Filed pursuant to Rule 433

June 5, 2023

Relating to

Preliminary Prospectus Supplement dated June 5, 2023

to

Prospectus dated September 23, 2022

Registration Statement No. 333-267583-01

Piedmont Natural Gas Company, Inc.

$350,000,000 5.40% Senior Notes due 2033

Pricing Term Sheet

Issuer:	Piedmont Natural Gas Company, Inc. (the “Issuer”)
Trade Date:	June 5, 2023
Settlement Date:	June 8, 2023; T+3
Expected Ratings (Moody’s/S&P)*:	A3 (Stable) / BBB+ (Stable)
Security Description:	5.40% Senior Notes due 2033 (the “Notes”)
Interest Payment Dates:	June 15 and December 15 of each year, beginning on December 15, 2023
Principal Amount:	$350,000,000
Maturity Date:	June 15, 2033
Price to the Public:	99.999% per Note, plus accrued interest, if any, from June 8, 2023
Coupon:	5.40%
Benchmark Treasury:	3.375% due May 15, 2033
Benchmark Treasury Yield:	3.700%
Spread to Benchmark Treasury:	+170 bps
Yield to Maturity:	5.400%

Redemption Provisions/ Make-Whole Call:	Prior to March 15, 2033 (the date that is three months prior to the maturity date of the Notes (the “Par Call Date”)), the Issuer may redeem the Notes at its option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of (1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the Notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 30 basis points, less (b) interest accrued to the redemption date; and (2) 100% of the principal amount of the Notes being redeemed, plus, in either case, accrued and unpaid interest thereon to, but excluding, the redemption date.
Par Call:	On or after the Par Call Date, the Issuer may redeem the Notes at its option, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date.
CUSIP / ISIN:	720186 AQ8/US720186AQ82
Joint Book-Running Managers:	Credit Suisse Securities (USA) LLC TD Securities (USA) LLC Truist Securities, Inc. U.S. Bancorp Investments, Inc.
Co-Managers:	BNY Mellon Capital Markets, LLC AmeriVet Securities, Inc. CAVU Securities, LLC

* Note: Security ratings are not recommendations to buy, sell or hold securities. The ratings are subject to change or withdrawal at any time by the respective credit rating agencies.

The Issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Issuer has filed with the SEC for more complete information about the Issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Website at www.sec.gov. Alternatively, the Issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Credit Suisse Securities (USA) LLC toll-free at 1-800-221-1037, TD Securities (USA) LLC toll-free at 1-855-495-9846, Truist Securities, Inc. toll-free at 1-800-685-4786 or U.S. Bancorp Investments, Inc. toll-free at 1-877-558-2607.

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