National Fuel Gas (NYSE: NFG) director adds 469 deferred stock units

Rhea-AI Filing Summary

National Fuel Gas Company director David Hugo Anderson received 469 deferred stock units as a compensation grant. The units were valued at $93.29 each and are the economic equivalent of common shares, payable in stock after his service as a director ends under his distribution election.

Following these transactions, Anderson holds 18,561 deferred stock units and 5,173 shares of common stock directly, plus 219 common shares indirectly through the Anderson Family Trust. Some prior activity reflects dividend reinvestment and plan-related adjustments classified as other acquisitions or dispositions, rather than open-market trades.

Insider Trade Summary

4 transactions reported

Mixed 4 txns

Insider ANDERSON DAVID HUGO

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Deferred Stock Units	469	$93.29	$44K
holding	Common Stock	--	--	--
Other	Deferred Stock Units	115	$81.29	$9K
Other	Common Stock	1	$81.825	$81.83

Holdings After Transaction: Deferred Stock Units — 18,561 shares (Direct); Common Stock — 5,173 shares (Direct); Common Stock — 219 shares (Indirect, By Anderson Family Trust)

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.

Key Figures

Deferred stock units granted: 469 units at $93.29 Deferred stock units held: 18,561 units Direct common shares held: 5,173 shares +3 more

6 metrics

Deferred stock units granted 469 units at $93.29 Grant on April 1, 2026

Deferred stock units held 18,561 units Total after April 1, 2026 grant

Direct common shares held 5,173 shares Common stock position after reported activity

Indirect common shares held 219 shares Held by Anderson Family Trust

Other DSU transaction 115 units at $81.29 Code J transaction on January 15, 2026

Restructuring-related shares 116 shares Total restructuringShares in transaction summary

Key Terms

Deferred Stock Units, dividend reinvestment plan, Deferred Compensation Plan for Directors and Officers, Rule 16a-11, +1 more

5 terms

Deferred Stock Units financial

"Each deferred stock unit is the economic equivalent of one share of common stock."

Deferred stock units are promises from a company to give an employee shares of stock at a future date, often after certain conditions are met or after leaving the company. They function like a form of delayed compensation, allowing employees to earn shares over time. For investors, they represent potential future ownership in the company, but do not provide immediate voting rights or dividends until the shares are actually received.

dividend reinvestment plan financial

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

A dividend reinvestment plan lets shareholders automatically use cash dividends to buy more shares of the same company instead of receiving the money. It matters to investors because it turns regular payouts into a steady way to grow ownership and take advantage of compound returns—like having your savings automatically buy additional slices of a pie over time—while often reducing transaction costs and smoothing purchase timing.

Deferred Compensation Plan for Directors and Officers financial

"feature of the National Fuel Gas Company Deferred Compensation Plan for Directors and Officers"

Rule 16a-11 regulatory

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

Anderson Family Trust financial

"nature_of_ownership: By Anderson Family Trust"

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^*

ANDERSON DAVID HUGO

(Last) (First) (Middle)

1870 TWIN POINTS RD

(Street)

LAKE OSWEGO OREGON 97034

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/01/2026

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

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

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

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								5,173	D
Common Stock(1)	01/15/2026		J	V	1	A	$81.825	219	I	By Anderson Family 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
Deferred Stock Units(2)	(3)	01/15/2026		J	V	115		(3)	(3)	Common Stock	115	$81.29	18,092	D
Deferred Stock Units(4)	(3)	04/01/2026		A		469		(3)	(3)	Common Stock	469	$93.29	18,561	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	04/02/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What did NFG director David Hugo Anderson report on this Form 4?

David Hugo Anderson reported receiving 469 deferred stock units as a compensation grant. These units mirror National Fuel Gas common stock and were added under director compensation and deferred compensation plans, rather than through an open-market purchase or sale.

How many National Fuel Gas (NFG) deferred stock units does Anderson now hold?

After the reported transactions, Anderson holds 18,561 deferred stock units. Each unit is economically equivalent to one NFG common share and will be settled in stock after his board service ends, according to his distribution election.

Are the new NFG deferred stock units an open-market buy by Anderson?

No, the 469 deferred stock units were granted as director compensation and deferred under the company’s deferred compensation plan. This is a compensation-related award, not an open-market stock purchase or sale by Anderson.

What do the deferred stock units mean for NFG director compensation?

The deferred stock units show part of Anderson’s director compensation is paid in equity-equivalent units. These units track National Fuel Gas common stock value and convert into shares after his board service ends, aligning his compensation with shareholder performance over time.

What are Anderson’s direct and indirect NFG common stock holdings?

Anderson directly holds 5,173 National Fuel Gas common shares after the reported activity. In addition, an Anderson Family Trust holds 219 common shares indirectly, reflecting a smaller, trust-based position separate from his direct share ownership.

How were some of Anderson’s NFG holdings acquired according to the Form 4 footnotes?

Some holdings were acquired through dividend reinvestment under a dividend reinvestment plan and the deferred compensation plan for directors and officers. These are automatic reinvestment and plan features, exempt under Rule 16a-11, not discretionary market trades.