[Form 4] NATIONAL FUEL GAS CO Insider Trading Activity

Rhea-AI Filing Summary

David Hugo Anderson, a director of National Fuel Gas Co (NFG), reported multiple transactions. The filing shows a disposition of 5,173 shares of common stock and an acquisition of 1 share by the Anderson Family Trust on 07/15/2025. The trust-acquired share was reported at a price of $89.33.

The report also discloses derivative-related activity in the form of deferred stock units. As of the filings, the reporting person directly beneficially owned 16,860 shares following a reported 98-unit disposition (priced at $88.82) and subsequently acquired 471 deferred stock units on 10/01/2025 at an indicated price of $92.955, bringing total direct beneficial ownership to 17,331 deferred-equivalent shares. Explanatory notes state the units convert to common shares after termination of service and that several items arose via dividend reinvestment or director compensation plans.

Insights

Corporate Governance / Insider Transactions Analyst

TL;DR: Routine director sale and compensation-related deferred equity activity, with ownership updated.

The filing records a sale of 5,173 shares and a trust acquisition of 1 share on 07/15/2025, with the trust share shown at $89.33. These entries are disclosed under standard Form 4 reporting.

The report also shows deferred stock unit movements: a 98-unit change (priced at $88.82) and a 471-unit acquisition on 10/01/2025 (listed at $92.955). The filing explains these units convert to common stock after the director's termination per the company's deferred compensation plan.

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
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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).

1. Name and Address of Reporting Person^*

ANDERSON DAVID HUGO

(Last) (First) (Middle)

1870 TWIN POINTS RD

(Street)

LAKE OSWEGO OR 97034

(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)
10/01/2025

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								5,173	D
Common Stock(1)	07/15/2025		J	V	1	A	$89.33	216	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)	07/15/2025		J	V	98		(3)	(3)	Common Stock	98	$88.82	16,860	D
Deferred Stock Units(4)	(3)	10/01/2025		A		471		(3)	(3)	Common Stock	471	$92.955	17,331	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	10/02/2025
	** 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.
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FAQ

What insider transactions did NFG director David H. Anderson report?

The Form 4 reports a disposition of 5,173 common shares and a trust acquisition of 1 share on 07/15/2025, plus changes in deferred stock units.

How many shares does David H. Anderson beneficially own after the reported transactions?

The filing shows 16,860 shares after the 98-unit change and 17,331 common-stock-equivalent units after the 10/01/2025 acquisition.

At what prices were the reported transactions recorded?

The trust acquisition on 07/15/2025 is shown at $89.33; one deferred-unit-related price is $88.82 and the 10/01/2025 acquisition is listed at $92.955.

Are the deferred stock units convertible to common stock?

Yes. The filing states each deferred stock unit is the economic equivalent of one share and becomes payable in shares after the reporting person's termination per the deferred compensation plan.

Were any transactions exempt from Section 16 reporting rules?

Yes. The filing notes certain acquisitions were exempt under Rule 16a-11 due to dividend reinvestment and deferred compensation features.