National Fuel Gas(NYSE) NFG

National Fuel helps bring natural gas from deep underground to homes and businesses. It builds and manages the large pipes that move energy across parts of New York and Pennsylvania. The company also stores gas in large underground fields to make sure fuel is available when it is cold.

What National Fuel Does

• Integrated Upstream and Gathering: Extracts natural gas from the Appalachian region and manages small pipeline systems that collect gas from wells; accounted for $323.2 million of revenue in Q1 2026.
• Utility: Delivers gas and provides billing services to about 753,000 customers in New York and Pennsylvania; accounted for $259 million of revenue in Q1 2026.
• Pipeline and Storage: Operates large interstate pipelines and underground storage sites; accounted for $69.2 million of revenue in Q1 2026.

Strategic Moves and New Markets

• Entered into an agreement in October 2025 to acquire CenterPoint Energy Resources Corp.'s Ohio gas utility for $2.62 billion.
• Completed a private sale of 4,402,513 shares of common stock in December 2025 to help fund the CenterPoint Ohio purchase.
• Started the Tioga Pathway Project, an expansion in Pennsylvania that received federal construction notice in January 2026.
• Announced plans to build the Shippingport Lateral Project to transport gas to a power station in Beaver County, Pennsylvania.

What Makes the Business Different

National Fuel operates as an integrated energy provider, meaning it controls everything from the gas well to the customer's kitchen stove. This structure allows its different divisions to share staff and equipment across a connected geographic footprint in the Appalachian Basin.

Financial Performance Highlights

• Operating revenue rose to $651.5 million in Q1 2026, up 18.6% from Q1 2025.
• Net income reached $181.6 million in Q1 2026, up 303.8% from $45 million in Q1 2025.
• Operating cash flow grew to $274.9 million in Q1 2026, up 24.9% year-over-year.
• The company increased its quarterly dividend to $0.535 per share in Q1 2026, up from $0.515 in Q1 2025.
• Operating income grew to $276.1 million in Q1 2026, up 220.4% from $86.2 million in Q1 2025.

Bottom Line

National Fuel has transitioned from a local gas provider into a diversified energy firm with large-scale production and interstate pipeline assets. Its pending expansion into Ohio marks a significant increase in its regulated utility operations.