National Fuel Gas (NFG)

Its largest business is the Integrated Upstream and Gathering segment. This includes Seneca Resources, which explores for and produces natural gas, primarily from Appalachian shale formations, as well as midstream assets that gather and process gas from producing areas. By pairing production with gathering infrastructure, National Fuel Gas can participate in more of the value chain between the wellhead and downstream markets.

The Pipeline and Storage segment operates interstate transportation and storage assets serving customers in the northeastern US and Canada. These assets help move natural gas from producing regions to utilities, marketers, and other wholesale buyers, while storage facilities support seasonal demand management and system reliability.

National Fuel Gas also owns a regulated gas utility that serves residential, commercial, and industrial customers in western New York and northwestern Pennsylvania. This utility business provides a more stable revenue base than commodity-sensitive production activities. Overall, the company is distinctive for combining Appalachian gas production with midstream and regulated distribution assets under one corporate umbrella.