NATIONAL FUEL GAS CO

The Integrated Upstream and Gathering segment seeks to discover and produce raw materials (primarily natural gas). It also gathers, processes and transports natural gas largely produced by Seneca, 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 in Item 7, MD&A.

Natural gas is the principal raw material for the Utility segment. In 2025, the Utility segment purchased 77.4 Bcf of gas (including 75.5 Bcf for delivery to retail customers and 1.9 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 46% of these purchases. Purchases of gas in the spot market (contracts of one month or less) accounted for 54% of the Utility segment’s 2025 purchases. Purchases from DTE Energy Trading, Inc. (33%), Emera Energy Services, Inc. (11%), Chevron Natural Gas (10%), Shell Energy North America (7%), and NRG Business Marketing, LLC (6%) accounted for nearly 67% of the Utility segment’s 2025 gas purchases. No other producer or supplier provided the Utility segment with more than 5% of its gas requirements in 2025. The Utility segment does not directly purchase gas from affiliates.