[Form 4] NATIONAL FUEL GAS CO Insider Trading Activity

Rhea-AI Filing Summary

Steven C. Finch, a director of National Fuel Gas Company (NFG), reported changes in beneficial ownership. He held 16,860 shares before a 10/01/2025 transaction and acquired 471 deferred stock units (DSUs) on 10/01/2025 from a quarterly director grant, increasing his total to 17,331 DSU-equivalent shares. Earlier, on 07/15/2025, 98 DSUs were recorded as a dividend reinvestment. Each DSU equals one share and will be paid in common stock after Mr. Finch leaves service under the company’s Deferred Compensation Plan for Directors and Officers. The 10/01/2025 grant price was listed as $92.955 per share and the 07/15/2025 dividend reinvestment price was $88.82. The filing was signed by an attorney-in-fact on 10/02/2025.

Positive

• 471 DSUs acquired on 10/01/2025 from the quarterly director grant, indicating continued compensation alignment
• Total holdings increased to 17,331 DSU-equivalents, consolidating director economic exposure to company equity
• 98 DSUs added via dividend reinvestment on 07/15/2025, reflecting automated plan participation

Negative

• None.

Insights

Corporate Governance Analyst

Director Finch increased holdings to 17,331 DSU-equivalents via a 471 DSU grant.

The filing shows a routine equity grant for a non-employee director under the company’s existing compensation plan, with the grant deferred into DSUs per the director’s election. Such grants align director incentives with shareholder value because DSUs convert to common shares after service termination.

The reported 07/15/2025 dividend reinvestment of 98 DSUs is administrative and exempt under Rule 16a-11; both entries are standard director compensation items rather than open-market purchases or sales.

Equity Compensation Specialist

Transactions reflect compensation mechanics, not discretionary trading.

The 471 DSUs on 10/01/2025 stem from the quarterly non-employee director grant and were deferred under the Deferred Compensation Plan, meaning payment is in shares after termination. The DSUs are recorded at grant prices: $92.955 and $88.82, which are disclosure details rather than cash transactions now.

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).

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)
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.
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FAQ

What did Steven C. Finch report on the NFG Form 4?

He reported acquiring 471 deferred stock units on 10/01/2025 and previously recording 98 DSUs on 07/15/2025, bringing his total to 17,331 DSU-equivalents.

How will the deferred stock units reported by NFG be paid?

Each DSU is the economic equivalent of one share and will be paid in common stock after the reporting person’s termination of service per the Deferred Compensation Plan.

Were these transactions open-market trades or compensation grants?

The 471 DSUs were a quarterly non-employee director grant and the 98 DSUs were from dividend reinvestment, both under company plans, not open-market trades.

What prices were disclosed for the DSU entries?

The 07/15/2025 DSUs show a price of $88.82 and the 10/01/2025 grant shows $92.955 per share in the filing.

Who signed the Form 4 for Steven C. Finch?

The filing was signed by J. P. Baetzhold, Attorney in Fact on 10/02/2025.