This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
National Fuel Gas Company is a vertically integrated natural gas company spanning upstream production, pipeline and storage, and local distribution. Its Pipeline and Storage segment operates 2,972 miles of interstate pipeline and 31 underground natural gas storage fields with approximately 28 to 30 Bcf of working gas capacity in the U.S. Northeast. Its exploration and production subsidiary, Seneca Resources, produced roughly 1.0 to 1.1 Bcf/d from Appalachian Basin wells in 2024-2025. National Fuel Gas Midstream Company builds, owns, and operates gathering and processing facilities connecting Seneca's production to the pipeline network. The company also operates a regulated utility distributing natural gas to customers in western New York and northwestern Pennsylvania. Every segment of National Fuel's business — from wellhead to burner tip — is fossil fuel infrastructure.
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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