National Fuel Gas Plans to Spin Off Upstream, Gathering Business

07:10 AM EDT, 10/14/2026 (MT Newswires) -- National Fuel Gas (NFG) plans to spin off its Integrated Upstream and Gathering business into an independent, publicly traded company in a tax-free transaction expected to close in H2 2027, the company said Wednesday. Under the plan, National Fuel shareholders will own shares in both companies, with National Fuel distributing at least 80.1% of IUG's shares and retaining up to a 19.9% stake, the company said. Following the separation, National Fuel will focus on its regulated utility, pipeline and storage operations, while IUG will operate as an independent Appalachian natural gas producer and gathering company, it added.