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Bright Health Group Appoints Jay Matushak as Chief Financial Officer

Cathy Smith to Step Down to Pursue New Opportunity, Effective May 12, 2023

MINNEAPOLIS–(BUSINESS WIRE)–Bright Health Group, Inc. (“Bright Health” or the “Company”) (NYSE: BHG), the technology enabled, value-driven healthcare company serving aging and underserved consumers with unmet clinical needs, today announced that it has appointed Jay Matushak as the Company’s next Chief Financial Officer, effective May 12, 2023. Mr. Matushak will succeed Cathy Smith, who is stepping down to pursue another opportunity.

Mr. Matushak, a seasoned finance and operational executive with deep expertise in the healthcare business, joined Bright Health in 2021. He currently serves as Senior Vice President of Finance and is responsible for the wind-down of the Company’s ACA insurance business. He also serves as CFO of Bright HealthCare, the Company’s insurance business. Before joining Bright Health, Mr. Matushak served for six years as CFO of Blue Cross Blue Shield of Minnesota (BCBS MN). Prior to BCBS MN, he spent fifteen years at UnitedHealth Group in various financial leadership roles within Optum and UnitedHealthcare.

“Jay has deep knowledge of our business and a strong track record of financial leadership across the healthcare industry,” said Mike Mikan, President and CEO of Bright Health. “He is a proven leader, and he will play an important role in our continuing efforts to position Bright Health for long-term success.”

“I am honored to take on this role and work alongside the leadership team and talented finance team to execute on our financial and strategic priorities,” said Mr. Matushak. “I am confident in the tremendous opportunities ahead as we take action to ensure Bright Health is poised for future profitable growth.”

Mr. Mikan continued, “Cathy was integral in helping take Bright Health public, and we thank her for the many contributions she has made to the Company. She has been a valuable member of our leadership team and built a strong organization with a deep bench of talent, which will help ensure a smooth succession. On behalf of everyone at Bright Health, we wish Cathy all the best in her next chapter.”

Ms. Smith will continue in her role through the Company’s first quarter 2023 earnings and thereafter will serve in an advisory role to support a smooth transition. Ms. Smith’s decision to resign was not due to any conflicts with the Board or management team regarding the Company’s financial reporting or accounting principles or practices.

About Bright Health Group

Bright Health Group is a technology enabled, value-driven healthcare company that organizes and operates networks of affiliate care providers to be successful at managing population risk. We focus on serving aging and underserved consumers that have unmet clinical needs through our Fully Aligned Care Model in Florida, Texas and California, some of the largest markets in healthcare where 26% of the U.S. aging population call home. We believe everyone should have access to personal, affordable, and high-quality healthcare. Our mission is to Make healthcare right. Together. For more information, visit www.brighthealthgroup.com.

Forward-Looking Statements

Statements made in this release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements and should be evaluated as such. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies. These statements often include words such as “anticipate,” “expect,” “plan,” “believe,” “intend,” “project,” “forecast,” “estimates,” “projections,” “outlook,” “ensure,” and other similar expressions. These forward-looking statements include any statements regarding our plans and expectations with respect to Bright Health Group, Inc. Such forward-looking statements are subject to various risks, uncertainties and assumptions. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Factors that might materially affect such forward-looking statements include: our ability to continue as a going concern; our ability to comply with the terms of our credit facility, including financial covenants, both during and after any waiver period, and/or obtain any additional waivers of any terms of our credit facility to the extent required; our ability to sell our Medicare Advantage business in California on acceptable terms, including our ability to receive the proceeds thereof in a manner that would alleviate our current financial position; our ability to quickly and efficiently wind down our IFP businesses and MA businesses outside of California; potential disruptions to our business due to our corporate restructuring and resulting headcount reduction; our ability to accurately estimate and effectively manage the costs relating to changes in our businesses offerings and models; a delay or inability to withdraw regulated capital from our subsidiaries; a lack of acceptance or slow adoption of our business model; our ability to retain existing consumers and expand consumer enrollment; our and our Care Partner’s abilities to obtain and accurately assess, code, and report risk adjustment factor scores; our ability to contract with care providers and arrange for the provision of quality care; our ability to accurately estimate our medical expenses, effectively manage our costs and claims liabilities or appropriately price our products and charge premiums; our ability to obtain claims information timely and accurately; the impact of the ongoing COVID-19 pandemic on our business and results of operations; the risks associated with our reliance on third-party providers to operate our business; the impact of modifications or changes to the U.S. health insurance markets; our ability to manage the growth of our business; our ability to operate, update or implement our technology platform and other information technology systems; our ability to retain key executives; our ability to successfully pursue acquisitions and integrate acquired businesses; the occurrence of severe weather events, catastrophic health events, natural or man-made disasters, and social and political conditions or civil unrest; our ability to prevent and contain data security incidents and the impact of data security incidents on our members, patients, employees and financial results; our ability to comply with requirements to maintain effective internal controls; our ability to adapt to the new risks associated with our expansion into ACO Reach; and the other factors set forth under the heading “Risk Factors” in the Company’s reports on Form 10-K, Form 10-Q, and Form 8-K (including all amendments to those reports) and our other filings with the SEC. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason after the date of this release to conform these statements to actual results or changes in our expectations.

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Investor Contact:

Stephen Hagan

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Media Contact:

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KEYWORDS: Minnesota United States North America

INDUSTRY KEYWORDS: Professional Services Data Management Health Technology Insurance Managed Care General Health

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Sunnova and Amica Insurance Collaborate to Bring Innovative Energy Services and Insurance Products to Homeowners

Amica Insurance and Sunnova to Offer Cross-Marketing Opportunities to Both Customer Bases Across the U.S.

HOUSTON–(BUSINESS WIRE)–
Sunnova Energy International Inc. (“Sunnova”) (NYSE: NOVA), a leading U.S. Energy as a Service (EaaS) provider, announced today it is teaming up with Amica Insurance (Amica), a leader in auto, home, and life insurance, to expand the reach of Sunnova’s clean, affordable, and reliable energy services.

Sunnova and Amica will work together to offer energy services to Amica’s customers, as well as wide-ranging insurance products to Sunnova’s customers, to provide a combined solution of clean energy and insurance to homeowners across the U.S.

“At Amica, we’re committed to helping our customers find solutions that meet their unique needs. Through this partnership with Sunnova, our customers and employees across the country now have access to innovative and reliable solar energy services like solar, battery storage, energy control and other hardware, and software technologies that will help them cut energy costs and reduce their carbon footprints,” said Yiguang Qiu, Senior Assistant Vice President, Marketing & Communications, Amica. “This collaboration is a testament to our shared commitment of providing exceptional customer service and building strong, long-lasting relationships. With Sunnova, we’re driving innovation and delivering greater value to our customers and employees.”

“Together, Amica and Sunnova will power the home of the future and provide the highest level of protection, safety, and energy security,” said Michael Grasso, Chief Revenue Officer at Sunnova. “In this time of rapidly rising utility rates, our EaaS solutions offer homeowners the chance to access affordable, clean, and renewable energy. By teaming up with Amica Insurance and their loyal customer base we are excited to extend our reach to more customers and offer them an energy service that is affordable, reliable, and environmentally friendly. Through this collaboration, homeowners will gain access to innovative energy solutions, insurance products, and services that will enhance their lives and contribute to a more sustainable future.”

Sunnova and Amica will work together to offer energy services to Amica’s customers, including the Sunnova Adaptive Home™, which integrates solar, battery storage, energy control and other hardware and software technologies, for the full electrification of the home. The Sunnova Adaptive Home^® is not only able to produce and store energy, it also “adapts” by optimizing energy sources and consumption predictively, in real time. Both companies will also offer Amica’s wide-ranging insurance products to Sunnova’s customers.

About Sunnova 

Sunnova Energy International Inc. (NYSE: NOVA) is a leading U.S. Energy as a Service (EaaS) provider with customers across the U.S. and its territories. Sunnova’s goal is to be the source of clean, affordable, and reliable energy with a simple mission: to power energy independence so that homeowners and businesses have the freedom to live life uninterrupted^®. For more information, please visit sunnova.com.

About Amica 

Amica is the longest-standing mutual insurer of automobiles in the U.S. A direct writer, Amica also offers home, life, marine and umbrella insurance, as well as annuities. Founded on the principles of outstanding service, Amica creates peace of mind and builds enduring relationships with its customers. That mission is shared and supported by thousands of employees across the country. For more information, visit Amica.com.

Forward Looking Statements 

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Sunnova’s future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “going to,” “could,” “intend,” “target,” “project,” “contemplates,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern Sunnova’s expectations, strategy, priorities, plans or intentions. Forward-looking statements in this press release include, but are not limited to, statements regarding the implementation, benefits, and impact of the collaboration and Sunnova’s current and future product offerings to consumers. Sunnova’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks regarding our ability to forecast our business due to our limited operating history, the effects of the coronavirus pandemic on our business and operations, results of operations and financial position, our competition, changes in regulations applicable to our business, fluctuations in the solar and home-building markets, availability of capital, supply chain uncertainty, our ability to attract and retain dealers and customers and our dealer and strategic partner relationships. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in Sunnova’s filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2022 and our subsequent Quarterly Reports on Form 10-Q. The forward-looking statements in this press release are based on information available to Sunnova as of the date hereof, and Sunnova disclaims any obligation to update any forward-looking statements, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230503005041/en/

Media

Matt Dallas

Media Relations

[email protected]

917-363-1333

Brendan Dowding

Communications and Public Relations Manager

Amica Insurance

[email protected]

800-652-6422, ext. 22380

Investor & Analyst

Rodney McMahan

Vice President, Investor Relations

[email protected]

281.971.3323

KEYWORDS: Texas United States North America

INDUSTRY KEYWORDS: Environment Insurance Construction & Property Utilities Professional Services Building Systems Alternative Energy Green Technology Energy

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Momentus Announces Date of First Quarter 2023 Financial Results and Conference Call

SAN JOSE, Calif.–(BUSINESS WIRE)–
Momentus Inc. (NASDAQ: MNTS) (“Momentus” or the “Company”), a U.S. commercial space company that offers orbital transportation and in-space infrastructure services, will issue a press release containing financial results for the first quarter 2023 following the close of the U.S. markets on Thursday, May 11, 2023.

Momentus will host a conference call to discuss the results that day at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time). To access the conference call, participants should dial +1 (800) 715-9871 and enter the conference ID number 9685779. International participants should dial +1 (646) 307-1963.

The live audio webcast along with supplemental information will be accessible on the Company’s Investor Relations website at https://investors.momentus.space. A recording of the webcast will also be available following the conference call.

About Momentus

Momentus is a U.S. commercial space company that offers in-space infrastructure services, including in-space transportation, hosted payloads and in-orbit services. Momentus believes it can make new ways of operating in space possible with its planned in-space transfer and service vehicles that will be powered by an innovative water plasma-based propulsion system.

Forward-Looking Statements

This press release contains certain statements which may constitute “forward-looking statements” for purposes of the federal securities laws. Forward-looking statements include, but are not limited to, statements regarding Momentus’ or its management team’s expectations, hopes, beliefs, intentions or strategies regarding future events or circumstances, and are not guarantees of future performance. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of Momentus’ control. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to risks and uncertainties included under the heading “Risk Factors” in the Annual Report on Form 10-K filed by the Company on March 8, 2023, as such factors may be updated from time to time in our other filings with the Securities and Exchange Commission (the “SEC”), accessible on the SEC’s website at www.sec.gov and the Investor Relations section of our website at investors.momentus.space. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230503005885/en/

Investors

[email protected]

Media

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Technology Aerospace Manufacturing Satellite

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GeoPark Reports First Quarter 2023 Results

Consistent Free Cash Flow From Profitable Barrels Funded a Stronger Balance Sheet and Increased Shareholder Returns

BOGOTA, Colombia–(BUSINESS WIRE)–
GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator reports its consolidated financial results for the three-month period ended March 31, 2023 (“First Quarter” or “1Q2023”). A conference call to discuss 1Q2023 financial results will be held on May 4, 2023 at 10:00 am (Eastern Daylight Time).

All figures are expressed in US Dollars and growth comparisons refer to the same period of the prior year, except when specified. Definitions and terms used herein are provided in the Glossary at the end of this document. This release does not contain all of the Company’s financial information and should be read in conjunction with GeoPark’s consolidated financial statements and the notes to those statements for the period ended March 31, 2023, available on the Company’s website.

FIRST QUARTER 2023 HIGHLIGHTS

Oil and Gas Production

• Consolidated average oil and gas production of 36,578 boepd, below its production potential of approximately 39,500-40,500 boepd, as previously announced on March 8, 2023, mainly due to temporarily shut-in production and localized blockades in the CPO-5 block (GeoPark non-operated, 30% WI) in Colombia

Revenue, Adjusted EBITDA, Cash Flow & Net Profit

• Revenue of $182.5 million

• Adjusted EBITDA of $114.9 million (a 63% adjusted EBITDA margin)

• Operating profit of $76.6 million (a 42% operating profit margin)

• Cash flow from operations of $91.9 million

• Net profit of $26.3 million ($0.45 basic earnings per share)

Cost and Capital Efficiency as Key Differentiators

• Despite inflationary pressures, combined G&A and G&G decreased by 6% to $11.9 million

• Capital expenditures of $45.0 million

• 1Q2023 adjusted EBITDA to capital expenditures ratio of 2.5x

• Last twelve-month return on capital employed (ROCE) of 62%¹

Lower Interest Payments and a Strengthened Balance Sheet

• 1Q2023 interest payments decreased to $13.8 million (from $19.2 million), after reducing gross debt by $275 million from April 2021 to December 2022

• Net leverage of 0.7x and no principal debt maturities until 2027

• Cash in hand of $145.4 million ($128.8 million as of December 31, 2022)

Delivering on Shareholder Returns

• Share buybacks increased by 142% to $7.5 million (acquired 0.6 million shares, over 1% of shares outstanding)

• Cash dividends increased by 55% to $7.5 million (representing an annualized dividend of approximately $30 million, or a 5% dividend yield²)

• Quarterly cash dividend of $0.13 per share, or approximately $7.5 million, payable on May 31, 2023

Enhanced ESG Performance

• Published the 2022 SPEED/ESG Report on April 26, 2023, available on the Company’s website

• 2022 emissions intensity decreased by 34% to 12.1 kg CO2e/boe³ (or a 40% decrease to 9.7 kg CO2e/boe in core Llanos 34 block) mainly due to the interconnection of the Llanos 34 block to Colombia’s national power grid and the start of operations of the solar plant among other initiatives

• Over 240,000 beneficiaries of the Company’s social and environmental programs in 2022

• Women hold 50% of GeoPark’s senior executive positions

Portfolio Management

• Commercial negotiations are ongoing with ENAP, the oil offtaker in Chile, in an effort to resume shut-in production of approximately 400 bopd  

• Implemented a restructuring initiative in Chile in April 2023 to provide further cost reductions, in conjunction with a process to evaluate farm-out/divestment opportunities

2023 Work Program: Revised Production and Capital Expenditures Guidance

• Full-year 2023 production guidance has been revised down to 38,000-40,000 boepd mainly due to temporarily shut-in production in the CPO-5 block, and to a lesser extent, due to shut-in production in Chile and deferral of certain drilling activities in Ecuador

• 2H2023 production is expected to average 39,000-42,000 boepd (excluding the potential production from the 2023 exploration drilling program)

• Capital expenditures have been revised down to $180-200 million (from $200-220 million)

• At $80-90⁴ per bbl Brent, GeoPark expects to generate an Adjusted EBITDA of $490-560 million⁵ and a free cash flow of $120-140 million⁶
• Targeting to return approximately 40-50% of free cash flow after taxes to shareholders

Upcoming Catalysts

• Drilling 10-12 gross wells in 2Q2023, targeting development and exploration projects in the Llanos basin in Colombia

• Exploration drilling includes 2-3 new gross wells in the Llanos basin (Llanos 123 and Llanos 124 blocks)

Andrés Ocampo, Chief Executive Officer of GeoPark, said: “Despite the challenges faced during the first quarter, GeoPark has been able to deliver strong results, as well as to adapt quickly by reducing costs and streamlining capital expenditures to maximize and protect our cash flow generation, which allow us to continue strengthening our balance sheet and returning more value to our shareholders. For the remainder of 2023, we look forward to continue executing and delivering on our ambitious 2023 work program to grow our production base and drill low-cost and low-risk exploration targets with the main focus on our core Llanos basin.”

CONSOLIDATED OPERATING PERFORMANCE

Key performance indicators:

Key Indicators		1Q2023			4Q2022			1Q2022
Oil productiona (bopd)		33,801			35,451			34,442
Gas production (mcfpd)		16,664			17,886			25,096
Average net production (boepd)		36,578			38,433			38,626
Brent oil price ($ per bbl)		82.5			88.8			96.9
Combined realized price ($ per boe)		61.3			68.5			75.8
⁻ Oil ($ per bbl)		66.7			73.7			84.3
⁻ Gas ($ per mcf)		4.6			5.0			4.8
Sale of crude oil ($ million)		175.1			220.7			239.0
Sale of purchased crude oil ($ million)		0.8			3.1			–
Sale of gas ($ million)		6.5			7.1			10.2
Revenue ($ million)		182.5			231.0			249.2
Commodity risk management contracts b ($ million)		0.0			0.5			(78.1	)
Production & operating costsc ($ million)		(52.5	)		(77.0	)		(80.6	)
G&G, G&Ad ($ million)		(11.9	)		(17.4	)		(12.7	)
Selling expenses ($ million)		(2.4	)		(2.8	)		(2.0	)
Operating profit ($ million)		76.6			81.7			58.6
Adjusted EBITDA ($ million)		114.9			132.1			122.6
Adjusted EBITDA ($ per boe)		38.6			39.2			37.3
Net profit ($ million)		26.3			52.2			31.0
Capital expenditures ($ million)		45.0			53.6			39.4
Cash and cash equivalents ($ million)		145.4			128.8			114.1
Short-term financial debt ($ million)		5.7			12.5			8.7
Long-term financial debt ($ million)		485.9			485.1			633.9
Net debt ($ million)		346.2			368.8			528.4
Dividends paid ($ per share)		0.130			0.127			0.082
Shares repurchased (million shares)		0.642			0.942			0.232
Basic shares – at period end (million shares)		57.596			57.622			60.016
Weighted average basic shares (million shares)		57.853			58.261			60.090

a)	Includes royalties paid in kind in Colombia for approximately 1,665, 759 and 1,115 bopd in 1Q2023, 4Q2022 and 1Q2022, respectively. No royalties were paid in kind in other countries. Production in Ecuador is reported before the Government’s production share.
b)	Please refer to the Commodity Risk Management Contracts section below.
c)	Production and operating costs include operating costs, royalties and economic rights paid in cash, share based payments and purchased crude oil.
d)	G&A and G&G expenses include non-cash, share-based payments for $1.4 million, $3.3 million and $0.9 million in 1Q2023, 4Q2022 and 1Q2022, respectively. These expenses are excluded from the adjusted EBITDA calculation.

REVISED 2023 PRODUCTION GUIDANCE

As announced on March 8 and April 11, 2023, GeoPark’s 2023 net production year to date has been below its potential of approximately 39,500-40,500 boepd, mainly due to: (i) temporarily shut-in production of the Indico 6 and Indico 7 wells in the CPO-5 block in Colombia for approximately 2,400-3,300 bopd net to GeoPark, and to a lesser extent (ii) shut-in production of approximately 400 bopd in Chile due to ongoing commercial negotiations with ENAP, the oil offtaker, and (iii) the delay of certain drilling activities in Ecuador.

GeoPark’s previous 2023 production guidance was based on the CPO-5 block’s operator expectation that shut-in barrels were going to be back on production in early 2Q2023. Now, those barrels are not expected to be back before July 2023.

As a result, GeoPark had to revise its 2023 annual average production guidance down to 38,000-40,000 boepd (from 39,500-41,500 boepd). Assuming production in the CPO-5 block is normalized in early 3Q2023, GeoPark’s production in 2H2023 is expected to average 39,000-42,000 boepd.

The Indico 6 and Indico 7 wells were drilled in late 2022 and together tested over 11,000 bopd gross (or 3,300 bopd net to GeoPark) and are expected to stabilize production at approximately 8,000 bopd gross (or 2,400 bopd net to GeoPark). These two wells were shut-in (Indico 6 in December 2022 and Indico 7 in early January 2023) after the regulator (ANH) requested that the CPO-5 block operator temporarily suspend production from these wells until definite surface facilities are completed.

GeoPark also adjusted its 2023 capital expenditures down to $180-200 million (from $200-220 million) combining cost efficiencies and the deferral of certain projects in Colombia and Ecuador, which allows GeoPark to maintain its free cash flow guidance.

The table below provides further details about GeoPark’s revised 2023 guidance compared to its previous 2023 guidance.

	May 3, 2023 Revision	Previous 2023 Guidance
Brent Assumption ($ per bbl)	$80-907	$80-90
2023 Annual Average Production (boepd)	38,000-40,000	39,500-41,500
Adjusted EBITDA8	$490-560 million	$510-580 million
2023 Capital Expenditures	$180-200 million	$200-220 million
Cash Income Taxes*	$150-210 million	$150-210 million
Interest Payments	$27-30 million	$27-30 million
Free Cash Flow	$120-140 million	$120-140 million

(*) Cash taxes include GeoPark’s estimates of the impact of the new tax reform in Colombia, irrespective of the timing of its cash impact, expected in 2023 or early 2024.

Production: Oil and gas production in 1Q2023 was 36,578 boepd. Adjusting for divestments in Argentina (completed on January 31, 2022), consolidated oil and gas production decreased by 4% compared to 1Q2022, due to lower production in Colombia, Chile and Brazil, partially offset by higher production in Ecuador.

Since early March 2023, GeoPark shut-in approximately 400 bopd of its oil production in Chile due to ongoing commercial negotiations with the Company’s off-taker, and as a result, Chile is currently producing approximately 1,600-1,800 boepd compared to an average production of 1,988 boepd in 1Q2023.

Oil represented 92% and 89% of total reported production in 1Q2023 and 1Q2022, respectively.

For further details, please refer to the 1Q2023 Operational Update published on April 11, 2023.

Reference and Realized Oil Prices: Brent crude oil prices decreased by 15% to $82.5 per bbl during 1Q2023, and the consolidated realized oil sales price decreased by 21% to $66.7 per bbl in 1Q2023.

A breakdown of reference and net realized oil prices in relevant countries in 1Q2023 and 1Q2022 is shown in the tables below:

1Q2023 – Realized Oil Prices ($ per bbl)	Colombia		Chile		Argentina9		Ecuador
Brent oil price (*)	82.5		82.3		–		83.5
Local marker differential	(8.4	)	–		–		–
Commercial, transportation discounts & other	(7.6	)	(8.0	)	–		(12.7	)
Realized oil price	66.5		74.3		–		70.8
Weight on oil sales mix	97.5	%	1.5	%	–		0.7	%

1Q2022 – Realized Oil Prices ($ per bbl)	Colombia		Chile		Argentina		Ecuador
Brent oil price (*)	96.9		103.7		96.9		–
Local marker differential	(3.7	)	–		–		–
Commercial, transportation discounts & other	(8.8	)	(7.8	)	(40.2	)	–
Realized oil price	84.4		95.9		56.7		–
Weight on oil sales mix	97.8	%	1.1	%	1.0	%	–

(*) Corresponds to the average month of sale price ICE Brent for Colombia, Ecuador and Argentina, and Dated Brent for Chile.

Revenue: Consolidated revenue decreased by 27% to $182.5 million in 1Q2023, compared to $249.2 million in 1Q2022, mainly reflecting lower oil and gas prices and to a lesser extent, lower deliveries.

Sales of crude oil: Consolidated oil revenue decreased by 27% to $175.1 million in 1Q2023, mainly explained by a 21% decrease in realized oil prices and 7% lower deliveries. Oil revenue was 96% of total revenue in 1Q2023 and 1Q2022.

(In millions of $)	1Q2023	1Q2022
Colombia	170.7	234.0
Chile	1.2	3.1
Argentina	–	1.7
Brazil	0.1	0.2
Ecuador	3.0	–
Oil Revenue	175.1	239.0

• Colombia: 1Q2023 oil revenue decreased by 27% to $170.7 million, reflecting lower realized oil prices and lower oil deliveries. Realized prices decreased by 21% to $66.5 per bbl due to lower Brent oil prices while oil deliveries decreased by 7% to 29,638 bopd. Earn-out payments decreased to $6.8 million in 1Q2023, compared to $8.4 million in 1Q2022 in line with lower oil prices.

• Chile: 1Q2023 oil revenue decreased by 60% to $1.2 million, reflecting lower realized prices and lower oil deliveries. Realized prices decreased by 22% to $74.3 per bbl due to lower Brent oil prices while oil deliveries decreased by 49% to 185 bopd.

• Ecuador: 1Q2023 oil revenue totaled $3.0 million, reflecting a realized oil price of $70.8 with deliveries of 478 bopd. Deliveries in Ecuador are net of the Government’s production share.

Sales of purchased crude oil: 1Q2023 sales of purchased crude oil totaled $0.8 million, which corresponds to oil trading operations (purchasing and selling crude oil from third parties with the cost of the oil purchased being reflected in production and operating costs).

Sales of gas: Consolidated gas revenue decreased by 36% to $6.5 million in 1Q2023 compared to $10.2 million in 1Q2022 reflecting 33% lower gas deliveries and 4% lower gas prices. Gas revenue was 4% of total revenue in 1Q2023 and 1Q2022.

(In millions of $)	1Q2023	1Q2022
Chile	3.2	3.6
Brazil	3.1	5.7
Argentina	–	0.3
Colombia	0.2	0.5
Gas Revenue	6.5	10.2

• Chile: 1Q2023 gas revenue decreased by 10% to $3.2 million, reflecting lower gas deliveries, partially offset by higher gas prices. Gas deliveries fell by 12% to 9,462 mcfpd (1,577 boepd). Gas prices were 2% higher, at $3.8 per mcf ($22.7 per boe) in 1Q2023.

• Brazil: 1Q2023 gas revenue decreased by 45% to $3.1 million, due to lower gas deliveries and lower gas prices. Gas deliveries decreased by 43% from the Manati gas field to 5,626 mcfpd (937 boepd). Gas prices decreased by 4% to $6.2 per mcf ($37.2 per boe) in 1Q2023.

Commodity Risk Management Contracts: Consolidated commodity risk management contracts amounted to zero in 1Q2023, compared to a $78.1 million loss in 1Q2022.

The table below provides a breakdown of realized and unrealized commodity risk management charges in 1Q2023 and 1Q2022:

(In millions of $)	1Q2023	1Q2022
Realized loss	–	(30.5)
Unrealized loss	–	(47.6)
Commodity risk management contracts	–	(78.1)

In 1Q2023 GeoPark had zero cost collars covering 9,500 bopd with purchased puts with an average price of $66.0 per bbl and sold calls at an average price of $112.6 per bbl.

Please refer to the “Commodity Risk Oil Management Contracts” section below for a description of hedges in place as of the date of this release.

Production and Operating Costs: Consolidated production and operating costs decreased to $52.5 million from $80.6 million, mainly resulting from lower royalties and economic rights due to lower oil prices, partially offset by higher operating costs.

The table below provides a breakdown of production and operating costs in 1Q2023 and 1Q2022:

(In millions of $)	1Q2023	1Q2022
Royalties	(7.2)	(14.8)
Economic rights	(16.1)	(43.2)
Operating costs	(28.5)	(22.5)
Purchased crude oil	(0.7)	–
Share-based payments	(0.0)	(0.1)
Production and operating costs	(52.5)	(80.6)

Consolidated royalties amounted to $7.2 million in 1Q2023 compared to $14.8 million in 1Q2022, in line with lower oil prices.

Consolidated economic rights (including high price participation, x-factor and other economic rights paid to the Colombian Government) amounted to $16.1 million in 1Q2023 compared to $43.2 million in 1Q2022, in line with lower oil prices.

Consolidated operating costs increased to $28.5 million in 1Q2023 compared to $22.5 million in 1Q2022.

The breakdown of operating costs is as follows:

• Colombia: Total operating costs increased to $24.5 million in 1Q2023 from $16.2 million in 1Q2022, mainly due to higher operating costs per boe, partially offset by lower deliveries (deliveries in Colombia decreased by 7%).

• Chile: Total operating costs decreased to $1.9 million in 1Q2023 from $3.7 million in 1Q2022, in line with lower operating costs per boe and lower oil and gas deliveries (deliveries in Chile decreased by 18%).

• Brazil: Total operating costs decreased to $0.7 million in 1Q2023 compared to $1.2 million in 1Q2022, due to lower gas deliveries from the Manati field (deliveries in Brazil decreased by 43%), partially offset by higher operating costs per boe.

• Ecuador: Total operating costs were $1.3 million in 1Q2023.

• Argentina: The divestment of the Aguada Baguales, El Porvenir and Puesto Touquet blocks was completed in January 2022. The comparative period, 1Q2022, included $1.3 million of operating costs in Argentina.

Consolidated purchased crude oil charges amounted to $0.7 million in 1Q2023, which corresponds to oil trading operations (purchasing and selling crude oil from third parties with the sale of purchased oil being reflected in revenue).

Selling Expenses: Consolidated selling expenses increased to $2.4 million in 1Q2023 compared to $2.0 million in 1Q2022.

Geological & Geophysical Expenses: Consolidated G&G expenses decreased to $2.5 million in 1Q2023 compared to $2.7 million in 1Q2022.

Administrative Expenses: Consolidated G&A decreased to $9.4 million in 1Q2023 compared to $9.9 million in 1Q2022.

Adjusted EBITDA: Consolidated adjusted EBITDA¹⁰ decreased by 6% to $114.9 in 1Q2023 (on a per boe basis, adjusted EBITDA increased to $38.6 per boe in 1Q2023 from $37.3 per boe in 1Q2022).

(In millions of $)	1Q2023	1Q2022
Colombia	113.5	121.8
Chile	1.5	2.1
Brazil	1.6	3.6
Argentina	(0.7)	(1.7)
Ecuador	1.0	(0.5)
Corporate	(2.0)	(2.8)
Adjusted EBITDA	114.9	122.6

The table below shows production, volumes sold and the breakdown of the most significant components of adjusted EBITDA for 1Q2023 and 1Q2022, on a per boe basis:

Adjusted EBITDA/boe		Colombia						Chile						Brazil						Ecuador						Totald
		1Q23			1Q22			1Q23			1Q22			1Q23			1Q22			1Q23			1Q22			1Q23			1Q22
Production (boepd)		32,580			33,738			1,988			2,279			1,020			1,815			990			190			36,578			38,626
Inventories, RIK& Othera		(2,837	)		(1,635	)		(225	)		(121	)		(65	)		(153	)		(512	)		(190	)		(3,513	)		(2,098	)
Sales volume (boepd)		29,743			32,103			1,763			2,158			955			1,662			478			–			33,065			36,528
% Oil		99.6	%		99.4	%		11	%		17	%		2	%		1	%		100	%		–			92	%		89	%
($ per boe)
Realized oil price		66.5			84.4			74.3			95.9			71.2			104.5			70.8			–			66.7			84.3
Realized gas pricec		19.2			28.8			22.7			22.3			37.2			39.0			–			–			27.8			28.8
Earn-out		(2.5	)		(2.9	)		–			–			–			–			–			–			(2.5	)		(2.9	)
Combined Price		63.8			81.2			28.1			34.6			37.9			39.9			70.8			–			61.3			75.8
Realized commodity risk management contracts		–			(10.6	)		–			–			–			–			–			–			–			(9.3	)
Operating costse		(9.6	)		(5.9	)		(14.0	)		(18.9	)		(11.4	)		(10.6	)		(31.2	)		–			(10.1	)		(7.2	)
Royalties & economic rights		(8.5	)		(19.7	)		(1.0	)		(1.4	)		(3.0	)		(3.2	)		–			–			(7.8	)		(17.7	)
Purchased crude oilb		–			–			–			–			–			–			–			–			(0.2	)		–
Selling & other expenses		(0.7	)		(0.6	)		(0.4	)		(0.4	)		–			–			(9.6	)		–			(0.8	)		(0.6	)
Operating Netback/boe		45.0			44.3			12.6			13.9			23.4			26.2			30.0			–			42.2			41.0
G&A, G&G & other																										(3.6	)		(3.7	)
Adjusted EBITDA/boe																										38.6			37.3

a) RIK (Royalties in kind): Includes royalties paid in kind in Colombia for approximately 1,665 bopd and 1,115 bopd in 1Q2023 and 1Q2022, respectively. No royalties were paid in kind in Chile, Brazil or Ecuador. Production in Ecuador is reported before the Government’s production share. Other includes economic rights paid in kind.

b) Reported in the Corporate business segment.

c) Conversion rate of $mcf/$boe=1/6.

d) Includes amounts recorded in Argentina and corporate segments.

e) Operating costs per boe included in this table include certain adjustments to the reported figures (IFRS 16 and others).

Depreciation: Consolidated depreciation charges increased to $27.2 million in 1Q2023 compared to $21.6 million in 1Q2022.

Write-off of unsuccessful exploration efforts: The consolidated write-off of unsuccessful exploration efforts amounted to $10.6 million in 1Q2023 and zero in 1Q2022. Amounts recorded in 1Q2023 correspond to unsuccessful exploration efforts in the Llanos 87 block and to a lesser extent, in the Llanos 94 block, both in Colombia.

Other Income (Expenses): Other operating expenses showed a $1.4 million loss in 1Q2023, compared to a $4.5 million gain in 1Q2022.

CONSOLIDATED NON-OPERATING RESULTS AND PROFIT FOR THE PERIOD

Financial Expenses: Net financial expenses decreased to $9.8 million in 1Q2023 from $15.1 million in 1Q2022, mainly resulting from a sustained deleveraging process that started in April 2021 and continued in 2022.

Foreign Exchange: Net foreign exchange losses amounted to $3.4 million in 1Q2023 compared to $6.6 million loss in 1Q2022.

Income Tax: Income taxes totaled $37.1 million in 1Q2023 compared to $5.9 million in 1Q2022, mainly resulting from higher profits before income taxes plus the effect of fluctuations of the Colombian peso and the effects of the tax reform in Colombia applicable in fiscal year 2023.

Net Profit: Net profit decreased to $26.3 million in 1Q2023 compared to $31.0 million in 1Q2022.

BALANCE SHEET

Cash and Cash Equivalents: Cash and cash equivalents totaled $145.4 million as of March 31, 2023, compared to $128.8 million as of December 31, 2022.

This net increase is explained by the following:

(In millions of $)	1Q2023
Cash flows from operating activities	91.9
Cash flows used in investing activities	(45.0)
Cash flows used in financing activities	(30.7)
Currency Translation	0.3
Net increase in cash & cash equivalents	16.6

Cash flows from operating activities of $91.9 million in 1Q2023 included income tax payments of $6.0 million. In 2Q2023 the Company expects to pay $80-90 million related to tax obligations accrued in the fiscal year 2022.

Cash flows used in financing activities mainly included $13.7 million related to interest payments, $7.5 million related to executing the Company’s share buyback program and $7.5 million related to dividend payments.

Financial Debt: Total financial debt net of issuance cost was $491.6 million, all corresponding to the 2027 Notes. Short-term financial debt was $5.7 million as of March 31, 2023, and correspond to interest accrued on the 2027 Notes.

(In millions of $)	March 31, 2023	December 31, 2022
2027 Notes	491.6	497.6
Financial debt	491.6	497.6

For further details, please refer to Note 12 of GeoPark’s consolidated financial statements as of March 31, 2023, available on the Company’s website.

FINANCIAL RATIOS^a

(In millions of $)
Period-end	Financial Debt		Cash and Cash Equivalents		Net Debt		Net Debt/LTM Adj. EBITDA		LTM Interest Coverage
1Q2022	642.5		114.1		528.4		1.5x		8.4x
2Q2022	585.4		122.5		462.9		1.0x		10.8x
3Q2022	491.1		93.0		398.1		0.8x		12.7x
4Q2022	497.6		128.8		368.8		0.7x		14.9x
1Q2023	491.6		145.4		346.2		0.7x		15.8x

a)	Based on trailing last twelve-month financial results (“LTM”).

Covenants in the 2027 Notes: The 2027 Notes include incurrence test covenants that, among others, require that the Net Debt to Adjusted EBITDA ratio should not exceed 3.25 times and the Adjusted EBITDA to Interest ratio should exceed 2.5 times.

COMMODITY RISK OIL MANAGEMENT CONTRACTS

The table below summarizes commodity risk management contracts in place as of the date of this release:

Period	Type	Reference	Volume (bopd)	Contract Terms (Average $ per bbl)
				Purchased Put	Sold Call
2Q2023	Zero cost collar	Brent	10,000	69.3	110.6
3Q2023	Zero cost collar	Brent	7,500	70.0	97.3
4Q2023	Zero cost collar	Brent	5,000	70.0	91.6

SELECTED INFORMATION BY BUSINESS SEGMENT

Colombia (In millions of $)	1Q2023		1Q2022
Sale of crude oil	170.7		234.0
Sale of gas	0.2		0.5
Revenue	170.9		234.5
Production and operating costsa	(47.4	)	(73.4	)
Adjusted EBITDA	113.5		121.8
Capital expenditure	40.0		28.4

Chile (In millions of $)	1Q2023		1Q2022
Sale of crude oil	1.2		3.1
Sale of gas	3.2		3.6
Revenue	4.5		6.7
Production and operating costsa	(2.1	)	(4.0	)
Adjusted EBITDA	1.5		2.1
Capital expenditure	0.1		2.9

Brazil (In millions of $)	1Q2023		1Q2022
Sale of crude oil	0.1		0.3
Sale of gas	3.1		5.7
Revenue	3.3		6.0
Production and operating costsa	(1.0	)	(1.7	)
Adjusted EBITDA	1.6		3.6
Capital expenditure	0.0		0.0

Ecuador (In millions of $)	1Q2023		1Q2022
Sale of crude oil	3.0		–
Sale of gas	0.0		–
Revenue	3.0		–
Production and operating costsa	(1.3	)	–
Adjusted EBITDA	1.0		(0.5	)
Capital expenditure	4.9		8.1

a)	Production and operating costs = Operating costs + Royalties + Share-based payments + Purchased crude oil.

CONSOLIDATED STATEMENT OF INCOME

(QUARTERLY INFORMATION UNAUDITED)

(In millions of $)	1Q2023		1Q2022
REVENUE
Sale of crude oil	175.1		239.0
Sale of purchased crude oil	0.8		–
Sale of gas	6.5		10.2
TOTAL REVENUE	182.5		249.2
Commodity risk management contracts	0.0		(78.1	)
Production and operating costs	(52.5	)	(80.6	)
Geological and geophysical expenses (G&G)	(2.5	)	(2.7	)
Administrative expenses (G&A)	(9.4	)	(9.9	)
Selling expenses	(2.4	)	(2.0	)
Depreciation	(27.2	)	(21.6	)
Write-off of unsuccessful exploration efforts	(10.6	)	–
Other	(1.4	)	4.5
OPERATING PROFIT	76.6		58.6
Financial costs, net	(9.8	)	(15.1	)
Foreign exchange loss	(3.4	)	(6.6	)
PROFIT BEFORE INCOME TAX	63.4		36.9
Income tax	(37.1	)	(5.9	)
PROFIT FOR THE PERIOD	26.3		31.0

SUMMARIZED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(QUARTERLY INFORMATION UNAUDITED)

(In millions of $)	Mar ’23		Dec ’22
Non-Current Assets
Property, plant and equipment	673.0		666.8
Other non-current assets	68.7		69.0
Total Non-Current Assets	741.7		735.8
Current Assets
Inventories	18.8		14.4
Trade receivables	56.7		71.8
Other current assets	22.7		23.1
Cash at bank and in hand	145.4		128.8
Total Current Assets	243.6		238.1
Total Assets	985.2		974.0
Total Equity	129.4		115.6
Non-Current Liabilities
Borrowings	485.9		485.1
Other non-current liabilities	155.3		144.1
Total Non-Current Liabilities	641.2		629.2
Current Liabilities
Borrowings	5.7		12.5
Other current liabilities	208.9		216.6
Total Current Liabilities	214.6		229.2
Total Liabilities	855.8		858.4
Total Liabilities and Equity	985.2		974.0

SUMMARIZED CONSOLIDATED STATEMENT OF CASH FLOW

(QUARTERLY INFORMATION UNAUDITED)

(In millions of $)	1Q2023		1Q2022
Cash flow from operating activities	91.9		89.7
Cash flow used in investing activities	(45.0	)	(25.0	)
Cash flow used in financing activities	(30.7	)	(52.9	)

RECONCILIATION OF ADJUSTED EBITDA TO PROFIT BEFORE INCOME TAX

1Q2023 (In millions of $)		Colombia			Chile			Brazil			Ecuador			Other(a)			Total
Adjusted EBITDA		113.5			1.5			1.6			1.0			(2.7	)		114.9
Depreciation		(22.5	)		(2.8	)		(0.6	)		(1.3	)		(0.0	)		(27.2	)
Unrealized commodity risk management contracts		–			–			–			–			–			–
Write-off of unsuccessful exploration efforts & impairment		(10.6	)		–			–			–			–			(10.6	)
Share based payment		(0.0	)		–			–			–			(1.3	)		(1.5	)
Lease Accounting – IFRS 16		1.3			0.3			0.3			0.0			–			1.9
Others		(1.0	)		0.0			(0.1	)		0.0			(0.0	)		(1.0	)
OPERATING PROFIT (LOSS)		80.8			(1.0	)		1.1			(0.4	)		(4.0	)		76.6
Financial costs, net																	(9.8	)
Foreign exchange charges, net																	(3.4	)
PROFIT BEFORE INCOME TAX																	63.4
1Q2022 (In millions of $)		Colombia			Chile			Brazil			Ecuador			Other(a)			Total
Adjusted EBITDA		121.8			2.1			3.6			(0.5	)		(4.5	)		122.6
Depreciation		(17.4	)		(3.3	)		(0.8	)		(0.0	)		(0.0	)		(21.6	)
Unrealized commodity risk management contracts		(47.6	)		–			–			–			–			(47.6	)
Write-off of unsuccessful exploration efforts & impairment		–			–			–			–			–			–
Share based payment		(0.2	)		(0.0	)		(0.0	)		(0.0	)		(0.8	)		(1.0	)
Lease Accounting – IFRS 16		1.0			0.4			0.4			0.0			–			1.8
Others		0.7			(0.0	)		(0.1	)		(0.0	)		4.0			4.5
OPERATING PROFIT (LOSS)		58.3			(0.9	)		3.1			(0.5	)		(1.3	)		58.6
Financial costs, net																	(15.1	)
Foreign exchange charges, net																	(6.6	)
PROFIT BEFORE INCOME TAX																	36.9

(a)	Includes Argentina and Corporate.

LAST TWELVE-MONTH RETURN ON AVERAGE CAPITAL EMPLOYED

(In millions of $)	March 2023		March 2022
Last twelve-month Operating Income	447.0
Total Assets – Period-end	985.2		933.9
Current Liabilities – Period-end	(214.6	)	(257.0	)
Capital Employed – Period-end	770.6		676.9
Average Capital Employed	723.7		–
Average Return on Average Capital Employed	62	%

2022 SPEED/ESG Sustainability Report

GeoPark published its 2022 SPEED/ESG Report on April 26, 2023. The report is available on the Company’s website.

CONFERENCE CALL INFORMATION

Reporting Date and Conference Call for 1Q2023 Financial Results

In conjunction with the 1Q2023 results press release, GeoPark management will host a conference call on May 4, 2023, at 10:00 am (Eastern Daylight Time).

To listen to the call, participants can access the webcast located in the Invest with Us section of the Company’s website at www.geo-park.com, or by clicking below:

https://events.q4inc.com/attendee/236589020

Interested parties may participate in the conference call by dialing the numbers provided below:

United States Participants: +1 404 975 4839

International Participants: +1 929-526-1599

Passcode: 572781

Please allow extra time prior to the call to visit the website and download any streaming media software that might be required to listen to the webcast.

An archive of the webcast replay will be made available in the Invest with Us section of the Company’s website at www.geo-park.com after the conclusion of the live call.

GLOSSARY

2027 Notes	5.500% Senior Notes due 2027
Adjusted EBITDA	Adjusted EBITDA is defined as profit for the period before net finance costs, income tax, depreciation, amortization, the effect of IFRS 16, certain non-cash items such as impairments and write-offs of unsuccessful efforts, accrual of share-based payments, unrealized results on commodity risk management contracts and other non-recurring events
Adjusted EBITDA per boe	Adjusted EBITDA divided by total boe deliveries
ANH	Agencia Nacional de Hidrocarburos (Colombia)
Operating Netback per boe	Revenue, less production and operating costs (net of depreciation charges and accrual of stock options and stock awards, the effect of IFRS 16), selling expenses, and realized results on commodity risk management contracts, divided by total boe deliveries. Operating Netback is equivalent to Adjusted EBITDA net of cash expenses included in Administrative, Geological and Geophysical and Other operating costs
Bbl	Barrel
Boe	Barrels of oil equivalent
Boepd	Barrels of oil equivalent per day
Bopd	Barrels of oil per day
D&M	DeGolyer and MacNaughton
F&D costs	Finding and Development costs, calculated as capital expenditures divided by the applicable net reserve additions before changes in Future Development Capital
G&A	Administrative Expenses
G&G	Geological & Geophysical Expenses
LTM	Last Twelve Months
Mboe	Thousand barrels of oil equivalent
Mmbo	Million barrels of oil
Mmboe	Million barrels of oil equivalent
Mcfpd	Thousand cubic feet per day
Mmcfpd	Million cubic feet per day
Mm3/day	Thousand cubic meters per day
PRMS	Petroleum Resources Management System
WI	Working interest
NPV10	Present value of estimated future oil and gas revenue, net of estimated direct expenses, discounted at an annual rate of 10%
Sqkm	Square kilometers

NOTICE

Additional information about GeoPark can be found in the Invest with Us section on the website at www.geo-park.com.

Rounding amounts and percentages: Certain amounts and percentages included in this press release have been rounded for ease of presentation. Percentage figures included in this press release have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, certain percentage amounts in this press release may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain other amounts that appear in this press release may not sum due to rounding.

This press release contains certain oil and gas metrics, including information per share, operating netback, reserve life index and others, which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies. Such metrics have been included herein to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods.

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION

This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as ‘‘anticipate,’’ ‘‘believe,’’ ‘‘could,’’ ‘‘expect,’’ ‘‘should,’’ ‘‘plan,’’ ‘‘intend,’’ ‘‘will,’’ ‘‘estimate’’ and ‘‘potential,’’ among others.

Forward-looking statements that appear in a number of places in this press release include, but are not limited to, statements regarding the intent, belief or current expectations, regarding various matters, including, revised 2023 guidance as it relates to annual average production, Adjusted EBITDA, capital expenditures, cash income taxes and free cash flow, as well as tax obligations to be paid during 2023. Forward-looking statements are based on management’s beliefs and assumptions, and on information currently available to the management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors.

Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances, or to reflect the occurrence of unanticipated events. For a discussion of the risks facing the Company which could affect whether these forward-looking statements are realized, see filings with the U.S. Securities and Exchange Commission (SEC).

Oil and gas production figures included in this release are stated before the effect of royalties paid in kind, consumption and losses. Annual production per day is obtained by dividing total production by 365 days.

Information about oil and gas reserves: The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proven, probable and possible reserves that meet the SEC’s definitions for such terms. GeoPark uses certain terms in this press release, such as “PRMS Reserves” that the SEC’s guidelines do not permit GeoPark from including in filings with the SEC. As a result, the information in the Company’s SEC filings with respect to reserves will differ significantly from the information in this press release.

NPV10 for PRMS 1P, 2P and 3P reserves is not a substitute for the standardized measure of discounted future net cash flow for SEC proved reserves.

The reserve estimates provided in this release are estimates only, and there is no guarantee that the estimated reserves will be recovered. Actual reserves may eventually prove to be greater than, or less than, the estimates provided herein. Statements relating to reserves are by their nature forward-looking statements.

Non-GAAP Measures: The Company believes Adjusted EBITDA, free cash flow and operating netback per boe, which are each non-GAAP measures, are useful because they allow the Company to more effectively evaluate its operating performance and compare the results of its operations from period to period without regard to its financing methods or capital structure. The Company’s calculation of Adjusted EBITDA, free cash flow, and operating netback per boe may not be comparable to other similarly titled measures of other companies.

Adjusted EBITDA: The Company defines Adjusted EBITDA as profit for the period before net finance costs, income tax, depreciation, amortization and certain non-cash items such as impairments and write-offs of unsuccessful exploration and evaluation assets, accrual of stock options stock awards, unrealized results on commodity risk management contracts and other non-recurring events. Adjusted EBITDA is not a measure of profit or cash flow as determined by IFRS. The Company excludes the items listed above from profit for the period in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, profit for the period or cash flow from operating activities as determined in accordance with IFRS or as an indicator of our operating performance or liquidity. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure and significant and/or recurring write-offs, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDA. For a reconciliation of Adjusted EBITDA to the IFRS financial measure of profit for the year or corresponding period, see the accompanying financial tables.

Operating Netback per boe: Operating netback per boe should not be considered as an alternative to, or more meaningful than, profit for the period or cash flow from operating activities as determined in accordance with IFRS or as an indicator of the Company’s operating performance or liquidity. Certain items excluded from operating netback per boe are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure and significant and/or recurring write-offs, as well as the historic costs of depreciable assets, none of which are components of operating netback per boe. The Company’s calculation of operating netback per boe may not be comparable to other similarly titled measures of other companies. For a reconciliation of operating netback per boe to the IFRS financial measure of profit for the year or corresponding period, see the accompanying financial tables.

Net Debt: Net debt is defined as current and non-current borrowings less cash and cash equivalents.

_____________________________

1 Return on average capital employed is defined as last twelve-month operating profit divided by average total assets minus current liabilities.

2 Based on GeoPark’s market capitalization as of May 2, 2023.

3 Scopes 1 and 2.

4 Brent assumption from May to December 2023.

5 Assuming a Brent to Vasconia differential averaging $4-5 per bbl from May to December 2023.

6 Free cash flow is used here as Adjusted EBITDA less capital expenditures, mandatory interest payments and cash taxes. 2023 cash taxes include GeoPark’s preliminary estimates of the full impact of the new tax reform in Colombia, irrespective of the timing of its cash impact, expected in 2023 or early 2024. The Company is unable to present a quantitative reconciliation of the 2023 Adjusted EBITDA which is a forward-looking non-GAAP measure, because the Company cannot reliably predict certain of its necessary components, such as write-off of unsuccessful exploration efforts or impairment loss on non-financial assets, etc. Since free cash flow is calculated based on Adjusted EBITDA, for similar reasons, the Company does not provide a quantitative reconciliation of the 2023 free cash flow forecast.

7 Brent assumption from May to December 2023.

8 Assuming a Brent to Vasconia differential averaging $4-5 per bbl from May to December 2023.

9 The divestment of the Aguada Baguales, El Porvenir and Puesto Touquet blocks in Argentina was completed on January 31, 2022.

10 See “Reconciliation of Adjusted EBITDA to Profit Before Income Tax” included in this press release.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20230503005729/en/

INVESTORS:

Stacy Steimel

Shareholder Value Director

T: +562 2242 9600

[email protected]

Miguel Bello

Market Access Director

T: +562 2242 9600

[email protected]

Diego Gully

Investor Relations Director

T: +55 21 99636 9658

[email protected]

MEDIA:

Communications Department

[email protected]

KEYWORDS: Florida United States South America Colombia North America

INDUSTRY KEYWORDS: Oil/Gas Energy

MEDIA:

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Webster Financial Corporation Declares Common and Preferred Dividends

STAMFORD, Conn.–(BUSINESS WIRE)–
Webster Financial Corporation (NYSE:WBS), the holding company for Webster Bank, N.A. and its HSA Bank division, announced that its Board of Directors declared a quarterly cash dividend of $0.40 per share on its common stock.

The dividend on common shares will be payable May 22, 2023, to shareholders of record as of May 8, 2023.

On its Series F Preferred Stock, Webster declared a quarterly cash dividend of $328.125 per share ($0.328125 per each depositary share, 1,000 of which represent one share of Series F Preferred Stock), payable June 15, 2023, to shareholders of record on June 1, 2023.

On its Series G Preferred Stock, Webster declared a quarterly cash dividend of $16.25 per share ($0.40625 per each depositary share, 40 of which represents one share of Series G Preferred Stock), payable July 15, 2023, to shareholders of record on June 30, 2023.

About Webster

Webster Financial Corporation (NYSE:WBS) is the holding company for Webster Bank, N.A. and its HSA Bank Division. Webster is a leading commercial bank in the Northeast that provides a wide range of digital and traditional financial solutions across three differentiated lines of business: Commercial Banking, Consumer Banking and its HSA Bank division, one of the country’s largest providers of employee benefits solutions. Headquartered in Stamford, CT, Webster is a values-driven organization with $75 billion in assets. Its core footprint spans the northeastern U.S. from New York to Massachusetts, with certain businesses operating in extended geographies. Webster Bank is a member of the FDIC and an equal housing lender. For more information about Webster, including past press releases and the latest annual report, visit the Webster website at www.websterbank.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230503006026/en/

Media Contact:

Alice Ferreira, 203-578-2610

[email protected]

Investor Contact:

Emlen Harmon, 212-309-7646

[email protected]

KEYWORDS: Connecticut United States North America

INDUSTRY KEYWORDS: Banking Personal Finance Professional Services Finance

MEDIA:

Posted on May 3, 2023 7:27 pm

National Fuel Reports Second Quarter Earnings

WILLIAMSVILLE, N.Y., May 03, 2023 (GLOBE NEWSWIRE) — National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced consolidated results for the second quarter of its 2023 fiscal year and for the six months ended March 31, 2023.

FISCAL 2023 SECOND QUARTER SUMMARY

• GAAP net income of $140.9 million, or $1.53 per share, compared to GAAP net income of $167.3 million, or $1.82 per share, in the prior year.
• Adjusted operating results of $141.8 million, or $1.54 per share, compared to $154.4 million, or $1.68 per share, in the prior year (see non-GAAP reconciliation on page 2).
• Net cash provided by operating activities fiscal year to date of $711 million, an increase of $285 million or 67%, compared to $426 million in the prior year.
• E&P segment net Appalachian natural gas production of 93.2 Bcfe, an increase of 9.7 Bcfe, or 12%, higher than prior year and 3% higher than fiscal 2023 first quarter.
• Joint settlement agreement filed in Utility’s Pennsylvania rate case for increase in base rates of $23 million (black box settlement) and the addition of a weather normalization mechanism. This joint settlement, pending PaPUC approval, would become effective in August.
• Company is revising its fiscal 2023 earnings guidance to a range of $5.10 to $5.40 per share, while maintaining capital expenditure guidance with a range of $830 million to $940 million.

MANAGEMENT COMMENTS

David P. Bauer, President and Chief Executive Officer of National Fuel Gas Company, stated: “The Company had strong operational results in the second quarter amidst a challenging commodity price backdrop. Over the first six months of fiscal 2023, we experienced a significant year-over-year increase in free cash flow generation, affording us the flexibility to reduce our absolute leverage levels and further strengthen our investment grade balance sheet.

“With respect to the balance of the fiscal year, our consistent approach to hedging, combined with the durability of our rate-regulated cash flows, position us well to navigate current natural gas pricing headwinds. As we look further ahead, our ongoing investment in the modernization of our rate-regulated infrastructure, along with Seneca’s growing natural gas production and an improved long-term outlook for natural gas prices, should continue to drive significant free cash flow.”

ACQUISITION OF BOLT-ON UPSTREAM ASSETS IN EASTERN DEVELOPMENT AREA

Seneca has entered into an agreement to acquire upstream assets in northwest Tioga County, Pennsylvania from Southwestern Energy for total consideration of $127.0 million, subject to certain purchase price adjustments at closing.

As part of the transaction, Seneca has agreed to purchase approximately 30,000 net acres located in Tioga and Potter counties, Pennsylvania. At closing, these assets are expected to have flowing net production of approximately 20 million cubic feet per day. The transaction is anticipated to close on June 1, 2023 and is subject to customary closing conditions.

Additionally, Seneca entered into two separate transactions to acquire approximately 6,000 bolt-on fee and lease acres, with a modest amount of production and one proved developed non-producing well, in its Lycoming and Tioga operating areas for total consideration of between $20 and $25 million, subject to closing and title adjustments.

RECONCILIATION OF GAAP EARNINGS TO ADJUSTED OPERATING RESULTS

		Three Months Ended								Six Months Ended
		March 31,								March 31,
(in thousands except per share amounts)			2023				2022				2023				2022
Reported GAAP Earnings		$	140,880			$	167,328			$	310,570			$	299,720
Items impacting comparability:
Unrealized (gain) loss on derivative asset (E&P)			2,471				—				2,273				—
Tax impact of unrealized (gain) loss on derivative asset			(677	)			—				(623	)			—
Unrealized (gain) loss on other investments (Corporate / All Other)			(1,068	)			2,170				(1,278	)			6,659
Tax impact of unrealized (gain) loss on other investments			224				(456	)			268				(1,398	)
Reduction of other post-retirement regulatory liability (Utility)			—				(18,533	)			—				(18,533	)
Tax impact of reduction of other post-retirement regulatory liability			—				3,892				—				3,892
Adjusted Operating Results		$	141,830			$	154,401			$	311,210			$	290,340
Reported GAAP Earnings Per Share		$	1.53			$	1.82			$	3.37			$	3.26
Items impacting comparability:
Unrealized (gain) loss on derivative asset, net of tax (E&P)			0.02				—				0.02				—
Unrealized (gain) loss on other investments, net of tax (Corporate / All Other)			(0.01	)			0.02				(0.01	)			0.05
Reduction of other post-retirement regulatory liability, net of tax (Utility)			—				(0.16	)			—				(0.16	)
Rounding			—				—				(0.01	)			—
Adjusted Operating Results Per Share		$	1.54			$	1.68			$	3.37			$	3.15

FISCAL 2023 GUIDANCE UPDATE

National Fuel is revising its fiscal 2023 earnings guidance with updated forecast assumptions and projections. The Company is now projecting that earnings, excluding items impacting comparability, will be within the range of $5.10 to $5.40 per share, a decrease of $0.30 per share from the midpoint of the Company’s prior guidance range. The decrease from the Company’s prior earnings guidance primarily reflects the impact of lower natural gas prices, as the rest of the Company’s assumptions and projections are unchanged.

The Company is now assuming that NYMEX natural gas prices will average $2.50 per MMBtu for the remainder of fiscal 2023, a decrease of $0.75 per MMBtu from the $3.25 per MMBtu assumed in the previous guidance. For guidance purposes, the Company’s updated natural gas price projections approximate the current NYMEX forward curve and consider the impact of local sales point differentials and new physical firm sales, transportation, and financial hedge contracts.

The Exploration and Production segment’s fiscal 2023 net production guidance range of 370 to 390 Bcfe remains unchanged. Capital expenditures are expected to be within the range of $525 to $575 million, which is consistent with prior guidance. During the first half of the year, the Company operated a two-rig program with a dedicated completion crew, while also periodically utilizing a top-hole rig and an additional completion crew. As previously planned, activity levels are expected to decrease during the remainder of the fiscal year as the Company drops its top-hole rig and only utilizes its dedicated completion crew.

Seneca currently has firm sales contracts in place for approximately 92% of its projected remaining fiscal 2023 production, limiting its exposure to in-basin markets. Approximately 77% of Seneca’s expected remaining fiscal 2023 production is either matched by a financial hedge, including a combination of swaps and no-cost collars, or was entered into at a fixed price.

The Company’s other guidance assumptions remain unchanged from the previous guidance. The details are outlined in the table on page 7.

DISCUSSION OF SECOND QUARTER RESULTS BY SEGMENT

The following earnings discussion of each operating segment for the quarter ended March 31, 2023 is summarized in a tabular form on pages 8 and 9 of this report (earnings drivers for the six months ended March 31, 2023 are summarized on pages 10 and 11). It may be helpful to refer to those tables while reviewing this discussion.

Note that management defines Adjusted Operating Results as reported GAAP earnings adjusted for items impacting comparability, and 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.

Upstream Business

Exploration and Production Segment

The Exploration and Production segment operations are carried out by Seneca Resources Company, LLC (“Seneca”). Seneca explores for, develops and produces primarily natural gas reserves in Pennsylvania.

	Three Months Ended
	March 31,
(in thousands)		2023			2022		Variance
GAAP Earnings	$	60,982		$	71,121		$	(10,139	)
Unrealized (gain) loss on derivative asset, net of tax		1,794			—			1,794
Adjusted Operating Results	$	62,776		$	71,121		$	(8,345	)
Adjusted EBITDA	$	154,574		$	158,450		$	(3,876	)

Seneca’s second quarter GAAP earnings decreased $10.1 million versus the prior year. Higher production and Appalachian realized natural gas prices were more than offset by the loss of earnings related to Seneca’s crude oil production in California which was divested in June 2022. This decrease includes an unrealized loss of $2.5 million ($1.8 million after-tax) recognized from a reduction in the implied fair value of an asset related to the contingent consideration in connection with this divestiture. Excluding this loss, Seneca’s earnings decreased $8.3 million.

Seneca produced 93.3 Bcfe during the second quarter, an increase of 6.2 Bcfe, or 7%, from the prior year. This increase was a result of a 9.7 Bcf increase, or 12%, in Appalachian natural gas production, partially offset by a 3.5 Bcfe decrease in production related to the aforementioned California sale.

Seneca’s average Appalachian realized natural gas price, after the impact of hedging and transportation costs, was $2.58 per Mcf, an increase of $0.02 per Mcf from the prior year. The lower Appalachian natural gas prices, before the impact of hedging, were more than offset by an increase in the weighted average hedge price compared to the prior year second quarter.

On an absolute basis, lease operating and transportation expense (“LOE”) decreased $6.8 million primarily due to the California sale. Partly offsetting that decrease were increases in LOE from higher transportation and gathering costs as a result of increased production, as well as higher water management and well maintenance costs in Appalachia. LOE expense includes $55.3 million in intercompany expense for gathering and compression services used to connect Seneca’s production to sales points along interstate pipelines. On a per unit basis, LOE was $0.71 per Mcfe, a decrease of $0.12 per Mcfe from the prior year.

General and administrative (“G&A”) expense decreased by $1.4 million largely due to the California sale. On a per unit basis, G&A expense was $0.19 per Mcfe, a decrease of $0.03 per Mcfe from the prior year. The decrease in Seneca’s other operating expenses of $2.7 million was also primarily due to the sale of Seneca’s California assets. Other taxes decreased $2.4 million largely attributable to both the impact of the sale of Seneca’s California assets as well as lower Impact Fees in Pennsylvania.

Depreciation, depletion and amortization (“DD&A”) expense increased $8.1 million due to higher natural gas production and a higher per unit DD&A rate, which was driven by an increase in capitalized costs in Seneca’s full cost pool. DD&A expense was $0.63 per Mcfe, an increase of $0.05 per Mcfe from the prior year.

Midstream Businesses

Pipeline and Storage Segment

The Pipeline and Storage segment’s operations are carried out by National Fuel Gas Supply Corporation (“Supply Corporation”) and Empire Pipeline, Inc. (“Empire”). The Pipeline and Storage segment provides natural gas transportation and storage services to affiliated and non-affiliated companies through an integrated system of pipelines and underground natural gas storage fields in western New York and Pennsylvania.

	Three Months Ended
	March 31,
(in thousands)		2023			2022		Variance
GAAP Earnings	$	23,858		$	25,470		$	(1,612	)
Adjusted EBITDA	$	58,926		$	61,371		$	(2,445	)

The Pipeline and Storage segment’s second quarter GAAP earnings decreased $1.6 million versus the prior year primarily due to higher operation and maintenance (“O&M”) expense, partially offset by an increase in other income. O&M expense increased $2.8 million primarily due to higher personnel, pipeline integrity, and compressor maintenance costs. The increase in other income of $1.3 million was primarily attributable to a higher weighted average interest rate on intercompany short-term notes receivables.

Gathering Segment

The Gathering segment’s operations are carried out by National Fuel Gas Midstream Company, LLC’s limited liability companies. The Gathering segment constructs, owns and operates natural gas gathering pipelines and compression facilities in the Appalachian region, which delivers Seneca and other non-affiliated Appalachian production to the interstate pipeline system.

	Three Months Ended
	March 31,
(in thousands)		2023			2022		Variance
GAAP Earnings	$	24,334		$	22,092		$	2,242
Adjusted EBITDA	$	46,263		$	43,056		$	3,207

The Gathering segment’s second quarter GAAP earnings increased $2.2 million versus the prior year primarily due to higher operating revenues, partially offset by higher O&M expense and higher DD&A expense. Operating revenues increased $4.4 million, or 8%, which was the result of a 5.6 Bcf increase in gathered volumes due to an increase in Seneca’s natural gas production. The increase in O&M expense of $1.2 million was due to higher compression leasing expenses, as well as increases in personnel expenses and costs for materials. DD&A expense increased $0.6 million due primarily to higher average depreciable plant in service compared to the prior year.

Downstream Business

Utility Segment

The Utility segment operations are carried out by National Fuel Gas Distribution Corporation (“Distribution”), which sells or transports natural gas to customers located in western New York and northwestern Pennsylvania.

	Three Months Ended
	March 31,
(in thousands)		2023			2022			Variance
GAAP Earnings	$	31,720		$	53,048			$	(21,328	)
Reduction of other post-retirement regulatory liability, net of tax		—			(14,641	)			14,641
Adjusted Operating Results	$	31,720		$	38,407			$	(6,687	)
Adjusted EBITDA	$	65,820		$	77,529			$	(11,709	)

The Utility segment’s second quarter GAAP earnings decreased $21.3 million versus the prior year. Distribution’s prior-year second quarter earnings included a $14.6 million (after-tax) reduction in an other post-employment benefit (“OPEB”) regulatory liability as a result of the February 2022 conclusion of a rate proceeding in Distribution’s Pennsylvania service territory.

Excluding the impact of the reduction in the OPEB-related regulatory liability recorded in the prior year’s second quarter, the Utility segment’s second quarter earnings decreased $6.7 million, due to lower customer margins (operating revenues less purchased gas sold), along with higher O&M and interest expense, partially offset by a decrease in non-service pension and OPEB costs and higher other income.

The decline in customer margin of $8.5 million was due primarily to a $8.0 million reduction in base rates in New York as a result of a rate proceeding that became effective October 1, 2022 which temporarily reduced the Utility’s recovery of pension and OPEB expenses to zero. In addition to lowering rates, the proceeding mandated a corresponding decrease in pension and OPEB expense, most of which had been previously recorded in “below the line” non-service pension and OPEB costs. Additionally, customer margin was lower due to a decrease in customer usage related to weather that was 11% warmer than last year in Pennsylvania (where the Company’s current rates are not subject to a weather normalization adjustment mechanism). These decreases were partially offset by higher revenues from the Company’s system modernization tracking mechanism in its New York service territory.

O&M expense increased by $3.0 million due primarily to higher personnel costs and an increase in legal and consulting expenses related to the current Pennsylvania rate case proceeding filed in October 2022. An increase in the accrual for uncollectible accounts, which was generally in line with the increase in the Utility segment’s revenue, also contributed to higher O&M expense for the quarter. Interest expense increased $4.2 million due primarily to a higher weighted average interest rate on intercompany short-term borrowings. The increase in other income of $1.5 million was primarily attributable to interest earned on deferred gas costs.

Corporate and All Other

The Company’s operations that are included in Corporate and All Other generated a combined net loss of less than $0.1 million in the current quarter, which was $4.4 million lower than the combined net loss of $4.4 million in the prior-year second quarter. The reduction in the net loss was primarily driven by unrealized gains on investment securities recognized in the current quarter compared to unrealized losses on investment securities recognized in the prior-year second quarter.

EARNINGS TELECONFERENCE

The Company will host a conference call on Thursday, May 4, 2023, at 11 a.m. Eastern Time to discuss this announcement. To pre-register for this call (recommended), please visit https://www.netroadshow.com/events/login?show=96471e60&confld=49148. After registering, you will receive your access details via email. To join by telephone on the day of the call, dial U.S. toll free 1-833–470–1428 and provide Access Code 565178. The teleconference will be simultaneously webcast online and can be accessed on the NFG Investor Relations website at investor.nationalfuelgas.com. An audio replay of the teleconference call will be available until Thursday, May 11, 2023. To access the telephone replay, dial U.S. toll free 1-866-813-9403 and provide Access Code 313864.

National Fuel is an integrated energy company reporting financial results for four operating segments: Exploration and Production, Pipeline and Storage, Gathering, and Utility. Additional information about National Fuel is available at www.nationalfuelgas.com.

Certain statements contained herein, including statements identified by the use of the words “anticipates,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “predicts,” “projects,” “believes,” “seeks,” “will,” “may” and similar expressions, and statements which are other than statements of historical facts, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. 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 contained herein are expressed in good faith and are believed to have a reasonable basis, but there can be no assurance that such expectations, beliefs or projections will result or be achieved or accomplished. In addition to other factors, the following are important factors that could cause actual results to differ materially from those discussed in the forward-looking statements: 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; 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; the Company’s ability to estimate accurately the time and resources necessary to meet emissions targets; governmental/regulatory actions and/or market pressures to reduce or eliminate reliance on natural gas; changes in economic conditions, including 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; changes in the price of natural gas; the creditworthiness or performance of the Company’s key suppliers, customers and counterparties; 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 and other investments, including any downgrades in the Company’s credit ratings and changes in interest rates and other capital market conditions; impairments under the SEC’s full cost ceiling test for natural gas reserves; 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; the Company’s ability to complete planned strategic transactions; 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; the impact of information technology disruptions, cybersecurity or data security breaches; 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, 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; increasing health care costs and the resulting effect on health insurance premiums and on the obligation to provide other post-retirement benefits; other changes in price differentials between similar quantities of natural gas having different quality, heating value, hydrocarbon mix or delivery date; the cost and effects of legal and administrative claims against the Company or activist shareholder campaigns to effect changes at the Company; negotiations with the collective bargaining units representing the Company’s workforce, including potential work stoppages during negotiations; uncertainty of natural gas reserve estimates; significant differences between the Company’s projected and actual production levels for natural gas; changes in demographic patterns and weather conditions (including those related to climate change); changes in the availability, price or accounting treatment of derivative financial instruments; changes in laws, actuarial assumptions, the interest rate environment and the return on plan/trust assets related to the Company’s pension and other post-retirement benefits, which can affect future funding obligations and costs and plan liabilities; 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; significant differences between the Company’s projected and actual capital expenditures and operating expenses; or increasing costs of insurance, changes in coverage and the ability to obtain insurance. The Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date thereof.

NATIONAL FUEL GAS COMPANY

AND SUBSIDIARIES

GUIDANCE SUMMARY

As discussed on page 2, the Company is revising its earnings guidance for fiscal 2023. Additional details on the Company’s forecast assumptions and business segment guidance are outlined in the table below.

The revised earnings guidance range does not include the impact of certain items that impacted the comparability of earnings during the six months ended March 31, 2023, including: (1) after-tax unrealized losses on a derivative asset, which reduced earnings by $0.02 per share; and (2) after-tax unrealized gains on other investments, which increased earnings by $0.01 per share. While the Company expects to record certain adjustments to unrealized gain or loss on a derivative asset and unrealized gain or loss on investments during the six months ending September 30, 2023, the amounts of these and other potential adjustments are not reasonably determinable at this time. As such, the Company is unable to provide earnings guidance other than on a non-GAAP basis.

	Previous FY 2023 Guidance		Updated FY 2023 Guidance
Consolidated Earnings per Share, excluding items impacting comparability	$5.35 to $5.75		$5.10 to $5.40
Consolidated Effective Tax Rate	~ 25 – 25.5%		~ 25 – 25.5%
Capital Expenditures (Millions)*
Exploration and Production	$525 – $575		$525 – $575
Pipeline and Storage	$110 – $130		$110 – $130
Gathering	$85 – $105		$85 – $105
Utility	$110 – $130		$110 – $130
Consolidated Capital Expenditures	$830 – $940		$830 – $940
Exploration & Production Segment Guidance**
Commodity Price Assumptions
NYMEX natural gas price	$3.25 /MMBtu		$2.50 /MMBtu
Appalachian basin spot price	$2.25 /MMBtu		$1.80 /MMBtu
Production (Bcfe)	370 to 390		370 to 390
E&P Operating Costs ($/Mcfe)
LOE	$0.67 – $0.69		$0.67 – $0.69
G&A	$0.17 – $0.19		$0.17 – $0.19
DD&A	$0.60 – $0.64		$0.60 – $0.64
Other Business Segment Guidance (Millions)
Gathering Segment Revenues	$230 – $245		$230 – $245
Pipeline and Storage Segment Revenues	$360 – $380		$360 – $380

* Capital expenditures guidance excludes capital related to recently announced acquisitions.
** Commodity price assumptions are for the remaining 6 months of the fiscal year.

NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
QUARTER ENDED MARCH 31, 2023
(Unaudited)
	Upstream				Midstream								Downstream
	Exploration &				Pipeline &												Corporate /
(Thousands of Dollars)	Production				Storage				Gathering				Utility				All Other				Consolidated*
Second quarter 2022 GAAP earnings	$	71,121			$	25,470			$	22,092			$	53,048			$	(4,403	)		$	167,328
Items impacting comparability:
Reduction of other post-retirement regulatory liability														(18,533	)							(18,533	)
Tax impact of reduction of other post-retirement regulatory liability														3,892								3,892
Unrealized (gain) loss on other investments																		2,170				2,170
Tax impact of unrealized (gain) loss on other investments																		(456	)			(456	)
Second quarter 2022 adjusted operating results		71,121				25,470				22,092				38,407				(2,689	)			154,401
Drivers of adjusted operating results**
Upstream Revenues
Higher (lower) natural gas production		19,077																				19,077
Higher (lower) crude oil production		(28,690	)																			(28,690	)
Higher (lower) realized natural gas prices, after hedging		(1,289	)																			(1,289	)
Higher (lower) other operating revenues		(2,580	)																			(2,580	)
Midstream Revenues
Higher (lower) operating revenues										3,458												3,458
Downstream Margins***
Impact of usage and weather														(2,919	)							(2,919	)
Impact of new rates****														(6,333	)							(6,333	)
System modernization tracker revenues														1,729								1,729
Operating Expenses
Lower (higher) lease operating and transportation expenses		5,344																				5,344
Lower (higher) operating expenses		3,184				(2,241	)			(920	)			(1,718	)							(1,695	)
Lower (higher) property, franchise and other taxes		1,872																				1,872
Lower (higher) depreciation / depletion		(6,366	)							(439	)											(6,805	)
Other Income (Expense)
(Higher) lower other deductions		1,032				927								5,517				562				8,038
(Higher) lower interest expense														(3,395	)			1,917				(1,478	)
Income Taxes
Lower (higher) income tax expense / effective tax rate		35				(60	)			(224	)			806				(205	)			352
All other / rounding		36				(238	)			367				(374	)			(443	)			(652	)
Second quarter 2023 adjusted operating results		62,776				23,858				24,334				31,720				(858	)			141,830
Items impacting comparability:
Unrealized gain (loss) on derivative asset		(2,471	)																			(2,471	)
Tax impact of unrealized gain (loss) on derivative asset		677																				677
Unrealized gain (loss) on other investments																		1,068				1,068
Tax impact of unrealized gain (loss) on other investments																		(224	)			(224	)
Second quarter 2023 GAAP earnings	$	60,982			$	23,858			$	24,334			$	31,720			$	(14	)		$	140,880
* Amounts do not reflect intercompany eliminations.
** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.
*** Downstream margin defined as operating revenues less purchased gas expense.
**** Amount is offset by corresponding decrease in other deductions and will have no earnings impact for the year ended September 30, 2023.

NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
QUARTER ENDED MARCH 31, 2023
(Unaudited)
	Upstream				Midstream								Downstream
	Exploration &				Pipeline &												Corporate /
	Production				Storage				Gathering				Utility				All Other				Consolidated*
Second quarter 2022 GAAP earnings per share	$	0.77			$	0.28			$	0.24			$	0.58			$	(0.05	)		$	1.82
Items impacting comparability:
Reduction of other post-retirement liability, net of tax														(0.16	)							(0.16	)
Unrealized (gain) loss on other investments, net of tax																		0.02				0.02
Second quarter 2022 adjusted operating results per share		0.77				0.28				0.24				0.42				(0.03	)			1.68
Drivers of adjusted operating results**
Upstream Revenues
Higher (lower) natural gas production		0.21																				0.21
Higher (lower) crude oil production		(0.31	)																			(0.31	)
Higher (lower) realized natural gas prices, after hedging		(0.01	)																			(0.01	)
Higher (lower) other operating revenues		(0.03	)																			(0.03	)
Midstream Revenues
Higher (lower) operating revenues										0.04												0.04
Downstream Margins***
Impact of usage and weather														(0.03	)							(0.03	)
Impact of new rates****														(0.07	)							(0.07	)
System modernization tracker revenues														0.02								0.02
Operating Expenses
Lower (higher) lease operating and transportation expenses		0.06																				0.06
Lower (higher) operating expenses		0.03				(0.02	)			(0.01	)			(0.02	)							(0.02	)
Lower (higher) property, franchise and other taxes		0.02																				0.02
Lower (higher) depreciation / depletion		(0.07	)							—												(0.07	)
Other Income (Expense)
(Higher) lower other deductions		0.01				0.01								0.06				0.01				0.09
(Higher) lower interest expense														(0.04	)			0.02				(0.02	)
Income Taxes
Lower (higher) income tax expense / effective tax rate		—				—				—				0.01				—				0.01
All other / rounding		—				(0.01	)			(0.01	)			—				(0.01	)			(0.03	)
Second quarter 2023 adjusted operating results per share		0.68				0.26				0.26				0.35				(0.01	)			1.54
Items impacting comparability:
Unrealized gain (loss) on derivative asset, net of tax		(0.02	)																			(0.02	)
Unrealized gain (loss) on other investments, net of tax																		0.01				0.01
Second quarter 2023 GAAP earnings per share	$	0.66			$	0.26			$	0.26			$	0.35			$	—			$	1.53
* Amounts do not reflect intercompany eliminations.
** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.
*** Downstream margin defined as operating revenues less purchased gas expense.
**** Amount is offset by corresponding decrease in other deductions and will have no earnings impact for the year ended September 30, 2023.

NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
SIX MONTHS ENDED MARCH 31, 2023
(Unaudited)
	Upstream				Midstream								Downstream
	Exploration &				Pipeline &												Corporate /
(Thousands of Dollars)	Production				Storage				Gathering				Utility				All Other				Consolidated*
Six months ended March 31, 2022 GAAP earnings	$	133,490			$	50,637			$	45,229			$	75,178			$	(4,814	)		$	299,720
Items impacting comparability:
Reduction of other post-retirement regulatory liability														(18,533	)							(18,533	)
Tax impact of reduction of other post-retirement regulatory liability														3,892								3,892
Unrealized (gain) loss on other investments																		6,659				6,659
Tax impact of unrealized (gain) loss on other investments																		(1,398	)			(1,398	)
Six months ended March 31, 2022 adjusted operating results		133,490				50,637				45,229				60,537				447				290,340
Drivers of adjusted operating results**
Upstream Revenues
Higher (lower) natural gas production		36,513																				36,513
Higher (lower) crude oil production		(56,128	)																			(56,128	)
Higher (lower) realized natural gas prices, after hedging		34,518																				34,518
Higher (lower) other operating revenues		(2,601	)																			(2,601	)
Midstream Revenues
Higher (lower) operating revenues						7,119				6,766												13,885
Downstream Margins***
Impact of usage and weather														348								348
Impact of new rates****														(10,059	)							(10,059	)
System modernization tracker revenues														2,597								2,597
Higher (lower) other operating revenues														1,741								1,741
Operating Expenses
Lower (higher) lease operating and transportation expenses		11,341																				11,341
Lower (higher) operating expenses		6,507				(3,700	)			(2,105	)			(4,108	)			(489	)			(3,895	)
Lower (higher) property, franchise and other taxes		891																				891
Lower (higher) depreciation / depletion		(11,147	)			(1,617	)			(690	)											(13,454	)
Other Income (Expense)
(Higher) lower other deductions		2,304				1,519				438				9,652				(3,881	)			10,032
(Higher) lower interest expense		(855	)			(852	)							(5,423	)			3,639				(3,491	)
Income Taxes
Lower (higher) income tax expense / effective tax rate		(1,137	)			(251	)			(776	)			739				(158	)			(1,583	)
All other / rounding		128				480				210				(487	)			(116	)			215
Six months ended March 31, 2023 adjusted operating results		153,824				53,335				49,072				55,537				(558	)			311,210
Items impacting comparability:
Unrealized gain (loss) on derivative asset		(2,273	)																			(2,273	)
Tax impact of unrealized gain (loss) on derivative asset		623																				623
Unrealized gain (loss) on other investments																		1,278				1,278
Tax impact of unrealized gain (loss) on other investments																		(268	)			(268	)
Six months ended March 31, 2023 GAAP earnings	$	152,174			$	53,335			$	49,072			$	55,537			$	452			$	310,570
* Amounts do not reflect intercompany eliminations.
** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.
*** Downstream margin defined as operating revenues less purchased gas expense.
**** Amount is offset by corresponding decrease in other deductions and will have no earnings impact for the year ended September 30, 2023.

NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
SIX MONTHS ENDED MARCH 31, 2023
(Unaudited)
	Upstream				Midstream								Downstream
	Exploration &				Pipeline &												Corporate /
	Production				Storage				Gathering				Utility				All Other				Consolidated*
Six months ended March 31, 2022 GAAP earnings per share	$	1.45			$	0.55			$	0.49			$	0.82			$	(0.05	)		$	3.26
Items impacting comparability:
Reduction of other post-retirement regulatory liability, net of tax														(0.16	)							(0.16	)
Unrealized (gain) loss on other investments, net of tax																		0.05				0.05
Six months ended March 31, 2022 adjusted operating results per share		1.45				0.55				0.49				0.66				—				3.15
Drivers of adjusted operating results**
Upstream Revenues
Higher (lower) natural gas production		0.40																				0.40
Higher (lower) crude oil production		(0.61	)																			(0.61	)
Higher (lower) realized natural gas prices, after hedging		0.37																				0.37
Higher (lower) other operating revenues		(0.03	)																			(0.03	)
Midstream Revenues
Higher (lower) operating revenues						0.08				0.07												0.15
Downstream Margins***
Impact of usage and weather														—								—
Impact of new rates****														(0.11	)							(0.11	)
System modernization tracker revenues														0.03								0.03
Higher (lower) other operating revenues														0.02								0.02
Operating Expenses
Lower (higher) lease operating and transportation expenses		0.12																				0.12
Lower (higher) operating expenses		0.07				(0.04	)			(0.02	)			(0.04	)			(0.01	)			(0.04	)
Lower (higher) property, franchise and other taxes		0.01																				0.01
Lower (higher) depreciation / depletion		(0.12	)			(0.02	)			(0.01	)											(0.15	)
Other Income (Expense)
(Higher) lower other deductions		0.02				0.02				—				0.10				(0.04	)			0.10
(Higher) lower interest expense		(0.01	)			(0.01	)							(0.06	)			0.04				(0.04	)
Income Taxes
Lower (higher) income tax expense / effective tax rate		(0.01	)			—				(0.01	)			0.01				—				(0.01	)
All other / rounding		0.01				—				0.01				(0.01	)			—				0.01
Six months ended March 31, 2023 adjusted operating results per share		1.67				0.58				0.53				0.60				(0.01	)			3.37
Items impacting comparability:
Unrealized gain (loss) on derivative asset, net of tax		(0.02	)																			(0.02	)
Unrealized gain (loss) on other investments, net of tax																		0.01				0.01
Rounding																		0.01				0.01
Six months ended March 31, 2023 GAAP earnings per share	$	1.65			$	0.58			$	0.53			$	0.60			$	0.01			$	3.37
* Amounts do not reflect intercompany eliminations.
** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.
*** Downstream margin defined as operating revenues less purchased gas expense.
**** Amount is offset by corresponding decrease in other deductions and will have no earnings impact for the year ended September 30, 2023.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
(Thousands of Dollars, except per share amounts)
	Three Months Ended								Six Months Ended
	March 31,								March 31,
	(Unaudited)								(Unaudited)
SUMMARY OF OPERATIONS		2023				2022				2023				2022
Operating Revenues:
Utility Revenues	$	406,758			$	369,092			$	718,376			$	605,776
Exploration and Production and Other Revenues		244,552				261,676				521,525				505,957
Pipeline and Storage and Gathering Revenues		65,951				70,952				136,218				136,544
		717,261				701,720				1,376,119				1,248,277
Operating Expenses:
Purchased Gas		243,839				199,592				415,035				301,219
Operation and Maintenance:
Utility		56,453				53,476				106,805				100,120
Exploration and Production and Other		31,782				49,806				58,655				95,425
Pipeline and Storage and Gathering		37,479				33,518				70,740				63,446
Property, Franchise and Other Taxes		25,367				27,717				51,572				52,219
Depreciation, Depletion and Amortization		100,964				91,245				197,564				179,823
		495,884				455,354				900,371				792,252
Operating Income		221,377				246,366				475,748				456,025
Other Income (Expense):
Other Income		2,884				10,018				9,203				8,940
Interest Expense on Long-Term Debt		(27,583	)			(30,079	)			(57,188	)			(60,209	)
Other Interest Expense		(5,861	)			(1,519	)			(9,704	)			(2,680	)
Income Before Income Taxes		190,817				224,786				418,059				402,076
Income Tax Expense		49,937				57,458				107,489				102,356
Net Income Available for Common Stock	$	140,880			$	167,328			$	310,570			$	299,720
Earnings Per Common Share
Basic	$	1.53			$	1.83			$	3.39			$	3.28
Diluted	$	1.53			$	1.82			$	3.37			$	3.26
Weighted Average Common Shares:
Used in Basic Calculation		91,794,765				91,444,638				91,686,110				91,354,488
Used in Diluted Calculation		92,256,348				92,064,711				92,264,717				92,047,467

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
	March 31,				September 30,
(Thousands of Dollars)		2023				2022
ASSETS
Property, Plant and Equipment	$	12,978,137			$	12,551,909
Less – Accumulated Depreciation, Depletion and Amortization		6,162,406				5,985,432
Net Property, Plant and Equipment		6,815,731				6,566,477
Current Assets:
Cash and Temporary Cash Investments		71,533				46,048
Hedging Collateral Deposits		—				91,670
Receivables – Net		257,965				361,626
Unbilled Revenue		60,018				30,075
Gas Stored Underground		6,554				32,364
Materials and Supplies – at average cost		45,204				40,637
Unrecovered Purchased Gas Costs		26,851				99,342
Other Current Assets		75,233				59,369
Total Current Assets		543,358				761,131
Other Assets:
Recoverable Future Taxes		104,426				106,247
Unamortized Debt Expense		8,062				8,884
Other Regulatory Assets		61,497				67,101
Deferred Charges		85,053				77,472
Other Investments		74,618				95,025
Goodwill		5,476				5,476
Prepaid Pension and Post-Retirement Benefit Costs		224,701				196,597
Fair Value of Derivative Financial Instruments		42,424				9,175
Other		1,896				2,677
Total Other Assets		608,153				568,654
Total Assets	$	7,967,242			$	7,896,262
CAPITALIZATION AND LIABILITIES
Capitalization:
Comprehensive Shareholders’ Equity
Common Stock, $1 Par Value Authorized – 200,000,000 Shares; Issued and
Outstanding – 91,795,080 Shares and 91,478,064 Shares, Respectively	$	91,795			$	91,478
Paid in Capital		1,031,341				1,027,066
Earnings Reinvested in the Business		1,810,454				1,587,085
Accumulated Other Comprehensive Loss		(54,864	)			(625,733	)
Total Comprehensive Shareholders’ Equity		2,878,726				2,079,896
Long-Term Debt, Net of Current Portion and Unamortized Discount and Debt Issuance Costs		2,085,235				2,083,409
Total Capitalization		4,963,961				4,163,305
Current and Accrued Liabilities:
Notes Payable to Banks and Commercial Paper		410,000				60,000
Current Portion of Long-Term Debt		—				549,000
Accounts Payable		119,497				178,945
Amounts Payable to Customers		2,830				419
Dividends Payable		43,602				43,452
Interest Payable on Long-Term Debt		14,303				17,376
Customer Advances		—				26,108
Customer Security Deposits		34,382				24,283
Other Accruals and Current Liabilities		257,923				257,327
Fair Value of Derivative Financial Instruments		34,763				785,659
Total Current and Accrued Liabilities		917,300				1,942,569
Other Liabilities:
Deferred Income Taxes		1,000,526				698,229
Taxes Refundable to Customers		354,274				362,098
Cost of Removal Regulatory Liability		265,626				259,947
Other Regulatory Liabilities		189,378				188,803
Other Post-Retirement Liabilities		2,977				3,065
Asset Retirement Obligations		160,910				161,545
Other Liabilities		112,290				116,701
Total Other Liabilities		2,085,981				1,790,388
Commitments and Contingencies		—				—
Total Capitalization and Liabilities	$	7,967,242			$	7,896,262

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
		Six Months Ended
		March 31,
(Thousands of Dollars)			2023				2022
Operating Activities:
Net Income Available for Common Stock		$	310,570			$	299,720
Adjustments to Reconcile Net Income to Net Cash
Provided by Operating Activities:
Depreciation, Depletion and Amortization			197,564				179,823
Deferred Income Taxes			80,745				94,212
Stock-Based Compensation			11,286				10,631
Reduction of Other Post-Retirement Regulatory Liability			—				(18,533	)
Other			10,758				14,494
Change in:
Receivables and Unbilled Revenue			71,760				(166,584	)
Gas Stored Underground and Materials, Supplies and Emission Allowances			21,243				32,040
Unrecovered Purchased Gas Costs			72,491				29,377
Other Current Assets			(15,864	)			(8,605	)
Accounts Payable			(29,169	)			2,006
Amounts Payable to Customers			2,411				3,401
Customer Advances			(26,108	)			(17,223	)
Customer Security Deposits			10,099				1,474
Other Accruals and Current Liabilities			28,741				11,164
Other Assets			(26,901	)			(32,659	)
Other Liabilities			(8,417	)			(9,119	)
Net Cash Provided by Operating Activities		$	711,209			$	425,619
Investing Activities:
Capital Expenditures		$	(496,362	)		$	(415,415	)
Net Proceeds from Sale of Oil and Gas Producing Properties			—				13,525
Deposit Paid for Upstream Assets			(12,700	)			—
Sale of Fixed Income Mutual Fund Shares in Grantor Trust			10,000				30,000
Other			14,413				13,689
Net Cash Used in Investing Activities		$	(484,649	)		$	(358,201	)
Financing Activities:
Proceeds from Issuance of Short-Term Note Payable to Bank		$	250,000			$	—
Net Change in Other Short-Term Notes Payable to Banks and Commercial Paper			100,000				59,500
Reduction of Long-Term Debt			(549,000	)			—
Dividends Paid on Common Stock			(87,051	)			(83,091	)
Net Repurchases of Common Stock			(6,694	)			(9,026	)
Net Cash Used in Financing Activities		$	(292,745	)		$	(32,617	)
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash			(66,185	)			34,801
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period			137,718				120,138
Cash, Cash Equivalents, and Restricted Cash at March 31		$	71,533			$	154,939

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)
UPSTREAM BUSINESS
	Three Months Ended												Six Months Ended
(Thousands of Dollars, except per share amounts)	March 31,												March 31,
EXPLORATION AND PRODUCTION SEGMENT		2023				2022			Variance					2023			2022		Variance
Total Operating Revenues	$	244,552			$	261,593			$	(17,041	)		$	521,525		$	505,791		$	15,734
Operating Expenses:
Operation and Maintenance:
General and Administrative Expense		17,435				18,798				(1,363	)			33,033			36,553			(3,520	)
Lease Operating and Transportation Expense		65,783				72,548				(6,765	)			127,328			141,684			(14,356	)
All Other Operation and Maintenance Expense		2,089				4,756				(2,667	)			4,612			9,328			(4,716	)
Property, Franchise and Other Taxes		4,671				7,041				(2,370	)			11,647			12,775			(1,128	)
Depreciation, Depletion and Amortization		58,605				50,547				8,058				114,164			100,054			14,110
		148,583				153,690				(5,107	)			290,784			300,394			(9,610	)
Operating Income		95,969				107,903				(11,934	)			230,741			205,397			25,344
Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit (Costs) Credit		347				(186	)			533				694			(372	)		1,066
Interest and Other Income		(1,623	)			75				(1,698	)			(292	)		131			(423	)
Interest Expense		(12,186	)			(12,206	)			20				(25,420	)		(24,338	)		(1,082	)
Income Before Income Taxes		82,507				95,586				(13,079	)			205,723			180,818			24,905
Income Tax Expense		21,525				24,465				(2,940	)			53,549			47,328			6,221
Net Income	$	60,982			$	71,121			$	(10,139	)		$	152,174		$	133,490		$	18,684
Net Income Per Share (Diluted)	$	0.66			$	0.77			$	(0.11	)		$	1.65		$	1.45		$	0.20

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)
MIDSTREAM BUSINESSES
	Three Months Ended												Six Months Ended
(Thousands of Dollars, except per share amounts)	March 31,												March 31,
PIPELINE AND STORAGE SEGMENT		2023				2022			Variance					2023			2022		Variance
Revenues from External Customers	$	64,223			$	67,795			$	(3,572	)		$	131,844		$	129,342		$	2,502
Intersegment Revenues		30,880				27,602				3,278				60,915			54,405			6,510
Total Operating Revenues		95,103				95,397				(294	)			192,759			183,747			9,012
Operating Expenses:
Purchased Gas		462				989				(527	)			887			1,437			(550	)
Operation and Maintenance		27,275				24,438				2,837				51,294			46,611			4,683
Property, Franchise and Other Taxes		8,440				8,599				(159	)			17,123			17,180			(57	)
Depreciation, Depletion and Amortization		17,728				17,294				434				35,142			33,095			2,047
		53,905				51,320				2,585				104,446			98,323			6,123
Operating Income		41,198				44,077				(2,879	)			88,313			85,424			2,889
Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Credit		1,330				767				563				2,660			1,534			1,126
Interest and Other Income		958				192				766				2,822			1,595			1,227
Interest Expense		(10,877	)			(10,618	)			(259	)			(21,829	)		(20,750	)		(1,079	)
Income Before Income Taxes		32,609				34,418				(1,809	)			71,966			67,803			4,163
Income Tax Expense		8,751				8,948				(197	)			18,631			17,166			1,465
Net Income	$	23,858			$	25,470			$	(1,612	)		$	53,335		$	50,637		$	2,698
Net Income Per Share (Diluted)	$	0.26			$	0.28			$	(0.02	)		$	0.58		$	0.55		$	0.03
	Three Months Ended												Six Months Ended
	March 31,												March 31,
GATHERING SEGMENT		2023				2022			Variance					2023			2022		Variance
Revenues from External Customers	$	1,728			$	3,157			$	(1,429	)		$	4,374		$	7,202		$	(2,828	)
Intersegment Revenues		55,253				49,447				5,806				109,020			97,627			11,393
Total Operating Revenues		56,981				52,604				4,377				113,394			104,829			8,565
Operating Expenses:
Operation and Maintenance		10,715				9,551				1,164				20,403			17,739			2,664
Property, Franchise and Other Taxes		3				(3	)			6				14			2			12
Depreciation, Depletion and Amortization		8,918				8,362				556				17,626			16,753			873
		19,636				17,910				1,726				38,043			34,494			3,549
Operating Income		37,345				34,694				2,651				75,351			70,335			5,016
Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit (Costs) Credit		37				(56	)			93				75			(112	)		187
Interest and Other Income		225				18				207				395			27			368
Interest Expense		(3,900	)			(4,071	)			171				(7,943	)		(8,219	)		276
Income Before Income Taxes		33,707				30,585				3,122				67,878			62,031			5,847
Income Tax Expense		9,373				8,493				880				18,806			16,802			2,004
Net Income	$	24,334			$	22,092			$	2,242			$	49,072		$	45,229		$	3,843
Net Income Per Share (Diluted)	$	0.26			$	0.24			$	0.02			$	0.53		$	0.49		$	0.04

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)
DOWNSTREAM BUSINESS
	Three Months Ended												Six Months Ended
(Thousands of Dollars, except per share amounts)	March 31,												March 31,
UTILITY SEGMENT		2023				2022			Variance					2023			2022		Variance
Revenues from External Customers	$	406,758			$	369,092			$	37,666			$	718,376		$	605,776		$	112,600
Intersegment Revenues		358				110				248				420			184			236
Total Operating Revenues		407,116				369,202				37,914				718,796			605,960			112,836
Operating Expenses:
Purchased Gas		271,881				225,469				46,412				470,301			352,680			117,621
Operation and Maintenance		57,292				54,249				3,043				108,568			101,710			6,858
Property, Franchise and Other Taxes		12,123				11,955				168				22,531			22,013			518
Depreciation, Depletion and Amortization		15,553				14,997				556				30,428			29,827			601
		356,849				306,670				50,179				631,828			506,230			125,598
Operating Income		50,267				62,532				(12,265	)			86,968			99,730			(12,762	)
Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit (Costs) Credit		(5	)			13,023				(13,028	)			(13	)		8,697			(8,710	)
Interest and Other Income		1,769				289				1,480				3,211			813			2,398
Interest Expense		(9,709	)			(5,504	)			(4,205	)			(17,752	)		(11,028	)		(6,724	)
Income Before Income Taxes		42,322				70,340				(28,018	)			72,414			98,212			(25,798	)
Income Tax Expense		10,602				17,292				(6,690	)			16,877			23,034			(6,157	)
Net Income	$	31,720			$	53,048			$	(21,328	)		$	55,537		$	75,178		$	(19,641	)
Net Income Per Share (Diluted)	$	0.35			$	0.58			$	(0.23	)		$	0.60		$	0.82		$	(0.22	)

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)
	Three Months Ended												Six Months Ended
(Thousands of Dollars, except per share amounts)	March 31,												March 31,
ALL OTHER		2023				2022			Variance					2023			2022		Variance
Revenues from External Customers	$	—			$	—			$	—			$	—		$	—		$	—
Intersegment Revenues		—				—				—				—		$	6		$	(6	)
Total Operating Revenues		—				—				—				—			6			(6	)
Operating Expenses:
Purchased Gas		—				—				—				—			6			(6	)
Operation and Maintenance		—				—				—				21			5			16
		—				—				—				21			11			10
Operating Loss		—				—				—				(21	)		(5	)		(16	)
Other Income (Expense):
Interest and Other Income		(62	)			—				(62	)			(387	)		2			(389	)
Interest Expense		(28	)			—				(28	)			(49	)		—			(49	)
Loss before Income Taxes		(90	)			—				(90	)			(457	)		(3	)		(454	)
Income Tax Expense (Benefit)		(21	)			—				(21	)			(107	)		4			(111	)
Net Loss	$	(69	)			—				(69	)			(350	)		(7	)		(343	)
Net Loss Per Share (Diluted)	$	—				—			$	—			$	—			—		$	0.00
	Three Months Ended												Six Months Ended
	March 31,												March 31,
CORPORATE		2023				2022			Variance					2023			2022		Variance
Revenues from External Customers	$	—			$	83			$	(83	)		$	—		$	166		$	(166	)
Intersegment Revenues		1,153				1,082				71				2,304			2,165			139
Total Operating Revenues		1,153				1,165				(12	)			2,304			2,331			(27	)
Operating Expenses:
Operation and Maintenance		4,265				3,835				430				7,447			6,844			603
Property, Franchise and Other Taxes		130				125				5				257			249			8
Depreciation, Depletion and Amortization		160				45				115				204			94			110
		4,555				4,005				550				7,908			7,187			721
Operating Loss		(3,402	)			(2,840	)			(562	)			(5,604	)		(4,856	)		(748	)
Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Costs		(354	)			(1,017	)			663				(709	)		(2,034	)		1,325
Interest and Other Income		37,409				28,740				8,669				75,286			61,918			13,368
Interest Expense on Long-Term Debt		(27,583	)			(30,079	)			2,496				(57,188	)		(60,209	)		3,021
Other Interest Expense		(6,308	)			(947	)			(5,361	)			(11,250	)		(1,604	)		(9,646	)
Income (Loss) before Income Taxes		(238	)			(6,143	)			5,905				535			(6,785	)		7,320
Income Tax Benefit		(293	)			(1,740	)			1,447				(267	)		(1,978	)		1,711
Net Income (Loss)	$	55			$	(4,403	)		$	4,458			$	802		$	(4,807	)	$	5,609
Net Income (Loss) Per Share (Diluted)	$	—			$	(0.05	)		$	0.05			$	0.01		$	(0.05	)	$	0.06
	Three Months Ended												Six Months Ended
	March 31,												March 31,
INTERSEGMENT ELIMINATIONS		2023				2022			Variance					2023			2022		Variance
Intersegment Revenues	$	(87,644	)		$	(78,241	)		$	(9,403	)		$	(172,659	)	$	(154,387	)	$	(18,272	)
Operating Expenses:
Purchased Gas		(28,504	)			(26,866	)			(1,638	)			(56,153	)		(52,904	)		(3,249	)
Operation and Maintenance		(59,140	)			(51,375	)			(7,765	)			(116,506	)		(101,483	)		(15,023	)
		(87,644	)			(78,241	)			(9,403	)			(172,659	)		(154,387	)		(18,272	)
Operating Income		—				—				—				—			—			—
Other Income (Expense):
Interest and Other Deductions		(37,147	)			(31,827	)			(5,320	)			(74,539	)		(63,259	)		(11,280	)
Interest Expense		37,147				31,827				5,320				74,539			63,259			11,280
Net Income	$	—			$	—			$	—			$	—		$	—		$	—
Net Income Per Share (Diluted)	$	—			$	—			$	—			$	—		$	—		$	—

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT INFORMATION (Continued)
(Thousands of Dollars)
	Three Months Ended									Six Months Ended
	March 31,									March 31,
	(Unaudited)									(Unaudited)
							Increase									Increase
		2023			2022		(Decrease)				2023			2022		(Decrease)
Capital Expenditures:
Exploration and Production	$	155,112	(1)	$	134,748	(3)	$	20,364		$	323,617	(1)(2)	$	273,960	(3)(4)	$	49,657
Pipeline and Storage		16,838	(1)		14,404	(3)		2,434			33,265	(1)(2)		38,465	(3)(4)		(5,200	)
Gathering		20,788	(1)		11,055	(3)		9,733			34,081	(1)(2)		19,975	(3)(4)		14,106
Utility		23,942	(1)		23,925	(3)		17			49,230	(1)(2)		43,308	(3)(4)		5,922
Total Reportable Segments		216,680			184,132			32,548			440,193			375,708			64,485
All Other		—			—			—			—			—			—
Corporate		391			271			120			403			496			(93	)
Total Capital Expenditures	$	217,071		$	184,403		$	32,668		$	440,596		$	376,204		$	64,392

(1)	Capital expenditures for the quarter and six months ended March 31, 2023, include accounts payable and accrued liabilities related to capital expenditures of $56.1 million, $2.2 million, $2.0 million, and $4.2 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts have been excluded from the Consolidated Statement of Cash Flows at March 31, 2023, since they represent non-cash investing activities at that date.
(2)	Capital expenditures for the six months ended March 31, 2023, exclude capital expenditures of $83.0 million, $15.2 million, $10.7 million and $11.4 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts were in accounts payable and accrued liabilities at September 30, 2022 and paid during the six months ended March 31, 2023. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2022, since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at March 31, 2023.
(3)	Capital expenditures for the quarter and six months ended March 31, 2022, include accounts payable and accrued liabilities related to capital expenditures of $52.5 million, $3.5 million, $3.4 million, and $4.1 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts have been excluded from the Consolidated Statement of Cash Flows at March 31, 2022, since they represent non-cash investing activities at that date.
(4)	Capital expenditures for the six months ended March 31, 2022, exclude capital expenditures of $47.9 million, $39.4 million, $4.8 million and $10.6 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts were in accounts payable and accrued liabilities at September 30, 2021 and paid during the six months ended March 31, 2022. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2021, since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at March 31, 2022.

DEGREE DAYS
							Percent Colder
							(Warmer) Than:
Three Months Ended March 31,	Normal		2023		2022		Normal (1)			Last Year (1)
Buffalo, NY	3,290		2,820		3,161		(14.3	)		(10.8	)
Erie, PA	3,108		2,645		2,973		(14.9	)		(11.0	)
Six Months Ended March 31,
Buffalo, NY	5,543		4,868		4,865		(12.2	)		0.1
Erie, PA	5,152		4,632		4,533		(10.1	)		2.2

⁽¹⁾   Percents compare actual 2023 degree days to normal degree days and actual 2023 degree days to actual 2022 degree days.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
EXPLORATION AND PRODUCTION INFORMATION
		Three Months Ended										Six Months Ended
		March 31,										March 31,
								Increase										Increase
			2023			2022		(Decrease)					2023			2022		(Decrease)
Gas Production/Prices:
Production (MMcf)
Appalachia			93,241			83,565			9,676				183,815			164,954			18,861
West Coast			—			397			(397	)			—			805			(805	)
Total Production			93,241			83,962			9,279				183,815			165,759			18,056
Average Prices (Per Mcf)
Appalachia		$	2.79		$	3.97		$	(1.18	)		$	3.77		$	4.18		$	(0.41	)
West Coast		N/M				10.04		N/M				N/M				9.91		N/M
Weighted Average			2.79			4.00			(1.21	)			3.77			4.21			(0.44	)
Weighted Average after Hedging			2.58			2.60			(0.02	)			2.80			2.56			0.24
Oil Production/Prices:
Production (Thousands of Barrels)
Appalachia			7			1			6				15			1			14
West Coast			—			522			(522	)			—			1,070			(1,070	)
Total Production			7			523			(516	)			15			1,071			(1,056	)
Average Prices (Per Barrel)
Appalachia		$	74.12		$	78.32		$	(4.20	)		$	78.25		$	75.38		$	2.87
West Coast		N/M				94.95		N/M				N/M				85.93		N/M
Weighted Average			74.12			94.93			(20.81	)			78.25			85.93			(7.68	)
Weighted Average after Hedging			74.12			70.45			3.67				78.25			67.30			10.95
Total Production (MMcfe)			93,283			87,100			6,183				183,905			172,185			11,720
Selected Operating Performance Statistics:
General & Administrative Expense per Mcfe (1)		$	0.19		$	0.22		$	(0.03	)		$	0.18		$	0.21		$	(0.03	)
Lease Operating and Transportation Expense per Mcfe (1)(2)		$	0.71		$	0.83		$	(0.12	)		$	0.69		$	0.82		$	(0.13	)
Depreciation, Depletion & Amortization per Mcfe (1)		$	0.63		$	0.58		$	0.05			$	0.62		$	0.58		$	0.04

N/M Not Meaningful (as a result of the sale of Seneca’s West Coast assets in June 2022)
(1)	Refer to page 15 for the General and Administrative Expense, Lease Operating and Transportation Expense and Depreciation, Depletion, and Amortization Expense for the Exploration and Production segment.
(2)	Amounts include transportation expense of $0.58 and $0.55 per Mcfe for the three months ended March 31, 2023 and March 31, 2022, respectively. Amounts include transportation expense of $0.58 and $0.56 per Mcfe for the six months ended March 31, 2023 and March 31, 2022, respectively.

   

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
EXPLORATION AND PRODUCTION INFORMATION
Hedging Summary for Remaining Six Months of Fiscal 2023		Volume					Average Hedge Price
Gas Swaps
NYMEX		65,640,000		MMBTU		$	2.88 / MMBTU
No Cost Collars		47,880,000		MMBTU		$	3.43 / MMBTU (Floor) / $4.13 / MMBTU (Ceiling)
Fixed Price Physical Sales		41,700,181		MMBTU		$	2.25 / MMBTU
Total		155,220,181		MMBTU
Hedging Summary for Fiscal 2024		Volume					Average Hedge Price
Gas Swaps
NYMEX		119,180,000		MMBTU		$	3.28 / MMBTU
No Cost Collars		65,280,000		MMBTU		$	3.33 / MMBTU (Floor) / $4.17 / MMBTU (Ceiling)
Fixed Price Physical Sales		73,687,093		MMBTU		$	2.42 / MMBTU
Total		258,147,093		MMBTU
Hedging Summary for Fiscal 2025		Volume					Average Hedge Price
Gas Swaps
NYMEX		59,560,000		MMBTU		$	3.39 / MMBTU
No Cost Collars		43,960,000		MMBTU		$	3.49 / MMBTU (Floor) / $4.65 / MMBTU (Ceiling)
Fixed Price Physical Sales		70,289,781		MMBTU		$	2.46 / MMBTU
Total		173,809,781		MMBTU
Hedging Summary for Fiscal 2026		Volume					Average Hedge Price
Gas Swaps
NYMEX		15,520,000		MMBTU		$	4.03 / MMBTU
No Cost Collars		42,720,000		MMBTU		$	3.53 / MMBTU (Floor) / $4.76 / MMBTU (Ceiling)
Fixed Price Physical Sales		62,893,544		MMBTU		$	2.37 / MMBTU
Total		121,133,544		MMBTU
Hedging Summary for Fiscal 2027		Volume					Average Hedge Price
Gas Swaps
NYMEX		12,000,000		MMBTU		$	4.29 / MMBTU
No Cost Collars		3,560,000		MMBTU		$	3.53 / MMBTU (Floor) / $4.76 / MMBTU (Ceiling)
Fixed Price Physical Sales		45,517,002		MMBTU		$	2.39 / MMBTU
Total		61,077,002		MMBTU
Hedging Summary for Fiscal 2028		Volume					Average Hedge Price
Gas Swaps
NYMEX		1,000,000		MMBTU		$	4.29 / MMBTU
Fixed Price Physical Sales		11,850,451		MMBTU		$	2.48 / MMBTU
Total		12,850,451		MMBTU
Hedging Summary for Fiscal 2029		Volume					Average Hedge Price
Fixed Price Physical Sales		766,673		MMBTU		$	2.54 / MMBTU

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
Pipeline & Storage Throughput – (millions of cubic feet – MMcf)
		Three Months Ended							Six Months Ended
		March 31,							March 31,
						Increase							Increase
		2023		2022		(Decrease)			2023		2022		(Decrease)
Firm Transportation – Affiliated		48,147		46,459		1,688			86,616		74,656		11,960
Firm Transportation – Non-Affiliated		182,934		185,571		(2,637	)		369,089		350,967		18,122
Interruptible Transportation		619		752		(133	)		1,927		1,520		407
		231,700		232,782		(1,082	)		457,632		427,143		30,489
Gathering Volume – (MMcf)
		Three Months Ended							Six Months Ended
		March 31,							March 31,
						Increase							Increase
		2023		2022		(Decrease)			2023		2022		(Decrease)
Gathered Volume		109,344		103,736		5,608			217,371		204,829		12,542
Utility Throughput – (MMcf)
		Three Months Ended							Six Months Ended
		March 31,							March 31,
						Increase							Increase
		2023		2022		(Decrease)			2023		2022		(Decrease)
Retail Sales:
Residential Sales		27,884		32,026		(4,142	)		48,037		49,521		(1,484	)
Commercial Sales		4,384		4,923		(539	)		7,378		7,466		(88	)
Industrial Sales		267		268		(1	)		418		392		26
		32,535		37,217		(4,682	)		55,833		57,379		(1,546	)
Transportation		22,788		25,745		(2,957	)		41,098		43,338		(2,240	)
		55,323		62,962		(7,639	)		96,931		100,717		(3,786	)

 

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 six months ended March 31, 2023 and 2022:

		Three Months Ended								Six Months Ended
		March 31,								March 31,
(in thousands except per share amounts)			2023				2022				2023				2022
Reported GAAP Earnings		$	140,880			$	167,328			$	310,570			$	299,720
Items impacting comparability:
Unrealized (gain) loss on derivative asset (E&P)			2,471				—				2,273				—
Tax impact of unrealized (gain) loss on derivative asset			(677	)			—				(623	)			—
Unrealized (gain) loss on other investments (Corporate / All Other)			(1,068	)			2,170				(1,278	)			6,659
Tax impact of unrealized (gain) loss on other investments			224				(456	)			268				(1,398	)
Reduction of other post-retirement regulatory liability (Utility)			—				(18,533	)			—				(18,533	)
Tax impact of reduction of other post-retirement regulatory liability			—				3,892				—				3,892
Adjusted Operating Results		$	141,830			$	154,401			$	311,210			$	290,340
Reported GAAP Earnings Per Share		$	1.53			$	1.82			$	3.37			$	3.26
Items impacting comparability:
Unrealized (gain) loss on derivative asset, net of tax (E&P)			0.02				—				0.02				—
Unrealized (gain) loss on other investments, net of tax (Corporate / All Other)			(0.01	)			0.02				(0.01	)			0.05
Reduction of other post-retirement regulatory liability, net of tax (Utility)			—				(0.16	)			—				(0.16	)
Rounding			—				—				(0.01	)			—
Adjusted Operating Results Per Share		$	1.54			$	1.68			$	3.37			$	3.15

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 six months ended March 31, 2023 and 2022:

		Three Months Ended								Six Months Ended
		March 31,								March 31,
(in thousands)			2023				2022				2023				2022
Reported GAAP Earnings		$	140,880			$	167,328			$	310,570			$	299,720
Depreciation, Depletion and Amortization			100,964				91,245				197,564				179,823
Other (Income) Deductions			(2,884	)			(10,018	)			(9,203	)			(8,940	)
Interest Expense			33,444				31,598				66,892				62,889
Income Taxes			49,937				57,458				107,489				102,356
Adjusted EBITDA		$	322,341			$	337,611			$	673,312			$	635,848
Adjusted EBITDA by Segment
Pipeline and Storage Adjusted EBITDA		$	58,926			$	61,371			$	123,455			$	118,519
Gathering Adjusted EBITDA			46,263				43,056				92,977				87,088
Total Midstream Businesses Adjusted EBITDA			105,189				104,427				216,432				205,607
Exploration and Production Adjusted EBITDA			154,574				158,450				344,905				305,451
Utility Adjusted EBITDA			65,820				77,529				117,396				129,557
Corporate and All Other Adjusted EBITDA			(3,242	)			(2,795	)			(5,421	)			(4,767	)
Total Adjusted EBITDA		$	322,341			$	337,611			$	673,312			$	635,848

NATIONAL FUEL GAS COMPANY AND SUBSIDIARIES NON-GAAP FINANCIAL MEASURES SEGMENT ADJUSTED EBITDA
		Three Months Ended								Six Months Ended
		March 31,								March 31,
(in thousands)			2023				2022				2023				2022
Exploration and Production Segment
Reported GAAP Earnings		$	60,982			$	71,121			$	152,174			$	133,490
Depreciation, Depletion and Amortization			58,605				50,547				114,164				100,054
Other (Income) Deductions			1,276				111				(402	)			241
Interest Expense			12,186				12,206				25,420				24,338
Income Taxes			21,525				24,465				53,549				47,328
Adjusted EBITDA		$	154,574			$	158,450			$	344,905			$	305,451
Pipeline and Storage Segment
Reported GAAP Earnings		$	23,858			$	25,470			$	53,335			$	50,637
Depreciation, Depletion and Amortization			17,728				17,294				35,142				33,095
Other (Income) Deductions			(2,288	)			(959	)			(5,482	)			(3,129	)
Interest Expense			10,877				10,618				21,829				20,750
Income Taxes			8,751				8,948				18,631				17,166
Adjusted EBITDA		$	58,926			$	61,371			$	123,455			$	118,519
Gathering Segment
Reported GAAP Earnings		$	24,334			$	22,092			$	49,072			$	45,229
Depreciation, Depletion and Amortization			8,918				8,362				17,626				16,753
Other (Income) Deductions			(262	)			38				(470	)			85
Interest Expense			3,900				4,071				7,943				8,219
Income Taxes			9,373				8,493				18,806				16,802
Adjusted EBITDA		$	46,263			$	43,056			$	92,977			$	87,088
Utility Segment
Reported GAAP Earnings		$	31,720			$	53,048			$	55,537			$	75,178
Depreciation, Depletion and Amortization			15,553				14,997				30,428				29,827
Other (Income) Deductions			(1,764	)			(13,312	)			(3,198	)			(9,510	)
Interest Expense			9,709				5,504				17,752				11,028
Income Taxes			10,602				17,292				16,877				23,034
Adjusted EBITDA		$	65,820			$	77,529			$	117,396			$	129,557
Corporate and All Other
Reported GAAP Earnings		$	(14	)		$	(4,403	)		$	452			$	(4,814	)
Depreciation, Depletion and Amortization			160				45				204				94
Other (Income) Deductions			154				4,104				349				3,373
Interest Expense			(3,228	)			(801	)			(6,052	)			(1,446	)
Income Taxes			(314	)			(1,740	)			(374	)			(1,974	)
Adjusted EBITDA		$	(3,242	)		$	(2,795	)		$	(5,421	)		$	(4,767	)

Management defines free cash flow as net cash provided by operating activities less capital expenditures. The Company is unable to provide a reconciliation of projected free cash flow as described in this release to its comparable financial measure calculated in accordance with GAAP without unreasonable efforts. This is due to our inability to reliably predict the comparable GAAP projected metrics, including operating income and total production costs, given the unknown effect, timing, and potential significance of certain income statement items.