National Fuel board to complete review of plan to split company by October 15

By Reuters News

Sept 17 (Reuters) - National Fuel Gas Company NFG.N said on Thursday its board expects to complete by October 15 its review of plans to split into two publicly traded companies - utility and pipeline, and Appalachian upstream and gathering natural gas business.

On Wednesday, Reuters reported the US energy company was weighing strategic options for its integrated natural gas business in a deal that could value the unit at roughly $5 billion, citing five people familiar with the matter.

Here are some details:

  • The separation comes as growing US power demand from AI data centers and electrification fuels investment in energy infrastructure, while rising natural gas demand accelerates the need for additional pipeline and storage capacity.

  • The review follows the Williamsville, New York-based company's pending acquisition of an Ohio gas utility next month.

  • The proposed separation would leave National Fuel as a fully regulated natural gas company serving about 1.1 million customers in Ohio, New York and Pennsylvania, with nearly $5 billion in rate base.

  • The Integrated Upstream and Gathering (IUG) business would become a standalone producer and midstream operator focused on the Marcellus and Utica shale regions.

  • The IUG business would have about 1.2 million net acres in Appalachia, with net natural gas production of about 1.1 billion cubic feet per day.


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