Form 4: National Fuel Gas Co. Director Carroll Acquires Shares and Deferred Stock Units

Director David C. Carroll reports acquiring common stock through a dividend reinvestment plan and deferred stock units through compensation plans.

Summary

• On October 15, 2024, Director David C. Carroll acquired 247 shares of National Fuel Gas Co. common stock at $60.976 per share through a dividend reinvestment plan.
• On the same date, Carroll also acquired 118 deferred stock units through the dividend reinvestment feature of the company's Deferred Compensation Plan for Directors and Officers at a price of $60.86 per unit.
• On January 2, 2025, Carroll acquired 715 deferred stock units through a quarterly grant under the 2009 Non-Employee Director Equity Compensation Plan at a price of $61.215 per unit.
• Following these transactions, Carroll directly owns 29,632 shares of common stock and 15,475 deferred stock units.

Sentiment

Score: 7

Explanation: The sentiment is moderately positive as the director's acquisitions suggest confidence in the company's performance. However, it's a routine transaction and doesn't necessarily indicate a major shift in the company's outlook.

Positives

• The director's participation in the dividend reinvestment plan and deferred compensation plan demonstrates confidence in the company's future.
• The acquisition of deferred stock units aligns the director's interests with those of the shareholders.

Future Outlook

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

Industry Context

Directors' stock acquisitions are often seen as a positive signal in the market, indicating confidence in the company's performance and future prospects. These transactions are common among publicly traded companies as part of executive compensation and alignment with shareholder interests.

Comparison to Industry Standards

• Director stock ownership is a common practice across the energy sector, with companies like ExxonMobil, Chevron, and ConocoPhillips having similar programs for their executives and directors.
• Deferred compensation plans are also standard, allowing directors to defer income and receive it in the form of company stock at a later date, aligning their interests with long-term shareholder value.
• Dividend reinvestment plans are widely used, providing a convenient way for shareholders, including directors, to increase their holdings in the company.

Stakeholder Impact

• Shareholders may view the director's stock acquisitions as a positive sign, potentially increasing investor confidence.
• The transactions have a minimal direct impact on employees, customers, suppliers, and creditors.

Key Dates