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Press Release: National Fuel Reports First -9-

· 02/04/2021 16:45
Three Months Ended December 31, ---------------------- (in thousands) 2020 2019 Reported GAAP Earnings $ 77,774 $ 86,591 Depreciation, Depletion and Amortization 83,120 74,918 Other (Income) Deductions 2,176 3,040 Interest Expense 34,175 26,994 Income Taxes 29,417 31,395 Impairment of Oil and Gas Producing Properties 76,152 -- Gain on Sale of Timber Properties (51,066) -- -------- -------- Adjusted EBITDA $251,748 $222,938 ======= ======= Adjusted EBITDA by Segment Pipeline and Storage Adjusted EBITDA $ 58,134 $ 42,942 Gathering Adjusted EBITDA 39,793 29,431 -------- -------- Total Midstream Businesses Adjusted EBITDA 97,927 72,373 Exploration and Production Adjusted EBITDA 100,744 92,100 Utility Adjusted EBITDA 56,968 59,463 Corporate and All Other Adjusted EBITDA (3,891) (998) -------- -------- Total Adjusted EBITDA $251,748 $222,938 ======= ======= NATIONAL FUEL GAS COMPANY AND SUBSIDIARIES NON-GAAP FINANCIAL MEASURES SEGMENT ADJUSTED EBITDA Three Months Ended December 31, ------------------------ (in thousands) 2020 2019 ------------ ---------- Exploration and Production Segment ------------------------------------------- Reported GAAP Earnings $ (29,623) $23,977 Depreciation, Depletion and Amortization 45,332 44,148 Other (Income) Deductions 194 161 Interest Expense 15,490 14,057 Income Taxes (6,801) 9,757 Impairment of Oil and Gas Producing Properties 76,152 -- Adjusted EBITDA $ 100,744 $92,100 ======= ====== Pipeline and Storage Segment ------------------------------------------- Reported GAAP Earnings $ 24,183 $18,105 Depreciation, Depletion and Amortization 15,468 11,605 Other (Income) Deductions (981) (1,378) Interest Expense 10,731 7,112 Income Taxes 8,733 7,498 Adjusted EBITDA $ 58,134 $42,942 ======= ====== Gathering Segment ------------------------------------------- Reported GAAP Earnings $ 20,550 $15,944 Depreciation, Depletion and Amortization 7,904 5,138 Other (Income) Deductions (166) 3 Interest Expense 4,131 2,219 Income Taxes 7,374 6,127 ----------- ------- Adjusted EBITDA $ 39,793 $29,431 ======= ====== Utility Segment ------------------------------------------- Reported GAAP Earnings $ 23,037 $26,583 Depreciation, Depletion and Amortization 13,994 13,630 Other (Income) Deductions 5,946 5,814 Interest Expense 5,452 5,673 Income Taxes 8,539 7,763 Adjusted EBITDA $ 56,968 $59,463 ======= ====== Corporate and All Other ------------------------------------------- Reported GAAP Earnings $ 39,627 $ 1,982 Depreciation, Depletion and Amortization 422 397 Gain on Sale of Timber Properties (51,066) -- Other (Income) Deductions (2,817) (1,560) Interest Expense (1,629) (2,067)Three Months Ended December 31, ------------------------ (in thousands except per share amounts) 2020 2019 ------------ ---------- Reported GAAP Earnings $ 77,774 $86,591 Items impacting comparability: Impairment of oil and gas properties (E&P) 76,152 -- Tax impact of impairment of oil and gas properties (20,980) -- Gain on sale of timber properties (Corporate/All Other) (51,066) -- Tax impact of gain on sale of timber properties 14,069 -- Unrealized (gain) loss on other investments (Corporate/All Other) 1,298 1,019 Tax impact of unrealized (gain) loss on other investments (272) (214) Adjusted Operating Results $ 96,975 $87,396 ======= ====== Reported GAAP Earnings per share $ 0.85 $ 1.00 Items impacting comparability: Impairment of oil and gas properties, net of tax (E&P) 0.60 -- Gain on sale of timber properties, net of tax (Corporate/All Other) (0.40) -- Unrealized (gain) loss on other investments, net of tax (Corporate/All Other) 0.01 0.01 Adjusted Operating Results Per Share $ 1.06 $ 1.01 ======= ============= ======= ========= Gathering Volume - (MMcf) Three Months Ended December 31, ------------------------------ Increase 2020 2019 (Decrease) ------- ------- ------------ Gathered Volume 87,135 64,392 22,743 ======= ======= ========= Utility Throughput - (MMcf) Three Months Ended December 31, ------------------------------ Increase 2020 2019 (Decrease) ------- ------- ------------ Retail Sales: Residential Sales 18,412 19,476 (1,064) Commercial Sales 2,528 2,812 (284) Industrial Sales 153 217 (64) ------- ------- --------- 21,093 22,505 (1,412) Transportation 17,935 20,556 (2,621) ------- ------- --------- 39,028 43,061 (4,033) ======= ======= =========

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, Adjusted EBITDA and free cash flow, 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 months ended December 31, 2020 and 2019:

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 months ended December 31, 2020 and 2019:

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February 04, 2021 16:45 ET (21:45 GMT)