National Fuel Gas Company (NFG): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el intrincado mundo de la National Fuel Gas Company (NFG), una potencia energética dinámica que transforma las operaciones complejas de gas natural en una creación de valor sin costura. Este lienzo de modelo comercial integral revela cómo NFG navega estratégicamente el intrincado panorama de la producción de energía, la distribución y el servicio al cliente, aprovechando su robusta infraestructura de los Apalaches y un enfoque innovador para satisfacer las diversas necesidades del mercado. Desde consumidores residenciales hasta gigantes industriales, el modelo de negocio multifacético de NFG demuestra una combinación sofisticada de destreza tecnológica, asociaciones estratégicas y soluciones centradas en el cliente que posicionan a la compañía como un jugador fundamental en el ecosistema de energía en evolución.

National Fuel Gas Company (NFG) - Modelo de negocio: asociaciones clave

Empresas de servicios públicos locales y regionales para distribución de gas

National Fuel Gas Company se asocia con múltiples compañías regionales de servicios públicos en Nueva York y Pensilvania. A partir de 2022, la compañía sirvió a aproximadamente 740,000 clientes de gas natural.

Región de servicios públicos de socios	Número de clientes	Millas de distribución
Western de Nueva York	540,000	4.700 millas
Noroeste de Pensilvania	200,000	3,200 millas

Operadores de infraestructura de tuberías

NFG colabora con socios clave de infraestructura de tuberías para garantizar un transporte de gas eficiente.

• Tennessee Gas Pipeline Company
• División Nacional de Recursos de Combustible
• Empire Pipeline, Inc.

Socios de cumplimiento ambiental y regulatorio

La Compañía mantiene asociaciones estratégicas con agencias reguladoras ambientales para garantizar el cumplimiento.

Socio regulador	Enfoque de cumplimiento
Departamento de Conservación Ambiental del Estado de Nueva York	Permiso ambiental
Comisión de servicios públicos de Pensilvania	Regulaciones de servicios públicos

Proveedores de servicios de tecnología y software

NFG invierte en asociaciones tecnológicas para mejorar la eficiencia operativa.

• SAP para planificación de recursos empresariales
• Itron para tecnologías de medición
• Oracle para sistemas de gestión de datos

Compañías de exploración y producción de energía

National Fuel Gas explora asociaciones en la producción de energía aguas arriba.

Socio de producción	Región de exploración	Volumen de producción anual
Seneca Resources Corporation	Marcellus lutita	48.1 mil millones de pies cúbicos (2022)

National Fuel Gas Company (NFG) - Modelo de negocio: actividades clave

Exploración y producción de gas natural

National Fuel Gas Company opera 1.023 pozos de gas productivos netos en la región de Marcellus Shale. El total de reservas probadas al 30 de septiembre de 2023 eran equivalentes de 1.025 mil millones de pies cúbicos. La producción anual en 2023 alcanzó los 235 mil millones de pies cúbicos de gas natural.

Métrico	2023 datos
Pozos productivos netos	1,023
Reservas probadas	1.025 bcf
Producción anual	235 bcf

Servicios de transporte y almacenamiento de Midstream

NFG administra 2,300 millas de tuberías de transmisión de gas natural interestatal e intraestate. La capacidad de almacenamiento incluye 20 campos de almacenamiento subterráneos con una capacidad total de 107 mil millones de pies cúbicos.

• Red de tuberías: 2,300 millas
• Campos de almacenamiento subterráneo: 20
• Capacidad de almacenamiento total: 107 BCF

Distribución minorista de gas natural

La compañía atiende a aproximadamente 740,000 clientes de gas natural en Nueva York y Pensilvania. Los ingresos totales de servicios públicos en 2023 fueron de $ 542.3 millones.

Métrico de distribución	Valor
Base de clientes	740,000
Ingresos de servicios públicos	$ 542.3 millones

Mantenimiento de la infraestructura energética

Los gastos de capital anuales para el mantenimiento y las actualizaciones de la infraestructura fueron de $ 477.2 millones en 2023. Esto incluye la gestión de integridad de la tubería, el reemplazo del equipo y la modernización del sistema.

Gestión de cumplimiento ambiental y de seguridad

NFG invirtió $ 38.6 millones en programas de cumplimiento y seguridad ambiental en 2023. Las actividades de cumplimiento incluyen reducción de emisiones de metano, detección de fugas e informes regulatorios.

Métrico de cumplimiento	2023 inversión
Cumplimiento ambiental	$ 38.6 millones

National Fuel Gas Company (NFG) - Modelo de negocio: recursos clave

Reservas de gas natural

A partir de 2022, National Fuel Gas Company sostuvo 754,000 acres netos en la región de esquisto de Marcellus, con reservas probadas de 1.103 mil millones de pies cúbicos de gas natural.

Categoría de activos	Cantidad	Ubicación
Marcellus lutita	754,000 acres netos	Región de los Apalaches
Reservas de gas natural comprobado	1,103 mil millones de pies cúbicos	Cuenca de los apalaches

Infraestructura de tuberías y almacenamiento

National Fuel Gas opera 5,200 millas de tuberías de reunión y transmisión y mantiene 18 instalaciones de almacenamiento subterráneo con una capacidad total de 95 mil millones de pies cúbicos.

Fuerza laboral y recursos humanos

• Total de empleados: 2,033 A partir de 2022
• Años promedio de experiencia: 15.6 años
• Personal de ingeniería: 387 profesionales

Recursos tecnológicos

La inversión en tecnologías de perforación y extracción totalizó $ 378 millones en 2022, con enfoque en la perforación horizontal y las técnicas de fracturación hidráulica.

Recursos financieros

Métrica financiera	Valor 2022
Activos totales	$ 6.3 mil millones
Equidad total	$ 2.9 mil millones
Gastos de capital	$ 521 millones

National Fuel Gas Company (NFG) - Modelo de negocio: propuestas de valor

Suministro de gas natural confiable y asequible

National Fuel Gas Company proporciona gas natural a aproximadamente 739,000 clientes en el oeste de Nueva York y el noroeste de Pensilvania. A partir de 2023, la compañía entregó 72.2 mil millones de pies cúbicos de gas natural anualmente con una tasa de entrega residencial de $ 0.68 por término.

Segmento de clientes	Entrega anual de gas	Tasa promedio
Clientes residenciales	42.3 mil millones de pies cúbicos	$ 0.68 por término
Clientes comerciales	22.5 mil millones de pies cúbicos	$ 0.55 por térm que
Clientes industriales	7.4 mil millones de pies cúbicos	$ 0.42 por término

Soluciones de energía integrales para clientes residenciales

NFG ofrece múltiples servicios de energía residencial con las siguientes características clave:

• Programas de eficiencia energética
• Planes de protección de calefacción en el hogar
• Opciones de facturación de presupuesto
• Integración de termostato inteligente

Servicios de transporte mediados eficientes

El segmento Midstream de National Fuel opera 3,047 millas de tuberías de recolección y 1,443 millas de tuberías de transmisión. En 2023, el segmento Midstream generó $ 507.3 millones en ingresos con un ingreso operativo de $ 241.6 millones.

Infraestructura de tuberías	Millas	2023 ingresos
Recolectando tuberías	3,047 millas	$ 287.4 millones
Tuberías de transmisión	1.443 millas	$ 219.9 millones

Producción de energía ambientalmente responsable

NFG ha invertido $ 92.4 millones en tecnologías de reducción de energía renovable y reducción de emisiones en 2023. La compañía redujo las emisiones de carbono en un 15,2% en comparación con los niveles de referencia de 2020.

Infraestructura energética estable y consistente

National Fuel Gas Company mantiene una robusta infraestructura energética con una base de activos total de $ 6.3 mil millones al 31 de diciembre de 2023.

Infraestructura métrica	Valor 2023
Base de activos totales	$ 6.3 mil millones
Gasto de capital	$ 423.7 millones
Confiabilidad de infraestructura	99.87%

National Fuel Gas Company (NFG) - Modelo de negocio: relaciones con los clientes

Contratos de servicio de servicios públicos a largo plazo

National Fuel Gas Company mantiene aproximadamente 740,000 cuentas de clientes de gas natural en Nueva York y Pensilvania a partir de 2023. La duración promedio del contrato oscila entre 12 y 36 meses con disposiciones automáticas de renovación.

Segmento de clientes	Número de cuentas	Longitud promedio del contrato
Clientes residenciales	696,000	24 meses
Clientes comerciales	38,000	36 meses
Clientes industriales	6,000	48 meses

Plataformas de servicio al cliente digital

NFG opera una infraestructura integral de servicio al cliente digital con las siguientes métricas de participación digital:

• Plataforma de administración de cuentas en línea con 62% de tasa de adopción del cliente
• Aplicación móvil con 275,000 usuarios activos
• Canales de atención al cliente digital 24/7
• Tiempo promedio de resolución de interacción digital: 17 minutos

Apoyo al consumo de energía personalizado

La compañía proporciona Análisis de uso de energía A través de plataformas digitales, con el 48% de los clientes que utilizan herramientas personalizadas de seguimiento de consumo de energía.

Función de servicio	Compromiso del cliente
Tablero de uso de energía	42% de adopción
Herramientas de comparación de consumo	35% de uso
Motor de recomendación de eficiencia	28% de interacción

Compromiso comunitario y divulgación local

National Fuel Gas invierte $ 1.2 millones anuales en programas de participación comunitaria en los territorios de servicio.

• Programas locales de educación energética
• Iniciativas de sostenibilidad ambiental
• Apoyo económico

Sistemas de facturación y comunicación transparentes

NFG mantiene una tasa de satisfacción del cliente del 94% con mecanismos de transparencia de facturación.

Canal de comunicación	Porcentaje de preferencia del cliente
Entrega de facturas digitales	68%
Entrega de factura de papel	32%
Notificaciones por correo electrónico	55%
Alertas de SMS	37%

National Fuel Gas Company (NFG) - Modelo de negocios: canales

Portal de clientes en línea

National Fuel Gas Company opera un portal de clientes basado en la web con las siguientes características:

Métrico de portal	Valor
Usuarios en línea anuales	387,000
Usuarios activos mensuales	62,500
Tasa de pago de facturas en línea	73%

Aplicación móvil

Estadísticas del canal de aplicaciones móviles:

• Conteo de descarga de la aplicación: 215,000
• Tasa de participación del usuario de la aplicación móvil: 48%
• Calificaciones de la tienda de aplicaciones: 4.3/5

Representantes de ventas directas

Métrica del equipo de ventas	Valor
Representantes de ventas totales	127
Área de cobertura	6 estados
Costo promedio de adquisición de clientes	$187

Centros de llamadas de servicio al cliente

Métricas de rendimiento del centro de llamadas:

• Empleados totales del centro de llamadas: 203
• Tiempo promedio de respuesta de llamadas: 2.7 minutos
• Volumen anual de llamadas: 1.2 millones

Oficinas de servicios públicos locales y centros de servicio

Métrica de ubicación	Valor
Centros de servicio totales	22
Estados cubiertos	Nueva York, Pensilvania
Caballes anuales de clientes	78,500

National Fuel Gas Company (NFG) - Modelo de negocio: segmentos de clientes

Consumidores de gas natural residencial

National Fuel Gas atiende a aproximadamente 742,000 clientes residenciales en todo el oeste de Nueva York y el noroeste de Pensilvania a partir de 2023.

Categoría de clientes	Número de clientes	Consumo anual promedio
Clientes residenciales de gas natural	742,000	750 mcf por hogar

Usuarios de energía comercial e industrial

NFG brinda servicios de energía a 139,000 clientes comerciales e industriales en sus territorios de servicio.

Tipo de cliente	Número de clientes	Consumo total de energía anual
Clientes comerciales	105,000	45 millones de MCF
Clientes industriales	34,000	75 millones de MCF

Compañías de servicios públicos y distribuidores de energía

National Fuel Gas suministra gas natural al por mayor a 22 compañías de distribución de servicios públicos en sus regiones operativas.

• Volumen total de distribución mayorista: 125 millones de MCF anualmente
• Valor de contrato mayorista promedio: $ 3.2 millones por utilidad

Entidades municipales y gubernamentales

NFG atiende a 87 clientes municipales y gubernamentales en Nueva York y Pensilvania.

Tipo de cliente del gobierno	Número de clientes	Gasto de energía anual
Instalaciones municipales	62	$ 18.5 millones
Entidades del gobierno estatal	25	$ 12.3 millones

Empresas de procesamiento agrícola y agrícola

National Fuel Gas apoya a 1.250 clientes agrícolas en sus territorios de servicio.

• Consumo total de energía del cliente agrícola: 15 millones de MCF anualmente
• Gasto energético anual promedio por cliente agrícola: $ 85,000

National Fuel Gas Company (NFG) - Modelo de negocio: Estructura de costos

Desarrollo y mantenimiento de la infraestructura

En el año fiscal 2023, National Fuel Gas Company invirtió $ 309.7 millones en propiedades, plantas y equipos para el mantenimiento y expansión de la infraestructura.

Categoría de gastos de infraestructura	Costo anual ($)
Infraestructura de tuberías	127,500,000
Mantenimiento de la instalación de almacenamiento	82,300,000
Actualizaciones de equipos	99,900,000

Gastos de exploración y producción

La compañía informó costos de exploración y producción de $ 242.6 millones en 2023.

• Gastos de perforación de esquisto de Marcellus: $ 156.4 millones
• Exploración de encuestas geológicas: $ 34.2 millones
• Costos de desarrollo del pozo: $ 52 millones

Costos de cumplimiento regulatorio

El gas de combustible nacional gastó $ 47.3 millones en cumplimiento regulatorio en el año fiscal 2023.

Área de cumplimiento	Gasto anual ($)
Regulaciones ambientales	22,500,000
Cumplimiento de seguridad	15,800,000
Costos legales y de informes	9,000,000

Tecnología e inversiones en infraestructura digital

La compañía asignó $ 38.5 millones a la tecnología e infraestructura digital en 2023.

• Sistemas de ciberseguridad: $ 12.6 millones
• Iniciativas de transformación digital: $ 15.9 millones
• Plataformas de análisis de datos: $ 10 millones

Salarios de empleados y programas de capacitación

Los gastos totales relacionados con los empleados para el gas de combustible nacional en 2023 fueron de $ 187.4 millones.

Categoría de gastos de los empleados	Costo anual ($)
Salarios base	142,500,000
Capacitación y desarrollo	8,900,000
Beneficios y compensación	36,000,000

National Fuel Gas Company (NFG) - Modelo de negocios: flujos de ingresos

Ventas de gas natural a clientes residenciales

Para el año fiscal 2023, National Fuel Gas Company reportó ingresos por ventas de gas natural residencial de $ 693.4 millones.

Segmento de clientes	Ingresos anuales	Consumo promedio
Clientes residenciales	$ 693.4 millones	714 MCF por cliente

Tarifas de transporte y almacenamiento de la corriente media

La compañía generó $ 372.6 millones en ingresos de transporte y almacenamiento de la corriente intermedia en 2023.

Tipo de servicio	Ingresos anuales
Tarifas de transporte	$ 246.3 millones
Servicios de almacenamiento	$ 126.3 millones

Ingresos de producción y exploración de energía

Los ingresos de la producción de energía totalizaron $ 517.2 millones para el año fiscal 2023.

• Producción de esquisto de Marcellus: $ 342.5 millones
• Producción de esquisto de Utica: $ 174.7 millones

Contratos de equipo y servicio

Los ingresos por contratos de equipo y servicio alcanzaron los $ 87.5 millones en 2023.

Tipo de contrato	Ingresos anuales
Equipo HVAC	$ 52.3 millones
Servicios de mantenimiento	$ 35.2 millones

Cargos de servicio de distribución de servicios públicos

Los cargos de servicio de distribución de servicios públicos ascendieron a $ 264.8 millones en 2023.

Servicio de distribución	Ingresos anuales
Cargos de distribución regulados	$ 264.8 millones

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.