FNC News

Farmers National Company's Energy Management Division ("FNC") today announced its client highlights for the Fiscal Year from October 1, 2022 to September 30, 2023.

Mineral assets under management by FNC produced over $1 billion in annual gross revenues for the Fiscal Year. In addition, FNC performed the following activities for clients during the Fiscal Year

• $4.95 Million in suspended or escheated funds recovered for clients
• $2.46 Million in ad valorem tax bill reductions
• 12.8% average appraisal reduction on challenged ad valorem tax appraisals
• 78,736 checks were processed
• 6,754 JIBs were processed
• 3,139 Division Orders processed
• 398 oil and gas leases negotiated
• 19,322 net mineral acres leased
• $23.59 Million in bonus payments negotiated
• 56 mineral sales closed
• $8.39 Million in mineral sales closed

Management Comments: "At FNC we are relentlessly focused on providing exemplary service for our clients. This has led to us becoming a trusted leader and partner in the mineral management space for more than 20 years and is demonstrated by us eclipsing $1 Billion in gross revenues produced by our managed assets. This year we've leveraged our unprecedented size and scale to make dramatic improvements and additions to our services.

In 2023, FNC introduced a new client web portal providing easy access to statements and custom monthly reports for our clients. As a mineral owner it is easy to drown in the data received on a monthly basis, but at FNC we pride ourselves on synthesizing those mountains of data into easily understood and intuitive deliverables that our clients love.

In 2023, FNC continued to invest in Texas. We expanded our Ft. Worth, Texas office and opened a new office in the heart of Midland, Texas. In Midland, we provide mineral management services and also have two full-time surface landman to address client's surface needs ranging from right-of-way and water negotiations to boots-on-the-ground inspections.

Lastly, we've continued to stockpile tremendous oil & gas talent for the direct benefit of our clients. The oil & gas industry has contracted in recent years and we're fortunate to offer a tremendous, employee-owned company for those looking to continue to put their oil & gas talents and experience to work in the industry.

The positive results for our clients over the past year are a result of the effort, experience, talent and care we deploy to the assets each day. We are grateful to do it and grateful to live in a country blessed with natural resources where free people can own the minerals under their feet. We are honored that our clients trust the management of their mineral assets to our team and we look forward to another year of finding new ways to provide value in return." Chace Daley, Senior Vice President, Energy Management.

For additional information about our energy services, please visit www.FNCEnergy.com.