[Form 4] NATIONAL FUEL GAS CO Insider Trading Activity

Rhea-AI Filing Summary

National Fuel Gas Co director Rebecca Ranich reported routine share-related transactions. On April 1, 2026, she received a grant of 469 Deferred Stock Units at $93.29 per unit under the company’s non-employee director equity plan, increasing her deferred stock unit balance to 18,561.

On January 15, 2026, she acquired 115 Deferred Stock Units at $81.29 and 116 shares of common stock at $81.825 through dividend reinvestment features of company plans, transactions that are exempt under Rule 16a-11. Each deferred stock unit represents the economic equivalent of one share of common stock and becomes payable in shares after her service as a director ends.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider Ranich Rebecca

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Deferred Stock Units	469	$93.29	$44K
Other	Deferred Stock Units	115	$81.29	$9K
Other	Common Stock	116	$81.825	$9K

Holdings After Transaction: Deferred Stock Units — 18,561 shares (Direct); Common Stock — 17,919 shares (Direct)

Footnotes (1)

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

Key Figures

Deferred Stock Units granted: 469 units Grant price per Deferred Stock Unit: $93.29 Deferred Stock Units after grant: 18,561 units +2 more

5 metrics

Deferred Stock Units granted 469 units Grant on April 1, 2026 at $93.29 per unit

Grant price per Deferred Stock Unit $93.29 Quarterly director grant on April 1, 2026

Deferred Stock Units after grant 18,561 units Total Deferred Stock Units following April 1, 2026 grant

Dividend reinvestment DSUs 115 units Acquired January 15, 2026 at $81.29 per unit via plan

Dividend reinvestment common shares 116 shares Common stock acquired January 15, 2026 at $81.825 per share

Key Terms

Deferred Stock Units, dividend reinvestment plan, Rule 16a-11, Deferred Compensation Plan for Directors and Officers, +1 more

5 terms

Deferred Stock Units financial

"Each deferred stock unit is the economic equivalent of one share of common stock."

Deferred stock units are promises from a company to give an employee shares of stock at a future date, often after certain conditions are met or after leaving the company. They function like a form of delayed compensation, allowing employees to earn shares over time. For investors, they represent potential future ownership in the company, but do not provide immediate voting rights or dividends until the shares are actually received.

dividend reinvestment plan financial

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

A dividend reinvestment plan lets shareholders automatically use cash dividends to buy more shares of the same company instead of receiving the money. It matters to investors because it turns regular payouts into a steady way to grow ownership and take advantage of compound returns—like having your savings automatically buy additional slices of a pie over time—while often reducing transaction costs and smoothing purchase timing.

Rule 16a-11 regulatory

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

Deferred Compensation Plan for Directors and Officers financial

"feature of the National Fuel Gas Company Deferred Compensation Plan for Directors and Officers"

2009 Non-Employee Director Equity Compensation Plan financial

"quarterly grant under the National Fuel Gas Company 2009 Non-Employee Director Equity Compensation Plan"

Form 4 Insider Transactions: What Each Field Means →

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).

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 NEW YORK 14221

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/01/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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)	01/15/2026		J	V	116	A	$81.825	17,919	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)	01/15/2026		J	V	115		(3)	(3)	Common Stock	115	$81.29	18,092	D
Deferred Stock Units(4)	(3)	04/01/2026		A		469		(3)	(3)	Common Stock	469	$93.29	18,561	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:

	J. P. Baetzhold, Attorney in Fact	04/02/2026
	** 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).
** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What did NFG director Rebecca Ranich report in this Form 4 filing?

Director Rebecca Ranich reported a grant of 469 Deferred Stock Units and dividend-based acquisitions of 115 Deferred Stock Units and 116 common shares. All transactions were routine plan-related awards and reinvestments, not open-market purchases or sales of National Fuel Gas Co (NFG) stock.

How many Deferred Stock Units did NFG’s Rebecca Ranich receive and at what price?

Rebecca Ranich received 469 Deferred Stock Units valued at $93.29 each on April 1, 2026. These units were granted under National Fuel Gas Company’s non-employee director equity plan and deferred into the Deferred Compensation Plan for Directors and Officers.

What is the total Deferred Stock Unit balance for NFG director Rebecca Ranich after these transactions?

After the April 1, 2026 grant, Rebecca Ranich held 18,561 Deferred Stock Units. Each unit is economically equivalent to one share of National Fuel Gas Co common stock and will be settled in shares after her board service ends, based on her distribution election.

How were the January 15, 2026 NFG transactions structured for Rebecca Ranich?

On January 15, 2026, Rebecca Ranich acquired 115 Deferred Stock Units at $81.29 and 116 common shares at $81.825 through dividend reinvestment features of company plans. These acquisitions were exempt under Rule 16a-11 and reflect automatic reinvestment, not discretionary trading.

What does each NFG Deferred Stock Unit represent for Rebecca Ranich?

Each Deferred Stock Unit is the economic equivalent of one share of National Fuel Gas Co common stock. Units become payable in actual shares after Ranich’s termination of service as a director, following her prior distribution election under the company’s Deferred Compensation Plan.

Were there any open-market buys or sells by NFG’s Rebecca Ranich in this Form 4?

No open-market buys or sells were reported. The Form 4 shows a grant of Deferred Stock Units and additional units and shares acquired via dividend reinvestment features of National Fuel Gas Co compensation and deferred compensation plans, all exempt under Rule 16a-11.