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20200807080919

ACCESSION NUMBER:0000070145-20-000022

CONFORMED SUBMISSION TYPE:8-K

PUBLIC DOCUMENT COUNT:16

CONFORMED PERIOD OF REPORT:20200806

ITEM INFORMATION:Results of Operations and Financial Condition

ITEM INFORMATION:Financial Statements and Exhibits

FILED AS OF DATE:20200807

DATE AS OF CHANGE:20200807

FILER:

COMPANY DATA:

COMPANY CONFORMED NAME:NATIONAL FUEL GAS CO

CENTRAL INDEX KEY:0000070145

STANDARD INDUSTRIAL CLASSIFICATION:NATURAL GAS DISTRIBUTION [4924]

IRS NUMBER:131086010

STATE OF INCORPORATION:NJ

FISCAL YEAR END:0930

FILING VALUES:

FORM TYPE:8-K

SEC ACT:1934 Act

SEC FILE NUMBER:001-03880

FILM NUMBER:201083793

BUSINESS ADDRESS:

STREET 1:6363 MAIN STREET

CITY:WILLIAMSVILLE

STATE:NY

ZIP:14221-5887

BUSINESS PHONE:716-857-7000

MAIL ADDRESS:

STREET 1:6363 MAIN STREET

STREET 2:6363 MAIN STREET

CITY:WILLIAMSVILLE

STATE:NY

ZIP:14221-5887

8-K

1

nfg-20200806.htm

8-K

nfg-20200806

0000070145false00000701452020-08-062020-08-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 6, 2020

NATIONAL FUEL GAS COMPANY

(Exact name of registrant as specified in its charter)

New Jersey1-388013-1086010

(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)

6363 Main Street

Williamsville,New York14221

(Address of principal executive offices)(Zip Code)

Registrant’s telephone number, including area code: (716) 857-7000

Former name or former address, if changed since last report: Not Applicable

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (seeGeneral Instruction A.2. below):

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each ClassTrading SymbolName of Each Exchange on Which Registered

Common Stock, par value $1.00 per shareNFGNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).

Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨

Item 2.02 Results of Operations and Financial Condition.

On August 6, 2020, National Fuel Gas Company (the “Company”) issued a press release regarding its earnings for the quarter and nine months ended June 30, 2020. A copy of the press release is furnished as part of this Current Report as Exhibit 99.

Neither the furnishing of the press release as an exhibit to this Current Report nor the inclusion in such press release of any reference to the Company’s internet address shall, under any circumstances, be deemed to incorporate the information available at such internet address into this Current Report. The information available at the Company’s internet address is not part of this Current Report or any other report filed or furnished by the Company with the Securities and Exchange Commission.

In addition to financial measures calculated in accordance with generally accepted accounting principles (“GAAP”), the press release furnished as part of this Current Report as Exhibit 99 contains certain non-GAAP financial measures. The Company believes that such non-GAAP financial measures are useful to investors because they provide an alternative method for assessing the Company’s operating results in a manner that is focused on the performance of the Company’s ongoing operations, for measuring the Company’s cash flow and 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 prepared in accordance with GAAP.

Certain statements contained herein or in the press release furnished as part of this Current Report, including statements regarding estimated future earnings and statements that are identified by the use of the words “anticipates,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “predicts,” “projects,” “believes,” “seeks,” “will” and “may” and similar expressions, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. There can be no assurance that the Company’s projections will in fact be achieved nor do these projections reflect any acquisitions or divestitures that may occur in the future. While the Company’s expectations, beliefs and projections are expressed in good faith and are believed to have a reasonable basis, actual results may differ materially from those projected in forward-looking statements. Furthermore, each forward-looking statement speaks only as of the date on which it is made. 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: the Company’s ability to successfully integrate acquired assets, including Shell’s upstream assets and midstream gathering assets in Pennsylvania, and achieve expected cost synergies; impairments under the SEC’s full cost ceiling test for natural gas and oil reserves; changes in the price of natural gas or oil; the length and severity of the recent COVID-19 pandemic, including its impacts across our businesses on demand, operations, global supply chains and liquidity; changes in economic conditions, including 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 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 and other investments, including any downgrades in the Company’s credit ratings and changes in interest rates and other capital market conditions; 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; delays or changes in costs or plans with respect to Company projects or related projects of other companies,

including disruptions due to the COVID-19 pandemic, as well as difficulties or delays in obtaining necessary governmental approvals, permits or orders or in obtaining the cooperation of interconnecting facility operators; the Company’s ability to complete planned strategic transactions; governmental/regulatory actions, initiatives and proceedings, including those involving rate cases (which address, among other things, target rates of return, rate design and retained natural gas), environmental/safety requirements, affiliate relationships, industry structure, and franchise renewal; changes in price differentials between similar quantities of natural gas or oil 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; factors affecting the Company’s ability to successfully identify, drill for and produce economically viable natural gas and oil reserves, including among others geology, lease availability, title disputes, weather conditions, 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; 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 or oil 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 oil and gas reserve estimates; significant differences between the Company’s projected and actual production levels for natural gas or oil; changes in demographic patterns and weather conditions; 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; 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 hereof.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

NATIONAL FUEL GAS COMPANY

By:/s/ K. M. Camiolo

K. M. Camiolo

Treasurer and Principal Financial Officer

Dated: August 7, 2020

EX-99

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nfg-6302020xexhibit99x.htm

EX-99

Document

Exhibit 99

6363 Main Street/Williamsville, NY 14221

Release Date:Immediate August 6, 2020Kenneth E. Webster

Investor Relations

716-857-7067Karen M. Camiolo

Treasurer

716-857-7344

NATIONAL FUEL REPORTS THIRD QUARTER EARNINGS

AND PROVIDES PRELIMINARY GUIDANCE FOR FISCAL 2021

WILLIAMSVILLE, N.Y.: National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced consolidated results for the third quarter of its 2020 fiscal year and for the nine months ended June 30, 2020.

FISCAL 2020 THIRD QUARTER SUMMARY

•GAAP earnings of $41.3 million, or $0.47 per share, which includes a $13.2 million after-tax impairment of oil and gas properties, compared to GAAP net income of $63.8 million, or $0.73 per share, in the prior year

•Adjusted operating results of $50.0 million, or $0.57 per share, compared to $61.8 million, or $0.71 per share, in the prior year (see non-GAAP reconciliation on page 2)

•Adjusted EBITDA of $171.9 million compared to $182.9 million in the prior year (non-GAAP reconciliation on page 24)

•Pipeline & Storage Adjusted EBITDA of $50.5 million, an increase of 35% from the prior year, driven primarily by the successful resolution of a National Fuel Gas Supply Corporation rate proceeding, and reduced O&M expense

•E&P segment net production of 56.0 Bcfe, an increase of 1.3 Bcfe from the prior year

•7.3 Bcf of price-related natural gas curtailments due to sustained low Appalachian pricing

•Average natural gas prices, after the impact of hedging, of $1.92 per Mcf, down $0.44 per Mcf from the prior year

•Average oil prices, after the impact of hedging, of $50.70 per Bbl, down $12.22 per Bbl from the prior year

•Gathering Adjusted EBITDA of $27.8 million, largely unchanged from the prior year despite the impact of price-related curtailments

MANAGEMENT COMMENTS ON THIRD QUARTER RESULTS

David P. Bauer, President and Chief Executive Officer of National Fuel Gas Company, stated: “The benefits of our integrated, diversified business model are evident as we move through fiscal 2020, with strong results from our rate-regulated subsidiaries providing an important measure of stability in the face of commodity price headwinds. To the latter point, our Exploration and Production segment activity level dropped to a single rig in mid-June and we continue to voluntarily curtail a portion of our Appalachian spot market volumes, which we anticipate will continue while low prices persist through the remainder of the summer.

Turning to fiscal 2021, as we integrate our recently-closed, highly-accretive Appalachian acquisition into our longer-term plans, we expect our Upstream and Gathering operations to immediately generate significant free cash flow. Additionally, we have line of sight on meaningful growth in our Pipeline & Storage business, driven largely by near-term expansion and modernization projects, including our Empire North project which we expect to come online in the next few months. Overall, National Fuel is well-positioned to grow our earnings and cash flows, maintain the strength of our balance sheet, and generate strong returns for our shareholders in the years ahead.”

Page 2.

RECONCILIATION OF GAAP EARNINGS TO ADJUSTED OPERATING RESULTS

Three Months EndedNine Months Ended

June 30,June 30,

(in thousands except per share amounts)2020201920202019

Reported GAAP Earnings$41,250$63,753$21,773$257,009

Items impacting comparability:

Impairment of oil and gas properties (E&P)18,236—195,997—

Tax impact of impairment of oil and gas properties(4,986)—(53,489)—

Deferred tax valuation allowance as of March 31, 2020——56,770—

Remeasurement of deferred income taxes under 2017 Tax Reform———(5,000)

Mark-to-market adjustments due to hedge ineffectiveness (E&P)—(1,020)—(783)

Tax impact of mark-to-market adjustments due to hedge ineffectiveness—214—164

Unrealized (gain) loss on other investments (Corporate / All Other)(5,639)(1,420)7941,096

Tax impact of unrealized (gain) loss on other investments1,184298(167)(230)

Adjusted Operating Results$50,045$61,825$221,678$252,256

Reported GAAP Earnings Per Share$0.47$0.73$0.25$2.96

Items impacting comparability:

Impairment of oil and gas properties, net of tax (E&P)0.15—1.63—

Deferred tax valuation allowance as of March 31, 2020——0.65—

Remeasurement of deferred income taxes under 2017 Tax Reform———(0.06)

Mark-to-market adjustments due to hedge ineffectiveness, net of tax (E&P)—(0.01)—(0.01)

Unrealized (gain) loss on other investments, net of tax (Corporate / All Other)(0.05)(0.01)0.010.01

Rounding———0.01

Adjusted Operating Results Per Share$0.57$0.71$2.54$2.91

SALE OF TIMBER PROPERTIES

The Company has executed a purchase and sale agreement to divest substantially all of its Pennsylvania timber assets for approximately $116 million, subject to customary closing adjustments. The transaction is expected to close on or before November 1, 2020. The Company intends to use the proceeds from this sale to complete the permanent financing of its recently-closed Appalachian acquisition.

DISCUSSION OF GUIDANCE UPDATE

National Fuel is revising its fiscal 2020 earnings guidance to reflect the impact of revised commodity price assumptions for the balance of the fiscal year, projected price-related Appalachian production curtailments, and the results of the fiscal third quarter. The Company is now projecting that earnings, excluding items impacting comparability, will be within the range of $2.75 to $2.85 per share.

The Company is assuming that NYMEX natural gas prices will average $1.85 per MMBtu for the remainder of fiscal 2020, down $0.20 per MMBtu from the previous guidance. Based on current forward differentials between NYMEX and regional spot prices for natural gas, the Company is assuming that its remaining approximately 6 Bcf of fiscal 2020 Appalachian production volumes exposed to the spot market will be curtailed. Taking into account these assumed curtailments, as well as the Company’s 7.3 Bcf of natural gas curtailments in the third fiscal quarter, the Company is decreasing its production guidance range to 240 to 245 Bcfe for fiscal 2020. Additionally, the Company is now assuming that WTI oil prices will average $40.00 per barrel (Bbl) for the remainder of fiscal 2020, an increase of $17.50 per Bbl from the $22.50 assumed in the previous guidance. The Company’s other guidance assumptions remain largely unchanged from the previous guidance.

The Company is also initiating preliminary guidance for fiscal 2021. National Fuel is projecting that its fiscal 2021 earnings will be within a range of $3.40 to $3.70 per share, or $3.55 per share at the midpoint of the range, an increase of approximately 27% from the midpoint of the Company’s updated fiscal 2020 guidance range. The Company’s fiscal 2021 earnings projections are being driven largely by an increase in Seneca’s forecasted natural gas production and the associated

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impact on Gathering segment revenues resulting from the Company’s recent Appalachian acquisition, as well as the expected commencement of full service on the Company’s Empire North project in late fiscal 2020.

Seneca’s fiscal 2021 net production is expected to be in the range of 305 to 335 Bcfe, an increase of 77.5 Bcf versus fiscal 2020. This expected increase is driven by the aforementioned acquisition, which includes significant flowing natural gas production, all of which will be gathered by Company-owned facilities. As a result, the Company expects Gathering segment revenues to be in the range of $185 million to $200 million, an increase of $50 million from the midpoint of the Company’s fiscal 2020 guidance.

In addition, the Company is projecting its natural gas price realizations after hedging to increase by approximately $0.10 per Mcf from its estimated fiscal 2020 realizations, driven in large part by higher expected NYMEX and regional spot prices for natural gas. Through physical firm sales contracts in place with third parties, as well as its firm transport capacity, Seneca currently has secured marketing outlets for 278 Bcf, or approximately 91%, of its projected fiscal 2021 Appalachian production. Approximately 202 Bcf of these sales, or 66% of the Company’s projected fiscal 2021 Appalachian production, are either matched with a financial hedge, including a combination of swaps and no cost collars, or were entered into at a fixed price.

As a result of the Company’s increased production base, as well as the highly synergistic nature of the Company’s Appalachian acquisition, fiscal 2021 Exploration and Production segment operating costs are expected to be reduced by approximately $0.10 per Mcfe based on the midpoint of the respective LOE, G&A, and DD&A guidance ranges.

Based on the Company’s current activity level, which includes a single drilling rig and completion crew in Appalachia and reduced activity in California, the Exploration and Production segment’s fiscal 2021 capital expenditures are expected to be in the range of $290 million to $330 million, a $75 million reduction versus fiscal 2020 at the midpoint. Gathering segment capital expenditures are expected to be $30 million to $40 million in fiscal 2021, a decline of $30 million at the midpoint.

Pipeline and Storage segment capital expenditures are expected to be in the range of $250 million to $300 million. The $100 million increase at the midpoint of the range is due primarily to spending on the recently-certificated $280 million FM100 expansion and modernization project that is expected to add approximately $50 million in annualized revenues and is anticipated to be placed in service in late calendar 2021. Utility segment capital expenditures are expected to be modestly increased as compared to fiscal 2020 at $90 million to $100 million as the Company continues to invest in the modernization of its gas distribution systems, and expects a return to spending levels in fiscal 2021 consistent with those experienced prior to the COVID-19 pandemic.

In total, the Company’s consolidated capital expenditures in fiscal 2021 are expected to be in a range of $660 million to $770 million, essentially flat versus fiscal 2020 at the midpoint of the respective ranges.

Additional details on the Company's updated forecast assumptions and business segment guidance for fiscal 2020 and fiscal 2021 are outlined in the table on page 8.

MANAGEMENT COMMENTS ON COMPANY’S COVID-19 RESPONSE

Mr. Bauer added: “During these unprecedented times, the safety and well-being of our workforce, customers, and communities in which we operate is our top priority. We continue to support our employees through a number of initiatives, including providing a safe work environment, offering flexible work arrangements to meet the child care needs of our employees, and the avoidance of workforce reductions and furloughs. While National Fuel, like so many companies across the globe, has encountered new challenges in connection with the COVID-19 pandemic, I am proud to say that, to date, the Company has not experienced significant operational or financial impacts during this crisis – a testament to the diligence and commitment of our approximately 2,100 employees, who continue to meet and exceed the challenges of this ‘new normal'.

Furthermore, with operations that span the entirety of the natural gas value chain, we see firsthand the critical role that our business, and the energy industry, plays in meeting the daily needs of our communities – producing, gathering, transporting, and ultimately delivering critical low-cost energy supplies to the homes that have become our offices, schools, and gyms, and the manufacturing facilities that produce our food, supplies, and personal protective equipment.”

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DISCUSSION OF THIRD QUARTER RESULTS BY SEGMENT

The following earnings discussion of each operating segment for the quarter ended June 30, 2020 is summarized in a tabular form on pages 9 and 10 of this report (earnings drivers for the nine months ended June 30, 2020 are summarized on pages 11 and 12). It may be helpful to refer to those tables while reviewing this discussion. As of the quarter ended September 30, 2019, the Company is no longer reporting the Energy Marketing operations as a reportable segment. The Energy Marketing operations have been included in the All Other category in the disclosures and tables that follow below. Prior year segment information has been restated to reflect this change in presentation.

Note that management defines Adjusted Operating Results 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.

Upstream Business

Exploration and Production Segment

The Exploration and Production segment operations are carried out by Seneca Resources Company, LLC ("Seneca"). Seneca explores for, develops and produces natural gas and oil reserves, primarily in Pennsylvania and California.

Three Months Ended

June 30,

(in thousands)20202019Variance

GAAP Earnings$(6,434)$26,512$(32,946)

Impairment of oil and gas properties, net of tax13,250—13,250

Mark-to-market adjustments due to hedge ineffectiveness, net of tax—(806)806

Adjusted Operating Results$6,816$25,706$(18,890)

Adjusted EBITDA$64,780$88,175$(23,395)

Seneca’s third quarter GAAP earnings decreased $32.9 million versus the prior year, which includes the impact of a non-cash, pre-tax impairment of Seneca’s oil and natural gas reserves.

During the third quarter, Seneca recorded a non-cash, pre-tax impairment charge of $18.2 million ($13.2 million after-tax) to write-down the value of Seneca’s oil and natural gas reserves under the full cost method of accounting. The full cost method of accounting requires that Seneca perform a quarterly “ceiling test” to compare the present value of future revenues from its oil and natural gas reserves based on an unweighted arithmetic average of the first day of the month oil and gas prices for each month within the 12-month period prior to the end of the reporting period (“the ceiling”) with the book value of those reserves at the balance sheet date. If the book value of the reserves exceeds the ceiling, a non-cash impairment charge must be recorded in order to reduce the book value of the reserves to the calculated ceiling. It is anticipated that the current low commodity price environment will lead to significant non-cash impairments during the fourth quarter of fiscal 2020 and likely in the first quarter of fiscal 2021 as well.

Excluding this item, as well as the net impact of non-cash mark-to-market adjustments recorded in the prior year relating to hedge ineffectiveness (see table above), Seneca’s third quarter earnings decreased $18.9 million as the positive impacts of higher production and lower operating expenses were more than offset by the negative impacts of lower realized natural gas and crude oil prices and higher interest expense.

Seneca produced 56.0 Bcfe during the third quarter, an increase of 1.3 Bcfe, or 2%, from the prior year. Despite approximately 7.3 Bcf of price-related curtailments, natural gas production increased 1.3 Bcf, or 2%, due primarily to production from new Marcellus and Utica wells in Appalachia. Net production increased 3.2 Bcf to 27.0 Bcf in Seneca’s Western Development Area ("WDA"), primarily due to the ongoing development program in the region. Net production decreased 1.9 Bcf to 25.1 Bcf in the Eastern Development Area ("EDA"), primarily due to natural declines in the EDA-Tioga area, partly offset by higher production in the EDA-Lycoming area where increased production from new pads exceeded price-related curtailments. Oil production for the third quarter increased 8,000 Bbls, or 1%, from the prior year as new production continues to come on-line from Seneca’s development of the Pioneer assets in the Midway Sunset area of California, as well as the Coalinga assets.

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Seneca's average realized natural gas price, after the impact of hedging and transportation costs, was $1.92 per Mcf, a decrease of $0.44 per Mcf from the prior year. This decline was largely due to lower NYMEX prices and lower spot pricing at local sales points in Pennsylvania. Seneca's average realized oil price, after the impact of hedging, was $50.70 per Bbl, a decrease of $12.22 per Bbl compared to the prior year. The decline in oil price realizations was due primarily to lower market prices for crude oil during the quarter and reduced price differentials at local sales points in California.

Lease operating and transportation (“LOE”) expense decreased $1.6 million primarily due to a decline in well repairs, workover activity and steam fuel costs in California, partly offset by higher transportation costs in Appalachia due to increased production. LOE expense includes the fees paid to the Company’s Gathering segment for gathering and compression services used to connect Seneca’s Marcellus and Utica production to sales points along interstate pipelines. Depreciation, depletion and amortization (“DD&A”) expense decreased $0.7 million due largely to the ceiling test impairment recorded in the second quarter, partially offset by higher production. Seneca’s general and administrative (“G&A”) expense decreased $1.7 million despite a modest increase in production primarily due to lower personnel costs. On a unit of production basis, G&A, LOE and DD&A expenses during the quarter collectively decreased $0.11 per Mcfe, or 6% decrease, on combined G&A, LOE and DD&A expenses during the quarter.

Midstream Businesses

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

June 30,

(in thousands)20202019Variance

GAAP Earnings$22,623$15,792$6,831

Adjusted EBITDA$50,511$37,328$13,183

The Pipeline and Storage segment’s third quarter GAAP earnings increased $6.8 million versus the prior year primarily driven by higher operating revenues and lower operation and maintenance (“O&M”) expenses, partially offset by higher DD&A expense. The increase in operating revenues of $8.8 million, or 13%, was largely due to an increase in Supply Corporation's transportation and storage rates effective February 1, 2020, in accordance with Supply Corporation's rate case settlement, coupled with new demand charges for transportation service from Supply Corporation's Line N to Monaca expansion project, which was placed in service on November 1, 2019. O&M expense decreased $4.8 million primarily due to lower compressor and facility maintenance costs, lower pipeline integrity costs and lower personnel costs. The increase in DD&A expense of $3.2 million was primarily attributable to an increase in Supply Corporation's depreciation rates associated with its rate case settlement.

Gathering Segment

The Gathering segment’s operations are carried out by National Fuel Gas Midstream Company, LLC’s limited liability companies. The Gathering segment constructs, owns and operates natural gas gathering pipelines and compression facilities in the Appalachian region, which currently deliver Seneca’s gross Appalachian production to the interstate pipeline system.

Three Months Ended

June 30,

(in thousands)20202019Variance

GAAP Earnings$15,239$14,638$601

Adjusted EBITDA$27,844$27,852$(8)

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The Gathering segment’s third quarter GAAP earnings increased $0.6 million versus the prior year. The increase was primarily driven by higher operating revenues and the impact of a lower effective income tax rate, which were partially offset by higher O&M expense. Operating revenues increased $0.4 million primarily due to a 0.6 Bcf increase in gathered volumes from Seneca’s Appalachian natural gas production. The reduction in the Gathering segment's effective tax rate was primarily due to deferred state tax adjustments that reduced income tax expense in the current quarter. The $0.4 million increase in O&M expense was due to an increase in compressor facility and maintenance activity during the current quarter.

Downstream Businesses

Utility Segment

The Utility segment operations are carried out by National Fuel Gas Distribution Corporation (“Distribution”), which sells or transports natural gas to customers located in western New York and northwestern Pennsylvania.

Three Months Ended

June 30,

(in thousands)20202019Variance

GAAP Earnings$6,254$7,362$(1,108)

Adjusted EBITDA$30,214$33,163$(2,949)

The Utility segment’s third quarter GAAP earnings decreased $1.1 million over the prior year primarily due to higher O&M expense, partially offset by higher customer margin (operating revenues less purchased gas sold). The $4.5 million increase in O&M expense was primarily attributable to two factors. First, the Company’s response to COVID-19 increased expenditures on personal protective equipment and led to a higher share of personnel costs allocated to operating expense due to reduced capital expenditure-related activities resulting from governmental pandemic restrictions. Additionally, the Company recorded incremental expense to increase its allowance for uncollectible accounts due to the potential for future customer non-payment resulting from the current economic backdrop. The increase in customer margin was due primarily to colder weather in Distribution's Pennsylvania service territory and higher revenues earned through the Company’s system modernization tracking mechanism in New York, which allows for the timely recovery of system modernization investments in Distribution’s New York service territory. These positive items were partially offset by the impact of adjustments related to regulatory rate and cost recovery mechanisms subject to annual reconciliation. Weather in Distribution's Pennsylvania service territory was 19% colder on average than last year, resulting in an increase in residential and transportation customer throughput and revenues. The impact of weather variations on earnings in Distribution's New York service territory is largely mitigated by that jurisdiction's weather normalization clause.

Corporate and All Other

The Company’s operations that are included in Corporate and All Other, which now include the Company’s energy marketing business, generated combined earnings of $3.6 million in the current year third quarter, which was a $4.2 million increase from a combined loss of $0.6 million generated in the prior-year third quarter. The increase in earnings was driven primarily by higher unrealized gains on investment securities and higher energy marketing margins quarter over quarter, partially offset by higher interest expense. The increase in interest expense was mainly due to short-term borrowings from the Company's committed credit facility and uncommitted lines of credit during the current year third quarter.

EARNINGS TELECONFERENCE

The Company will host a conference call on Friday, August 7, 2020, at 11 a.m. Eastern Time to discuss this announcement. Pre-registration is required to access the teleconference by phone in a listen-only mode by following this link: http://www.directeventreg.com/registration/event/9086223. To access the webcast, visit the Events Calendar under the News & Events page on the NFG Investor Relations website at investor.nationalfuelgas.com. A replay of the conference call will be available approximately two hours following the teleconference at the same website link and by phone (toll-free) at 800-585-8367 using conference ID number “9086223”. Both the webcast and conference call replay will be available until the close of business on Friday, August 14, 2020.

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National Fuel is an integrated energy company reporting financial results for four operating segments: Exploration and Production, Pipeline and Storage, Gathering, and Utility. Additional information about National Fuel is available at www.nationalfuelgas.com.

Analyst Contact:Kenneth E. Webster716-857-7067

Media Contact:Karen L. Merkel716-857-7654

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: the Company's ability to successfully integrate acquired assets, including Shell's upstream assets and midstream gathering assets in Pennsylvania, and achieve expected cost synergies; impairments under the SEC’s full cost ceiling test for natural gas and oil reserves; changes in the price of natural gas or oil; the length and severity of the recent COVID-19 pandemic, including its impacts across our businesses on demand, operations, global supply chains and liquidity; changes in economic conditions, including 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 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 and other investments, including any downgrades in the Company’s credit ratings and changes in interest rates and other capital market conditions; 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; delays or changes in costs or plans with respect to Company projects or related projects of other companies, including disruptions due to the COVID-19 pandemic, as well as difficulties or delays in obtaining necessary governmental approvals, permits or orders or in obtaining the cooperation of interconnecting facility operators; the Company's ability to complete planned strategic transactions; governmental/regulatory actions, initiatives and proceedings, including those involving rate cases (which address, among other things, target rates of return, rate design and retained natural gas), environmental/safety requirements, affiliate relationships, industry structure, and franchise renewal; changes in price differentials between similar quantities of natural gas or oil 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; factors affecting the Company’s ability to successfully identify, drill for and produce economically viable natural gas and oil reserves, including among others geology, lease availability, title disputes, weather conditions, 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; 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 or oil 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 oil and gas reserve estimates; significant differences between the Company’s projected and actual production levels for natural gas or oil; changes in demographic patterns and weather conditions; 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; 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.

-more-

7

Page 8.

NATIONAL FUEL GAS COMPANY

AND SUBSIDIARIES

GUIDANCE SUMMARY

As discussed on page 2, the Company is revising its earnings guidance for fiscal 2020 and initiating preliminary guidance for fiscal 2021. Additional details on the Company's forecast assumptions and business segment guidance for fiscal 2020 and fiscal 2021 are outlined in the table below.

While the Company expects to incur an additional ceiling test impairment charge in the quarter ended September 30, 2020 and likely in the first quarter of fiscal 2021 as well, the amount of these charges is not reasonably determinable at this time. The amount of any ceiling test charge is determined at the end of the applicable quarter and will depend on many factors, including additions to or subtractions from proved reserves, fluctuations in oil and gas prices, and income tax effects related to the differences between the book and tax basis of the Company’s oil and gas properties. Some or all of these factors are likely to be significant. Because the expected ceiling test impairment charges and other potential items impacting comparability are not reasonably determinable at this time, the Company is unable to provide earnings guidance other than on a non-GAAP basis that excludes these items.

Updated FY 2020 GuidancePreliminary FY 2021 Guidance

Consolidated Earnings per Share, excluding items impacting comparability$2.75 to $2.85$3.40 to $3.70

Consolidated Effective Tax Rate~ 26%~ 26%

Capital Expenditures(Millions)

Exploration and Production$375 - $395$290 - $330

Pipeline and Storage$165 - $185$250 - $300

Gathering$60 - $70$30 - $40

Utility$80 - $90$90 - $100

Consolidated Capital Expenditures$680 - $740$660 - $770

Exploration & Production Segment Guidance

Commodity Price Assumptions

NYMEX natural gas price$1.85 /MMBtu$2.65 /MMBtu

Appalachian basin spot price (winter I summer)(1)—$2.25 /MMBtu | $2.00 /MMBtu

NYMEX (WTI) crude oil price$40.00 /Bbl$42.50 /Bbl

California oil price premium (% of WTI)95%95%

Production(Bcfe)

East Division - Appalachia224 to 229290 to 320

West Division - California~ 16~ 15

Total Production(1)240 to 245305 to 335

E&P Operating Costs($/Mcfe)

LOE$0.84 - $0.87$0.83 - $0.85

G&A$0.26 - $0.27$0.21 - $0.23

DD&A$0.70 - $0.74$0.65 - $0.70

Other Business Segment Guidance(Millions)

Gathering Segment Revenues$140 - $145$185 - $200

Pipeline and Storage Segment Revenues$305 - $310$330 - $340

(1)Fiscal 2020 production assumes certain curtailments of all remaining Appalachian spot production volumes.

Page 9.

NATIONAL FUEL GAS COMPANY

RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS

QUARTER ENDED JUNE 30, 2020

(Unaudited)

UpstreamMidstreamDownstream

Exploration &Pipeline &Corporate /

(Thousands of Dollars)ProductionStorageGatheringUtilityAll OtherConsolidated*

Third quarter 2019 GAAP earnings$26,512$15,792$14,638$7,362$(551)$63,753

Items impacting comparability:

Mark-to-market adjustments due to hedge ineffectiveness(1,020)(1,020)

Tax impact of mark-to-market adjustments due to hedge ineffectiveness214214

Unrealized (gain) loss on other investments(1,420)(1,420)

Tax impact of unrealized (gain) loss on other investments298298

Third quarter 2019 adjusted operating results25,70615,79214,6387,362(1,673)61,825

Drivers of adjusted operating results**

Upstream Revenues

Higher (lower) natural gas production2,3282,328

Higher (lower) crude oil production419419

Higher (lower) realized natural gas prices, after hedging(17,957)(17,957)

Higher (lower) realized crude oil prices, after hedging(5,644)(5,644)

Midstream Revenues

Higher (lower) operating revenues6,9883357,323

Downstream Margins***

Impact of usage and weather1,1931,193

System modernization tracker revenues742742

Regulatory revenue adjustments(692)(692)

Higher (lower) energy marketing margins1,6391,639

Operating Expenses

Lower (higher) lease operating and transportation expenses1,2301,230

Lower (higher) operating expenses9173,798(343)(3,609)763

Lower (higher) property, franchise and other taxes(419)(419)

Lower (higher) depreciation / depletion540(2,526)333(1,653)

Other Income (Expense)

(Higher) lower other deductions(412)(678)758324(8)

(Higher) lower interest expense(374)(435)(1,177)(1,986)

Income Taxes

Lower (higher) income tax expense / effective tax rate(162)55646278(396)421

All other / rounding22548(37)22263521

Third quarter 2020 adjusted operating results6,81622,62315,2396,254(887)50,045

Items impacting comparability:

Impairment of oil and gas properties(18,236)(18,236)

Tax impact of impairment of oil and gas properties4,9864,986

Unrealized gain (loss) on other investments5,6395,639

Tax impact of unrealized gain (loss) on other investments(1,184)(1,184)

Third quarter 2020 GAAP earnings$(6,434)$22,623$15,239$6,254$3,568$41,250

* Amounts do not reflect intercompany eliminations

** Operating results have been calculated using the 21% federal statutory rate effective for the 2019 fiscal year.

*** Downstream margin defined as operating revenues less purchased gas expense.

Page 10.

NATIONAL FUEL GAS COMPANY

RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE

QUARTER ENDED JUNE 30, 2020

(Unaudited)

UpstreamMidstreamDownstream

Exploration &Pipeline &Corporate /

ProductionStorageGatheringUtilityAll OtherConsolidated*

Third quarter 2019 GAAP earnings per share$0.31$0.18$0.17$0.08$(0.01)$0.73

Items impacting comparability:

Mark-to-market adjustments due to hedge ineffectiveness, net of tax(0.01)(0.01)

Unrealized (gain) loss on other investments, net of tax(0.01)(0.01)

Third quarter 2019 adjusted operating results per share0.300.180.170.08(0.02)0.71

Drivers of adjusted operating results**

Upstream Revenues

Higher (lower) natural gas production0.030.03

Higher (lower) crude oil production——

Higher (lower) realized natural gas prices, after hedging(0.20)(0.20)

Higher (lower) realized crude oil prices, after hedging(0.06)(0.06)

Midstream Revenues

Higher (lower) operating revenues0.08—0.08

Downstream Margins***

Impact of usage and weather0.010.01

System modernization tracker revenues0.010.01

Regulatory revenue adjustments(0.01)(0.01)

Higher (lower) energy marketing margins0.020.02

Operating Expenses

Lower (higher) lease operating and transportation expenses0.010.01

Lower (higher) operating expenses0.010.04—(0.04)0.01

Lower (higher) property, franchise and other taxes——

Lower (higher) depreciation / depletion0.01(0.03)—(0.02)

Other Income (Expense)

(Higher) lower other deductions—(0.01)0.01——

(Higher) lower interest expense——(0.01)(0.01)

Income Taxes

Lower (higher) income tax expense / effective tax rate——0.01——0.01

All other / rounding(0.02)—(0.01)0.01—(0.02)

Third quarter 2020 adjusted operating results per share0.080.260.170.07(0.01)0.57

Items impacting comparability:

Impairment of oil and gas properties, net of tax(0.15)(0.15)

Unrealized gain (loss) on other investments, net of tax0.050.05

Third quarter 2020 GAAP earnings per share$(0.07)$0.26$0.17$0.07$0.04$0.47

* Amounts do not reflect intercompany eliminations

** Operating results have been calculated using the 21% federal statutory rate effective for the 2019 fiscal year.

*** Downstream margin defined as operating revenues less purchased gas expense.

Page 11.

NATIONAL FUEL GAS COMPANY

RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS

NINE MONTHS ENDED JUNE 30, 2020

(Unaudited)

UpstreamMidstreamDownstream

Exploration &Pipeline &Corporate /

(Thousands of Dollars)ProductionStorageGatheringUtilityAll OtherConsolidated*

Nine months ended June 30, 2019 GAAP earnings$86,599$58,643$41,511$68,600$1,656$257,009

Items impacting comparability:

Remeasurement of deferred taxes under 2017 Tax Reform(990)(500)(3,510)(5,000)

Mark-to-market adjustments due to hedge ineffectiveness(783)(783)

Tax impact of mark-to-market adjustments due to hedge ineffectiveness164164

Unrealized (gain) loss on other investments1,0961,096

Tax impact of unrealized (gain) loss on other investments(230)(230)

Nine months ended June 30, 2019 adjusted operating results84,99058,64341,01168,600(988)252,256

Drivers of adjusted operating results**

Upstream Revenues

Higher (lower) natural gas production41,55741,557

Higher (lower) crude oil production3,9303,930

Higher (lower) realized natural gas prices, after hedging(49,552)(49,552)

Higher (lower) realized crude oil prices, after hedging(6,421)(6,421)

Midstream Revenues

Higher (lower) operating revenues8,6139,02317,636

Downstream Margins***

Impact of usage and weather(2,481)(2,481)

System modernization tracker revenues2,8882,888

Regulatory revenue adjustments771771

Higher (lower) energy marketing margins2,5302,530

Operating Expenses

Lower (higher) lease operating and transportation expenses(9,851)(9,851)

Lower (higher) operating expenses5,058(2,381)(6,322)750(2,895)

Lower (higher) property, franchise and other taxes1,592(1,633)(41)

Lower (higher) depreciation / depletion(14,230)(4,544)(647)(821)435(19,807)

Other Income (Expense)

(Higher) lower other deductions(1,125)(1,594)6941,329(696)

(Higher) lower interest expense(1,566)935(1,894)(2,525)

Income Taxes

Lower (higher) income tax expense / effective tax rate(3,143)(2,404)432(166)(660)(5,941)

All other / rounding(943)676(126)237476320

Nine months ended June 30, 2020 adjusted operating results45,23862,81547,31264,3351,978221,678

Items impacting comparability:

Impairment of oil and gas properties(195,997)(195,997)

Tax impact of impairment of oil and gas properties53,48953,489

Deferred tax valuation allowance(60,463)3,769(76)(56,770)

Unrealized gain (loss) on other investments(794)(794)

Tax impact of unrealized gain (loss) on other investments167167

Nine months ended June 30, 2020 GAAP earnings$(157,733)$62,815$51,081$64,335$1,275$21,773

* Amounts do not reflect intercompany eliminations

** Operating results have been calculated using the 21% federal statutory rate effective for the 2019 fiscal year.

*** Downstream margin defined as operating revenues less purchased gas expense.

Page 12.

NATIONAL FUEL GAS COMPANY

RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE

NINE MONTHS ENDED JUNE 30, 2020

(Unaudited)

UpstreamMidstreamDownstream

Exploration &Pipeline &Corporate /

ProductionStorageGatheringUtilityAll OtherConsolidated*

Nine months ended June 30, 2019 GAAP earnings per share$1.00$0.68$0.48$0.79$0.01$2.96

Items impacting comparability:

Remeasurement of deferred taxes under 2017 Tax Reform(0.01)(0.01)(0.04)(0.06)

Mark-to-market adjustments due to hedge ineffectiveness, net of tax(0.01)(0.01)

Unrealized (gain) loss on other investments, net of tax0.010.01

Rounding0.010.01

Nine months ended June 30, 2019 adjusted operating results per share0.980.680.470.79(0.01)2.91

Drivers of adjusted operating results**

Upstream Revenues

Higher (lower) natural gas production0.480.48

Higher (lower) crude oil production0.040.04

Higher (lower) realized natural gas prices, after hedging(0.57)(0.57)

Higher (lower) realized crude oil prices, after hedging(0.07)(0.07)

Midstream Revenues

Higher (lower) operating revenues0.100.100.20

Downstream Margins***

Impact of usage and weather(0.03)(0.03)

System modernization tracker revenues0.030.03

Regulatory revenue adjustments0.010.01

Higher (lower) energy marketing margins0.030.03

Operating Expenses

Lower (higher) lease operating and transportation expenses(0.11)(0.11)

Lower (higher) operating expenses0.06(0.03)(0.07)0.01(0.03)

Lower (higher) property, franchise and other taxes0.02(0.02)—

Lower (higher) depreciation / depletion(0.16)(0.05)(0.01)(0.01)—(0.23)

Other Income (Expense)

(Higher) lower other deductions(0.01)(0.02)0.010.02—

(Higher) lower interest expense(0.02)0.01(0.02)(0.03)

Income Taxes

Lower (higher) income tax expense / effective tax rate(0.04)(0.03)——(0.01)(0.08)

All other / rounding(0.02)—0.01——(0.01)

Nine months ended June 30, 2020 adjusted operating results per share0.520.720.540.740.022.54

Items impacting comparability:

Impairment of oil and gas properties, net of tax(1.63)(1.63)

Deferred tax valuation allowance(0.69)0.04—(0.65)

Unrealized gain (loss) on other investments, net of tax(0.01)(0.01)

Rounding(0.01)0.01—

Nine months ended June 30, 2020 GAAP earnings per share$(1.81)$0.72$0.58$0.74$0.02$0.25

* Amounts do not reflect intercompany eliminations

** Operating results have been calculated using the 21% federal statutory rate effective for the 2019 fiscal year.

*** Downstream margin defined as operating revenues less purchased gas expense.

Page 13.

NATIONAL FUEL GAS COMPANY

AND SUBSIDIARIES

(Thousands of Dollars, except per share amounts)

Three Months EndedNine Months Ended

June 30,June 30,

(Unaudited)(Unaudited)

SUMMARY OF OPERATIONS2020201920202019

Operating Revenues:

Utility and Energy Marketing Revenues$139,661$151,312$650,320$781,059

Exploration and Production and Other Revenues132,338159,864456,073470,267

Pipeline and Storage and Gathering Revenues51,02046,024151,908148,665

323,019357,2001,258,3011,399,991

Operating Expenses:

Purchased Gas29,12147,839239,663381,537

Operation and Maintenance:

Utility and Energy Marketing43,95039,607138,931132,082

Exploration and Production and Other32,40435,674109,056108,610

Pipeline and Storage and Gathering24,29828,67577,48880,857

Property, Franchise and Other Taxes21,38121,50667,26868,046

Depreciation, Depletion and Amortization73,23271,072226,062200,990

Impairment of Oil and Gas Producing Properties18,236—195,997—

242,622244,3731,054,465972,122

Operating Income80,397112,827203,836427,869

Other Income (Expense):

Other Income (Deductions)2,547(1,456)(17,971)(16,977)

Interest Expense on Long-Term Debt(27,140)(25,303)(77,853)(76,016)

Other Interest Expense(1,420)(1,202)(4,863)(4,061)

Income Before Income Taxes54,38484,866103,149330,815

Income Tax Expense13,13421,11381,37673,806

Net Income Available for Common Stock$41,250$63,753$21,773$257,009

Earnings Per Common Share

Basic$0.47$0.74$0.25$2.98

Diluted$0.47$0.73$0.25$2.96

Weighted Average Common Shares:

Used in Basic Calculation87,966,28986,306,43486,966,44886,208,766

Used in Diluted Calculation88,323,69986,839,84187,346,36286,765,781

Page 14.

NATIONAL FUEL GAS COMPANY

AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

June 30,September 30,

(Thousands of Dollars)20202019

ASSETS

Property, Plant and Equipment$11,710,155$11,204,838

Less - Accumulated Depreciation, Depletion and Amortization6,088,8035,695,328

Net Property, Plant and Equipment5,621,3525,509,510

Current Assets:

Cash and Temporary Cash Investments556,26420,428

Hedging Collateral Deposits7,6996,832

Receivables - Net136,438139,956

Unbilled Revenue17,90318,758

Gas Stored Underground14,35636,632

Materials and Supplies - at average cost51,39640,717

Unrecovered Purchased Gas Costs—2,246

Other Current Assets47,65297,054

Total Current Assets831,708362,623

Other Assets:

Recoverable Future Taxes116,758115,197

Unamortized Debt Expense12,72414,005

Other Regulatory Assets160,294167,320

Deferred Charges87,95633,843

Other Investments144,584144,917

Goodwill5,4765,476

Prepaid Post-Retirement Benefit Costs75,23560,517

Fair Value of Derivative Financial Instruments62,81748,669

Other8180

Total Other Assets665,925590,024

Total Assets$7,118,985$6,462,157

CAPITALIZATION AND LIABILITIES

Capitalization:

Comprehensive Shareholders' Equity

Common Stock, $1 Par Value Authorized - 200,000,000 Shares; Issued and

Outstanding - 90,943,652 Shares and 86,315,287 Shares, Respectively$90,944$86,315

Paid in Capital999,057832,264

Earnings Reinvested in the Business1,177,6501,272,601

Accumulated Other Comprehensive Loss(41,794)(52,155)

Total Comprehensive Shareholders' Equity2,225,8572,139,025

Long-Term Debt, Net of Current Portion and Unamortized Discount and Debt Issuance Costs2,628,7822,133,718

Total Capitalization4,854,6394,272,743

Current and Accrued Liabilities:

Notes Payable to Banks and Commercial Paper—55,200

Current Portion of Long-Term Debt——

Accounts Payable94,123132,208

Amounts Payable to Customers18,7724,017

Dividends Payable40,47037,547

Interest Payable on Long-Term Debt31,60018,508

Customer Advances56113,044

Customer Security Deposits15,22616,210

Other Accruals and Current Liabilities138,344139,600

Fair Value of Derivative Financial Instruments3,2645,574

Total Current and Accrued Liabilities342,360421,908

Deferred Credits:

Deferred Income Taxes783,377653,382

Taxes Refundable to Customers357,945366,503

Cost of Removal Regulatory Liability227,043221,699

Other Regulatory Liabilities160,501142,367

Pension and Other Post-Retirement Liabilities127,237133,729

Asset Retirement Obligations128,666127,458

Other Deferred Credits137,217122,368

Total Deferred Credits1,921,9861,767,506

Commitments and Contingencies——

Total Capitalization and Liabilities$7,118,985$6,462,157

Page 15.

NATIONAL FUEL GAS COMPANY

AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Nine Months Ended

June 30,

(Thousands of Dollars)20202019

Operating Activities:

Net Income Available for Common Stock$21,773$257,009

Adjustments to Reconcile Net Income to Net Cash

Provided by Operating Activities:

Impairment of Oil and Gas Producing Properties195,997—

Depreciation, Depletion and Amortization226,062200,990

Deferred Income Taxes116,332111,123

Stock-Based Compensation9,71616,144

Other5,6457,964

Change in:

Receivables and Unbilled Revenue4,045(31,584)

Gas Stored Underground and Materials and Supplies11,59717,551

Unrecovered Purchased Gas Costs2,2464,204

Other Current Assets49,31211,972

Accounts Payable(13,166)(16,132)

Amounts Payable to Customers14,75511,152

Customer Advances(12,483)(13,443)

Customer Security Deposits(984)(8,902)

Other Accruals and Current Liabilities6,77436,040

Other Assets(18,215)(34,594)

Other Liabilities4,4641,061

Net Cash Provided by Operating Activities$623,870$570,555

Investing Activities:

Capital Expenditures$(551,004)$(587,442)

Acquisition of Upstream Assets and Midstream Gathering Assets(27,050)—

Other4,126(3,071)

Net Cash Used in Investing Activities$(573,928)$(590,513)

Financing Activities:

Changes in Notes Payable to Banks and Commercial Paper$(55,200)$—

Dividends Paid on Common Stock(112,851)(109,875)

Net Proceeds From Issuance of Long-Term Debt493,108—

Net Proceeds from Issuance (Repurchase) of Common Stock161,704(8,864)

Net Cash Provided by (Used in) Financing Activities$486,761$(118,739)

Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash536,703(138,697)

Cash, Cash Equivalents, and Restricted Cash at Beginning of Period27,260233,047

Cash, Cash Equivalents, and Restricted Cash at June 30$563,963$94,350

Page 16.

NATIONAL FUEL GAS COMPANY

AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS

(UNAUDITED)

UPSTREAM BUSINESS

Three Months EndedNine Months Ended

(Thousands of Dollars, except per share amounts)June 30,June 30,

EXPLORATION AND PRODUCTION SEGMENT20202019Variance20202019Variance

Total Operating Revenues$131,228$158,875$(27,647)$452,728$467,853$(15,125)

Operating Expenses:

Operation and Maintenance:

General and Administrative Expense13,96815,628(1,660)46,77747,940(1,163)

Lease Operating and Transportation Expense46,15747,714(1,557)148,687136,21712,470

All Other Operation and Maintenance Expense2,9522,4534998,9947,7051,289

Property, Franchise and Other Taxes3,3713,885(514)11,54313,558(2,015)

Depreciation, Depletion and Amortization39,37240,055(683)128,656110,64318,013

Impairment of Oil and Gas Producing Properties18,236—18,236195,997—195,997

124,056109,73514,321540,654316,063224,591

Operating Income (Loss)7,17249,140(41,968)(87,926)151,790(239,716)

Other Income (Expense):

Non-Service Pension and Post-Retirement Benefit Costs(395)(4)(391)(1,185)(12)(1,173)

Interest and Other Income142272(130)583834(251)

Interest Expense(14,323)(13,850)(473)(42,543)(40,561)(1,982)

Income (Loss) Before Income Taxes(7,404)35,558(42,962)(131,071)112,051(243,122)

Income Tax Expense (Benefit)(970)9,046(10,016)26,66225,4521,210

Net Income (Loss)$(6,434)$26,512$(32,946)$(157,733)$86,599$(244,332)

Net Income (Loss) Per Share (Diluted)$(0.07)$0.31$(0.38)$(1.81)$1.00$(2.81)

Page 17.

NATIONAL FUEL GAS COMPANY

AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS

(UNAUDITED)

MIDSTREAM BUSINESSES

Three Months EndedNine Months Ended

(Thousands of Dollars, except per share amounts)June 30,June 30,

PIPELINE AND STORAGE SEGMENT20202019Variance20202019Variance

Revenues from External Customers$51,020$46,024$4,996$151,908$148,663$3,245

Intersegment Revenues26,79322,9433,85077,37069,7127,658

Total Operating Revenues77,81368,9678,846229,278218,37510,903

Operating Expenses:

Purchased Gas1170(59)1884(883)

Operation and Maintenance19,26224,070(4,808)62,20768,610(6,403)

Property, Franchise and Other Taxes8,0297,49953024,51522,4482,067

Depreciation, Depletion and Amortization14,35211,1543,19839,31333,5615,752

41,65442,793(1,139)126,036125,503533

Operating Income36,15926,1749,985103,24292,87210,370

Other Income (Expense):

Non-Service Pension and Post-Retirement Benefit (Costs) Credit(174)930(1,104)(523)2,328(2,851)

Interest and Other Income1,7631,5172464,8514,018833

Interest Expense(7,773)(7,223)(550)(22,037)(22,009)(28)

Income Before Income Taxes29,97521,3988,57785,53377,2098,324

Income Tax Expense7,3525,6061,74622,71818,5664,152

Net Income$22,623$15,792$6,831$62,815$58,643$4,172

Net Income Per Share (Diluted)$0.26$0.18$0.08$0.72$0.68$0.04

Three Months EndedNine Months Ended

June 30,June 30,

GATHERING SEGMENT20202019Variance20202019Variance

Revenues from External Customers$—$—$—$—$2$(2)

Intersegment Revenues33,29932,875424103,35591,93111,424

Total Operating Revenues33,29932,875424103,35591,93311,422

Operating Expenses:

Operation and Maintenance5,4435,00943416,48713,4733,014

Property, Franchise and Other Taxes1214(2)5062(12)

Depreciation, Depletion and Amortization5,2375,485(248)15,65514,836819

10,69210,50818432,19228,3713,821

Operating Income22,60722,36724071,16363,5627,601

Other Income (Expense):

Non-Service Pension and Post-Retirement Benefit Costs(71)(1)(70)(214)(85)(129)

Interest and Other Income41173(132)198489(291)

Interest Expense(2,383)(2,288)(95)(6,762)(7,010)248

Income Before Income Taxes20,19420,251(57)64,38556,9567,429

Income Tax Expense4,9555,613(658)13,30415,445(2,141)

Net Income$15,239$14,638$601$51,081$41,511$9,570

Net Income Per Share (Diluted)$0.17$0.17$—$0.58$0.48$0.10

Page 18.

NATIONAL FUEL GAS COMPANY

AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS

(UNAUDITED)

DOWNSTREAM BUSINESS

Three Months EndedNine Months Ended

(Thousands of Dollars, except per share amounts)June 30,June 30,

UTILITY SEGMENT20202019Variance20202019Variance

Revenues from External Customers$124,390$129,977$(5,587)$569,856$648,624$(78,768)

Intersegment Revenues2,6472,944(297)8,4999,984(1,485)

Total Operating Revenues127,037132,921(5,884)578,355658,608(80,253)

Operating Expenses:

Purchased Gas43,75251,003(7,251)247,869328,119(80,250)

Operation and Maintenance43,41038,8904,520137,323129,8397,484

Property, Franchise and Other Taxes9,6619,865(204)30,29531,229(934)

Depreciation, Depletion and Amortization13,86013,54631441,24140,2021,039

110,683113,304(2,621)456,728529,389(72,661)

Operating Income16,35419,617(3,263)121,627129,219(7,592)

Other Income (Expense):

Non-Service Pension and Post-Retirement Benefit Costs(5,811)(5,946)135(24,962)(25,560)598

Interest and Other Income1,7499298202,9942,709285

Interest Expense(5,240)(5,793)553(16,430)(17,950)1,520

Income Before Income Taxes7,0528,807(1,755)83,22988,418(5,189)

Income Tax Expense7981,445(647)18,89419,818(924)

Net Income$6,254$7,362$(1,108)$64,335$68,600$(4,265)

Net Income Per Share (Diluted)$0.07$0.08$(0.01)$0.74$0.79$(0.05)

Page 19.

NATIONAL FUEL GAS COMPANY

AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS

(UNAUDITED)

Three Months EndedNine Months Ended

(Thousands of Dollars, except per share amounts)June 30,June 30,

ALL OTHER20202019Variance20202019Variance

Revenues from External Customers$16,286$22,189$(5,903)$83,445$134,605$(51,160)

Intersegment Revenues341681(340)5981,056(458)

Total Operating Revenues16,62722,870(6,243)84,043135,661(51,618)

Operating Expenses:

Purchased Gas14,03822,517(8,479)75,222130,853(55,631)

Operation and Maintenance2,1761,8902865,7545,71341

Property, Franchise and Other Taxes20212775522398124

Depreciation, Depletion and Amortization245640(395)6531,176(523)

16,66125,174(8,513)82,151138,140(55,989)

Operating Income (Loss)(34)(2,304)2,2701,892(2,479)4,371

Other Income (Expense):

Non-Service Pension and Post-Retirement Benefit Costs(69)(11)(58)(207)(143)(64)

Interest and Other Income202387(185)6741,052(378)

Interest Expense(10)(3)(7)(52)(16)(36)

Income (Loss) before Income Taxes89(1,931)2,0202,307(1,586)3,893

Income Tax Expense (Benefit)98(487)585775(640)1,415

Net Income (Loss)$(9)$(1,444)$1,435$1,532$(946)$2,478

Net Income (Loss) Per Share (Diluted)$—$(0.02)$0.02$0.02$(0.01)$0.03

Three Months EndedNine Months Ended

June 30,June 30,

CORPORATE20202019Variance20202019Variance

Revenues from External Customers$95$135$(40)$364$244$120

Intersegment Revenues1,0941,165(71)3,2813,494(213)

Total Operating Revenues1,1891,300(111)3,6453,738(93)

Operating Expenses:

Operation and Maintenance2,7783,159(381)8,9209,910(990)

Property, Franchise and Other Taxes106116(10)343351(8)

Depreciation, Depletion and Amortization166192(26)544572(28)

3,0503,467(417)9,80710,833(1,026)

Operating Loss(1,861)(2,167)306(6,162)(7,095)933

Other Income (Expense):

Non-Service Pension and Post-Retirement Benefit Costs(775)(647)(128)(2,326)(2,032)(294)

Interest and Other Income35,91930,2355,68489,79586,6123,183

Interest Expense on Long-Term Debt(27,140)(25,303)(1,837)(77,853)(76,016)(1,837)

Other Interest Expense(1,665)(1,335)(330)(4,688)(3,702)(986)

Income (Loss) before Income Taxes4,4787833,695(1,234)(2,233)999

Income Tax Expense (Benefit)901(110)1,011(977)(4,835)3,858

Net Income (Loss)$3,577$893$2,684$(257)$2,602$(2,859)

Net Income (Loss) Per Share (Diluted)$0.04$0.01$0.03$—$0.02$(0.02)

Three Months EndedNine Months Ended

June 30,June 30,

INTERSEGMENT ELIMINATIONS20202019Variance20202019Variance

Intersegment Revenues$(64,174)$(60,608)$(3,566)$(193,103)$(176,177)$(16,926)

Operating Expenses:

Purchased Gas(28,680)(25,751)(2,929)(83,429)(78,319)(5,110)

Operation and Maintenance(35,494)(34,857)(637)(109,674)(97,858)(11,816)

(64,174)(60,608)(3,566)(193,103)(176,177)(16,926)

Operating Income——————

Other Income (Expense):

Interest and Other Deductions(29,974)(29,290)(684)(87,649)(87,187)(462)

Interest Expense29,97429,29068487,64987,187462

Net Income (Loss)$—$—$—$—$—$—

Net Income (Loss) Per Share (Diluted)$—$—$—$—$—$—

Page 20.

NATIONAL FUEL GAS COMPANY

AND SUBSIDIARIES

SEGMENT INFORMATION (Continued)

(Thousands of Dollars)

Three Months EndedNine Months Ended

June 30,June 30,

(Unaudited)(Unaudited)

IncreaseIncrease

20202019(Decrease)20202019(Decrease)

Capital Expenditures:

Exploration and Production$65,647'(1)$128,888'(3)$(63,241)$294,990(1)(2)$391,674(3)(4)$(96,684)

Pipeline and Storage41,494'(1)35,489'(3)6,005124,131(1)(2)88,127(3)(4)36,004

Gathering21,289'(1)17,926'(3)3,36346,200(1)(2)39,396(3)(4)6,804

Utility25,616'(1)22,706'(3)2,91062,238(1)(2)58,363(3)(4)3,875

Total Reportable Segments154,046205,009(50,963)527,559577,560(50,001)

All Other1682(66)38124(86)

Corporate100267(167)42036951

Total Capital Expenditures$154,162$205,358$(51,196)$528,017$578,053$(50,036)

(1)Capital expenditures for the quarter and nine months ended June 30, 2020, include accounts payable and accrued liabilities related to capital expenditures of $26.5 million, $16.4 million, $6.5 million, and $8.7 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts have been excluded from the Consolidated Statement of Cash Flows at June 30, 2020, since they represent non-cash investing activities at that date.

(2)Capital expenditures for the nine months ended June 30, 2020, exclude capital expenditures of $38.0 million, $23.8 million, $6.6 million and $12.7 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts were in accounts payable and accrued liabilities at September 30, 2019 and paid during the nine months ended June 30, 2020. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2019, since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at June 30, 2020.

(3)Capital expenditures for the quarter and nine months ended June 30, 2019, include accounts payable and accrued liabilities related to capital expenditures of $51.0 million, $14.0 million, $8.3 million, and $6.1 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts have been excluded from the Consolidated Statement of Cash Flows at June 30, 2019, since they represent non-cash investing activities at that date.

(4)Capital expenditures for the nine months ended June 30, 2019, exclude capital expenditures of $51.3 million, $21.9 million, $6.1 million and $9.5 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts were in accounts payable and accrued liabilities at September 30, 2018 and paid during the nine months ended June 30, 2019. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2018, since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at June 30, 2019.

DEGREE DAYS

Percent Colder

(Warmer) Than:

Three Months Ended June 30,Normal20202019Normal(1)Last Year(1)

Buffalo, NY9121,03295713.27.8

Erie, PA8719207735.619.0

Nine Months Ended June 30,

Buffalo, NY6,4916,0026,654(7.5)(9.8)

Erie, PA6,0575,3815,899(11.2)(8.8)

(1)Percents compare actual 2020 degree days to normal degree days and actual 2020 degree days to actual 2019 degree days.

Page 21.

NATIONAL FUEL GAS COMPANY

AND SUBSIDIARIES

EXPLORATION AND PRODUCTION INFORMATION

Three Months EndedNine Months Ended

June 30,June 30,

IncreaseIncrease

20202019(Decrease)20202019(Decrease)

Gas Production/Prices:

Production (MMcf)

Appalachia52,04350,7661,277161,965140,95421,011

West Coast468494(26)1,4341,483(49)

Total Production52,51151,2601,251163,399142,43720,962

Average Prices (Per Mcf)

Appalachia$1.45$2.21$(0.76)$1.80$2.58$(0.78)

West Coast2.583.84(1.26)3.985.55(1.57)

Weighted Average1.462.22(0.76)1.822.61(0.79)

Weighted Average after Hedging1.922.36(0.44)2.132.51(0.38)

Oil Production/Prices:

Production (Thousands of Barrels)

Appalachia—1(1)22—

West Coast58457591,7901,71080

Total Production58457681,7921,71280

Average Prices (Per Barrel)

Appalachia$27.50$55.45$(27.95)$50.28$55.80$(5.52)

West Coast29.1367.43(38.30)47.4065.01(17.61)

Weighted Average29.1267.41(38.29)47.4165.00(17.59)

Weighted Average after Hedging50.7062.92(12.22)57.3561.88(4.53)

Total Production (MMcfe)56,01554,7161,299174,151152,70921,442

Selected Operating Performance Statistics:

General & Administrative Expense per Mcfe(1)$0.25$0.29$(0.04)$0.27$0.31$(0.04)

Lease Operating and Transportation Expense per Mcfe(1)(2)$0.82$0.87$(0.05)$0.85$0.89$(0.04)

Depreciation, Depletion & Amortization per Mcfe(1)$0.70$0.73$(0.03)$0.74$0.72$0.02

(1)Refer to page 16 for the General and Administrative Expense, Lease Operating and Transportation Expense and Depreciation, Depletion, and Amortization Expense for the Exploration and Production segment.

(2)Amounts include transportation expense of $0.57 and $0.57 per Mcfe for the three months ended June 30, 2020 and June 30, 2019, respectively. Amounts include transportation expense of $0.57 and $0.55 per Mcfe for the nine months ended June 30, 2020 and June 30, 2019, respectively.

Page 22.

NATIONAL FUEL GAS COMPANY

AND SUBSIDIARIES

EXPLORATION AND PRODUCTION INFORMATION

Hedging Summary for Remaining Three Months of Fiscal 2020VolumeAverage Hedge Price

Oil Swaps

Brent385,000BBL$62.31 / BBL

NYMEX81,000BBL$50.52 / BBL

Total466,000BBL$60.26 / BBL

Gas Swaps

NYMEX23,010,000MMBTU$2.66 / MMBTU

DAWN1,800,000MMBTU$3.00 / MMBTU

Fixed Price Physical Sales21,571,753MMBTU$2.13 / MMBTU

Total46,381,753MMBTU

Hedging Summary for Fiscal 2021VolumeAverage Hedge Price

Oil Swaps

Brent936,000BBL$59.45 / BBL

NYMEX156,000BBL$51.00 / BBL

Total1,092,000BBL$58.24 / BBL

Gas Swaps

NYMEX133,540,000MMBTU$2.61/ MMBTU

DAWN600,000MMBTU$3.00 / MMBTU

No Cost Collars25,850,000MMBTU$2.28 / MMBTU (Floor) / $2.77 / MMBTU (Ceiling)

Fixed Price Physical Sales50,040,640MMBTU$2.21 / MMBTU

Total210,030,640MMBTU

Hedging Summary for Fiscal 2022VolumeAverage Hedge Price

Oil Swaps

Brent300,000BBL$60.07 / BBL

NYMEX156,000BBL$51.00 / BBL

Total456,000BBL$56.97 / BBL

Gas Swaps

NYMEX79,590,000MMBTU$2.55 / MMBTU

No Cost Collars2,350,000MMBTU$2.28 / MMBTU (Floor) / $2.77 / MMBTU (Ceiling)

Fixed Price Physical Sales40,674,677MMBTU$2.23 / MMBTU

Total122,614,677MMBTU

Hedging Summary for Fiscal 2023VolumeAverage Hedge Price

Gas Swaps

NYMEX18,920,000MMBTU$2.48 / MMBTU

Fixed Price Physical Sales36,919,798MMBTU$2.25 / MMBTU

Total55,839,798MMBTU

Hedging Summary for Fiscal 2024VolumeAverage Hedge Price

Gas Swaps

NYMEX1,150,000MMBTU$2.45 / MMBTU

Fixed Price Physical Sales20,954,870MMBTU$2.25 / MMBTU

Total22,104,870MMBTU

Hedging Summary for Fiscal 2025VolumeAverage Hedge Price

Fixed Price Physical Sales2,293,200MMBTU$2.18 / MMBTU

Page 23.

NATIONAL FUEL GAS COMPANY

AND SUBSIDIARIES

Pipeline & Storage Throughput - (millions of cubic feet - MMcf)

Three Months EndedNine Months Ended

June 30,June 30,

IncreaseIncrease

20202019(Decrease)20202019(Decrease)

Firm Transportation - Affiliated20,87720,75512298,145107,423(9,278)

Firm Transportation - Non-Affiliated151,702137,98413,718478,880442,83936,041

Interruptible Transportation7573094482,0021,97428

173,336159,04814,288579,027552,23626,791

Gathering Volume - (MMcf)

Three Months EndedNine Months Ended

June 30,June 30,

IncreaseIncrease

20202019(Decrease)20202019(Decrease)

Gathered Volume - Affiliated61,33860,745593190,864169,59021,274

Utility Throughput - (MMcf)

Three Months EndedNine Months Ended

June 30,June 30,

IncreaseIncrease

20202019(Decrease)20202019(Decrease)

Retail Sales:

Residential Sales11,3129,8951,41756,94360,581(3,638)

Commercial Sales1,4501,44198,2958,999(704)

Industrial Sales106151(45)506639(133)

12,86811,4871,38165,74470,219(4,475)

Transportation13,52014,716(1,196)59,23365,914(6,681)

26,38826,203185124,977136,133(11,156)

Page 24.

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 Operating Results and Adjusted EBITDA, 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 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 Operating Results as reported GAAP earnings before items impacting comparability. The following table reconciles National Fuel's reported GAAP earnings to Adjusted Operating Results for the three and nine months ended June 30, 2020 and 2019:

Three Months EndedNine Months Ended

June 30,June 30,

(in thousands except per share amounts)2020201920202019

Reported GAAP Earnings$41,250$63,753$21,773$257,009

Items impacting comparability:

Impairment of oil and gas properties (E&P)18,236—195,997—

Tax impact of impairment of oil and gas properties(4,986)—(53,489)—

Deferred tax valuation allowance as of March 31, 2020——56,770—

Remeasurement of deferred income taxes under 2017 Tax Reform———(5,000)

Mark-to-market adjustments due to hedge ineffectiveness (E&P)—(1,020)—(783)

Tax impact of mark-to-market adjustments due to hedge ineffectiveness—214—164

Unrealized (gain) loss on other investments (Corporate/All Other)(5,639)(1,420)7941,096

Tax impact of unrealized (gain) loss on other investments1,184298(167)(230)

Adjusted Operating Results$50,045$61,825$221,678$252,256

Reported GAAP Earnings per share$0.47$0.73$0.25$2.96

Items impacting comparability:

Impairment of oil and gas properties, net of tax (E&P)0.15—1.63—

Deferred tax valuation allowance as of March 31, 2020——0.65—

Remeasurement of deferred income taxes under 2017 Tax Reform———(0.06)

Mark-to-market adjustments due to hedge ineffectiveness, net of tax (E&P)—(0.01)—(0.01)

Unrealized (gain) loss on other investments, net of tax (Corporate/All Other)(0.05)(0.01)0.010.01

Rounding———0.01

Adjusted Operating Results Per Share$0.57$0.71$2.54$2.91

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 nine months ended June 30, 2020 and 2019:

Three Months EndedNine Months Ended

June 30,June 30,

(in thousands)2020201920202019

Reported GAAP Earnings$41,250$63,753$21,773$257,009

Depreciation, Depletion and Amortization73,23271,072226,062200,990

Other (Income) Deductions(2,547)1,45617,97116,977

Interest Expense28,56026,50582,71680,077

Income Taxes13,13421,11381,37673,806

Mark-to-Market Adjustments due to Hedge Ineffectiveness—(1,020)—(783)

Impairment of Oil and Gas Producing Properties18,236—195,997—

Adjusted EBITDA$171,865$182,879$625,895$628,076

Adjusted EBITDA by Segment

Pipeline and Storage Adjusted EBITDA$50,511$37,328$142,555$126,433

Gathering Adjusted EBITDA27,84427,85286,81878,398

Total Midstream Businesses Adjusted EBITDA78,35565,180229,373204,831

Exploration and Production Adjusted EBITDA64,78088,175236,727261,650

Utility Adjusted EBITDA30,21433,163162,868169,421

Corporate and All Other Adjusted EBITDA(1,484)(3,639)(3,073)(7,826)

Total Adjusted EBITDA$171,865$182,879$625,895$628,076

Page 25.

NATIONAL FUEL GAS COMPANY

AND SUBSIDIARIES

NON-GAAP FINANCIAL MEASURES

SEGMENT ADJUSTED EBITDA

Three Months EndedNine Months Ended

June 30,June 30,

(in thousands)2020201920202019

Exploration and Production Segment

Reported GAAP Earnings$(6,434)$26,512$(157,733)$86,599

Depreciation, Depletion and Amortization39,37240,055128,656110,643

Other (Income) Deductions253(268)602(822)

Interest Expense14,32313,85042,54340,561

Income Taxes(970)9,04626,66225,452

Mark-to-Market Adjustments due to Hedge Ineffectiveness—(1,020)—(783)

Impairment of Oil and Gas Producing Properties18,236—195,997—

Adjusted EBITDA$64,780$88,175$236,727$261,650

Pipeline and Storage Segment

Reported GAAP Earnings$22,623$15,792$62,815$58,643

Depreciation, Depletion and Amortization14,35211,15439,31333,561

Other (Income) Deductions(1,589)(2,447)(4,328)(6,346)

Interest Expense7,7737,22322,03722,009

Income Taxes7,3525,60622,71818,566

Adjusted EBITDA$50,511$37,328$142,555$126,433

Gathering Segment

Reported GAAP Earnings$15,239$14,638$51,081$41,511

Depreciation, Depletion and Amortization5,2375,48515,65514,836

Other (Income) Deductions30(172)16(404)

Interest Expense2,3832,2886,7627,010

Income Taxes4,9555,61313,30415,445

Adjusted EBITDA$27,844$27,852$86,818$78,398

Utility Segment

Reported GAAP Earnings$6,254$7,362$64,335$68,600

Depreciation, Depletion and Amortization13,86013,54641,24140,202

Other (Income) Deductions4,0625,01721,96822,851

Interest Expense5,2405,79316,43017,950

Income Taxes7981,44518,89419,818

Adjusted EBITDA$30,214$33,163$162,868$169,421

Corporate and All Other

Reported GAAP Earnings$3,568$(551)$1,275$1,656

Depreciation, Depletion and Amortization4118321,1971,748

Other (Income) Deductions(5,303)(674)(287)1,698

Interest Expense(1,159)(2,649)(5,056)(7,453)

Income Taxes999(597)(202)(5,475)

Adjusted EBITDA$(1,484)$(3,639)$(3,073)$(7,826)

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