National Fuel Gas facts for kids
 |
|
| Public | |
| Traded as | NYSE: NFG S&P 400 Component |
| Industry | Oil and gas |
| Founded | Incorporated in 1902 |
| Headquarters | Williamsville, New York, United States |
|
Key people
|
David Bauer, CEO |
| Products | Natural gas, Oil reserves |
| Revenue | $ 2.17 billion U.S. dollars (2023) |
|
Number of employees
|
2,122 (2022) |
National Fuel Gas Company (NYSE: NFG) is a large energy company. It helps provide natural gas and oil to many people. The company started in 1902. Its main office is in Williamsville, New York.
National Fuel Gas has different parts that work together. One part sells natural gas to over 754,000 customers. These customers are in western New York and northwestern Pennsylvania. Another part builds and manages pipelines. These pipelines move natural gas over long distances. They also store gas underground.
The company also looks for and produces oil and natural gas. This work mainly happens in the Appalachian Region. They focus on areas like the Marcellus and Utica Shales in Pennsylvania. National Fuel Gas also sells natural gas to businesses and homes. In 2022, the company shared a report. This report explained how they work to be responsible for the environment and society.
Contents
Company History
National Fuel Gas is one of the oldest gas companies in the United States. It has been part of many new ideas in the energy world.
Storing Natural Gas Underground
Engineers at the company made an important discovery. They found that old, empty gas fields could be used again. These fields could become huge storage places for natural gas. The very first underground gas storage facility in the U.S. was built by them. It was at Zoar Valley, near Buffalo, New York.
This idea became very helpful in the 1940s and 1950s. At that time, more and more people needed natural gas. New pipelines were built to connect gas fields in the southwest to eastern states. National Fuel Gas could buy large amounts of cheaper gas in the summer. They would then pipe it to their storage fields in New York. When winter came, demand and prices for gas went up. They could then take the gas out of storage and sell it.
Fighting Pipeline Corrosion
The company was also the first to create a special generator. This generator used gas to make electricity. This electricity helped protect pipelines from rust and damage. This process is called cathodic protection. It helps keep the pipelines safe and working well.
Flexible Payment Plans
In 1975, National Fuel Gas introduced "Balanced Billing." This was a new way for customers to pay their bills. Customers could pay the same amount for eleven months. Any difference was settled in the twelfth month. The company said it was the only gas utility with such a flexible plan.
Company Headquarters
For many years, the company's main office was at 10 Lafayette Square. In 2002, they moved to a new location. Their current headquarters is at 6363 Main Street in Williamsville, New York.
National Fuel Gas Co. is listed on the New York Stock Exchange. Its stock symbol is NFG. The company's financial year ends on September 30.
Company Parts
National Fuel has several companies that are part of it. These are called subsidiaries. They help the main company do its work.
Key Subsidiaries
Some of these companies include:
- Horizon Energy Development, Inc.
- Empire Pipeline, Inc.
- National Fuel Gas Midstream Company, LLC
- Seneca Resources Company, LLC
Highland Field Services
Highland Field Services, LLC (HFS) is a part of Seneca Resources. It started in 2015. HFS helps manage water for oil and gas companies. This includes Seneca Resources and others in the Appalachian area.
HFS runs several facilities in Pennsylvania. These include a water treatment plant in Kane, Pa. They also have the Clermont Storage Facility. HFS also manages special wells. These wells are used to inject water underground.
HFS uses a special process that creates no liquid waste. This process helps manage and store liquid waste from oil and gas operations. This waste can then be reused for drilling. This helps save fresh water resources. HFS handles the most produced water in the Appalachian Basin.
Seneca Resources sold its operations in California in June 2022. They had been working there for 35 years.
