[Form 4] NATIONAL FUEL GAS CO Insider Trading Activity

Rhea-AI Filing Summary

National Fuel Gas Company reported routine equity compensation activity for its Secretary and General Counsel. On December 4, 2025, the officer acquired 708 shares of common stock at $0.00 and 1,137 additional shares at $0.00, reflecting stock-based awards. On the same date, 362 and 581 shares were withheld and cancelled to cover taxes upon vesting of performance shares at a price of $82.01 per share; these were recorded as dispositions but were not sold into the market. After these transactions, the officer directly owned 16,613 shares of common stock and held 2,509 units indirectly through the NFG 401(k) stock fund. In addition, the officer received a grant of 1,716 restricted stock units, each representing one share of common stock, scheduled to vest in three equal installments of 572 units on December 4, 2026, 2027, and 2028.

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

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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^*

Hartz Lee E

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Secretary and General Counsel

3. Date of Earliest Transaction (Month/Day/Year)
12/04/2025

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	12/04/2025		A		708	A	$0.00	16,419	D
Common Stock	12/04/2025		F		362(1)	D	$82.01	16,057	D
Common Stock	12/04/2025		A		1,137	A	$0.00	17,194	D
Common Stock	12/04/2025		F		581(2)	D	$82.01	16,613	D
Common Stock								2,509(3)	I	401K Trust

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
Restricted Stock Units	(4)	12/04/2025		A		1,716		(5)	(5)	Common Stock	1,716	$0.00	1,716	D

Explanation of Responses:

1. On December 4, 2025, the reporting person had 362 shares withheld and cancelled in respect of taxes in connection with the vesting of performance shares. These share cancellations are shown on Table I as dispositions (Transaction Code "D" in Column 4), although none of these cancelled shares were sold into the market, as indicated by Transaction Code "F" in Column 3.

2. On December 4, 2025, the reporting person had 581 shares withheld and cancelled in respect of taxes in connection with the vesting of performance shares. These share cancellations are shown on Table I as dispositions (Transaction Code "D" in Column 4), although none of these cancelled shares were sold into the market, as indicated by Transaction Code "F" in Column 3.

3. The NFG stock fund under the NFG 401(k) plan is denominated in units, representing ownership interests in a fund that includes both NFG common stock and a reserve of cash. The information reported represents the dollar value of the reporting person's balance in the NFG stock fund as of December 4, 2025, as reported by the plan administrator, divided by the closing price of NFG common stock on that date.

4. Each restricted stock unit represents a contingent right to receive one share of NFG common stock.

5. On December 4, 2025, the reporting person was granted 1,716 restricted stock units, vesting as follows: 572 on December 4, 2026, 572 on December 4, 2027, and 572 on December 4, 2028.

Remarks:

	J. P. Baetzhold, Attorney in Fact	12/08/2025
	** 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 NFG report for its Secretary and General Counsel?

The officer reported routine equity compensation activity, including stock awards, tax-related share cancellations tied to performance share vesting, and a new grant of restricted stock units.

How many National Fuel Gas (NFG) common shares does the officer own after these transactions?

Following the reported transactions, the officer directly owns 16,613 shares of NFG common stock and has an indirect interest equivalent to 2,509 shares through the NFG 401(k) stock fund.

What were the tax-related share cancellations reported in this NFG Form 4?

On December 4, 2025, 362 and 581 shares of NFG common stock were withheld and cancelled to satisfy taxes on vesting performance shares; these were recorded as dispositions but were not sold into the market.

What restricted stock units were granted to the NFG officer in this filing?

The officer was granted 1,716 restricted stock units, each equal to one share of NFG common stock, vesting in three tranches of 572 units on December 4, 2026, 2027, and 2028.

How is the NFG 401(k) stock fund interest reported in this Form 4?

The NFG 401(k) stock fund is denominated in units representing a mix of NFG common stock and cash. The reported 2,509 units reflect the dollar value of the officer’s balance as of December 4, 2025 divided by the closing NFG share price.

Does this NFG Form 4 indicate any market sales of common stock by the officer?

No market sales are indicated. The filing notes that shares shown as dispositions with Transaction Code "F" were withheld and cancelled for taxes related to performance share vesting and were not sold into the market.