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

•GAAP earnings of $181.6 million, or earnings per share (EPS) of $1.98, compared to GAAP earnings of $45.0 million, or $0.49 per share, in the prior year.

•Adjusted earnings(1) of $187.7 million, or adjusted EPS(1) of $2.06, compared to adjusted earnings of $151.9 million, or $1.66 per share in the prior year, an increase of 24% per share.

•Integrated Upstream and Gathering segment adjusted EPS of $1.36 increased $0.42, or 45%, compared to the prior year, driven by a 14% increase in natural gas price realizations and 12% growth in natural gas production resulting from strong Tioga County Utica well results.

•Utility segment net income increased 5% compared to the prior year as ongoing investments in system modernization programs in New York and Pennsylvania supported an increase in customer margin.

•Supply Corporation’s Shippingport Lateral Project received FERC authorization in November. This project, along with the previously approved Tioga Pathway Project, remains on track for a late calendar 2026 in-service date.

•The Company successfully issued $350 million in common equity through a private placement, fulfilling the expected equity needed to fund the previously announced CenterPoint Ohio gas utility acquisition, which is expected to close in the fourth quarter of this calendar year.

•The Company is reaffirming its fiscal 2026 adjusted EPS guidance range of $7.60 to $8.10 per share.

David P. Bauer, President and Chief Executive Officer of National Fuel Gas Company, stated: “National Fuel’s first quarter results were a great start to the fiscal year. Strong operational execution within our Integrated Upstream and Gathering segment continues to deliver growing production and increasing cash flow generation. When combined with ongoing growth in our regulated businesses, adjusted EPS increased 24% over the prior year.

“At our non-regulated business, an expanding inventory of high-quality Appalachian development locations, most recently bolstered by the addition of approximately 200 prospective Upper Utica drilling locations, along with ongoing well design optimization, positions us for continued success in driving capital efficiency improvements. On the regulated side, our focus remains on delivering growth while maintaining our long track record of customer affordability. We’ve made great progress on our Tioga Pathway and Shippingport Lateral expansion projects, both of which remain on track to be in service later this calendar year. These projects, along with our pending natural gas utility acquisition in Ohio, provide strong catalysts for growth as we look to fiscal 2027.

“Altogether, the outlook across National Fuel is exceptionally strong. We remain focused on executing on our plan to deliver long-term growth in earnings and free cash flow, which in turn should create meaningful value for shareholders.”

(1) See page 2 for a reconciliation of reported GAAP earnings to adjusted earnings and GAAP EPS to adjusted EPS.

National Fuel is reaffirming its adjusted EPS guidance for fiscal 2026. The Company expects adjusted EPS to be within a range of $7.60 to $8.10, or $7.85 at the midpoint of the range. This updated range incorporates first quarter results with pricing assumptions consistent with previous guidance for the remaining nine months of fiscal 2026, including an average NYMEX natural gas price of $3.75 per MMBtu. Given the continued volatility in NYMEX natural gas prices the Company is providing the following sensitivities to its adjusted EPS guidance range:

As a reminder, the acquisition of CenterPoint Energy's Ohio natural gas utility business is expected to close in the fourth quarter of calendar 2026 and, therefore, is not expected to impact fiscal 2026 guidance. Fiscal 2026 guidance also excludes financing and acquisition related costs.

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

6.

The following earnings discussion of each operating segment for the quarter ended December 31, 2025 is summarized in a tabular form on pages 7 and 8 of this report. It may be helpful to refer to those tables while reviewing this discussion.

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.

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 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 the interstate pipeline system.

The Integrated Upstream and Gathering segment's first quarter GAAP earnings increased $143.7 million versus the prior year. The increase in earnings was primarily driven by $104.6 million of non-cash impairment charges, after-tax, that occurred in the prior year. Excluding items impacting comparability, Seneca and Gathering's adjusted earnings in the first quarter increased $38.8 million primarily due to higher production and realized natural gas prices, partially offset by higher per unit operating expenses.

During the first quarter, Seneca produced 109 Bcf of natural gas, an increase of 11 Bcf, or 12%, from the prior year due to new Utica pads turned in line in Tioga County.

Seneca’s weighted average realized natural gas price, after the impact of hedging and transportation costs, was $2.89 per Mcf, an increase of $0.36 per Mcf, or 14%, from the prior year. This increase was primarily due to higher NYMEX prices, the impact of realized gains on Seneca’s natural gas hedges, and higher prices at local sales points in Pennsylvania.

(1)Adjusted Gathering O&M Expense of $0.10 per Mcf for the quarter ended December 31, 2024 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, first quarter adjusted total operating costs were $0.03 higher compared to the prior year, primarily due to higher per unit LOE. The increase in per unit LOE compared to the prior year was largely driven by higher third-party gathering expenses as the Company brought online a six-well pad on acreage in Tioga County that had been dedicated by a previous owner to another midstream operator. Higher workover and repairs and maintenance costs also contributed to the increase.

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.

The Pipeline and Storage segment’s first quarter GAAP earnings decreased $1.2 million versus the prior year. The primary driver of the earnings decrease was a drop in other income, which was largely attributable to a reduction in intercompany interest income. Operating revenues and expenses were largely unchanged from 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.

The Utility segment’s first quarter GAAP earnings increased $1.6 million, or 5%, primarily as a result of higher customer margin (operating revenue less purchased gas sold) of $9.8 million. The biggest contributor to improved customer margin was the implementation of year two of the Utility’s three-year rate agreement in New York. Colder weather and revenue from the Utility’s Distribution System Improvement Charge in Pennsylvania also contributed to the increase in customer margin. Partially offsetting this were higher personnel and employee benefit costs (which were largely the result of new collective bargaining agreements) and 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 $7.7 million in the first quarter, largely due to transaction and financing costs related to the pending Ohio gas utility acquisition.

A conference call to discuss the results will be held on Thursday, January 29, 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 will be provided under the Events Calendar on the NFG Investor Relations website at investor.nationalfuelgas.com. A replay will be available following the call through the end of the day, Thursday, February 5, 2026. To access the replay, dial 1-866-813-9403 and provide Access Code 870164.

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.

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 Page 5.

Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, which could cause actual 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.

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. As a reminder, the acquisition of CenterPoint Energy's Ohio natural gas utility business is expected to close in the fourth quarter of calendar 2026, and therefore, is not expected to impact fiscal 2026 guidance. Fiscal 2026 adjusted earnings per share guidance also excludes after-tax financing and acquisition related costs during the three months ended December 31, 2025, which reduced earnings by $0.07 per share, and expected financing and acquisition related costs during the nine months ending September 30, 2026.

The revised adjusted earnings per share guidance range excludes certain items that impacted the comparability of adjusted operating results during the three months ended December 31, 2025, 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 nine 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.

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