NATIONAL FUEL GAS CO

National Fuel Gas Company (NYSE: NFG) operates as a diversified energy company engaged in the production, gathering, transportation, storage, and distribution of natural gas. The company's website is www.nationalfuel.com.

The company operates through three primary business segments. The Integrated Upstream and Gathering segment, composed of Seneca Resources Company and National Fuel Gas Midstream Company, focuses on exploration and development of natural gas reserves in the Appalachian region, particularly in the Marcellus and Utica shales. At fiscal year-end 2025, Seneca held proved developed and undeveloped reserves of approximately 4.98 trillion cubic feet of natural gas and 180 thousand barrels of oil. The Pipeline and Storage segment, operated through National Fuel Gas Supply Corporation and Empire Pipeline, provides interstate natural gas transportation and storage services across Pennsylvania and New York. The Utility segment, conducted by National Fuel Gas Distribution Corporation, serves approximately 756,000 customers through local distribution systems in western New York and northwestern Pennsylvania, including the Buffalo, Niagara Falls, and Jamestown markets in New York and Erie and Sharon in Pennsylvania.

The company's integrated business model leverages a common geographic footprint centered in western New York and Pennsylvania, enabling operational synergies across production, gathering, transportation, and distribution functions. This vertical integration supports capital efficiency and cost optimization throughout the natural gas value chain. The company maintains a robust portfolio of firm transportation contracts and utilizes financial hedging strategies to manage commodity price volatility.

National Fuel Gas employed 2,322 full-time employees as of September 30, 2025, with 47 percent of the active workforce covered under collective bargaining agreements. The company's operations are subject to regulation by the Federal Energy Regulatory Commission, state public utility commissions, and various environmental agencies. The company competes on the basis of price, service reliability, and product performance, positioning natural gas competitively against alternative energy sources including electrification and renewable energy technologies. The company's competitive advantages include established interconnections with major producers and pipelines, strategic geographic positioning near prolific shale production areas, and operational integration across upstream and midstream functions.