National Fuel Gas Company (NFG): Business Model Canvas

Tauchen Sie ein in die komplexe Welt der National Fuel Gas Company (NFG), einem dynamischen Energiekraftwerk, das komplexe Erdgasbetriebe in nahtlose Wertschöpfung umwandelt. Dieses umfassende Business Model Canvas zeigt, wie NFG strategisch durch die komplexe Landschaft der Energieerzeugung, -verteilung und des Kundenservice navigiert und dabei seine robuste Appalachen-Infrastruktur und seinen innovativen Ansatz nutzt, um den unterschiedlichen Marktanforderungen gerecht zu werden. Von privaten Verbrauchern bis hin zu Industriegiganten zeigt das vielfältige Geschäftsmodell von NFG eine raffinierte Mischung aus technologischer Kompetenz, strategischen Partnerschaften und kundenorientierten Lösungen, die das Unternehmen als zentralen Akteur im sich entwickelnden Energieökosystem positionieren.

National Fuel Gas Company (NFG) – Geschäftsmodell: Wichtige Partnerschaften

Lokale und regionale Versorgungsunternehmen für die Gasverteilung

Die National Fuel Gas Company arbeitet mit mehreren regionalen Versorgungsunternehmen in New York und Pennsylvania zusammen. Im Jahr 2022 belieferte das Unternehmen rund 740.000 Erdgaskunden.

Partner-Versorgungsregion	Anzahl der Kunden	Vertriebsmeilen
Westliches New York	540,000	4.700 Meilen
Nordwestliches Pennsylvania	200,000	3.200 Meilen

Betreiber von Pipeline-Infrastrukturen

NFG arbeitet mit wichtigen Pipeline-Infrastrukturpartnern zusammen, um einen effizienten Gastransport sicherzustellen.

• Tennessee Gas Pipeline Company
• Nationale Abteilung für Kraftstoffressourcen
• Empire Pipeline, Inc.

Partner für Umwelt- und Compliance-Compliance

Das Unternehmen unterhält strategische Partnerschaften mit Umweltaufsichtsbehörden, um die Einhaltung sicherzustellen.

Regulierungspartner	Compliance-Fokus
New York State Department of Environmental Conservation	Umweltrechtlich zulässig
Pennsylvania Public Utility Commission	Versorgungsvorschriften

Technologie- und Softwaredienstleister

NFG investiert in Technologiepartnerschaften, um die betriebliche Effizienz zu steigern.

• SAP für Enterprise Resource Planning
• Itron für Messtechnik
• Oracle für Datenmanagementsysteme

Energieexplorations- und -produktionsunternehmen

National Fuel Gas prüft Partnerschaften in der vorgelagerten Energieerzeugung.

Produktionspartner	Erkundungsregion	Jährliches Produktionsvolumen
Seneca Resources Corporation	Marcellus-Schiefer	48,1 Milliarden Kubikfuß (2022)

National Fuel Gas Company (NFG) – Geschäftsmodell: Hauptaktivitäten

Erdgasexploration und -produktion

Die National Fuel Gas Company betreibt 1.023 netto produktive Gasquellen in der Marcellus Shale-Region. Die gesamten nachgewiesenen Reserven beliefen sich zum 30. September 2023 auf 1.025 Milliarden Kubikfußäquivalent. Die jährliche Produktion im Jahr 2023 erreichte 235 Milliarden Kubikfuß Erdgas.

Metrisch	Daten für 2023
Nettoproduktive Brunnen	1,023
Nachgewiesene Reserven	1.025 BCF
Jährliche Produktion	235 v. Chr

Midstream-Transport- und Lagerdienste

NFG verwaltet 2.300 Meilen zwischenstaatlicher und innerstaatlicher Erdgastransportpipelines. Die Speicherkapazität umfasst 20 unterirdische Lagerfelder mit einer Gesamtkapazität von 107 Milliarden Kubikfuß.

• Pipelinenetz: 2.300 Meilen
• Unterirdische Lagerfelder: 20
• Gesamtspeicherkapazität: 107 BCF

Einzelhandels-Erdgasverteilung

Das Unternehmen beliefert rund 740.000 Erdgaskunden in New York und Pennsylvania. Die Gesamteinnahmen der Versorgungsunternehmen beliefen sich im Jahr 2023 auf 542,3 Millionen US-Dollar.

Verteilungsmetrik	Wert
Kundenstamm	740,000
Einnahmen aus Versorgungsbetrieben	542,3 Millionen US-Dollar

Wartung der Energieinfrastruktur

Die jährlichen Investitionsausgaben für die Wartung und Modernisierung der Infrastruktur beliefen sich im Jahr 2023 auf 477,2 Millionen US-Dollar. Dazu gehören Pipeline-Integritätsmanagement, Geräteaustausch und Systemmodernisierung.

Umwelt- und Sicherheits-Compliance-Management

Im Jahr 2023 investierte NFG 38,6 Millionen US-Dollar in Umwelt-Compliance- und Sicherheitsprogramme. Zu den Compliance-Aktivitäten gehören die Reduzierung von Methanemissionen, die Erkennung von Lecks und die Berichterstattung an behördliche Vorschriften.

Compliance-Metrik	Investition 2023
Umweltkonformität	38,6 Millionen US-Dollar

National Fuel Gas Company (NFG) – Geschäftsmodell: Schlüsselressourcen

Erdgasreserven

Ab 2022 hält die National Fuel Gas Company 754.000 Netto-Morgen in der Marcellus-Schiefer-Region mit nachgewiesenen Reserven von 1.103 Milliarden Kubikfuß Erdgas.

Asset-Kategorie	Menge	Standort
Marcellus-Schieferfläche	754.000 Netto-Morgen	Appalachenregion
Nachgewiesene Erdgasreserven	1.103 Milliarden Kubikfuß	Appalachenbecken

Pipeline- und Speicherinfrastruktur

National Fuel Gas ist tätig 5.200 Meilen Sammel- und Übertragungsleitungen und pflegt 18 unterirdische Lagerstätten mit einer Gesamtkapazität von 95 Milliarden Kubikfuß.

Belegschaft und Humanressourcen

• Gesamtzahl der Mitarbeiter: 2,033 ab 2022
• Durchschnittliche Berufserfahrung: 15,6 Jahre
• Technisches Personal: 387 Profis

Technologische Ressourcen

Die Investitionen in Bohr- und Fördertechnologien beliefen sich auf insgesamt 378 Millionen US-Dollar im Jahr 2022, mit Schwerpunkt auf Horizontalbohr- und hydraulischen Fracking-Techniken.

Finanzielle Ressourcen

Finanzkennzahl	Wert 2022
Gesamtvermögen	6,3 Milliarden US-Dollar
Gesamteigenkapital	2,9 Milliarden US-Dollar
Kapitalausgaben	521 Millionen US-Dollar

National Fuel Gas Company (NFG) – Geschäftsmodell: Wertversprechen

Zuverlässige und erschwingliche Erdgasversorgung

Die National Fuel Gas Company versorgt rund 739.000 Kunden im Westen von New York und im Nordwesten von Pennsylvania mit Erdgas. Ab 2023 lieferte das Unternehmen jährlich 72,2 Milliarden Kubikfuß Erdgas mit einer Lieferrate an Privathaushalte von 0,68 US-Dollar pro Therm.

Kundensegment	Jährliche Gaslieferung	Durchschnittspreis
Privatkunden	42,3 Milliarden Kubikfuß	0,68 $ pro Therm
Gewerbliche Kunden	22,5 Milliarden Kubikfuß	0,55 $ pro Therm
Industriekunden	7,4 Milliarden Kubikfuß	0,42 $ pro Therm

Umfassende Energielösungen für Privatkunden

NFG bietet mehrere Energiedienstleistungen für Privathaushalte mit den folgenden Hauptmerkmalen an:

• Energieeffizienzprogramme
• Pläne zum Schutz der Hausheizung
• Optionen zur Budgetabrechnung
• Intelligente Thermostat-Integration

Effiziente Midstream-Transportdienste

Das Midstream-Segment von National Fuel betreibt 3.047 Meilen Sammelpipelines und 1.443 Meilen Transportpipelines. Im Jahr 2023 erwirtschaftete das Midstream-Segment einen Umsatz von 507,3 Millionen US-Dollar bei einem Betriebsergebnis von 241,6 Millionen US-Dollar.

Pipeline-Infrastruktur	Meilen	Umsatz 2023
Pipelines sammeln	3.047 Meilen	287,4 Millionen US-Dollar
Übertragungsleitungen	1.443 Meilen	219,9 Millionen US-Dollar

Umweltfreundliche Energieerzeugung

NFG hat im Jahr 2023 92,4 Millionen US-Dollar in erneuerbare Energien und Technologien zur Emissionsreduzierung investiert. Das Unternehmen reduzierte die CO2-Emissionen um 15,2 % im Vergleich zum Basisniveau von 2020.

Stabile und konsistente Energieinfrastruktur

Die National Fuel Gas Company unterhält eine robuste Energieinfrastruktur mit einer Gesamtvermögensbasis von 6,3 Milliarden US-Dollar (Stand: 31. Dezember 2023). Die Investitionsausgaben des Unternehmens für die Wartung und Verbesserung der Infrastruktur beliefen sich im Jahr 2023 auf 423,7 Millionen US-Dollar.

Infrastrukturmetrik	Wert 2023
Gesamtvermögensbasis	6,3 Milliarden US-Dollar
Kapitalausgaben	423,7 Millionen US-Dollar
Zuverlässigkeit der Infrastruktur	99.87%

National Fuel Gas Company (NFG) – Geschäftsmodell: Kundenbeziehungen

Langfristige Versorgungsverträge

Die National Fuel Gas Company unterhält ab 2023 rund 740.000 Erdgaskundenkonten in New York und Pennsylvania. Die durchschnittliche Vertragslaufzeit liegt zwischen 12 und 36 Monaten mit automatischen Verlängerungsbestimmungen.

Kundensegment	Anzahl der Konten	Durchschnittliche Vertragsdauer
Privatkunden	696,000	24 Monate
Gewerbliche Kunden	38,000	36 Monate
Industriekunden	6,000	48 Monate

Digitale Kundenservice-Plattformen

NFG betreibt eine umfassende digitale Kundenservice-Infrastruktur mit den folgenden Kennzahlen für das digitale Engagement:

• Online-Kontoverwaltungsplattform mit einer Kundenakzeptanzrate von 62 %
• Mobile Anwendung mit 275.000 aktiven Benutzern
• Digitale Kundensupportkanäle rund um die Uhr
• Durchschnittliche Lösungszeit für digitale Interaktionen: 17 Minuten

Personalisierte Unterstützung beim Energieverbrauch

Das Unternehmen bietet Analyse des Energieverbrauchs über digitale Plattformen, wobei 48 % der Kunden personalisierte Tools zur Verfolgung des Energieverbrauchs nutzen.

Servicefunktion	Kundenbindung
Energieverbrauchs-Dashboard	42 % Akzeptanz
Verbrauchsvergleichstools	35 % Nutzung
Effizienzempfehlungs-Engine	28 % Interaktion

Community-Engagement und lokale Öffentlichkeitsarbeit

National Fuel Gas investiert jährlich 1,2 Millionen US-Dollar in Community-Engagement-Programme in allen Servicegebieten.

• Lokale Energiebildungsprogramme
• Initiativen zur ökologischen Nachhaltigkeit
• Unterstützung der wirtschaftlichen Entwicklung

Transparente Abrechnungs- und Kommunikationssysteme

NFG hält mit Mechanismen zur Abrechnungstransparenz eine Kundenzufriedenheitsrate von 94 % aufrecht.

Kommunikationskanal	Prozentsatz der Kundenpräferenzen
Digitale Rechnungszustellung	68%
Lieferung von Papierrechnungen	32%
E-Mail-Benachrichtigungen	55%
SMS-Benachrichtigungen	37%

National Fuel Gas Company (NFG) – Geschäftsmodell: Kanäle

Online-Kundenportal

National Fuel Gas Company betreibt ein webbasiertes Kundenportal mit folgenden Funktionen:

Portalmetrik	Wert
Jährliche Online-Benutzer	387,000
Monatlich aktive Benutzer	62,500
Online-Rechnungszahlungsrate	73%

Mobile Anwendung

Kanalstatistik für mobile Apps:

• Anzahl der App-Downloads: 215.000
• Interaktionsrate der Nutzer mobiler Apps: 48 %
• App Store-Bewertungen: 4,3/5

Direktvertriebsmitarbeiter

Vertriebsteam-Metrik	Wert
Gesamtzahl der Vertriebsmitarbeiter	127
Abdeckungsbereich	6 Staaten
Durchschnittliche Kundenakquisekosten	$187

Kundendienst-Callcenter

Callcenter-Leistungskennzahlen:

• Gesamtzahl der Callcenter-Mitarbeiter: 203
• Durchschnittliche Anrufantwortzeit: 2,7 Minuten
• Jährliches Anrufvolumen: 1,2 Millionen

Lokale Versorgungsämter und Servicezentren

Standortmetrik	Wert
Total Service Center	22
Abgedeckte Staaten	New York, Pennsylvania
Jährliche Kundenbegehungen	78,500

National Fuel Gas Company (NFG) – Geschäftsmodell: Kundensegmente

Privatkunden von Erdgas

National Fuel Gas beliefert ab 2023 rund 742.000 Privatkunden im Westen von New York und im Nordwesten von Pennsylvania.

Kundenkategorie	Anzahl der Kunden	Durchschnittlicher Jahresverbrauch
Privatkunden mit Erdgas	742,000	750 Mcf pro Haushalt

Gewerbliche und industrielle Energieverbraucher

NFG bietet Energiedienstleistungen für 139.000 Gewerbe- und Industriekunden in seinen Servicegebieten an.

Kundentyp	Anzahl der Kunden	Gesamter jährlicher Energieverbrauch
Gewerbliche Kunden	105,000	45 Millionen Mcf
Industriekunden	34,000	75 Millionen Mcf

Versorgungsunternehmen und Energieverteiler

National Fuel Gas beliefert 22 Versorgungsunternehmen in seinen Betriebsregionen mit Erdgas im Großhandel.

• Gesamtgroßhandelsvertriebsvolumen: 125 Millionen Mcf jährlich
• Durchschnittlicher Großhandelsvertragswert: 3,2 Millionen US-Dollar pro Versorgungsunternehmen

Kommunale und staatliche Stellen

NFG bedient 87 kommunale und staatliche Kunden in New York und Pennsylvania.

Kundentyp „Regierung“.	Anzahl der Kunden	Jährlicher Energieaufwand
Kommunale Einrichtungen	62	18,5 Millionen US-Dollar
Landesstaatliche Stellen	25	12,3 Millionen US-Dollar

Landwirtschaftliche und landwirtschaftliche Verarbeitungsunternehmen

National Fuel Gas betreut 1.250 landwirtschaftliche Kunden in seinen Servicegebieten.

• Gesamtenergieverbrauch der landwirtschaftlichen Kunden: 15 Millionen Mcf pro Jahr
• Durchschnittliche jährliche Energieausgaben pro landwirtschaftlichem Kunden: 85.000 US-Dollar

National Fuel Gas Company (NFG) – Geschäftsmodell: Kostenstruktur

Infrastrukturentwicklung und -wartung

Im Geschäftsjahr 2023 investierte die National Fuel Gas Company 309,7 Millionen US-Dollar in Sachanlagen und Ausrüstung für die Wartung und Erweiterung der Infrastruktur.

Kategorie der Infrastrukturausgaben	Jährliche Kosten ($)
Pipeline-Infrastruktur	127,500,000
Wartung von Lagereinrichtungen	82,300,000
Ausrüstungs-Upgrades	99,900,000

Explorations- und Produktionskosten

Das Unternehmen meldete im Jahr 2023 Explorations- und Produktionskosten in Höhe von 242,6 Millionen US-Dollar.

• Bohrkosten im Marcellus-Schiefer: 156,4 Millionen US-Dollar
• Geologische Explorationsuntersuchungen: 34,2 Millionen US-Dollar
• Kosten für die Brunnenentwicklung: 52 Millionen US-Dollar

Kosten für die Einhaltung gesetzlicher Vorschriften

National Fuel Gas gab im Geschäftsjahr 2023 47,3 Millionen US-Dollar für die Einhaltung gesetzlicher Vorschriften aus.

Compliance-Bereich	Jährliche Ausgaben ($)
Umweltvorschriften	22,500,000
Sicherheitskonformität	15,800,000
Rechts- und Meldekosten	9,000,000

Investitionen in Technologie und digitale Infrastruktur

Das Unternehmen stellte im Jahr 2023 38,5 Millionen US-Dollar für Technologie und digitale Infrastruktur bereit.

• Cybersicherheitssysteme: 12,6 Millionen US-Dollar
• Initiativen zur digitalen Transformation: 15,9 Millionen US-Dollar
• Datenanalyseplattformen: 10 Millionen US-Dollar

Mitarbeitergehälter und Schulungsprogramme

Die gesamten mitarbeiterbezogenen Ausgaben für National Fuel Gas beliefen sich im Jahr 2023 auf 187,4 Millionen US-Dollar.

Kategorie „Mitarbeiterausgaben“.	Jährliche Kosten ($)
Grundgehälter	142,500,000
Schulung und Entwicklung	8,900,000
Leistungen und Vergütung	36,000,000

National Fuel Gas Company (NFG) – Geschäftsmodell: Einnahmequellen

Erdgasverkauf an Privatkunden

Für das Geschäftsjahr 2023 meldete die National Fuel Gas Company einen Umsatz mit Erdgas für Privathaushalte in Höhe von 693,4 Millionen US-Dollar.

Kundensegment	Jahresumsatz	Durchschnittlicher Verbrauch
Privatkunden	693,4 Millionen US-Dollar	714 Mcf pro Kunde

Midstream-Transport- und Lagergebühren

Das Unternehmen erwirtschaftete im Jahr 2023 Midstream-Transport- und Lagereinnahmen in Höhe von 372,6 Millionen US-Dollar.

Servicetyp	Jahresumsatz
Transportgebühren	246,3 Millionen US-Dollar
Speicherdienste	126,3 Millionen US-Dollar

Einnahmen aus Energieproduktion und Exploration

Die Einnahmen aus der Energieproduktion beliefen sich im Geschäftsjahr 2023 auf insgesamt 517,2 Millionen US-Dollar.

• Marcellus-Schieferproduktion: 342,5 Millionen US-Dollar
• Utica-Schieferproduktion: 174,7 Millionen US-Dollar

Ausrüstungs- und Serviceverträge

Die Einnahmen aus Ausrüstungs- und Serviceverträgen erreichten im Jahr 2023 87,5 Millionen US-Dollar.

Vertragstyp	Jahresumsatz
HVAC-Ausrüstung	52,3 Millionen US-Dollar
Wartungsdienste	35,2 Millionen US-Dollar

Gebühren für den Versorgungsverteilungsdienst

Die Gebühren für die Versorgungsverteilung beliefen sich im Jahr 2023 auf 264,8 Millionen US-Dollar.

Vertriebsservice	Jahresumsatz
Geregelte Vertriebsgebühren	264,8 Millionen US-Dollar

National Fuel Gas Company (NFG) - Canvas Business Model: Value Propositions

You're looking at the core reasons why National Fuel Gas Company (NFG) keeps its position, focusing on the tangible numbers that back up their value claims as of late 2025.

Stable, regulated utility service in New York and Pennsylvania

The utility side of National Fuel Gas Company provides essential service, which brings a layer of stability you can bank on. They serve a substantial customer base under regulatory oversight, which smooths out the rough patches of the commodity market. Here's the quick math on that regulated footprint:

• Total Utility Customers: approximately 756,000.
• New York Jurisdiction Customers: 543,000, regulated by the NYPSC.
• Pennsylvania Jurisdiction Customers: 213,000, regulated by the PAPUC.
• Total Rate Base: approximately $1.5 Billion as of Fiscal 2025 Q4.

The New York rates saw an increase effective January 1, 2025, which was the first base delivery rate increase since 2017. This regulatory structure directly supports earnings; for instance, the Utility segment's net income grew 22% in Fiscal 2025 Q1 due to a three-year rate case settlement that began on October 1, 2024.

Reliable, low-cost natural gas supply from the Appalachian Basin

National Fuel Gas Company's upstream segment, Seneca Resources Company, LLC, is digging deep into the Marcellus and Utica shales, which are known for their favorable economics. This resource base provides the foundation for their integrated model. What this estimate hides is the long-term security of their inventory, but the current production stats are solid:

Metric	Value (Fiscal 2025)	Context
Record Natural Gas Production (Bcf)	426 Bcf	An increase of 9% over the prior year.
Net Total Production (Bcf/day)	~1.2 Bcf/day	Reported as of Fiscal 2025 Q4.
Net Acres in Appalachia	~1.2 Million	Represents owned acreage for development.

The company is definitely focused on maximizing this low-cost supply.

Integrated solution: production, gathering, transportation, and distribution

The integration across their three main segments-Integrated Upstream and Gathering, Pipeline and Storage, and Utility-is a key value driver, allowing them to capture value from the wellhead to the burner tip. The midstream component, National Fuel Gas Midstream Company, LLC, handles the logistics:

• Total Throughput (Midstream): ~1.4 Bcf/d (including third-party volumes) as of Q4 2025.
• Interstate Pipeline Capacity Under Contract: 4.5 MMDth daily.
• Shippingport Lateral Project Capacity: Expected to add 205,000 dekatherms per day.

This structure lets National Fuel Gas Company manage supply and demand across its own system, which is a distinct advantage over non-integrated peers.

Predictable cash flow supported by rate case settlements

The regulated segments provide a predictable revenue base, which is further bolstered by successful regulatory outcomes. These settlements translate directly to the bottom line, supporting capital returns. The impact is clear in the regulated earnings performance for Fiscal 2025:

• Regulated Adjusted EPS Increase: 21% compared to the prior year, largely due to rate case benefits.
• Pipeline & Storage Segment Net Income Growth (Q1 2025): 35% increase, driven by a rate case settlement effective February 1, 2024.

This regulatory support underpins the commitment to shareholders.

55th consecutive dividend increase to an annual rate of $2.14 per share

Management marked its commitment to returning capital by announcing the 55th consecutive annual dividend increase for fiscal 2025. The most recent declaration confirms the new annual run rate:

Dividend Metric	Amount	Date Reference (Late 2025)
Annualized Dividend Rate	$2.14 per share	Announced for Fiscal 2025.
Declared Quarterly Dividend	$0.5350 per share	Declared December 5, 2025.
Shares of Common Stock Outstanding	Approximately 90.4 million	As of December 2025.

The forward dividend yield as of early December 2025 was approximately 2.6030898094%.

National Fuel Gas Company (NFG) - Canvas Business Model: Customer Relationships

The Customer Relationships for National Fuel Gas Company (NFG) are segmented across its regulated utility operations and its non-regulated midstream (Pipeline & Storage) services, each requiring a distinct engagement model.

Regulated, long-term contracts for pipeline and storage capacity

For the Pipeline & Storage segment, relationships are formalized through long-term firm capacity contracts governed by Federal Energy Regulatory Commission (FERC) tariffs. These contracts ensure capacity availability for shippers, including affiliates and non-affiliates, for transportation and storage services across National Fuel Gas Supply Corporation and Empire Pipeline, Inc. systems. The commitment to system expansion, like the Tioga Pathway Project, is also a key part of maintaining these long-term service relationships.

The scale of these contracted relationships as of late 2025 is quantified by the firm capacity commitments:

Service Provider	Service Type	Firm Contracted Capacity
National Fuel Gas Supply Corporation	Interstate Transportation	3.4 Bcf / day
Empire Pipeline, Inc.	Interstate Transportation	1.1 Bcf / day
National Fuel Gas Supply Corporation	Storage Capacity	71 Bcf
Empire Pipeline, Inc.	Storage Capacity	4 Bcf

Customer service and billing for residential and commercial utility users

The Utility segment maintains direct, ongoing relationships with its local distribution customers in New York and Pennsylvania. Management of these relationships centers on reliable service delivery and transparent billing processes. National Fuel Gas Distribution Corporation serves approximately 756,000 utility customers in total.

The customer base is split across two primary jurisdictions:

• New York Jurisdiction: 543,000 customers.
• Pennsylvania Jurisdiction: 213,000 customers.

In fiscal 2025, the Utility segment delivered approximately 75.5 Bcf of gas to its retail customers. For service issues or billing questions, customers use dedicated contact channels:

• General Customer Service (NY): 1-800-365-3234 or 716-686-6123.
• General Customer Service (PA): 1-800-365-3234 or 814-871-8200.
• Gas Emergencies: 1-800-444-3130 (24 hours a day, 7 days a week).

Billing management is supported online through a portal handled by Invoice Cloud, which accepts multiple payment types including Visa, MasterCard, Discover, American Express, Electronic Check, Apple Pay, Google Pay, PayPal, and Venmo.

Public and regulatory engagement for rate case approvals

Engagement with regulatory bodies is a critical relationship management function, directly impacting the revenue stability of the regulated segments. The New York Public Service Commission (PSC) approved an increase to base delivery rates and charges for National Fuel Gas Distribution Corporation, effective Jan. 1, 2025. This was the first rate increase in New York since 2017. Furthermore, an amendment to Empire Pipeline's 2019 rate settlement was approved by FERC on March 17, 2025, with new rates effective November 1, 2025. Rate case settlements in fiscal 2025 contributed to a 21% increase in regulated adjusted Earnings Per Share (EPS).

Investor relations focused on dividend consistency and growth

The relationship with shareholders is heavily anchored on a commitment to consistent capital returns. National Fuel Gas Company has paid dividends for 123 consecutive years and increased its annual dividend for 55 straight years as of June 2025. The quarterly dividend rate was raised to $0.5350 per share in June 2025, resulting in an annual rate of $2.14 per share. The payout ratio based on adjusted earnings was reported at 30.4%. The latest ex-dividend date identified was September 30, 2025.

Dedicated sales for large-volume industrial and power generation clients

For the non-regulated Pipeline & Storage segment, dedicated sales efforts target large-volume shippers, which include major industrial companies and power producers in New York State served by Empire Pipeline. These customers secure capacity through processes like Open Seasons, where firm transportation and storage capacity are awarded. For instance, in October 2025, capacity offerings for Short Term Firm Transportation and Long-term Firm Storage were fully awarded within specific timeframes, indicating active engagement and commitment from these large-volume users.

National Fuel Gas Company (NFG) - Canvas Business Model: Channels

You're looking at how National Fuel Gas Company (NFG) gets its product and services-gas delivery, pipeline capacity, and financial information-out to its various customer groups. This is all about the physical and digital pathways they use to connect their operations to the market.

Local distribution network in Western New York and Northwestern Pennsylvania

The primary channel for the regulated utility business is the physical network of pipes delivering natural gas directly to end-users. National Fuel Gas Distribution Corporation serves customers across its franchised territories.

• Serves approximately 756,000 customers in Western New York and Northwestern Pennsylvania as of Fiscal 2025.
• The New York jurisdiction saw a base rate increase effective January 1, 2025, following approval in late 2024.
• This rate action contributed to a 22% increase in the Utility segment's net income in the first quarter of Fiscal 2025 compared to the prior year.
• The Utility segment expects a 5-6% increase in customer margin in Fiscal 2026 due to rate step-ups.

Interstate pipeline system (Supply Corporation and Empire Pipeline)

The transportation and storage services are delivered through two key FERC-regulated subsidiaries, which act as crucial arteries for moving gas from the Appalachian Basin to other markets. The Pipeline & Storage segment's net income grew by 35% in Q1 FY2025 following a rate case settlement for Supply Corporation effective February 1, 2024.

Here's a look at the physical scale of these pipeline channels:

Pipeline System Component	Metric	Value as of Late 2025
National Fuel Gas Supply Corporation (Supply Corp) Pipeline Mileage	Miles of Transmission Pipeline	Over 1,600 miles
Empire Pipeline System Mileage	Miles of Bidirectional Pipeline	Approximately 269 miles
Empire Pipeline Firm Storage Capacity (Leased from Supply Corp)	Bcf of Firm Storage No-Notice capacity	3.753 Bcf
Shippingport Lateral Project (Proposed Capacity)	Firm Transportation Capacity	205,000 dekatherms per day

Empire Pipeline also reached an agreement with its customers to amend its existing rate settlement, with new rates becoming effective on November 1, 2025.

Direct sales to wholesale natural gas marketers and power generators

This channel involves the movement of gas from NFG's production and gathering assets, as well as gas purchased for resale, to large commercial entities. For context on supply volumes, Seneca Resources (E&P segment) raised its full-year Fiscal 2025 production guidance to the range of 420 to 425 Bcf. In the fourth quarter of Fiscal 2025, National Fuel produced 112 Bcf of natural gas. The Utility segment alone purchased 77.4 Bcf of gas in 2025, delivering 75.5 Bcf to retail customers.

Digital channels for utility account management and payment

National Fuel Gas Company uses digital interfaces to interact with its utility customer base for service management. These channels support customer self-service functions.

• The company advertises access to Online Bill Pay and Online Services for its utility customers.
• The availability of payment assistance information, such as LIHEAP details, is also provided through these digital platforms.

Investor relations website and financial filings for capital markets

The channel for communicating with the capital markets involves timely financial disclosures and ongoing dividend communication. National Fuel Gas Company reported its Fourth Quarter and Full Year Fiscal 2025 Earnings on November 5, 2025.

• Fiscal 2025 reported adjusted EBITDA reached approximately $1.41 billion.
• As of December 5, 2025, the company had approximately 90.4 million shares of common stock outstanding.
• On December 5, 2025, the Board approved a regular quarterly dividend of 53.5 cents per share.

National Fuel Gas Company (NFG) - Canvas Business Model: Customer Segments

You're looking at the customer base for National Fuel Gas Company (NFG), which is quite diverse, spanning from the local homeowner to the large-scale financial market participant. This mix helps balance the regulated stability with the commodity exposure.

The core of the regulated business serves the end-user market through the Utility segment. This segment is responsible for distributing natural gas to a substantial, geographically concentrated customer base in western New York and northwestern Pennsylvania. This forms the foundation of their stable, rate-regulated earnings.

The midstream and upstream segments serve other energy companies and large commercial users who require transportation, storage, or the physical commodity itself. The pipeline assets are key here, moving gas for affiliated and non-affiliated shippers alike.

Finally, as a publicly traded entity, National Fuel Gas Company also counts financial investors as a critical segment, rewarding their long-term commitment with consistent cash returns.

Here's a breakdown of the key customer groups and associated data points as of late fiscal year 2025:

• Residential and commercial utility customers total approximately 756,000.
• Industrial and power generation facilities are targeted customers, evidenced by the Shippingport Lateral Project filing to provide firm transportation capacity to a data center site.
• Interstate pipeline shippers include both affiliated and non-affiliated companies utilizing the transportation and storage network.
• Wholesale natural gas marketers and traders are served by the midstream assets, which move gas to broader market hubs.
• Financial investors are attracted by the company's history, including its 55th consecutive dividend increase.

The utility customer base is segmented by jurisdiction:

Jurisdiction/Segment Detail	Customer Count (Approximate)
Total Utility Customers	756,000
New York Jurisdiction (Regulated by NYPSC)	543,000
Pennsylvania Jurisdiction (Regulated by PAPUC)	213,000

For the interstate pipeline business, capacity metrics define the service provided to shippers. This is where you see the scale of their midstream contracts:

Pipeline Service Metric	Capacity/Volume Data (2025)
National Fuel Gas Supply Corp. Firm Contracted Transportation Capacity	3.4 Bcf / day
Empire Pipeline, Inc. Firm Contracted Transportation Capacity	1.1 Bcf / day
Total Daily Interstate Pipeline Capacity Under Contract	4.5 MMDth
Shippingport Lateral Project Annual Revenue Target (Data Center Service)	Approximately $15 million

The financial investor segment is keenly focused on the dividend record and recent earnings performance. You want to see the commitment in the numbers:

• The latest approved regular quarterly dividend, announced December 5, 2025, is $0.5350 per share.
• This translates to an implied annual dividend rate of $2.14 per share.
• The current annual dividend yield stands around 2.6%.
• The payout ratio based on adjusted earnings for fiscal 2025 was approximately 30.4%.
• Fiscal 2025 Adjusted Earnings Per Share (EPS) reached $6.91.
• The company has approximately 90.4 million shares of common stock outstanding.

For the upstream and wholesale side, the production volumes show the scale of the gas being made available to marketers and other pipeline customers. Seneca Resources replaced 154% of its fiscal 2025 production, and total proved reserves were 4,981 Bcfe as of September 30, 2025. The full fiscal year 2025 natural gas production was a record 426 Bcf.

Finance: draft 13-week cash view by Friday.

National Fuel Gas Company (NFG) - Canvas Business Model: Cost Structure

You're looking at the core outflows that keep National Fuel Gas Company running across its integrated structure. For a capital-intensive utility and E&P player, the cost structure is dominated by commodity purchases and massive, ongoing investment in infrastructure.

The most significant variable cost is the fuel itself. For the Utility segment, specifically Distribution Corporation, the Purchased Gas expense for fiscal 2025 was $358.5 million. Remember, this is a pass-through cost recovered via adjustment clauses, so while it's a massive cash flow item, it generally doesn't impact the bottom line margin directly.

The second massive component is capital deployment. National Fuel Gas Company's total Expenditures for Long-Lived Assets, which includes non-cash capital expenditures, totaled $918.1 million in fiscal 2025. This reflects the commitment to maintaining and growing the regulated asset base and the midstream gathering systems.

Here's a breakdown of some of the key cost elements we see in the financial reporting:

Cost Category	Specific Financial Data Point	Amount/Value
Purchased Gas Expense (Utility)	Fiscal 2025 Purchased Gas Expense (Distribution Corporation)	$358.5 million
Capital Expenditures (Total)	Total Expenditures for Long-Lived Assets (FY2025)	$918.1 million
Upstream G&A (Exploration & Production)	Fiscal 2025 Guidance for Upstream General and Administrative Expense	~$0.18/Mcf
Interest Expense (Q3 FY2025 Increase)	Increase in Interest Expense for the Third Quarter of Fiscal 2025	$2.5 million
Utility O&M Expense (Q4 FY2025 Increase)	Increase in Utility Segment O&M Expense for Q4 FY2025	$3.8 million

Operation and maintenance (O&M) costs are a constant drain, especially in the regulated businesses. For the Utility segment in the fourth quarter of fiscal 2025, the O&M expense went up by $3.8 million, driven mainly by higher personnel costs. To be fair, the E&P segment also saw cost fluctuations; for instance, in the third quarter, O&M expense increased by $2.7 million, also tied to personnel costs.

Financing costs, specifically interest expense on long-term debt, are also material. In the first quarter of fiscal 2025, interest expense rose by $2.3 million compared to the prior year, directly because of a higher average amount of net borrowings. This trend continued, with Q3 interest expense increasing by $2.5 million for the same reason.

When we look at the Exploration and Production segment, the costs fall under Lease Operating Expenses (LOE) and General & Administrative (G&A). The company noted lower per unit operating costs in this segment during Q3. The G&A cost for the Upstream segment was guided around $0.18 per Mcf for fiscal 2025.

You should keep an eye on these O&M trends, as personnel costs seem to be a consistent driver of increases across the segments. Finance: draft 13-week cash view by Friday.

National Fuel Gas Company (NFG) - Canvas Business Model: Revenue Streams

The revenue streams for National Fuel Gas Company (NFG) are built on a foundation that mixes stable, regulated utility income with commodity-driven exploration and production (E&P) sales, supported by midstream services.

For the first nine months of fiscal year 2025, the regulated Utility segment's customer margin contributed $729.4 million. This segment benefits from rate case settlements, such as the New York rate case settlement that became effective October 1, 2024.

The Exploration and Production (E&P) segment, which is more exposed to commodity prices, generated natural gas sales totaling $864.7 million for the same nine-month period in fiscal 2025. This segment saw strong performance, with NYMEX natural gas price realizations increasing to $2.61 per Mcf, a 9% increase compared to the prior year. Furthermore, NFG achieved record natural gas production of 426 Bcf in fiscal 2025, a 9% increase year-over-year.

The consolidated annual revenue for National Fuel Gas Company in fiscal 2025 was approximately $2.278 billion.

Midstream operations provide crucial fee-based revenue stability. The Pipeline & Storage segment's operating revenues increased by $15.2 million in fiscal 2025 compared to fiscal 2024, driven by rate case settlements effective February 1, 2024.

Here is a breakdown of the key revenue components and related metrics:

Revenue Source Segment	Metric/Period	Amount
Utility Segment	Customer Margin (9 months FY2025)	$729.4 million
Exploration and Production (E&P)	Natural Gas Sales (9 months FY2025)	$864.7 million
Pipeline & Storage Segment	Operating Revenue Increase (FY2025 vs FY2024)	$15.2 million
Pipeline & Storage Segment	Transportation Revenue Increase (FY2025 vs FY2024)	$12.3 million
Pipeline & Storage Segment	Storage Revenue Increase (FY2025 vs FY2024)	$4.4 million
Midstream Operations (Future Revenue)	Shippingport Lateral Project Annual Revenue	Approximately $15 million
Consolidated	Annual Revenue (Fiscal 2025)	Approximately $2.28 billion

The fee-based services within the midstream operations are structured around long-term contracts and capacity reservations. The firm transportation and storage fees are derived from services offered by National Fuel Gas Supply Corporation and Empire Pipeline, Inc..

The revenue streams from the midstream operations include:

• Firm transportation and storage fees from National Fuel Gas Supply Corporation, which had 70,693 MDth of contracted firm storage as of September 30, 2024.
• Firm transportation capacity of 3,498 MDth per day from National Fuel Gas Supply Corporation.
• Firm transportation capacity of 1,092 MDth per day from Empire Pipeline, Inc..
• Gathering fees from midstream operations are tied to throughput volumes, with E&P production increasing 9% in fiscal 2025 to 426 Bcf.
• The Gathering segment's operating revenues increased by 13% in Q3 2025 due to higher throughput from new wells.

The regulated segments provide a predictable base for revenue generation, as evidenced by the Utility segment's net income increasing 22% in Q1 2025 due to a rate proceeding settlement.