About National Fuel Gas

National Fuel Gas Company, an energy company, engages in the production, gathering, transportation, storage, and distribution of natural gas. The company operates an integrated business, with assets centered in western New York and Pennsylvania, being used for, and benefiting from, the production and transportation of natural gas from the Appalachian basin. The company's development focuses primarily on the Marcellus and Utica shales. The company also develops and produces oil reserves, primarily in California. The common geographic footprint of the company's subsidiaries enables them to share management, labor, facilities and support services across various businesses and pursue coordinated projects designed to produce and transport natural gas from the Appalachian Basin to markets in the eastern United States and Canada. The company has also been designing and building pipeline projects for the transportation of natural gas for the non-affiliated natural gas customers in the Appalachian Basin. Segments The company operates through four segments: Exploration and Production, Pipeline and Storage, Gathering, and Utility. Exploration and Production The Exploration and Production segment operations are carried out by Seneca Resources Company, LLC (Seneca), a Pennsylvania limited liability company. Seneca engages in the exploration for, and the development and production of, primarily natural gas in the Appalachian region of the United States. Pipeline and Storage The Pipeline and Storage segment operations are carried out by National Fuel Gas Supply Corporation (Supply Corporation), a Pennsylvania corporation, and Empire Pipeline, Inc. (Empire), a New York corporation. Supply Corporation and Empire provide interstate natural gas transportation services for affiliated and nonaffiliated companies through integrated gas pipeline systems in Pennsylvania and New York. Supply Corporation also provides storage services through its underground natural gas storage fields, and Empire provides storage service (via lease with Supply Corporation) to a nonaffiliated company. The Pipeline and Storage segment operations are regulated by the FERC for both Supply Corporation and Empire. Supply Corporation transports and stores natural gas for utilities (including Distribution Corporation), natural gas marketers, exploration and production companies (including Seneca) and pipeline companies in the northeastern United States markets. Empire transports and stores natural gas for major industrial companies, utilities (including Distribution Corporation) and power producers in New York State. Empire also transports natural gas for natural gas marketers and exploration and production companies (including Seneca) from natural gas producing areas in Pennsylvania to markets in New York and to interstate pipeline delivery points with access to additional markets in the northeastern United States and Canada. Gathering The Gathering segment operations are carried out by wholly-owned subsidiaries of National Fuel Gas Midstream Company, LLC (Midstream Company), a Pennsylvania limited liability company. Through these subsidiaries, Midstream Company builds, owns, and operates natural gas processing and pipeline gathering facilities in the Appalachian region. Utility The Utility segment operations are carried out by National Fuel Gas Distribution Corporation (Distribution Corporation), a New York corporation. Distribution Corporation provides natural gas utility services to approximately 754,000 customers through a local distribution system located in western New York and northwestern Pennsylvania. The principal metropolitan areas served by Distribution Corporation include Buffalo, Niagara Falls and Jamestown, New York and Erie and Sharon, Pennsylvania. Sources and Availability of Raw Materials The Exploration and Production segment seeks to discover and produce raw materials. The Pipeline and Storage segment transports and stores natural gas owned by its customers, whose gas primarily originates in the Appalachian region of the United States, as well as other gas supply regions in the United States and Canada. The Gathering segment gathers, processes and transports natural gas that is, in large part, produced by Seneca in the Appalachian region of the United States. In 2023, the Utility segment purchased 73.1 Billion cubic feet (Bcf) of gas (including 71.3 Bcf for delivery to retail customers and 1.8 Bcf used in operations) pursuant to its purchase contracts with firm delivery requirements. Purchases of gas in the spot market (contracts of one month or less) accounted for 50% of the Utility segment's 2023 purchases. Purchases from DTE Energy Trading, Inc. (24%), Vitol, Inc. (14%), Shell Energy North America US (9%), EQT Energy, LLC (9%), Emera Energy Services, Inc. (8%), J. Aron & Company (7%), Tenaska Marketing Ventures (5%), Chevron Natural Gas (5%), and NRG Business Marketing Inc. (5%), accounted for nearly 86% of the Utility segment's 2023 gas purchases. Regulations The company is subject to the jurisdiction of the Federal Energy Regulatory Commission (FERC) with respect to Supply Corporation, Empire and some transactions performed by other company subsidiaries. The operations of Distribution Corporation are subject to the jurisdiction of the state of New York Public Service Commission (NYPSC), the Pennsylvania Public Utility Commission (PaPUC) and, with respect to certain transactions, the FERC. The company is also subject to the jurisdiction of the Pipeline and Hazardous Materials Safety Administration (PHMSA). The Utility segment operations are regulated by the NYPSC and the PaPUC and are carried out by Distribution Corporation. Distribution Corporation sells natural gas to retail customers and provides natural gas transportation services in western New York and northwestern Pennsylvania. History National Fuel Gas Company was incorporated in 1902 under the laws of the state of New Jersey.