National Fuel Gas Company

Name

National Fuel Gas Company

Legal name

National Fuel Gas Company

Website

https://nationalfuel.com

Company type

Public

Founded year

1902

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

National Fuel Gas Company is a diversified integrated natural gas operator serving approximately 540,000 regulated utility customers in New York and Pennsylvania through exploration and production (Seneca Resources), gathering (Midstream), interstate pipeline and storage, and regulated gas distribution, with a pending $2.62 billion acquisition expanding into Ohio.

Ownership category

akta.pro rank

Product category

Natural Gas Distribution and Pipeline Transportation

NAICS

Natural Gas Distribution (2212), Natural Gas Distribution (221210), Pipeline Transportation of Natural Gas (48621), Natural Gas Distribution (22121)

SIC

Natural Gas Transmisison & Distribution (4923), Natural Gas Distribution (4924), Natural Gas Transmission (4922)

akta.pro primary industry

Interstate & Intrastate Natural Gas Transmission Pipelines (EUAAACAB)

akta.pro secondary industries

Gas Mains (Distribution Pipelines) (EUAJABAA), Citygate/Hub Optimization & Supply Dispatch (Daily Supply Stack) (EUAJAGAG)

Keywords

• Natural gas distribution
• Regulated gas utility
• Interstate pipeline transportation
• Natural gas storage
• Gas exploration and production

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Infrastructure, Supply Chain, Personnel, Operations, Technology or R&D, Others

Revenue model

1. Utility Segment: Regulated natural gas distribution providing service to residential, commercial, and industrial customers in Western New York and Northwestern Pennsylvania. Revenues are subject to rate regulation by the New York Public Service Commission and Pennsylvania Public Utility Commission. The segment reported net income of $65 million in Q2 FY2026, a 3% increase year-over-year.
2. Pipeline & Storage Segment: Interstate natural gas transportation and storage services through National Fuel Gas Supply Corporation and Empire Pipeline, Inc. (both FERC-regulated). Provides firm and interruptible transportation, storage services, and hub services to local utilities, pipelines, marketers, and energy generators. Owns and operates nearly 2,800 miles of pipeline facilities in New York and Pennsylvania.
3. Integrated Upstream and Gathering Segment: Seneca Resources Company explores for, develops, and produces natural gas in the Appalachian Region (Marcellus and Utica Shales). National Fuel Gas Midstream Company builds, owns, and operates natural gas processing and pipeline gathering facilities. Highland Field Services handles water management. Segment achieved record EBITDA in Q2 FY2026 with 17% increase in natural gas price realizations.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

National Fuel Gas Company is a diversified integrated natural gas company operating across four business segments: (1) regulated gas distribution to approximately 540,000 residential, commercial, and industrial customers in Western New York and Northwestern Pennsylvania through National Fuel Gas Distribution Corporation; (2) exploration and production of natural gas in the Marcellus and Utica Shale plays through Seneca Resources; (3) gathering, processing, and water management services through the Midstream Company and Highland Field Services; and (4) interstate pipeline transportation and storage services through approximately 2,800 miles of FERC-regulated pipelines operated by NFG Supply Corp and Empire Pipeline.

Product overview

National Fuel Gas Company is a diversified integrated energy organization headquartered in Western New York that operates natural gas assets across four business segments: Integrated Upstream and Gathering, Pipeline and Storage, Utility, and Energy Marketing. The company operates a platform-plus-modules architecture consisting of: (1) Seneca Resources Company for exploration and production of natural gas in the Appalachian Region (Marcellus and Utica Shales); (2) National Fuel Gas Midstream Company for gathering and processing; (3) National Fuel Gas Supply Corporation and Empire Pipeline, Inc. for interstate pipeline transportation and storage; (4) National Fuel Gas Distribution Corporation for regulated utility distribution serving 2.2 million people; and (5) Highland Field Services for water management. Supporting infrastructure projects include the Tioga Pathway Project and Shippingport Lateral Project.

Differentiator

Problem solved

Functional benefit

Brands

• Seneca Resources: Exploration and production segment of National Fuel Gas Company that explores for, develops, and produces natural gas in the Appalachian Region, including the Marcellus and Utica Shales
• National Fuel Gas Supply Corporation
• Empire Pipeline
• National Fuel Gas Distribution Corporation

Quantifiable outcome

• Q2 FY2026 adjusted EPS of $2.71, a 13% year-over-year increase
• +4 more outcomes

Named customers5 records

Segments6 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered strategic, flagship and core.

• Evolution Well ServicesstrategicTechnology or Integration · 22 June 2026Seneca Resources partnered with Evolution Well Services for a 3-year strategic agreement to deploy advanced electric fracturing technology across Seneca's Appalachian basin footprint. The partnership combines Evolution's patent-protected electric fracturing technology, in-house power generation, and advanced field gas conditioning services with Seneca's responsibly sourced natural gas production to improve operational efficiency while reducing the environmental footprint of completions.
• Centrica EnergyflagshipStrategic or Co-development Partner · 3 February 2026Seneca Resources and Centrica Energy signed a groundbreaking 10-year agreement for Centrica to procure 250,000 MMBtu per day of MiQ-certified gas certificates. This first-of-its-kind long-term deal supports independently verified methane emissions and positions both companies ahead of emerging regulatory requirements for methane reduction in the energy supply chain.
• MiQcoreTechnology or Integration · 1 January 2022MiQ provides methane emissions certification for Seneca Resources production, having certified 100% of Seneca's production at the highest 'A' grade since 2022. MiQ's certification system drives regulatory compliance, incentivizes continuous improvement, and ensures methane accountability throughout the oil and gas supply chain.

Scale indicators15 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Spire Inc. Natural gas utility and midstream operator serving Missouri, Alabama and Mississippi; comparable as an integrated gas utility + pipeline/storage business with FERC-regulated assets and a strong focus on rate-base growth.
• Range Resources Corporation: Pure-play Appalachian natural gas and NGL producer with concentrated acreage in the Marcellus and Utica shales; comparable upstream peer with similar low-cost basin production economics.
• EQT Corporation: Largest U.S. natural gas producer and the dominant Appalachian basin operator; a directly comparable upstream peer to NFG's Seneca Resources with overlapping Marcellus/Utica acreage and a strong focus on production-scale and takeaway.
• Antero Resources: Independent exploration and production company focused on natural gas and NGLs in the Appalachian basin; directly comparable to Seneca Resources in terms of Marcellus/Utica operations, gas price sensitivity and basin logistics.
• Southwest Gas Holdings: Natural gas distribution utility serving Arizona, Nevada and California, plus pipeline services; a directly analogous state-regulated gas LDC peer with comparable customer bases and infrastructure-driven earnings model.
• ONE Gas, Inc. Pure-play regulated natural gas utility serving Oklahoma, Kansas and Texas with a similar LDC business model, rate-base growth orientation and customer-count scale to NFG's existing NY/PA distribution footprint.
• Northwest Natural Gas Company: Oregon-based natural gas utility serving residential, commercial and industrial customers in the Pacific Northwest; comparable as a regional gas distribution utility with a long dividend payment history and similar regulatory exposure.
• Atmos Energy Corporation: Largest pure-play regulated natural gas distributor in the U.S., serving customers across the South and Midwest; a comparable scale LDC peer with similar rate-base, capex and dividend-growth characteristics.
• CenterPoint Energy: Houston-based utility holding company engaged in natural gas distribution and electric transmission/distribution; NFG's contractual counterparty for the $2.62B Ohio utility divestiture and a direct comparator on multi-state regulated gas utility strategy.

Broad incumbents

• The Williams Companies, Inc. Large-scale U.S. midstream and pipeline operator with extensive natural gas gathering, processing and transportation assets nationwide; comparable to NFG's Pipeline & Storage segment at greater scale and breadth.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/natfuelgas
• Facebookfacebook.com/NationalFuel
• LinkedInlinkedin.com/company/national-fuel-gas-company
• Instagraminstagram.com/nationalfuelgas

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries6 records

Funding overview

Funding rounds3 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about National Fuel Gas Company