[Form 4] NATIONAL FUEL GAS CO Insider Trading Activity

Rhea-AI Filing Summary

Rebecca Ranich, a director of National Fuel Gas Company (NFG), reported multiple insider transactions on this Form 4. On 07/15/2025 she acquired 105 shares of common stock at $89.33 through dividend reinvestment and received 98 deferred stock units (economic equivalents of common shares) valued at $88.82. On 10/01/2025 she was granted 471 deferred stock units under the company's director equity plan at $92.955. Following the 07/15 transactions she beneficially owned 16,860 shares; after 10/01 she beneficially owned 17,331 shares. The deferred stock units become payable in shares after termination of service per the company's deferred compensation plan.

Positive

• Acquired 105 common shares via dividend reinvestment at $89.33, increasing direct ownership
• Received 471 deferred stock units on 10/01/2025 under the director equity plan, supporting alignment with shareholders
• Total beneficial ownership increased to 17,331 shares after the reported transactions

Negative

• None.

Insights

Corporate Governance Expert

Director received routine equity compensation and dividend reinvestment.

The Form 4 shows a combination of dividend reinvestment purchases and plan-based grants: 105 common shares and 569 deferred stock units total across two dates. These are standard mechanisms to align non-employee directors with shareholder interests without indicating open-market trading intentions.

The deferred stock units are described as the economic equivalent of common shares and are payable in stock after the reporting person's termination of service, which is a typical retention/compensation feature.

Insider Transactions Analyst

Transactions are material to ownership counts but routine in nature.

The reporting shows precise figures: 105 shares at $89.33 and 471 DSUs at $92.955, bringing beneficial ownership to 17,331 shares. These entries are filed under standard exemptions (Rule 16a-11) for dividend reinvestment and plan grants.

Because the Form 4 records plan-based grants and reinvestments rather than open-market purchases or sales, the activity signals compensation accrual rather than trading-driven ownership changes.

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^*

Ranich Rebecca

(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)
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(1)	07/15/2025		J	V	105	A	$89.33	17,694	D

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.
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 Rebecca Ranich report on Form 4 for NFG?

She reported acquiring 105 common shares on 07/15/2025 at $89.33, receiving 98 deferred stock units the same day, and receiving 471 deferred stock units on 10/01/2025 at $92.955.

How many shares does Rebecca Ranich beneficially own after these transactions?

The filing lists beneficial ownership of 16,860 shares following the 07/15/2025 entries and 17,331 shares after the 10/01/2025 grant.

Are the deferred stock units immediately convertible to common stock?

No. The deferred stock units are described as the economic equivalent of one share and become payable in common stock after the reporting person's termination of service, per the deferred compensation plan.

Under what exemptions were the acquisitions made?

The Form 4 states the acquisitions through the dividend reinvestment plan and the deferred compensation feature are exempt under Rule 16a-11.

Do the reported transactions include open-market purchases or sales?

No. The entries reflect dividend reinvestment and plan/grant-related deferred stock units, not open-market trades.