National Fuel Gas (NFG) executive compensation, 2026 proxy

David P. Bauer, President and Chief Executive Officer, was paid $9.1M in fiscal 2025, up 5% from $8.7M the year before. The CEO-to-median-employee pay ratio was 98:1, on median employee pay of $93,115.

Filed
January 23, 2026
Annual meeting
March 12, 2026
Pay year
fiscal 2025
Named executives
7
CEO total pay
$9.1M+5% vs prior year
CEO to median employee
98:1median $93,115
CEO pay in equity
46%$4.2M in awards
Prior say-on-pay support
88%of votes cast
CEO Target Equity Mix
63%Tied to performance shares and RSUs
CEO Short-Term Cash Incentive
21%Tied to short-term performance goals
Dividend Increase
4%Annual increase to $2.14 per share

How Bauer was paid

$9.1M in total for fiscal 2025, as reported in the Summary Compensation Table. Equity awards are valued at grant, not at what they turned out to be worth.

Salary12%Bonus3%Stock awards46%Non-equity incentive21%Pension and deferred comp16%All other compensation3%

Named executive officers

ExecutiveTotal
David P. BauerPresident and Chief Executive Officer$9,119,455
Timothy J. SilversteinTreasurer and Chief Financial Officer$1,973,763
Justin I. LowethPresident of Seneca Resources Company, LLC$4,043,040
Joseph N. Del VecchioPresident of National Fuel Gas Supply Corporation$2,124,369
Martin A. KrebsChief Information Officer$1,298,071
Ronald C. KraemerFormer Chief Operating Officer$3,225,319
Donna L. DeCarolisFormer President of National Fuel Gas Distribution Corporation$2,421,995

What changed and why

  • $9.1MCEO total compensation increased to $9,119,455 in fiscal 2025 from $8,653,166 in fiscal 2024.
  • Eighty-four percent of the CEO target compensation was at-risk or variable compensation.
  • 87.6%Stockholders approved the prior say-on-pay advisory vote with 87.6 percent support.
  • 427BNet natural gas production reached a record 427 billion cubic feet equivalent.

About this page

Figures are automated and can be wrong; check the filing for the exact numbers. Totals follow SEC rules, which value stock and option awards at grant. Read the DEF 14A proxy statement for footnotes and the compensation committee's full reasoning.