National Fuel Gas Board To Decide By October 15 On Plan To Split Into Two Publicly Traded Companies

• National Fuel’s Integrated Upstream and Gathering business would become an independent public company focused solely on its highly integrated, Appalachian upstream and gathering natural gas business.
• Post-separation, National Fuel would be a 100% rate-regulated company with natural gas utility and interstate pipeline and storage assets across Pennsylvania, Ohio, and New York.
• The separation would be effected through a tax-free distribution of shares to National Fuel shareholders.
• National Fuel expects to conclude its evaluation by October 15, 2026.

WILLIAMSVILLE, N.Y., Sept. 17, 2026 (GLOBE NEWSWIRE) -- National Fuel Gas Company (NYSE:NFG) ("National Fuel" or the "Company") announced that by October 15, 2026 its Board of Directors intends to complete an ongoing evaluation of a plan to separate the Company into two independent publicly traded companies, which remains subject to final Board approval.

If pursued and upon completion of the transaction, National Fuel shareholders would own shares in both National Fuel and its Integrated Upstream and Gathering ("IUG") business, creating two focused companies, each with significant scale, strong financial profiles, and distinct growth opportunities.