National Fuel Gas Co - Company Profile

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National Fuel Gas Co: Segment Analysis

Business Description

National Fuel Gas Co (National Fuel) is an integrated oil and gas company, which carries out upstream and downstream operations. The company also markets oil and gas in the US and Canada. The company operates through four reportable business segments: Exploration and Production, Pipeline and Storage, Gathering and Utility. Its other segment includes Seneca’s Northeast Division, which markets timber from its Appalachian landholdings. National Fuel continues to invest in its core business sectors for the addition, improvement, and replacement of its assets. In FY2023, the company’s capital expenditure stood at US$1,009.9 million, which grew 24.4% YoY.

Business Segments

Overview

- Development activities focus on the Marcellus Shale in the Appalachian region. - Conducts natural gas and oil-focused operations in Pennsylvania and California, respectively. - The major operating subsidiary is Seneca Resources Corporation (Seneca). In FY2023, the segment incurred a capital expenditure of US$737.7 million which grew 30.4% YoY.

Performance

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Overview

- Gathers, processes, and transports natural gas, produced by Seneca in the Appalachian region of the US. - The major operating subsidiary is National Fuel Gas Midstream Corporation (Midstream Corporation). In FY2023, the segment incurred a capital expenditure of US$103.3 million which grew 86.1% YoY.

Performance

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Overview

- Transports and stores natural gas owned by its customers and gas originating in the southwestern, mid-continent and Appalachian regions of the US and Canada. - Major operating subsidiaries include National Fuel Gas Supply Corporation (Supply Corporation), and Empire Pipeline, Inc (Empire). In FY2023, the segment incurred a capital expenditure of US$141.9 million which grew 48.1% YoY.

Performance

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Overview

- Sells natural gas and provides natural gas transportation services. - Major operating subsidiary, National Fuel Gas Distribution Corporation (Distribution Corporation). In FY2023, the segment incurred a capital expenditure of US$139.9 million which grew 26% YoY.

Performance

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