National Fuel Gas (NYSE: NFG) director adds deferred stock units

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

National Fuel Gas Company director David F. Smith reported compensation-related changes in his deferred stock units. On April 1, 2026, he received a grant of 469 deferred stock units, each economically equivalent to one share of common stock, at a reference price of $93.29, bringing his holdings to 18,561 deferred stock units.

The filing also shows a prior January 15, 2026 transaction involving 115 deferred stock units at $81.29, characterized as another type of acquisition or disposition under plan rules. Some units were acquired through dividend reinvestment and quarterly grants under the company’s deferred compensation and non-employee director equity plans. These deferred stock units become payable in common shares after Smith’s service as a director ends, based on his distribution election.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider SMITH DAVID F

Role Director

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

Holdings After Transaction: Deferred Stock Units — 18,561 shares (Direct)

Footnotes (1)

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 Reference price per new unit: $93.29 Total deferred 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

Reference price per new unit $93.29 April 1, 2026 deferred stock unit grant

Total deferred units after grant 18,561 units Holdings following April 1, 2026 transaction

Prior deferred units transaction 115 units January 15, 2026 at $81.29 per unit

Reference price per prior unit $81.29 January 15, 2026 deferred stock unit entry

Key Terms

Deferred Stock Units, National Fuel Gas Company Deferred Compensation Plan for Directors and Officers, Rule 16a-11, 2009 Non-Employee Director Equity Compensation Plan

4 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.

National Fuel Gas Company Deferred Compensation Plan for Directors and Officers financial

"Acquired through dividend reinvestment feature of the National Fuel Gas Company Deferred Compensation Plan for Directors and Officers."

Rule 16a-11 regulatory

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

2009 Non-Employee Director Equity Compensation Plan financial

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

Form 4 Insider Transactions: What Each Field Means →

04/02/2026 - 02:20 PM

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^*

SMITH DAVID F

(Last)

(First)

(Middle)

6363 MAIN ST.

(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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Deferred Stock Units⁽¹⁾	⁽²⁾	01/15/2026		J	V	115		⁽²⁾	⁽²⁾	Common Stock	115	$81.29	18,092	D
Deferred Stock Units⁽³⁾	⁽²⁾	04/01/2026		A		469		⁽²⁾	⁽²⁾	Common Stock	469	$93.29	18,561	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	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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did National Fuel Gas (NFG) director David F. Smith report?

David F. Smith reported two derivative transactions in deferred stock units. On April 1, 2026, he received 469 units, and on January 15, 2026, another 115 units were recorded. Both relate to company compensation and deferred compensation plans rather than open-market trading.

How many deferred stock units does NFG director David F. Smith hold after these transactions?

After the April 1, 2026 transaction, David F. Smith holds 18,561 deferred stock units. Each unit is economically equivalent to one share of National Fuel Gas common stock and will be settled in shares after his service as a director ends, consistent with plan elections.

How were the new deferred stock units for NFG’s David F. Smith acquired?

The filing states units were acquired through dividend reinvestment features and quarterly grants. These occur under the National Fuel Gas Company Deferred Compensation Plan for Directors and Officers and the 2009 Non-Employee Director Equity Compensation Plan, reflecting structured compensation and reinvestment rather than discretionary stock purchases.

What does each deferred stock unit represent for National Fuel Gas (NFG) insiders?

Each deferred stock unit is the economic equivalent of one share of National Fuel Gas common stock. According to the plan, these units become payable in actual shares only after the director’s termination of service, following the director’s distribution election under the deferred compensation plan.

Are NFG director David F. Smith’s reported transactions open-market stock purchases or sales?

The reported transactions are not open-market trades. They are grants, dividend reinvestments, and other plan-related movements of deferred stock units under National Fuel Gas compensation and deferred compensation plans, exempt under Rule 16a-11, rather than traditional buy or sell orders in the market.

National Fuel Gas (NYSE: NFG) director adds deferred stock units

Rhea-AI Filing Summary

Positive