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National Fuel Gas Company Announces Timeline to Conclude Evaluation of a Plan to Separate into Two Independent Publicly Traded Companies

NFG
  • National Fuel Gas Company announced its Board intends to complete an evaluation by October 15, 2026, regarding a plan to separate the Integrated Upstream & Gathering (IUG) business into an independent public company.
  • The separation would be executed through a tax-free distribution of IUG shares to existing National Fuel shareholders.
  • Post-separation, National Fuel would become a 100% rate-regulated utility with assets in Pennsylvania, Ohio, & New York, serving 1.1 million customers.
  • The standalone National Fuel entity would hold nearly $5 billion in rate base, FERC-regulated pipeline capacity of nearly 5 Bcf per day, & 77 Bcf of storage services.
  • The separated IUG business would be a premier Appalachian natural gas producer with approximately 1.2 million net acres, 1.1 Bcf per day of production, & 5 Tcf of reserves.
  • IUG would maintain integrated gathering assets & benefit from 40+ years of development inventory in the Marcellus & Utica formations.
  • Both independent companies aim to achieve greater capital allocation flexibility, distinct investor bases, & enhanced operational synergies.
  • Goldman Sachs & Co. LLC serves as the financial advisor, while Skadden, Arps, Slate, Meagher & Flom LLP acts as legal counsel.
  • The plan remains subject to final Board approval, required consents, & the closing of National Fuel's pending acquisition of CenterPoint's Ohio utility business.