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

Rhea-AI Filing Summary

National Fuel Gas Co. (NFG) – Insider Form 4 Filing

Director Jeffrey W. Shaw reported the automatic acquisition of 518 shares of NFG common stock on 07/01/2025 under the company’s 2009 Non-Employee Director Equity Compensation Plan. The shares were booked at a reference price of $84.62, implying an award value of roughly $43,800. Following the grant, Shaw’s direct holdings rose to 34,753 shares; he also maintains 100 shares indirectly through a trust.

• Transaction code “A” confirms the shares were acquired, not disposed of.
• No derivative securities were involved and no sales were reported.
• The filing was signed on 07/03/2025 by an attorney-in-fact.

Because the shares were obtained via a routine quarterly equity grant rather than an open-market purchase, the signal is modest; however, the additional ownership marginally tightens management-shareholder alignment without indicating any immediate liquidity concerns.

Positive

• Director increased holdings by 518 shares, reinforcing alignment with shareholders.
• No shares were sold, avoiding any negative liquidity or confidence signal.

Negative

• Acquisition was a routine compensation grant, offering limited insight into the director’s personal conviction.
• Small transaction size (~$44k) is immaterial relative to NFG’s market capitalization and trading volume.

Insights

Financial Analyst

TL;DR: Routine director equity grant; mildly positive alignment signal, immaterial to valuation.

The 518-share award (~$44k) increases Shaw’s stake to 34,753 shares, maintaining skin-in-the-game. Because it is automatic compensation (Rule 16b-3 exempt), it carries less informational value than discretionary buying. No shares were sold, so there is no negative liquidity message. From a governance perspective, continued equity accumulation by non-employee directors supports incentive alignment, yet the size is immaterial (<0.1% of NFG’s average daily volume). Overall impact on share price or valuation is expected to be negligible.

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).

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^*

SHAW JEFFREY W

(Last) (First) (Middle)

6363 MAIN ST

(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
Common Stock(1)	07/01/2025		A		518	A	$84.62	34,753	D
Common Stock								100	I	By trust

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

Explanation of Responses:

1. Acquired through quarterly grant under the National Fuel Gas Company 2009 Non-Employee Director Equity Compensation Plan.

Remarks:

Exhibit List - Exhibit 24 - Power of Attorney

	J. P. Baetzhold, Attorney in Fact	07/03/2025
	** 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 did NFG director Jeffrey W. Shaw purchase?

He acquired 518 shares of National Fuel Gas Co. common stock via a quarterly equity grant.

At what price were the NFG shares recorded?

The filing lists a reference price of $84.62 per share.

How many NFG shares does Shaw now own?

After the grant, Shaw directly owns 34,753 shares and indirectly holds 100 shares via a trust.

Was this an open-market purchase?

No. The shares were issued under the 2009 Non-Employee Director Equity Compensation Plan, not bought on the open market.

Did the Form 4 report any sales or derivative transactions?

No sales or derivative security transactions were disclosed.