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

Rhea-AI Filing Summary

National Fuel Gas Company director activity: A director of National Fuel Gas Company reported routine acquisitions of common stock and deferred stock units tied to company compensation and dividend reinvestment plans.

On October 15, 2025, 2 shares of common stock were acquired indirectly through the Anderson Family Trust at $86.221 per share, bringing that indirect holding to 218 shares. On the same date, 105 deferred stock units were acquired at $86.21, increasing the deferred stock unit balance to 17,436 units.

On January 2, 2026, the director acquired an additional 541 deferred stock units at $80.945, bringing the deferred stock unit total to 17,977. These units mirror one share of common stock each and are payable in shares after the director’s service ends, under the company’s deferred compensation and non‑employee director equity compensation plans.

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 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)
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								5,173	D
Common Stock(1)	10/15/2025		J	V	2	A	$86.221	218	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)	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 transactions did National Fuel Gas (NFG) report in this Form 4?

The filing reports a director’s routine acquisitions of common stock and deferred stock units, primarily through dividend reinvestment and director compensation plans, with no reported sales.

How many National Fuel Gas (NFG) common shares did the director acquire?

On October 15, 2025, the director acquired 2 shares of National Fuel Gas common stock at $86.221 per share, held indirectly through the Anderson Family Trust, resulting in 218 indirectly held shares.

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

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

What deferred stock unit transactions were reported for National Fuel Gas (NFG)?

The director acquired 105 deferred stock units on October 15, 2025 at $86.21, and 541 deferred stock units on January 2, 2026 at $80.945, both under company compensation and deferred compensation plans.

When will the National Fuel Gas (NFG) deferred stock units be paid out?

The deferred stock units become payable in shares of common stock after the director’s termination of service, according to the director’s distribution election under the company’s Deferred Compensation Plan for Directors and Officers.

How were the National Fuel Gas (NFG) shares and units acquired in this filing?

The common shares and deferred stock units were acquired through the dividend reinvestment plan, the Deferred Compensation Plan for Directors and Officers, and the 2009 Non-Employee Director Equity Compensation Plan, with exemptions noted under Rule 16a‑11.