National Fuel Gas Co (NYSE: NFG)

National Fuel Gas Company is a diversified energy company engaged principally in the production, gathering, transportation, storage and distribution of natural gas. Its assets are centered in western New York and Pennsylvania where they support the production and transportation of natural gas from the Appalachian Basin. Current development focuses on the Marcellus and Utica shales and pipeline projects aim to move production to existing and new markets in the eastern United States and Canada.

The company generates revenue from the sale of natural gas it produces and from fees for gathering, processing, transportation and storage services. It also earns regulated income from delivering natural gas to retail customers through its utility operations. In 2025 the Integrated Upstream and Gathering segment contributed net income of $324.7 million, the Pipeline and Storage segment contributed net income of $121.0 million, and the Utility segment contributed net income of $83.2 million.

The company operates through the following segments: Integrated Upstream and Gathering, Pipeline and Storage, Utility.

• Integrated Upstream and Gathering: This segment includes Seneca Resources Company LLC which explores for and develops natural gas reserves in the Appalachian region and National Fuel Gas Midstream Company LLC which builds owns and operates natural gas processing and pipeline gathering facilities primarily providing gathering services to Seneca.

• Pipeline and Storage: This segment comprises National Fuel Gas Supply Corporation and Empire Pipeline Inc which provide interstate natural gas transportation and storage services to affiliated and non affiliated customers through pipeline systems in Pennsylvania and New York.

• Utility: This segment consists of National Fuel Gas Distribution Corporation which delivers natural gas utility services to approximately 756,000 residential, commercial, and industrial customers in western New York and northwestern Pennsylvania.

National Fuel Gas Company holds a competitive position in the northeastern natural gas market due to its integrated asset base that links production, gathering, processing, transportation and storage. The Integrated Upstream and Gathering segment benefits from direct control over both exploration and gathering, which reduces third party dependence and supports cost effective operations. Its pipeline assets are positioned near the Marcellus and Utica shale formations, giving it access to growing supply sources. The Pipeline and Storage segment competes with other pipeline companies and storage providers in the northeast, but enjoys strategic locations near the Canadian border and interconnections with major interstate pipelines that enable access to both domestic and Canadian markets. The Utility segment retains a large share of small volume residential and commercial customers, because its regulated cost of service model allows it to recover delivery costs through rates even as customers choose alternative gas suppliers. It faces competition from energy marketers for large commercial and industrial customers and from alternative fuels such as fuel oil and electrification, but maintains advantage through the reliability and affordability of natural gas.

The company serves a diverse customer base that includes residential, commercial, and industrial consumers through its utility operations which had approximately 756,000 customers at September 30 2025. Its wholesale operations supply natural gas to affiliated and non affiliated shippers via its pipeline and storage systems. The Utility segment purchases a significant portion of its gas supply from a few major traders including DTE Energy Trading Inc, Emera Energy Services Inc, Chevron Natural Gas, Shell Energy North America, and NRG Business Marketing LLC.