National Fuel Gas outlined a potential split into two independent, publicly traded companies, subject to final board sign-off.
The board targets concluding its evaluation by Oct. 15, 2026.
The Integrated Upstream and Gathering business would be separated into a standalone Appalachian upstream and gathering company via a tax-free share distribution.
The remaining business would become a fully regulated natural gas utility, pipeline, and storage operator across Pennsylvania, Ohio, and New York.
After the split, the utility would have nearly $5 billion of rate base, 1.1 million utility customers, 5 Bcf/day of contracted transport capacity, and 77 Bcf of contracted storage.
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