National Fuel Gas Expects 5% — 7% Long — Term Rate — Base Growth After Spinoff

National Fuel expects to complete a tax-free spinoff of its integrated upstream and gathering business in the second half of 2027. The remaining regulated business targets long-term rate-base growth of 5%-7% from approximately $5 billion, supported by pipeline expansions and modernization spending. Both businesses expect no incremental equity financing needs over the next five years. Monetizing a retained IUG stake of up to 19.9% should help lift the regulated company's credit rating two to three notches. IUG expects initial leverage slightly above 1x, falling below 1x within one to two years of separation through free cash flow. Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. National Fuel Gas Co. published the original content used to generate this news brief on October 16, 2026, and is solely responsible for the information contained therein. (C)