nfg-20240501

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): May 1, 2024

NATIONAL FUEL GAS COMPANY

(Exact name of registrant as specified in its charter)


New Jersey	1-3880	13-1086010
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)


6363 Main Street
Williamsville,	New York	14221
(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 (see General 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 class	Trading Symbol	Name of Each Exchange on Which Registered
Common Stock, par value $1.00 per share	NFG	New 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 of this chapter).

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 May 1, 2024, National Fuel Gas Company (the “Company”) issued a press release regarding its earnings for the quarter and six months ended March 31, 2024. 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: impairments under the SEC’s full cost ceiling test for natural gas reserves; changes in the price of natural gas; 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; governmental/regulatory actions, initiatives and proceedings, including those involving rate cases (which address, among other things, target rates of return, rate design, retained natural gas and system modernization), environmental/safety requirements, affiliate relationships, industry structure, and franchise renewal; the Company’s ability to estimate accurately the time and resources necessary to meet emissions targets; governmental/regulatory actions and/or market pressures to reduce or eliminate reliance on natural gas; changes in economic conditions, including inflationary pressures, supply chain issues, liquidity challenges, and 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; increased costs or delays or changes in plans with respect to Company projects or related projects of other companies, as well as difficulties or delays in obtaining necessary governmental approvals, permits or orders or in obtaining the cooperation of interconnecting facility operators; changes in price differentials between similar quantities of natural gas 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 reserves, including among others geology, lease availability and costs, title disputes, weather conditions, water availability and disposal or recycling opportunities of used water, 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; the Company’s ability to complete strategic transactions; 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 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; negotiations with the collective bargaining units representing the Company's workforce, including potential work stoppages during negotiations; uncertainty of natural gas reserve estimates; significant differences between the Company’s projected and actual production levels for natural gas; changes in demographic patterns and weather conditions (including those related to climate change); 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, as well as economic and operational disruptions due to third-party outages; 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


Exhibit 99			Press release furnished regarding earnings for the quarter and six months ended March 31, 20 24

Exhibit 104			Cover Page Interactive Data File (embedded within the Inline XBRL document)

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/ Michael W. Reville
			Michael W. Reville
			General Counsel and Secretary

Dated: May 2, 2024

Document

Exhibit 99



		6363 Main Street/Williamsville, NY 14221

Release Date:	Immediate May 1, 2024	Natalie M. Fischer Investor Relations 716-857-7315	Timothy J. Silverstein Treasurer 716-857-6987

NATIONAL FUEL REPORTS SECOND QUARTER EARNINGS

WILLIAMSVILLE, N.Y.: National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced consolidated results for the second quarter of its 2024 fiscal year and for the six months ended March 31, 2024.

FISCAL 2024 SECOND QUARTER SUMMARY

•GAAP net income of $166.3 million, or $1.80 per share, compared to GAAP net income of $140.9 million, or $1.53 per share, in the prior year, an increase of 18% per share.

•Adjusted operating results of $165.3 million, or $1.79 per share, compared to $141.8 million, or $1.54 per share, in the prior year, an increase of 16% per share (see non-GAAP reconciliation on page 2).

•Pipeline and Storage segment revenue was up $12.9 million, or 14%, from the prior year, primarily due to the resolution of the National Fuel Gas Supply Corporation (“Supply Corporation”) rate proceeding, which is expected to increase annual revenues by $56 million.

•Exploration and Production segment produced 103 Bcf of natural gas, an increase of 10% from the prior year, driven by strong operational execution, particularly in the highly productive Eastern Development Area (“EDA”).

•Gathering segment revenue increased $7.0 million, or 12%, from the prior year, primarily as a result of a 15% increase in throughput, driven by both Seneca Resources and third-party producers.

•Utility segment earnings increased by $13.0 million, or 41%, from the prior year largely due to an increase in base rate delivery revenues from our 2023 Pennsylvania jurisdiction rate case settlement.

•Company is revising its fiscal 2024 earnings guidance to a range of $4.75 to $5.05 per share, excluding items impacting comparability, while lowering capital expenditure guidance to a range of $885 to $980 million.

MANAGEMENT COMMENTS

David P. Bauer, President and Chief Executive Officer of National Fuel Gas Company, stated: “National Fuel had an excellent second quarter with adjusted operating results increasing 16% compared to the prior year. Leading the way was strong performance from our regulated businesses, which collectively delivered earnings growth of 36%, primarily driven by the completion of rate proceedings in our FERC-regulated Supply Corporation and the Pennsylvania jurisdiction of our Utility business.

“Operationally, we continue to execute on strategic objectives across our asset base. Of note, the ongoing transition to the EDA is exceeding expectations and was the main driver behind the double-digit growth in Seneca’s production and Gathering business throughput. While lower natural gas prices were a headwind compared to last year’s second quarter, our disciplined hedging program mitigated a majority of the commodity price impacts.

“Looking ahead, the underlying strength of each of our businesses, and our commitment to hedging through the cycles, provide confidence in our long-term outlook for the Company. This outlook supports our long-standing commitment to shareholder returns, which was further enhanced in the second quarter with the commencement of a new $200 million share buyback program. Together, our outlook for growth and commitment to returning capital to shareholders position the Company to create value in the coming years.”

Page 2.

RECONCILIATION OF GAAP EARNINGS TO ADJUSTED OPERATING RESULTS



	Three Months Ended				Six Months Ended
	March 31,				March 31,
(in thousands except per share amounts)	2024		2023		2024		2023
Reported GAAP Earnings	$	166,272	$	140,880	$	299,292	$	310,570
Items impacting comparability:









Unrealized (gain) loss on derivative asset (E&P)	(536)		2,471		3,662		2,273
Tax impact of unrealized (gain) loss on derivative asset	147		(677)		(1,004)		(623)
Unrealized (gain) loss on other investments (Corporate / All Other)	(769)		(1,068)		(1,818)		(1,278)
Tax impact of unrealized (gain) loss on other investments	162		224		382		268









Adjusted Operating Results	$	165,276	$	141,830	$	300,514	$	311,210

Reported GAAP Earnings Per Share	$	1.80	$	1.53	$	3.24	$	3.37
Items impacting comparability:






Unrealized (gain) loss on derivative asset, net of tax (E&P)	—		0.02		0.03		0.02
Unrealized (gain) loss on other investments, net of tax (Corporate / All Other)	(0.01)		(0.01)		(0.02)		(0.01)





Rounding	—		—		—		(0.01)
Adjusted Operating Results Per Share	$	1.79	$	1.54	$	3.25	$	3.37

FISCAL 2024 GUIDANCE UPDATE

National Fuel is revising its fiscal 2024 earnings guidance to reflect the results of the second quarter along with updated forecast assumptions and projections. The Company is now projecting that earnings, excluding anticipated non-cash ceiling test impairment charges and other items impacting comparability, will be within the range of $4.75 to $5.05 per share, a decrease of $0.15 per share from the midpoint of the Company’s prior guidance range. The decrease from the Company’s prior earnings guidance primarily reflects the full year impact of lower natural gas prices and price-related production curtailments at Seneca during the second quarter, partially offset by an increase in revenue in the Pipeline and Storage segment.

The Company is now assuming that NYMEX natural gas prices will average $2.00 per MMBtu for the remainder of fiscal 2024, a decrease of $0.40 per MMBtu. For guidance purposes, the Company’s updated natural gas price projections approximate the current NYMEX forward curve and consider the impact of local sales point differentials and new physical firm sales, transportation, and financial hedge contracts. Given the Company's price projections, we expect to experience a ceiling test impairment in each of the two remaining quarters of fiscal 2024.

The Exploration and Production segment’s fiscal 2024 net production is now expected to be in the range of 390 to 405 Bcf, which reflects the impacts of approximately 5 Bcf of price-related curtailments due to low in-basin pricing during the second quarter. This guidance range does not incorporate any additional price-related curtailments over the remainder of the fiscal year. Seneca currently has firm sales contracts in place for approximately 95% of its projected remaining fiscal 2024 natural gas production, significantly limiting its exposure to in-basin markets. Approximately 74% of expected remaining production is either matched by a financial hedge or was entered into at a fixed price.

The Pipeline and Storage segment’s revenues are now expected to be in the range of $400 to $420 million, a $10 million increase at the midpoint. The increase is attributable to several factors, including the settlement of the Supply Corporation rate case.

The Company’s consolidated capital expenditures are now expected to be in the range of $885 to $980 million, a $10 million decrease at the midpoint. During the first half of the fiscal year, the Company operated a two-rig program with a dedicated completion crew, while also periodically utilizing a top-hole rig. As previously planned, the Company dropped a rig at the end of the second quarter and expects to maintain a reduced activity level for the balance of the fiscal year.

The Company’s other guidance assumptions are outlined in the table on page 7.

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Page 3.

DISCUSSION OF SECOND QUARTER RESULTS BY SEGMENT

The following earnings discussion of each operating segment for the quarter ended March 31, 2024 is summarized in a tabular form on pages 8 and 9 of this report (earnings drivers for the six months ended March 31, 2024 are summarized on pages 10 and 11). It may be helpful to refer to those tables while reviewing this discussion.

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 primarily natural gas reserves in Pennsylvania.


	Three Months Ended
	March 31,
(in thousands)	2024		2023		Variance
GAAP Earnings	$	62,065	$	60,982	$	1,083
Unrealized (gain) loss on derivative asset, net of tax	(389)		1,794		(2,183)


Adjusted Operating Results	$	61,676	$	62,776	$	(1,100)

Adjusted EBITDA	$	172,068	$	154,574	$	17,494

Seneca’s second quarter GAAP earnings increased $1.1 million versus the prior year. Higher natural gas production, lower per unit lease operating and transportation expense (“LOE”), and lower other taxes were partially offset by lower realized natural gas prices, and increases in per unit depreciation, depletion and amortization (“DD&A”) and interest expenses.

The GAAP earnings increase also includes an unrealized gain of $0.5 million ($0.4 million after-tax) recognized during the current-year second quarter related to an increase in the fair value of contingent consideration Seneca received in connection with the June 2022 divestiture of its California assets. In the prior year's second quarter, Seneca recorded an unrealized loss of $2.5 million ($1.8 million after-tax) on that contingent consideration. Excluding these unrealized gains and losses, Seneca's adjusted operating results decreased $1.1 million.

During the second quarter, Seneca produced 102.9 Bcf of natural gas, an increase of 9.6 Bcf, or 10%, from the prior year, despite the impact of approximately 5 Bcf of price-related curtailments due to low in-basin pricing. The increase in production was largely due to production from new Marcellus and Utica wells in Seneca's EDA.

Seneca’s average realized natural gas price, after the impact of hedging and transportation costs, was $2.56 per Mcf, a decrease of $0.02 per Mcf from the prior year. Pre-hedging realized natural gas prices decreased 29% from the prior year; however, Seneca’s hedging portfolio, which experienced a gain of $0.58 per Mcf during the quarter, mitigated a significant portion of this impact.

On a per unit basis, LOE was $0.68 per Mcf, a decrease of $0.03 per Mcf from the prior year. On an absolute basis, LOE increased $3.9 million primarily due to higher transportation and gathering costs as a result of increased production, partially offset by a decrease in water management costs. LOE included $58.1 million for gathering and compression services from the Company's Gathering segment to connect Seneca’s production to sales points along interstate pipelines.

DD&A expense was $0.71 per Mcf, an increase of $0.08 per Mcf from the prior year. Absolute DD&A expense increased $14.8 million due to higher natural gas production and a higher per unit DD&A rate. The higher per unit rate was driven by an increase in Seneca's full cost pool due to a combination of higher capitalized costs and an increase in estimated future development costs related to proved undeveloped wells.

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Page 4.

Other taxes decreased $1.6 million largely as a result of lower Impact Fees in Pennsylvania due to the decline in NYMEX natural gas prices.

Interest expense increased $2.9 million primarily due to a higher average amount of net borrowings combined with higher average interest rates.

Midstream Businesses

Pipeline and Storage Segment

The Pipeline and Storage segment’s operations are carried out by 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
	March 31,
(in thousands)	2024		2023		Variance
GAAP Earnings	$	30,737	$	23,858	$	6,879



Adjusted EBITDA	$	70,033	$	58,926	$	11,107

The Pipeline and Storage segment’s second quarter GAAP earnings increased $6.9 million versus the prior year primarily due to higher operating revenues, partly offset by higher operation and maintenance (“O&M”) and DD&A expenses.

The increase in operating revenues of $12.9 million was primarily attributable to an increase in Supply Corporation’s transportation and storage rates effective February 1, 2024, in accordance with the approved interim rates in connection with its rate case settlement, which is pending final Federal Energy Regulatory Commission approval. In addition, Supply Corporation recorded a final true-up adjustment to a surcharge for pipeline safety and greenhouse gas costs that concluded with the effective date of its rate increase, reflective of investments made in those areas.

O&M expense increased $1.8 million primarily due to an increase in personnel costs and compressor maintenance costs. The increase in DD&A expense of $1.8 million was attributable to higher average depreciable plant in service compared to the prior year.

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 delivers Seneca and other non-affiliated Appalachian production to the interstate pipeline system.


	Three Months Ended
	March 31,
(in thousands)	2024		2023		Variance
GAAP Earnings	$	28,706	$	24,334	$	4,372




Adjusted EBITDA	$	53,103	$	46,263	$	6,840

The Gathering segment’s second quarter GAAP earnings increased $4.4 million versus the prior year primarily due to higher operating revenues, partly offset by higher DD&A expense. Operating revenues increased $7.0 million, or 12%, which was the result of a $4.8 million increase in revenue from Seneca and a $2.2 million increase in revenue from non-affiliated parties. DD&A expense increased $0.7 million primarily due to higher average depreciable plant in service compared to the prior year.

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Page 5.

Downstream Business

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
	March 31,
(in thousands)	2024		2023		Variance
GAAP Earnings	$	44,739	$	31,720	$	13,019



Adjusted EBITDA	$	78,326	$	65,820	$	12,506

The Utility segment’s second quarter GAAP earnings increased $13.0 million versus the prior year due to higher customer margins (operating revenues less purchased gas sold), lower interest expense and a lower effective income tax rate, partially offset by an increase in O&M expense.

The $14.4 million increase in customer margin for the quarter was primarily due to the impact of the base rate increase in Distribution's Pennsylvania jurisdiction. Last year, the Company received approval for a $23 million annual rate increase that went into effect in August 2023 and the ability to implement a weather normalization adjustment (“WNA”), which serves to help mitigate the impact of temperature fluctuations on usage and margin revenues (subject to a 3% deadband). Despite lower usage due to warmer weather, the Company recovered approximately $4.6 million from the Pennsylvania WNA mechanism in the current quarter. Distribution continues to benefit from a WNA mechanism in its New York jurisdiction, which helped to mitigate the impact of warmer weather on margins in the current and prior year quarters. Higher revenues from the Company’s system modernization tracking mechanisms in its New York service territory also contributed to the increase.

O&M expense increased by $2.9 million, primarily driven by higher personnel costs. These increases were partially offset by a decline in the accrual for uncollectible accounts due to a decrease in the natural gas commodity component of customer bills.

Interest expense declined $1.2 million primarily due to lower average amount of net borrowings, partially offset by higher average interest rates.

The reduction in the Utility segment's effective income tax rate was primarily driven by an increase in tax deductions related to certain repairs and maintenance expenditures as a result of updated IRS guidance published in 2023.

Corporate and All Other

The Company’s operations that are included in Corporate and All Other generated combined earnings of less than $0.1 million in the current-year second quarter, which was essentially flat compared to a combined net loss of less than $0.1 million in the prior-year second quarter.

EARNINGS TELECONFERENCE

The Company will host a conference call on Thursday, May 2, 2024, at 10 a.m. Eastern Time to discuss this announcement. To pre-register for the call (recommended), please visit https://www.netroadshow.com/events/login?show=08edd3c2&confld=63859. After registering, you will receive your access details via email. To join by telephone on the day of the call, dial U.S. toll free 1-833–470–1428 and provide Participant Access Code 450696. The teleconference will also be simultaneously webcast online and can be accessed on the NFG Investor Relations website at investor.nationalfuelgas.com. A telephone replay of the teleconference call will be available through the end of the day on Thursday, May 9, 2024. To access the replay, dial U.S. toll free 1-866-813-9403 and provide Replay Access Code 407920.

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.

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Page 6.




Analyst Contact:	Natalie M. Fischer	716-857-7315
Media Contact:	Karen L. Merkel	716-857-7654

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: impairments under the SEC’s full cost ceiling test for natural gas reserves; changes in the price of natural gas; 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; governmental/regulatory actions, initiatives and proceedings, including those involving rate cases (which address, among other things, target rates of return, rate design, retained natural gas and system modernization), environmental/safety requirements, affiliate relationships, industry structure, and franchise renewal; the Company’s ability to estimate accurately the time and resources necessary to meet emissions targets; governmental/regulatory actions and/or market pressures to reduce or eliminate reliance on natural gas; changes in economic conditions, including inflationary pressures, supply chain issues, liquidity challenges, and 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; increased costs or delays or changes in plans with respect to Company projects or related projects of other companies, as well as difficulties or delays in obtaining necessary governmental approvals, permits or orders or in obtaining the cooperation of interconnecting facility operators; changes in price differentials between similar quantities of natural gas 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 reserves, including among others geology, lease availability and costs, title disputes, weather conditions, water availability and disposal or recycling opportunities of used water, 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; the Company’s ability to complete strategic transactions; 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 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; negotiations with the collective bargaining units representing the Company's workforce, including potential work stoppages during negotiations; uncertainty of natural gas reserve estimates; significant differences between the Company’s projected and actual production levels for natural gas; changes in demographic patterns and weather conditions (including those related to climate change); 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, as well as economic and operational disruptions due to third-party outages; 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.

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Page 7.

NATIONAL FUEL GAS COMPANY

AND SUBSIDIARIES

GUIDANCE SUMMARY

As discussed on page 2, the Company is revising its earnings guidance for fiscal 2024. Additional details on the Company's forecast assumptions and business segment guidance are outlined in the table below.

The revised earnings guidance range does not include the impact of certain items that impacted the comparability of earnings during the six months ended March 31, 2024, including: (1) after-tax unrealized losses on a derivative asset, which reduced earnings by $0.03 per share; and (2) after-tax unrealized gains on other investments, which increased earnings by $0.02 per share. While the Company expects to record certain adjustments to unrealized gain or loss on a derivative asset and unrealized gain or loss on investments during the six months ending September 30, 2024, the amounts of these and other potential adjustments and charges, including ceiling test impairments, are not reasonably determinable at this time. As such, the Company is unable to provide earnings guidance other than on a non-GAAP basis.


	Previous FY 2024 Guidance	Updated FY 2024 Guidance
Adjusted Consolidated Earnings per Share, excluding items impacting comparability	$4.90 to $5.20	$4.75 to $5.05
Consolidated Effective Tax Rate	~ 25 - 25.5%	~ 25%

Capital Expenditures (Millions)
Exploration and Production	$525 - $575	$525 - $555
Pipeline and Storage	$120 - $140	$120 - $140
Gathering	$90 - $110	$90 - $110
Utility	$150 - $175	$150 - $175
Consolidated Capital Expenditures	$885 - $1,000	$885 - $980

Exploration and Production Segment Guidance*

Commodity Price Assumptions
NYMEX natural gas price	$2.40 /MMBtu	$2.00 /MMBtu
Appalachian basin spot price	$1.70 /MMBtu	$1.60 /MMBtu

Production (Bcf)	395 to 410	390 to 405




E&P Operating Costs ($/Mcf)
LOE	$0.69 - $0.70	$0.69 - $0.70
G&A	$0.17 - $0.19	$0.17 - $0.19
DD&A	$0.69 - $0.74	$0.69 - $0.74

Other Business Segment Guidance (Millions)
Gathering Segment Revenues	$245 - $260	$240 - $255
Pipeline and Storage Segment Revenues	$380 - $420	$400 - $420

* Commodity price assumptions are for the remaining 6 months of the fiscal year.

Page 8.


NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
QUARTER ENDED MARCH 31, 2024
(Unaudited)

	Upstream		Midstream				Downstream

	Exploration &		Pipeline &						Corporate /
(Thousands of Dollars)	Production		Storage		Gathering		Utility		All Other		Consolidated*

Second quarter 2023 GAAP earnings	$	60,982	$	23,858	$	24,334	$	31,720	$	(14)	$	140,880
Items impacting comparability:








Unrealized (gain) loss on derivative asset	2,471										2,471
Tax impact of unrealized (gain) loss on derivative asset	(677)										(677)







Unrealized (gain) loss on other investments									(1,068)		(1,068)
Tax impact of unrealized (gain) loss on other investments									224		224




Second quarter 2023 adjusted operating results	62,776		23,858		24,334		31,720		(858)		141,830
Drivers of adjusted operating results**
Upstream Revenues


Higher (lower) natural gas production	19,687										19,687

Higher (lower) realized natural gas prices, after hedging	(2,006)										(2,006)

Higher (lower) other operating revenues	(1,830)										(1,830)
Midstream Revenues
Higher (lower) operating revenues			10,204		5,539						15,743
Downstream Margins***
Impact of usage and weather							4,452				4,452
Impact of new rates in Pennsylvania							8,530				8,530

System modernization and improvement tracker revenues							1,764				1,764
Regulatory revenue adjustments							(1,554)				(1,554)
Higher (lower) other operating revenues							(987)				(987)


Operating Expenses
Lower (higher) lease operating and transportation expenses	(3,064)										(3,064)
Lower (higher) operating expenses			(1,412)				(2,320)		(676)		(4,408)
Lower (higher) property, franchise and other taxes	1,261										1,261
Lower (higher) depreciation / depletion	(11,726)		(1,392)		(547)						(13,665)
Other Income (Expense)
Higher (lower) other income			941								941
(Higher) lower interest expense	(2,308)		(981)				730		900		(1,659)
Income Taxes


Lower (higher) income tax expense / effective tax rate	(521)		(463)		(498)		2,429		178		1,125
All other / rounding	(593)		(18)		(122)		(25)		(126)		(884)
Second quarter 2024 adjusted operating results	61,676		30,737		28,706		44,739		(582)		165,276
Items impacting comparability:
Unrealized gain (loss) on derivative asset	536										536
Tax impact of unrealized gain (loss) on derivative asset	(147)										(147)










Unrealized gain (loss) on other investments									769		769
Tax impact of unrealized gain (loss) on other investments									(162)		(162)
Second quarter 2024 GAAP earnings	$	62,065	$	30,737	$	28,706	$	44,739	$	25	$	166,272

* Amounts do not reflect intercompany eliminations.

** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.
*** Downstream margin defined as operating revenues less purchased gas expense.

Page 9.


NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
QUARTER ENDED MARCH 31, 2024
(Unaudited)

	Upstream		Midstream				Downstream

	Exploration &		Pipeline &						Corporate /
	Production		Storage		Gathering		Utility		All Other		Consolidated*

Second quarter 2023 GAAP earnings per share	$	0.66	$	0.26	$	0.26	$	0.35	$	—	$	1.53
Items impacting comparability:








Unrealized (gain) loss on derivative asset, net of tax	0.02										0.02


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





Second quarter 2023 adjusted operating results per share	0.68		0.26		0.26		0.35		(0.01)		1.54
Drivers of adjusted operating results**
Upstream Revenues


Higher (lower) natural gas production	0.21										0.21
Higher (lower) realized natural gas prices, after hedging	(0.02)										(0.02)


Higher (lower) other operating revenues	(0.02)										(0.02)
Midstream Revenues
Higher (lower) operating revenues			0.11		0.06						0.17
Downstream Margins***
Impact of usage and weather							0.05				0.05
Impact of new rates in Pennsylvania							0.09				0.09

System modernization and improvement tracker revenues							0.02				0.02
Regulatory revenue adjustments							(0.02)				(0.02)
Higher (lower) other operating revenues							(0.01)				(0.01)

Operating Expenses
Lower (higher) lease operating and transportation expenses	(0.03)										(0.03)
Lower (higher) operating expenses			(0.02)				(0.03)		(0.01)		(0.06)
Lower (higher) property, franchise and other taxes	0.01										0.01
Lower (higher) depreciation / depletion	(0.13)		(0.02)		(0.01)						(0.16)
Other Income (Expense)
Higher (lower) other income			0.01								0.01
(Higher) lower interest expense	(0.02)		(0.01)				0.01		0.01		(0.01)
Income Taxes


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

All other / rounding	—		0.01		0.01		(0.01)		0.01		0.02
Second quarter 2024 adjusted operating results per share	0.67		0.33		0.31		0.48		—		1.79

Items impacting comparability:



Unrealized gain (loss) on derivative asset, net of tax	—										—






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



Second quarter 2024 GAAP earnings per share	$	0.67	$	0.33	$	0.31	$	0.48	$	0.01	$	1.80

* Amounts do not reflect intercompany eliminations.
** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.
*** Downstream margin defined as operating revenues less purchased gas expense.

Page 10.


NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
SIX MONTHS ENDED MARCH 31, 2024
(Unaudited)

	Upstream		Midstream				Downstream

	Exploration &		Pipeline &						Corporate /
(Thousands of Dollars)	Production		Storage		Gathering		Utility		All Other		Consolidated*
Six months ended March 31, 2023 GAAP earnings	$	152,174	$	53,335	$	49,072	$	55,537	$	452	$	310,570
Items impacting comparability:
Unrealized (gain) loss on derivative asset	2,273										2,273
Tax impact of unrealized (gain) loss on derivative asset	(623)										(623)






Unrealized (gain) loss on other investments									(1,278)		(1,278)
Tax impact of unrealized (gain) loss on other investments									268		268
Six months ended March 31, 2023 adjusted operating results	153,824		53,335		49,072		55,537		(558)		311,210
Drivers of adjusted operating results**
Upstream Revenues


Higher (lower) natural gas production	43,811										43,811

Higher (lower) realized natural gas prices, after hedging	(42,547)										(42,547)

Higher (lower) other operating revenues	(3,593)										(3,593)
Midstream Revenues
Higher (lower) operating revenues			7,642		10,418						18,060
Downstream Margins***
Impact of usage and weather							1,694				1,694
Impact of new rates in Pennsylvania							15,378				15,378
System modernization and improvement tracker revenues							2,682				2,682
Regulatory revenue adjustments							(1,950)				(1,950)
Higher (lower) other operating revenues							(1,488)				(1,488)

Operating Expenses
Lower (higher) lease operating and transportation expenses	(7,432)										(7,432)
Lower (higher) operating expenses	(4,346)		(2,938)				(5,014)		(1,144)		(13,442)
Lower (higher) property, franchise and other taxes	3,898										3,898
Lower (higher) depreciation / depletion	(24,687)		(2,024)		(1,139)		(1,483)				(29,333)
Other Income (Expense)
Higher (lower) other income			890				1,089		(1,170)		809
(Higher) lower interest expense	(3,916)		(1,591)		404				2,180		(2,923)
Income Taxes


Lower (higher) income tax expense / effective tax rate	1,482		(336)		(981)		4,245		207		4,617
All other / rounding	712		(186)		(243)		599		181		1,063
Six months ended March 31, 2024 adjusted operating results	117,206		54,792		57,531		71,289		(304)		300,514
Items impacting comparability:














Unrealized gain (loss) on derivative asset	(3,662)										(3,662)
Tax impact of unrealized gain (loss) on derivative asset	1,004										1,004


Unrealized gain (loss) on other investments									1,818		1,818
Tax impact of unrealized gain (loss) on other investments									(382)		(382)
Six months ended March 31, 2024 GAAP earnings	$	114,548	$	54,792	$	57,531	$	71,289	$	1,132	$	299,292

* Amounts do not reflect intercompany eliminations.

** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.
*** Downstream margin defined as operating revenues less purchased gas expense.

Page 11.


NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
SIX MONTHS ENDED MARCH 31, 2024
(Unaudited)

	Upstream		Midstream				Downstream

	Exploration &		Pipeline &						Corporate /
	Production		Storage		Gathering		Utility		All Other		Consolidated*
Six months ended March 31, 2023 GAAP earnings per share	$	1.65	$	0.58	$	0.53	$	0.60	$	0.01	$	3.37
Items impacting comparability:

Unrealized (gain) loss on derivative asset, net of tax	0.02										0.02






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





Six months ended March 31, 2023 adjusted operating results per share	1.67		0.58		0.53		0.60		(0.01)		3.37
Drivers of adjusted operating results**
Upstream Revenues


Higher (lower) natural gas production	0.47										0.47

Higher (lower) realized natural gas prices, after hedging	(0.46)										(0.46)

Higher (lower) other operating revenues	(0.04)										(0.04)
Midstream Revenues
Higher (lower) operating revenues			0.08		0.11						0.19
Downstream Margins***
Impact of usage and weather							0.02				0.02
Impact of new rates in Pennsylvania							0.17				0.17

System modernization and improvement tracker revenues							0.03				0.03
Regulatory revenue adjustments							(0.02)				(0.02)
Higher (lower) other operating revenues							(0.02)				(0.02)
Operating Expenses
Lower (higher) lease operating and transportation expenses	(0.08)										(0.08)
Lower (higher) operating expenses	(0.05)		(0.03)				(0.05)		(0.01)		(0.14)
Lower (higher) property, franchise and other taxes	0.04										0.04
Lower (higher) depreciation / depletion	(0.27)		(0.02)		(0.01)		(0.02)				(0.32)
Other Income (Expense)
Higher (lower) other income			0.01				0.01		(0.01)		0.01
(Higher) lower interest expense	(0.04)		(0.02)		—				0.02		(0.04)
Income Taxes


Lower (higher) income tax expense / effective tax rate	0.02		—		(0.01)		0.05		—		0.06

All other / rounding	0.01		(0.01)		—		—		0.01		0.01
Six months ended March 31, 2024 adjusted operating results per share	1.27		0.59		0.62		0.77		—		3.25

Items impacting comparability:







Unrealized gain (loss) on derivative asset, net of tax	(0.03)										(0.03)


Unrealized gain (loss) on other investments, net of tax									0.02		0.02



Six months ended March 31, 2024 GAAP earnings per share	$	1.24	$	0.59	$	0.62	$	0.77	$	0.02	$	3.24

* Amounts do not reflect intercompany eliminations.
** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.
*** Downstream margin defined as operating revenues less purchased gas expense.

Page 12.




NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

(Thousands of Dollars, except per share amounts)
	Three Months Ended				Six Months Ended
	March 31,				March 31,
	(Unaudited)				(Unaudited)
SUMMARY OF OPERATIONS	2024		2023		2024		2023
Operating Revenues:
Utility Revenues	$	290,198	$	406,758	$	492,119	$	718,376
Exploration and Production and Other Revenues	264,614		244,552		518,633		521,525
Pipeline and Storage and Gathering Revenues	75,127		65,951		144,549		136,218
	629,939		717,261		1,155,301		1,376,119
Operating Expenses:
Purchased Gas	105,940		243,839		162,491		415,035
Operation and Maintenance:
Utility	59,288		56,453		112,993		106,805
Exploration and Production and Other	32,794		31,782		67,620		58,655
Pipeline and Storage and Gathering	39,340		37,479		74,303		70,740
Property, Franchise and Other Taxes	23,019		25,367		45,434		51,572
Depreciation, Depletion and Amortization	118,935		100,964		234,725		197,564

	379,316		495,884		697,566		900,371




Operating Income	250,623		221,377		457,735		475,748

Other Income (Expense):

Other Income (Deductions)	6,070		2,884		9,801		9,203
Interest Expense on Long-Term Debt	(28,453)		(27,583)		(56,915)		(57,188)
Other Interest Expense	(6,636)		(5,861)		(12,910)		(9,704)

Income Before Income Taxes	221,604		190,817		397,711		418,059

Income Tax Expense	55,332		49,937		98,419		107,489

Net Income Available for Common Stock	$	166,272	$	140,880	$	299,292	$	310,570

Earnings Per Common Share
Basic	$	1.81	$	1.53	$	3.25	$	3.39
Diluted	$	1.80	$	1.53	$	3.24	$	3.37

Weighted Average Common Shares:
Used in Basic Calculation	92,114,415		91,794,765		92,011,772		91,686,110
Used in Diluted Calculation	92,512,447		92,256,348		92,478,604		92,264,717

Page 13.


NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)

	March 31,	September 30,
(Thousands of Dollars)	2024	2023
ASSETS
Property, Plant and Equipment	$14,056,169	$13,635,303
Less - Accumulated Depreciation, Depletion and Amortization	6,548,662	6,335,441
Net Property, Plant and Equipment	7,507,507	7,299,862

Current Assets:
Cash and Temporary Cash Investments	50,769	55,447

Receivables - Net	180,717	160,601
Unbilled Revenue	46,571	16,622
Gas Stored Underground	8,565	32,509
Materials and Supplies - at average cost	47,258	48,989

Other Current Assets	85,123	100,260

Total Current Assets	419,003	414,428
Other Assets:
Recoverable Future Taxes	77,416	69,045
Unamortized Debt Expense	6,418	7,240
Other Regulatory Assets	69,609	72,138
Deferred Charges	89,004	82,416
Other Investments	78,744	73,976
Goodwill	5,476	5,476
Prepaid Pension and Post-Retirement Benefit Costs	222,834	200,301
Fair Value of Derivative Financial Instruments	196,291	50,487
Other	4,723	4,891
Total Other Assets	750,515	565,970
Total Assets	$8,677,025	$8,280,260
CAPITALIZATION AND LIABILITIES
Capitalization:
Comprehensive Shareholders' Equity
Common Stock, $1 Par Value Authorized - 200,000,000 Shares; Issued and
Outstanding - 92,031,724 Shares and 91,819,405 Shares, Respectively	$92,032	$91,819
Paid in Capital	1,045,929	1,040,761
Earnings Reinvested in the Business	2,090,172	1,885,856
Accumulated Other Comprehensive Income (Loss)	75,340	(55,060)
Total Comprehensive Shareholders' Equity	3,303,473	2,963,376
Long-Term Debt, Net of Current Portion and Unamortized Discount and Debt Issuance Costs	2,386,574	2,384,485
Total Capitalization	5,690,047	5,347,861
Current and Accrued Liabilities:
Notes Payable to Banks and Commercial Paper	278,900	287,500

Accounts Payable	93,996	152,193
Amounts Payable to Customers	72,346	59,019
Dividends Payable	45,563	45,451
Interest Payable on Long-Term Debt	22,553	20,399
Customer Advances	—	21,003
Customer Security Deposits	30,600	28,764
Other Accruals and Current Liabilities	183,966	160,974
Fair Value of Derivative Financial Instruments	—	31,009
Total Current and Accrued Liabilities	727,924	806,312
Other Liabilities:
Deferred Income Taxes	1,199,909	1,124,170
Taxes Refundable to Customers	316,455	268,562
Cost of Removal Regulatory Liability	288,819	277,694
Other Regulatory Liabilities	165,023	165,441
Other Post-Retirement Liabilities	2,803	2,915
Asset Retirement Obligations	161,027	165,492
Other Liabilities	125,018	121,813
Total Other Liabilities	2,259,054	2,126,087
Commitments and Contingencies	—	—
Total Capitalization and Liabilities	$8,677,025	$8,280,260

Page 14.




NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
	Six Months Ended
	March 31,
(Thousands of Dollars)	2024		2023

Operating Activities:
Net Income Available for Common Stock	$	299,292	$	310,570
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:


Depreciation, Depletion and Amortization	234,725		197,564
Deferred Income Taxes	65,187		80,745


Stock-Based Compensation	10,477		11,286

Other	11,874		10,758
Change in:
Receivables and Unbilled Revenue	(50,123)		71,760
Gas Stored Underground and Materials and Supplies	25,675		21,243
Unrecovered Purchased Gas Costs	—		72,491
Other Current Assets	15,201		(15,864)
Accounts Payable	(15,641)		(29,169)
Amounts Payable to Customers	13,327		2,411
Customer Advances	(21,003)		(26,108)
Customer Security Deposits	1,836		10,099
Other Accruals and Current Liabilities	26,927		28,741
Other Assets	(22,165)		(26,901)
Other Liabilities	(9,328)		(8,417)
Net Cash Provided by Operating Activities	$	586,261	$	711,209

Investing Activities:
Capital Expenditures	$	(481,958)	$	(496,362)



Deposit Paid for Upstream Assets	—		(12,700)
Sale of Fixed Income Mutual Fund Shares in Grantor Trust	—		10,000
Other	(1,189)		14,413
Net Cash Used in Investing Activities	$	(483,147)	$	(484,649)

Financing Activities:
Proceeds from Issuance of Short-Term Note Payable to Bank	$	—	$	250,000

Net Change in Other Short-Term Notes Payable to Banks and Commercial Paper	(8,600)		100,000

Shares Repurchased Under Repurchase Plan	(4,230)		—
Reduction of Long-Term Debt	—		(549,000)

Dividends Paid on Common Stock	(91,048)		(87,051)
Net Repurchases of Common Stock Under Stock and Benefit Plans	(3,914)		(6,694)
Net Cash Used in Financing Activities	$	(107,792)	$	(292,745)

Net Decrease in Cash, Cash Equivalents, and Restricted Cash	(4,678)		(66,185)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	55,447		137,718
Cash, Cash Equivalents, and Restricted Cash at March 31	$	50,769	$	71,533

Page 15.




NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)

UPSTREAM BUSINESS


	Three Months Ended						Six Months Ended
(Thousands of Dollars, except per share amounts)	March 31,						March 31,
EXPLORATION AND PRODUCTION SEGMENT	2024		2023		Variance		2024		2023		Variance
Total Operating Revenues	$	264,614	$	244,552	$	20,062	$	518,633	$	521,525	$	(2,892)
Operating Expenses:
Operation and Maintenance:
General and Administrative Expense	17,165		17,435		(270)		34,958		33,033		1,925
Lease Operating and Transportation Expense	69,662		65,783		3,879		136,736		127,328		9,408
All Other Operation and Maintenance Expense	2,644		2,089		555		8,188		4,612		3,576
Property, Franchise and Other Taxes	3,075		4,671		(1,596)		6,713		11,647		(4,934)
Depreciation, Depletion and Amortization	73,448		58,605		14,843		145,413		114,164		31,249

	165,994		148,583		17,411		332,008		290,784		41,224



Operating Income	98,620		95,969		2,651		186,625		230,741		(44,116)

Other Income (Expense):

Non-Service Pension and Post-Retirement Benefit Credit	100		347		(247)		201		694		(493)
Interest and Other Income (Deductions)	1,170		(1,623)		2,793		(342)		(292)		(50)

Interest Expense	(15,108)		(12,186)		(2,922)		(30,377)		(25,420)		(4,957)
Income Before Income Taxes	84,782		82,507		2,275		156,107		205,723		(49,616)
Income Tax Expense	22,717		21,525		1,192		41,559		53,549		(11,990)
Net Income	$	62,065	$	60,982	$	1,083	$	114,548	$	152,174	$	(37,626)
Net Income Per Share (Diluted)	$	0.67	$	0.66	$	0.01	$	1.24	$	1.65	$	(0.41)

Page 16.



NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)

MIDSTREAM BUSINESSES

	Three Months Ended						Six Months Ended
(Thousands of Dollars, except per share amounts)	March 31,						March 31,
PIPELINE AND STORAGE SEGMENT	2024		2023		Variance		2024		2023		Variance
Revenues from External Customers	$	71,210	$	64,223	$	6,987	$	136,036	$	131,844	$	4,192
Intersegment Revenues	36,810		30,880		5,930		66,397		60,915		5,482
Total Operating Revenues	108,020		95,103		12,917		202,433		192,759		9,674
Operating Expenses:
Purchased Gas	325		462		(137)		926		887		39
Operation and Maintenance	29,062		27,275		1,787		55,013		51,294		3,719
Property, Franchise and Other Taxes	8,600		8,440		160		17,320		17,123		197
Depreciation, Depletion and Amortization	19,490		17,728		1,762		37,704		35,142		2,562
	57,477		53,905		3,572		110,963		104,446		6,517

Operating Income	50,543		41,198		9,345		91,470		88,313		3,157

Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Credit	1,257		1,330		(73)		2,515		2,660		(145)
Interest and Other Income	2,046		958		1,088		3,978		2,822		1,156
Interest Expense	(12,119)		(10,877)		(1,242)		(23,843)		(21,829)		(2,014)
Income Before Income Taxes	41,727		32,609		9,118		74,120		71,966		2,154
Income Tax Expense	10,990		8,751		2,239		19,328		18,631		697
Net Income	$	30,737	$	23,858	$	6,879	$	54,792	$	53,335	$	1,457
Net Income Per Share (Diluted)	$	0.33	$	0.26	$	0.07	$	0.59	$	0.58	$	0.01


	Three Months Ended						Six Months Ended
	March 31,						March 31,
GATHERING SEGMENT	2024		2023		Variance		2024		2023		Variance
Revenues from External Customers	$	3,917	$	1,728	$	2,189	$	8,513	$	4,374	$	4,139
Intersegment Revenues	60,076		55,253		4,823		118,068		109,020		9,048
Total Operating Revenues	63,993		56,981		7,012		126,581		113,394		13,187
Operating Expenses:
Operation and Maintenance	10,796		10,715		81		20,300		20,403		(103)
Property, Franchise and Other Taxes	94		3		91		117		14		103
Depreciation, Depletion and Amortization	9,611		8,918		693		19,068		17,626		1,442
	20,501		19,636		865		39,485		38,043		1,442

Operating Income	43,492		37,345		6,147		87,096		75,351		11,745

Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Credit	9		37		(28)		19		75		(56)
Interest and Other Income	72		225		(153)		143		395		(252)

Interest Expense	(3,701)		(3,900)		199		(7,431)		(7,943)		512
Income Before Income Taxes	39,872		33,707		6,165		79,827		67,878		11,949
Income Tax Expense	11,166		9,373		1,793		22,296		18,806		3,490
Net Income	$	28,706	$	24,334	$	4,372	$	57,531	$	49,072	$	8,459
Net Income Per Share (Diluted)	$	0.31	$	0.26	$	0.05	$	0.62	$	0.53	$	0.09

Page 17.




NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)

DOWNSTREAM BUSINESS


	Three Months Ended						Six Months Ended
(Thousands of Dollars, except per share amounts)	March 31,						March 31,
UTILITY SEGMENT	2024		2023		Variance		2024		2023		Variance
Revenues from External Customers	$	290,198	$	406,758	$	(116,560)	$	492,119	$	718,376	$	(226,257)
Intersegment Revenues	306		358		(52)		393		420		(27)
Total Operating Revenues	290,504		407,116		(116,612)		492,512		718,796		(226,284)
Operating Expenses:
Purchased Gas	140,836		271,881		(131,045)		224,886		470,301		(245,415)
Operation and Maintenance	60,229		57,292		2,937		114,913		108,568		6,345
Property, Franchise and Other Taxes	11,113		12,123		(1,010)		21,019		22,531		(1,512)
Depreciation, Depletion and Amortization	16,268		15,553		715		32,305		30,428		1,877
	228,446		356,849		(128,403)		393,123		631,828		(238,705)

Operating Income	62,058		50,267		11,791		99,389		86,968		12,421

Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Credit (Costs)	857		(5)		862		1,327		(13)		1,340
Interest and Other Income	1,340		1,769		(429)		3,250		3,211		39
Interest Expense	(8,528)		(9,709)		1,181		(16,986)		(17,752)		766
Income Before Income Taxes	55,727		42,322		13,405		86,980		72,414		14,566
Income Tax Expense	10,988		10,602		386		15,691		16,877		(1,186)
Net Income	$	44,739	$	31,720	$	13,019	$	71,289	$	55,537	$	15,752
Net Income Per Share (Diluted)	$	0.48	$	0.35	$	0.13	$	0.77	$	0.60	$	0.17

Page 18.







NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)

	Three Months Ended						Six Months Ended
(Thousands of Dollars, except per share amounts)	March 31,						March 31,
ALL OTHER	2024		2023		Variance		2024		2023		Variance


Total Operating Revenues	$	—	$	—	$	—	$	—	$	—	$	—
Operating Expenses:

Operation and Maintenance	—		—		—		—		21		(21)


	—		—		—		—		21		(21)



Operating Loss	—		—		—		—		(21)		21
Other Income (Expense):

Interest and Other Income (Deductions)	(41)		(62)		21		(119)		(387)		268
Interest Expense	(84)		(28)		(56)		(165)		(49)		(116)
Loss before Income Taxes	(125)		(90)		(35)		(284)		(457)		173
Income Tax Benefit	(29)		(21)		(8)		(67)		(107)		40
Net Loss	$	(96)	$	(69)	$	(27)	$	(217)	$	(350)	$	133

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

	Three Months Ended						Six Months Ended
	March 31,						March 31,
CORPORATE	2024		2023		Variance		2024		2023		Variance
Revenues from External Customers	$	—	$	—	$	—	$	—	$	—	$	—
Intersegment Revenues	1,286		1,153		133		2,571		2,304		267
Total Operating Revenues	1,286		1,153		133		2,571		2,304		267
Operating Expenses:
Operation and Maintenance	5,121		4,265		856		8,916		7,447		1,469
Property, Franchise and Other Taxes	137		130		7		265		257		8
Depreciation, Depletion and Amortization	118		160		(42)		235		204		31
	5,376		4,555		821		9,416		7,908		1,508

Operating Loss	(4,090)		(3,402)		(688)		(6,845)		(5,604)		(1,241)
Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Costs	(387)		(354)		(33)		(774)		(709)		(65)
Interest and Other Income	40,234		37,409		2,825		81,262		75,286		5,976
Interest Expense on Long-Term Debt	(28,453)		(27,583)		(870)		(56,915)		(57,188)		273
Other Interest Expense	(7,683)		(6,308)		(1,375)		(15,767)		(11,250)		(4,517)
Income (Loss) before Income Taxes	(379)		(238)		(141)		961		535		426
Income Tax Benefit	(500)		(293)		(207)		(388)		(267)		(121)
Net Income	$	121	$	55	$	66	$	1,349	$	802	$	547

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


	Three Months Ended						Six Months Ended
	March 31,						March 31,
INTERSEGMENT ELIMINATIONS	2024		2023		Variance		2024		2023		Variance
Intersegment Revenues	$	(98,478)	$	(87,644)	$	(10,834)	$	(187,429)	$	(172,659)	$	(14,770)
Operating Expenses:
Purchased Gas	(35,221)		(28,504)		(6,717)		(63,321)		(56,153)		(7,168)
Operation and Maintenance	(63,257)		(59,140)		(4,117)		(124,108)		(116,506)		(7,602)
	(98,478)		(87,644)		(10,834)		(187,429)		(172,659)		(14,770)
Operating Income	—		—		—		—		—		—
Other Income (Expense):
Interest and Other Deductions	(40,587)		(37,147)		(3,440)		(81,659)		(74,539)		(7,120)
Interest Expense	40,587		37,147		3,440		81,659		74,539		7,120
Net Income	$	—	$	—	$	—	$	—	$	—	$	—

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

Page 19.




NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT INFORMATION (Continued)
(Thousands of Dollars)


	Three Months Ended								Six Months Ended
	March 31,								March 31,
	(Unaudited)								(Unaudited)
							Increase								Increase
	2024			2023			(Decrease)		2024			2023			(Decrease)

Capital Expenditures:
Exploration and Production	$	124,184	(1)	$	155,112	(3)	$	(30,928)	$	285,141	(1)(2)	$	323,617	(3)(4)	$	(38,476)
Pipeline and Storage	18,025		(1)	16,838		(3)	1,187		42,579		(1)(2)	33,265		(3)(4)	9,314
Gathering	19,949		(1)	20,788		(3)	(839)		39,518		(1)(2)	34,081		(3)(4)	5,437
Utility	37,741		(1)	23,942		(3)	13,799		68,251		(1)(2)	49,230		(3)(4)	19,021
Total Reportable Segments	199,899			216,680			(16,781)		435,489			440,193			(4,704)
All Other	—			—			—		—			—			—
Corporate	121			391			(270)		182			403			(221)

Total Capital Expenditures	$	200,020		$	217,071		$	(17,051)	$	435,671		$	440,596		$	(4,925)

(1)Capital expenditures for the quarter and six months ended March 31, 2024, include accounts payable and accrued liabilities related to capital expenditures of $44.4 million, $5.0 million, $5.5 million, and $8.0 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 March 31, 2024, since they represent non-cash investing activities at that date.

(2)Capital expenditures for the six months ended March 31, 2024, exclude capital expenditures of $43.2 million, $31.8 million, $20.6 million and $13.6 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, 2023 and paid during the six months ended March 31, 2024. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2023, since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at March 31, 2024.

(3)Capital expenditures for the quarter and six months ended March 31, 2023, include accounts payable and accrued liabilities related to capital expenditures of $56.1 million, $2.2 million, $2.0 million, and $4.2 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts were excluded from the Consolidated Statement of Cash Flows at March 31, 2023, since they represented non-cash investing activities at that date.

(4)Capital expenditures for the six months ended March 31, 2023, exclude capital expenditures of $83.0 million, $15.2 million, $10.7 million and $11.4 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, 2022 and paid during the six months ended March 31, 2023. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2022, since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at March 31, 2023.



DEGREE DAYS
				Percent Colder
				(Warmer) Than:
Three Months Ended March 31,	Normal	2024	2023	Normal (1)	Last Year (1)
Buffalo, NY	3,326	2,705	2,820	(18.7)	(4.1)
Erie, PA(2)	3,057	2,576	2,645	(15.7)	(2.6)

Six Months Ended March 31,
Buffalo, NY	5,579	4,563	4,868	(18.2)	(6.3)
Erie, PA(2)	4,951	4,240	4,632	(14.4)	(8.5)

(1)Percents compare actual 2024 degree days to normal degree days and actual 2024 degree days to actual 2023 degree days.

(2)Normal degree days changed from NOAA 30-year degree days to NOAA 15-year degree days with the implementation of new base rates in Pennsylvania in August 2023.

Page 20.




NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

EXPLORATION AND PRODUCTION INFORMATION


	Three Months Ended						Six Months Ended
	March 31,						March 31,
					Increase						Increase
	2024		2023		(Decrease)		2024		2023		(Decrease)

Gas Production/Prices:
Production (MMcf)
Appalachia	102,883		93,241		9,642		203,640		183,815		19,825



Average Prices (Per Mcf)


Weighted Average	$	1.98	$	2.79	$	(0.81)	2.14		3.77		(1.63)
Weighted Average after Hedging	2.56		2.58		(0.02)		2.53		2.80		(0.27)















Selected Operating Performance Statistics:
General and Administrative Expense per Mcf (1)	$	0.17	$	0.19	$	(0.02)	$	0.17	$	0.18	$	(0.01)
Lease Operating and Transportation Expense per Mcf (1)(2)	$	0.68	$	0.71	$	(0.03)	$	0.67	$	0.69	$	(0.02)
Depreciation, Depletion and Amortization per Mcf (1)	$	0.71	$	0.63	$	0.08	$	0.71	$	0.62	$	0.09

(1)Refer to page 15 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 $0.58 per Mcf for the three months ended March 31, 2024 and March 31, 2023, respectively. Amounts include transportation expense of $0.57 and $0.58 per Mcf for the six months ended March 31, 2024 and March 31, 2023, respectively.

Page 21.

NATIONAL FUEL GAS COMPANY

AND SUBSIDIARIES

EXPLORATION AND PRODUCTION INFORMATION

Hedging Summary for Remaining Six Months of Fiscal 2024

Volume

Average Hedge Price

Gas Swaps

NYMEX

77,340,000

MMBTU

3.35 / MMBTU

No Cost Collars

28,800,000

MMBTU

3.22 / MMBTU (Floor) / $3.79 / MMBTU (Ceiling)

Fixed Price Physical Sales

40,856,860

MMBTU

2.34 / MMBTU

Total

146,996,860

MMBTU

Hedging Summary for Fiscal 2025

Volume

Average Hedge Price

Gas Swaps

NYMEX

101,080,000

MMBTU

3.50 / MMBTU

No Cost Collars

43,960,000

MMBTU

3.49 / MMBTU (Floor) / $4.65 / MMBTU (Ceiling)

Fixed Price Physical Sales

76,440,261

MMBTU

2.47 / MMBTU

Total

221,480,261

MMBTU

Hedging Summary for Fiscal 2026

Volume

Average Hedge Price

Gas Swaps

NYMEX

40,060,000

MMBTU

3.96 / MMBTU

No Cost Collars

42,720,000

MMBTU

3.53 / MMBTU (Floor) / $4.76 / MMBTU (Ceiling)

Fixed Price Physical Sales

71,623,404

MMBTU

2.42 / MMBTU

Total

154,403,404

MMBTU

Hedging Summary for Fiscal 2027

Volume

Average Hedge Price

Gas Swaps

NYMEX

21,750,000

MMBTU

4.16 / MMBTU

No Cost Collars

3,560,000

MMBTU

3.53 / MMBTU (Floor) / $4.76 / MMBTU (Ceiling)

Fixed Price Physical Sales

53,921,121

MMBTU

2.46 / MMBTU

Total

79,231,121

MMBTU

Hedging Summary for Fiscal 2028

Volume

Average Hedge Price

Gas Swaps

NYMEX

1,750,000

MMBTU

4.16 / MMBTU

Fixed Price Physical Sales

17,189,881

MMBTU

2.61 / MMBTU

Total

18,939,881

MMBTU

Hedging Summary for Fiscal 2029

Volume

Average Hedge Price

Fixed Price Physical Sales

3,891,892

MMBTU

2.85 / MMBTU

Hedging Summary for Fiscal 2030

Volume

Average Hedge Price

Fixed Price Physical Sales

131,856

MMBTU

2.93 / MMBTU

Page 22.



NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES



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

	Three Months Ended			Six Months Ended
	March 31,			March 31,
			Increase			Increase
	2024	2023	(Decrease)	2024	2023	(Decrease)
Firm Transportation - Affiliated	42,561	48,147	(5,586)	74,056	86,616	(12,560)
Firm Transportation - Non-Affiliated	179,697	182,934	(3,237)	348,303	369,089	(20,786)
Interruptible Transportation	1,271	619	652	1,389	1,927	(538)
	223,529	231,700	(8,171)	423,748	457,632	(33,884)

Gathering Volume - (MMcf)
	Three Months Ended			Six Months Ended
	March 31,			March 31,
			Increase			Increase
	2024	2023	(Decrease)	2024	2023	(Decrease)
Gathered Volume	125,565	109,344	16,221	249,388	217,371	32,017


Utility Throughput - (MMcf)
	Three Months Ended			Six Months Ended
	March 31,			March 31,
			Increase			Increase
	2024	2023	(Decrease)	2024	2023	(Decrease)
Retail Sales:
Residential Sales	27,063	27,884	(821)	45,045	48,037	(2,992)
Commercial Sales	4,293	4,384	(91)	7,093	7,378	(285)
Industrial Sales	190	267	(77)	327	418	(91)
	31,546	32,535	(989)	52,465	55,833	(3,368)

Transportation	22,637	22,788	(151)	40,166	41,098	(932)
	54,183	55,323	(1,140)	92,631	96,931	(4,300)

Page 23.

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 or 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 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 six months ended March 31, 2024 and 2023:


	Three Months Ended				Six Months Ended
	March 31,				March 31,
(in thousands except per share amounts)	2024		2023		2024		2023
Reported GAAP Earnings	$	166,272	$	140,880	$	299,292	$	310,570
Items impacting comparability:









Unrealized (gain) loss on derivative asset (E&P)	(536)		2,471		3,662		2,273
Tax impact of unrealized (gain) loss on derivative asset	147		(677)		(1,004)		(623)
Unrealized (gain) loss on other investments (Corporate / All Other)	(769)		(1,068)		(1,818)		(1,278)
Tax impact of unrealized (gain) loss on other investments	162		224		382		268


















Adjusted Operating Results	$	165,276	$	141,830	$	300,514	$	311,210

Reported GAAP Earnings Per Share	$	1.80	$	1.53	$	3.24	$	3.37
Items impacting comparability:






Unrealized (gain) loss on derivative asset, net of tax (E&P)	—		0.02		0.03		0.02
Unrealized (gain) loss on other investments, net of tax (Corporate / All Other)	(0.01)		(0.01)		(0.02)		(0.01)













Rounding	—		—		—		(0.01)
Adjusted Operating Results Per Share	$	1.79	$	1.54	$	3.25	$	3.37

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 six months ended March 31, 2024 and 2023:


	Three Months Ended				Six Months Ended
	March 31,				March 31,
(in thousands)	2024		2023		2024		2023

Reported GAAP Earnings	$	166,272	$	140,880	$	299,292	$	310,570
Depreciation, Depletion and Amortization	118,935		100,964		234,725		197,564
Other (Income) Deductions	(6,070)		(2,884)		(9,801)		(9,203)
Interest Expense	35,089		33,444		69,825		66,892
Income Taxes	55,332		49,937		98,419		107,489





Adjusted EBITDA	$	369,558	$	322,341	$	692,460	$	673,312

Adjusted EBITDA by Segment
Pipeline and Storage Adjusted EBITDA	$	70,033	$	58,926	$	129,174	$	123,455
Gathering Adjusted EBITDA	53,103		46,263		106,164		92,977
Total Midstream Businesses Adjusted EBITDA	123,136		105,189		235,338		216,432
Exploration and Production Adjusted EBITDA	172,068		154,574		332,038		344,905
Utility Adjusted EBITDA	78,326		65,820		131,694		117,396

Corporate and All Other Adjusted EBITDA	(3,972)		(3,242)		(6,610)		(5,421)
Total Adjusted EBITDA	$	369,558	$	322,341	$	692,460	$	673,312

Page 24.

NATIONAL FUEL GAS COMPANY

AND SUBSIDIARIES

NON-GAAP FINANCIAL MEASURES

SEGMENT ADJUSTED EBITDA


	Three Months Ended				Six Months Ended
	March 31,				March 31,
(in thousands)	2024		2023		2024		2023
Exploration and Production Segment
Reported GAAP Earnings	$	62,065	$	60,982	$	114,548	$	152,174
Depreciation, Depletion and Amortization	73,448		58,605		145,413		114,164
Other (Income) Deductions	(1,270)		1,276		141		(402)
Interest Expense	15,108		12,186		30,377		25,420
Income Taxes	22,717		21,525		41,559		53,549





Adjusted EBITDA	$	172,068	$	154,574	$	332,038	$	344,905

Pipeline and Storage Segment
Reported GAAP Earnings	$	30,737	$	23,858	$	54,792	$	53,335
Depreciation, Depletion and Amortization	19,490		17,728		37,704		35,142
Other (Income) Deductions	(3,303)		(2,288)		(6,493)		(5,482)
Interest Expense	12,119		10,877		23,843		21,829
Income Taxes	10,990		8,751		19,328		18,631

Adjusted EBITDA	$	70,033	$	58,926	$	129,174	$	123,455

Gathering Segment
Reported GAAP Earnings	$	28,706	$	24,334	$	57,531	$	49,072
Depreciation, Depletion and Amortization	9,611		8,918		19,068		17,626
Other (Income) Deductions	(81)		(262)		(162)		(470)
Interest Expense	3,701		3,900		7,431		7,943
Income Taxes	11,166		9,373		22,296		18,806
Adjusted EBITDA	$	53,103	$	46,263	$	106,164	$	92,977

Utility Segment
Reported GAAP Earnings	$	44,739	$	31,720	$	71,289	$	55,537
Depreciation, Depletion and Amortization	16,268		15,553		32,305		30,428
Other (Income) Deductions	(2,197)		(1,764)		(4,577)		(3,198)
Interest Expense	8,528		9,709		16,986		17,752
Income Taxes	10,988		10,602		15,691		16,877

Adjusted EBITDA	$	78,326	$	65,820	$	131,694	$	117,396









Corporate and All Other
Reported GAAP Earnings	$	25	$	(14)	$	1,132	$	452
Depreciation, Depletion and Amortization	118		160		235		204
Other (Income) Deductions	781		154		1,290		349
Interest Expense	(4,367)		(3,228)		(8,812)		(6,052)
Income Taxes	(529)		(314)		(455)		(374)


Adjusted EBITDA	$	(3,972)	$	(3,242)	$	(6,610)	$	(5,421)