Company Overview

National Fuel Gas Company (NFG) is a diversified, vertically integrated natural gas company engaged in the exploration and production, midstream, and downstream utility segments of the energy value chain. The company operates primarily in the natural gas industry, with activities spanning upstream resource development, pipeline and storage operations, and regulated natural gas distribution. NFG’s integrated structure is designed to provide stable cash flows while balancing commodity exposure with regulated utility earnings.

The company’s primary revenue drivers include natural gas production through Seneca Resources Company, LLC, pipeline transportation and storage services provided by National Fuel Gas Supply Corporation, natural gas gathering services through National Fuel Gas Midstream Company, and regulated utility distribution via National Fuel Gas Distribution Corporation. NFG primarily serves residential, commercial, industrial, and power generation customers. A key strategic advantage is its concentration in the Appalachian Basin, particularly the Marcellus and Utica shale formations, combined with ownership of critical midstream infrastructure that supports its production activities. Founded in 1902, National Fuel Gas Company has evolved from a local gas utility into an integrated energy company with over a century of continuous operations.

Business Operations

National Fuel Gas Company reports operations across four core business segments: Exploration and Production, Pipeline and Storage, Gathering, and Utility. The Exploration and Production segment, conducted through Seneca Resources Company, LLC, focuses on the development and production of natural gas reserves primarily in Pennsylvania and California. Revenue in this segment is driven by natural gas sales and is subject to commodity price fluctuations.

The Pipeline and Storage segment, operated by National Fuel Gas Supply Corporation, owns and operates an interstate natural gas pipeline system and underground storage assets regulated by the Federal Energy Regulatory Commission. The Gathering segment, through National Fuel Gas Midstream Company, provides gathering, compression, and processing services, largely supporting Seneca’s upstream operations. The Utility segment, conducted by National Fuel Gas Distribution Corporation, delivers natural gas to retail customers under state-regulated rate structures in New York and Pennsylvania, providing stable and predictable earnings.

Strategic Position & Investments

National Fuel Gas Company’s strategy emphasizes disciplined capital allocation, balance sheet strength, and long-term shareholder returns through a combination of regulated utility investments and focused upstream development. Growth initiatives are centered on efficient development of its core Appalachian acreage, modernization and safety investments in its utility and pipeline systems, and maintaining alignment between upstream production and midstream capacity.

The company has historically pursued organic growth rather than large-scale acquisitions, focusing instead on incremental investments within existing subsidiaries. Seneca Resources Company, LLC remains the primary investment vehicle for upstream growth, while regulated capital spending at National Fuel Gas Distribution Corporation and National Fuel Gas Supply Corporation supports infrastructure reliability and regulatory compliance. NFG is not materially diversified into renewable energy but continues to invest in emissions reduction technologies, operational efficiency, and environmental compliance initiatives tied to natural gas operations.

Geographic Footprint

National Fuel Gas Company’s operations are concentrated in the United States, with a strong presence in the Northeastern U.S. and the Appalachian Basin. The company is headquartered in Buffalo, New York, which also serves as the operational center for its regulated utility and pipeline businesses.

Upstream operations are primarily located in Pennsylvania, with additional natural gas production activities in California. Pipeline, storage, and gathering assets span Pennsylvania, New York, and surrounding states, supporting both local distribution and interstate gas transportation. NFG does not have material international operations, and its geographic focus remains domestic, with operational influence concentrated in regional U.S. natural gas markets.

Leadership & Governance

National Fuel Gas Company is led by an experienced executive team with deep tenure in the energy and utilities sector. Leadership emphasizes operational discipline, safety, regulatory compliance, and long-term value creation through balanced exposure to regulated and non-regulated businesses. The company follows a traditional governance structure with oversight provided by a board of directors and executive leadership accountable to shareholders.

Key executives include:

• David P. Bauer – President and Chief Executive Officer
• Justin J. Schreiber – Executive Vice President and Chief Financial Officer
• Michael M. Smith – Executive Vice President and Chief Operating Officer
• Karen L. Merkel – President, National Fuel Gas Distribution Corporation
• David W. Smith – President, Seneca Resources Company, LLC

Leadership philosophy is centered on maintaining a conservative financial profile, sustaining dividend growth, and leveraging NFG’s integrated asset base to manage risk across commodity cycles while continuing to invest in safe and reliable energy infrastructure.