On this page of StockholderLetter.com we present the latest annual shareholder letter from NATIONAL FUEL GAS CO — ticker symbol NFG. Reading current and past NFG letters to shareholders can bring important insights into the investment thesis.
2025 Annual Report
Fiscal 2025 was a terri c year, marked by signi cant milestones across our businesses. Our operational excellence and strong execution provide a solid platform for continued long-term growth. With natural gas increasingly recognized as a critical fuel for the future, the outlook for National Fuel has never been stronger. David P. Bauer Dear Fellow Shareholders, Fiscal 2025 was an exceptional year for National Fuel. Thanks to the quality of our assets and the dedication of our employees, we delivered strong nancial results and positioned the Company for even greater success in the years ahead. Signi cant Earnings Growth Consolidated earnings per share grew substantially as a result of higher natural gas production and prices in our non-regulated operations, and the continuing revenue impact of our recent rate settlements at our regulated businesses. Our strong earnings performance allowed us to increase our dividend for the 55th consecutive year, which underscores our commitment to creating long-term value for shareholders. Driving Capital Efficiency and Expanding Our Drilling Inventory With a 15% increase in natural gas production and a 12% reduction in capital investment (excluding acquisitions) since 2023, our Integrated Upstream and Gathering business continued its impressive trend in capital efficiency, with a nearly 25% improvement over that period. These results clearly highlight the strength of our assets and the talent of our workforce. And with our Tioga County development program still in its early stages, we expect additional opportunities to improve on this key metric in the coming years. Further, this year we made signi cant progress in the delineation of the Upper Utica formation on the Tioga County acreage, which allowed us to add more than 200 highly economic locations to our drilling inventory. This gives us nearly 20 years of premium prospective well locations a depth few can match. Importantly, we also secured substantial new pipeline capacity out of this key development area to ensure we have the takeaway needed to support our growing base of natural gas production that we expect in the years ahead. Strong Performance in Our Regulated Businesses Our regulated businesses continued to deliver solid results, and recent rate settlements have strengthened our near-term outlook. In scal 2025, Pipeline and Storage revenues increased by $15 million, driven by the 2024 Supply Corporation rate case settlement. And in December 2024, we reached a three-year settlement in our Utility s New York jurisdiction, providing clear visibility for growth through scal 2027. Looking to the future, we continue to invest in the safety and reliability of our pipeline systems, replacing over 160 miles of our Utility s distribution system in scal 2025, while also completing various system modernization projects at our interstate pipelines. These investments not only improve the quality of our service but also drive long-term value for shareholders. Cover Top Left: Seneca Resources operates a drilling rig at a well pad in Tioga County, Pennsylvania. Over the past few years, Seneca has made notable strides in capital efficiency, re ecting the quality of its assets, a focused development strategy and strong operational performance. Cover Right: The Line UNY Pipeline Project in Lancaster, New York, is a strategic infrastructure upgrade that replaced aging pipeline with high-strength, coated steel. This project is designed to enhance safety, reliability and operational efficiency. National Fuel Gas Company Cover Bottom Left: National Fuel operations and customer service teams work through all weather, including the severe winter conditions of Western New York and Northwestern Pennsylvania. In winter 2025, Erie and Buffalo ranked among the snowiest cities in the country, facing multiple lake-effect storms. Our employees dedication keeps service reliable, even in the harshest conditions. Opposite Page: Zoar Valley, located along the border of Erie and Cattaraugus Counties in New York, is the site of National Fuel s rst gas storage eld.
Executing on Pipeline Expansion Projects Expansion opportunities in our Pipeline and Storage segment are accelerating. This summer, we received FERC approval for the Tioga Pathway Project, which will provide 190,000 dekatherms per day of takeaway capacity for the Company s Tioga County production. We also announced the Shippingport Lateral Project, which will provide 205,000 dekatherms per day of rm transportation capacity for a major power generation and data center facility in Western Pennsylvania. Together, these projects, both of which are targeted for late 2026 in-service, are expected to generate approximately $30 million in annual revenue. As was evident at the July 2025 Pennsylvania Energy and Innovation Summit in Pittsburgh, the Commonwealth of Pennsylvania is committed to using its vast energy resources to attract new industry. Over $90 billion in new investments were announced at the Summit, many of which will be made in the vicinity of our existing pipeline systems. Against this backdrop, we are optimistic that the Shippingport project will be the rst of many projects to come. Over a Half Century of Dividend Growth $1.6 billion returned to shareholders over the last 10 years Announced a Highly Strategic Ohio Utility Acquisition In October, we executed an agreement to acquire CenterPoint Energy s Ohio natural gas utility business for $2.6 billion, the largest acquisition in the Company s history. With the closing of the transaction expected in late 2026 National Fuel will double its utility rate base, add signi cant customers in a state that is highly supportive of natural gas, and create another avenue for stable, long-term growth. Natural Gas: A Critical Part of the Energy Future After years of commentary that rising energy demand could be met solely with wind and solar, policymakers (particularly in New York) are clearly shifting toward an all-of-the-above approach that prioritizes affordability and reliability. Natural gas is essential whether for heating homes, meeting growing electricity demand from data centers, or supporting global LNG exports. The world needs more energy, and natural gas will be an important part of the solution. With integrated assets spanning the natural gas value chain, National Fuel is well positioned to serve this growing demand. 4% dividend increase in scal 2025 55 Years of Consecutive Dividend Growth $2.14 Annual Rate at Fiscal Year End per share $0.19 per share 1970 1980 1990 2000 2010 2025 Recognizing Leadership Transitions This year marks the retirement of two outstanding leaders at the Company: Ron Kraemer and Donna DeCarolis. Ron and Donna have each made lasting contributions to National Fuel, guiding their teams with integrity, vision, and a deep commitment to our industry. Their leadership has been instrumental in shaping the success we celebrate today. On behalf of the entire organization, I want to thank them for their decades of service and wish them the very best in their well-deserved retirements. The outlook for National Fuel has never been brighter. Backed by our talented workforce our best asset we are poised in the years ahead for meaningful growth across each of our business segments. I m excited for the future and look forward to building on our legacy in the natural gas business and creating long-term value for our shareholders. David P. Bauer President and Chief Executive Officer January 6, 2026 2025 Annual Report 1
Top Left: To support a growing residential complex in Amherst, New York, National Fuel successfully installed approximately 800 feet of 4-inch main and four 2-inch service lines, ensuring reliable energy delivery to more than 240 residences. Top Right: National Fuel conducts informational tours of our operations for investors, students, public officials, emergency responders and other stakeholders to promote industry education and maintain transparency. Bottom Right: At various locations, teams are now working in newly renovated office spaces designed to foster collaboration. A new Command Center was also recently constructed to strengthen our security and emergency response capabilities. 2 National Fuel Gas Company
Fiscal 2025 Highlights Integrated Upstream & Gathering Net Production (Bcfe) Utility Investment in Safety ($ millions) 2025 427 2025 $148 2024 392 2024 $147 2023 372 2023 $109 Integrated Upstream & Gathering Capital Spend ($ millions) Pipeline & Storage Revenues ($ millions) 2025 $605 2025 $428 2024 $646 2024 $412 2023 $841 2023 $379 Signi cant Progress on Emissions Reduction Program Through 2024 Reduction Since 2020 Upstream 57.8% Pipeline & Storage Utility 44.7% 30.9% 15.0% Methane Intensity Reduction Methane Intensity Reduction Methane Intensity Reduction 40% 30% 50% 30% Reduction Reduction Reduction Reduction Methane Intensity Reduction 2030 Target Gathering 2025 Annual Report 3
 • shareholder letter icon 1/23/2026 Letter Continued (Full PDF)
 • stockholder letter icon 1/20/2023 NFG Stockholder Letter
 • stockholder letter icon 1/19/2024 NFG Stockholder Letter
 • stockholder letter icon 1/24/2025 NFG Stockholder Letter
 • stockholder letter icon More "Gas Utilities" Category Stockholder Letters
 • Benford's Law Stocks icon NFG Benford's Law Stock Score = 85


NFG Shareholder/Stockholder Letter Transcript:

2025
Annual Report


Fiscal 2025 was a terri   c year, marked by signi   cant
milestones across our businesses. Our operational
excellence and strong execution provide a solid
platform for continued long-term growth. With natural
gas increasingly recognized as a critical fuel for
the future, the outlook for National Fuel has never
been stronger.        David P. Bauer
Dear Fellow Shareholders,
Fiscal 2025 was an exceptional year for National Fuel. Thanks to the quality of our assets and the dedication
of our employees, we delivered strong    nancial results and positioned the Company for even greater success
in the years ahead.
Signi   cant Earnings Growth
Consolidated earnings per share grew substantially as a result of higher natural gas production and prices
in our non-regulated operations, and the continuing revenue impact of our recent rate settlements at our
regulated businesses. Our strong earnings performance allowed us to increase our dividend for the 55th
consecutive year, which underscores our commitment to creating long-term value for shareholders.
Driving Capital Efficiency and Expanding Our Drilling Inventory
With a 15% increase in natural gas production and a 12% reduction in capital investment (excluding acquisitions)
since 2023, our Integrated Upstream and Gathering business continued its impressive trend in capital
efficiency, with a nearly 25% improvement over that period. These results clearly highlight the strength of
our assets and the talent of our workforce. And with our Tioga County development program still in its early
stages, we expect additional opportunities to improve on this key metric in the coming years.
Further, this year we made signi   cant progress in the delineation of the Upper Utica formation on the Tioga
County acreage, which allowed us to add more than 200 highly economic locations to our drilling inventory.
This gives us nearly 20 years of premium prospective well locations   a depth few can match. Importantly,
we also secured substantial new pipeline capacity out of this key development area to ensure we have the
takeaway needed to support our growing base of natural gas production that we expect in the years ahead.
Strong Performance in Our Regulated Businesses
Our regulated businesses continued to deliver solid results, and recent rate settlements have strengthened
our near-term outlook. In    scal 2025, Pipeline and Storage revenues increased by $15 million, driven by the
2024 Supply Corporation rate case settlement. And in December 2024, we reached a three-year settlement
in our Utility   s New York jurisdiction, providing clear visibility for growth through    scal 2027.
Looking to the future, we continue to invest in the safety and reliability of our pipeline systems, replacing
over 160 miles of our Utility   s distribution system in    scal 2025, while also completing various system
modernization projects at our interstate pipelines. These investments not only improve the quality of our
service but also drive long-term value for shareholders.
Cover Top Left: Seneca Resources operates a drilling rig at a
well pad in Tioga County, Pennsylvania. Over the past few years,
Seneca has made notable strides in capital efficiency, re   ecting
the quality of its assets, a focused development strategy and
strong operational performance.
Cover Right: The Line UNY Pipeline Project in Lancaster,
New York, is a strategic infrastructure upgrade that replaced
aging pipeline with high-strength, coated steel. This project is
designed to enhance safety, reliability and operational efficiency.
National Fuel Gas Company
Cover Bottom Left: National Fuel operations and customer service
teams work through all weather, including the severe winter
conditions of Western New York and Northwestern Pennsylvania.
In winter 2025, Erie and Buffalo ranked among the snowiest cities
in the country, facing multiple lake-effect storms. Our employees   
dedication keeps service reliable, even in the harshest conditions.
Opposite Page: Zoar Valley, located along the border of Erie and
Cattaraugus Counties in New York, is the site of National Fuel   s    rst
gas storage    eld.

Executing on Pipeline Expansion Projects
Expansion opportunities in our Pipeline and Storage segment are
accelerating. This summer, we received FERC approval for the Tioga
Pathway Project, which will provide 190,000 dekatherms per day of
takeaway capacity for the Company   s Tioga County production. We also
announced the Shippingport Lateral Project, which will provide 205,000
dekatherms per day of    rm transportation capacity for a major power
generation and data center facility in Western Pennsylvania. Together,
these projects, both of which are targeted for late 2026 in-service, are
expected to generate approximately $30 million in annual revenue.
As was evident at the July 2025 Pennsylvania Energy and Innovation
Summit in Pittsburgh, the Commonwealth of Pennsylvania is committed to
using its vast energy resources to attract new industry. Over $90 billion
in new investments were announced at the Summit, many of which will be
made in the vicinity of our existing pipeline systems. Against this backdrop,
we are optimistic that the Shippingport project will be the    rst of many
projects to come.
Over a Half Century
of Dividend Growth
$1.6 billion
returned to
shareholders over
the last 10 years
Announced a Highly Strategic Ohio Utility Acquisition
In October, we executed an agreement to acquire CenterPoint Energy   s
Ohio natural gas utility business for $2.6 billion, the largest acquisition
in the Company   s history. With the closing of the transaction   expected in
late 2026   National Fuel will double its utility rate base, add signi   cant
customers in a state that is highly supportive of natural gas, and create
another avenue for stable, long-term growth.
Natural Gas: A Critical Part of the Energy Future
After years of commentary that rising energy demand could be met solely
with wind and solar, policymakers (particularly in New York) are clearly
shifting toward an    all-of-the-above    approach that prioritizes affordability
and reliability. Natural gas is essential   whether for heating homes, meeting
growing electricity demand from data centers, or supporting global LNG
exports. The world needs more energy, and natural gas will be an important
part of the solution. With integrated assets spanning the natural gas value
chain, National Fuel is well positioned to serve this growing demand.
4% dividend
increase
in    scal 2025
55 Years of Consecutive
Dividend Growth $2.14
Annual Rate at
Fiscal Year End
per share
$0.19
per share
1970 1980 1990 2000 2010 2025
Recognizing Leadership Transitions
This year marks the retirement of two outstanding leaders at the Company:
Ron Kraemer and Donna DeCarolis. Ron and Donna have each made
lasting contributions to National Fuel, guiding their teams with integrity,
vision, and a deep commitment to our industry. Their leadership has been
instrumental in shaping the success we celebrate today. On behalf of the
entire organization, I want to thank them for their decades of service and
wish them the very best in their well-deserved retirements.
The outlook for National Fuel has never been brighter. Backed by our
talented workforce     our best asset     we are poised in the years ahead
for meaningful growth across each of our business segments. I   m excited
for the future and look forward to building on our legacy in the natural
gas business and creating long-term value for our shareholders.
David P. Bauer
President and Chief Executive Officer
January 6, 2026
2025 Annual Report
1

Top Left: To support a growing residential
complex in Amherst, New York, National Fuel
successfully installed approximately 800 feet
of 4-inch main and four 2-inch service lines,
ensuring reliable energy delivery to more than
240 residences.
Top Right: National Fuel conducts informational
tours of our operations for investors, students,
public officials, emergency responders and
other stakeholders to promote industry
education and maintain transparency.
Bottom Right: At various locations, teams
are now working in newly renovated office
spaces designed to foster collaboration.
A new Command Center was also recently
constructed to strengthen our security and
emergency response capabilities.
2
National Fuel Gas Company

Fiscal 2025 Highlights
Integrated Upstream & Gathering
Net Production (Bcfe)
Utility Investment in Safety ($ millions)
2025
427
2025
$148
2024
392
2024
$147
2023
372
2023
$109
Integrated Upstream & Gathering
Capital Spend ($ millions)
Pipeline & Storage Revenues ($ millions)
2025
$605
2025
$428
2024
$646
2024
$412
2023
$841
2023
$379
Signi   cant Progress on Emissions Reduction
Program Through 2024
Reduction
Since 2020
Upstream
57.8%
Pipeline &
Storage
Utility
44.7%
30.9%
15.0%
Methane Intensity
Reduction
Methane Intensity
Reduction
Methane Intensity
Reduction
40%
30%
50%
30%
Reduction
Reduction
Reduction
Reduction
Methane Intensity
Reduction
2030 Target
Gathering
2025 Annual Report
3



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