NATIONAL FUEL GAS CO

The net investment of the Company in property, plant and equipmentwas $7.3 billionat September 30, 2024. The Exploration and Production segment constitutes 32.5% of this investment, and is primarily located in the Appalachian region of the United States. Approximately 54.3% of the Company’s investment in net property, plant and equipment was in the Utility and Pipeline and Storage segments, whose operations are located primarily in western and central New York and western Pennsylvania. The Gathering segment constitutes 13.1% of the Company’s investment in net property, plant and equipment, and is located in northwestern and central Pennsylvania. The remaining 0.1% of the Company’s net investment in property, plant and equipment falls within All Other and Corporate operations. During the past five years, the Company has made significant additions to property, plant and equipment in order to expand its exploration and production and gathering operations in the Appalachian region of the United States and to expand and modernize transmission, storage, and distribution facilities for customers in New York and Pennsylvania. Net property, plant and equipment has increased $1.8 billion, or 33.2%, since September 30, 2019. The five-year increase is net of impairments of assets recorded in 2020, 2021 and 2024 (pre-tax amounts of $449 million, $76 million and$519 million, respectively).

The Exploration and Production segment had a net investment in property, plant and equipment of$2.4 billion at September 30, 2024 consisting primarily of capitalized costs relating to exploration and production activities, the components of which are disclosed in Item 8, Note N — Supplementary Information for Exploration and Production Activities.

The Pipeline and Storage segment had a net investment of $2.1 billion in property, plant and equipment at September 30, 2024. Transmission pipeline represents 36% of this segment’s total net investment and includes 2,233 miles of pipeline utilized to move large volumes of gas throughout its service area. Storage facilities represent 14% of this segment’s total net investment and consist of 384 miles of pipeline, as well as 29 storage fields operating at a combined working gas level of 77.2 Bcf, three of which are jointly owned and operated with other interstate gas pipeline companies. Net investment in storage facilities includes $81.2 million of gas stored underground-noncurrent, representing the cost of the gas utilized to maintain pressure levels for normal operating purposes as well as gas maintained for system balancing and other purposes, including that needed for no-notice transportation service. The Pipeline and Storage segment has 31 compressor stations with 260,088 installed horsepower that represent 32% of this segment’s total net investment in property, plant and equipment.

The Pipeline and Storage segment’s facilities provided the capacity to meet Supply Corporation’s 2024 peak day sendout for transportation service of 2,304 MMcf, which occurred on January 14, 2024. Withdrawals from storage of 590 MMcf provided approximately 26% of the requirements on that day.

The Gathering segment had a net investment of $1.0 billion in property, plant and equipment at September 30, 2024. Gathering lines and related compressor stations represent substantially all of this segment’s total net investment, including 390 miles of pipelines utilized to move Appalachian production

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(including Marcellus and Utica shales) to various transmission pipeline receipt points. The Gathering segment has 23 compressor stations with 122,406 installed horsepower.

The Utility segment had a net investment in property, plant and equipment of$1.8 billionat September 30, 2024. The net investment in its gas distribution network (including 15,090 miles of distribution pipeline) and its service connections to customers represent approximately 50% and 31%, respectively, of the Utility segment’s net investment in property, plant and equipment at September 30, 2024.

Company maps are included in Exhibit 99.2 of this Form 10-K and are incorporated herein by reference.