National Fuel Gas : 2022 - First Quarter Update

Investor Presentation

Q1 Fiscal 2022 Update

February 3, 2022

National Fuel is committed to the safe and environmentally

conscious development, transportation, storage, and distribution

of natural gas and oil resources.

For additional information, please review our Corporate Responsibility Report.

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NFG: A Diversified, Integrated Natural Gas Company

Upstream

Exploration &

Production

49% of NFG

EBITDA(2)

Developing our large, high-quality acreage position in Marcellus & Utica shales(1)

~1.2 Million		~885 MMcf/day
Net acres in		Net Appalachian natural
Appalachia		gas production(3)

Midstream

Gathering

Pipeline & Storage

36% of NFG

EBITDA(2)

Expanding and modernizing pipeline infrastructure to provide outlets for Appalachian natural gas production

$2.2 Billion		~4.5 MMDth
Investments		Daily interstate
since 2010		pipeline capacity
		under contract

Downstream

Utility

15% of NFG

EBITDA(2)

Providing safe, reliable and affordable service to customers in WNY and NW Pa.

753,000	$359 Million
Utility	Investments in safety
customers	since 2017

(1) This presentation includes forward-looking statements. Please review the safe harbor for forward looking statements at the end of this presentation.

(2) Twelve months ended December 31, 2021. A reconciliation of Adjusted EBITDA to Net Income as presented on the Consolidated Statement of Income and Earnings Reinvested in the Business is included at the end of this presentation.3

(3) Average net Appalachian production for the three months ended December 31, 2021. Total net Seneca production for the three months ended December 31, 2021 was ~925 MMcf/day.

Why National Fuel?

Diversified Assets Provide Stability and Long-Term Growth Opportunities

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Integrated Model Enhances Shareholder Value

Expect to Generate Significant Free Cash Flow in Fiscal 2022 and Beyond

Interstate Pipeline Business Drives Significant Regulated Growth

Long History of Returning Capital to Shareholders

Focused on Corporate Responsibility and ESG

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1 Integrated Model Enhances Shareholder Value . . .

Benefits of National Fuel's		Geographic and Operational
Integrated Structure:	Upstream	Integration Drives Synergies:
 Ability to adjust to changing	Exploration &	Upstream	Midstream
Production
commodity price environments
	 Co-development of Marcellus and Utica
 More efficient capital investment
 Just-in-time gathering facilities
 Higher returns on investment	Midstream
 Enhanced capital efficiency
 Operational scale	Gathering
 Lower cost of capital	Pipeline & Storage
	Midstream	Downstream
 Lower operating costs
Downstream	 Rate-regulated entities share common
 More competitive pipeline
	resources, reducing operating expense
infrastructure projects	Utility	 Utility business is a large Pipeline &
 Strong balance sheet
	Storage customer
 Growing, stable dividend
Financial Efficiencies:
 Investment grade credit rating	 Shared borrowing capacity  Consolidated income tax return

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