Boston LDC Gas Forum National Fuel Gas Supply Corporation Empire Pipeline, Inc.

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1 Gas Forum National Fuel Gas Supply Corporation Empire Pipeline, Inc. une 2014 Gas Forum Ju Jeffrey Schauger GeneralManager Interstate Marketing 1

2 National Fuel Gas Company Safe Harbor For Forward Looking Statements This presentation may contain forward looking statements as defined by the Private Securities Litigation Reform Act of 1995, including statements regarding future prospects, plans, objectives, goals, projections, estimates of oil and gas quantities, strategies, future events or performance and underlying assumptions, capital structure, anticipated capital expenditures, completion of construction projects, projections for pension and other post retirement benefit obligations, impacts of the adoption of new accounting rules, and possible outcomes of litigation or regulatory proceedings, as well as statements that are identified by the use of the words anticipates, estimates, expects, forecasts, intends, plans, predicts, projects, believes, seeks, will, may, and similar expressions. 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 are expressed in good faith and are believed by the Company to have a reasonable basis, but there can be no assurance that management s expectations, beliefs or projections will result or be achieved or accomplished. In addition to other factors, the following are important factors that, in the view of the Company, could cause actual results to differ materially from those discussed in the forward looking statements: factors affecting the Company s ability to successfully identify, drill for and produce economically viable natural gas and oil reserves, including among others geology, lease availability, 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; 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 and retained natural gas), environmental/safety requirements, affiliate relationships, industry structure, and franchise renewal; changes in the price of natural gas or oil; changes in price differentials between similar quantities of natural gas or oil 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; other changes in price differentials between similar quantities of natural gas or oil having different quality, heating value, hydrocarbon mix or delivery date; impairments under the SEC s full cost ceiling test for natural gas and oil reserves; uncertainty of oil and gas reserve estimates; significant differences between the Company s projected and actual production levels for natural gas or oil; changes in demographic patterns and weather conditions; changes in the availability, price or accounting treatment of derivative financial instruments; delays or changes in costs or plans with respect to Company projects or related projects of other companies, including difficulties or delays in obtaining necessary governmental approvals, permits or orders or in obtaining the cooperation of interconnecting facility operators; 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; changes in economic conditions, including global, national or regional recessions, and their effect on the demand for, and customers ability to pay for, the Company s products and services; the creditworthiness or performance of the Company s key suppliers, customers and counterparties; economic disruptions or uninsured losses resulting from major accidents, fires, severe weather, natural disasters, terrorist activities, acts of war, cyber attacks or pest infestation; significant differences between the Company s projected and actual capital expenditures and operating expenses; changes in laws, actuarial assumptions, the interest trate environment and the return on plan/trust tassets related dto the Company s pension and other post retirement ti t benefits, which can affect future funding obligations and costs and plan liabilities; the cost and effects of legal and administrative claims against the Company or activist shareholder campaigns to effect changes at the Company; increasing health care costs and the resulting effect on health insurance premiums and on the obligation to provide other postretirement benefits; or increasing costs of insurance, changes in coverage and the ability to obtain insurance. Forward looking statements include estimates of oil and gas quantities. Proved oil and gas reserves are those quantities of oil and gas which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible under existing economic conditions, operating methods and government regulations. Other estimates ofoiloil and gas quantities, including estimates of probable reserves, possible reserves, and resource potential, are bytheir nature more speculative than estimates of proved reserves. Accordingly, estimates other than proved reserves are subject to substantially greater risk of being actually realized. Investors are urged to consider closely the disclosure in our Form 10 K available at You can also obtain this form on the SEC s website at For a discussion of the risks set forth above and other factors that could cause actual results to differ materially from results referred to in the forward looking statements, see Risk Factors in the Company s Form 10 K for the fiscal year ended September 30, 2013 and the Forms 10 Q for the quarters ended December 31, 2013 and March 31, The Company disclaims any obligation to update any forward looking statements to reflect events or circumstances after the date thereof or to reflect the occurrence of unanticipated events. 2

3 NFG PL&S/Midstream Focus Niagara Chippawa Hopewell Corning Ellisburg Jackson Leidy Holbrook 3

4 Winter 2014 Buffalo, NY 4 Gas Forum June 2014

5 Winter 2014 Erie, PA 5 Gas Forum June 2014

6 Recent Extreme Winter Conditions Send Throughput Soaring 90,000 Winter Throughput on NFGSC 80,000 70,000 (MDth) Mo onthly Throughput ( 60,000 50,000 40,000 30,000 20,000 10,000 0 Nov Dec Jan Feb Mar Nov Dec Jan Feb Mar Nov Dec Jan Feb Mar Winter Winter Winter

7 Winter 13 14: Top Gas Inventory Ends at 11.6 Bcf 80 NFGSC Storage Inventory 70 Bcf Bcf March 15, Bcf April 8, Low of 11.6 Bcf on April 2, Nov 11 Feb 12 May 12 Aug 12 Nov 12 Feb 13 May 13 Aug 13 Nov 13 Feb 14 Winter Winter Winter

8 NFG PL&S/Midstream Focus Niagara Chippawa Hopewell Corning Ellisburg Jackson Leidy DRY GAS WET GAS Holbrook 8

Recent Expansions Have Transformed the System

Northern Access 320,000 Dth/d Tioga County

Line N Projects Tioga County Extension Line N

* $58 million $58 million $188 million *

9 Recent Expansions Have Transformed the System Project Northern Access Tioga County Extension Northern Access 320,000 Dth/d Tioga County Extension 350,000 Dth/d Line N (2011, 2012 & 2013) 353,000 Dth/d Total New Capacity 1,023,000 Dth/d Northern Access $72 million Line N Projects Tioga County Extension Line N (2011, 2012 & 2013) Total Capital Expenditures * $58 million $58 million $188 million * Capital Cost is for Expansion Only Excludes Modernization Cost 9

10 Supply Corporation Buffalo Station New 2,370 HP Units New 10,310 HP Units

11 Recent Expansions Have Transformed the System Project Northern Access Tioga County Extension Northern Access 320,000 Dth/d Tioga County Extension 350,000 Dth/d Line N (2011, 2012 & 2013) 353,000 Dth/d Total New Capacity 1,023,000 Dth/d Northern Access $72 million Line N Projects Tioga County Extension Line N (2011, 2012 & 2013) Total Capital Expenditures * $58 million $58 million $188 million * Capital Cost is for Expansion Only Excludes Modernization Cost 11

12 Supply Corporation East Aurora Station 2 New 2,370 HP Units

13 Supply Corporation Ellisburg Station 2 New 4,740 HP Units

14 Predominant Flows 2008 Predominant Flows Gas Forum June 2014

15 Predominant Flows Current Predominant Flows Current 15 Gas Forum June 2014

16 Directly Connected Production Continues to Increase , MMDth (846 MDth/d) (MMDth per Month) (MDth per Day) MMDth (88 MDth/d) Gas Forum June 2014 Jan 09 Mar 09 May 09 Jul 09 Sep 09 Nov 09 Jan 10 Mar 10 May 10 Jul 10 Sep 10 Nov 10 Jan 11 Mar 11 May 11 Jul 11 Sep 11 Nov 11 Jan 12 Mar 12 May 12 Jul 12 Sep 12 Nov 12 Jan 13 Mar 13 May 13 Jul 13 Sep 13 Nov 13 Jan 14 Upper Devonian NFGSC Marcellus NFGSC Marcellus NFG Midstream Marcellus Empire 16

17 National Fuel is a Major SW PA Transporter Daily Throug hput (MDth per Day) TCP DTI Equitrans Other TGP NFGSC Source: Production Data Bentek Northeast Natural Gas Production Monitor (November 2013) 17

18 Niagara is Now a Net Export Point to Canada 600 NFGSC Throughput h at Niagara MD Dth/day (100) (200) (300) Northern Access project was placed in service November 2012 (400) Nov 05 Nov 06 Nov 07 Nov 08 Nov 09 Nov 10 Nov 11 Nov 12 Nov 13 18

19 Midstream Businesses Delivering Into the Premium Eastern Canadian Market $4.00 $3.50 Dawn to Dominion South Point Differential Dawn to TGP 300 Zone 4Differential Winter 13/14 Premiums in Excess of $25 $3.00 $ per MMBtu $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 Source: ICE Daily Cash Prices 19

20 Line N Expansion to TGP 219 Pool Mercer Expansion In Service: November 2014 System: NFGSC Capacity: 105,000 Dth/day Market: Range Resources Executed PA; 10 Yrs Interconnect Mercer (TGP Station 219) Capital Cost: $33.6 Million Expansion: $29.6 million System Modernization: $4 million Facilities 3,550 HP Compressor 2.08 miles 24 Replacement Pipeline Mercer (TGP Station 219) Mercer Expansion 20

Continued Expansion to TGP 219 Pool & TETCO M2 Westside

System: NFGSC Mercer (TGP Station 219) Holbrook (TETCO)

Dth/day Market: Executed PA with Range Resources; 145,000

Interconnect 30,000 Dth per day; 10/15 Yrs Mercer (TGP

21 Continued Expansion to TGP 219 Pool & TETCO M2 Westside Expansion & Modernization In Service: November 2015 System: NFGSC Mercer (TGP Station 219) Holbrook (TETCO) Westside Expansion & Modernization Capacity: 175,000 Dth/day Market: Executed PA with Range Resources; 145,000 Dth per day; 10 Yrs Executed PA with Seneca Resources; Interconnect 30,000 Dth per day; 10/15 Yrs Mercer (TGP Station 219) Holbrook (TETCO) Capital Cost: $76.2 million Expansion: $39.6 million System Modernization: $36.6 million Facilities 3,550 HP Compressor miles 24 Replacement Pipeline 21

22 Deliveries into Eastern Canada Northern Access 2015 In Service: November 2015 System: NFGSC Capacity: 140,000 Dth/day Market: Executed PA Lease arrangement with TGP Overall Path Producing area to Niagara Capital Cost: $66 million Facilities 15,400 HP Hinsdale CS 7,700 HP Concord CS East Eden M&R Upgrades Canada & Eastern U.S. Niagara (TCPL) Delivery Point Clermont Northern Access

23 Unique Solutions for On System LDC s Tuscarora Lateral In Service: November 2015 System: NFGSC & Empire NFGDC RG&E New No Notice Services (FTNN/FSNN) Market: RG&E, NYSEG Combination of Contract Renewals and New Business Includes 3.3 Bcf of Storage Service Interconnect Tuscarora (NFGSC /Empire) Tuscarora Lateral Capital Cost: Empire $34.1 million Supply $11.1 million Facilities 1,500 HP Compressor 17 miles 12/16 Pipeline 23

Additional Projects into Eastern Canada Open Seasons in Progress: OS#195

Transport Path: NFGSC to Empire @ Pendleton, with Deliveries to Chippawa

/30 Pipeline Empire Compressor Station for Pendleton deliveries Empire

24 Additional Projects into Eastern Canada Open Seasons in Progress: OS#195 NFGSC OS#12 Empire Proposed In Service: Nov 2016 Northern Access 2016 Transport Path: NFGSC to Pendleton, with Deliveries to Chippawa Capacity: ~350,000 Dth/day Proposed Facilities Include: 100+ miles of 24 /30 Pipeline Empire Compressor Station for Pendleton deliveries Empire Dehydration M&R Facilities Chippawa (TCPL) Delivery Point Northern Access

25 Empire South to North Expandability 2017 Empire Expansion Status: Open Season pending June/July 2014 Proposed In Service: Nov 2017 Capacity: ~325,000 Dth/day Gas Supply: Marcellus, Utica, NFG Storage Delivery Points: Chippawa, TGP 200, other On System Points Receipts: TGP 300, PVR, Jackson, Corning, Tuscarora Prospective Facilities i May Include: 26 miles of 24 Pipeline from Jackson, PA to vicinity of TGP 300 Line 3 Compressor Stations Jackson 26 Mile, 24 Extension TGP

26 Continued Line N Expansion Line N 2017 Status: Finalizing Design, Open Season: Summer 2014 Proposed In Service: 2017 Capacity: TBD Gas Supply: Marcellus, Utica Delivery Points: Holbrook, Mercer, REX Receipts: Producers in Marcellus/Utica Fairway REX Mercer Holbrook Line N

27 Thank You 27 Gas Forum June 2014

NFGSC & Empire 2018 Customer Event

NFGSC & Empire 2018 Customer Event John Pustulka Chief Operating Officer National Fuel Gas Company 1 Safe Harbor For Forward Looking Statements This presentation may contain forward-looking statements