National Fuel Gas (NFG) director adds deferred stock units in Form 4 filing

Rhea-AI Filing Summary

National Fuel Gas Company director reports deferred stock unit acquisitions. A Form 4 filing for NATIONAL FUEL GAS CO (NFG) shows derivative transactions in the form of deferred stock units tied to common stock.

On 01/02/2026, the reporting person acquired 541 deferred stock units at a reference price of $80.945 under the National Fuel Gas Company 2009 Non-Employee Director Equity Compensation Plan and deferred them under the company’s Deferred Compensation Plan for Directors and Officers. An earlier entry shows 105 deferred stock units on 10/15/2025 at $86.21 through the plan’s dividend reinvestment feature, which is exempt under Rule 16a-11.

Each deferred stock unit is the economic equivalent of one share of common stock and will be paid out in shares after the director’s termination of service, according to the director’s distribution election. Following the reported transactions, the director beneficially owns 17,977 deferred stock units, held directly.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

SMITH DAVID F

(Last) (First) (Middle)

6363 MAIN ST.

(Street)

WILLIAMSVILLE NY 14221

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
NATIONAL FUEL GAS CO [ NFG ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
01/02/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Deferred Stock Units(1)	(2)	10/15/2025		J	V	105		(2)	(2)	Common Stock	105	$86.21	17,436	D
Deferred Stock Units(3)	(2)	01/02/2026		A		541		(2)	(2)	Common Stock	541	$80.945	17,977	D

Explanation of Responses:

1. Acquired through dividend reinvestment feature of the National Fuel Gas Company Deferred Compensation Plan for Directors and Officers, exempt under Rule 16a-11.

2. Each deferred stock unit is the economic equivalent of one share of common stock. The deferred stock units become payable, in shares of common stock, after the reporting person's termination of service as a director, pursuant to the reporting person's distribution election under the National Fuel Gas Company Deferred Compensation Plan for Directors and Officers.

3. Acquired through quarterly grant under the National Fuel Gas Company 2009 Non-Employee Director Equity Compensation Plan, and deferred pursuant to the reporting person's election under the National Fuel Gas Company Deferred Compensation Plan for Directors and Officers.

Remarks:

	J. P. Baetzhold, Attorney in Fact	01/06/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did NATIONAL FUEL GAS CO (NFG) report on this Form 4?

The Form 4 reports that a director of NATIONAL FUEL GAS CO (NFG) acquired derivative securities in the form of deferred stock units tied to the company’s common stock through company compensation and deferred compensation plans.

How many deferred stock units were acquired in the latest NATIONAL FUEL GAS CO (NFG) transaction?

On 01/02/2026, the director acquired 541 deferred stock units of National Fuel Gas Company common stock equivalents at a reference price of $80.945 per unit.

What earlier deferred stock unit transaction is disclosed for NFG?

The filing also shows that on 10/15/2025 the director acquired 105 deferred stock units at $86.21 per unit through the dividend reinvestment feature of the National Fuel Gas Company Deferred Compensation Plan for Directors and Officers, which is noted as exempt under Rule 16a-11.

How many deferred stock units does the NATIONAL FUEL GAS CO (NFG) director own after these transactions?

After the reported transactions, the director beneficially owns 17,977 deferred stock units, held as a direct ownership position.

What does each deferred stock unit represent for NATIONAL FUEL GAS CO (NFG)?

Each deferred stock unit is described as the economic equivalent of one share of common stock of National Fuel Gas Company and becomes payable in shares of common stock after the director’s termination of service, in line with the director’s distribution election under the company’s Deferred Compensation Plan for Directors and Officers.

Under which plans were the NFG deferred stock units acquired and deferred?

The 105 deferred stock units on 10/15/2025 were acquired through the dividend reinvestment feature of the National Fuel Gas Company Deferred Compensation Plan for Directors and Officers. The 541 deferred stock units on 01/02/2026 were acquired through a quarterly grant under the National Fuel Gas Company 2009 Non-Employee Director Equity Compensation Plan and deferred under the same Deferred Compensation Plan.

What is the relationship of the reporting person to NATIONAL FUEL GAS CO (NFG)?

The reporting person is identified as a Director of National Fuel Gas Company, and the Form 4 is filed as a Form filed by One Reporting Person.