National Fuel Gas
35 named things its latest annual report says its results depend on, each in the company's own words. 19 of them are also named by other companies we've read.
Customers
Unnamed major customer of Integrated Upstream and Gathering segment
earns from · approximately $258 million, or 11.3%, of the Company’s consolidated revenuenamed as a riskRevenue from one customer of the Company’s Integrated Upstream and Gathering segment, exclusive of hedging losses transacted with separate parties, represented approximately $258 million, or 11.3%, of the Company’s consolidated revenue for the year ended September 30, 2025.Business (Item 1)
Suppliers
DTE Energy Trading, Inc.
depends on · 33%Purchases from DTE Energy Trading, Inc. (33%), Emera Energy Services, Inc. (11%), Chevron Natural Gas (10%), Shell Energy North America (7%), and NRG Business Marketing, LLC (6%) accounted for nearly 67% of the Utility segment’s 2025 gas purchases.Business (Item 1)
Emera Energy Services, Inc.
depends on · 11%Purchases from DTE Energy Trading, Inc. (33%), Emera Energy Services, Inc. (11%), Chevron Natural Gas (10%), Shell Energy North America (7%), and NRG Business Marketing, LLC (6%) accounted for nearly 67% of the Utility segment’s 2025 gas purchases.Business (Item 1)
Chevron Natural Gas
depends on · 10%Purchases from DTE Energy Trading, Inc. (33%), Emera Energy Services, Inc. (11%), Chevron Natural Gas (10%), Shell Energy North America (7%), and NRG Business Marketing, LLC (6%) accounted for nearly 67% of the Utility segment’s 2025 gas purchases.Business (Item 1)
Shell Energy North America
depends on · 7%Purchases from DTE Energy Trading, Inc. (33%), Emera Energy Services, Inc. (11%), Chevron Natural Gas (10%), Shell Energy North America (7%), and NRG Business Marketing, LLC (6%) accounted for nearly 67% of the Utility segment’s 2025 gas purchases.Business (Item 1)
NRG Business Marketing, LLC
depends on · 6%Purchases from DTE Energy Trading, Inc. (33%), Emera Energy Services, Inc. (11%), Chevron Natural Gas (10%), Shell Energy North America (7%), and NRG Business Marketing, LLC (6%) accounted for nearly 67% of the Utility segment’s 2025 gas purchases.Business (Item 1)
Third-party midstream providers
depends onnamed as a riskIn addition, any substantial disruptions to the services provided by our midstream providers could cause us to curtail a significant amount of our production or could impair our ability to deliver natural gas to our utility customers and could have a material adverse effect on the Company’s results of operations, financial condition, and cash flows.Risk factors (Item 1A)
Partners and platforms
Millennium Pipeline
depends onEmpire is well situated to provide transportation of Appalachian shale gas as well as gas supplies available at Empire’s interconnects with TC Energy at Chippawa and Millennium Pipeline at Corning.Business (Item 1)
Also named by DTM
TC Energy pipeline system
depends onIts facilities are also located adjacent to the Canadian border at the Niagara River providing access to markets in Canada and the northeastern and midwestern United States via the TC Energy pipeline system.Business (Item 1)
Other companies
CenterPoint Ohio (Vectren Energy Delivery of Ohio, LLC)
$2.62 billionnamed as a riskWe expect to acquire CenterPoint Ohio for total consideration of $2.62 billion, inclusive of the amount to repay a $1.2 billion promissory note.Risk factors (Item 1A)
Credit rating downgrade (S&P, Moody's, Fitch)
$2.4 billion of the Company’s outstanding long-term debtnamed as a riskAdditionally, $2.4 billion of the Company’s outstanding long-term debt would be subject to an interest rate increase if certain fundamental changes occur that involve a material subsidiary and result in a downgrade of a credit rating assigned to the notes below investment grade.Risk factors (Item 1A)
Collective bargaining units
47% of the Company’s active workforcenamed as a riskAs of September 30, 2025, 47% of the Company’s active workforce was covered under collective bargaining agreements.Business (Item 1)
Places
Appalachian Basin (Marcellus and Utica shales)
concentrated in · 4,980,410 MMcf of natural gasCurrent natural gas production development activities are focused in the Marcellus and Utica shales, geological formations that are present nearly a mile or more below the surface in the Appalachian region of the United States.Business (Item 1)
Western New York
concentrated in · approximately 756,000 customersDistribution Corporation provides natural gas utility services to approximately 756,000 customers through a local distribution system located in western New York and northwestern Pennsylvania.Business (Item 1)
Ohio
subject tonamed as a riskOur success in realizing these growth opportunities, and the timing of this realization, depend on our ability to deploy capital and to obtain timely recovery of capital investments under mechanisms currently supported by Ohio utility regulators and state policymakers.Risk factors (Item 1A)
Also named by AM, AR, BBSI, CINF, DRVN, ELV, FE, INTC and 6 more
Pennsylvania
operates innamed as a riskIn the Company’s Utility segment, during periods when natural gas prices are significantly higher than historical levels, customer demand could be reduced, thereby decreasing delivery revenues, particularly in the Company’s Pennsylvania service territory where delivery revenues are not protected by a revenue decoupling mechanism.Risk factors (Item 1A)
Also named by AWK, CNX, DTM, EQT, FE, GMED, PEG, PPL and 6 more
Hazards
Weather (heating demand)
Variations in weather conditions can materially affect the volume of natural gas delivered by the Utility segment, as virtually all of its residential and commercial customers use natural gas for space heating.Business (Item 1)
Also named by AAP, CLX, CPRT, DASH, DECK, ENB, GVA, LII and 4 more
Commodities and inputs
Natural gas
exposed to its pricenamed as a riskFinancial results in the Company’s Integrated Upstream and Gathering segment are materially dependent on prices received for its natural gas production.Risk factors (Item 1A)
Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more
Water for hydraulic fracturing
depends onnamed as a riskLimitations or restrictions on the Company’s ability to secure sufficient amounts of water, including disruptions from natural causes (such as drought) or issues with transportation availability and costs, could impact its operations.Risk factors (Item 1A)
Natural gas basis differentials
exposed to its pricenamed as a riskIn the Company’s Pipeline and Storage segment, significant changes in the price differential between equivalent quantities of natural gas at different geographic locations or sustained high natural gas prices relative to other sources of energy could adversely impact the Company.Risk factors (Item 1A)
Also named by TRGP
Regulators
Federal Energy Regulatory Commission (FERC)
subject tonamed as a riskThe FERC, among other things, approves the rates that Supply Corporation and Empire may charge to their gas transportation and/or storage customers.Business (Item 1)
Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more
Pipeline and Hazardous Materials Safety Administration (PHMSA)
subject tonamed as a riskIf as a result of these or similar new laws or regulations the Company incurs material compliance costs that it is unable to recover fully through rates or otherwise offset, the Company’s financial condition, results of operations, and cash flows could be adversely affected.Risk factors (Item 1A)
Also named by AM, ATO, BKH, CHRD, CNX, CP, CRC, CRGY and 29 more
Pennsylvania Public Utility Commission (PaPUC)
subject tonamed as a riskIf Distribution Corporation is unable to obtain approval from these regulators for the rates it is requesting to charge utility customers, particularly when necessary to cover increased costs, earnings and/or cash flows may decrease.Risk factors (Item 1A)
New York State Public Service Commission (NYPSC)
subject tonamed as a riskThe NYPSC and the PaPUC, among other things, approve the rates that Distribution Corporation may charge to its utility customers.Business (Item 1)
Also named by ED
New York State Department of Environmental Conservation (NYDEC)
subject tonamed as a riskThe NYDEC has until June 2027 to develop implementing regulations.Risk factors (Item 1A)
Also named by ED
Laws and programs
Full cost ceiling test
subject to · $463.7 million and $108.3 millionnamed as a riskFor the fiscal year ended September 30, 2024 and the quarter ended December 31, 2024, the Company recorded pre-tax impairments under the ceiling test of $463.7 million and $108.3 million, respectively.Risk factors (Item 1A)
Hydraulic fracturing regulation
subject tonamed as a riskVarious state legislative and regulatory initiatives regarding the exploration and production business have been proposed or adopted in the northeast United States affecting the Marcellus and Utica Shale gas plays.Risk factors (Item 1A)
Also named by AESI, AGX, AM, COP, CVX, DTM, EPD, EXE and 7 more
Natural Gas Act (NGA)
subject tonamed as a riskPursuant to the petition of a customer or state commission, or on the FERC’s own initiative, the FERC has the authority to investigate whether Supply Corporation’s and Empire’s rates are still “just and reasonable” as required by the NGA, and if not, to adjust those rates prospectively.Risk factors (Item 1A)
New York Climate Leadership and Community Protection Act (CLCPA)
subject tonamed as a riskFurthermore, in 2019, the New York State legislature passed the CLCPA, which created emission reduction and electrification mandates, and could ultimately impact the Utility segment’s customer base and business.Risk factors (Item 1A)
Also named by ENB
New York Climate Change Superfund Act
subject tonamed as a riskIn addition, in December 2024 (and later amended in February 2025), New York’s Governor signed the Climate Change Superfund Act into law, which will require certain fossil fuel producers, refiners and related entities to pay into a state “climate superfund” an amount commensurate with the entity’s past global greenhouse gas emissions over a specified period of time.Risk factors (Item 1A)
Also named by ED
Pennsylvania methane reduction framework
subject tonamed as a riskFor example, Pennsylvania has a methane reduction framework for the natural gas industry which has resulted in permitting changes with the stated goal of reducing methane emissions from well sites, compressor stations and pipelines.Risk factors (Item 1A)
Also named by WTRG
Low Income Home Energy Assistance Program (LIHEAP)
depends onnamed as a riskSimilarly, if reductions were to occur in funding of the federal Low Income Home Energy Assistance Program, or such funding was delayed or suspended for a prolonged period, bad debt expense could increase and earnings could decrease.Risk factors (Item 1A)
Also named by WEC
New York cap-and-invest program
subject tonamed as a riskIn addition, in October 2025, a New York State court directed NYDEC to promulgate rules and regulations to ensure compliance with emissions reductions limits outlined in the CLCPA by February 6, 2026, which may include such a cap-and-invest program.Risk factors (Item 1A)
New York all-electric new buildings law
subject tonamed as a riskFor example, in May 2023, New York State passed legislation that prohibits the installation of fossil fuel burning equipment and building systems in new buildings commencing on or after December 31, 2025, subject to various exemptions.Risk factors (Item 1A)
Purchased gas adjustment clauses
subject tonamed as a riskAny material delayed recovery or disallowance of purchased natural gas costs could have a material adverse effect on cash flow and earnings.Risk factors (Item 1A)