• National Fuel Gas average operating margin for 2023 was 35.35%, a 4.49% decline from 2022.
• National Fuel Gas average operating margin for 2022 was 37.01%, a 32.94% decline from 2021.
• National Fuel Gas average operating margin for 2021 was 27.84%, a 163.89% increase from 2020.

Operating margin can be defined as operating margin measurement of what proportion of a company's revenue is left over after paying for variable costs of production such as wages, raw materials, etc.