National Fuel Gas Announces $2.6B Ohio Utility Deal, $350M Equity Raise and 5‑7% EPS Outlook

National Fuel Gas’s investor presentation, filed as Exhibit 99, lays out a bold growth trajectory anchored by the Ohio acquisition. The deal, valued at roughly 1.6 times the 2026 estimated utility rate base of $1.6 billion, is slated to close in Q4 2026 pending Ohio Public Utilities Commission (PUCO) approval and standard closing conditions.

To fund the transaction, NFG raised $350 million in a private‑placement of common equity, earmarked for the acquisition and to preserve its investment‑grade credit rating. The company plans a subsequent debt issuance in the spring to cover the remaining purchase price, targeting a post‑transaction debt/EBITDA ratio of 2.5‑3.0× and FFO/Net Debt above 30% by fiscal‑year end.

Financial guidance was refreshed: adjusted EPS is projected to climb 5‑7% annually from FY 2024 to FY 2027, with regulated EPS moving from $1.85 in FY 2024 to $2.24 in FY 2025 – a 21% YoY jump. The dividend, now in its 123rd consecutive year, rises to $2.14 per share, up $0.19, underscoring the company’s commitment to shareholder returns.

Operationally, the integrated business spans 1.2 million net acres in Appalachia, 1.1 BCF/d of net production, and 71 BCF of contracted storage (plus 4 BCF via Empire Pipeline). Midstream assets hold a $1.7 billion rate base, while the utility segment sits on a $1.6 billion rate base serving over 750,000 customers across New York and Pennsylvania.

Regulatory milestones were highlighted: PUCO’s final rate order (Jan 7 2026) modestly lowered the allowed ROE to 9.79% and extended amortization periods, while Ohio Senate Bill 103 promises a more predictable ratemaking framework, bolstering long‑term rate‑base growth.

On the sustainability front, NFG reports a 25% cut in methane emissions and a 10% reduction in total GHGs since 2020, with E&P and gathering hitting methane targets six years ahead of schedule.

The market reacted modestly, with NFG shares trading at $88, down 1.37% on the day, while the broader S&P 500 slipped 0.02%. Analysts, including KeyBanc, have initiated coverage with an overweight rating, citing the acquisition’s accretive earnings potential and the firm’s strong balance‑sheet discipline.

Overall, the filing signals that National Fuel Gas is leveraging its diversified platform to accelerate growth, deepen its Ohio footprint, and deliver consistent cash flow for dividends and debt reduction.