National Fuel closes $2.62B purchase of CenterPoint's Ohio gas utility

National Fuel Gas Company said that on October 1, 2026 it completed its $2.62 billion acquisition of CenterPoint Energy's Ohio natural gas utility — Vectren Energy Delivery of Ohio — paying $1.42 billion in cash and issuing a $1.20 billion seller note, adding about 335,000 customers in the Dayton and Miami Valley region (Form 8-K AccNo 0001193125-26-409787).

$2.62 billion Ohio utility CLOSE

On October 1, 2026 (the Closing Date), National Fuel Gas Company (NYSE: NFG) completed its previously announced acquisition of Vectren Energy Delivery of Ohio, LLC — CenterPoint Energy's Ohio natural gas local distribution company — from CenterPoint Energy Resources Corp., a wholly owned indirect subsidiary of CenterPoint Energy, Inc. (NYSE: CNP). The companies disclosed the close in Form 8-K AccNo 0001193125-26-409787 (NFG; Items 1.01, 2.01, 2.03, 7.01, and 9.01) and Form 8-K AccNo 0001104659-26-112565 (CNP; Items 2.01, 7.01, and 9.01), each with a press release as Exhibit 99.1.

Under the Securities Purchase Agreement dated October 20, 2025, Seller sold all issued and outstanding equity interests in Vectren Energy Delivery of Ohio for a Purchase Price of $2.62 billion, subject to adjustments in the agreement. CenterPoint Ohio became a wholly owned subsidiary of National Fuel at Closing and will be renamed National Fuel Gas Distribution of Ohio, LLC.

Cash and seller-note consideration

The Purchase Price is split as (i) $1.42 billion in cash paid by National Fuel at Closing and (ii) a $1.20 billion promissory note issued by National Fuel to the Seller under a Seller Note Agreement dated October 1, 2026. The Seller Note Facility is an unsecured term loan that matures on September 30, 2027 and bears interest at 6.5% per annum. The Seller Note Agreement includes customary covenants, including a debt-to-capitalization ratio not to exceed 0.65 at quarter-end, and customary events of default.

Customers, pipe miles, and footprint

National Fuel's press release says the acquired utility serves about 335,000 customers across 16 counties in the Dayton and greater Miami Valley region. CenterPoint's release adds that the assets include about 5,900 miles of gas transmission and distribution pipeline serving those metered customers in West Central Ohio. National Fuel says the close grows its utility customer base to about 1.1 million and doubles its utility rate base while expanding regulated operations into neighboring Ohio. Natural gas service continues without interruption, and no customer action is required, the buyer said.

Approvals and CenterPoint proceeds framing

CenterPoint said the transaction received all required federal and state approvals, including completion of a review by the Public Utilities Commission of Ohio. National Fuel assumes responsibility for serving the former CenterPoint Ohio natural gas customers. CenterPoint Chair and CEO Jason Wells said proceeds will help support the company's $66.7 billion, 10-year capital plan focused on its core regulated electric and gas footprint — a company capital-plan statement, not a verified deployment schedule for these sale proceeds.

Why the close matters

A completed $2.62 billion regulated-utility transfer moves ~335,000 Ohio gas customers and ~5,900 pipe miles from CenterPoint to National Fuel on a stated Closing Date, with $1.42 billion cash plus a $1.20 billion 6.5% seller note due September 30, 2027 — facts that differ from the October 20, 2025 signing and from any still-open expected-close watch.

Sources & evidence

- National Fuel Gas Company Form 8-K AccNo 0001193125-26-409787 (Items 1.01/2.01/2.03/7.01/9.01; Closing Date Oct 1, 2026) — https://www.sec.gov/Archives/edgar/data/70145/000119312526409787/d132008d8k.htm - National Fuel Exhibit 99.1 press release (completion; ~335,000 customers; rename; ~1.1 million utility customers) — https://www.sec.gov/Archives/edgar/data/70145/000119312526409787/d132008dex991.htm - CenterPoint Energy Form 8-K AccNo 0001104659-26-112565 (Item 2.01 Completion; $2.62B Purchase Price; $1.42B cash / $1.20B note) — https://www.sec.gov/Archives/edgar/data/1042773/000110465926112565/tm2626684d1_8k.htm - CenterPoint Exhibit 99.1 press release (~5,900 pipe miles; PUCO; $66.7B capital-plan framing) — https://www.sec.gov/Archives/edgar/data/1042773/000110465926112565/tm2626684d1_ex99-1.htm