National Fuel Gas completes acquisition of CenterPoint Energy Ohio utility for $2.62 billion

National Fuel Gas Company (NFG) said Wednesday it completed its previously announced acquisition of CenterPoint Energy Resources Corp.’s Ohio natural gas utility business, Vectren Energy Delivery of Ohio, LLC, for an aggregate purchase price of $2.62 billion.

The transaction closed on Oct. 1, 2026, following the satisfaction of customary closing conditions. The newly acquired utility has been renamed National Fuel Gas Distribution of Ohio, LLC, and serves approximately 335,000 customers across 16 counties in the Dayton and greater Miami Valley region.

The purchase price was paid through a combination of $1.42 billion in cash and a $1.20 billion promissory note issued by the company to the seller. The promissory note establishes an unsecured term loan credit facility that matures on Sept. 30, 2027, and bears interest at a rate of 6.5% per annum.

David P. Bauer, President and Chief Executive Officer of National Fuel Gas Company, said in a statement, "This acquisition is an important milestone, representing a significant step forward in advancing the strategy of growing our regulated utility business."

Bauer added, "With the addition of the Ohio service territory, we have significantly expanded our regulated footprint and strengthened the long-term foundation of the Company."

The transaction doubles National Fuel's utility rate base and brings its total utility customer base to approximately 1.1 million customers. Approximately 200 employees joined the company as part of the acquisition.