Following the spin-off, National Fuel will narrow its focus to a pure-play natural gas utility model, retaining control over interstate pipelines and storage facilities across Ohio, New York, and Pennsylvania. The new Integrated Upstream and Gathering business will manage Appalachian production assets—currently yielding roughly 1.1 billion cubic feet of gas daily—alongside the gathering systems that move that volume to market.

Shareholders will receive equity in both companies in a structure designed to remain tax-free for all parties involved. While National Fuel intends to divest its initial 20% stake in the new entity over time to bolster its balance sheet, management anticipates no need for additional equity capital through 2032. The market responded to the announcement with a 1.6% uptick in share price, valuing the stock at $82.39 in premarket trading.