...Natural Fuel Gas Company's (NFG) rating reflects its diversified, integrated operations and strong cash flow certainty. Its low-cost exploration and production (E&P) operations in a prolific U.S. natural gas basin are complemented by stable regulated midstream (pipeline and storage) and utility cash flows. Low leverage supports the rating category but is tempered by the company's single-basin, single-commodity E&P exposure. The Stable Outlook reflects supportive fundamentals, modest growth, an increasing share of regulated operations, and a stable overall business mix and conservative financial policy. In September 2026, NFG announced plans to explore a spin-off of its E&P and gathering business (its unregulated midstream operations). If approved, completion would likely take several months. Fitch Ratings will evaluate the resulting entities at that time....
