(RTTNews) - National Fuel Gas Co. (NFG), a natural gas utility and energy company, on Wednesday announced plans to separate its Integrated Upstream and Gathering business into an independent, publicly traded company through a tax-free spin-off.

National Fuel Gas Plans Tax-Free Spin-Off Of IUG Business Into Separate Public Company 

NFG's $2.62 billion Ohio gas utility acquisition adds 335,000 customers, doubles its rate base and boosts regulated cash flow and investment potential.

National Fuel Acquires CenterPoint's Ohio Gas Utility for $2.62B

National Fuel Gas Company operates as a diversified energy company. It operates through Integrated Upstream and Gathering, Pipeline and Storage, and Utility segments. The Integrated Upstream and Gathering segment explores for, develops, and produces natural gas and oil. It also builds, owns, and operates gathering facilities in the Appalachian region, as well as provides gathering services to Seneca. The Pipeline and Storage segment provides interstate natural gas transportation services through an integrated gas pipeline system in Pennsylvania and New York; and storage services through its underground natural gas storage fields. This segment also transports and stores natural gas for National Fuel Gas Distribution Corporation, as well as for utilities, industrial companies, and power producers in New York State. The Utility segment sells natural gas to retail customers; and provides natural gas utility services to various customers in Buffalo, Niagara Falls, and Jamestown, New York, as well as in Erie and Sharon, Pennsylvania. National Fuel Gas Company was incorporated in 1902 and is headquartered in Williamsville, New York.

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