David P. Bauer - Dec 4, 2025 Form 4 Insider Report for NATIONAL FUEL GAS CO (NFG)

Role: President and CEO, Director
Signature: J. P. Baetzhold, Attorney in Fact
Stock symbol: NFG
Transactions as of: Dec 4, 2025
Transactions value $: -$117,520
Form type: 4
Date filed: 12/8/2025, 03:28 PM
Previous filing: Dec 3, 2025
Next filing: Dec 9, 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Bauer David P	President and CEO, Director	6363 MAIN STREET, WILLIAMSVILLE	J. P. Baetzhold, Attorney in Fact	2025-12-08	0001495829

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	NFG	Common Stock	Award	$0	+15.5K	+21.51%	$0.00	87.5K	Dec 4, 2025	Direct
transaction	NFG	Common Stock	Tax liability	-$45.1K	-550	-0.63%	$82.01	87K	Dec 4, 2025	Direct	F1
transaction	NFG	Common Stock	Award	$0	+24.9K	+28.63%	$0.00	112K	Dec 4, 2025	Direct
transaction	NFG	Common Stock	Tax liability	-$72.4K	-883	-0.79%	$82.01	111K	Dec 4, 2025	Direct	F2
transaction	NFG	Common Stock	Disposed to Issuer		-39K	-35.1%		72K	Dec 4, 2025	Direct	F3
holding	NFG	Common Stock						15.3K	Dec 4, 2025	401K Trust	F4
holding	NFG	Common Stock						1.13K	Dec 4, 2025	Held by daughter
holding	NFG	Common Stock						1.13K	Dec 4, 2025	Held by daughter

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	NFG	Restricted Stock Units	Award	$0	+23.3K		$0.00	23.3K	Dec 4, 2025	Common Stock	23.3K		Direct	F5, F6
transaction	NFG	Deferred Stock Units	Award		+39K	+17.56%		261K	Dec 4, 2025	Common Stock	39K		Direct	F3, F7, F8

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	On December 4, 2025, the reporting person had 550 shares withheld and cancelled in respect of taxes in connection with the vesting of performance shares. These share cancellations are shown on Table I as dispositions (Transaction Code "D" in Column 4), although none of these cancelled shares were sold into the market, as indicated by Transaction Code "F" in Column 3.
F2	On December 4, 2025, the reporting person had 883 shares withheld and cancelled in respect of taxes in connection with the vesting of performance shares. These share cancellations are shown on Table I as dispositions (Transaction Code "D" in Column 4), although none of these cancelled shares were sold into the market, as indicated by Transaction Code "F" in Column 3.
F3	In connection with the vesting on December 4, 2025 of performance shares previously granted to the reporting person, the reporting person's receipt of 38,969 shares of common stock was deferred, resulting in the reporting person's receipt instead of 38,969 deferred stock units pursuant to National Fuel Gas Company's deferred compensation plan. The reporting person is therefore reporting the disposition of 38,969 shares of common stock in exchange for an equal number of deferred stock units.
F4	The NFG stock fund under the NFG 401(k) plan is denominated in units, representing ownership interests in a fund that includes both NFG common stock and a reserve of cash. The information reported represents the dollar value of the reporting person's balance in the NFG stock fund as of December 4, 2025, as reported by the plan administrator, divided by the closing price of NFG common stock on that date.
F5	Each restricted stock unit represents a contingent right to receive one share of NFG common stock.
F6	On December 4, 2025, the reporting person was granted 23,307 restricted stock units, vesting as follows: 7,769 on December 4, 2026, 7,769 on December 4, 2027, and 7,769 on December 4, 2028.
F7	Each deferred stock unit is the economic equivalent of one share of common stock.
F8	The deferred stock units become payable, in shares of common stock, after the reporting person's termination of service, pursuant to the reporting person's distribution election under National Fuel Gas Company's Deferred Compensation Plan for Directors and Officers.