Michael D. Colpoys - 05 Dec 2025 Form 4 Insider Report for NATIONAL FUEL GAS CO (NFG)

Role: President - NFG Dist. Corp.
Signature: J. P. Baetzhold, Attorney in Fact
Issuer symbol: NFG
Transactions as of: 05 Dec 2025
Net transactions value: -$53,482
Form type: 4
Filing time: 09 Dec 2025, 15:50:47 UTC
Previous filing: 08 Dec 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Colpoys Michael D	President - NFG Dist. Corp.	6363 MAIN STREET, WILLIAMSVILLE	J. P. Baetzhold, Attorney in Fact	09 Dec 2025	0002074423

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	NFG	Common Stock	Options Exercise		+600	+4.6%		13,775	05 Dec 2025	Direct	F1
transaction	NFG	Common Stock	Tax liability	$24,273	-295	-2.1%	$82.28	13,480	05 Dec 2025	Direct	F2
transaction	NFG	Common Stock	Options Exercise		+722	+5.4%		14,202	06 Dec 2025	Direct	F1
transaction	NFG	Common Stock	Tax liability	$29,209	-355	-2.5%	$82.28	13,847	06 Dec 2025	Direct	F3
holding	NFG	Common Stock						14,428	05 Dec 2025	401K Trust	F4
holding	NFG	Common Stock						49	05 Dec 2025	As UTMA custodian for son

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	-600	-33%	$0.000000	1,201	05 Dec 2025	Common Stock	600		Direct	F1, F5
transaction	NFG	Restricted Stock Units	Options Exercise	$0	-722	-50%	$0.000000	722	06 Dec 2025	Common Stock	722		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 295 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 355 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 1,801 restricted stock units, vesting as follows: 600 on December 5, 2025, 600 on December 5, 2026, and 601 on December 5, 2027.
F6	On December 6, 2023, the reporting person was granted 2,166 restricted stock units, vesting as follows: 722 on December 6, 2024, 722 on December 6, 2025, and 722 on December 6, 2026.