NATIONAL FUEL GAS Business Summary

National Fuel Gas Company (NFG) operates as a diversified, vertically integrated energy enterprise primarily focused on the natural gas value chain in the Appalachian Basin. The company generates revenue through four distinct business segments: Exploration and Production (Seneca Resources), which sells produced natural gas and oil; Pipeline and Storage, which earns fee-based income from interstate transportation and storage services; Gathering, which collects fees for moving gas from wellheads to transmission lines; and Utility, which provides regulated distribution services to approximately 754,000 customers in New York and Pennsylvania. NFG’s unique "wellhead-to-burner-tip" model allows it to capture margins across the entire energy lifecycle, providing a hedge against commodity price volatility. In the competitive landscape, NFG contends with large-scale midstream players like Kinder Morgan and Williams Companies, as well as pure-play producers such as EQT Corporation and regional utilities like New Jersey Resources. NFG distinguishes itself as a mid-cap leader with a highly integrated regional footprint and a rare 50-plus-year track record of consecutive dividend increases. Incorporated in 1902, National Fuel is led by a veteran management team with deep institutional knowledge. David P. Bauer serves as President and Chief Executive Officer, having joined the company in 2001 and previously serving as Treasurer and CFO; his background includes a decade in public accounting at PwC. Timothy J. Silverstein serves as Treasurer and Chief Financial Officer, overseeing the company’s capital allocation and financial strategy, including the recent $2.62 billion acquisition of CenterPoint Energy’s Ohio gas utility assets. Other key leaders include Justin I. Loweth, President of Seneca Resources and National Fuel Midstream, and Michael D. Colpoys, President of the Utility segment. The company is governed by a board chaired by David F. Smith and includes notable independent directors like David H. Anderson, the retired CEO of Northwest Natural. Major institutional backers include GAMCO Investors, State Street Corporation, and BlackRock, reflecting the company’s status as a staple for value-oriented and income-focused investors.