National Fuel Gas Company (NFG): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde complexe de la National Fuel Gas Company (NFG), une puissance d'énergie dynamique qui transforme les opérations complexes du gaz naturel en création de valeur transparente. Cette toile complète du modèle commercial révèle comment NFG navigue stratégiquement dans le paysage complexe de la production d'énergie, de la distribution et du service à la clientèle, tirant parti de sa robuste infrastructure des Appalaches et de son approche innovante pour répondre à divers besoins du marché. Des consommateurs résidentiels aux géants industriels, le modèle commercial multiforme de NFG démontre un mélange sophistiqué de prouesses technologiques, de partenariats stratégiques et de solutions centrées sur le client qui positionnent l'entreprise comme un acteur pivot de l'écosystème énergétique en évolution.

National Fuel Gas Company (NFG) - Modèle d'entreprise: partenariats clés

Sociétés de services publics locaux et régionaux pour la distribution de gaz

National Fuel Gas Company s'associe à plusieurs sociétés régionales de services publics de New York et de Pennsylvanie. En 2022, la société a servi environ 740 000 clients de gaz naturel.

Région d'utilité des partenaires	Nombre de clients	Miles de distribution
Western New York	540,000	4 700 miles
Nord-Ouest en Pennsylvanie	200,000	3 200 miles

Opérateurs d'infrastructures de pipeline

NFG collabore avec les principaux partenaires d'infrastructure de pipeline pour assurer un transport de gaz efficace.

• Tennessee Gas Pipeline Company
• Division nationale des ressources en carburant
• Empire Pipeline, Inc.

Partenaires de conformité environnementale et réglementaire

La société maintient des partenariats stratégiques avec les agences de réglementation environnementale pour assurer la conformité.

Partenaire réglementaire	Focus de la conformité
Département de la conservation de l'environnement de l'État de New York	Permis environnemental
Commission des services publics de Pennsylvanie	Règlements sur les services publics

Fournisseurs de services de technologie et de logiciel

NFG investit dans des partenariats technologiques pour améliorer l'efficacité opérationnelle.

• SAP pour la planification des ressources d'entreprise
• Itron pour les technologies de mesure
• Oracle pour les systèmes de gestion des données

Sociétés d'exploration et de production énergétiques

National Fuel Gas explore les partenariats dans la production d'énergie en amont.

Partenaire de production	Région d'exploration	Volume de production annuel
Seneca Resources Corporation	Marcellus Schiste	48,1 milliards de pieds cubes (2022)

National Fuel Gas Company (NFG) - Modèle d'entreprise: activités clés

Exploration et production du gaz naturel

National Fuel Gas Company exploite 1 023 puits de gaz productifs nets dans la région du schiste de Marcellus. Le total des réserves prouvées au 30 septembre 2023 était de 1 025 milliards de pieds cubes. La production annuelle en 2023 a atteint 235 milliards de pieds cubes de gaz naturel.

Métrique	2023 données
Puits productifs nets	1,023
Réserves prouvées	1 025 BCF
Production annuelle	235 BCF

Services de transport et de stockage intermédiaires

NFG gère 2 300 miles de pipelines de transmission de gaz naturel interétatique et intra-étatique. La capacité de stockage comprend 20 champs de stockage souterrains d'une capacité totale de 107 milliards de pieds cubes.

• Réseau de pipeline: 2 300 miles
• Champs de stockage souterrains: 20
• Capacité de stockage totale: 107 BCF

Distribution du gaz naturel au détail

La société dessert environ 740 000 clients de gaz naturel à New York et en Pennsylvanie. Les revenus totaux des services publics en 2023 étaient de 542,3 millions de dollars.

Métrique de distribution	Valeur
Clientèle	740,000
Revenus des services publics	542,3 millions de dollars

Maintenance des infrastructures énergétiques

Les dépenses en capital annuelles pour la maintenance et les mises à niveau des infrastructures étaient de 477,2 millions de dollars en 2023. Cela comprend la gestion de l'intégrité des pipelines, le remplacement de l'équipement et la modernisation du système.

Gestion de la conformité à l'environnement et à la sécurité

NFG a investi 38,6 millions de dollars dans les programmes de conformité et de sécurité environnementaux en 2023. Les activités de conformité comprennent la réduction des émissions de méthane, la détection des fuites et les rapports réglementaires.

Métrique de conformité	2023 Investissement
Conformité environnementale	38,6 millions de dollars

National Fuel Gas Company (NFG) - Modèle d'entreprise: Ressources clés

Réserves de gaz naturel

Depuis 2022, la National Fuel Gas Company a tenu 754 000 acres nets dans la région de Marcellus Shale, avec des réserves éprouvées de 1 103 milliards de pieds cubes de gaz naturel.

Catégorie d'actifs	Quantité	Emplacement
Marcellus Shale Aceacage	754 000 acres nets	Région des Appalaches
Réserves de gaz naturel éprouvés	1 103 milliards de pieds cubes	Bassin des Appalaches

Pipeline et infrastructure de stockage

Le gaz carburant national fonctionne 5 200 miles de pipelines de rassemblement et de transmission et maintient 18 installations de stockage souterrain avec une capacité totale de 95 milliards de pieds cubes.

Main-d'œuvre et ressources humaines

• Total des employés: 2,033 Depuis 2022
• Années moyennes d'expérience: 15,6 ans
• Personnel d'ingénierie: 387 professionnels

Ressources technologiques

L'investissement dans les technologies de forage et d'extraction a totalisé 378 millions de dollars en 2022, en mettant l'accent sur les techniques de forage horizontal et de fracturation hydraulique.

Ressources financières

Métrique financière	Valeur 2022
Actif total	6,3 milliards de dollars
Total des capitaux propres	2,9 milliards de dollars
Dépenses en capital	521 millions de dollars

National Fuel Gas Company (NFG) - Modèle d'entreprise: propositions de valeur

Approvisionnement en gaz naturel fiable et abordable

National Fuel Gas Company fournit du gaz naturel à environ 739 000 clients dans l'ouest de New York et le nord-ouest de la Pennsylvanie. En 2023, la société a livré 72,2 milliards de pieds cubes de gaz naturel par an avec un taux de livraison résidentiel de 0,68 $ par therm.

Segment de clientèle	Livraison de gaz annuelle	Taux moyen
Clients résidentiels	42,3 milliards de pieds cubes	0,68 $ par therm
Clients commerciaux	22,5 milliards de pieds cubes	0,55 $ par therm
Clients industriels	7,4 milliards de pieds cubes	0,42 $ par therm

Solutions d'énergie complètes pour les clients résidentiels

NFG propose plusieurs services d'énergie résidentielle avec les caractéristiques clés suivantes:

• Programmes d'efficacité énergétique
• Plans de protection du chauffage à domicile
• Options de facturation budgétaire
• Intégration intelligente du thermostat

Services de transport intermédiaire efficaces

Le segment intermédiaire de National Fuel exploite 3 047 miles de pipelines de rassemblement et 1 443 miles de pipelines de transmission. En 2023, le segment intermédiaire a généré 507,3 millions de dollars de revenus avec un revenu d'exploitation de 241,6 millions de dollars.

Infrastructure de pipeline	Kilomètres	Revenus de 2023
Rassembler des pipelines	3 047 miles	287,4 millions de dollars
Pipelines de transmission	1 443 miles	219,9 millions de dollars

Production d'énergie responsable de l'environnement

NFG a investi 92,4 millions de dollars dans les technologies de réduction des énergies renouvelables et des émissions en 2023. La société a réduit les émissions de carbone de 15,2% par rapport aux niveaux de référence 2020.

Infrastructure énergétique stable et cohérente

National Fuel Gas Company maintient une infrastructure énergétique robuste avec une base d'actifs totale de 6,3 milliards de dollars au 31 décembre 2023. Les dépenses en capital de la société pour la maintenance et l'amélioration des infrastructures étaient de 423,7 millions de dollars en 2023.

Métrique d'infrastructure	Valeur 2023
Base totale d'actifs	6,3 milliards de dollars
Dépenses en capital	423,7 millions de dollars
Fiabilité des infrastructures	99.87%

National Fuel Gas Company (NFG) - Modèle d'entreprise: relations avec les clients

Contrats de services de services publics à long terme

National Fuel Gas Company maintient environ 740 000 comptes de clients de gaz naturel à New York et en Pennsylvanie en 2023. La durée moyenne du contrat se situe entre 12 et 36 mois avec des dispositions de renouvellement automatique.

Segment de clientèle	Nombre de comptes	Durée moyenne du contrat
Clients résidentiels	696,000	24 mois
Clients commerciaux	38,000	36 mois
Clients industriels	6,000	48 mois

Plateformes de service client numérique

NFG exploite une infrastructure de service client numérique complète avec les mesures d'engagement numérique suivantes:

• Plateforme de gestion des comptes en ligne avec un taux d'adoption des clients de 62%
• Application mobile avec 275 000 utilisateurs actifs
• Canaux de support client numérique 24/7
• Temps de résolution d'interaction numérique moyen: 17 minutes

Support de consommation d'énergie personnalisée

La société fournit Analyse d'utilisation de l'énergie Grâce à des plates-formes numériques, avec 48% des clients utilisant des outils de suivi de la consommation d'énergie personnalisés.

Fonctionnalité de service	Engagement client
Tableau de bord de consommation d'énergie	Adoption de 42%
Outils de comparaison de la consommation	35% d'utilisation
Moteur de recommandation d'efficacité	28% d'interaction

Engagement communautaire et sensibilisation locale

National Fuel Gas investit 1,2 million de dollars par an dans les programmes d'engagement communautaire dans tous les territoires de service.

• Programmes locaux d'éducation énergétique
• Initiatives de durabilité environnementale
• Soutien au développement économique

Systèmes de facturation et de communication transparentes

NFG maintient un taux de satisfaction du client de 94% avec les mécanismes de transparence de facturation.

Canal de communication	Pourcentage de préférence du client
Livraison de factures numériques	68%
Livraison de factures de papier	32%
Notifications par e-mail	55%
Alertes SMS	37%

National Fuel Gas Company (NFG) - Modèle d'entreprise: canaux

Portail client en ligne

National Fuel Gas Company exploite un portail client basé sur le Web avec les fonctionnalités suivantes:

Métrique du portail	Valeur
Utilisateurs en ligne annuels	387,000
Utilisateurs actifs mensuels	62,500
Taux de paiement des factures en ligne	73%

Application mobile

Statistiques des canaux d'application mobile:

• Compte de téléchargement d'applications: 215 000
• Taux d'engagement des utilisateurs de l'application mobile: 48%
• Évaluations de l'App Store: 4.3 / 5

Représentants des ventes directes

Métrique de l'équipe de vente	Valeur
Représentants des ventes totales	127
Zone de couverture	6 États
Coût moyen d'acquisition des clients	$187

Centres d'appels de service client

Métriques de performance du centre d'appels:

• Employés du centre d'appels totaux: 203
• Temps de réponse d'appel moyen: 2,7 minutes
• Volume d'appel annuel: 1,2 million

Offices de services publics locaux et centres de service

Métrique de l'emplacement	Valeur
Total des centres de service	22
États couverts	New York, Pennsylvanie
Walk-Ins des clients annuels	78,500

National Fuel Gas Company (NFG) - Modèle d'entreprise: segments de clientèle

Consommateurs de gaz naturel résidentiel

National Fuel Gas dessert environ 742 000 clients résidentiels dans l'ouest de New York et le nord-ouest de la Pennsylvanie en 2023.

Catégorie client	Nombre de clients	Consommation annuelle moyenne
Clients résidentiels de gaz naturel	742,000	750 MCF par ménage

Utilisateurs d'énergie commerciale et industrielle

NFG fournit des services énergétiques à 139 000 clients commerciaux et industriels dans ses territoires de service.

Type de client	Nombre de clients	Consommation totale d'énergie annuelle
Clients commerciaux	105,000	45 millions de MCF
Clients industriels	34,000	75 millions de MCF

Entreprises de services publics et distributeurs d'énergie

National Fuel Gas fournit du gaz naturel en gros à 22 sociétés de distribution de services publics dans ses régions opérationnelles.

• Volume total de distribution en gros: 125 millions de MCF par an
• Valeur du contrat en gros moyen: 3,2 millions de dollars par utilitaire

Entités municipales et gouvernementales

NFG dessert 87 clients municipaux et gouvernementaux à New York et en Pennsylvanie.

Type de client du gouvernement	Nombre de clients	Dépenses énergétiques annuelles
Installations municipales	62	18,5 millions de dollars
Entités gouvernementales de l'État	25	12,3 millions de dollars

Entreprises de transformation agricole et agricole

National Fuel Gas soutient 1 250 clients agricoles dans ses territoires de service.

• Consommation d'énergie totale des clients agricoles: 15 millions de MCF par an
• Dépenses énergétiques annuelles moyennes par client agricole: 85 000 $

National Fuel Gas Company (NFG) - Modèle d'entreprise: Structure des coûts

Développement et maintenance des infrastructures

Au cours de l'exercice 2023, la National Fuel Gas Company a investi 309,7 millions de dollars dans la propriété, l'usine et l'équipement pour la maintenance et l'expansion des infrastructures.

Catégorie de dépenses d'infrastructure	Coût annuel ($)
Infrastructure de pipeline	127,500,000
Entretien des installations de stockage	82,300,000
Amélioration de l'équipement	99,900,000

Frais d'exploration et de production

La société a déclaré des coûts d'exploration et de production de 242,6 millions de dollars en 2023.

• MARCELLUS SHALE DRILLER FENSE: 156,4 millions de dollars
• Exploration des enquêtes géologiques: 34,2 millions de dollars
• Coûts de développement de puits: 52 millions de dollars

Coûts de conformité réglementaire

National Fuel Gas a dépensé 47,3 millions de dollars en conformité réglementaire au cours de l'exercice 2023.

Zone de conformité	Dépenses annuelles ($)
Règlements environnementaux	22,500,000
Conformité à la sécurité	15,800,000
Frais juridiques et de déclaration	9,000,000

Investissements technologiques et infrastructures numériques

La société a alloué 38,5 millions de dollars à la technologie et aux infrastructures numériques en 2023.

• Systèmes de cybersécurité: 12,6 millions de dollars
• Initiatives de transformation numérique: 15,9 millions de dollars
• Plateformes d'analyse de données: 10 millions de dollars

Salaires et programmes de formation des employés

Les dépenses totales liées aux employés pour le gaz carburant national en 2023 étaient de 187,4 millions de dollars.

Catégorie de dépenses des employés	Coût annuel ($)
Salaires de base	142,500,000
Formation et développement	8,900,000
Avantages et compensation	36,000,000

National Fuel Gas Company (NFG) - Modèle d'entreprise: Strots de revenus

Ventes de gaz naturel aux clients résidentiels

Pour l'exercice 2023, la National Fuel Gas Company a annoncé un chiffre d'affaires résidentiel en gaz naturel de 693,4 millions de dollars.

Segment de clientèle	Revenus annuels	Consommation moyenne
Clients résidentiels	693,4 millions de dollars	714 MCF par client

Frais de transport et de stockage au milieu

La société a généré 372,6 millions de dollars de revenus de transport et de stockage intermédiaires en 2023.

Type de service	Revenus annuels
Frais de transport	246,3 millions de dollars
Services de stockage	126,3 millions de dollars

Revenus de production d'énergie et d'exploration

Les revenus de production d'énergie ont totalisé 517,2 millions de dollars pour l'exercice 2023.

• Marcellus Shale Production: 342,5 millions de dollars
• Production de schiste Utica: 174,7 millions de dollars

Contrats d'équipement et de service

Les revenus des contrats d'équipement et de service ont atteint 87,5 millions de dollars en 2023.

Type de contrat	Revenus annuels
Équipement CVC	52,3 millions de dollars
Services de maintenance	35,2 millions de dollars

Frais de service de distribution des services publics

Les frais de service de distribution des services publics s'élevaient à 264,8 millions de dollars en 2023.

Service de distribution	Revenus annuels
Frais de distribution réglementés	264,8 millions de dollars

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.