Martin A. Krebs - 04 Dec 2025 Form 4 Insider Report for NATIONAL FUEL GAS CO (NFG)

Role: Chief Information Officer
Signature: J. P. Baetzhold, Attorney in Fact
Issuer symbol: NFG
Transactions as of: 04 Dec 2025
Transactions value $: $0
Form type: 4
Filing time: 08 Dec 2025, 15:45:01 UTC
Previous filing: 03 Dec 2025
Next filing: 09 Dec 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Krebs Martin A	Chief Information Officer	6363 MAIN STREET, WILLIAMSVILLE	J. P. Baetzhold, Attorney in Fact	08 Dec 2025	0001781298

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	NFG	Common Stock	Award	$0	+1.46K	+35.71%	$0.00	5.54K	04 Dec 2025	Direct
transaction	NFG	Common Stock	Award	$0	+2.34K	+42.28%	$0.00	7.88K	04 Dec 2025	Direct
transaction	NFG	Common Stock	Disposed to Issuer		-3.8K	-48.21%		4.08K	04 Dec 2025	Direct	F1
holding	NFG	Common Stock						62	04 Dec 2025	401K Trust	F2

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	+2.09K		$0.00	2.09K	04 Dec 2025	Common Stock	2.09K		Direct	F3, F4
transaction	NFG	Deferred Stock Units	Award		+3.8K	+19.06%		23.7K	04 Dec 2025	Common Stock	3.8K		Direct	F1, F5, F6

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

Explanation of Responses:

Id	Content
F1	In connection with the vesting on December 4, 2025 of performance shares previously granted to the reporting person, the reporting person's receipt of 3,801 shares of common stock was deferred, resulting in the reporting person's receipt instead of 3,801 deferred stock units pursuant to National Fuel Gas Company's deferred compensation plan. The reporting person is therefore reporting the disposition of 3,801 shares of common stock in exchange for an equal number of deferred stock units.
F2	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.
F3	Each restricted stock unit represents a contingent right to receive one share of NFG common stock.
F4	On December 4, 2025, the reporting person was granted 2,085 restricted stock units, vesting as follows: 695 on December 4, 2026, 695 on December 4, 2027, and 695 on December 4, 2028.
F5	Each deferred stock unit is the economic equivalent of one share of common stock.
F6	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.