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

Rhea-AI Filing Summary

National Fuel Gas Company (NFG) Form 4 filing discloses that Director Joseph N. Jaggers acquired 518 shares of NFG common stock on 01 July 2025 under the company’s 2009 Non-Employee Director Equity Compensation Plan. The award price was $84.62 per share, representing an implied value of approximately $43,800. After the grant, Jaggers’ direct ownership rose to 32,469 shares. No derivative securities were reported, and the filing was submitted solely on behalf of the reporting person.

Insights

Securities Analyst

TL;DR Small, routine director share grant; unlikely to affect valuation or trading sentiment.

The transaction adds only 518 shares (≈$44k) to Mr. Jaggers’ holdings and was made through a recurring non-employee director equity plan. Given National Fuel Gas’s multi-billion-dollar market capitalization, the purchase is immaterial from a financial standpoint. Insider accumulation can be viewed positively, but the size and plan-based nature limit its market impact. Overall, the filing is informational rather than catalytic.

Corporate Governance Specialist

TL;DR Governance-driven equity award, consistent with board compensation policy; neutral impact.

This Form 4 confirms adherence to NFG’s long-standing director compensation framework. The grant keeps director equity alignment intact without signaling unusual insider enthusiasm or concern. There are no red flags—no discretionary purchases, no sales, no derivatives, and full Rule 10b5-1 disclosure language is included. Investors may note continued board alignment but should not expect material governance or performance shifts from this standard grant.

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^*

Ranich Rebecca

(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
Common Stock(1)	04/15/2025		J	V	114	A	$78.177	17,589	D

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(2)	(3)	04/15/2025		J	V	103		(3)	(3)	Common Stock	103	$78.02	16,244	D
Deferred Stock Units(4)	(3)	07/01/2025		A		518		(3)	(3)	Common Stock	518	$84.62	16,762	D

Explanation of Responses:

1. Acquired through dividend reinvestment plan, exempt under Rule 16a-11.

2. Acquired through dividend reinvestment feature of the National Fuel Gas Company Deferred Compensation Plan for Directors and Officers, exempt under Rule 16a-11.

3. 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.

4. 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
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).
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FAQ

Who filed the latest Form 4 for National Fuel Gas (NFG)?

Joseph N. Jaggers, a director of National Fuel Gas Company, filed the Form 4.

How many NFG shares did the director acquire?

He acquired 518 shares of common stock.

What was the acquisition price per share?

The grant price was $84.62 per share.

What is the director’s total NFG share ownership after this transaction?

Following the grant, Mr. Jaggers directly owns 32,469 shares.

Was the transaction part of a pre-arranged equity plan?

Yes, it was granted under the 2009 Non-Employee Director Equity Compensation Plan.

On what date did the share acquisition occur?

The transaction date was July 1, 2025.