---
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"
generated_at: "2026-10-14T10:45:06.363446+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 7.01, 8.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-420980
- JSON: https://secwatch.observer/filing/0001193125-26-420980.json
- Plain text: https://secwatch.observer/filing/0001193125-26-420980.txt

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