(MENAFN- GlobeNewsWire - Nasdaq) WILLIAMSVILLE, N.Y., Nov. 05, 2025 (GLOBE NEWSWIRE) -- National Fuel Gas Company (“National Fuel” or the“Company”) (NYSE:NFG) today announced consolidated results for the three months and fiscal year ended September 30, 2025.

FOURTH QUARTER FISCAL 2025 SUMMARY

• GAAP earnings per share of $1.18 compared to a net loss of $1.84 per share in the prior year.
• Adjusted earnings per share of $1.22, an increase of 58%, compared to $0.77 per share in the prior year. See non-GAAP reconciliation on page 2.
• Announced the acquisition of CenterPoint Energy's Ohio natural gas utility for $2.62 billion, which is expected to double Utility segment rate base and is targeted to close in the fourth quarter of calendar 2026.
• Supply Corporation filed an application with FERC for its Shippingport Lateral Project, an interstate pipeline expansion project that is expected to provide 205,000 dekatherms per day of firm transportation capacity to a data center site and will generate approximately $15 million in annual revenues with a targeted in-service date in late calendar 2026.
• Strong Tioga Utica well performance in the Eastern Development Area (“EDA”) drove 112 Bcf of natural gas production, an increase of 21% compared to the prior year.
• NYMEX natural gas price realizations increased to $2.61 per Mcf, up 9% compared to the prior year.
  

FISCAL 2025 HIGHLIGHTS

• GAAP earnings per share of $5.68 compared to $0.84 per share in fiscal 2024.
• Adjusted earnings per share of $6.91, an increase of 38%, compared to $5.01 per share in fiscal 2024.
• The Company announced its 55th consecutive dividend increase to an annual rate of $2.14 per share, continuing its long history of returning cash to shareholders.
• Integrated Upstream and Gathering segment capital efficiency continued to improve, with record natural gas production of 426 Bcf in the fiscal year, an increase of 9% compared to the prior year, while capital expenditures decreased $40 million, or 6% (see page 19).
• Increased inventory of high-quality, low-breakeven drilling locations in the EDA by 50% with the addition of approximately 220 locations prospective for a new horizon within the upper section of the Utica Shale.
• Adjusted earnings per share of $2.24 from the regulated Utility and Pipeline & Storage segments, an increase of 21% compared to the prior year, largely attributable to the continued benefits from rate settlements.
• Supply Corporation received FERC approval for the Tioga Pathway Project, which remains on track for a late calendar 2026 in-service date.
  

MANAGEMENT COMMENTS

David P. Bauer, President and Chief Executive Officer of National Fuel Gas Company, stated:“National Fuel closed out an exceptional fiscal 2025 with a strong fourth quarter. Driven by great execution across our businesses, adjusted earnings per share increased by 58% compared to the prior year.

“In our Integrated Upstream and Gathering segment, results for the quarter highlight the unique combination of continued operational excellence, along with the best-in-class nature of our assets in the EDA. Our talented team continues to find ways to improve and expand upon our already deep inventory of highly economic drilling locations in this area, where we added 220 new Upper Utica locations this quarter, extending our peer-leading EDA inventory life to more than 15 years. Complementing this inventory expansion, our team recently executed a precedent agreement for new firm transportation capacity from Tioga County to premium markets with an expected in-service date of late 2028, further supporting our long-term growth plans

“The outlook for our regulated businesses is equally promising. In addition to our long-standing modernization program, which we expect will continue to drive rate base growth, we see new capacity additions enhancing our growth outlook. The Tioga Pathway and Shippingport Lateral expansion projects continue to progress as planned, and we are seeing increasing interest in further capacity additions across our FERC-regulated pipeline system. Additionally, our recently announced strategic acquisition of CenterPoint Energy's Ohio natural gas utility business will significantly grow the Company's regulated asset base, adding high-quality operations in a neighboring, cold weather state, with a constructive political and regulatory backdrop.

“With our investment grade balance sheet, strong growth outlook, and increasing scale, the Company is well positioned to deliver meaningful value to shareholders in the years to come.”

RECONCILIATION OF GAAP EARNINGS TO ADJUSTED EARNINGS

		Three Months Ended September 30,
		(Thousands)		(Per Share)
			2025				2024				2025				2024
Reported GAAP Earnings		$	107,342			$	(167,621	)		$	1.18			$	(1.84	)
Items impacting comparability:
Impairment of assets			-				318,433				-				3.49
Tax impact of impairment of assets			-				(80,585	)			-				(0.88	)
Unrealized (gain) loss on derivative asset			-				1,700				-				0.02
Tax impact of unrealized (gain) loss on derivative asset			3,402				(461	)			0.04				(0.01	)
Other/rounding (refer to Segment results for details)			284				(974	)			-				(0.01	)
Adjusted Earnings		$	111,028			$	70,492			$	1.22			$	0.77
		Fiscal Year Ended September 30,
		(Thousands)		(Per Share)
			2025				2024				2025				2024
Reported GAAP Earnings		$	518,504			$	77,513			$	5.68			$	0.84
Items impacting comparability:
Impairment of assets			141,802				519,129				1.55				5.62
Tax impact of impairment of assets			(37,169	)			(136,271	)			(0.41	)			(1.47	)
Unrealized (gain) loss on derivative asset			729				6,548				0.01				0.07
Tax impact of unrealized (gain) loss on derivative asset			3,206				(1,791	)			0.03				(0.02	)
Other (refer to Segment results for details)			3,433				(2,397	)			0.05				(0.03	)
Adjusted Earnings		$	630,505			$	462,731			$	6.91			$	5.01

FISCAL 2026 GUIDANCE UPDATE

National Fuel is providing its formal guidance for adjusted earnings per share for fiscal 2026 with a range of $7.60 to $8.10.

The Company is assuming an average NYMEX natural gas price of $3.75 per MMBtu in fiscal 2026, which approximates the current NYMEX forward curve at this time. Given the continued volatility in NYMEX natural gas prices, the Company is providing the following sensitivities to its adjusted earnings per share guidance range:

NYMEX Assumption ($/MMBtu)	Fiscal 2026 Adjusted Earnings Per Share Sensitivities
$3.00	$6.55 - $7.05
$4.00	$8.00 - $8.50

All of the other major assumptions incorporated into this updated guidance range are consistent with the Company's preliminary guidance disclosed last quarter.

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 expected financing and acquisition related costs.

Additional details on the Company's updated forecast assumptions and business segment guidance for fiscal 2026 are outlined in the table on page 7.

DISCUSSION OF FOURTH QUARTER RESULTS BY SEGMENT

The following earnings discussion of each operating segment for the quarter ended September 30, 2025 is summarized in a tabular form on pages 8 and 9 of this report (earnings drivers for the fiscal year ended September 30, 2025 are summarized on pages 10 and 11). It may be helpful to refer to those tables while reviewing this discussion.

During the quarter ended September 30, 2025, the Company determined that it was appropriate to consolidate its Exploration and Production and Gathering segments into a single financial reporting segment, which will be presented moving forward as National Fuel's Integrated Upstream and Gathering segment. This updated presentation is intended to provide additional clarity as to the interdependence of the Company's exploration and production and gathering businesses in bringing Appalachian natural gas to market. Prior year segment information shown below has been restated to reflect this change in presentation. A more detailed description of the Company's business segments will be provided in the Company's Form 10-K for fiscal 2025.

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 the segment's gathering operations are carried out by National Fuel Gas Midstream Company, LLC's ("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.

	Three Months Ended
	September 30,
(in thousands)		2025			2024			Variance
GAAP Earnings	$	103,493		$	(142,072	)		$	245,565
Impairment of assets		-			272,358				(272,358	)
Tax impact of impairment of assets		-			(68,269	)			68,269
Unrealized (gain) loss on derivative asset (2022 CA asset sale)		-			1,700				(1,700	)
Tax impact of unrealized (gain) loss on derivative asset		3,402			(461	)			3,863
Adjusted Earnings	$	106,895		$	63,256			$	43,639
Adjusted EBITDA	$	241,093		$	173,246			$	67,847

The Integrated Upstream and Gathering segment's fourth quarter GAAP earnings increased $245.6 million versus the prior year. This positive benefit was primarily driven by non-cash impairment charges that did not occur in the current period relative to fiscal 2024, where $272.4 million ($204.1 million after-tax) was recorded, the vast majority of which was related to a pre-tax ceiling test impairment to write-down the carrying value of Seneca's reserves under the full cost method of accounting. GAAP earnings also included a one-time impact related to the income taxes in connection with a contingent consideration tied to the June 2022 divestiture of Seneca's California assets.

Excluding items impacting comparability, Seneca and Gathering's adjusted earnings in the fourth quarter increased $43.6 million primarily due to higher production and realized natural gas prices, as well as lower per unit operating expenses.

During the fourth quarter, Seneca produced 112 Bcf of natural gas, an increase of 20 Bcf, or 21%, from the prior year. Two highly prolific Utica pads turned in line this year in Tioga County were the main drivers behind this increase in production.

Seneca's weighted average realized natural gas price, after the impact of hedging and transportation costs, was $2.61 per Mcf, an increase of $0.21 per Mcf from the prior year. This increase was primarily due to higher NYMEX prices and higher spot prices at local sales points in Pennsylvania.

	Three Months Ended
	September 30,
(Cost per Mcf)		2025			2024		Variance
Upstream General and Administrative Expense (“G&A”)	$	0.17		$	0.20		$	(0.03	)
Lease Operating Expense (“LOE”)	$	0.13		$	0.18		$	(0.05	)
Gathering O&M Expense	$	0.13		$	0.11		$	0.02
Taxes and Other	$	0.10		$	0.08		$	0.02
Total Cash Operating Costs	$	0.53		$	0.57		$	(0.04	)
Depreciation, Depletion and Amortization Expense (“DD&A”)	$	0.74		$	0.80		$	(0.06	)
Total Operating Costs	$	1.27		$	1.37		$	(0.10	)

On a per unit basis, fourth quarter total cash operating costs were $0.04 lower compared to the prior year, primarily due to higher production, as well as lower LOE, specifically lower repairs and maintenance costs. DD&A for the quarter was $0.74 per Mcf, a decrease of $0.06 per Mcf from the prior year, largely due to ceiling test impairments recorded in prior quarters that lowered Seneca's full cost pool depletable base.

Proved Reserves Year-End Update

Seneca's total proved reserves at September 30, 2025 were 4,981 Bcfe, an increase of 229 Bcfe, or 5%, from September 30, 2024. This increase was a result of Seneca replacing 154% of its fiscal 2025 production. Proved developed reserves at the end of fiscal 2025 were 3,665 Bcfe, representing 74% of total proved reserves. In fiscal 2025, Seneca added 633 Bcfe of proved reserve extensions and discoveries and 23 Bcfe of net positive revisions due to improvements in well performance and price revisions, partially offset by changes in development plans.

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
	September 30,
(in thousands)		2025			2024			Variance
GAAP Earnings	$	27,938		$	(5,812	)		$	33,750
Impairment of assets		-			46,075				(46,075	)
Tax impact of impairment of assets		-			(12,316	)			12,316
Adjusted Earnings	$	27,938		$	27,947			$	(9	)
Adjusted EBITDA	$	62,639		$	62,527			$	112

The Pipeline and Storage segment's fourth quarter GAAP earnings increased $33.8 million versus the prior year primarily due to an impairment charge of $46.1 million ($33.8 million after-tax) to write down the carrying value of certain assets associated with Supply Corporation and Empire's Northern Access project, as the Company determined it was unlikely to pursue construction of the project.

Excluding items impacting comparability, fourth quarter adjusted earnings were relatively flat 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
	September 30,
(in thousands)		2025				2024			Variance
GAAP Earnings	$	(17,790	)		$	(16,759	)		$	(1,031	)
Adjusted EBITDA	$	2,036			$	(228	)		$	2,264

The Utility segment's fourth quarter GAAP earnings decreased $1.0 million, or 6%, primarily as a result of increased operation and maintenance ("O&M") expense and income tax expense which more than offset an increase in customer margin.

For the fourth quarter, customer margin (operating revenue less purchased gas sold) increased $5.3 million, largely due to an increase in rates as part of the Utility's New York rate case settlement, which became effective October 1, 2024.

O&M expense increased $3.8 million primarily driven by higher personnel costs, partially offset by a reduction in uncollectible expenses as a result of a tracker implemented as part of the New York rate case settlement. Further, the increase in the Utility segment's income tax expense (or lower income tax benefit) was driven by a higher effective tax rate.

Corporate and All Other

The Company's operations that are included in Corporate and All Other generated a combined net loss of $6.3 million, an increase of $3.3 million from the prior year net loss, in part due to higher operating expenses which are largely attributable to professional fees related to the previously announced Ohio utility acquisition.

EARNINGS TELECONFERENCE

A conference call to discuss the results will be held on Thursday, November 6, 2025, 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 nationalfuelgas. A replay will be available following the call through the end of the day, Thursday, November 13, 2025. To access the replay, dial 1-866-813-9403 and provide Access Code 634818.

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

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 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, including receipt of required regulatory clearances and satisfaction of other conditions to closing; 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; 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; negotiations with the collective bargaining units representing the Company's workforce, including potential work stoppages during negotiations; 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.

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. 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 expected financing and acquisition related costs.

While the Company expects to record certain adjustments to unrealized gain or loss on investments during the fiscal year 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	N/A		$7.60 - $8.10
Consolidated Effective Tax Rate	~ 25.5%		~ 25.5%
Capital Expenditures (Millions)
Integrated Upstream and Gathering(1)	$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
NYMEX natural gas price (per MMBtu)	N/A		$3.75
Appalachian basin spot price (per MMBtu)	N/A		$2.85
Production (Bcf)	440 to 455		440 to 455
Integrated Operating Costs (1)($/Mcf)
Upstream General and Administrative Expense	~$0.18		~$0.18
Lease Operating Expense	$0.17 - $0.18		$0.17 - $0.18
Gathering Operation and Maintenance Expense	~$0.11		~$0.11
Depreciation, Depletion and Amortization	$0.76 - $0.81		$0.76 - $0.81
Pipeline and Storage Segment Revenues (Millions)	$415 - $430		$415 - $430
Utility Segment Guidance (Millions)
Customer Margin(2)	$470 - $490		$470 - $490
O&M Expense	$250 – $260		$250 – $260
Non-Service Pension & OPEB Income	$23 - $27		$23 - $27

(1) Previous guidance has been restated to accurately reflect the combined Integrated Upstream and Gathering segment.
(2) Customer Margin is defined as Operating Revenues less Purchased Gas Expense.

NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
QUARTER ENDED SEPTEMBER 30, 2025
(Unaudited)
	Integrated
	Upstream		Pipeline &				Corporate /
(Thousands of Dollars)	& Gathering		Storage		Utility		All Other		Consolidated*
Fourth quarter 2024 GAAP earnings	$	(142,072	)		$	(5,812	)		$	(16,759	)		$	(2,978	)		$	(167,621	)
Items impacting comparability:
Impairment of assets		272,358				46,075								318,433
Tax impact of impairment of assets		(68,269	)			(12,316	)							(80,585	)
Unrealized (gain) loss on derivative asset		1,700										1,700
Tax impact of unrealized (gain) loss on derivative asset		(461	)									(461	)
Unrealized (gain) loss on other investments								(1,232	)			(1,232	)
Tax impact of unrealized (gain) loss on other investments								258				258
Fourth quarter 2024 adjusted earnings		63,256				27,947				(16,759	)			(3,952	)			70,492
Drivers of adjusted earnings**
Integrated Upstream and Gathering Revenues
Higher (lower) natural gas production		37,160										37,160
Higher (lower) realized natural gas prices, after hedging		18,674										18,674
Higher (lower) gathering revenues		(606	)									(606	)
Higher (lower) other operating revenues		4,434										4,434
Pipeline and Storage Revenues
Higher (lower) operating revenues				1,023								1,023
Utility Margins***
Impact of usage and weather						415						415
Impact of new rates in New York						3,842						3,842
Operating Expenses
Lower (higher) lease operating expenses		966										966
Lower (higher) operating expenses		(5,695	)			(984	)			(3,027	)			(348	)			(10,054	)
Lower (higher) property, franchise and other taxes		(1,270	)					757						(513	)
Lower (higher) depreciation / depletion		(7,170	)					(956	)					(8,126	)
Other Income (Expense)
Higher (lower) other income				(1,278	)					1,879				601
(Higher) lower interest expense		1,209				679				(824	)			(1,688	)			(624	)
Income Taxes
Lower (higher) income tax expense / effective tax rate		(3,436	)			797				(1,434	)			(1,780	)			(5,853	)
All other / rounding		(627	)			(246	)			196				(126	)			(803	)
Fourth quarter 2025 adjusted earnings		106,895				27,938				(17,790	)			(6,015	)			111,028
Items impacting comparability:
Tax impact of unrealized gain (loss) on derivative asset		(3,402	)									(3,402	)
Pending Ohio acquisition costs								(1,061	)			(1,061	)
Tax impact of pending Ohio acquisition costs								246				246
Unrealized gain (loss) on other investments								672				672
Tax impact of unrealized gain (loss) on other investments								(141	)			(141	)
Fourth quarter 2025 GAAP earnings	$	103,493			$	27,938			$	(17,790	)		$	(6,299	)		$	107,342
* Amounts do not reflect intercompany eliminations.
** Drivers of adjusted earnings have been calculated using the 21% federal statutory rate.
*** Downstream margin defined as operating revenues less purchased gas expense.

NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
QUARTER ENDED SEPTEMBER 30, 2025
(Unaudited)
	Integrated
	Upstream		Pipeline &				Corporate /
	& Gathering		Storage		Utility		All Other		Consolidated*
Fourth quarter 2024 GAAP earnings per share	$	(1.55	)		$	(0.07	)		$	(0.18	)		$	(0.04	)		$	(1.84	)
Items impacting comparability:
Impairment of assets, net of tax		2.24				0.37								2.61
Unrealized (gain) loss on derivative asset, net of tax		0.01										0.01
Unrealized (gain) loss on other investments, net of tax								(0.01	)			(0.01	)
Rounding		(0.01	)							0.01				-
Fourth quarter 2024 adjusted earnings per share		0.69				0.30				(0.18	)			(0.04	)			0.77
Drivers of adjusted earnings**
Integrated Upstream and Gathering Revenues
Higher (lower) natural gas production		0.41										0.41
Higher (lower) realized natural gas prices, after hedging		0.20										0.20
Higher (lower) gathering revenues		(0.01	)									(0.01	)
Higher (lower) other operating revenues		0.05										0.05
Pipeline and Storage Revenues
Higher (lower) operating revenues				0.01								0.01
Utility Margins***
Impact of usage and weather						-						-
Impact of new rates in New York						0.04						0.04
Operating Expenses
Lower (higher) lease operating expenses		0.01										0.01
Lower (higher) operating expenses		(0.06	)			(0.01	)			(0.03	)			-				(0.10	)
Lower (higher) property, franchise and other taxes		(0.01	)					0.01						-
Lower (higher) depreciation / depletion		(0.08	)					(0.01	)					(0.09	)
Other Income (Expense)
Higher (lower) other income				(0.01	)					0.02				0.01
(Higher) lower interest expense		0.01				0.01				(0.01	)			(0.02	)			(0.01	)
Income Taxes
Lower (higher) income tax expense / effective tax rate		(0.04	)			0.01				(0.02	)			(0.02	)			(0.07	)
All other / rounding		-				-				-				-				-
Fourth quarter 2025 adjusted earnings per share		1.17				0.31				(0.20	)			(0.06	)			1.22
Items impacting comparability:
Unrealized gain (loss) on derivative asset, net of tax		(0.04	)									(0.04	)
Pending Ohio acquisition costs, net of tax								(0.01	)			(0.01	)
Unrealized gain (loss) on other investments, net of tax								0.01				0.01
Fourth quarter 2025 GAAP earnings per share	$	1.13			$	0.31			$	(0.20	)		$	(0.06	)		$	1.18
* Amounts do not reflect intercompany eliminations.
** Drivers of adjusted earnings have been calculated using the 21% federal statutory rate.
*** Downstream margin defined as operating revenues less purchased gas expense.

NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
TWELVE MONTHS ENDED SEPTEMBER 30, 2025
(Unaudited)
	Integrated
	Upstream		Pipeline &				Corporate /
(Thousands of Dollars)	& Gathering		Storage		Utility		All Other		Consolidated*
Fiscal 2024 GAAP earnings	$	(57,041	)		$	79,670			$	57,089			$	(2,205	)		$	77,513
Items impacting comparability:
Impairment of assets		473,054				46,075								519,129
Tax impact of impairment of assets		(123,955	)			(12,316	)							(136,271	)
Unrealized (gain) loss on derivative asset		6,548										6,548
Tax impact of unrealized (gain) loss on derivative asset		(1,791	)									(1,791	)
Unrealized (gain) loss on other investments								(3,034	)			(3,034	)
Tax impact of unrealized (gain) loss on other investments								637				637
Fiscal 2024 adjusted earnings		296,815				113,429				57,089				(4,602	)			462,731
Drivers of adjusted earnings**
Integrated Upstream and Gathering Revenues
Higher (lower) natural gas production		66,082										66,082
Higher (lower) realized natural gas prices, after hedging		88,324										88,324
Higher (lower) gathering revenues		(2,942	)									(2,942	)
Higher (lower) other operating revenues		12,842										12,842
Pipeline and Storage Revenues
Higher (lower) operating revenues				13,236								13,236
Utility Margins***
Impact of usage and weather						2,411						2,411
Impact of new rates in New York						31,808						31,808
Operating Expenses
Lower (higher) lease operating expenses		1,097										1,097
Lower (higher) operating expenses		(13,546	)			(4,775	)			(9,727	)			(2,088	)			(30,136	)
Lower (higher) property, franchise and other taxes		(3,312	)									(3,312	)
Lower (higher) depreciation / depletion		3,907						(3,507	)					400
Other Income (Expense)
Higher (lower) other income		(3,089	)			(3,119	)			15,283				5,534				14,609
(Higher) lower interest expense				1,516				(6,510	)			(6,469	)			(11,463	)
Income Taxes
Lower (higher) income tax expense / effective tax rate		(10,611	)			512				(3,750	)			(1,028	)			(14,877	)
All other / rounding		(558	)			158				152				(57	)			(305	)
Fiscal 2025 adjusted earnings		435,009				120,957				83,249				(8,710	)			630,505
Items impacting comparability:
Impairment of assets		(141,802	)									(141,802	)
Tax 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		(729	)									(729	)
Tax impact of unrealized gain (loss) on derivative asset		(3,206	)									(3,206	)
Pending Ohio acquisition costs								(1,061	)			(1,061	)
Tax impact of pending Ohio acquisition costs								246				246
Unrealized gain (loss) on other investments								(1,108	)			(1,108	)
Tax impact of unrealized gain (loss) on other investments								233				233
Fiscal 2025 GAAP earnings	$	324,698			$	120,957			$	83,249			$	(10,400	)		$	518,504
* Amounts do not reflect intercompany eliminations.
** Drivers of adjusted earnings have been calculated using the 21% federal statutory rate.
*** Downstream margin defined as operating revenues less purchased gas expense.

NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
TWELVE MONTHS ENDED SEPTEMBER 30, 2025
(Unaudited)
	Integrated
	Upstream		Pipeline &				Corporate /
	& Gathering		Storage		Utility		All Other		Consolidated*
Fiscal 2024 GAAP earnings per share	$	(0.62	)		$	0.86			$	0.62			$	(0.02	)		$	0.84
Items impacting comparability:
Impairment of assets, net of tax		3.78				0.37								4.15
Unrealized (gain) loss on derivative asset, net of tax		0.05										0.05
Unrealized (gain) loss on other investments, net of tax								(0.03	)			(0.03	)
Rounding		0.01								(0.01	)			-
Fiscal 2024 adjusted earnings per share		3.22				1.23				0.62				(0.06	)			5.01
Drivers of adjusted earnings**
Integrated Upstream and Gathering Revenues
Higher (lower) natural gas production		0.72										0.72
Higher (lower) realized natural gas prices, after hedging		0.97										0.97
Higher (lower) gathering revenues		(0.03	)									(0.03	)
Higher (lower) other operating revenues		0.14										0.14
Pipeline and Storage Revenues
Higher (lower) operating revenues				0.15								0.15
Utility Margins***
Impact of usage and weather						0.03						0.03
Impact of new rates in New York						0.35						0.35
Operating Expenses
Lower (higher) lease operating expenses		0.01										0.01
Lower (higher) operating expenses		(0.15	)			(0.05	)			(0.11	)			(0.02	)			(0.33	)
Lower (higher) property, franchise and other taxes		(0.04	)									(0.04	)
Lower (higher) depreciation / depletion		0.04						(0.04	)					-
Other Income (Expense)
Higher (lower) other income		(0.03	)			(0.03	)			0.17				0.06				0.17
(Higher) lower interest expense				0.02				(0.07	)			(0.07	)			(0.12	)
Income Taxes
Lower (higher) income tax expense / effective tax rate		(0.12	)			0.01				(0.04	)			(0.01	)			(0.16	)
Impact of reduction in shares		0.04				0.01				0.01				-				0.06
All other / rounding		-				(0.01	)			(0.01	)			-				(0.02	)
Fiscal 2025 adjusted earnings per share		4.77				1.33				0.91				(0.10	)			6.91
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		(0.04	)									(0.04	)
Pending Ohio acquisition costs, net of tax								(0.01	)			(0.01	)
Unrealized gain (loss) on other investments, net of tax								(0.01	)			(0.01	)
Rounding		(0.01	)									(0.01	)
Fiscal 2025 GAAP earnings per share	$	3.56			$	1.33			$	0.91			$	(0.12	)		$	5.68
* Amounts do not reflect intercompany eliminations.
** Drivers of adjusted earnings have been calculated using the 21% federal statutory rate.
*** Downstream margin defined as operating revenues less purchased gas expense.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
(Thousands of Dollars, except per share amounts)
	Three Months Ended		Twelve Months Ended
	September 30,		September 30,
	(Unaudited)		(Unaudited)
SUMMARY OF OPERATIONS		2025				2024				2025				2024
Operating Revenues:
Utility Revenues	$	87,829			$	79,830			$	817,274			$	696,807
Integrated Upstream and Gathering and Other Revenues		300,362				224,920				1,184,136				976,615
Pipeline and Storage Revenues		68,215				67,318				276,131				271,388
		456,406				372,068				2,277,541				1,944,810
Operating Expenses:
Purchased Gas		(15,221	)			(17,382	)			213,441				150,062
Operation and Maintenance:
Utility		55,895				51,988				230,639				218,393
Integrated Upstream and Gathering and Other		59,432				51,754				206,616				187,024
Pipeline and Storage		34,066				32,782				120,610				114,601
Property, Franchise and Other Taxes		22,930				22,216				94,380				88,851
Depreciation, Depletion and Amortization		119,539				108,847				456,594				457,026
Impairment of Assets		-				318,433				141,802				519,129
		276,641				568,638				1,464,082				1,735,086
Operating Income (Loss)		179,765				(196,570	)			813,459				209,724
Other Income (Expense):
Other Income (Deductions)		4,941				3,237				36,428				16,226
Interest Expense on Long-Term Debt		(33,514	)			(33,008	)			(140,870	)			(122,799	)
Other Interest Expense		(1,931	)			(1,646	)			(14,964	)			(15,896	)
Income (Loss) Before Income Taxes		149,261				(227,987	)			694,053				87,255
Income Tax Expense (Benefit)		41,919				(60,366	)			175,549				9,742
Net Income (Loss) Available for Common Stock	$	107,342			$	(167,621	)		$	518,504			$	77,513
Earnings (Loss) Per Common Share
Basic	$	1.19			$	(1.84	)		$	5.73			$	0.84
Diluted	$	1.18			$	(1.84	)		$	5.68			$	0.84
Weighted Average Common Shares:
Used in Basic Calculation		90,366,462				91,270,386				90,500,916				91,791,167
Used in Diluted Calculation		91,189,155				91,270,386				91,227,473				92,344,511

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
	September 30,		September 30,
(Thousands of Dollars)		2025				2024
ASSETS
Property, Plant and Equipment	$	15,406,329			$	14,524,798
Less - Accumulated Depreciation, Depletion and Amortization		7,693,687				7,185,593
Net Property, Plant and Equipment		7,712,642				7,339,205
Current Assets:
Cash and Temporary Cash Investments		43,166				38,222
Receivables - Net		180,801				127,222
Unbilled Revenue		16,219				15,521
Gas Stored Underground		33,468				35,055
Materials and Supplies - at average cost		50,545				47,670
Unrecovered Purchased Gas Costs		5,769				-
Other Current Assets		80,759				92,229
Total Current Assets		410,727				355,919
Other Assets:
Recoverable Future Taxes		89,247				80,084
Unamortized Debt Expense		6,236				5,604
Other Regulatory Assets		135,486				108,022
Deferred Charges		73,941				69,662
Other Investments		68,346				81,705
Goodwill		5,476				5,476
Prepaid Pension and Post-Retirement Benefit Costs		169,228				180,230
Fair Value of Derivative Financial Instruments		39,388				87,905
Other		8,387				5,958
Total Other Assets		595,735				624,646
Total Assets	$	8,719,104			$	8,319,770
CAPITALIZATION AND LIABILITIES
Capitalization:
Comprehensive Shareholders' Equity
Common Stock, $1 Par Value Authorized - 200,000,000 Shares; Issued and
Outstanding - 90,379,095 Shares and 91,005,993 Shares, Respectively	$	90,379			$	91,006
Paid in Capital		1,050,918				1,045,487
Earnings Reinvested in the Business		2,012,529				1,727,326
Accumulated Other Comprehensive Loss		(59,222	)			(15,476	)
Total Comprehensive Shareholders' Equity		3,094,604				2,848,343
Long-Term Debt, Net of Current Portion and Unamortized Discount and Debt Issuance Costs		2,382,861				2,188,243
Total Capitalization		5,477,465				5,036,586
Current and Accrued Liabilities:
Notes Payable to Banks and Commercial Paper		150,200				90,700
Current Portion of Long-Term Debt		300,000				500,000
Accounts Payable		184,046				165,068
Amounts Payable to Customers		968				42,720
Dividends Payable		48,353				46,872
Interest Payable on Long-Term Debt		14,393				27,247
Customer Advances		17,188				19,373
Customer Security Deposits		29,853				36,265
Other Accruals and Current Liabilities		174,689				162,903
Fair Value of Derivative Financial Instruments		6,074				4,744
Total Current and Accrued Liabilities		925,764				1,095,892
Other Liabilities:
Deferred Income Taxes		1,225,262				1,111,165
Taxes Refundable to Customers		306,335				305,645
Cost of Removal Regulatory Liability		307,659				292,477
Other Regulatory Liabilities		121,944				151,452
Pension and Other Post-Retirement Liabilities		5,252				3,511
Asset Retirement Obligations		236,787				203,006
Other Liabilities		112,636				120,036
Total Other Liabilities		2,315,875				2,187,292
Commitments and Contingencies		-				-
Total Capitalization and Liabilities	$	8,719,104			$	8,319,770

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
		Twelve Months Ended
		September 30,
(Thousands of Dollars)			2025				2024
Operating Activities:
Net Income Available for Common Stock		$	518,504			$	77,513
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Impairment of Assets			141,802				519,129
Depreciation, Depletion and Amortization			456,594				457,026
Deferred Income Taxes			121,274				(2,610	)
Premium Paid on Early Redemption of Debt			2,385				-
Stock-Based Compensation			19,754				22,080
Other			24,936				24,411
Change in:
Receivables and Unbilled Revenue			(54,521	)			34,369
Gas Stored Underground and Materials and Supplies			(1,378	)			1,738
Unrecovered Purchased Gas Costs			(5,769	)			-
Other Current Assets			11,387				8,144
Accounts Payable			12,785				5,616
Amounts Payable to Customers			(41,752	)			(16,299	)
Customer Advances			(2,185	)			(1,630	)
Customer Security Deposits			(6,412	)			7,501
Other Accruals and Current Liabilities			489				2,637
Other Assets			(29,106	)			(48,183	)
Other Liabilities			(68,760	)			(25,481	)
Net Cash Provided by Operating Activities		$	1,100,027			$	1,065,961
Investing Activities:
Capital Expenditures		$	(912,821	)		$	(931,236	)
Sale of Fixed Income Mutual Fund Shares in Grantor Trust			7,000				-
Other			14,121				(2,669	)
Net Cash Used in Investing Activities		$	(891,700	)		$	(933,905	)
Financing Activities:
Changes in Notes Payable to Banks and Commercial Paper		$	59,500			$	(196,800	)
Shares Repurchased Under Repurchase Plan			(54,430	)			(64,086	)
Reduction of Long-Term Debt			(1,004,086	)			-
Net Proceeds From Issuance of Long-Term Debt			988,729				299,359
Dividends Paid on Common Stock			(188,438	)			(183,798	)
Net Repurchases of Common Stock Under Stock and Benefit Plans			(4,658	)			(3,956	)
Net Cash Used in Financing Activities		$	(203,383	)		$	(149,281	)
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash			4,944				(17,225	)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period			38,222				55,447
Cash, Cash Equivalents, and Restricted Cash at September 30		$	43,166			$	38,222

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)
INTEGRATED UPSTREAM AND GATHERING SEGMENT
	Three Months Ended		Twelve Months Ended
(Thousands of Dollars, except per share amounts)	September 30,		September 30,
		2025				2024			Variance			2025			2024		Variance
Total Operating Revenues	$	300,362			$	224,920			$	75,442			$	1,184,136		$	976,615		$	207,521
Operating Expenses:
Operation and Maintenance:
Upstream General and Administrative Expense		18,504				17,977				527				75,280			71,148			4,132
Lease Operating Expense		14,954				16,176				(1,222	)			50,665			52,053			(1,388	)
Gathering Operation and Maintenance Expense		15,003				10,561				4,442				48,635			36,140			12,495
All Other Operation and Maintenance Expense		5,056				2,815				2,241				16,049			15,529			520
Property, Franchise and Other Taxes		5,752				4,145				1,607				18,325			14,132			4,193
Depreciation, Depletion and Amortization		82,847				73,771				9,076				311,817			316,762			(4,945	)
Impairment of Assets		-				272,358				(272,358	)			141,802			473,054			(331,252	)
		142,116				397,803				(255,687	)			662,573			978,818			(316,245	)
Operating Income (Loss)		158,246				(172,883	)			331,129				521,563			(2,203	)		523,766
Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Credit		37				109				(72	)			147			440			(293	)
Interest and Other Income (Deductions)		148				(912	)			1,060				716			(1,486	)		2,202
Interest Expense on Long-Term Debt		-				-				-				(3,283	)		-			(3,283	)
Interest Expense		(16,604	)			(18,134	)			1,530				(73,350	)		(74,005	)		655
Income (Loss) Before Income Taxes		141,827				(191,820	)			333,647				445,793			(77,254	)		523,047
Income Tax Expense (Benefit)		38,334				(49,748	)			88,082				121,095			(20,213	)		141,308
Net Income (Loss)	$	103,493			$	(142,072	)		$	245,565			$	324,698		$	(57,041	)	$	381,739
Net Income (Loss) Per Share (Diluted)	$	1.13			$	(1.55	)		$	2.68			$	3.56		$	(0.62	)	$	4.18

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)
PIPELINE AND STORAGE SEGMENT
	Three Months Ended		Twelve Months Ended
(Thousands of Dollars, except per share amounts)	September 30,		September 30,
		2025				2024			Variance			2025			2024		Variance
Revenues from External Customers	$	68,215			$	67,318			$	897			$	276,131		$	271,388		$	4,743
Intersegment Revenues		37,622				37,224				398				151,470			141,005			10,465
Total Operating Revenues		105,837				104,542				1,295				427,601			412,393			15,208
Operating Expenses:
Purchased Gas		32				(3	)			35				(10	)		1,537			(1,547	)
Operation and Maintenance		34,439				33,194				1,245				122,379			116,335			6,044
Property, Franchise and Other Taxes		8,727				8,824				(97	)			34,453			34,601			(148	)
Depreciation, Depletion and Amortization		18,747				18,373				374				74,480			74,530			(50	)
Impairment of Assets		-				46,075				(46,075	)			-			46,075			(46,075	)
		61,945				106,463				(44,518	)			231,302			273,078			(41,776	)
Operating Income (Loss)		43,892				(1,921	)			45,813				196,299			139,315			56,984
Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Credit		952				1,257				(305	)			3,810			5,030			(1,220	)
Interest and Other Income		1,161				2,458				(1,297	)			6,105			8,798			(2,693	)
Interest Expense		(10,871	)			(11,730	)			859				(45,509	)		(47,428	)		1,919
Income (Loss) Before Income Taxes		35,134				(9,936	)			45,070				160,705			105,715			54,990
Income Tax Expense (Benefit)		7,196				(4,124	)			11,320				39,748			26,045			13,703
Net Income (Loss)	$	27,938			$	(5,812	)		$	33,750			$	120,957		$	79,670		$	41,287
Net Income (Loss) Per Share (Diluted)	$	0.31			$	(0.07	)		$	0.38			$	1.33		$	0.86		$	0.47

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)
UTILITY SEGMENT
	Three Months Ended		Twelve Months Ended
(Thousands of Dollars, except per share amounts)	September 30,		September 30,
		2025				2024			Variance			2025			2024		Variance
Revenues from External Customers	$	87,829			$	79,830			$	7,999			$	817,274		$	696,807		$	120,467
Intersegment Revenues		76				77				(1	)			355			555			(200	)
Total Operating Revenues		87,905				79,907				7,998				817,629			697,362			120,267
Operating Expenses:
Purchased Gas		20,912				18,232				2,680				358,454			283,215			75,239
Operation and Maintenance		56,713				52,882				3,831				234,455			222,142			12,313
Property, Franchise and Other Taxes		8,244				9,021				(777	)			41,006			39,492			1,514
Depreciation, Depletion and Amortization		17,793				16,583				1,210				69,701			65,261			4,440
		103,662				96,718				6,944				703,616			610,110			93,506
Operating Income (Loss)		(15,757	)			(16,811	)			1,054				114,013			87,252			26,761
Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Credit		1,719				251				1,468				25,217			2,040			23,177
Interest and Other Income		772				1,740				(968	)			2,641			6,475			(3,834	)
Interest Expense		(10,368	)			(9,325	)			(1,043	)			(42,969	)		(34,727	)		(8,242	)
Income (Loss) Before Income Taxes		(23,634	)			(24,145	)			511				98,902			61,040			37,862
Income Tax Expense (Benefit)		(5,844	)			(7,386	)			1,542				15,653			3,951			11,702
Net Income (Loss)	$	(17,790	)		$	(16,759	)		$	(1,031	)		$	83,249		$	57,089		$	26,160
Net Income (Loss) Per Share (Diluted)	$	(0.20	)		$	(0.18	)		$	(0.02	)		$	0.91		$	0.62		$	0.29

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)
	Three Months Ended		Twelve Months Ended
(Thousands of Dollars, except per share amounts)	September 30,		September 30,
ALL OTHER		2025				2024			Variance			2025			2024		Variance
Total Operating Revenues	$	-			$	-			$	-			$	-		$	-		$	-
Operating Expenses:
Operation and Maintenance		-				17				(17	)			-			17			(17	)
		-				17				(17	)			-			17			(17	)
Operating Loss		-				(17	)			17				-			(17	)		17
Other Income (Expense):
Interest and Other Income (Deductions)		(35	)			(227	)			192				(523	)		(412	)		(111	)
Interest Expense		(148	)			(112	)			(36	)			(536	)		(374	)		(162	)
Loss before Income Taxes		(183	)			(356	)			173				(1,059	)		(803	)		(256	)
Income Tax Benefit		(42	)			(81	)			39				(245	)		(186	)		(59	)
Net Loss	$	(141	)		$	(275	)		$	134			$	(814	)	$	(617	)	$	(197	)
Net Loss Per Share (Diluted)	$	-			$	(0.01	)		$	0.01			$	(0.01	)	$	-		$	(0.01	)
	Three Months Ended		Twelve Months Ended
	September 30,		September 30,
CORPORATE		2025				2024			Variance			2025			2024		Variance
Revenues from External Customers	$	-			$	-			$	-			$	-		$	-		$	-
Intersegment Revenues		1,070				1,216				(146	)			5,094			5,073			21
Total Operating Revenues		1,070				1,216				(146	)			5,094			5,073			21
Operating Expenses:
Operation and Maintenance		7,327				5,808				1,519				22,318			18,597			3,721
Property, Franchise and Other Taxes		207				226				(19	)			596			626			(30	)
Depreciation, Depletion and Amortization		152				120				32				596			473			123
		7,686				6,154				1,532				23,510			19,696			3,814
Operating Loss		(6,616	)			(4,938	)			(1,678	)			(18,416	)		(14,623	)		(3,793	)
Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Costs		(212	)			(386	)			174				(847	)		(1,548	)		701
Interest and Other Income		39,504				40,938				(1,434	)			163,422			161,225			2,197
Interest Expense on Long-Term Debt		(33,514	)			(33,008	)			(506	)			(137,587	)		(122,799	)		(14,788	)
Other Interest Expense		(3,045	)			(4,336	)			1,291				(16,860	)		(23,698	)		6,838
Loss before Income Taxes		(3,883	)			(1,730	)			(2,153	)			(10,288	)		(1,443	)		(8,845	)
Income Tax Expense (Benefit)		2,275				973				1,302				(702	)		145			(847	)
Net Loss	$	(6,158	)		$	(2,703	)		$	(3,455	)		$	(9,586	)	$	(1,588	)	$	(7,998	)
Net Loss Per Share (Diluted)	$	(0.06	)		$	(0.03	)		$	(0.03	)		$	(0.11	)	$	(0.02	)	$	(0.09	)
	Three Months Ended		Twelve Months Ended
	September 30,		September 30,
INTERSEGMENT ELIMINATIONS		2025				2024			Variance			2025			2024		Variance
Intersegment Revenues	$	(38,768	)		$	(38,517	)		$	(251	)		$	(156,919	)	$	(146,633	)	$	(10,286	)
Operating Expenses:
Purchased Gas		(36,165	)			(35,611	)			(554	)			(145,003	)		(134,690	)		(10,313	)
Operation and Maintenance		(2,603	)			(2,906	)			303				(11,916	)		(11,943	)		27
		(38,768	)			(38,517	)			(251	)			(156,919	)		(146,633	)		(10,286	)
Operating Income		-				-				-				-			-			-
Other Income (Expense):
Interest and Other Deductions		(39,105	)			(41,991	)			2,886				(164,260	)		(164,336	)		76
Interest Expense		39,105				41,991				(2,886	)			164,260			164,336			(76	)
Net Income	$	-			$	-			$	-			$	-		$	-		$	-
Net Income Per Share (Diluted)	$	-			$	-			$	-			$	-		$	-		$	-

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT INFORMATION (Continued)
(Thousands of Dollars)
	Three Months Ended		Twelve Months Ended
	September 30,		September 30,
	(Unaudited)		(Unaudited)
					Increase						Increase
		2025			2024		(Decrease)			2025			2024		(Decrease)
Capital Expenditures:
Integrated Upstream and Gathering(1)	$	196,433	(2)	$	176,692	(3)	$	19,741			$	605,433	(2)(3)	$	645,600	(3)(4)	$	(40,167	)
Pipeline and Storage		63,681	(2)		42,039	(3)		21,642				121,798	(2)(3)		110,830	(3)(4)		10,968
Utility		61,639	(2)		67,108	(3)		(5,469	)			189,961	(2)(3)		184,615	(3)(4)		5,346
Total Reportable Segments		321,753			285,839			35,914				917,192			941,045			(23,853	)
All Other		-			-			-				-			-			-
Corporate		393			717			(324	)			909			970			(61	)
Total Capital Expenditures	$	322,146		$	286,556		$	35,590			$	918,101		$	942,015		$	(23,914	)

⁽¹⁾The year ended September 30, 2024 includes $6.2 million related to the acquisition of assets from UGI. Non-acquisition capital expenditures in the Integrated Upstream and Gathering segment were $530.1 million in fiscal 2024.
⁽²⁾Capital expenditures for the quarter and year ended September 30, 2025, include accounts payable and accrued liabilities related to 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 have been excluded from the Consolidated Statement of Cash Flows at September 30, 2025, since they represent non-cash investing activities at that date.
⁽³⁾Capital expenditures for the year ended September 30, 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 year ended September 30, 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 September 30, 2025.
⁽⁴⁾Capital expenditures for the year ended September 30, 2024, exclude capital expenditures of $63.8 million, $31.8 million and $13.6 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, 2023 and paid during the year ended September 30, 2024. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2023, since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at September 30, 2024.

DEGREE DAYS
							Percent Colder
							(Warmer) Than:
Three Months Ended September 30,	Normal		2025		2024		Normal(1)		Last Year(1)
Buffalo, NY(2)	112		60		34		(46.4	)		76.5
Erie, PA	78		70		23		(10.3	)		204.3
Twelve Months Ended September 30,
Buffalo, NY(2)	6,307		5,885		5,162		(6.7	)		14.0
Erie, PA	5,771		5,597		4,782		(3.0	)		17.0

⁽¹⁾Percents compare actual 2025 degree days to normal degree days and actual 2025 degree days to actual 2024 degree days.
⁽²⁾Normal degree days changed from NOAA 30-year degree days to NOAA 15-year degree days with the implementation of new base rates in New York effective October 2024.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
INTEGRATED UPSTREAM AND GATHERING INFORMATION
		Three Months Ended		Twelve Months Ended
		September 30,		September 30,
						Increase						Increase
			2025			2024		(Decrease)			2025			2024		(Decrease)
Gas Production/Prices:
Production (MMcf)
Appalachia			111,538			91,902			19,636				426,357			392,047			34,310
Average Prices (Per Mcf)
Weighted Average		$	2.41		$	1.73		$	0.68			$	2.59		$	1.88		$	0.71
Weighted Average after Hedging			2.61			2.40			0.21				2.70			2.44			0.26
Selected Operating Performance Statistics:
Upstream General and Administrative Expense per Mcf(1)		$	0.17		$	0.20		$	(0.03	)		$	0.18		$	0.18		$	-
Lease Operating Expense per Mcf(1)		$	0.13		$	0.18		$	(0.05	)		$	0.12		$	0.13		$	(0.01	)
Gathering Operation and Maintenance Expense per Mcf(1)		$	0.13		$	0.11		$	0.02			$	0.11		$	0.09		$	0.02
Depreciation, Depletion and Amortization per Mcf(1)		$	0.74		$	0.80		$	(0.06	)		$	0.73		$	0.81		$	(0.08	)

⁽¹⁾Refer to page 15 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.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
EXPLORATION AND PRODUCTION INFORMATION
Reserve Quantity Information
(Unaudited)
	U.S.
	Appalachian Region
	Gas		Oil		Total
	(MMcf)		(Mbbl)		(MMcfe)
Proved Developed and Undeveloped Reserves:
September 30, 2024	4,751,762			193			4,752,920
Extensions and Discoveries	632,536			-			632,536
Revisions of Previous Estimates	22,469			15			22,559
Production	(426,357	)		(28	)		(426,525	)
September 30, 2025	4,980,410			180			4,981,490
Proved Developed Reserves:
September 30, 2024	3,484,852			193			3,486,010
September 30, 2025	3,664,381			180			3,665,461

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
Pipeline and Storage Throughput - (millions of cubic feet - MMcf)
		Three Months Ended		Twelve Months Ended
		September 30,		September 30,
						Increase						Increase
		2025		2024		(Decrease)		2025		2024		(Decrease)
Firm Transportation - Affiliated		15,747		16,412		(665	)		116,981		108,845		8,136
Firm Transportation - Non-Affiliated		152,755		150,126		2,629			668,166		648,562		19,604
Interruptible Transportation		319		283		36			984		1,791		(807	)
		168,821		166,821		2,000			786,131		759,198		26,933
Utility Throughput - (MMcf)
		Three Months Ended		Twelve Months Ended
		September 30,		September 30,
						Increase						Increase
		2025		2024		(Decrease)		2025		2024		(Decrease)
Retail Sales:
Residential Sales		3,529		3,590		(61	)		64,267		56,758		7,509
Commercial Sales		617		588		29			10,614		8,989		1,625
Industrial Sales		41		54		(13	)		635		444		191
		4,187		4,232		(45	)		75,516		66,191		9,325
Transportation		10,321		9,313		1,008			66,202		62,297		3,905
		14,508		13,545		963			141,718		128,488		13,230

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 twelve months ended September 30, 2025 and 2024:

		Three Months Ended		Twelve Months Ended
		September 30,		September 30,
(in thousands except per share amounts)			2025				2024				2025				2024
Reported GAAP Earnings		$	107,342			$	(167,621	)		$	518,504			$	77,513
Items impacting comparability:
Impairment of assets			-				318,433				141,802				519,129
Tax impact of impairment of assets			-				(80,585	)			(37,169	)			(136,271	)
Premiums paid on early redemption of debt			-				-				2,385				-
Tax impact of premiums paid on early redemption of debt			-				-				(642	)			-
Unrealized (gain) loss on derivative asset			-				1,700				729				6,548
Tax impact of unrealized (gain) loss on derivative asset			3,402				(461	)			3,206				(1,791	)
Pending Ohio acquisition costs			1,061				-				1,061				-
Tax impact of pending Ohio acquisition costs			(246	)			-				(246	)			-
Unrealized (gain) loss on other investments			(672	)			(1,232	)			1,108				(3,034	)
Tax impact of unrealized (gain) loss on other investments			141				258				(233	)			637
Adjusted Earnings		$	111,028			$	70,492			$	630,505			$	462,731
Reported GAAP Earnings Per Share		$	1.18			$	(1.84	)		$	5.68			$	0.84
Items impacting comparability:
Impairment of assets, net of tax			-				2.61				1.14				4.15
Premiums paid on early redemption of debt, net of tax			-				-				0.02				-
Unrealized (gain) loss on derivative asset, net of tax			0.04				0.01				0.04				0.05
Pending Ohio acquisition costs, net of tax			0.01				-				0.01				-
Unrealized (gain) loss on other investments, net of tax			(0.01	)			(0.01	)			0.01				(0.03	)
Rounding			-				-				0.01				-
Adjusted Earnings Per Share		$	1.22			$	0.77			$	6.91			$	5.01

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 twelve months ended September 30, 2025 and 2024:

		Three Months Ended		Twelve Months Ended
		September 30,		September 30,
(in thousands)			2025				2024				2025				2024
Reported GAAP Earnings		$	107,342			$	(167,621	)		$	518,504			$	77,513
Depreciation, Depletion and Amortization			119,539				108,847				456,594				457,026
Other (Income) Deductions			(4,941	)			(3,237	)			(36,428	)			(16,226	)
Interest Expense			35,445				34,654				155,834				138,695
Income Taxes			41,919				(60,366	)			175,549				9,742
Impairment of Assets			-				318,433				141,802				519,129
Pending Ohio Acquisition Costs			1,061				-				1,061				-
Adjusted EBITDA		$	300,365			$	230,710			$	1,412,916			$	1,185,879
Adjusted EBITDA by Segment
Integrated Upstream and Gathering Adjusted EBITDA		$	241,093			$	173,246			$	975,182			$	787,613
Pipeline and Storage Adjusted EBITDA			62,639				62,527				270,779				259,920
Utility Adjusted EBITDA			2,036				(228	)			183,714				152,513
Corporate and All Other Adjusted EBITDA			(5,403	)			(4,835	)			(16,759	)			(14,167	)
Total Adjusted EBITDA		$	300,365			$	230,710			$	1,412,916			$	1,185,879

NATIONAL FUEL GAS COMPANY AND SUBSIDIARIES NON-GAAP FINANCIAL MEASURES SEGMENT ADJUSTED EBITDA
		Three Months Ended		Twelve Months Ended
		September 30,		September 30,
(in thousands)			2025				2024				2025				2024
Integrated Upstream and Gathering Segment
Reported GAAP Earnings		$	103,493			$	(142,072	)		$	324,698			$	(57,041	)
Depreciation, Depletion and Amortization			82,847				73,771				311,817				316,762
Other (Income) Deductions			(185	)			803				(863	)			1,046
Interest Expense			16,604				18,134				76,633				74,005
Income Taxes			38,334				(49,748	)			121,095				(20,213	)
Impairment of Assets			-				272,358				141,802				473,054
Adjusted EBITDA		$	241,093			$	173,246			$	975,182			$	787,613
Pipeline and Storage Segment
Reported GAAP Earnings		$	27,938			$	(5,812	)		$	120,957			$	79,670
Depreciation, Depletion and Amortization			18,747				18,373				74,480				74,530
Other (Income) Deductions			(2,113	)			(3,715	)			(9,915	)			(13,828	)
Interest Expense			10,871				11,730				45,509				47,428
Income Taxes			7,196				(4,124	)			39,748				26,045
Impairment of Assets			-				46,075				-				46,075
Adjusted EBITDA		$	62,639			$	62,527			$	270,779			$	259,920
Utility Segment
Reported GAAP Earnings		$	(17,790	)		$	(16,759	)		$	83,249			$	57,089
Depreciation, Depletion and Amortization			17,793				16,583				69,701				65,261
Other (Income) Deductions			(2,491	)			(1,991	)			(27,858	)			(8,515	)
Interest Expense			10,368				9,325				42,969				34,727
Income Taxes			(5,844	)			(7,386	)			15,653				3,951
Adjusted EBITDA		$	2,036			$	(228	)		$	183,714			$	152,513
Corporate and All Other
Reported GAAP Earnings		$	(6,299	)		$	(2,978	)		$	(10,400	)		$	(2,205	)
Depreciation, Depletion and Amortization			152				120				596				473
Other (Income) Deductions			(152	)			1,666				2,208				5,071
Interest Expense			(2,398	)			(4,535	)			(9,277	)			(17,465	)
Income Taxes			2,233				892				(947	)			(41	)
Pending Ohio Acquisition Costs			1,061				-				1,061				-
Adjusted EBITDA		$	(5,403	)		$	(4,835	)		$	(16,759	)		$	(14,167	)

Management defines free cash flow as net cash provided by operating activities, less net cash used in investing activities, adjusted for acquisitions and divestitures. 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.

MENAFN05112025004107003653ID1110301797