Timothy J. Silverstein - 05 Dec 2025 Form 4 Insider Report for NATIONAL FUEL GAS CO (NFG)

Role: Treasurer & CFO
Signature: J. P. Baetzhold, Attorney in Fact
Issuer symbol: NFG
Transactions as of: 05 Dec 2025
Transactions value $: -$116,838
Form type: 4
Filing time: 09 Dec 2025, 16:10:04 UTC
Previous filing: 08 Dec 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Silverstein Timothy J	Treasurer & CFO	6363 MAIN STREET, WILLIAMSVILLE	J. P. Baetzhold, Attorney in Fact	09 Dec 2025	0001972630

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	NFG	Common Stock	Options Exercise		+1.37K	+20.43%		8.08K	05 Dec 2025	Direct	F1
transaction	NFG	Common Stock	Tax liability	-$57.6K	-700	-8.66%	$82.28	7.38K	05 Dec 2025	Direct	F2
transaction	NFG	Common Stock	Options Exercise		+1.41K	+19.09%		8.79K	06 Dec 2025	Direct	F1
transaction	NFG	Common Stock	Tax liability	-$59.2K	-720	-8.19%	$82.28	8.07K	06 Dec 2025	Direct	F3
holding	NFG	Common Stock						4.85K	05 Dec 2025	401K Trust	F4

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	-1.37K	-33.32%	$0.00	2.74K	05 Dec 2025	Common Stock	1.37K		Direct	F1, F5
transaction	NFG	Restricted Stock Units	Options Exercise	$0	-1.41K	-50%	$0.00	1.41K	06 Dec 2025	Common Stock	1.41K		Direct	F1, F6

* 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 5, 2025, the reporting person had 700 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	On December 6, 2025, the reporting person had 720 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.
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 5, 2025, as reported by the plan administrator, divided by the closing price of NFG common stock on that date.
F5	On December 5, 2024, the reporting person was granted 4,115 restricted stock units, vesting as follows: 1,371 on December 5, 2025, 1,372 on December 5, 2026, and 1,372 on December 5, 2027.
F6	On December 6, 2023, the reporting person was granted 4,227 restricted stock units, vesting as follows: 1,409 on December 6, 2024, 1,409 on December 6, 2025, and 1,409 on December 6, 2026.