National Fuel Gas will spin off its upstream and gathering business, including Seneca Resources, as an independent public company in the second half of 2027. The new company produces about 1.1 Bcf/d from roughly 1.2 million net acres in Pennsylvania. It holds about 5 Tcf of proved reserves, which the company says is more than 25 years of inventory, with development focused on Tioga County. A standalone driller could change drilling pace and how royalties are handled. Seneca lessors, what are you hearing?

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