National Fuel Gas (NFG) concentration risks

The company's disclosed concentration profile combines a supplier dependency, a regulatory dependency, and a single-customer exposure, all at a medium-to-low disclosed size. On the supply side, the Utility segment relies on DTE Energy Trading, Inc. as a significant source of gas purchases, which together with one other supplier accounted for a substantial share of the segment's 2025 gas purchases — a medium disclosed share with a dependency character. An operational disruption or contract issue with DTE Energy Trading would reduce the gas purchasing options available to the Utility segment, which could affect supply reliability. The regulatory layer is structural and persistent: Distribution Corporation is subject to the jurisdiction of the NYPSC, the PaPUC and, with respect to certain transactions, the FERC — a medium disclosed share reflecting the multi-state regulated framework within which the distribution business operates. Rate case outcomes, terms of service approvals, and broader regulatory posture in New York and Pennsylvania directly govern allowed returns, making the regulatory relationship an enduring background factor in the earnings profile. At the individual customer level, revenue from one customer of the company's Integrated Upstream and Gathering segment represented approximately 11.3% of consolidated revenue — a low disclosed share with a dependency character, meaning this specific relationship is a contained but real single-name exposure in the upstream segment. Together, the supplier and regulatory dependencies are the two more material items in the profile; the single-customer exposure in Upstream and Gathering is secondary by disclosed size.

For the engine’s reasoning on NFG’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.

Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.