National Fuel Receives Approval to Commence Construction of FM100 Project

Rhea-AI Summary

National Fuel Gas Company (NYSE:NFG) announced FERC approval for its FM100 expansion project, which is set to begin preliminary construction in early March 2021. This $280 million investment is projected to generate an additional $50 million in annual revenue for its Pipeline & Storage segment and enhance access to east coast gas markets. The project also emphasizes environmental responsibility with plans for advanced emissions controls, including vent gas recovery systems at new compressor stations.

Positive

• FM100 Project approved, enabling significant growth in upstream and midstream businesses.
• $280 million investment expected to generate $50 million in incremental annual revenue.
• Enhances access to premium east coast natural gas markets.

Negative

• None.

WILLIAMSVILLE, N.Y., Feb. 23, 2021 (GLOBE NEWSWIRE) -- National Fuel Gas Company (NYSE:NFG) (“National Fuel” or “Company”) announced today that its subsidiary, National Fuel Gas Supply Corporation (“Supply Corp.”), received approval from the Federal Energy Regulatory Commission to commence construction of its FM100 expansion and modernization project (“FM100 Project”). Supply Corp. expects to begin preliminary construction activities by early March and continues to target a late calendar 2021 in-service date.

“The FM100 project is yet another example of the value of National Fuel’s integrated, diversified business model, driving significant expected growth in our upstream and midstream businesses,” said David P. Bauer, President and Chief Executive Officer of National Fuel. “This approximately $280-million investment is expected to add $50 million of incremental annual revenue for our rate-regulated Pipeline & Storage business while facilitating access to premium east coast natural gas markets for our upstream business and substantial growth in our wholly-owned gathering business. Moreover, in line with our ongoing focus on greenhouse gas emissions, the Project includes commitments to install best-in-class emissions controls, including the use of vent gas recovery systems at two new compressor stations, which are expected to limit the carbon footprint from our growing operations.”

National Fuel is a diversified energy company headquartered in Western New York that operates an integrated collection of natural gas and oil assets across four business segments: Exploration & Production, Pipeline & Storage, Gathering, and Utility. Additional information about National Fuel is available at www.nationalfuel.com

FAQ

What is the FM100 Project by National Fuel Gas Company?

The FM100 Project is an expansion and modernization initiative approved by FERC, aimed at enhancing National Fuel's Pipeline & Storage business and increasing access to natural gas markets.

When is construction for the FM100 Project expected to begin?

Preliminary construction activities for the FM100 Project are expected to start in early March 2021.

How much is National Fuel investing in the FM100 Project?

National Fuel is investing approximately $280 million in the FM100 Project.

What revenue increase is anticipated from the FM100 Project?

The FM100 Project is expected to add $50 million in incremental annual revenue for National Fuel's Pipeline & Storage business.

What environmental measures are included in the FM100 Project?

The FM100 Project includes commitments to install best-in-class emissions controls, including vent gas recovery systems at new compressor stations.