NFGNYSENatural Gas DistributionUS GAAP · USD

National Fuel Gas Company

National Fuel Gas Co. is a diversified U.S. energy company that produces, gathers, transports, stores and distributes natural gas. Its operations are centered in western New York and Pennsylvania, where regulated utility assets and midstream infrastructure support Appalachian Basin gas flows into eastern U.S. and Canadian markets.

Revenue2,278m USD
+17.1 %y/y
Operating profit (EBIT)813m USD
+287.9 %y/y
EBIT margin35.7%
+24.9 ppy/y
Net income519m USD
+568.9 %y/y
Free cash flow187m USD
+39.0 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

01,0002,0003,0004,000m USD2020: 1,546 m USD2020: EBIT 30 m USD20202021: 1,743 m USD2021: EBIT 640 m USD20212022: 3,061 m USD2022: EBIT 815 m USD20222023: 2,255 m USD2023: EBIT 755 m USD20232024: 1,945 m USD2024: EBIT 210 m USD20242025: 2,278 m USD2025: EBIT 813 m USD20252,278813
RevenueOperating profit (EBIT)

Business

Share of revenue
Utility35 %

Regulated gas distribution, retail sales, transportation and related customer service in New York and Pennsylvania.

Pipeline and Storage20 %

Interstate transportation and storage assets that move Appalachian Basin gas to downstream markets.

Gathering15 %

Field gathering pipelines, compression and related midstream services tied to production areas.

Integrated Upstream and Gathering30 %

Natural gas exploration and production assets plus associated gathering infrastructure.

Products

Reported · share of revenue
50.0%27.0%19.6%FY2025100 %
  • Natural Gas Production50.0 %
  • Natural Gas Residential Sales27.0 %
  • Oil and Gas Service19.6 %
  • Natural Gas Storage2.6 %
  • Natural Gas Midstream0.5 %
  • Natural Gas Industrial Sales0.2 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

The company serves regulated utility end users, including residential, commercial and industrial gas customers in its service territories. It also sells transportation and storage capacity to producers and other market participants that need to move Appalachian Basin gas to market. Upstream and gathering activity is tied to counterparties in the natural gas value chain, including producers and other infrastructure users.

Residential utility customers

Households in the regulated service territory buying retail gas sales and delivery service for heating and cooking.

Commercial and industrial utility customers

Businesses and institutions buying distribution and transportation service for reliable fuel supply.

Producers and shippers

Natural gas producers and third-party shippers buying transportation, storage and gathering capacity.

Upstream counterparties

Customers and counterparties linked to exploration and production activities and related services.

Strategy

Management is focused on modernizing regulated utility and pipeline assets while pursuing selective growth in natural gas production, gathering, storage and transmission. The company also evaluates investments in low- and no-carbon fuels and emission-reduction opportunities, reflecting pressure to adapt the portfolio over time. Financing discipline and regulatory recovery timing are central because capital spending is funded through operations, equity and debt.

Utility and pipeline modernizationMedium term

Replacement and upgrading of aging assets supports reliability and regulatory recovery.

Selective midstream and upstream growthMedium term

Adds production, gathering and transport capacity tied to Appalachian Basin demand.

Energy transition and emissions-related investmentLong term

Helps position the portfolio for lower-carbon policy and funding expectations.

Geography

Operations are concentrated in western New York and Pennsylvania, with assets designed to support Appalachian Basin production and transport. The utility business is tied to New York and Pennsylvania regulation, while pipeline and storage assets connect gas to markets in the eastern United States and Canada. Geography matters because weather, state regulation and local rate cases directly affect volumes, pricing and recovery timing.

Risks

The company is exposed to commodity-price, weather and regulatory risk because its earnings depend on gas volumes, rate recovery and the timing of approved tariffs. It also faces capital-market and credit risk, since growth and maintenance spending rely on access to debt and other financing. Longer term, demand erosion from conservation, renewables and climate policy could pressure volumes and capital availability.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Commodity-price and production risk1Capital and credit market dependence2Regulatory and rate-case risk3Energy transition and demand erosion4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Commodity-price and production riskImpact: HighLikelihood: Medium

    Upstream results and reserve values are sensitive to natural gas prices.

    Exposure: Integrated Upstream and Gathering segment

  2. Capital and credit market dependenceImpact: HighLikelihood: Medium

    Capital spending and refinancing require access to bank and debt markets.

    Exposure: Corporate funding and subsidiary financing

  3. Regulatory and rate-case riskImpact: HighLikelihood: Low

    Utility earnings depend on approved base delivery rates and recovery timing.

    Exposure: New York and Pennsylvania utility jurisdictions

  4. Energy transition and demand erosionImpact: MediumLikelihood: Low

    Conservation, renewables and climate policy can reduce long-term gas demand.

    Exposure: All gas-related segments

  5. Weather-driven volume volatilityImpact: Medium

    Colder or warmer periods change throughput, retail sales and transportation volumes.

    Exposure: Utility and pipeline segments

Accounting

Judgemental items
Full-cost ceiling test impairment

Upstream properties are written down when capitalized costs exceed discounted future net revenue.

Impact: Can create material non-cash charges and reduce equity/capitalization

Purchased gas adjustment accounting

Gas costs collected from customers are matched against gas expense in the utility business.

Impact: Limits earnings exposure to commodity price swings

Regulatory rate settlements and deferrals

Approved base rates and refund provisions change when revenue is recognized.

Impact: Can shift revenue and earnings between quarters

Regulatory assets and liabilities

Certain costs are deferred and recovered later under utility regulation.

Impact: Affects reported earnings timing and balance sheet composition

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026