Form 4: Director Smith Boosts NFG Holdings with DSU Acquisitions

National Fuel Gas Co. Director David F. Smith reported acquiring additional deferred stock units through dividend reinvestment and a quarterly grant.

Summary

• David F. Smith, a Director of National Fuel Gas Co. (NFG), reported changes in his beneficial ownership.
• He acquired 105 Deferred Stock Units (DSUs) on October 15, 2025, through a dividend reinvestment feature of the company's Deferred Compensation Plan for Directors and Officers. Each DSU was valued at $86.21.
• He also acquired 541 DSUs on January 2, 2026, through a quarterly grant under the 2009 Non-Employee Director Equity Compensation Plan, valued at $80.945 per unit.
• Following these transactions, David F. Smith beneficially owns a total of 17,977 Deferred Stock Units.
• Each DSU is economically equivalent to one share of common stock and becomes payable in shares after his termination of service as a director, pursuant to his distribution election.

Sentiment

Score: 7

Explanation: The filing indicates a director increasing their stake in the company through compensation and dividend reinvestment, which is generally a positive signal of confidence and alignment with shareholder interests, though it's a routine transaction rather than an open market purchase.

Positives

• Director David F. Smith increased his beneficial ownership in National Fuel Gas Co. by acquiring a total of 646 Deferred Stock Units (105 + 541).
• The acquisitions demonstrate continued alignment of director interests with shareholder interests.
• The dividend reinvestment indicates a commitment to long-term holding and growth within the company's equity.

Future Outlook

The deferred stock units will become payable in shares of common stock after the reporting person's termination of service as a director, pursuant to his distribution election under the National Fuel Gas Company Deferred Compensation Plan for Directors and Officers.

Management Comments

• J. P. Baetzhold, Attorney in Fact, signed the filing on behalf of David F. Smith.

Industry Context

This filing reflects routine director compensation and dividend reinvestment practices common in publicly traded companies, aligning director interests with long-term shareholder value in the energy sector.

Related Party Transactions

• Acquisition of Deferred Stock Units through the National Fuel Gas Company Deferred Compensation Plan for Directors and Officers.
• Acquisition of Deferred Stock Units through the National Fuel Gas Company 2009 Non-Employee Director Equity Compensation Plan.

Stakeholder Impact

• Shareholders: Increased director ownership aligns interests with shareholders, potentially signaling confidence in the company's future.
• Employees: No direct impact mentioned.
• Customers: No direct impact mentioned.
• Suppliers: No direct impact mentioned.
• Creditors: No direct impact mentioned.

Next Steps

• The deferred stock units will convert to common stock shares upon the reporting person's termination of service as a director, as per his distribution election.

Key Dates

Recommendation

The filing reports routine acquisitions of deferred stock units by a director through compensation plans and dividend reinvestment. While this indicates continued alignment of interests and confidence, it does not represent a significant new investment decision or change in company fundamentals that would alter a 'hold' recommendation based solely on this Form 4.

Keywords

National Fuel Gas Co., NFG, David F. Smith, Director, Deferred Stock Units, DSU, Insider Transaction, Beneficial Ownership, Equity Compensation, Dividend Reinvestment