NFG Director Gains 471 Deferred Shares, Total Holdings 17,331

Rhea-AI Filing Summary

Thomas E. Skains, a director of National Fuel Gas Company (NFG), reported two transactions in deferred stock units and related ownership changes. A 07/15/2025 entry records 98 deferred stock units acquired via the plan's dividend reinvestment at an attributable price of $88.82, leaving 16,860 shares beneficially owned. A 10/01/2025 entry shows 471 deferred stock units granted under the non-employee director equity plan (deferred by election) at $92.955, increasing beneficial ownership to 17,331 shares. The DSUs convert to common stock upon termination of service per the company deferred compensation plan.

The filings note the acquisitions occurred through the director compensation plan and a quarterly grant; one acquisition is exempt under Rule 16a-11. The Form 4 is signed by an attorney-in-fact on 10/02/2025.

Positive

• 471 deferred stock units granted on 10/01/2025, increasing alignment with shareholders
• 98 DSUs acquired via dividend reinvestment on 07/15/2025, adding to long-term stake
• Beneficial ownership rose to 17,331 shares, reflecting director compensation converted to equity

Negative

• None.

Insights

Corporate Governance Analyst

Director acquired 471 DSUs, raising ownership to 17,331 shares.

The filings show routine, plan-driven equity accruals: 98 DSUs from dividend reinvestment and a 471 DSU quarterly grant deferred by election. These are compensation-related, not open-market purchases, and are typical for non-employee director pay.

Because the DSUs convert to common stock after termination, the transactions gradually increase the director's economic and voting exposure by 471 shares as of 10/01/2025. The 07/15/2025 dividend reinvestment was exempt under Rule 16a-11, as stated.

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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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).

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)
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

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)	07/15/2025		J	V	98		(2)	(2)	Common Stock	98	$88.82	16,860	D
Deferred Stock Units(3)	(2)	10/01/2025		A		471		(2)	(2)	Common Stock	471	$92.955	17,331	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	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 transactions did NFG director Thomas E. Skains report?

He reported acquisition of 98 DSUs via dividend reinvestment on 07/15/2025 and a grant of 471 DSUs on 10/01/2025.

How many shares does Thomas E. Skains beneficially own after the reported transactions?

Following the reported transactions his beneficial ownership increased to 17,331 shares of common stock.

What is the value per unit reported for the transactions?

The 07/15/2025 DSUs are shown at $88.82 and the 10/01/2025 grant is shown at $92.955 per unit.

When do the deferred stock units convert to common shares?

The DSUs become payable in common stock after the reporting person's termination of service, per the deferred compensation plan.

Was any transaction exempt from reporting rules?

Yes, the acquisition through the dividend reinvestment feature was noted as exempt under Rule 16a-11.