National Fuel Gas (NFG) stock price is $78.17, down 2.19% on the day, as of Oct 19, 2026. It has a market cap of $7.43Bn and a P/E ratio of 11.00, and is classified in the Oil and Gas Exploration and Production industry (Energy sector).
Enterprise Value
Margins
P/FCF
Key Stats
Market Cap7.43 Bn
P/E11.00
P/S2.95
Div. Yield0.03
Total Debt (Qtr)3.57 Bn
Revenue Growth (1y) (Qtr)1.07
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About
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…
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.
Sector:EnergySector rationaleThe company's primary business is the production, gathering, transportation, and storage of natural gas, with the Integrated Upstream and Gathering and Pipeline and Storage segments contributing the majority of its net income. It also operates a substantial regulated utility business delivering natural gas to approximately 756,000 customers, which justifies the secondary sector of Utilities.Industries:+1 moreOil and Gas Exploration and ProductionOil and Gas Exploration and ProductionPrimaryThe company's most profitable segment is Integrated Upstream and Gathering, which includes Seneca Resources Company LLC that explores for and develops natural gas reserves in the Appalachian region. Revenue is generated from the sale of natural gas it produces from the Marcellus and Utica shales.Oil and Gas PipelinesOil and Gas PipelinesSecondaryThe Pipeline and Storage segment, comprising National Fuel Gas Supply Corporation and Empire Pipeline Inc, provides interstate natural gas transportation and storage services to affiliated and non-affiliated customers.LNG and Gas ProcessingLNG and Gas ProcessingSecondaryThe company operates natural gas processing facilities through National Fuel Gas Midstream Company LLC as part of its integrated upstream and gathering operations.Classified using BQ-MICSCIK: 0000070145
Bull & bear
Investment Thesis
▲ Bull case
National Fuel's Integrated Upstream and Gathering business demonstrates superior long-term growth potential through strategic Gen 4 well design optimization and premium market access expansion, despite near-term production guidance adjustments. The company's deep inventory in Northeast Pennsylvania, described as arguably deeper than any regional peer, provides a durable foundation for disciplined capital deployment as Gulf Coast transportation capacity becomes available. Recent execution of two 50 million cubic feet per day firm transportation contracts to the Gulf Coast, building on earlier access, will double their premium market exposure over time and support higher price realizations for Appalachian supply. This is reinforced by management's confidence in capturing incremental value from high-rate wells flowing at 40 million cubic feet per day—significantly above the 25-30 million cubic feet per day baseline—which pulls forward economic value through optimized well design without increasing facility costs. The integration of 3D seismic data into their subsurface model, particularly for recently acquired acreage, is de-risking future development and improving outcomes, as evidenced by the strong performance of Gen 4 and Upper Utica wells contrasting with older designs. With a multiyear marketing strategy focused on premium markets and growing firm transport capacity projected to increase approximately 50% to over 1.5 Bcf per day by 2029, National Fuel is positioned to capture sustained free cash flow growth from its nonregulated segment, which currently generates significant cash flow to support shareholder returns and balance sheet strength. National Fuel
National Fuel's Integrated Upstream and Gathering business demonstrates superior long-term growth potential through strategic Gen 4 well design optimization and premium market access expansion, despite near-term production guidance adjustments. The company's deep inventory in Northeast Pennsylvania, described as arguably deeper than any regional peer, provides a durable foundation for disciplined capital deployment as Gulf Coast transportation capacity becomes available. Recent execution of two 50 million cubic feet per day firm transportation contracts to the Gulf Coast, building on earlier access, will double their premium market exposure over time and support higher price realizations for Appalachian supply. This is reinforced by management's confidence in capturing incremental value from high-rate wells flowing at 40 million cubic feet per day—significantly above the 25-30 million cubic feet per day baseline—which pulls forward economic value through optimized well design without increasing facility costs. The integration of 3D seismic data into their subsurface model, particularly for recently acquired acreage, is de-risking future development and improving outcomes, as evidenced by the strong performance of Gen 4 and Upper Utica wells contrasting with older designs. With a multiyear marketing strategy focused on premium markets and growing firm transport capacity projected to increase approximately 50% to over 1.5 Bcf per day by 2029, National Fuel is positioned to capture sustained free cash flow growth from its nonregulated segment, which currently generates significant cash flow to support shareholder returns and balance sheet strength. National Fuel
National Fuel faces material near-term production headwinds and cost pressures that are being underestimated by the market, particularly from weather-related operational disruptions and emerging input cost inflation. The company's explicit 3% reduction in fiscal 2026 production guidance to 425-440 Bcfe, driven by road closures delaying completions and flowback during severe winter weather, is not merely a temporary delay but reflects systemic vulnerability to extreme weather events that could recur, impacting full-year volumes as production shifts into future periods without full recovery. This is compounded by underperforming legacy wells on a recently tested 6-well pad—where four older Gen 2 design wells failed to meet projections despite holding critical acreage—suggesting that historical development assumptions may be overly optimistic and requiring costly reevaluation of subsurface models across broader holdings. Concurrently, rising diesel and logistics costs from the Iran conflict are increasing drilling and completion expenses, pushing capital expenditures toward the high end of the $560-$610 million range and threatening capital efficiency gains. While management cites minimal accounting impact from compressor maintenance strategy changes, the requirement to write down net book value when swapping in new engines introduces earnings volatility that could persist if this approach scales. Furthermore, the company's heavy reliance on hedging—approximately 75% for the remainder of the year with spot exposure limited to 30 Bcf—while protective, limits upside leverage in a potential price rebound scenario and may constrain earnings growth if basis differentials remain tighter than anticipated. These factors collectively challenge the durability of mid-single-digit production growth targets and could pressure free cash flow generation despite the company's strong balance sheet positioning. National Fuel
National Fuel faces material near-term production headwinds and cost pressures that are being underestimated by the market, particularly from weather-related operational disruptions and emerging input cost inflation. The company's explicit 3% reduction in fiscal 2026 production guidance to 425-440 Bcfe, driven by road closures delaying completions and flowback during severe winter weather, is not merely a temporary delay but reflects systemic vulnerability to extreme weather events that could recur, impacting full-year volumes as production shifts into future periods without full recovery. This is compounded by underperforming legacy wells on a recently tested 6-well pad—where four older Gen 2 design wells failed to meet projections despite holding critical acreage—suggesting that historical development assumptions may be overly optimistic and requiring costly reevaluation of subsurface models across broader holdings. Concurrently, rising diesel and logistics costs from the Iran conflict are increasing drilling and completion expenses, pushing capital expenditures toward the high end of the $560-$610 million range and threatening capital efficiency gains. While management cites minimal accounting impact from compressor maintenance strategy changes, the requirement to write down net book value when swapping in new engines introduces earnings volatility that could persist if this approach scales. Furthermore, the company's heavy reliance on hedging—approximately 75% for the remainder of the year with spot exposure limited to 30 Bcf—while protective, limits upside leverage in a potential price rebound scenario and may constrain earnings growth if basis differentials remain tighter than anticipated. These factors collectively challenge the durability of mid-single-digit production growth targets and could pressure free cash flow generation despite the company's strong balance sheet positioning. National Fuel