National Fuel Gas plans spin-off of integrated upstream and gathering business by H2 2027
NFG•National Fuel Gas plans to spin off its Integrated Upstream and Gathering business as a publicly traded company in the second half of 2027, distributing at least 80.1% of its shares to National Fuel shareholders. The business is expected to include about 1.2 million net acres, 1 Bcf/d of net production and roughly 5 Tcf of proved reserves.
1. Planned separation
National Fuel Gas plans to separate its Integrated Upstream and Gathering business into a stand-alone, publicly traded company focused on Appalachian gas production, with completion targeted for the second half of 2027. The company plans to distribute at least 80.1% of IUG shares pro rata and initially retain up to 19.9%, which it expects to exit in a tax-efficient manner.
2. Businesses after spin-off
IUG is expected to include about 1.2 million net acres, 1 Bcf/d of net production and roughly 5 Tcf of proved reserves. After the transaction, National Fuel will operate as a fully regulated gas utility, pipeline and storage business serving Ohio, New York and Pennsylvania.
