National Fuel Gas Company Announces Plan to Separate Its Integrated Upstream and Gathering Business
Key Highlights
- ➤National Fuel (NFG) plans tax-free spin-off of Integrated Upstream and Gathering business
- ➤Separation expected in second half of 2027, with shareholders receiving at least 80.1% of IUG shares
- ➤Post-separation National Fuel targets nearly $5 billion of regulated utility rate base
- ➤IUG will have approximately 1.2 million net acres and 1.1 Bcf per day net production
- ➤IUG holds approximately 5 Tcf of proved reserves and more than 25 years of development inventory
Expert Statements
David P. Bauer, President and Chief Executive Officer of National Fuel
“Our integrated business model has provided us significant benefits for many years, including the financial capacity and cash flow generation to support transformative acquisitions and strategic investments across the Company.”
David P. Bauer, President and Chief Executive Officer of National Fuel
“Following the recent closing of our Ohio gas utility acquisition, each business is now a scaled platform, and post-separation, is expected to have the financial strength to best capitalize on the long-term growth opportunities as independent companies.”
David P. Bauer, President and Chief Executive Officer of National Fuel
“After a thorough review, we believe now is the right time to take the next step in National Fuel’s evolution, with the tax-free separation of IUG positioning the two standalone businesses to build on their strong foundations and pursue the significant opportunities we see across the natural gas value chain.”
* National Fuel’s Integrated Upstream and Gathering business (“IUG”) will become an independent public company focused solely on its highly integrated, Appalachian upstream and gathering natural gas assets. * Post-separation, National Fuel will be a 100% rate-regulated natural gas company with utility as well as interstate pipeline and storage assets across Ohio, New York, and Pennsylvania. * The separation is expected to be completed in the second half of 2027 and effected through a tax-free distribution of at least 80.1% of IUG shares to National Fuel shareholders. * The Company will host a conference call to discuss the planned separation on October 14, 2026 at 9:00 a.m. ET. WILLIAMSVILLE, N.Y., Oct. 14, 2026 (GLOBE NEWSWIRE) -- National Fuel Gas Company (NYSE: NFG) (“National Fuel” or the “Company”) today announced its Board of Directors approved a plan to separate the Company into two independent, publicly traded companies through a tax-free spin-off of the Company’s Integrated Upstream and Gathering business. Upon completion of the transaction, National Fuel shareholders will own shares in both National Fuel and IUG.
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