{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-26-420980","form_type":"8-K","ticker":"NFG","cik":"0000070145","company_name":"NATIONAL FUEL GAS CO","filed_at":"2026-10-14T10:40:07+00:00","discovered_at":"2026-10-14T10:45:00.273018+00:00","generated_at":"2026-10-14T10:45:06.363446+00:00","sec_items":["7.01","8.01","9.01"],"event_type":"m_and_a","sentiment":"positive","materiality_score":0.9,"calibrated_materiality_score":0.9,"confidence":"high","headline":"National Fuel to spin off Integrated Upstream and Gathering in tax-free separation by H2 2027","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-26-420980","json":"https://secwatch.observer/filing/0001193125-26-420980.json","markdown":"https://secwatch.observer/filing/0001193125-26-420980.md","text":"https://secwatch.observer/filing/0001193125-26-420980.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/70145/000119312526420980/0001193125-26-420980-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/70145/000119312526420980/d100431d8k.htm"},"model":{"generated_by":"deepseek-v4.1-flash:cloud@v2","generated_at":"2026-10-14T10:45:06.363446+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}