National Fuel is committed to the safe and environmentally
conscious development, transportation, storage, and distribution
of natural gas resources.
For additional information, please review our Corporate Responsibility Report.
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NFG: A Diversified, Integrated Natural Gas Company
Upstream
Exploration &
Production
55% of NFG
EBITDA(1)
Developing our large, high-quality acreage position in Marcellus & Utica shales
~1.2 Million
~985 MMcf/day
Net acres in
Net Appalachian natural
Appalachia
gas production(2)
Midstream
Gathering
Pipeline & Storage
Expanding and modernizing pipeline infrastructure to provide outlets for Appalachian natural gas production
33% of NFG
EBITDA(1)
$2.4 Billion
Investments
since 2010
4.4 MMDth
Daily interstate pipeline capacity under contract
Downstream
Utility
Providing safe, reliable and affordable service to customers in WNY and NW Pa.
12% of NFG
EBITDA(1)
754,000
Utility customers
$788 Million
Investments in safety since 2010
Note: This presentation includes forward-looking statements. Please review the safe harbor for forward looking statements at the end of this presentation.
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(1) Twelve months ended December 31, 2022. 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.
(2) Average net Appalachian production for the three months ended December 31, 2022.
Why National Fuel?
Diversified Assets Provide Stability and Long-Term Growth Opportunities
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Integrated Model Enhances Shareholder Value
Consolidated Business Continuing to Generate Significant Free Cash Flow
High Quality Assets and Development Delivers Growth in All Segments
Long History of Returning Capital to Shareholders
Focused on Corporate Responsibility and ESG
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Shared borrowing capacity
Financial Efficiencies:
Upstream
Exploration &
Production
Midstream
Gathering
Pipeline & Storage
Downstream
Utility
1 Integrated Model Enhances Shareholder Value . . .
Benefits of National Fuel's Integrated Structure:
Ability to adjust to changing commodity price environments
More efficient capital investment
Higher returns on investment
Operational scale
Lower cost of capital
Lower operating costs
More competitive pipeline infrastructure projects
Strong balance sheet
Growing, stable dividend
Investment grade credit rating
Geographic and Operational Integration Drives Synergies:
UpstreamMidstream
Co-developmentof Marcellus and Utica
Just-in-timegathering facilities
Enhanced capital efficiency
Midstream Downstream
Gathering, Pipeline & Storage, and Utility businesses share common resources, reducing operating expense
Utility business is a large Pipeline & Storage customer
Consolidated income tax return
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National Fuel Gas Co. published this content on 02 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 February 2023 22:07:04 UTC.
National Fuel Gas Company is a holding company. The Company is a diversified energy company engaged principally in the production, gathering, transportation, storage and distribution of natural gas. Its segments include Exploration and Production, Pipeline and Storage, Gathering, and Utility. The Exploration and Production segment is engaged in the exploration for, and the development and production of, primarily natural gas in the Appalachian region of the United States. The Pipeline and Storage segment provides interstate natural gas transportation services for affiliated and nonaffiliated companies through integrated natural gas pipeline systems in Pennsylvania and New York. The Gathering segment builds, owns and operates natural gas processing and pipeline gathering facilities in the Appalachian region. The Utility segment provides natural gas utility services to customers through a local distribution system located in western New York and northwestern Pennsylvania.
NATIONAL FUEL GAS COMPANY 
