NATIONAL FUEL GAS CONFG
NATIONAL FUEL GAS CO Segments Disclosure
Business Segment Information
In the Company’s 2024 Form 10-K and its Form 10-Q’s for the first three quarters of 2025, the Company reported financial results for four segments: Exploration and Production, Pipeline and Storage, Gathering, and Utility. The division of the Company’s operations into reportable segments is based upon a combination of factors including differences in products and services as well as regulatory environment. During the quarter ended September 30, 2025, the president and chief executive officer, who is the chief operating decision maker (CODM), determined that the Exploration and Production segment and Gathering segment should be treated as one operating segment. The CODM made this decision to provide more clarity for management and investors as to the interdependence of both Seneca and Midstream Company in bringing Appalachian natural gas to market. As a result of this decision, during the quarter ended September 30, 2025, the CODM began reviewing financial information of these three segments: Integrated Upstream and Gathering, Pipeline and Storage, and Utility. As a result, the Company is now reporting financial results for these three segments. Prior year segment information shown below has been recast to reflect this change in presentation.
The Integrated Upstream and Gathering segment is composed of the operations of Seneca and Midstream Company. Seneca is engaged in the exploration for and development of natural gas reserves in the Appalachian region of the United States. Midstream Company builds, owns and operates natural gas processing and pipeline gathering facilities in the Appalachian region, primarily providing gathering services to Seneca.
The Pipeline and Storage segment operations are regulated by the FERC for both Supply Corporation and Empire. Supply Corporation transports and stores natural gas for utilities (including Distribution Corporation), natural gas marketers, exploration and production companies (including Seneca) and pipeline companies in the northeastern United States markets. Empire transports and stores natural gas for major industrial companies, utilities (including Distribution Corporation) and power producers in New York State. Empire also transports natural gas for natural gas marketers and exploration and production companies (including Seneca) from natural gas producing areas in Pennsylvania to markets in New York and to interstate pipeline delivery points with access to additional markets in the northeastern United States and Canada.
The Utility segment operations are regulated by the NYPSC and the PaPUC and are carried out by Distribution Corporation. Distribution Corporation sells natural gas to retail customers and provides natural gas transportation services in western New York and northwestern Pennsylvania.
The data presented in the tables below reflects financial information for the segments and reconciliations to consolidated amounts. The CODM uses net income (loss) by segment, or income (loss) by segment before discontinued operations when applicable, to assess performance and allocate capital and other resources, considering actual-to-budget and actual-to-prior year variances on a monthly basis when making such decisions. The accounting policies of the segments are the same as those described in Note A — Summary of Significant Accounting Policies. Sales of products or services between segments are billed at regulated rates or at market rates, as applicable.
Year Ended September 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||
| Integrated Upstream and Gathering | Pipeline and Storage | Utility | Total Reportable Segments | All Other | Corporate and Intersegment Eliminations | Total Consolidated | ||||||||||||||||||||||||||||||||||||||
| (Thousands) | ||||||||||||||||||||||||||||||||||||||||||||
| Revenue from External Customers(1)(2) | $ | 1,184,136 | $ | 276,131 | $ | 817,274 | $ | 2,277,541 | $ | — | $ | — | $ | 2,277,541 | ||||||||||||||||||||||||||||||
Intersegment Revenues | — | 151,470 | 355 | 151,825 | — | (151,825) | — | |||||||||||||||||||||||||||||||||||||
| Total Revenues | 1,184,136 | 427,601 | 817,629 | 2,429,366 | — | (151,825) | 2,277,541 | |||||||||||||||||||||||||||||||||||||
| Operation and Maintenance Expense(4): | ||||||||||||||||||||||||||||||||||||||||||||
| Upstream General and Administrative Expense | 75,280 | — | — | 75,280 | — | (223) | 75,057 | |||||||||||||||||||||||||||||||||||||
| Lease Operating Expense | 50,665 | — | — | 50,665 | — | (5,817) | 44,848 | |||||||||||||||||||||||||||||||||||||
| Gathering Operation and Maintenance Expense | 48,635 | — | — | 48,635 | — | (246) | 48,389 | |||||||||||||||||||||||||||||||||||||
| All Other Operation and Maintenance Expense | 16,049 | 122,379 | 234,455 | 372,883 | — | 16,688 | 389,571 | |||||||||||||||||||||||||||||||||||||
| Purchased Gas Expense(4) | — | — | 358,454 | 358,454 | — | (145,013) | 213,441 | |||||||||||||||||||||||||||||||||||||
| Depreciation, Depletion and Amortization Expense(4) | 311,817 | 74,480 | 69,701 | 455,998 | — | 596 | 456,594 | |||||||||||||||||||||||||||||||||||||
| Impairment of Assets (Significant Non-Cash Item)(4) | 141,802 | — | — | 141,802 | — | — | 141,802 | |||||||||||||||||||||||||||||||||||||
| Interest Expense(4) | 76,633 | 45,509 | 42,969 | 165,111 | 536 | (9,813) | 155,834 | |||||||||||||||||||||||||||||||||||||
| Interest Income | (1,445) | (6,085) | (2,284) | (9,814) | (11) | 3,809 | (6,016) | |||||||||||||||||||||||||||||||||||||
| Income Tax Expense (Benefit)(4) | 121,095 | 39,748 | 15,653 | 176,496 | (245) | (702) | 175,549 | |||||||||||||||||||||||||||||||||||||
| Other Expense (Income) Items(5) | 18,907 | 30,613 | 15,432 | 64,952 | 534 | (1,518) | 63,968 | |||||||||||||||||||||||||||||||||||||
Segment Profit: Net Income (Loss) | $ | 324,698 | $ | 120,957 | $ | 83,249 | $ | 528,904 | $ | (814) | $ | (9,586) | $ | 518,504 | ||||||||||||||||||||||||||||||
Expenditures for Additions to Long-Lived Assets | $ | 605,433 | $ | 121,798 | $ | 189,961 | $ | 917,192 | $ | — | $ | 909 | $ | 918,101 | ||||||||||||||||||||||||||||||
| At September 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||
| (Thousands) | ||||||||||||||||||||||||||||||||||||||||||||
| Segment Assets | $ | 3,701,646 | $ | 2,412,747 | $ | 2,534,289 | $ | 8,648,682 | $ | 8,704 | $ | 61,718 | $ | 8,719,104 | ||||||||||||||||||||||||||||||
Year Ended September 30, 2024 | |||||||||||||||||||||||||||||||||||||||||
| Integrated Upstream and Gathering | Pipeline and Storage | Utility | Total Reportable Segments | All Other | Corporate and Intersegment Elimination | Total Consolidated | |||||||||||||||||||||||||||||||||||
| (Thousands) | |||||||||||||||||||||||||||||||||||||||||
| Revenue from External Customers(1) | $ | 976,615 | $ | 271,388 | $ | 696,807 | $ | 1,944,810 | $ | — | $ | — | $ | 1,944,810 | |||||||||||||||||||||||||||
Intersegment Revenues | — | 141,005 | 555 | 141,560 | — | (141,560) | — | ||||||||||||||||||||||||||||||||||
| Total Revenues | 976,615 | 412,393 | 697,362 | 2,086,370 | — | (141,560) | 1,944,810 | ||||||||||||||||||||||||||||||||||
| Operation and Maintenance Expense(4): | |||||||||||||||||||||||||||||||||||||||||
| Upstream General and Administrative Expense | 71,148 | — | — | 71,148 | — | (221) | 70,927 | ||||||||||||||||||||||||||||||||||
| Lease Operating Expense | 52,053 | — | — | 52,053 | — | (5,723) | 46,330 | ||||||||||||||||||||||||||||||||||
| Gathering Operation and Maintenance Expense | 36,140 | — | — | 36,140 | — | (237) | 35,903 | ||||||||||||||||||||||||||||||||||
| All Other Operation and Maintenance Expense | 15,529 | 116,335 | 222,142 | 354,006 | 17 | 12,835 | 366,858 | ||||||||||||||||||||||||||||||||||
| Purchased Gas Expense(4) | — | — | 283,215 | 283,215 | — | (133,153) | 150,062 | ||||||||||||||||||||||||||||||||||
| Depreciation, Depletion and Amortization Expense(4) | 316,762 | 74,530 | 65,261 | 456,553 | — | 473 | 457,026 | ||||||||||||||||||||||||||||||||||
| Impairment of Assets (Significant Non-Cash Item)(4) | 473,054 | 46,075 | — | 519,129 | — | — | 519,129 | ||||||||||||||||||||||||||||||||||
| Interest Expense(4) | 74,005 | 47,428 | 34,727 | 156,160 | 374 | (17,839) | 138,695 | ||||||||||||||||||||||||||||||||||
| Interest Income | (3,062) | (8,632) | (5,736) | (17,430) | — | 8,703 | (8,727) | ||||||||||||||||||||||||||||||||||
| Income Tax Expense (Benefit)(4) | (20,213) | 26,045 | 3,951 | 9,783 | (186) | 145 | 9,742 | ||||||||||||||||||||||||||||||||||
| Other Expense (Income) Items(5) | 18,240 | 30,942 | 36,713 | 85,895 | 412 | (4,955) | 81,352 | ||||||||||||||||||||||||||||||||||
Segment Profit: Net Income (Loss) | $ | (57,041) | $ | 79,670 | $ | 57,089 | $ | 79,718 | $ | (617) | $ | (1,588) | $ | 77,513 | |||||||||||||||||||||||||||
Expenditures for Additions to Long-Lived Assets | $ | 645,600 | $ | 110,830 | $ | 184,615 | $ | 941,045 | $ | — | $ | 970 | $ | 942,015 | |||||||||||||||||||||||||||
| At September 30, 2024 | |||||||||||||||||||||||||||||||||||||||||
| (Thousands) | |||||||||||||||||||||||||||||||||||||||||
| Segment Assets | $ | 3,614,318 | $ | 2,446,243 | $ | 2,398,709 | $ | 8,459,270 | $ | 6,227 | $ | (145,727) | $ | 8,319,770 | |||||||||||||||||||||||||||
Year Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
| Integrated Upstream and Gathering | Pipeline and Storage | Utility | Total Reportable Segments | All Other | Corporate and Intersegment Eliminations | Total Consolidated | |||||||||||||||||||||||||||||||||||
| (Thousands) | |||||||||||||||||||||||||||||||||||||||||
| Revenue from External Customers(1)(3) | $ | 972,346 | $ | 259,646 | $ | 941,779 | $ | 2,173,771 | $ | — | $ | — | $ | 2,173,771 | |||||||||||||||||||||||||||
Intersegment Revenues | — | 119,545 | 581 | 120,126 | — | (120,126) | — | ||||||||||||||||||||||||||||||||||
| Total Revenues | 972,346 | 379,191 | 942,360 | 2,293,897 | — | (120,126) | 2,173,771 | ||||||||||||||||||||||||||||||||||
| Operation and Maintenance Expense(4): | |||||||||||||||||||||||||||||||||||||||||
| Upstream General and Administrative Expense | 66,074 | — | — | 66,074 | — | (241) | 65,833 | ||||||||||||||||||||||||||||||||||
| Lease Operating Expense | 47,854 | — | — | 47,854 | — | (6,902) | 40,952 | ||||||||||||||||||||||||||||||||||
| Gathering Operation and Maintenance Expense | 33,650 | — | — | 33,650 | — | (255) | 33,395 | ||||||||||||||||||||||||||||||||||
| All Other Operation and Maintenance Expense | 9,327 | 106,654 | 208,539 | 324,520 | 21 | 14,035 | 338,576 | ||||||||||||||||||||||||||||||||||
| Purchased Gas Expense(4) | — | — | 548,195 | 548,195 | — | (110,600) | 437,595 | ||||||||||||||||||||||||||||||||||
| Depreciation, Depletion and Amortization Expense(4) | 276,867 | 70,827 | 61,450 | 409,144 | — | 429 | 409,573 | ||||||||||||||||||||||||||||||||||
| Interest Expense(4) | 69,306 | 43,499 | 34,233 | 147,038 | 157 | (15,309) | 131,886 | ||||||||||||||||||||||||||||||||||
| Interest Income | (3,793) | (7,052) | (6,296) | (17,141) | — | 5,662 | (11,479) | ||||||||||||||||||||||||||||||||||
| Income Tax Expense (Benefit)(4) | 123,924 | 34,489 | 7,267 | 165,680 | (164) | (983) | 164,533 | ||||||||||||||||||||||||||||||||||
| Other Expense (Income) Items(5) | 17,138 | 30,273 | 40,577 | 87,988 | 517 | (2,464) | 86,041 | ||||||||||||||||||||||||||||||||||
Segment Profit: Net Income (Loss) | $ | 331,999 | $ | 100,501 | $ | 48,395 | $ | 480,895 | $ | (531) | $ | (3,498) | $ | 476,866 | |||||||||||||||||||||||||||
Expenditures for Additions to Long-Lived Assets | $ | 841,020 | $ | 141,877 | $ | 139,922 | $ | 1,122,819 | $ | — | $ | 754 | $ | 1,123,573 | |||||||||||||||||||||||||||
| At September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
| (Thousands) | |||||||||||||||||||||||||||||||||||||||||
| Segment Assets | $ | 3,710,155 | $ | 2,427,214 | $ | 2,247,743 | $ | 8,385,112 | $ | 4,795 | $ | (109,647) | $ | 8,280,260 | |||||||||||||||||||||||||||
(1)All Revenue from External Customers originated in the United States.
(2)Revenue from one customer of the Company’s Integrated Upstream and Gathering segment, exclusive of hedging losses transacted with separate parties, represented approximately $258 million of the Company’s consolidated revenue for the year ended September 30, 2025. This one customer was also a customer of the Company’s Pipeline and Storage segment, accounting for an additional $16 million of the Company’s consolidated revenue for the year ended September 30, 2025.
(3)Revenue from one customer of the Company’s Integrated Upstream and Gathering segment, exclusive of hedging losses transacted with separate parties, represented approximately $208 million of the Company’s consolidated revenue for the year ended September 30, 2023. This one customer was also a customer of the Company’s Pipeline and Storage segment, accounting for an additional $14 million of the Company’s consolidated revenue for the year ended September 30, 2023.
(4)The Company considers this line to be a significant expense.
(5)Consists of Property, Franchise and Other Taxes, Non-Service Pension and Post-Retirement Benefits Costs (Credits), Other (Income) Deductions, and Purchased Gas Expense for the Pipeline and Storage segment.
| Geographic Information | At September 30 | ||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (Thousands) | |||||||||||||||||
| Long-Lived Assets: | |||||||||||||||||
| United States | $ | 8,308,377 | $ | 7,963,851 | $ | 7,865,832 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Nov 21, 2025 | Showing above |
| 2024 | Nov 22, 2024 | |
| 2023 | Nov 17, 2023 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.