National Fuel Gas (NFG) director adds stock and deferred units in routine grants

Rhea-AI Filing Summary

National Fuel Gas Company director Form 4 shows routine equity accruals. On 10/15/2025, the reporting person acquired 187 shares of common stock at $86.221 per share through the company's dividend reinvestment plan, bringing direct holdings to 30,424 shares. The filing also reports deferred stock units, which are bookkeeping entries that mirror the value of common stock.

On 10/15/2025, the director acquired 105 deferred stock units, and on 01/02/2026 acquired an additional 541 deferred stock units, including through the deferred compensation and non-employee director equity compensation plans. Each deferred stock unit represents the economic equivalent of one share of common stock and will be paid in shares after the director's service ends, based on prior distribution elections.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider Carroll David C.

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Deferred Stock Units	541	$80.945	$44K
Other	Deferred Stock Units	105	$86.21	$9K
Other	Common Stock	187	$86.221	$16K

Holdings After Transaction: Deferred Stock Units — 17,977 shares (Direct); Common Stock — 30,424 shares (Direct)

Footnotes (1)

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

Form 4 Insider Transactions: What Each Field Means →

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

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

Carroll David C.

(Last) (First) (Middle)

6363 MAIN STREET

(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
Common Stock(1)	10/15/2025		J	V	187	A	$86.221	30,424	D

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(2)	(3)	10/15/2025		J	V	105		(3)	(3)	Common Stock	105	$86.21	17,436	D
Deferred Stock Units(4)	(3)	01/02/2026		A		541		(3)	(3)	Common Stock	541	$80.945	17,977	D

Explanation of Responses:

1. Acquired through dividend reinvestment plan, exempt under Rule 16a-11.

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

3. 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.

4. 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 Company (NFG) acquired 187 shares of common stock on 10/15/2025 at $86.221 per share, along with additional deferred stock units under company plans.

How many NFG common shares does the reporting person own after the reported transaction?

After acquiring shares on 10/15/2025, the director beneficially owns 30,424 shares of National Fuel Gas Company common stock held directly.

What deferred stock unit activity for NFG was disclosed in this Form 4?

The director acquired 105 deferred stock units on 10/15/2025 and 541 deferred stock units on 01/02/2026, tied to the National Fuel Gas Company deferred compensation and non-employee director equity compensation plans.

What does each deferred stock unit represent for NFG?

Each deferred stock unit is the economic equivalent of one share of National Fuel Gas Company common stock and becomes payable in shares after the director’s termination of service, according to the director’s distribution election.

Were the NFG shares acquired through a dividend reinvestment plan?

Yes. The 187 common shares reported on 10/15/2025 were acquired through a dividend reinvestment plan, which is noted as exempt under Rule 16a-11.

Which NFG plans are involved in the deferred stock unit grants?

The deferred stock units were acquired through the National Fuel Gas Company Deferred Compensation Plan for Directors and Officers and quarterly grants under the 2009 Non-Employee Director Equity Compensation Plan, with deferral elections made under the deferred compensation plan.