National Fuel to spin off Integrated Upstream and Gathering in tax-free separation by H2 2027

NATIONAL FUEL GAS CO

Board approved tax-free spin-off of IUG; NFG shareholders to receive at least 80.1% of IUG shares pro rata, with NFG retaining up to 19.9%.
Separation expected completed in second half of 2027, subject to Form 10 effectiveness, financing arrangements, and final board approval.
Post-spin NFG becomes 100% rate-regulated with ~$5B rate base, 1.1M utility customers across OH/NY/PA, 77 Bcf storage, ~5 Bcf/d contracted transport.
IUG: ~1.2M net acres, ~1.1 Bcf/d net production, ~5 Tcf proved reserves, 25+ years inventory at breakeven <$2.25/MMBtu; cash operating costs $0.53/Mcfe.
Justin I. Loweth to become CEO of IUG; David P. Bauer remains NFG CEO; Goldman Sachs and Skadden advising; FY2027 guidance in Nov 2026.

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