NATIONAL FUEL GAS CO

The Exploration and Production segment seeks to discover and produce raw materials (primarily natural gas) as further described in this report in Item 7, MD&A and Item 8 at Note M — Business Segment Information and Note N — Supplementary Information for Exploration and Production Activities.

The Pipeline and Storage segment transports and stores natural gas owned by its customers, whose gas primarily originates in the Appalachian region of the United States, as well as other gas supply regions in the United States and Canada. Additional discussion of proposed pipeline projects appears below under “Competition: The Pipeline and Storage Segment” and in Item 7, MD&A.

The Gathering segment gathers, processes and transports natural gas that is, in large part, produced by Seneca in the Appalachian region of the United States.

Natural gas is the principal raw material for the Utility segment. In 2024, the Utility segment purchased 68.8 Bcf of gas (including 66.2 Bcf for delivery to retail customers and 2.6 Bcf used in operations) pursuant to its purchase contracts with firm delivery requirements. Gas purchased from producers and suppliers in the United States under multi-month contracts accounted for 42% of these purchases. Purchases of gas in the spot market (contracts of one month or less) accounted for 58% of the Utility segment’s 2024 purchases. Purchases from DTE Energy Trading, Inc. (31%), Vitol, Inc. (18%), EQT Energy, LLC (8%), Emera Energy Services, Inc. (8%), Chevron Natural Gas (6%), and Tenaska Marketing Ventures (6%) accounted for nearly 77% of the Utility segment’s 2024 gas purchases. No other producer or supplier provided the Utility segment with more than 5% of its gas requirements in 2024. The Utility segment does not directly purchase gas from affiliates.