Justin I. Loweth - 01 Dec 2025 Form 4 Insider Report for NATIONAL FUEL GAS CO (NFG)

Role: Pres - Seneca Resources
Signature: J. P. Baetzhold, Attorney in Fact
Issuer symbol: NFG
Transactions as of: 01 Dec 2025
Net transactions value: -$121,510
Form type: 4
Filing time: 03 Dec 2025, 16:05:42 UTC
Previous filing: 12 Sep 2025
Next filing: 08 Dec 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Loweth Justin I	Pres - Seneca Resources	1201 LOUISIANA ST, SUITE 2600, HOUSTON	J. P. Baetzhold, Attorney in Fact	03 Dec 2025	0001858812

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	NFG	Common Stock	Options Exercise		+3,747	+7%		57,651	01 Dec 2025	Direct	F1
transaction	NFG	Common Stock	Tax liability	$121,510	-1,475	-2.6%	$82.38	56,176	01 Dec 2025	Direct	F2
holding	NFG	Common Stock						11,230	01 Dec 2025	401K Trust	F3
holding	NFG	Common Stock						225	01 Dec 2025	Held by Spouse
holding	NFG	Common Stock						300	01 Dec 2025	Held by Son
holding	NFG	Common Stock						200	01 Dec 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	Options Exercise	$0	-3,747	-100%	$0.000000	0	01 Dec 2025	Common Stock	3,747		Direct	F1, F4

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

Explanation of Responses:

Id	Content
F1	Restricted stock units convert into common stock on a one-for-one basis.
F2	On December 1, 2025, the reporting person had 1,475 shares withheld and cancelled in respect of taxes in connection with the vesting of restricted stock units. 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	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 1, 2025, as reported by the plan administrator, divided by the closing price of NFG common stock on that date.
F4	On December 1, 2022, the reporting person was granted 11,239 restricted stock units, vesting as follows: 3,746 on December 1, 2023, 3,746 on December 1, 2024, and 3,747 on December 1, 2025.