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NATIONAL FUEL GAS CO·4

Apr 2, 2:10 PM ET

Carroll David C. 4

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National Fuel Gas (NFG) Director David Carroll Receives Shares

What Happened David C. Carroll, a director of National Fuel Gas Company (NFG), reported multiple acquisitions. On Jan 15, 2026 he acquired 198 shares at $81.83 each ($16,201) and 115 derivative units at $81.29 each ($9,348) via dividend reinvestment and a deferred-comp feature. On Apr 1, 2026 he received a 469-share award valued at $93.29 each ($43,753) under the company’s non-employee director equity plan; that award was deferred into deferred stock units. These transactions are acquisitions (not sales), which are generally considered routine compensation and plan-driven rather than open-market bullish purchases.

Key Details

  • Transaction dates and amounts:
    • 2026-01-15: 198 shares @ $81.83 = $16,201 (Other acquisition — dividend reinvestment) [F1]
    • 2026-01-15: 115 units @ $81.29 = $9,348 (Other acquisition — deferred-comp unit) [F2, derivative]
    • 2026-04-01: 469 shares @ $93.29 = $43,753 (Grant/award; deferred into units) [F4, derivative]
  • Total acquired this filing: 782 shares/units, total value ≈ $69,302.
  • Shares owned after transaction: Not specified in the filing.
  • Notable footnotes:
    • F1/F2: Acquisitions via dividend reinvestment or deferred-comp feature, exempt under Rule 16a-11.
    • F3: Deferred stock units are the economic equivalent of one share and are payable in shares after the director’s service ends.
    • F4: Award came from the 2009 Non-Employee Director Equity Compensation Plan and was deferred per the director’s election.
  • Filing timeliness: The Form 4 was filed on 2026-04-02 for a report period ending 2026-04-01; the filing itself does not indicate a late-report designation.

Context

  • These were plan-driven acquisitions (dividend reinvestment, deferred-compensation and director equity award) rather than open-market buys. Deferred stock units are derivatives that track stock value and convert to shares per the plan’s payout rules — they are not option exercises or immediate cashless sales. Such transactions are common for director compensation and don’t, by themselves, signal a change in insider sentiment.