Every Spin-Off
National Fuel Integrated Upstream and Gathering (name TBA)
AnnouncedNational Fuel's Appalachian natural gas producer and gathering business (Seneca Resources and NFG Midstream): about 1.2 million net acres, about 1.1 Bcf a day of net production and about 5 Tcf of proved reserves. National Fuel keeps the regulated utility and the pipeline and storage business.
- Status
- Announced
- Expected
- H2 2027
- Parent
- National Fuel Gas (NFG)
- Spin-off ticker
- To be announced
- Market
- United States
Terms
Pro rata distribution of at least 80.1% of the new company's shares to NFG shareholders, intended to be tax-free; NFG may keep up to 19.9% and dispose of it later. Justin Loweth, president of Seneca Resources and NFG Midstream, to be CEO. Subject to a Form 10 and final board approval.
Key dates
- Separation announced
- Expected completion
Source documents
- Press releaseNational Fuel announces plan to separate its integrated upstream and gathering business (14 Oct 2026)
- PresentationNFG to separate integrated upstream and gathering business (10/26)
- Form 10 / prospectusNot yet public
- FilingNational Fuel Form 8-K on the separation (Oct 2026)
Every Spin-Off research
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