National Fuel Gas Company said its Board of Directors intends to complete by October 15, 2026, an evaluation of separating the company into two independently traded businesses, subject to final Board approval. The proposed transaction would distribute shares of the Integrated Upstream and Gathering business to National Fuel shareholders in a manner intended to be tax-free for U.S. federal income tax purposes. National Fuel would become a fully rate-regulated natural gas platform with nearly $5 billion of rate base, 1.1 million utility customers across Ohio, New York and Pennsylvania, nearly 5 Bcf per day of contracted pipeline transportation capacity and 77 Bcf of contracted storage. IUG would operate about 1.2 million net Appalachian acres, produce approximately 1.1 Bcf per day of net natural gas, hold roughly 5 Tcf of reserves and retain more than 40 years of prospective Marcellus and Utica inventory. The company said the separation could give each business more tailored capital structures and capital allocation priorities while preserving operational integration and synergies. National Fuel expects the proposed Ohio utility acquisition from CenterPoint to close on October 1, 2026, and said the separation is not guaranteed.