Mergers & Acquisitions ·
National Fuel Gas plans tax-free spin-off of upstream unit Seneca Resources in second half of 2027
NFGNational Fuel Gas Co
National Fuel Gas Company announced a plan to separate its Integrated Upstream and Gathering (IUG) business into an independent, publicly traded company named Seneca Resources. The separation is expected to be effected through a tax-free distribution of Seneca shares to National Fuel shareholders in the second half of calendar year 2027. National Fuel expects to retain up to a 19.9% ownership interest in Seneca and intends to dispose of this stake in a tax-efficient manner. Justin Loweth is named Chief Executive Officer for Seneca Resources, while David P. Bauer remains President and CEO of National Fuel. The transaction requires final Board approval, Form 10 effectiveness, completion of financing arrangements, and favorable tax treatment. National Fuel Gas operates as a natural gas utility and interstate pipeline company in the northeastern United States.