National Fuel Gas to Spin Off Upstream Business

National Fuel Gas Company announced plans on October 14, 2026, to separate its Integrated Upstream and Gathering (IUG) business into a standalone public company. The transaction is expected to conclude in the second half of 2027 via a tax-free distribution of at least 80.1% of IUG shares to existing shareholders, though National Fuel may initially retain a stake of up to 19.9%.

Following the separation, National Fuel will operate exclusively as a rate-regulated natural gas company, managing utility, pipeline, and storage assets across New York, Ohio, and Pennsylvania. The new independent IUG entity will focus on upstream and gathering assets within the Appalachian region. Justin I. Loweth has been appointed as the future CEO of the IUG company.

Company leadership stated the move is intended to provide clearer equity stories for investors and greater flexibility in capital allocation. Goldman Sachs Group, L.P. is serving as the financial advisor for the transaction.