National Fuel Gas (NYSE: NFG) director discloses deferred stock unit awards

Rhea-AI Filing Summary

A director of National Fuel Gas Company reported routine equity-based compensation in the form of deferred stock units tied to the company’s common stock. On October 15, 2025, the director acquired 105 deferred stock units at a reference price of $86.21, and on January 2, 2026, acquired an additional 541 deferred stock units at a reference price of $80.945. Each deferred stock unit represents the economic equivalent of one share of common stock and becomes payable in shares only after the director’s service ends, based on the director’s prior distribution elections under the company’s deferred compensation plan. Following these transactions, the director beneficially owns 17,977 deferred stock units held in direct form.

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^*

SKAINS THOMAS 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)

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 equity transactions were reported for NFG in this filing?

The filing reports that a National Fuel Gas Company director acquired deferred stock units tied to common stock. The director acquired 105 units on October 15, 2025 and 541 units on January 2, 2026, all reported as directly owned.

How many deferred stock units does the NFG director own after these transactions?

After the reported transactions, the director beneficially owns 17,977 deferred stock units, each economically equivalent to one share of National Fuel Gas Company common stock.

What are deferred stock units in the context of National Fuel Gas (NFG)?

For NFG, each deferred stock unit is the economic equivalent of one share of common stock. The units are payable in actual shares of common stock after the director’s termination of service, according to the director’s distribution elections under the company’s Deferred Compensation Plan for Directors and Officers.

How were the 105 deferred stock units for the NFG director acquired?

The 105 deferred stock units dated October 15, 2025 were acquired through the dividend reinvestment feature of the National Fuel Gas Company Deferred Compensation Plan for Directors and Officers, which is described as exempt under Rule 16a-11.

How were the 541 deferred stock units for the NFG director acquired?

The 541 deferred stock units dated January 2, 2026 were acquired through a quarterly grant under the National Fuel Gas Company 2009 Non-Employee Director Equity Compensation Plan and then deferred under the company’s Deferred Compensation Plan for Directors and Officers.

When will the NFG director receive shares for these deferred stock units?

The deferred stock units become payable after the director’s termination of service as a director, and will be settled in shares of National Fuel Gas Company common stock according to the director’s previously elected distribution terms.