(254)			(248)			(6)
Income (Loss) before Income Taxes			1,130						(353)						1,483						971			(606)			1,577
Income Tax Expense (Benefit)			262						(82)						344						225			(141)			366
Net Income (Loss)			$	868					$	(271)					$	1,139					$	746		$	(465)		$	1,211
Net Income (Loss) Per Share (Diluted)			$	0.01					$	—					$	0.01					$	0.01		$	(0.01)		$	0.02
			Three Months Ended																		Six Months Ended
			March 31,																		March 31,
CORPORATE			2026						2025						Variance						2026			2025			Variance
Revenues from External Customers			$	—					$	—					$	—					$	—		$	—		$	—
Intersegment Revenues			1,435						1,341						94						2,872			2,683			189
Total Operating Revenues			1,435						1,341						94						2,872			2,683			189
Operating Expenses:
Operation and Maintenance			9,002						5,219						3,783						16,244			9,266			6,978
Property, Franchise and Other Taxes			134						130						4						265			261			4
Depreciation, Depletion and Amortization			219						139						80						400			279			121
			9,355						5,488						3,867						16,909			9,806			7,103
Operating Loss			(7,920)						(4,147)						(3,773)						(14,037)			(7,123)			(6,914)
Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Costs			(217)						(212)						(5)						(435)			(423)			(12)
Interest and Other Income			37,810						41,785						(3,975)						77,164			82,846			(5,682)
Interest Expense on Long-Term Debt			(30,083)						(36,379)						6,296						(63,596)			(69,741)			6,145
Other Interest Expense			(2,908)						(4,905)						1,997						(12,442)			(10,066)			(2,376)
Loss before Income Taxes			(3,318)						(3,858)						540						(13,346)			(4,507)			(8,839)
Income Tax Benefit			(1,133)						(1,066)						(67)						(3,572)			(1,573)			(1,999)
Net Loss			$	(2,185)					$	(2,792)					$	607					$	(9,774)		$	(2,934)		$	(6,840)
Net Loss Per Share (Diluted)			$	(0.02)					$	(0.04)					$	0.02					$	(0.10)		$	(0.03)		$	(0.07)
			Three Months Ended																		Six Months Ended
			March 31,																		March 31,
INTERSEGMENT ELIMINATIONS			2026						2025						Variance						2026			2025			Variance
Intersegment Revenues			$	(39,262)					$	(39,848)					$	586					$	(78,452)		$	(79,137)		$	685
Operating Expenses:
Purchased Gas			(37,002)						(36,601)						(401)						(73,681)			(72,695)			(986)
Operation and Maintenance			(2,260)						(3,247)						987						(4,771)			(6,442)			1,671
			(39,262)						(39,848)						586						(78,452)			(79,137)			685
Operating Income			—						—						—						—			—			—
Other Income (Expense):
Interest and Other Deductions			(37,403)						(42,109)						4,706						(76,751)			(84,861)			8,110
Interest Expense			37,403						42,109						(4,706)						76,751			84,861			(8,110)
Net Income			$	—					$	—					$	—					$	—		$	—		$	—
Net Income Per Share (Diluted)			$	—					$	—					$	—					$	—		$	—		$	—

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Page 18.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT INFORMATION (Continued)
(Thousands of Dollars)
			Three Months Ended																		Six Months Ended
			March 31,																		March 31,
			(Unaudited)																		(Unaudited)
															Increase																		Increase
			2026						2025						(Decrease)						2026						2025						(Decrease)
Capital Expenditures:
Integrated Upstream and Gathering(1)			$	165,727		(1)			$	123,363		(3)			$	42,364					$	307,576		(1)(2)			$	258,992		(3)(4)			$	48,584
Pipeline and Storage			37,026			(1)			15,626			(3)			21,400						74,628			(1)(2)			35,417			(3)(4)			39,211
Utility			30,500			(1)			41,867			(3)			(11,367)						73,594			(1)(2)			78,298			(3)(4)			(4,704)
Total Reportable Segments			233,253						180,856						52,397						455,798						372,707						83,091
All Other			—						—						—						—						—						—
Corporate			249						174						75						425						378						47
Eliminations			(546)						—						(546)						(546)						—						(546)
Total Capital Expenditures			$	232,956					$	181,030					$	51,926					$	455,677					$	373,085					$	82,592

(1)Capital expenditures for the quarter and six months ended March 31, 2026, include accounts payable and accrued liabilities related to capital expenditures of $71.6 million, $5.1 million and $6.0 million in the Integrated Upstream and Gathering segment, Pipeline and Storage segment and Utility segment, respectively. These amounts have been excluded from the Consolidated Statement of Cash Flows at March 31, 2026, since they represent non-cash investing activities at that date.

(2)Capital expenditures for the six months ended March 31, 2026, exclude capital expenditures of $87.9 million, $19.4 million and $18.0 million in the Integrated Upstream and Gathering segment, Pipeline and Storage segment and Utility segment, respectively. These amounts were in accounts payable and accrued liabilities at September 30, 2025 and paid during the six months ended March 31, 2026. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2025, since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at March 31, 2026.

(3)Capital expenditures for the quarter and six months ended March 31, 2025, include accounts payable and accrued liabilities related to capital expenditures of $51.6 million, $2.4 million and $4.8 million in the Integrated Upstream and Gathering segment, Pipeline and Storage segment and Utility segment, respectively. These amounts were excluded from the Consolidated Statement of Cash Flows at March 31, 2025, since they represented non-cash investing activities at that date.

(4)Capital expenditures for the six months ended March 31, 2025, exclude capital expenditures of $85.0 million, $14.4 million and $20.6 million in the Integrated Upstream and Gathering segment, Pipeline and Storage segment and Utility segment, respectively. These amounts were in accounts payable and accrued liabilities at September 30, 2024 and paid during the six months ended March 31, 2025. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2024, since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at March 31, 2025.

DEGREE DAYS
																					Percent Colder
																					(Warmer) Than:
Three Months Ended March 31,			Normal						2026						2025						Normal (1)						Last Year (1)
Buffalo, NY			3,226						3,282						3,116						1.7						5.3
Erie, PA			3,023						3,079						3,017						1.9						2.1
Six Months Ended March 31,
Buffalo, NY			5,352						5,563						5,000						3.9						11.3
Erie, PA			4,917						5,200						4,714						5.8						10.3

(1)Percents compare actual 2026 degree days to normal degree days and actual 2026 degree days to actual 2025 degree days.

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Page 19.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
INTEGRATED UPSTREAM AND GATHERING INFORMATION
						Three Months Ended																		Six Months Ended
						March 31,																		March 31,
																		Increase																		Increase
						2026						2025						(Decrease)						2026						2025						(Decrease)
Gas Production/Prices:
Production (MMcf)
Appalachia						102,004						105,514						(3,510)						211,185						203,232						7,953
Average Prices (Per Mcf)
Weighted Average						$	3.92					$	3.02					$	0.90					$	3.33					$	2.64					$	0.69
Weighted Average after Hedging						3.45						2.94						0.51						3.16						2.74						0.42
Selected Operating Performance Statistics:
Upstream General and Administrative Expense per Mcf (1)						$	0.18					$	0.18					$	—					$	0.18					$	0.19					$	(0.01)
Lease Operating Expense per Mcf (1)						$	0.17					$	0.12					$	0.05					$	0.16					$	0.11					$	0.05
Adjusted Gathering Operation and Maintenance Expense per Mcf (1)(2)						$	0.14					$	0.12					$	0.02					$	0.11					$	0.11					$	—
Depreciation, Depletion and Amortization per Mcf (1)						$	0.79					$	0.72					$	0.07					$	0.78					$	0.73					$	0.05

(1)Refer to page 14 for the Upstream General and Administrative Expense, Lease Operating Expense, Gathering Operation and Maintenance Expense, and Depreciation, Depletion, and Amortization Expense for the Integrated Upstream and Gathering segment.

(2)Adjusted Gathering O&M Expense of $0.12 per Mcf and $0.11 per Mcf for the three and six months ended March 31, 2025, respectively, each exclude a $0.03 per Mcf reduction to Gathering O&M Expense attributed to a change in segment reporting, which is fully offset in operating revenue.

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Page 20.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
Pipeline and Storage Throughput - (millions of cubic feet - MMcf)
						Three Months Ended																		Six Months Ended
						March 31,																		March 31,
																		Increase																		Increase
						2026						2025						(Decrease)						2026						2025						(Decrease)
Firm Transportation - Affiliated						45,486						49,240						(3,754)						80,018						81,110						(1,092)
Firm Transportation - Non-Affiliated						201,460						185,490						15,970						381,001						356,502						24,499
Interruptible Transportation						583						454						129						608						515						93
						247,529						235,184						12,345						461,627						438,127						23,500
Utility Throughput - (MMcf)
						Three Months Ended																		Six Months Ended
						March 31,																		March 31,
																		Increase																		Increase
						2026						2025						(Decrease)						2026						2025						(Decrease)
Retail Sales:
Residential Sales						32,934						32,111						823						54,775						50,587						4,188
Commercial Sales						5,581						5,420						161						9,130						8,339						791
Industrial Sales						305						302						3						495						501						(6)
						38,820						37,833						987						64,400						59,427						4,973
Transportation						25,502						25,086						416						45,171						42,028						3,143
						64,322						62,919						1,403						109,571						101,455						8,116

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Page 21.

NATIONAL FUEL GAS COMPANY

AND SUBSIDIARIES

NON-GAAP FINANCIAL MEASURES

In addition to financial measures calculated in accordance with generally accepted accounting principles (GAAP), this press release contains information regarding adjusted earnings, adjusted EBITDA, and free cash flow, which are non-GAAP financial measures. The Company believes that these non-GAAP financial measures are useful to investors because they provide an alternative method for assessing the Company's ongoing operating results or liquidity and for comparing the Company’s financial performance to other companies. The Company's management uses these non-GAAP financial measures for the same purpose, and for planning and forecasting purposes. The presentation of non-GAAP financial measures is not meant to be a substitute for financial measures in accordance with GAAP.

Management defines adjusted earnings as reported GAAP earnings before items impacting comparability. The following table reconciles National Fuel's reported GAAP earnings to adjusted earnings for the three and six months ended March 31, 2026 and 2025:

						Three Months Ended												Six Months Ended
						March 31,												March 31,
(in thousands except per share amounts)						2026						2025						2026						2025
Reported GAAP Earnings						$	247,668					$	216,358					$	429,313					$	261,344
Items impacting comparability:
Impairment of assets						—						—						—						141,802
Tax impact of impairment of assets						—						—						—						(37,169)
Premiums paid on early redemption of debt						—						2,385						—						2,385
Tax impact of premiums paid on early redemption of debt						—						(642)						—						(642)
Unrealized (gain) loss on derivative asset						—						335						—						684
Tax impact of unrealized (gain) loss on derivative asset						—						(90)						—						(184)
Costs related to the pending Ohio gas utility acquisition						2,499						—						10,186						—
Tax impact of costs related to the pending Ohio gas utility acquisition						(579)						—						(2,361)						—
Net interest benefit from equity issuance						(3,422)						—						(3,931)						—
Tax impact of net interest benefit from equity issuance						793						—						911						—
Unrealized (gain) loss on other investments						347						(17)						1,008						2,600
Tax impact of unrealized (gain) loss on other investments						(73)						4						(212)						(546)
Adjusted Earnings						$	247,233					$	218,333					$	434,914					$	370,274
Reported GAAP Earnings Per Share						$	2.59					$	2.37					$	4.58					$	2.86
Items impacting comparability:
Impairment of assets, net of tax						—						—						—						1.14
Premiums paid on early redemption of debt, net of tax						—						0.02						—						0.02
Unrealized (gain) loss on derivative asset, net of tax						—						—						—						0.01
Costs related to the pending Ohio gas utility acquisition, net of tax						0.02						—						0.09						—
Impact of equity issuance related to pending acquisition, net of interest benefits						0.10						—						0.09						—
Unrealized (gain) loss on other investments, net of tax						—						—						0.01						0.02
Rounding						—						—						—						0.01
Adjusted Earnings Per Share						$	2.71					$	2.39					$	4.77					$	4.06

Management defines adjusted EBITDA as reported GAAP earnings before the following items: interest expense, income taxes, depreciation, depletion and amortization, other income and deductions, impairments, and other items reflected in operating income that impact comparability. The following tables reconcile National Fuel's reported GAAP earnings to adjusted EBITDA for the three and six months ended March 31, 2026 and 2025:

						Three Months Ended												Six Months Ended
						March 31,												March 31,
(in thousands)						2026						2025						2026						2025
Reported GAAP Earnings						$	247,668					$	216,358					$	429,313					$	261,344
Depreciation, Depletion and Amortization						119,329						111,277						241,354						220,647
Other (Income) Deductions						(17,002)						(15,232)						(25,235)						(22,952)
Interest Expense						33,734						44,757						77,110						82,500
Income Taxes						82,735						71,369						142,072						82,551
Impairment of Assets						—						—						—						141,802
Costs related to the pending Ohio gas utility acquisition (1)						2,499						—						4,506						—
Adjusted EBITDA						$	468,963					$	428,529					$	869,120					$	765,892
Adjusted EBITDA by Segment
Integrated Upstream and Gathering Adjusted EBITDA						$	302,439					$	267,098					$	570,880					$	475,679
Pipeline and Storage Adjusted EBITDA						71,963						70,169						142,955						141,122
Utility Adjusted EBITDA						99,763						95,270						164,416						155,935
Corporate and All Other Adjusted EBITDA						(5,202)						(4,008)						(9,131)						(6,844)
Total Adjusted EBITDA						$	468,963					$	428,529					$	869,120					$	765,892

(1)For the six months ended March 31, 2026, costs represent a portion of acquisition costs recognized in O&M expense for the pending Ohio gas utility acquisition. The remaining $5.7 million of acquisition costs for the six months ended March 31, 2026 are recognized in interest expense.

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Page 22.

NATIONAL FUEL GAS COMPANY

AND SUBSIDIARIES

NON-GAAP FINANCIAL MEASURES

SEGMENT ADJUSTED EBITDA

						Three Months Ended												Six Months Ended
						March 31,												March 31,
(in thousands)						2026						2025						2026						2025
Integrated Upstream and Gathering Segment
Reported GAAP Earnings						$	152,030					$	124,170					$	276,077					$	104,538
Depreciation, Depletion and Amortization						80,548						75,456						164,810						149,274
Other (Income) Deductions						(299)						(231)						(411)						(598)
Interest Expense						15,111						22,824						31,245						42,235
Income Taxes						55,049						44,879						99,159						38,428
Impairment of Assets						—						—						—						141,802
Adjusted EBITDA						$	302,439					$	267,098					$	570,880					$	475,679
Pipeline and Storage Segment
Reported GAAP Earnings						$	31,606					$	31,707					$	62,825					$	64,162
Depreciation, Depletion and Amortization						19,961						18,547						39,063						37,132
Other (Income) Deductions						(1,941)						(2,746)						(3,438)						(5,738)
Interest Expense						11,779						11,700						23,580						23,428
Income Taxes						10,558						10,961						20,925						22,138
Adjusted EBITDA						$	71,963					$	70,169					$	142,955					$	141,122
Utility Segment
Reported GAAP Earnings						$	65,349					$	63,544					$	99,439					$	96,043
Depreciation, Depletion and Amortization						18,601						17,135						37,081						33,962
Other (Income) Deductions						(13,324)						(13,013)						(20,183)						(19,412)
Interest Expense						11,138						10,927						22,744						21,643
Income Taxes						17,999						16,677						25,335						23,699
Adjusted EBITDA						$	99,763					$	95,270					$	164,416					$	155,935
Corporate and All Other
Reported GAAP Earnings						$	(1,317)					$	(3,063)					$	(9,028)					$	(3,399)
Depreciation, Depletion and Amortization						219						139						400						279
Other (Income) Deductions						(1,438)						758						(1,203)						2,796
Interest Expense						(4,294)						(694)						(459)						(4,806)
Income Taxes						(871)						(1,148)						(3,347)						(1,714)
Costs related to the pending Ohio gas utility acquisition						2,499						—						4,506						—
Adjusted EBITDA						$	(5,202)					$	(4,008)					$	(9,131)					$	(6,844)

Management defines free cash flow as net cash provided by operating activities, less net cash used in investing activities, adjusted for acquisitions and divestitures. For the six months ended March 31, 2026, net cash provided by operating activities was $661 million; net cash used in investing activities was $501 million; there were no adjustments for acquisitions or divestitures; and free cash flow was $160 million. For the six months ended March 31, 2025, net cash provided by operating activities was $474 million; net cash used in investing activities was $425 million; there were no adjustments for acquisitions or divestitures; and free cash flow was $49 million. The Company is unable to provide a reconciliation of any projected free cash flow measure to its comparable GAAP financial measure without unreasonable efforts. This is due to an inability to calculate the comparable GAAP projected metrics, including operating income and total production costs, given the unknown effect, timing, and potential significance of certain income statement items.