National Fuel Gas Company (NFG)

Cash conversion cycle

		Sep 30, 2025	Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020
Days of inventory on hand (DOH)	days	27.92	20.43	18.35	23.42	26.79	20.34	18.04	21.89	22.43	23.32	20.61	39.54	49.03	24.66	18.54	35.86	44.69	24.91	22.38	27.40
Days of sales outstanding (DSO)	days	31.71	42.07	65.29	52.12	26.79	36.78	49.13	47.76	37.30	33.02	50.97	67.51	68.78	72.86	71.68	64.11	49.97	43.96	59.68	53.42
Number of days of payables	days	61.15	37.69	40.09	39.06	53.46	32.92	30.38	30.94	41.90	25.06	32.08	45.60	50.90	42.55	43.79	45.37	63.74	42.69	41.09	39.25
Cash conversion cycle	days	-1.53	24.80	43.55	36.48	0.12	24.19	36.79	38.71	17.84	31.28	39.50	61.45	66.91	54.97	46.43	54.60	30.92	26.17	40.97	41.57

September 30, 2025 calculation

Cash conversion cycle = DOH + DSO – Number of days of payables
= 27.92 + 31.71 – 61.15
= -1.53