National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced consolidated results for the third quarter of its 2021 fiscal year and for the nine months ended June 30, 2021.

FISCAL 2021 THIRD QUARTER SUMMARY

• GAAP net income of $86.5 million, or $0.94 per share, compared to $41.3 million, or $0.47 per share, in the prior year.
• Adjusted operating results of $85.7 million, or $0.93 per share, compared to $50.0 million, or $0.57 per share, in the prior year (see non-GAAP reconciliation on page 2).
• Adjusted EBITDA of $234.2 million, an increase of 36%, compared to $171.9 million in the prior year (see non-GAAP reconciliation on page 24).
• Pipeline & Storage segment Adjusted EBITDA of $53.1 million, an increase of 5% from the prior year.
• Gathering segment Adjusted EBITDA of $39.9 million, an increase of 43% from the prior year.
• E&P segment Adjusted EBITDA of $116.1 million, an increase of 79% from the prior year.
• E&P segment net production of 83.1 Bcfe, an increase of 27.1 Bcfe, or 48%, from the prior year.
• E&P segment cash operating costs (combined G&A expenses, LOE expense, other operation and maintenance expense, and property, franchise, and other taxes), of $1.13 per Mcfe, a 5% decrease from the prior year.
• Average realized natural gas prices of $2.20 per Mcf, an increase $0.28 per Mcf from the prior year.
• Average realized oil prices of $59.22 per Bbl, an increase of $8.52 per Bbl from the prior year.
• Company is increasing its fiscal 2021 earnings guidance to a range of $4.05 to $4.15 per share, an increase of $0.15 at the midpoint, excluding items impacting comparability (see Guidance Summary on page 8).
• Company is initiating its fiscal 2022 earnings guidance with a range of $4.40 to $4.80 per share, an increase of 12% from the midpoint of the Company’s updated fiscal 2021 guidance (see Guidance Summary on page 8).

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