National Fuel Gas Company Q2 FY2026 earnings call

• Dave Bauer noted solid Q2 with adjusted EPS $2.71, +13% y-o-y, streak of double-digit EPS growth. • Operational resiliency during extended cold snap, systems held up well. • Drilling and completion progress on Gen 4 well designs and upper Utica locations. • Pipeline and storage developing new expansion opportunities, Line-End System Upgrade Project details. • Utility working on rate plans and modernization investments. • Ohio acquisition on track. • Justin Lois on upstream segment performance, production impact from weather, Gen 4 and upper Utica wells performing well, capital guidance, and marketing and midstream investments.

Integrated Upstream and Gathering Segment: Record EBITDA over $300 million in Q2, price realizations up over 50 cents per MCF (~20%), production slightly below expectations due to weather and road closures, gathering O&M slightly above due to new maintenance strategy. Regulated Businesses: Pipeline and Storage: Executed preceding agreement on Line-End System Upgrade Project adding 94,000 decatherms/day with long-term contract, construction started on shipping port lateral and Tioga pathway projects, Supply Corporation filing rate case seeking ~$95M increase. Utility: Customer affordability top of mind, NY and PA rate cases progressing, Ohio CenterPoint acquisition on track for Q4 closing.

• NYMEX price assumption revised to $3 per MMBTU down from $3.75, basis differentials projected 80 cents below NYMEX, ~75% hedged. • EPS guidance range $7.45 - $7.75 per share. • Production guidance 425 - 440 BCFE, down 3% from prior. • Capital guidance remains same, trending towards higher end. • Ohio acquisition process moving along, working on financing and transition.

• Weather events impacting operations and production. • Commodity price volatility affecting earnings. • Regulatory proceedings and rate case outcomes uncertain. • Headwinds from Iran conflict affecting drilling and completion costs. • Pipeline expansion project delays or cost overruns.

• Q: On curtailments, Tim discussed ~30 BCF exposed to spot, no specific price level for curtailment. • Q: Justin on new well flow rate, discussed sustained period and cost/return balance. • Q: Tim Resvan on upstream six-well pad, explained factors behind underperforming wells and Gen 4 design adoption. • Q: Neil Mehta on gas macro, discussed hedging, market discipline, and Gulf Coast exposure.