National Fuel Gas is a vertically integrated natural gas company operating across the full natural gas value chain — from production through gathering, pipeline transportation, storage, and retail distribution — with operations centered in western New York and Pennsylvania. The company's E&P subsidiary, Seneca Resources, produces natural gas from Marcellus and Utica shale formations in Pennsylvania, with proved reserves of approximately 5 Tcf. Seneca's production flows through NFG Midstream's gathering system onto National Fuel's own interstate pipelines (Supply Corporation and Empire Pipeline), and ultimately to Distribution Corporation, which serves roughly 756,000 utility customers in Buffalo, Niagara Falls, Erie, and surrounding areas. The integrated structure eliminates third-party midstream fees and allows coordinated capital deployment across drilling and infrastructure. The regulated pipeline and utility segments generate stable earnings through fixed reservation charges and regulator-set delivery rates, cushioning commodity price exposure in the upstream segment. National Fuel hedges Seneca's production using swaps and collars, with roughly 65% of FY26 production hedged. Growth is driven by upstream capital efficiency gains, regulated pipeline expansion projects serving data centers and power generation customers, and a pending acquisition of CenterPoint's Ohio gas distribution business, which management expects will roughly double the company's utility rate base.