National Fuel Gas Company (NFG) Investor presentation summary

Company overview and strategic highlights

• Operates as a diversified, integrated natural gas company with upstream, midstream, and utility segments, serving ~756,000 utility customers and holding a $7.7B market cap.

• Announced acquisition of CenterPoint's Ohio gas utility for $2.62B, expected to double the utility rate base and close October 1, 2026.

• Maintains a 124-year dividend payment streak and 56 consecutive years of dividend increases.

• Targets 7-10% adjusted EPS CAGR from FY26E to FY29E, supported by regulated earnings growth and capital efficiency.

• Achieved a 25% reduction in methane emissions since 2020, with further sustainability initiatives underway.

Financial performance and guidance

• FY26 adjusted EPS guidance is $7.40–$7.60, a 9% increase from FY25, assuming $3.00 NYMEX pricing.

• Expects $1.0–$1.5B in free cash flow generation from 2027E–2029E, driven by upstream and regulated growth.

• Maintains investment grade credit ratings (S&P BBB-, Moody’s Baa3, Fitch BBB) and targets Net Debt/EBITDA of 2.5–3.0x post-Ohio acquisition.

• FY26 capital expenditures projected at $1.0–$1.075B, with priorities on regulated growth, capital efficiency, and shareholder returns.

• Dividend increased 4% in 2026, with $1.6B paid over the last decade.

Upstream and gathering segment

• Holds ~1.2 million net acres in Appalachia, with 5.0 Tcfe proved reserves and ~1.1 Bcf/d net production.

• Over 45 years of Marcellus and Utica development inventory, with breakeven prices below $2.25/MMBtu NYMEX.

• Capital efficiency improved by over 25% since FY23, with integrated operating expenses expected to decline further.

• Expanding firm transportation to ~1,500 MDth/d by FY30, supporting production growth and premium market access.

• Robust hedging program provides price certainty and upside potential, with ~75% of FY26 production hedged or fixed.