National Fuel Gas Company Announces Plan to Separate Its Integrated Upstream and Gathering Business
National Fuel Gas announced a board-approved plan to spin off its Integrated Upstream and Gathering business into an independent public company via a tax-free distribution of at least 80.1% of IUG shares, expected to close in the second half of 2027. Post-separation, National Fuel becomes a 100% rate-regulated natural gas company with nearly $5 billion of rate base, 1.1 million utility customers across Ohio, New York and Pennsylvania, and roughly 5 Bcf/day of contracted pipeline capacity. IUG will hold about 1.2 million net Appalachian acres, 1.1 Bcf/day of net production, and approximately 5 Tcf of proved reserves. David P.
Key figures
- Iug net acres
- 1200000
- Storage capacity
- 77 Bcf
- Pipeline capacity
- 5 Bcf per day
- Utility customers
- 1100000
- Iug net production
- 1.1 Bcf per day
- Retained stake max
- 19.9%
- Expected completion
- second half of 2027
- Iug proved reserves
- approximately 5 Tcf
- Post spin rate base
- $5 billion
- Distribution minimum
- 80.1%
- Capital efficiency improvement
- 25%
AI analysis
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