National Fuel Gas Company

NFG · NYSE

nationalfuel

$7.7B

USD

Market cap · 2026–07 · week 29

🇺🇸 United States, Williamsville

Country

Oil & Gas

Sector

Integrated Oil & Gas · Mid-Tier · Integrated · Gas-weighted · Natural Gas · USA

Last updated 21 June 2026

Data compiled from public filings — information only, not investment advice. AI‑assisted; see methodology.

Overview: National Fuel Gas Company is a diversified energy company headquartered in Williamsville, New York, operating primarily in the Appalachian region of the United States. The enterprise runs an integrated business model spanning the natural-gas value chain, organized into three segments: Integrated Upstream and Gathering, Pipeline and Storage, and Utility. The Integrated Upstream and Gathering segment, operated through Seneca Resources Company, LLC and National Fuel Gas Midstream Company, LLC, focuses on the exploration, development, and gathering of natural-gas reserves in the Marcellus and Utica shales. The Pipeline and Storage segment, operated by National Fuel Gas Supply Corporation and Empire Pipeline, Inc., provides interstate natural-gas transportation and storage services. The Utility segment, operated by National Fuel Gas Distribution Corporation, serves approximately 756,000 customers in western New York and northwestern Pennsylvania. A common geographic footprint allows the sharing of management, labor, facilities, and support services across the businesses, enabling coordinated projects to produce and move natural gas from the Appalachian Basin to markets in the eastern United States and Canada. This vertical integration across upstream, midstream, and distribution provides diversified, partly regulated cash flows. The business is subject to commodity-price cycles, rate regulation, and the physical and transition risks associated with climate change.

Strategy: Strategic focus centers on leveraging the integrated business model to produce and transport natural gas from the Appalachian Basin to markets in the eastern United States and Canada. The enterprise intends to advance expansion and modernization projects within its Pipeline and Storage segment, including the Tioga Pathway Project and the Shippingport Lateral Project, to serve regional demand from power generation and data-center development. A core objective is the continued growth of its reserve base through development focused in the Marcellus and Utica shales at Seneca Resources. Capital allocation is prioritized to advance high-return growth, including the planned acquisition of Vectren Energy Delivery of Ohio, LLC from CenterPoint Energy Resources Corp. for US$2.62 billion, which is expected to roughly double the size of the gas-utility rate base and extend operations into Ohio. The organization manages a portfolio of assets across the value chain to build a sustainable growth pipeline while maintaining a disciplined fiscal profile. Regulated pipeline expansion and utility rate-base growth, complemented by capital-efficient upstream development, are the principal drivers of its medium-term outlook.

Management: Executive leadership is headed by President and Chief Executive Officer David P. Bauer, who directs the integrated enterprise. The Board of Directors is chaired by D. F. Smith. The senior team includes Michael D. Colpoys, President of Distribution Corporation; Joseph N. Del Vecchio, President of Supply Corporation; Timothy J. Silverstein, Treasurer and Chief Financial Officer; Elena G. Mendel, Controller and Chief Accounting Officer; Martin A. Krebs, Chief Information Officer; Lee E. Hartz, General Counsel and Secretary; and Justin I. Loweth, President of Midstream Company and Seneca Resources Company. Governance practices are structured to manage enterprise risks, including cybersecurity threats addressed through the Corporate Information Security Steering Committee and regular Board oversight. This leadership structure assigns dedicated segment presidents to the utility, pipeline, and upstream businesses under unified corporate governance.

Sustainability: The organization's sustainability framework includes methane-intensity reduction targets for each business segment and an absolute greenhouse-gas-emissions reduction target for the consolidated entity, established in 2021. The Utility segment has set additional greenhouse-gas reduction targets associated with its delivery system, reinforcing emissions accountability across the value chain. The company operates within stringent environmental regulation, including New York's Climate Leadership and Community Protection Act, which mandates significant greenhouse-gas emission reductions. The enterprise is implementing system-modernization and safety initiatives, including a leak-prone-pipe replacement program, to enhance reliability and reduce fugitive emissions from its distribution network. The company publishes a Corporate Responsibility Report detailing its human-capital measures and environmental, social, and governance initiatives, providing structured disclosure of progress against its targets.

Structure: A significant structural change is anticipated through the planned acquisition of Vectren Energy Delivery of Ohio, LLC from CenterPoint Energy Resources Corp. for US$2.62 billion, expected to close in the fourth quarter of calendar 2026. The transaction is intended to be financed through a combination of cash and a US$1.2 billion promissory note, supported by bridge and term-loan facilities. Corporate development was previously shaped by the June 2023 purchase of upstream assets in Tioga County, Pennsylvania from SWN Production Company, LLC for US$124.8 million, which expanded Seneca's Appalachian position. The corporate structure includes several material subsidiaries: Seneca Resources Company, LLC; National Fuel Gas Midstream Company, LLC; National Fuel Gas Supply Corporation; Empire Pipeline, Inc.; and National Fuel Gas Distribution Corporation. The company's operations are subject to regulation by the FERC, the New York Public Service Commission, and the Pennsylvania Public Utility Commission, which shape the structure and economics of its regulated businesses.

Hedge: The treasury policy uses derivative financial instruments — including price-swap agreements and no-cost collars — to manage a portion of the market risk associated with fluctuations in the price of natural gas in its Integrated Upstream and Gathering segment, confining natural-gas derivatives to the price hedging of existing and forecasted production. The company also uses foreign-exchange forward contracts to manage the risk of currency fluctuations on transportation costs denominated in Canadian dollars. As of September 30, 2025, the company had 414.3 Bcf of natural-gas commodity-derivative contracts outstanding and was hedging US$44.1 million of forecasted Canadian-dollar-denominated transportation costs. These hedging guidelines protect realised pricing on a defined share of Seneca's production and reduce currency exposure on cross-border transportation while leaving the regulated segments insulated from commodity-price risk.

Source: National Fuel Gas Company - 10-K Filing - 2025

Portfolio Aggregate · 1 project

Portfolio mode — asset rows are for context only; tab totals use the company aggregation.

National Fuel Gas Company - Total Corporate

Portfolio

United States, Appalachian Basin (PA, NY, OH, WV)

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Oil Gas

Type

Operating

Status

🇺🇸 United States, Appalachian Basin (PA, NY, OH, WV)

Country

Project information

As at 30 September 2025

Aggregation level: Company portfolio

Report standard: Sec S K 1200

Ownership %: 100

Operator: Yes

Extraction: Unconventional Shale

Description

As at 30 September 2025

National Fuel Gas Company (NYSE: NFG) - diversified energy holding company with integrated business across three reportable segments (effective Q4 FY2025 reorg): (1) Integrated Upstream and Gathering (Seneca Resources + Midstream Co), (2) Pipeline and Storage (Supply Corp + Empire), (3) Utility (Distribution Corp). Fiscal year ends Sep 30. FY2025 highlights: production up 9% to 427 Bcfe; proved reserves up 5% to 4,980 Bcf gas + 180 Mbbl oil at Sep 30 2025; total capex $918.1M. CenterPoint Ohio gas utility acquisition pending. NPV10 after-tax (SEC Standardized Measure): $2,754M.

Portfolio Aggregate

Multiple effective dates · 1P

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Reserves & resources — detail

As at 30 September 2025

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Reserves walk · Gross (disclosed)

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Reserves walk · Net change by year

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Operating · 3 projects

Seneca Resources (Integrated Upstream and Gathering)

District

United States, Appalachian Basin (PA primarily), Appalachian Coal Basin

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Oil Gas

Type

Operating

Status

🇺🇸 United States, Appalachian Basin (PA primarily) (Appalachian Coal Basin)

Country

Project information

As at 30 September 2025

Aggregation level: District / complex

Report standard: Sec S K 1200

Ownership %: 100

Operator: Yes

Extraction: Unconventional Shale

Producing wells (net): 964

Description

As at 30 September 2025

Seneca Resources Company - NFG's E&P subsidiary focused on Marcellus, Utica and Geneseo shales in Pennsylvania. Combined with Midstream Company starting Q4 FY2025 into Integrated Upstream and Gathering segment. 1,229,682 net acres in PA (of 1,301,368 total net acres); 153,105 PA net acres developed in shales (12% of PA total). Gathering: 401 miles + 24 compressor stations / 128,286 installed HP. Net PP&E $3.5B. FY2025: 426 Bcf gas (+9% YoY) + 28 Mbbl oil; 31.25 net dev wells completed; 51.5 net wells in process at Sep 30 2025. Reserves audited by NSAI.

Oil & Gas metrics

As at 30 September 2025

Type: Processing Facility

Aggregation level: Asset

Status: Operating

Report standard: Sec S K 1200

Ownership %: 100

Operator: Yes

Extraction: Processing Facility

Country: United States

Region: Western NY / PA

Facility kind: Pipeline Gas

Licensed capacity: -

Capacity unit: -

Capacity period: -

Capacity kind: -

Description

As at 30 September 2025

National Fuel Gas Supply Corporation - FERC-regulated interstate natural gas pipeline and storage company. Owns 2,233 miles transmission pipeline, 28 storage fields (3 jointly owned) with combined working gas capacity of 77.2 Bcf, 30 compressor stations with 259,038 installed HP. Net PP&E $2.2B at Sep 30 2025. 2025 peak day sendout 2,371 MMcf on Jan 21 2025 (24% supplied from storage). FY2025 CapEx $121.8M primarily for transmission/storage system modernization.

Processing facilities

As at 30 September 2025

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Distribution Corporation Utility System

Asset · Pipeline Gas

United States, Western NY / NW Pennsylvania

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Project information

As at 30 September 2025

Type: Processing Facility

Aggregation level: Asset

Status: Operating

Report standard: Sec S K 1200

Ownership %: 100

Operator: Yes

Extraction: Processing Facility

Country: United States

Region: Western NY / NW Pennsylvania

Facility kind: Pipeline Gas

Licensed capacity: -

Capacity unit: -

Capacity period: -

Capacity kind: -

Description

As at 30 September 2025

National Fuel Gas Distribution Corporation - state-regulated local distribution utility (LDC) serving residential, commercial and industrial customers in western NY (NYPSC-regulated) and northwestern PA (PaPUC-regulated). Owns 15,112 miles of distribution pipeline + service connections. Net PP&E $2.0B at Sep 30 2025. FY2025 CapEx $190.0M primarily for main/service replacements and system modernization. NFG announced agreement to acquire CenterPoint Energy's Ohio gas utility (Vectren Energy Delivery of Ohio).

Processing facilities

As at 30 September 2025

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Midstream Gathering Systems (Tioga, Clermont, Trout Run)

Asset · Pipeline Gas

United States, Pennsylvania

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Project information

As at 30 September 2025

Type: Processing Facility

Aggregation level: Asset

Status: Operating

Report standard: Sec S K 1200

Ownership %: 100

Operator: Yes

Extraction: Processing Facility

Country: United States

Region: Pennsylvania

Facility kind: Pipeline Gas

Licensed capacity: -

Capacity unit: -

Capacity period: -

Capacity kind: -

Description

As at 30 September 2025

Midstream Company gathering systems - Tioga, Clermont, and Trout Run gathering systems in PA Appalachian region. Combined with Seneca Resources into Integrated Upstream and Gathering segment starting Q4 FY2025. Comprises 401 miles of gathering pipelines and 24 compressor stations with 128,286 installed horsepower. Continued capacity expansion to support new shale development.

Processing facilities

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CenterPoint Energy Ohio Gas Utility (Pending Acquisition)

Asset · Pipeline Gas · Feasibility

United States, Ohio

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Project information

As at 30 September 2025

Type: Processing Facility

Aggregation level: Asset

Status: Development

Report standard: Sec S K 1200

Ownership %: 0

Operator: No

Extraction: Processing Facility

Country: United States

Region: Ohio

Facility kind: Pipeline Gas

Licensed capacity: -

Capacity unit: -

Capacity period: -

Capacity kind: -

Description

As at 30 September 2025

Pending acquisition by NFG of Vectren Energy Delivery of Ohio, LLC ('CenterPoint Ohio') from CenterPoint Energy Resources Corp. Transaction would add a state-regulated natural gas distribution utility in Ohio to NFG's existing Utility segment, expanding geographic footprint. Closing subject to regulatory approvals and customary conditions. Cash flow projections in 10-K include impact of acquisition.

Processing facilities

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Tioga Pathway Project

Asset · Pipeline Gas · Construction

United States, Pennsylvania

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Project information

As at 30 September 2025

Type: Processing Facility

Aggregation level: Asset

Status: Construction

Report standard: Sec S K 1200

Ownership %: 100

Operator: Yes

Extraction: Processing Facility

Country: United States

Region: Pennsylvania

Facility kind: Pipeline Gas

Licensed capacity: -

Capacity unit: -

Capacity period: -

Capacity kind: -

Description

As at 30 September 2025

Supply Corporation's Tioga Pathway Project - pipeline expansion to transport 190,000 Dth/day of shale gas from a new interconnection in northwest Tioga County, PA to existing Supply Corp interconnection with Tennessee Gas Pipeline at Ellisburg, plus a new virtual delivery point into Transco capacity lease for Mid-Atlantic markets. FERC Section 7(b)/7(c) certificate issued May 5, 2025. Construction begins early 2026; in-service late 2026.

Processing facilities

As at 31 December 2026

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Empire Pipeline System

Asset · Pipeline Gas

United States, Western NY

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Project information

As at 30 September 2025

Type: Processing Facility

Aggregation level: Asset

Status: Operating

Report standard: Sec S K 1200

Ownership %: 100

Operator: Yes

Extraction: Processing Facility

Country: United States

Region: Western NY

Facility kind: Pipeline Gas

Licensed capacity: -

Capacity unit: -

Capacity period: -

Capacity kind: -

Description

As at 30 September 2025

Empire Pipeline, Inc. - FERC-regulated interstate natural gas pipeline subsidiary. Combined with Supply Corporation forms NFG's Pipeline and Storage segment. CapEx and pipeline mileage not separately disclosed - included in P&S segment totals.

Processing facilities

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Assumptions

The projects listed here reflect the information captured in this workspace and are not necessarily a complete picture of the company's portfolio. For authoritative figures, refer to the company's official filings.

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How to read this tab

The tables below list unit codes most often used in the Oil & Gas sector for this company. MetalPilot stores contained metal or product in the codes below; grade and tonnage use separate fields. In side-by-side comparison views (stock page Portfolio tab, watchlist By sector), heterogeneous source units are converted to each commodity's preferred display unit (for example Moz Au, kt Cu, MMbbl oil) before summing; the same canonical codes appear in project data.

What the Portfolio tab shows

The Portfolio tab presents a project-level view of the company's reported assets, built from publicly disclosed information (technical reports, annual filings, MD&A, investor presentations, MRMR / R&R statements, NI 43-101 / NI 51-101 / SEC S-K 1300 / SEC S-K 1200 / JORC / SAMREC / PERC / PRMS / COGEH filings, and similar primary sources).
Figures are grouped by project type (mining, oil & gas, royalty, stream, processing facility, development, portfolio aggregate) and are shown alongside the headline reserve base, headline production, headline grade / quality, cost benchmarks, estimated lifetime, commercial terms (for royalties / streams), operational capacity (for processing) and a single-figure rating where the underlying data supports one.
Each data table on the Portfolio tab is followed by ONE Assumptions footnote describing the modelling choices for that table; KPI stat-card assumptions appear in the bottom block instead. All legal and section disclaimers are merged into a single disclaimer list at the bottom of the Portfolio tab.

Concepts in your sector — Oil & gas

1P/2P/3P — cumulative uncertainty. 1P = Proved (≥90%); 2P = Proved+Probable (≥50%, primary non-SEC metric); 3P adds Possible (≥10%). SEC filers often publish 1P only.
Contingent (1C/2C/3C) = discovered, sub-commercial. Prospective (1U/2U/3U) = undiscovered. Neither feeds economic models without further work.
Developed vs Undeveloped: PDP (producing), PDNP (developed non-producing), PUD (undeveloped). Reserves walk PUD→PDP is reclassification, not new discovery.
BOE uses 6 Mcf gas : 1 bbl oil (thermal, not economic). Some issuers use 5.8:1 — read footnotes.
Pricing case: Forecast vs Constant (NI 51-101/PRMS) or SEC 12-month average. Do not add cases together.

Portfolio tab — table guide

Portfolio KPIs — company-level headline numbers aggregated from the featured projects (project counts, attributable annual production by commodity, attributable resource base by commodity, last filing date, operator share). USD value lines multiply attributable volumes by the resolved snapshot price.
Portfolio snapshot — one-screen summary of the portfolio: counts by type and status, country mix, reporting standards used, operator share, primary commodity, attributable annual production summary and attributable resource base summary.
Oil & Gas — one row per O&G project (typically a field, licence, play or basin asset), with columns for location, status, primary hydrocarbons, production (with rating), reserves & resources (with rating), costs and estimated lifetime.
Royalty — one row per royalty interest held by the company. Columns cover the underlying project, operator, commodity, commercial terms (rate, type, cap, area-of-interest), attributable production, attributable reserves and estimated lifetime.
Stream — one row per metal stream held by the company. Each row shows the underlying project, the streamed commodity, the headline stream percentage, the ongoing per-ounce / per-tonne payment, and attributable production / reserves.
Processing facilities — one row per midstream / processing facility (pipeline, fractionator, LNG train, storage cavern, refinery, smelter, mill, heap-leach pad, CPP, etc.). Columns include nameplate capacity, contracted capacity, feedstock commodities and operational footprint.
Development — projects in development status or in a pre-production lifecycle phase. The production column is re-labelled 'Targeted production (rating)' to highlight that the figures are plans, not actuals.
Portfolio Aggregate — a single company-level row used when the company itself publishes a portfolio rollup (e.g. company-wide 2P barrels across all properties).
Reserves & resources — detail — a leaf-category pivot showing every reserve and resource category disclosed across the projects.
Reserves walk — gross (disclosed) — year-by-year reconciliation of the opening balance to the closing balance, broken into Extensions & discoveries, Revisions, Improved recovery, Purchases, Divestitures, Production and Conversion to developed.
Reserves walk — net change by year — per-year summary of net additions and net deductions across the portfolio.
NPV (grouped) — all NPV rows captured from the filings, grouped by commodity, resource category, development status and pricing case. Each NPV figure is shown with its discount rate, basis (before-tax / after-tax), currency and value scale.

Ownership / Working interest

Ownership percentage means the company's working-interest share of the asset: its slice of the project before royalties and before government take. It is shown on a 0–100 scale.
Mines, oil and gas fields, and processing facilities — this is how much of the asset belongs to the company under that working-interest idea. One hundred percent is fully owned; a lower number usually means partners share the rest.
Royalties and streaming agreements — the percentage is often not the story; what matters economically is usually the royalty or stream rate, shown elsewhere alongside these figures.
Oil and gas — read this as gross working interest only. Do not treat it as net production or net wells after royalties; when filings distinguish gross from net, that shows up in how the resource numbers themselves are labelled.
Below 100% — the short summary for each project names other owners and their stakes when the source says who they are.
NRI vs WI (O&G). Working interest (WI) is the obligation to pay a share of costs; net revenue interest (NRI) is the share of revenue after royalties and overriding-royalty interests. A 100% WI well rarely produces 100% NRI; typical onshore U.S. NRI is 75–87.5% of WI depending on the lease royalty.
Operator vs non-operator. The operator runs day-to-day operations; non-operating partners pay their WI share of costs but do not run the asset. Some Portfolio rows show operator share where disclosed.

Hydrocarbon commodity_code (normalized product streams)

Commodity

Physical idea

Benchmark / anchor

Typical relationship (rule-of-thumb)

Oil equivalent (BOE)

See commodity documentation in the domain package.

Oil

Generic crude (undifferentiated)

WTI

Use West Texas Intermediate directly as a coarse benchmark when the filing does not split product quality.

Natural gas

Pipeline natural gas

Henry Hub

Henry Hub is the reference US benchmark for US pipeline gas; use it directly when the disclosure is Hub-indexed.

NGL

NGL barrel (mixed NGLs)

Mont Belvieu NGL basket vs WTI

NGL barrels often track a fraction of crude; order-of-magnitude context is commonly cited around two-fifths to three-fifths of WTI.

Shale gas

Gas from shale / tight reservoirs

Henry Hub plus regional basis

Regional hubs price as Henry Hub plus or minus basis; shale supply broke tight coupling to oil, so do not back-solve shale gas from WTI.

Light oil

Light sweet crude

WTI / Brent

WTI and Brent are often treated as roughly 1:1 for light sweet barrels when a single anchor is enough.

Heavy oil

Heavy sour crude

WCS vs WTI

Western Canadian Select–style heavy blends often trade on the order of $10–20/bbl below WTI when differentials are in a normal range.

Bitumen

Oil-sands bitumen blend

WCS vs WTI

Same broad idea as heavy oil: bitumen blends anchor to wide differentials versus light sweet benchmarks such as WTI.

Synthetic crude

Upgraded oil-sands synthetic crude (SCO)

SCO vs WTI

Synthetic crude typically tracks WTI within a few dollars — sometimes near par, sometimes a small premium or discount.

Condensate

Field condensate / diluent

US condensate vs WTI

Field condensate can trade below WTI; some multi-year averages have been in the high single-digit dollars per barrel under WTI.

Coal bed methane

Coalbed methane (CBM)

Regional hub vs Henry Hub

CBM is usually quoted off a regional benchmark versus Henry Hub; it is a distinct product stream from tight shale gas in many filings.

Hydrocarbon commodity — notes

The Commodity column shows normalized labels; values are stored as snake_case CommodityCode strings in pkg/domain and project resource rows (for example shale_gas, oil_equivalent).
Benchmarks and typical relationship cells are informal market context for reading disclosures — they are not MetalPilot price inputs.

Crude grade primer

API gravity — lower = heavier. Light crude is ≥ 31.1° API (≤ 870 kg/m³); heavy is 22.3–31.1° API; extra-heavy is < 22.3°. Bitumen is ≤ 10° API.
Sulphur — sweet vs sour. Sweet crude has ≤ 0.5% sulphur; sour > 0.5%. Refineries price the discount on sour crude into the differential.
WTI vs Brent vs WCS. WTI (West Texas Intermediate, Cushing OK) is the U.S. light-sweet benchmark; Brent (North Sea) is the global light-sweet benchmark; WCS (Western Canadian Select) is the heavy/sour benchmark for Canadian production.

Units, conversions & reporting standards

Unit codes, conversion cheat sheets, cost benchmarks (AISC, C1–C3), reporting standards (NI 43-101, JORC, SEC S-K 1300) and resource/reserve category definitions live in the full terminology & units reference.

Each table lists the numeric band for scores 1–5 (production and resource base; grade where applicable for mining commodities) using the same thresholds as project rating stat cards. Only commodities that appear on featured projects for this document are listed.

Oil equivalent (BOE)

Score

Production

Resource base

1 / 5

0–0.5 MMboe/yr

0–5 MMboe

2 / 5

0.5–5 MMboe/yr

5–25 MMboe

3 / 5

5–20 MMboe/yr

25–100 MMboe

4 / 5

20–75 MMboe/yr

100–500 MMboe

5 / 5

≥ 75 MMboe/yr

≥ 500 MMboe

Oil

Score

Production

Resource base

1 / 5

0–0.5 MMbbl/yr

0–5 MMbbl

2 / 5

0.5–5 MMbbl/yr

5–25 MMbbl

3 / 5

5–20 MMbbl/yr

25–100 MMbbl

4 / 5

20–75 MMbbl/yr

100–500 MMbbl

5 / 5

≥ 75 MMbbl/yr

≥ 500 MMbbl

Natural gas

Score

Production

Resource base

1 / 5

0–4 Bcf/yr

0–50 Bcf

2 / 5

4–20 Bcf/yr

50–500 Bcf

3 / 5

20–75 Bcf/yr

500–2000 Bcf

4 / 5

75–180 Bcf/yr

2000–10000 Bcf

5 / 5

≥ 180 Bcf/yr

≥ 10000 Bcf

Copper uses kt Cu bands (Mlb Cu when lb-scale copper resources appear on featured projects). Lithium grade uses hard-rock % Li₂O bands unless brine-style extraction or brine units appear on featured projects.

Assumptions

Presented values are denominated in currency of the country where the company is headquartered. Values like market capitalization might differ from the values visible in other parts of the page, where the currency is always USD.