Form 4: NFG Director Skains Boosts Stake with Deferred Stock Units

National Fuel Gas Company Director Thomas E. Skains increased his beneficial ownership of deferred stock units through dividend reinvestment and a quarterly grant, totaling 17,331 units.

Summary

• Thomas E. Skains, a Director of National Fuel Gas Co. (NFG), reported changes in his beneficial ownership of deferred stock units.
• On July 15, 2025, Mr. Skains acquired 98 deferred stock units through the dividend reinvestment feature of the National Fuel Gas Company Deferred Compensation Plan for Directors and Officers, with each unit valued at $88.82.
• On October 1, 2025, Mr. Skains acquired an additional 471 deferred stock units through a quarterly grant under the National Fuel Gas Company 2009 Non-Employee Director Equity Compensation Plan, with each unit valued at $92.955. These units were deferred under the Deferred Compensation Plan.
• Following these transactions, Mr. Skains beneficially owns a total of 17,331 deferred stock units.
• Each deferred stock unit is the economic equivalent of one share of common stock and becomes payable in common stock after Mr. Skains' termination of service as a director.

Sentiment

Score: 7

Explanation: The acquisition of additional deferred stock units by a director, even through compensation plans, generally indicates continued confidence in the company's long-term prospects and aligns management interests with shareholders.

Positives

• Director Thomas E. Skains increased his beneficial ownership of National Fuel Gas Co. through the acquisition of 569 deferred stock units.
• The acquisitions demonstrate continued alignment of director interests with shareholder interests, as units are tied to common stock performance.
• The dividend reinvestment (98 units at $88.82) and quarterly grant (471 units at $92.955) indicate ongoing participation in company compensation plans.

Future Outlook

The filing does not contain specific forward-looking statements or guidance regarding the company's future performance or strategic direction. It solely reports past insider transactions.

Industry Context

This Form 4 filing reports a routine insider transaction related to director compensation. It does not provide information to analyze broader industry trends or competitive positioning for National Fuel Gas Co., which operates in the energy sector (natural gas distribution, transmission, storage, and exploration).

Comparison to Industry Standards

• This Form 4 filing details standard director compensation practices involving equity-based awards (deferred stock units). Such compensation structures are common across publicly traded companies, particularly in mature industries like utilities and energy, to align director incentives with long-term shareholder value.
• No specific comparable companies, projects, or results are mentioned in the filing to allow for a detailed comparison of results.

Corporate Governance

Related Party Transactions

• The acquisition of deferred stock units by a director through company compensation plans constitutes a related party transaction, as it involves a transaction between the company and a member of its management. These transactions are disclosed as part of the director's compensation.

Stakeholder Impact

• Shareholders: Increased alignment of director's interests with shareholders due to increased equity ownership.
• Employees: No direct impact on employees is indicated by this filing.
• Customers: No direct impact on customers is indicated by this filing.
• Suppliers: No direct impact on suppliers is indicated by this filing.
• Creditors: No direct impact on creditors is indicated by this filing.

Key Dates

Keywords

National Fuel Gas Company, NFG, Thomas E. Skains, Director, Insider Transaction, Form 4, Deferred Stock Units, Equity Compensation, Dividend Reinvestment, Corporate Governance