---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-245201"
form_type: "8-K"
ticker: "NFG"
cik: "0000070145"
company_name: "NATIONAL FUEL GAS CO"
filed_at: "2025-10-21T23:59:59+00:00"
generated_at: "2026-05-17T03:08:21.441199+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.95
calibrated_materiality_score: 0.95
confidence: "high"
source: SEC EDGAR
---

# National Fuel to acquire CenterPoint's Ohio gas utility Vectren Energy for $2.62B

## Summary
- Purchase price $2.62B cash-free, debt-free; ~1.6x estimated 2026 rate base of $1.6B.
- Adds ~335,000 customers, 5,900 miles of pipeline; expected close in Q4 2026.
- Financing: $1.2B promissory note at 6.5%, bridge facility, plus $300-400M common equity.
- Immediately accretive to regulated EPS; neutral to consolidated EPS in FY2028, then accretive.
- Subject to PUCO and HSR approvals; NFG says Ohio regulatory framework supportive.

## SEC filing metadata
- accession: 0001193125-25-245201
- form_type: 8-K
- ticker: NFG
- cik: 0000070145
- company_name: NATIONAL FUEL GAS CO
- filed_at: 2025-10-21T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.95
- calibrated_materiality_score: 0.95
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/70145/000119312525245201/0001193125-25-245201-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/70145/000119312525245201/d939423d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-245201
- JSON: https://secwatch.observer/filing/0001193125-25-245201.json
- Plain text: https://secwatch.observer/filing/0001193125-25-245201.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.