# NATIONAL FUEL GAS CO

Summary updated: 2026-10-02T16:08:19.306884Z
Canonical: https://finbar.com/research/companies/national-fuel-gas-co

## Overview

National Fuel Gas Company is an integrated natural-gas energy company with businesses in gas production and gathering, interstate transportation and storage, and regulated utility distribution. Its operations are organized across upstream and gathering, pipeline and storage, and utility businesses. [1](https://app.finbar.com/go?id=P71077990)

The company’s operations are concentrated in western New York and Pennsylvania, with natural-gas production in the Appalachian Basin and pipeline and storage services extending to eastern U.S. markets and Canada. Its utility serves residential, commercial, and industrial customers in western New York and northwestern Pennsylvania. [2](https://app.finbar.com/go?id=P93431358)[3](https://app.finbar.com/go?id=P47349955)[4](https://app.finbar.com/go?id=P77123005)

National Fuel describes its purpose as safely and responsibly developing, transporting, and distributing natural gas while creating sustainable value for shareholders, employees, customers, and communities. It was incorporated in 1902 and reports more than 2,100 full-time employees. [5](https://www.nationalfuel.com/corporate/our-core-values/)[6](https://www.nationalfuel.com/corporate/history/)[7](https://www.nationalfuel.com/corporate/an-integrated-energy-company/)
[1](https://app.finbar.com/go?id=P71077990)[2](https://app.finbar.com/go?id=P93431358)[3](https://app.finbar.com/go?id=P47349955)[4](https://app.finbar.com/go?id=P77123005)[5](https://www.nationalfuel.com/corporate/our-core-values/)[6](https://www.nationalfuel.com/corporate/history/)[7](https://www.nationalfuel.com/corporate/an-integrated-energy-company/)

## Products & services

National Fuel Gas sells natural gas and crude oil produced in the Appalachian Basin, and provides gas gathering and processing services. For the nine months ended June 30, 2026, reported service revenue included $937.7 million from natural-gas production, $0.6 million from crude-oil production, $0.6 million from gas processing, and $9.1 million from gathering. [8](https://app.finbar.com/go?id=P144970161)[9](https://app.finbar.com/go?id=T16578212) Its upstream and gathering segment reported $984.6 million in revenue, approximately 48.1% of consolidated revenue for the period. [10](https://app.finbar.com/go?id=P144970074)

The company provides FERC-regulated natural-gas transportation and storage services in New York and Pennsylvania. Transportation customers supply the gas; services include moving it through the pipeline system and storing it through injections and withdrawals, with tariffs including volumetric and fixed capacity charges. [3](https://app.finbar.com/go?id=P47349955) At September 30, 2025, the system included 2,233 miles of transmission pipeline, 28 storage fields with 77.2 Bcf of working-gas capacity, and 30 compressor stations with 259,038 installed horsepower. [11](https://app.finbar.com/go?id=P108817734) Pipeline and storage reported $212.6 million of segment revenue for the nine months ended June 30, 2026, about 10.4% of consolidated revenue. [10](https://app.finbar.com/go?id=P144970074)

Through its utility operations, National Fuel Gas sells and delivers natural gas to residential, commercial, and industrial customers in western New York and northwestern Pennsylvania; it also offers gas-transportation service. Delivery is based on metered consumption and regulated tariffs. [4](https://app.finbar.com/go?id=P77123005) For the nine months ended June 30, 2026, utility-segment revenue was $850.3 million, about 41.5% of consolidated revenue; service revenue included $642.5 million from residential sales, $92.9 million from commercial sales, $4.9 million from industrial sales, and $101.8 million from transportation before eliminations. [10](https://app.finbar.com/go?id=P144970074)[8](https://app.finbar.com/go?id=P144970161)[9](https://app.finbar.com/go?id=T16578212)
[8](https://app.finbar.com/go?id=P144970161)[9](https://app.finbar.com/go?id=T16578212)[10](https://app.finbar.com/go?id=P144970074)[3](https://app.finbar.com/go?id=P47349955)[11](https://app.finbar.com/go?id=P108817734)[4](https://app.finbar.com/go?id=P77123005)

## Geographic presence

National Fuel Gas’s established utility territory covers western New York and northwestern Pennsylvania, serving approximately 756,000 customers. Its named service cities include Buffalo, Niagara Falls and Jamestown, New York, and Erie and Sharon, Pennsylvania. On October 1, 2026, the company completed its acquisition of an Ohio gas utility serving about 335,000 customers across 16 counties in the Dayton and greater Miami Valley region. [12](https://app.finbar.com/go?id=P51540579)[13](https://www.nationalfuel.com/news/national-fuel-gas-company-completes-acquisition-of-centerpoint-energys-ohio-natural-gas-utility/)

The company’s upstream production and gathering are concentrated in the Appalachian Basin, particularly the Marcellus and Utica shale formations in Pennsylvania. Its transmission and storage systems connect Appalachian supplies with New York, northeastern U.S. markets and Canada; pipeline connections also provide access to the Midwest, Mid-Atlantic and Gulf Coast. [1](https://app.finbar.com/go?id=P71077990)[14](https://app.finbar.com/go?id=P45708492)[15](https://app.finbar.com/go?id=P66449566)

National Fuel’s principal executive office is in Williamsville, New York. The reviewed filings report revenue by business segment rather than by country or region, and do not provide a geographic revenue-percentage breakdown. [16](https://app.finbar.com/go?id=P60074087)
[12](https://app.finbar.com/go?id=P51540579)[13](https://www.nationalfuel.com/news/national-fuel-gas-company-completes-acquisition-of-centerpoint-energys-ohio-natural-gas-utility/)[1](https://app.finbar.com/go?id=P71077990)[14](https://app.finbar.com/go?id=P45708492)[15](https://app.finbar.com/go?id=P66449566)[16](https://app.finbar.com/go?id=P60074087)[13](https://www.nationalfuel.com/news/national-fuel-gas-company-completes-acquisition-of-centerpoint-energys-ohio-natural-gas-utility/)

## Business segments

For FY2025, National Fuel Gas reported three segments. In the fourth quarter, it combined Exploration and Production with Gathering as **Integrated Upstream and Gathering**, and recast prior-year segment information to match. [17](https://app.finbar.com/go?id=P58695911)

**Integrated Upstream and Gathering** explores for and develops natural-gas reserves in Appalachia and owns and operates gas processing and gathering facilities, primarily serving the company’s production business. It generated $1,184.136 million in external revenue, approximately **52.0%** of FY2025 consolidated revenue. [18](https://app.finbar.com/go?id=P55612060)[19](https://app.finbar.com/go?id=P28449048)[20](https://app.finbar.com/go?id=T1416202) **Pipeline and Storage** provides regulated natural-gas transportation and storage, principally in the Northeast and New York; its $276.131 million of external revenue was about **12.1%** of consolidated revenue. [3](https://app.finbar.com/go?id=P47349955)[20](https://app.finbar.com/go?id=T1416202) **Utility** provides regulated natural-gas sales and transportation in western New York and northwestern Pennsylvania; its $817.274 million of external revenue was about **35.9%** of consolidated revenue. [4](https://app.finbar.com/go?id=P77123005)[20](https://app.finbar.com/go?id=T1416202)

Shares are calculated from segment external revenue divided by FY2025 consolidated revenue of $2,277.541 million; they exclude intersegment sales. [20](https://app.finbar.com/go?id=T1416202)
[17](https://app.finbar.com/go?id=P58695911)[18](https://app.finbar.com/go?id=P55612060)[19](https://app.finbar.com/go?id=P28449048)[20](https://app.finbar.com/go?id=T1416202)[3](https://app.finbar.com/go?id=P47349955)[4](https://app.finbar.com/go?id=P77123005)

## Company history

National Fuel Gas Company was incorporated on December 8, 1902, to organize natural-gas interests in Buffalo and western Pennsylvania. In 1916, a predecessor developed the Zoar Field underground gas-storage reservoir, which the company identifies as the first of its kind in the United States. [6](https://www.nationalfuel.com/corporate/history/)

In 1974, National Fuel separated its utility operations from its interstate pipeline and storage operations into distinct subsidiaries. It expanded its pipeline business by purchasing Empire Pipeline in 2002, and in 2009 it entered a major new phase of Appalachian development: Seneca drilled its first operated Marcellus Shale well, while National Fuel Gas Midstream was formed to build gathering facilities. [6](https://www.nationalfuel.com/corporate/history/)

National Fuel completed its acquisition of Shell’s Pennsylvania upstream and midstream assets in 2020, which the company described as the largest acquisition in its history at the time. On October 1, 2026, it completed the acquisition of CenterPoint Energy’s Ohio natural-gas utility business, extending its utility operations into Ohio. [21](https://investor.nationalfuelgas.com/news-and-events/press-releases/press-releases-details/2020/National-Fuel-Completes-Acquisition-of-Shells-Integrated-Upstream-and-Midstream-Assets-in-Pennsylvania/default.aspx)[13](https://www.nationalfuel.com/news/national-fuel-gas-company-completes-acquisition-of-centerpoint-energys-ohio-natural-gas-utility/)

## Sources

1. [NATIONAL FUEL GAS CO — Full financial report (2025 Y)](https://app.finbar.com/go?id=P71077990)
2. [NATIONAL FUEL GAS CO — Full financial report (2025 Y)](https://app.finbar.com/go?id=P93431358)
3. [NATIONAL FUEL GAS CO — Full financial report (2025 Y)](https://app.finbar.com/go?id=P47349955)
4. [NATIONAL FUEL GAS CO — Full financial report (2025 Y)](https://app.finbar.com/go?id=P77123005)
5. [www.nationalfuel.com](https://www.nationalfuel.com/corporate/our-core-values/)
6. [www.nationalfuel.com](https://www.nationalfuel.com/corporate/history/)
7. [www.nationalfuel.com](https://www.nationalfuel.com/corporate/an-integrated-energy-company/)
8. [NATIONAL FUEL GAS CO — Full financial report (2026 Q 3)](https://app.finbar.com/go?id=P144970161)
9. [NATIONAL FUEL GAS CO — Full financial report (2026 Q 3)](https://app.finbar.com/go?id=T16578212)
10. [NATIONAL FUEL GAS CO — Full financial report (2026 Q 3)](https://app.finbar.com/go?id=P144970074)
11. [NATIONAL FUEL GAS CO — Full financial report (2025 Y)](https://app.finbar.com/go?id=P108817734)
12. [NATIONAL FUEL GAS CO — Full financial report (2025 Y)](https://app.finbar.com/go?id=P51540579)
13. [www.nationalfuel.com](https://www.nationalfuel.com/news/national-fuel-gas-company-completes-acquisition-of-centerpoint-energys-ohio-natural-gas-utility/)
14. [NATIONAL FUEL GAS CO — Full financial report (2025 Y)](https://app.finbar.com/go?id=P45708492)
15. [NATIONAL FUEL GAS CO — Full financial report (2025 Y)](https://app.finbar.com/go?id=P66449566)
16. [NATIONAL FUEL GAS CO — Full financial report (2025 Y)](https://app.finbar.com/go?id=P60074087)
17. [NATIONAL FUEL GAS CO — Full financial report (2025 Y)](https://app.finbar.com/go?id=P58695911)
18. [NATIONAL FUEL GAS CO — Full financial report (2025 Y)](https://app.finbar.com/go?id=P55612060)
19. [NATIONAL FUEL GAS CO — Full financial report (2025 Y)](https://app.finbar.com/go?id=P28449048)
20. [NATIONAL FUEL GAS CO — Full financial report (2025 Y)](https://app.finbar.com/go?id=T1416202)
21. [investor.nationalfuelgas.com](https://investor.nationalfuelgas.com/news-and-events/press-releases/press-releases-details/2020/National-Fuel-Completes-Acquisition-of-Shells-Integrated-Upstream-and-Midstream-Assets-in-Pennsylvania/default.aspx)

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