National Fuel Gas Company (NFG) Investor update summary

Separation plan

• Board approved a tax-free pro rata distribution of at least 80.1% of IUG shares; up to 19.9% may be retained initially, and shareholders are expected to own shares in both businesses.

• Completion is targeted for H2 2027, subject to Form 10 effectiveness, financing arrangements, favorable tax treatment and other customary conditions.

• Stand-alone businesses are expected to have dedicated management, tailored capital allocation and strong balance sheets, with no incremental equity needs expected over five years under current plans.

• David P. Bauer and Timothy J. Silverstein remain with the regulated business; Justin Loweth is set to become IUG CEO.

Regulated platform outlook

• 100% rate-regulated utility, pipeline and storage platform across Ohio, New York and Pennsylvania; serves ~1.1M utility customers.

• Projected ~$5B rate base at Dec. 31, 2026, with nearly 5 Bcf/d of contracted transport capacity and 77 Bcf of fully contracted storage.

• Rate base growth target is 5–7%, supported by modernization and expansion projects; Ohio acquisition is expected to nearly double utility modernization investment.

• ~0.7 Bcf/d of additional pipeline projects are under contract, including projects expected in service in Nov. 2026 and Nov. 2028.

• After monetizing a retained IUG stake, the platform expects a credit rating 2–3 notches above its current investment-grade rating.

IUG operating and growth profile

• Appalachian producer with ~1.2M net acres, ~1.1 Bcf/d current net production and 5.0 Tcfe of proved reserves.

• More than 25 years of inventory at breakeven prices below $2.25/MMBtu, based on current drilling pace assumptions of 25–30 wells annually.

• Wholly owned gathering assets transport most production; cash operating costs are ~$0.53/Mcfe, and capital efficiency improved >25% from FY23 to FY26E.

• Firm transportation is ~1.0 Bcf/d currently and expected to reach ~1.5 Bcf/d by 2030, providing access to premium-priced markets.

• IUG targets long-term leverage at or below 1x, with a path below 1x within one or two years after separation; free cash flow supports growth and shareholder returns.