National Fuel Gas facts for kids
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| Public | |
| Traded as | NYSE: NFG S&P 400 Component |
| Industry | Oil and gas |
| Founded | Incorporated in 1902 |
| Headquarters | Williamsville, New York, United States |
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Key people
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David Bauer, CEO |
| Products | Natural gas, Oil reserves |
| Revenue | $ 2.17 billion U.S. dollars (2023) |
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Number of employees
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2,122 (2022) |
National Fuel Gas Company (NYSE: NFG) is a big energy company that started in 1902. It's based in Williamsville, New York, and has assets worth about $6.2 billion. This company works in five main areas, called "segments."
These segments include finding and producing oil and gas, moving and storing natural gas through pipelines, collecting gas, selling gas to homes and businesses, and marketing energy. National Fuel Gas helps bring natural gas to many customers.
The company's Utility part sells natural gas or helps transport it to over 754,000 customers. These customers are mainly in western New York and northwestern Pennsylvania. The Pipeline and Storage part moves and stores natural gas for other companies. It uses a large system of 2,800 miles of pipelines and 31 underground storage areas.
The Exploration and Production part, called Seneca Resources, looks for and produces oil and natural gas. They focus on areas in Pennsylvania, where they control a lot of land. The Energy Marketing part sells natural gas to different types of users. This includes factories, businesses, and homes in New York and Pennsylvania.
National Fuel also shares reports about how they are doing with the environment and their social responsibilities. These reports show their efforts in areas like environmental protection and good company practices.
Company History
National Fuel Gas is one of the oldest gas utility companies in the United States. Over the years, they have been part of many new discoveries in the energy world.
Engineers at the company found a clever way to use old underground gas fields. They learned these empty fields could be changed to store gas. The very first storage facility like this in the U.S. was built at Zoar Valley, near Buffalo, New York.
This discovery became very important for the company in the 1940s and 1950s. At that time, more and more people needed natural gas. New pipelines connected gas fields in the southwest U.S. to eastern states. National Fuel could buy lots of cheaper gas in the summer. They would pipe it to their storage fields in New York. Then, they would bring it out when gas was more expensive in the winter.
The company was also the first to create a special generator that used gas to make electricity. This electricity was used for something called "cathodic protection." This method helps stop pipelines from rusting or wearing away.
In 1975, National Fuel introduced "Balanced Billing." This was a new way for customers to pay their gas bills. They could pay the same amount for eleven months. Any extra or owed money would be settled in the twelfth month. The company said it was the only one offering such a flexible plan at the time.
The company's main office was at 10 Lafayette Square for many years. In 2002, they moved to their current location in Williamsville, New York. National Fuel Gas Co. is listed on the New York Stock Exchange under the symbol NFG. Their financial year ends on September 30.
Company Parts and Activities
National Fuel has several companies that it fully owns. These are called subsidiaries. Some of them include Horizon Energy Development, Empire Pipeline, and Seneca Resources Company.
One important subsidiary is Highland Field Services, or HFS. It was started in 2015 to help manage water for Seneca Resources and other oil and gas companies. HFS runs several facilities in Pennsylvania. These include a water treatment plant and storage facilities.
HFS also manages special wells that inject water underground. Their facilities use a process that reuses water from drilling and hydraulic fracturing. This helps save natural water resources. It also reduces the need for fresh water. HFS is the largest company handling this type of water in the Appalachian Basin.
Seneca Resources used to operate in California for 35 years. However, they sold their California businesses in June 2022.
