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Forward Looking Statement Disclosure

Commentary on this conference call may contain forward-looking statements within the meaning of the federal securities laws. National Fuel Gas Company (the “Company”) is providing this cautionary statement to make applicable and take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for any forwardlooking statements made by, or on behalf of, the Company.

Forward-looking statements include, without limitation, statements regarding future prospects, plans, objectives, goals, projections, estimates of gas quantities, strategies, future events or performance and underlying assumptions, capital structure, anticipated capital expenditures, completion of construction projects, projections for pension and other post-retirement benefit obligations, impacts of the adoption of new accounting rules, and possible outcomes of litigation or regulatory proceedings, as well as statements that are identified by the use of the words "anticipates," "estimates," "expects," "forecasts," "intends," "plans," "predicts," "projects," "believes," "seeks," "will," "may" and similar expressions. All forward-looking statements, whether written or oral and whether made by or on behalf of the Company, are expressly qualified by these cautionary statements. 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 are expressed in good faith and are believed by the Company to have a reasonable basis, but there can be no assurance that management's expectations, beliefs or projections will result or be achieved or accomplished. In addition to other factors, the following are important factors that, in the view of the Company, could cause actual results to differ materially from those discussed in the forward-looking statements:

  1. 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;
  2. 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;
  3. Changes in economic conditions, including the imposition of additional tariffs on U.S. imports and related retaliatory tariffs, 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;
  4. The Company's ability to complete strategic transactions, such as the pending transaction with CenterPoint Energy Resources Corp., including receipt of required regulatory clearances and satisfaction of other conditions to closing, and to recognize the anticipated benefits of such transactions;
  5. Governmental/regulatory actions and/or market pressures to reduce or eliminate reliance on natural gas;
  6. The Company’s ability to estimate accurately the time and resources necessary to meet emissions targets;
  7. Changes in the price of natural gas;
  8. Impairments under the SEC's full cost ceiling test for natural gas reserves;
  9. The creditworthiness or performance of the Company’s key suppliers, customers and counterparties;
  10. 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, other investments, and acquisitions, including any downgrades in the Company’s credit ratings and changes in interest rates and other capital market conditions;
  11. Negotiations with the collective bargaining units representing the Company's workforce, including potential work stoppages during negotiations;
  12. 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;
  13. The impact of information technology disruptions, cybersecurity or data security breaches, including the impact of issues that may arise from the use of artificial intelligence technologies;
  14. 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;
  15. 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;
  16. Increasing health care costs and the resulting effect on health insurance premiums and on the obligation to provide other post-retirement benefits;
  17. Other changes in price differentials between similar quantities of natural gas having different quality, heating value, hydrocarbon mix or delivery date;
  18. The cost and effects of legal and administrative claims against the Company or activist shareholder campaigns to effect changes at the Company;
  19. Uncertainty of natural gas reserve estimates;
  20. Significant differences between the Company’s projected and actual production levels for natural gas;
  21. Changes in demographic patterns and weather conditions (including those related to climate change);
  22. Changes in the availability, price or accounting treatment of derivative financial instruments;
  23. Changes in laws, actuarial assumptions, the interest rate environment and the return on plan/trust assets related to the Company’s pension and other postretirement benefits, which can affect future funding obligations and costs and plan liabilities;
  24. 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;
  25. Significant differences between the Company’s projected and actual capital expenditures and operating expenses; or
  26. Increasing costs of insurance, changes in coverage and the ability to obtain insurance.

Forward-looking statements include estimates of gas quantities. Proved gas reserves are those quantities of gas which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible under existing economic conditions, operating methods and government regulations. Other estimates of gas quantities, including estimates of probable reserves, possible reserves, and resource potential, are by their nature more speculative than estimates of proved reserves. Accordingly, estimates other than proved reserves are subject to substantially greater risk of being actually realized.

Any forward-looking statements contained in this conference call speak only as of the date of this call. The Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date of this conference call. Investors are urged to consider closely the disclosure in our Form 10-K and Forms 10-Q, available at www.investor.nationalfuelgas.com. You can also obtain these forms on the SEC’s website at www.sec.gov.

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National Fuel Announces Executive Management Change

April 3, 2025

National Fuel Announces Executive Management Change

Utility President Donna DeCarolis to Retire;
Will Continue to Serve as a Senior Energy Advisor to National Fuel

 Michael Colpoys to Succeed DeCarolis as
President of National Fuel Gas Distribution Corporation

 

(April 3, 2025) WILLIAMSVILLE, N.Y. – National Fuel Gas Company ("National Fuel" or the "Company") (NYSE: NFG) today announced that Donna L. DeCarolis, President of National Fuel Gas Distribution Corporation, the Utility segment of National Fuel Gas Company, has indicated her intention to retire, effective July 1, 2025, after more than 40 years of service.

While Donna retires from the day-to-day management of New York’s largest natural gas only utility, she is being retained as a Senior Energy Advisor for the Company, continuing her role actively representing National Fuel in New York’s statewide energy policy matters. Since 2019 when New York passed the most aggressive climate and decarbonization legislation in the country, DeCarolis has been a staunch advocate for natural gas customers and the need for them to have affordable, reliable and resilient energy options. She has participated in hundreds of community conversations to increase awareness and education on the State’s climate mandates and their potential impact on the lives of New York residents as well as the State’s economy. DeCarolis has been an active presence in Albany identifying real regional differences, and how a policy that might work downstate is potentially harmful for upstate New York due to our more extreme weather and less wealth than metro New York City. Her important role as a vocal advocate in this arena is not going to change, she’ll just be in a different capacity as a senior advisor for National Fuel.

 “Donna’s leadership has made a lasting mark on National Fuel and the communities and organizations she has served for more than 40 years,” said David P. Bauer, President and Chief Executive Officer of National Fuel Gas Company. “Her dedication and vision have helped shape the long-term success of our organization, and I am pleased that she will continue to represent the Company in key energy policy matters as a senior advisor. I hope that her next chapter will be as rewarding as her career has been for National Fuel.”

 DeCarolis was named President of National Fuel Gas Distribution Corporation, National Fuel’s Utility subsidiary, in February 2019. Prior to that, since 2007, she held the title of Vice President of Business Development for National Fuel Gas Company. During her more than 40-year tenure with the Company, she ascended through several different business areas, including Corporate Investor Relations, Utility Customer Quality Assurance, Corporate Communications, Human Resources, Utility Energy Marketing, Government Affairs, Utility Consumer Business/Customer Service as well as having previously been president of several of the Company’s non-regulated business entities. Active in her support of the community, Donna has served in leadership capacities on the boards of the Business Council of New York, the Buffalo Niagara Partnership, Frank Lloyd Wright’s Darwin Martin House Restoration Complex, Leadership Buffalo, Shea’s O’Connell Preservation Guild, the University at Buffalo’s School of Management, Buffalo Sabres Foundation, Niagara University and the African American Veteran’s Monument.

 Shortly after assuming the role of Utility President, DeCarolis was named the second appointment to the New York State Climate Action Council, a 22-member body created in statute under the Climate Leadership and Community Protection Act (Climate Act). The Council was charged with developing a plan to reach New York State’s 2030 and 2050 greenhouse gas emission reduction goals and spent three years developing a final scoping plan, issued December 2022. DeCarolis was one of the three energy industry executives to vote against the Scoping Plan because of unanswered and unaddressed concerns about the Climate Act’s impact on customer affordability, energy reliability, the elimination of customer choice and the overall impact on New York’s ability to maintain its business competitiveness if the state were to decarbonize and electrify everything.

The Company also announced that on July 1, 2025, DeCarolis will be succeeded by Michael Colpoys as President of National Fuel Gas Distribution Corporation. Colpoys is a long-tenured National Fuel officer who has spent much of his career on the Operations side of the industry. With decades of experience in all aspects of utility operations, Colpoys was named Senior Vice President for National Fuel Gas Distribution Corporation in 2021, gaining oversight for all utility field operations in New York and Pennsylvania. In addition, he oversees the Rates and Regulatory Affairs, Energy Services and Gas Supply Administration departments.

 Originally from Buffalo, Colpoys started his career in 1987 as a Management Trainee and was promoted to Junior Engineer in 1988. In the following years, he was promoted numerous times, advancing to Assistant Vice President of Distribution Corporation in 2009 and then to Vice President in 2015 of National Fuel Gas Midstream Company where he oversaw the development, construction and operation of the company's expanding gathering pipelines. In 2016, he was named Vice President of Distribution Corporation. He received a bachelor’s degree from Clarkson University and a Master of Business Administration from Penn State Behrend.

 Colpoys resides in Erie, Pa., and is actively involved with industry, business and community groups, serving on the boards of Northeast Gas Association, Energy Association of Pennsylvania, Pennsylvania Chamber, Erie Downtown Development Corporation, Penn State Behrend College of Fellows and the 100 Club of Buffalo. 

 National Fuel is an integrated energy company reporting financial results for four operating segments: Exploration and Production, Pipeline and Storage, Gathering and Utility. National Fuel Gas Distribution Corporation is the Utility segment of National Fuel Gas Company and provides natural gas service for 2.2 million residents in Western New York and Northwestern Pennsylvania. Additional information about National Fuel is available at www.nationalfuel.com.

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