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National Fuel Gas finds, moves, stores, and sells natural gas, and also delivers it to homes and businesses in western New York and northwestern Pennsylvania.
National Fuel Gas is a natural gas company that does almost everything in the gas chain. It digs gas out of the ground in Pennsylvania, puts it in pipelines, stores it for later, sells it to big industrial users and other utilities, and even sends trucks to drill sites to capture gas that would otherwise be wasted. Then, in its home territory around Buffalo and northwestern Pennsylvania, it runs the local utility that pipes gas straight into people's houses and businesses for heating and cooking.
The company is unusual because most gas companies pick one slice of the business. Some only drill. Some only own pipelines. Some only run the local utility. National Fuel Gas owns all of it, which means it earns money at several points along the way. When gas prices are high, its drilling and production side does well. When prices are low, the steady utility and pipeline businesses keep the cash coming. Its local utility serves hundreds of thousands of customers in western New York and Pennsylvania, and those customers pay regulated rates to get gas delivered to their homes. The pipeline and storage business earns fees from moving and holding gas for other companies. The exploration and production arm, run through its Seneca Resources subsidiary, sells gas it pulls from wells in Pennsylvania. It also owns a small gathering business that collects gas from wells and moves it to bigger pipelines.
The business is not without risk. Gas prices swing wildly, and lower prices hurt the production side. Regulators set the utility's rates, and politics can slow down pipeline projects. The company has also drawn criticism over environmental issues tied to drilling and pipelines. Still, it has paid dividends for decades and uses its steady cash to fund drilling, maintain its pipes, and return money to shareholders.
Saved answer 路 last researched 15 Nov 2026