Mergers & Acquisitions ·
National Fuel Gas plans tax-free spin-off of Integrated Upstream and Gathering business in second half of 2027
NFGNational Fuel Gas Co
The Board of Directors approved a plan to separate the company into two independent, publicly traded entities through a tax-free distribution of at least 80.1% of its Integrated Upstream and Gathering (IUG) shares to National Fuel Gas shareholders. The separation is expected to close in the second half of 2027, subject to customary conditions including SEC effectiveness and financing arrangements. Post-separation, National Fuel will operate as a 100% rate-regulated natural gas utility with approximately $5 billion in rate base serving 1.1 million customers, while IUG will become a pure-play Appalachian upstream producer with roughly 1.2 million net acres and 1.1 Bcf/d of production. The company expects to retain up to a 19.9% stake in IUG initially. National Fuel Gas Company operates as a diversified energy company providing natural gas utility, pipeline, storage, and upstream services.