National Fuel Gas (NFG) director updates deferred stock unit holdings

Rhea-AI Filing Summary

National Fuel Gas Company reported routine equity compensation activity for one of its directors. The filing shows two derivative transactions in the form of deferred stock units, which are each the economic equivalent of one share of common stock and are payable in common shares after the director’s service ends, according to the company’s deferred compensation plan.

On 10/15/2025, the director had 105 deferred stock units reported at a price of $86.21, acquired through the dividend reinvestment feature of the National Fuel Gas Company Deferred Compensation Plan for Directors and Officers. On 01/02/2026, the director acquired 541 additional deferred stock units at $80.945 through a quarterly grant under the National Fuel Gas Company 2009 Non-Employee Director Equity Compensation Plan, which were deferred under the same deferred compensation plan. Following these transactions, the director directly beneficially owns 17,436 and 17,977 derivative securities in the two deferred stock unit lines.

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

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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).

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^*

Finch Steven C.

(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)
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

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)	10/15/2025		J	V	105		(2)	(2)	Common Stock	105	$86.21	17,436	D
Deferred Stock Units(3)	(2)	01/02/2026		A		541		(2)	(2)	Common Stock	541	$80.945	17,977	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	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).
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FAQ

What insider activity at NATIONAL FUEL GAS CO (NFG) is disclosed in this filing?

The filing reports a director’s routine equity compensation activity in the form of deferred stock units, which are derivative securities tied to National Fuel Gas common stock.

How many deferred stock units did the NFG director acquire through dividend reinvestment?

The director is shown with a transaction on 10/15/2025 involving 105 deferred stock units at a price of $86.21, acquired through the dividend reinvestment feature of the National Fuel Gas Company Deferred Compensation Plan for Directors and Officers.

What quarterly equity grant did the NFG director receive?

On 01/02/2026, the director acquired 541 deferred stock units at $80.945 as a quarterly grant under the National Fuel Gas Company 2009 Non-Employee Director Equity Compensation Plan, and these units were deferred under the company’s deferred compensation plan.

What is a deferred stock unit in the context of NFG’s plans?

The filing states that each deferred stock unit is the economic equivalent of one share of common stock and becomes payable in shares of common stock after the director’s termination of service, based on the director’s distribution election under the National Fuel Gas Company Deferred Compensation Plan for Directors and Officers.

How many derivative securities does the NFG director hold after these transactions?

After the reported transactions, the director directly beneficially owns 17,436 derivative securities in one deferred stock unit line and 17,977 derivative securities in another deferred stock unit line, as shown in the table.

Are these NFG deferred stock unit acquisitions exempt under SEC rules?

Yes. The filing notes that the units acquired through the dividend reinvestment feature are exempt under Rule 16a-11, as part of the National Fuel Gas Company Deferred Compensation Plan for Directors and Officers.