It’s Official: NFG Spins Off Seneca as Standalone Marcellus Driller
It's a go. Yesterday, one day ahead of its own October 15 deadline, National Fuel Gas Company's (NFG) board approved a plan to split the 124-year-old company in two. Seneca Resources and the NFG Midstream gathering business will spin off as a new, publicly traded Marcellus/Utica driller. The company is calling it "IUG" for now (short for Integrated Upstream and Gathering) because it doesn't have a real name yet. Seneca president Justin Loweth will be the CEO. NFG shareholders will get the new shares tax-free. Don't hold your breath, though. The split isn't expected to close until the second half of 2027.To view this content, log into your member account. (Not a member? Join Today!)