[Form 4] National Fuel Gas Co. Insider Trading Activity

Rhea-AI Filing Summary

National Fuel Gas Company (NFG) – Form 4 insider transaction

Director Steven C. Finch reported two derivative acquisitions: (1) 103 deferred stock units on 04/15/2025 via dividend reinvestment (transaction code J) at a reference price of $78.02, and (2) 518 deferred stock units on 07/01/2025 through the quarterly non-employee director equity grant (transaction code A) at $84.62. Each unit equals one common share and will be distributed after the director’s board service ends, per the company’s Deferred Compensation Plan.

Finch now directly holds 16,762 deferred stock units. The filing discloses no sales or open-market purchases, and therefore carries limited immediate market impact.

Insights

Securities Analyst

TL;DR: Routine non-cash director awards; no market-moving implications.

The reported transactions add 621 deferred stock units, raising the director’s balance to 16,762 units but involve no cash outlay or share sales. Such grants are standard board compensation mechanisms and do not change public float or insider sentiment in a meaningful way. I view the filing as administratively neutral for valuation models and trading considerations.

Corporate Governance Expert

TL;DR: Standard board compensation aligned with existing equity plans; governance status unchanged.

The Form 4 confirms that equity compensation continues under the 2009 Non-Employee Director Equity Compensation Plan. Use of deferred stock units maintains long-term alignment between directors and shareholders, while settlement is postponed until board departure, limiting short-term dilution concerns. No red flags or governance issues arise from this disclosure.

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

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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)
07/01/2025

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)	04/15/2025		J	V	103		(2)	(2)	Common Stock	103	$78.02	16,244	D
Deferred Stock Units(3)	(2)	07/01/2025		A		518		(2)	(2)	Common Stock	518	$84.62	16,762	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:

Exhibit List - Exhibit 24 - Power of Attorney

	J. P. Baetzhold, Attorney in Fact	07/03/2025
	** Signature of Reporting Person	Date
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