UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 5, 2011
NATIONAL FUEL GAS COMPANY
(Exact name of registrant as specified in its charter)

New Jersey
(State or other jurisdiction
of incorporation)	 	1-3880
(Commission File Number)	 	13-1086010
(IRS Employer
Identification No.)	

6363 Main Street, Williamsville, New York
(Address of principal executive offices)	 	14221
(Zip Code)	
Registrant’s telephone number, including area code: (716) 857-7000
Former name or former address, if changed since last report: Not Applicable
     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):
o    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

   

 
Item 2.02 Results of Operations and Financial Condition.
On May 5, 2011, National Fuel Gas Company (the “Company”) issued a press release regarding its earnings for the quarter and six months ended March 31, 2011. A copy of the press release is furnished as part of this Current Report as Exhibit 99.
Neither the furnishing of the press release as an exhibit to this Current Report nor the inclusion in such press release of any reference to the Company’s internet address shall, under any circumstances, be deemed to incorporate the information available at such internet address into this Current Report. The information available at the Company’s internet address is not part of this Current Report or any other report filed or furnished by the Company with the Securities and Exchange Commission.
In addition to financial measures calculated in accordance with generally accepted accounting principles (“GAAP”), the press release furnished as part of this Current Report as Exhibit 99 contains certain non-GAAP financial measures. The Company believes that such non-GAAP financial measures are useful to investors because they provide an alternative method for assessing the Company’s operating results in a manner that is focused on the performance of the Company’s ongoing operations. The Company’s management uses these non-GAAP financial measures for the same purpose, and for planning and forecasting purposes. The presentation of non-GAAP financial measures is not meant to be a substitute for financial measures prepared in accordance with GAAP.
Certain statements contained herein or in the press release furnished as part of this Current Report, including statements regarding estimated future earnings and statements that are identified by the use of the words “anticipates,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “predicts,” “projects,” “believes,” “seeks,” “will” and “may” and similar expressions, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. There can be no assurance that the Company’s projections will in fact be achieved nor do these projections reflect any acquisitions or divestitures that may occur in the future. While the Company’s expectations, beliefs and projections are expressed in good faith and are believed to have a reasonable basis, actual results may differ materially from those projected in forward-looking statements. Furthermore, each forward-looking statement speaks only as of the date on which it is made. In addition to other factors, the following are important factors that could cause actual results to differ materially from those discussed in the forward-looking statements: financial and economic conditions, including the availability of credit, and occurrences affecting the Company’s ability to obtain financing on acceptable terms for working capital, capital expenditures and other investments, including any downgrades in the Company’s credit ratings and changes in interest rates and other capital market conditions; changes in economic conditions, including global, national or regional recessions, and their effect on the demand for, and customers’ ability to pay for, the Company’s products and services; the creditworthiness or performance of the Company’s key suppliers, customers and counterparties; economic disruptions or uninsured losses resulting from terrorist activities, acts of war, major accidents, fires, hurricanes, other severe weather, pest infestation or other natural disasters; factors affecting the Company’s ability to successfully identify, drill for and produce economically viable natural gas and oil reserves, including among others geology, lease availability, weather conditions,

 

shortages, delays or unavailability of equipment and services required in drilling operations, insufficient gathering, processing and transportation capacity, the need to obtain governmental approvals and permits, and compliance with environmental laws and regulations; changes in laws and regulations to which the Company is subject, including those involving derivatives, taxes, safety, employment, climate change, other environmental matters, and exploration and production activities such as hydraulic fracturing; uncertainty of oil and gas reserve estimates; significant differences between the Company’s projected and actual production levels for natural gas or oil; significant changes in market dynamics or competitive factors affecting the Company’s ability to retain existing customers or obtain new customers; changes in demographic patterns and weather conditions; changes in the availability and/or price of natural gas or oil and the effect of such changes on the accounting treatment of derivative financial instruments; impairments under the SEC’s full cost ceiling test for natural gas and oil reserves; changes in the availability and/or cost of derivative financial instruments; changes in the price differential between similar quantities of natural gas at different geographic locations, and the effect of such changes on the demand for pipeline transportation capacity to or from such locations; other changes in price differentials between similar quantities of oil or natural gas having different quality, heating value or geographic location; changes in the projected profitability of pending or potential projects, investments or transactions; significant differences between the Company’s projected and actual capital expenditures and operating expenses; delays or changes in costs or plans with respect to Company projects or related projects of other companies, including difficulties or delays in obtaining necessary governmental approvals, permits or orders or in obtaining the cooperation of interconnecting facility operators; governmental/regulatory actions, initiatives and proceedings, including those involving derivatives, acquisitions, financings, rate cases (which address, among other things, allowed rates of return, rate design and retained natural gas), affiliate relationships, industry structure, franchise renewal, and environmental/safety requirements; unanticipated impacts of restructuring initiatives in the natural gas and electric industries; ability to successfully identify and finance acquisitions or other investments and ability to operate and integrate existing and any subsequently acquired business or properties; changes in actuarial assumptions, the interest rate environment and the return on plan/trust assets related to the Company’s pension and other post-retirement benefits, which can affect future funding obligations and costs and plan liabilities; significant changes in tax rates or policies or in rates of inflation or interest; significant changes in the Company’s relationship with its employees or contractors and the potential adverse effects if labor disputes, grievances or shortages were to occur; changes in accounting principles or the application of such principles to the Company; the cost and effects of legal and administrative claims against the Company or activist shareholder campaigns to effect changes at the Company; increasing health care costs and the resulting effect on health insurance premiums and on the obligation to provide other post-retirement benefits; or increasing costs of insurance, changes in coverage and the ability to obtain insurance. The Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date thereof.

 
Item 9.01 Financial Statements and Exhibits.
     (d) Exhibits

Exhibit 99  	 	 	Press release furnished regarding earnings for the quarter and six months ended March 31, 2011	

 

SIGNATURES
     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 	 	 	 	 	
 	NATIONAL FUEL GAS COMPANY
 	 	
 	By:  	/s/ Paula M. Ciprich  	 	
 	 	Paula M. Ciprich 	 	
 	 	General Counsel and Secretary 	 	
 	
Dated: May 6, 2011

 
EXHIBIT INDEX
 	 	 	
Exhibit Number	 	Description	
 	 	 	
99	 	Press release furnished regarding earnings for the quarter and six months ended March 31, 2011	

Exhibit 99

		
 	 	6363 Main Street/Williamsville, NY 14221	
 		
 	 	Timothy J. Silverstein	
 	 	Investor Relations	
 	 	716-857-6987	
Release Date: Immediate May 5, 2011	 	 	
 	 	David P. Bauer	
 	 	Treasurer	
 	 	716-857-7318	
NATIONAL FUEL REPORTS SECOND QUARTER EARNINGS
Williamsville, New York: National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced consolidated earnings for the second quarter of fiscal 2011 and for the six months ended March 31, 2011.
HIGHLIGHTS

•	 	Earnings for the second quarter were $115.6 million, or $1.38 per share, an increase of $35.2 million, or $0.41 per share, compared to the prior year’s second quarter earnings of $80.4 million, or $0.97 per share. The increased earnings are primarily due to a $31.4 million, or $0.38 per share, gain on the sale of Horizon Power Inc’s interest in certain entities that owned landfill gas electric generation assets. Higher earnings in the Exploration and Production and Energy Marketing segments also contributed to the increase.	

•	 	Compared to the prior year’s second quarter, total production of crude oil and natural gas increased approximately 6.4 billion cubic feet equivalent (“Bcfe”), or 54.7%, to 18.2 Bcfe. Appalachian production was 10.9 Bcfe for the quarter, an increase of 7.3 Bcfe or 203.5%. Production from the Marcellus Shale was 9.0 Bcfe for the quarter. The Company’s production forecast for the entire 2011 fiscal year has been narrowed to a range between 66 and 71 Bcfe. The previous forecast range had been between 64 and 71 Bcfe.	

•	 	On April 27, 2011, Seneca Resources Corporation (“Seneca”) completed the $70 million sale of its offshore Gulf of Mexico oil and natural gas properties. The sale had an effective date of January 1, 2011. The sale proceeds were applied against Seneca’s full cost pool and reduced capitalized costs. No gain or loss resulted from the transaction.	

•	 	The Company is updating its GAAP earnings guidance range for fiscal 2011 to a range of $2.83 to $2.98 per share. The previous earnings guidance had been a range between $2.70 to $2.95 per share. This guidance assumes flat NYMEX pricing of $4.00 per Million British Thermal Units (“MMBtu”) for natural gas and $80.00 per barrel (“Bbl”) for crude oil for unhedged production for the remainder of the fiscal year.	

•	 	A conference call is scheduled for Friday, May 6, 2011, at 11 a.m. Eastern Time.	
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MANAGEMENT COMMENTS
     David F. Smith, Chairman and Chief Executive Officer of National Fuel Gas Company, stated: “With a terrific first half of the fiscal year complete, our results continue to demonstrate the financial and operational strength of our core assets. The consistent performance of the regulated businesses, combined with strong production growth within the Exploration and Production segment, more than made up for the challenging natural gas price environment.
     “Seneca’s ongoing success resulted in remarkable production growth of more than 50 percent over the prior year. In the Marcellus Shale, we crossed a milestone of 100 MMcf per day of natural gas production in March, more than doubling our daily production rate from the end of fiscal year 2010. As we move along with the testing and development of new areas and strata in the basin, we look for future production growth to exceed our initial conservative projections.
     “Also, during the quarter we announced the sale of Seneca’s Gulf of Mexico offshore properties and we completed the sale of assets from our Horizon Power, Inc. subsidiary, the last of our non-core businesses. Moving forward, we will be directing our resources and capital to our core assets and significant growth opportunities. With the ongoing build out of Appalachian pipeline infrastructure, significant production growth at Seneca, and dedication to safely and reliably serving our Utility customers, we will maintain our focus on the diversified, yet integrated business model and the value it creates for our shareholders.”
SUMMARY OF RESULTS
     National Fuel had consolidated earnings for the quarter ended March 31, 2011, of $115.6 million or $1.38 per share, compared to the prior year’s second quarter earnings of $80.4 million, or $0.97 per share, an increase of $35.2 million or $0.41 per share. (Note: all references to earnings per share are to diluted earnings per share, all amounts are stated in U.S. dollars, and all amounts used in the discussion of earnings and operating results before items impacting comparability (“Operating Results”) are after tax, unless otherwise noted.)
     Consolidated earnings for the six months ended March 31, 2011, of $174.2 million, or $2.08 per share, increased $29.2 million, or $0.32 per share, from the same period in the prior year, where earnings were $144.9 million or $1.76 per share.
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 	 	Three Months	 	 	Six Months	 	
 	 	Ended March 31,	 	 	Ended March 31,	 	
(in thousands except per share amounts)	 	2011	 	 	2010	 	 	2011	 	 	2010	 	
Reported GAAP earnings	 	$	115,611	 	 	$	80,428	 	 	$	174,154	 	 	$	144,927	 	
Items impacting comparability 1 :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gain on sale of landfill gas electric generation investments	 	 	(31,418	)	 	 	 	 	 	 	(31,418	)	 	 	 	 	
Income from discontinued operations	 	 	 	 	 	 	(554	)	 	 	 	 	 	 	(828	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Results	 	$	84,193	 	 	$	79,874	 	 	$	142,736	 	 	$	144,099	 	

Reported GAAP earnings per share	 	$	1.38	 	 	$	0.97	 	 	$	2.08	 	 	$	1.76	 	
Items impacting comparability 1 :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gain on sale of landfill gas electric generation investments	 	 	(0.38	)	 	 	 	 	 	 	(0.38	)	 	 	 	 	
Income from discontinued operations	 	 	 	 	 	 	(0.01	)	 	 	 	 	 	 	(0.01	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Results	 	$	1.00	 	 	$	0.96	 	 	$	1.70	 	 	$	1.75	 	

			
1	 	See discussion of these individual items below.	
     As outlined in the table above, certain items included in GAAP earnings impacted the comparability of the Company’s financial results when comparing the quarter and six months ended March 31, 2011, to the comparable periods in fiscal 2010. Excluding these items, Operating Results for the current quarter of $84.2 million, or $1.00 per share, increased $4.3 million, or $0.04 per share, from the prior year’s second quarter where Operating Results were $79.9 million or $0.96 per share. Excluding these items, Operating Results for the six months ended March 31, 2011, of $142.7 million, or $1.70 per share, decreased $1.4 million, or $0.05 per share, from the same period in the prior year, where Operating Results were $144.1 million or $1.75 per share. Items impacting comparability will be discussed in more detail within the discussion of segment earnings below.
DISCUSSION OF RESULTS BY SEGMENT
     (The following discussion of earnings for each segment is summarized in a tabular form at pages 10 through 13 of this report. It may be helpful to refer to those tables while reviewing this discussion.)
Exploration and Production Segment
     The Exploration and Production segment operations are carried out by Seneca Resources Corporation (“Seneca”). Seneca explores for, develops and produces natural gas and oil reserves in California and Appalachia. Seneca completed the sale of its Gulf of Mexico assets in April 2011.
     The Exploration and Production segment’s earnings in the second quarter of fiscal 2011 of $33.3 million, or $0.40 per share, increased $5.9 million, or $0.07 per share, when compared
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with the prior year’s second quarter. The increase was mainly due to natural gas production that was 6.6 Bcf higher than the second quarter of fiscal 2010.
     Overall production of natural gas and crude oil for the current quarter of 18.2 Bcfe increased approximately 6.4 Bcfe, or 54.7 percent, compared to the prior year’s second quarter. Production increased 7.3 Bcfe, or 203.5 percent, in Appalachia due to higher production, mainly from Marcellus wells. Marcellus production was 9.0 Bcfe for the current quarter compared to 1.3 Bcfe in the second quarter of the prior year. In the Gulf of Mexico and California, production decreased approximately 20.9 percent and 3.7 percent, respectively. Both decreases were consistent with the normal decline rates expected in each region.
     Changes in commodity prices realized after hedging also impacted earnings. The weighted average natural gas price received by Seneca (after hedging) for the quarter ended March 31, 2011, was $5.32 per thousand cubic feet (“Mcf”), a decrease of $1.22 per Mcf. Higher crude oil prices realized after hedging contributed to the increase in earnings. The weighted average crude oil price received by Seneca (after hedging) for the quarter ended March 31, 2011, was $82.28 per Bbl, an increase of $4.99 per Bbl.
     Depletion, lease operating and general and administrative (“G&A”) expenses for the current year’s second quarter increased due to the higher production activity discussed above. However, on a per unit basis, lease operating and G&A expenses were down by $0.29 per thousand cubic feet equivalent (“Mcfe”) and $0.05 per Mcfe, respectively. Depletion was unchanged from last year’s quarter.
     The Exploration and Production segment’s earnings of $60.7 million, or $0.73 per share, for the six months ended March 31, 2011, increased $3.5 million, or $0.04 per share, when compared with the six months ended March 31, 2010. The increase was primarily due to natural gas production that was 11.2 Bcf higher than the prior year’s six-month period.
     Overall production for the six months ended March 31, 2011, increased approximately 45.3 percent to 33.9 Bcfe, an increase of 10.6 Bcfe, compared to the prior year’s six-month period. Production in Appalachia increased 194.8 percent to 19.1 Bcfe mainly due to the growth in production from the Marcellus which reached 14.9 Bcfe for the six-month period. In the Gulf of Mexico and California, production decreased approximately 23.5 percent and 4.2 percent, respectively. Both decreases were consistent with the normal decline rates expected in each region.
     Changes in commodity prices realized after hedging also impacted earnings. The weighted average natural gas price received by Seneca (after hedging) for the six-month period ended March 31, 2011, was $5.30 per Mcf, a decrease of $1.12 per Mcf. Higher crude oil prices realized after hedging contributed to the increase in earnings. The weighted average crude oil price received by Seneca (after hedging) for the six-month period ended March 31, 2011, was $79.21 per Bbl, an increase of $3.35 per Bbl.
     Depletion, lease operating and G&A expenses for the six months ended March 31, 2011 increased compared to the prior year’s six-month period due to the higher production activity discussed above. However, on a per unit basis, lease operating and G&A expenses were down
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by $0.13 per Mcfe and $0.03 per Mcfe, respectively. Depletion increased $0.03 per Mcfe from last year’s six-month period.
Pipeline and Storage Segment
     The Pipeline and Storage segment operations are carried out by National Fuel Gas Supply Corporation (“Supply Corporation”) and Empire Pipeline, Inc. (“Empire”). The Pipeline and Storage segment provides natural gas transportation and storage services to affiliated and non-affiliated companies through an integrated system of pipelines and underground natural gas storage fields in western New York and western Pennsylvania.
     The Pipeline and Storage segment’s earnings of $11.0 million, or $0.13 per share, for the quarter ended March 31, 2011, decreased $1.5 million, or $0.02 per share, when compared with the same period in the prior fiscal year. The decrease was mostly due to increased operating expenses. Although more volumes of natural gas were transported for shippers under their firm transportation contracts, transportation revenues for both Supply Corporation and Empire were lower in the current quarter compared to the second quarter of 2010. Persistent strong Niagara/Chippawa basis prices have caused shippers to evaluate lower cost supply sources, and certain shippers have reduced their imports of natural gas from Canada. This has resulted in some contract terminations on Supply Corporation from Niagara. In order to offset these lower shipping volumes, Supply Corporation’s Northern Access expansion project and Empire’s Tioga County Extension Project have been designed to utilize that available capacity to provide producers of Marcellus gas a transportation path from the Marcellus supply basins to Canadian and other northeastern markets.
     The Pipeline and Storage segment’s earnings of $19.5 million, or $0.23 per share, for the six months ended March 31, 2011, decreased $3.3 million, or $0.05 per share, when compared with the six months ended March 31, 2010. The decrease in earnings for the current six-month period was due to higher operating expenses. Again, even though volumes shipped under customers’ firm contracts were higher, transportation revenues for both Supply Corporation and Empire were lower in the current six-month period compared to the same period in the prior fiscal year for the same reasons as described above.
Utility Segment
     The Utility segment operations are carried out by National Fuel Gas Distribution Corporation, which sells or transports natural gas to customers located in western New York and northwestern Pennsylvania.
     The Utility segment’s earnings of $33.1 million, or $0.40 per share, for the quarter ended March 31, 2011, decreased $0.2 million, or less than $0.01 per share, when compared with the same period in the prior fiscal year. The positive impact on earnings of colder weather and higher customer usage in Pennsylvania was more than offset by a New York regulatory adjustment regarding the timing of collection of certain regulatory expenses. In New York, colder weather did not have a significant impact on earnings for the quarter. The impact of weather variations on earnings in New York is mitigated by that jurisdiction’s weather normalization clause. Higher property taxes in both New York and Pennsylvania and higher income taxes in Pennsylvania also reduced earnings for the current second quarter.
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     The Utility segment’s earnings of $56.1 million, or $0.67 per share, for the six months ended March 31, 2011, decreased from earnings of $56.3 million, or $0.68 per share, for the six months ended March 31, 2010. Colder weather and higher customer usage in Pennsylvania was more than offset by the impact of the New York regulatory adjustment, higher property taxes and income taxes discussed above. In addition, higher operating expenses and depreciation expense during the current six month period decreased earnings.
Energy Marketing Segment
     National Fuel Resources, Inc. (“NFR”) comprises the Company’s Energy Marketing segment. NFR markets natural gas to industrial, wholesale, commercial, public authority and residential customers primarily in western and central New York and northwestern Pennsylvania, offering competitively priced natural gas to its customers.
     The Energy Marketing segment’s earnings for the quarter ended March 31, 2011, of $6.3 million increased $0.3 million compared to the second quarter of the prior year due to higher volumes sold to retail customers and improved average margins per Mcf. Earnings for the six months ended March 31, 2011 of $7.2 million increased $0.2 million compared to the prior year’s six-month period. The increase in earnings is due to higher volumes sold to retail customers and improved average margins per Mcf, partially offset by higher operating expenses.
Corporate and All Other
     The Corporate and All Other category includes the following active, wholly owned subsidiaries of the Company: National Fuel Gas Midstream Corporation (“Midstream”), formed to build, own and operate natural gas processing and pipeline gathering facilities in the Appalachian region; and Highland Forest Resources, Inc., a corporation that markets high quality hardwoods from Appalachian land holdings.
     Earnings in the Corporate and All Other category for the quarter ended March 31, 2011, were $32.0 million, an increase of $30.6 million compared to the prior year’s second quarter earnings of $1.4 million. The comparability of the results for the quarters ended March 31, 2011 and March 31, 2010, is impacted by the following items. In February 2011, Horizon Power, Inc. completed the sale of its interest in certain entities that owned landfill gas electric generation assets and recorded a gain of $31.4 million. On September 1, 2010, the Company completed the sale of its landfill gas operations. As a result of this transaction, the Company is presenting the landfill gas operations as discontinued operations. Earnings in the second quarter of fiscal 2010 include earnings from discontinued operations of $0.6 million.
     Excluding the items above, Operating Results in the Corporate and All Other category of $0.6 million in the current year second quarter decreased from Operating Results of $0.8 million in the prior year’s second quarter. Lower earnings from timber sales as a result of the sale of the sawmill operations and higher corporate operating expenses more than offset higher earnings from Midstream’s pipeline gathering and natural gas processing operations.
     Earnings in the Corporate and All Other category for the six months ended March 31, 2011, were $30.6 million, an increase of $29.0 million when compared to the earnings for the six
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months ended March 31, 2010, of $1.6 million. The comparability of the results for the six months ended March 31, 2011, and the prior year’s Six Month period was impacted by the $31.4 million gain on the Horizon Power Inc. sale of its landfill gas electric generations assets and $0.8 million of income from discontinued operations as a result of the sale of the Company’s landfill gas operations as described above.
     Excluding these items, Operating Results of $0.8 million for the six-month period ended March 31, 2010, compared to a loss of $0.8 million in the current year six-month period. Lower income from unconsolidated subsidiaries (due to the sale of landfill gas electric generation assets described above) and lower earnings from timber sales more than offset higher earnings from Midstream’s pipeline gathering and natural gas processing operations.
Discontinued Operations
     Earnings from discontinued operations for the quarter and six months ended March 31, 2011, decreased $0.6 million and $0.8 million, respectively. The decrease is the result of the Company’s September 1, 2010, sale of its landfill gas operations.
EARNINGS GUIDANCE
     The Company is updating its earnings guidance for fiscal 2011 to reflect actual results for the six months ended March 31, 2011. The revised GAAP earnings range is $2.83 to $2.98 per share. The previous guidance range had been $2.70 to $2.95 per share. This includes oil and gas production for fiscal 2011 for the Exploration and Production segment in a range between 66 and 71 Bcfe, hedges currently in place, and NYMEX equivalent flat commodity pricing on non-hedged volumes exclusive of basis differential, of $4.00 per MMBtu for natural gas and $80.00 per Bbl for crude oil.
EARNINGS TELECONFERENCE
     The Company will host a conference call on Friday, May 6, 2011, at 11 a.m. Eastern Time to discuss this announcement. There are two ways to access this call. For those with Internet access, visit the investor relations page at National Fuel’s website at investor.nationalfuelgas.com . For those without Internet access, access is also provided by dialing (toll-free) 866-788-0547, and using the passcode “95290094.” For those unable to listen to the live conference call, a replay will be available at approximately 2 p.m. Eastern Time at the same website link and by phone at (toll-free) 888-286-8010 using passcode “37028042.” Both the webcast and telephonic replay will be available until the close of business on Friday, May 13, 2011.
     National Fuel is an integrated energy company with $5.2 billion in assets comprised of the following four operating segments: Exploration and Production, Pipeline and Storage, Utility, and Energy Marketing. Additional information about National Fuel is available on its Internet website: http://www.nationalfuelgas.com or through its investor information service at 1-800-334-2188.
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Analyst Contact:	 	Timothy J. Silverstein	 	716-857-6987	
Media Contact:	 	Donna L. DeCarolis	 	716-857-7872	
Certain statements contained herein, including those regarding estimated future earnings, and statements that are identified by the use of the words “anticipates,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “predicts,” “projects,” “believes,” “seeks,” “will,” “may” and similar expressions, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, which could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. The Company’s expectations, beliefs and projections contained herein are expressed in good faith and are believed to have a reasonable basis, but there can be no assurance that such expectations, beliefs or projections will result or be achieved or accomplished. In addition to other factors, the following are important factors that could cause actual results to differ materially from those discussed in the forward-looking statements: financial and economic conditions, including the availability of credit, and occurrences affecting the Company’s ability to obtain financing on acceptable terms for working capital, capital expenditures and other investments, including any downgrades in the Company’s credit ratings and changes in interest rates and other capital market conditions; changes in economic conditions, including global, national or regional recessions, and their effect on the demand for, and customers’ ability to pay for, the Company’s products and services; the creditworthiness or performance of the Company’s key suppliers, customers and counterparties; economic disruptions or uninsured losses resulting from terrorist activities, acts of war, major accidents, fires, hurricanes, other severe weather, pest infestation or other natural disasters; factors affecting the Company’s ability to successfully identify, drill for and produce economically viable natural gas and oil reserves, including among others geology, lease availability, weather conditions, shortages, delays or unavailability of equipment and services required in drilling operations, insufficient gathering, processing and transportation capacity, the need to obtain governmental approvals and permits, and compliance with environmental laws and regulations; changes in laws and regulations to which the Company is subject, including those involving derivatives, taxes, safety, employment, climate change, other environmental matters, and exploration and production activities such as hydraulic fracturing; uncertainty of oil and gas reserve estimates; significant differences between the Company’s projected and actual production levels for natural gas or oil; significant changes in market dynamics or competitive factors affecting the Company’s ability to retain existing customers or obtain new customers; changes in demographic patterns and weather conditions; changes in the availability and/or price of natural gas or oil and the effect of such changes on the accounting treatment of derivative financial instruments; impairments under the SEC’s full cost ceiling test for natural gas and oil reserves; changes in the availability and/or cost of derivative financial instruments; changes in the price differential between similar quantities of natural gas at different geographic locations, and the effect of such changes on the demand for pipeline transportation capacity to or from such locations; other changes in price differentials between similar quantities of oil or natural gas having different quality, heating value or geographic location; changes in the projected profitability of pending or potential projects, investments or transactions; significant differences between the Company’s projected and actual capital expenditures and operating expenses; delays or changes in costs or plans with respect to Company projects or related projects of other companies, including difficulties or delays in obtaining necessary governmental approvals, permits or orders or in obtaining the cooperation of interconnecting facility operators; governmental/regulatory actions, initiatives and proceedings, including those involving derivatives, acquisitions, financings, rate cases (which address, among other things, allowed rates of return, rate design and retained natural gas), affiliate relationships, industry structure, franchise renewal, and environmental/safety requirements; unanticipated impacts of restructuring initiatives in the natural gas and electric industries; ability to successfully identify and finance acquisitions or other investments and ability to operate and integrate existing and any subsequently acquired business or properties; changes in actuarial assumptions, the interest rate environment and the return on plan/trust assets related to the Company’s pension and other post-retirement benefits, which can affect future funding obligations and costs and plan liabilities; significant
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 Page 9. 
changes in tax rates or policies or in rates of inflation or interest; significant changes in the Company’s relationship with its employees or contractors and the potential adverse effects if labor disputes, grievances or shortages were to occur; changes in accounting principles or the application of such principles to the Company; the cost and effects of legal and administrative claims against the Company or activist shareholder campaigns to effect changes at the Company; increasing health care costs and the resulting effect on health insurance premiums and on the obligation to provide other post-retirement benefits; or increasing costs of insurance, changes in coverage and the ability to obtain insurance. The Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date thereof.
-more-

 

 Page 10 
NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
QUARTER ENDED MARCH 31, 2011
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Exploration &	 	 	Pipeline &	 	 	 	 	 	 	Energy	 	 	Corporate /	 	 	 	 	
(Thousands of Dollars)	 	Production	 	 	Storage	 	 	Utility	 	 	Marketing	 	 	All Other **	 	 	Consolidated***	 	

Second quarter 2010 GAAP earnings	 	$	27,383	 	 	$	12,448	 	 	$	33,273	 	 	$	5,969	 	 	$	1,355	 	 	$	80,428	 	
Items impacting comparability:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income from discontinued operations	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(554	)	 	 	(554	)	
 	 	 	
Second quarter 2010 operating results	 	 	27,383	 	 	 	12,448	 	 	 	33,273	 	 	 	5,969	 	 	 	801	 	 	 	79,874	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Drivers of operating results	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Higher (lower) crude oil prices	 	 	2,414	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	2,414	 	
Higher (lower) natural gas prices	 	 	(10,845	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(10,845	)	
Higher (lower) natural gas production	 	 	28,229	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	28,229	 	
Higher (lower) crude oil production	 	 	(1,685	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(1,685	)	
Lower (higher) lease operating expenses	 	 	(2,131	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(2,131	)	
Lower (higher) depreciation / depletion	 	 	(9,160	)	 	 	(233	)	 	 	 	 	 	 	 	 	 	 	955	 	 	 	(8,438	)	
Higher (lower) processing plant revenues	 	 	310	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	310	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Higher (lower) transportation revenues	 	 	 	 	 	 	(731	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(731	)	
Higher (lower) gathering and processing revenues	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	1,385	 	 	 	1,385	 	
Lower (higher) operating expenses	 	 	(2,396	)	 	 	(865	)	 	 	 	 	 	 	 	 	 	 	(291	)	 	 	(3,552	)	
Lower (higher) property, franchise and other taxes	 	 	(1,325	)	 	 	(267	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(1,592	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Usage	 	 	 	 	 	 	 	 	 	 	1,019	 	 	 	 	 	 	 	 	 	 	 	1,019	 	
Colder weather in Pennsylvania	 	 	 	 	 	 	 	 	 	 	541	 	 	 	 	 	 	 	 	 	 	 	541	 	
Regulatory true-up adjustments	 	 	 	 	 	 	 	 	 	 	(1,652	)	 	 	 	 	 	 	 	 	 	 	(1,652	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Higher (lower) margins	 	 	 	 	 	 	 	 	 	 	 	 	 	 	328	 	 	 	(2,205	)	 	 	(1,877	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Higher AFUDC *	 	 	 	 	 	 	301	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	301	 	
Higher (lower) interest income	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(2,329	)	 	 	(2,329	)	
(Higher) lower interest expense	 	 	2,490	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	2,411	 	 	 	4,901	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
All other / rounding	 	 	15	 	 	 	302	 	 	 	(100	)	 	 	2	 	 	 	(168	)	 	 	51	 	

Second quarter 2011 operating results	 	 	33,299	 	 	 	10,955	 	 	 	33,081	 	 	 	6,299	 	 	 	559	 	 	 	84,193	 	
Items impacting comparability:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gain on sale of unconsolidated subsidiaries	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	31,418	 	 	 	31,418	 	
 	 	 	
Second quarter 2011 GAAP earnings	 	$	33,299	 	 	$	10,955	 	 	$	33,081	 	 	$	6,299	 	 	$	31,977	 	 	$	115,611	 	

			
*	 	AFUDC = Allowance for Funds Used During Construction	
 		
**	 	Includes discontinued operations	
 		
***	 	Amounts do not reflect intercompany eliminations	

 

 Page 11 
NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
QUARTER ENDED MARCH 31, 2011
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Exploration &	 	Pipeline &	 	 	 	 	 	Energy	 	Corporate /	 	 	
 	 	Production	 	Storage	 	Utility	 	Marketing	 	All Other **	 	Consolidated***	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Second quarter 2010 GAAP earnings	 	$	0.33	 	 	$	0.15	 	 	$	0.40	 	 	$	0.07	 	 	$	0.02	 	 	$	0.97	 	
Items impacting comparability:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income from discontinued operations	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(0.01	)	 	 	(0.01	)	
 	 	 	
Second quarter 2010 operating results	 	 	0.33	 	 	 	0.15	 	 	 	0.40	 	 	 	0.07	 	 	 	0.01	 	 	 	0.96	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Drivers of operating results	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Higher (lower) crude oil prices	 	 	0.03	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.03	 	
Higher (lower) natural gas prices	 	 	(0.13	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(0.13	)	
Higher (lower) natural gas production	 	 	0.34	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.34	 	
Higher (lower) crude oil production	 	 	(0.02	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(0.02	)	
Lower (higher) lease operating expenses	 	 	(0.03	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(0.03	)	
Lower (higher) depreciation / depletion	 	 	(0.11	)	 	 	—	 	 	 	 	 	 	 	 	 	 	 	0.01	 	 	 	(0.10	)	
Higher (lower) processing plant revenues	 	 	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Higher (lower) transportation revenues	 	 	 	 	 	 	(0.01	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(0.01	)	
Higher (lower) gathering and processing revenues	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.02	 	 	 	0.02	 	
Lower (higher) operating expenses	 	 	(0.03	)	 	 	(0.01	)	 	 	 	 	 	 	 	 	 	 	—	 	 	 	(0.04	)	
Lower (higher) property, franchise and other taxes	 	 	(0.02	)	 	 	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(0.02	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Usage	 	 	 	 	 	 	 	 	 	 	0.01	 	 	 	 	 	 	 	 	 	 	 	0.01	 	
Colder weather in Pennsylvania	 	 	 	 	 	 	 	 	 	 	0.01	 	 	 	 	 	 	 	 	 	 	 	0.01	 	
Regulatory true-up adjustments	 	 	 	 	 	 	 	 	 	 	(0.02	)	 	 	 	 	 	 	 	 	 	 	(0.02	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Higher (lower) margins	 	 	 	 	 	 	 	 	 	 	 	 	 	 	—	 	 	 	(0.03	)	 	 	(0.03	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Higher AFUDC *	 	 	 	 	 	 	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	—	 	
Higher (lower) interest income	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(0.03	)	 	 	(0.03	)	
(Higher) lower interest expense	 	 	0.03	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.03	 	 	 	0.06	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
All other / rounding	 	 	0.01	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	(0.01	)	 	 	—	 	

Second quarter 2011 operating results	 	 	0.40	 	 	 	0.13	 	 	 	0.40	 	 	 	0.07	 	 	 	—	 	 	 	1.00	 	
Items impacting comparability:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gain on sale of unconsolidated subsidiaries	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.38	 	 	 	0.38	 	
 	 	 	
Second quarter 2011 GAAP earnings	 	$	0.40	 	 	$	0.13	 	 	$	0.40	 	 	$	0.07	 	 	$	0.38	 	 	$	1.38	 	

			
*	 	AFUDC = Allowance for Funds Used During Construction	
 		
**	 	Includes discontinued operations	
 		
***	 	Amounts do not reflect intercompany eliminations	

 

 Page 12 
NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
SIX MONTHS ENDED MARCH 31, 2011
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Exploration &	 	Pipeline &	 	 	 	 	 	Energy	 	Corporate /	 	 	
(Thousands of Dollars)	 	Production	 	Storage	 	Utility	 	Marketing	 	All Other **	 	Consolidated***	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Six months ended March 31, 2010 GAAP earnings	 	$	57,163	 	 	$	22,802	 	 	$	56,286	 	 	$	7,061	 	 	$	1,615	 	 	$	144,927	 	
Items impacting comparability:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income from discontinued operations	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(828	)	 	 	(828	)	
 	 	 	
Six months ended March 31, 2010 operating results	 	 	57,163	 	 	 	22,802	 	 	 	56,286	 	 	 	7,061	 	 	 	787	 	 	 	144,099	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Drivers of operating results	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Higher (lower) crude oil prices	 	 	3,303	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	3,303	 	
Higher (lower) natural gas prices	 	 	(18,183	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(18,183	)	
Higher (lower) natural gas production	 	 	46,708	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	46,708	 	
Higher (lower) crude oil production	 	 	(5,175	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(5,175	)	
Lower (higher) lease operating expenses	 	 	(5,450	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(5,450	)	
Lower (higher) depreciation / depletion	 	 	(15,501	)	 	 	(330	)	 	 	(408	)	 	 	 	 	 	 	2,060	 	 	 	(14,179	)	
Higher (lower) processing plant revenues	 	 	855	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	855	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Higher (lower) transportation revenues	 	 	 	 	 	 	(1,685	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(1,685	)	
Higher (lower) gathering and processing revenues	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	2,623	 	 	 	2,623	 	
Lower (higher) operating expenses	 	 	(4,060	)	 	 	(1,833	)	 	 	(410	)	 	 	(172	)	 	 	(697	)	 	 	(7,172	)	
Lower (higher) property, franchise and other taxes	 	 	(1,636	)	 	 	(332	)	 	 	(534	)	 	 	 	 	 	 	 	 	 	 	(2,502	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Usage	 	 	 	 	 	 	 	 	 	 	1,500	 	 	 	 	 	 	 	 	 	 	 	1,500	 	
Colder weather in Pennsylvania	 	 	 	 	 	 	 	 	 	 	1,010	 	 	 	 	 	 	 	 	 	 	 	1,010	 	
Regulatory true-up adjustments	 	 	 	 	 	 	 	 	 	 	(1,438	)	 	 	 	 	 	 	 	 	 	 	(1,438	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Higher (lower) income from unconsolidated subsidiaries	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(1,101	)	 	 	(1,101	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Higher (lower) margins	 	 	 	 	 	 	 	 	 	 	 	 	 	 	303	 	 	 	(5,104	)	 	 	(4,801	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Higher AFUDC *	 	 	 	 	 	 	471	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	471	 	
Higher (lower) interest income	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(3,346	)	 	 	(3,346	)	
Lower (higher) interest expense	 	 	3,595	 	 	 	 	 	 	 	304	 	 	 	 	 	 	 	3,513	 	 	 	7,412	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Higher) lower income tax expense	 	 	(732	)	 	 	405	 	 	 	(664	)	 	 	 	 	 	 	 	 	 	 	(991	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
All other / rounding	 	 	(215	)	 	 	35	 	 	 	425	 	 	 	39	 	 	 	494	 	 	 	778	 	

Six months ended March 31, 2011 operating results	 	 	60,672	 	 	 	19,533	 	 	 	56,071	 	 	 	7,231	 	 	 	(771	)	 	 	142,736	 	
Items impacting comparability:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gain on sale of unconsolidated subsidiaries	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	31,418	 	 	 	31,418	 	
 	 	 	
Six months ended March 31, 2011 GAAP earnings	 	$	60,672	 	 	$	19,533	 	 	$	56,071	 	 	$	7,231	 	 	$	30,647	 	 	$	174,154	 	

			
*	 	AFUDC = Allowance for Funds Used During Construction	
 		
**	 	Includes discontinued operations	
 		
***	 	Amounts do not reflect intercompany eliminations	

 

 Page 13 
NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
SIX MONTHS ENDED MARCH 31, 2011
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Exploration &	 	Pipeline &	 	 	 	 	 	Energy	 	Corporate /	 	 	
 	 	Production	 	Storage	 	Utility	 	Marketing	 	All Other **	 	Consolidated***	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Six months ended March 31, 2010 GAAP earnings	 	$	0.69	 	 	$	0.28	 	 	$	0.68	 	 	$	0.09	 	 	$	0.02	 	 	$	1.76	 	
Items impacting comparability:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income from discontinued operations	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(0.01	)	 	 	(0.01	)	
 	 	 	
Six months ended March 31, 2010 operating results	 	 	0.69	 	 	 	0.28	 	 	 	0.68	 	 	 	0.09	 	 	 	0.01	 	 	 	1.75	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Drivers of operating results	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Higher (lower) crude oil prices	 	 	0.04	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.04	 	
Higher (lower) natural gas prices	 	 	(0.22	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(0.22	)	
Higher (lower) natural gas production	 	 	0.56	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.56	 	
Higher (lower) crude oil production	 	 	(0.06	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(0.06	)	
Lower (higher) lease operating expenses	 	 	(0.07	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(0.07	)	
Lower (higher) depreciation / depletion	 	 	(0.19	)	 	 	—	 	 	 	—	 	 	 	 	 	 	 	0.02	 	 	 	(0.17	)	
Higher (lower) processing plant revenues	 	 	0.01	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.01	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Higher (lower) transportation revenues	 	 	 	 	 	 	(0.02	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(0.02	)	
Higher (lower) gathering and processing revenues	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.03	 	 	 	0.03	 	
Lower (higher) operating expenses	 	 	(0.05	)	 	 	(0.02	)	 	 	—	 	 	 	—	 	 	 	(0.01	)	 	 	(0.08	)	
Lower (higher) property, franchise and other taxes	 	 	(0.02	)	 	 	—	 	 	 	(0.01	)	 	 	 	 	 	 	 	 	 	 	(0.03	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Usage	 	 	 	 	 	 	 	 	 	 	0.02	 	 	 	 	 	 	 	 	 	 	 	0.02	 	
Colder weather in Pennsylvania	 	 	 	 	 	 	 	 	 	 	0.01	 	 	 	 	 	 	 	 	 	 	 	0.01	 	
Regulatory true-up adjustments	 	 	 	 	 	 	 	 	 	 	(0.02	)	 	 	 	 	 	 	 	 	 	 	(0.02	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Higher (lower) income from unconsolidated subsidiaries	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(0.01	)	 	 	(0.01	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Higher (lower) margins	 	 	 	 	 	 	 	 	 	 	 	 	 	 	—	 	 	 	(0.06	)	 	 	(0.06	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Higher AFUDC *	 	 	 	 	 	 	0.01	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.01	 	
Higher (lower) interest income	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(0.04	)	 	 	(0.04	)	
Lower (higher) interest expense	 	 	0.04	 	 	 	 	 	 	 	—	 	 	 	 	 	 	 	0.04	 	 	 	0.08	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Higher) lower income tax expense	 	 	(0.01	)	 	 	—	 	 	 	(0.01	)	 	 	 	 	 	 	 	 	 	 	(0.02	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
All other / rounding	 	 	0.01	 	 	 	(0.02	)	 	 	—	 	 	 	—	 	 	 	—	 	 	 	(0.01	)	

Six months ended March 31, 2011 operating results	 	 	0.73	 	 	 	0.23	 	 	 	0.67	 	 	 	0.09	 	 	 	(0.02	)	 	 	1.70	 	
Items impacting comparability:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gain on sale of unconsolidated subsidiaries	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.38	 	 	 	0.38	 	
 	 	 	
Six months ended March 31, 2011 GAAP earnings	 	$	0.73	 	 	$	0.23	 	 	$	0.67	 	 	$	0.09	 	 	$	0.36	 	 	$	2.08	 	

			
*	 	AFUDC = Allowance for Funds Used During Construction	
 		
**	 	Includes discontinued operations	
 		
***	 	Amounts do not reflect intercompany eliminations	

 

 Page 14 
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
(Thousands of Dollars, except per share amounts)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Six Months Ended	 	
 	 	March 31,	 	 	March 31,	 	
 	 	(Unaudited)	 	 	(Unaudited)	 	
SUMMARY OF OPERATIONS	 	2011	 	 	2010	 	 	2011	 	 	2010	 	
Operating Revenues	 	$	660,881	 	 	$	667,980	 	 	$	1,111,829	 	 	$	1,122,115	 	

Operating Expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Purchased Gas	 	 	306,595	 	 	 	332,923	 	 	 	469,633	 	 	 	504,213	 	
Operation and Maintenance	 	 	116,721	 	 	 	116,261	 	 	 	214,171	 	 	 	210,031	 	
Property, Franchise and Other Taxes	 	 	23,798	 	 	 	20,440	 	 	 	43,534	 	 	 	39,090	 	
Depreciation, Depletion and Amortization	 	 	60,011	 	 	 	46,725	 	 	 	113,324	 	 	 	91,513	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	507,125	 	 	 	516,349	 	 	 	840,662	 	 	 	844,847	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income	 	 	153,756	 	 	 	151,631	 	 	 	271,167	 	 	 	277,268	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other Income (Expense):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (Loss) from Unconsolidated Subsidiaries	 	 	479	 	 	 	672	 	 	 	(621	)	 	 	1,073	 	
Gain on Sale of Unconsolidated Subsidiaries	 	 	50,879	 	 	 	—	 	 	 	50,879	 	 	 	—	 	
Other Income	 	 	1,945	 	 	 	1,266	 	 	 	2,938	 	 	 	1,622	 	
Interest Income	 	 	68	 	 	 	326	 	 	 	951	 	 	 	1,480	 	
Interest Expense on Long-Term Debt	 	 	(17,926	)	 	 	(22,061	)	 	 	(38,118	)	 	 	(44,124	)	
Other Interest Expense	 	 	(1,454	)	 	 	(2,002	)	 	 	(2,855	)	 	 	(3,379	)	

Income from Continuing Operations Before Income Taxes	 	 	187,747	 	 	 	129,832	 	 	 	284,341	 	 	 	233,940	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income Tax Expense	 	 	72,136	 	 	 	49,958	 	 	 	110,187	 	 	 	89,841	 	

Income from Continuing Operations	 	 	115,611	 	 	 	79,874	 	 	 	174,154	 	 	 	144,099	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income from Discontinued Operations, Net of Tax	 	 	—	 	 	 	554	 	 	 	—	 	 	 	828	 	

Net Income Available for Common Stock	 	$	115,611	 	 	$	80,428	 	 	$	174,154	 	 	$	144,927	 	

Earnings Per Common Share:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income from Continuing Operations	 	$	1.40	 	 	$	0.98	 	 	$	2.12	 	 	$	1.78	 	
Income from Discontinued Operations	 	 	—	 	 	 	0.01	 	 	 	—	 	 	 	0.01	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Income Available for Common Stock	 	$	1.40	 	 	$	0.99	 	 	$	2.12	 	 	$	1.79	 	

Diluted:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income from Continuing Operations	 	$	1.38	 	 	$	0.96	 	 	$	2.08	 	 	$	1.75	 	
Income from Discontinued Operations	 	 	—	 	 	 	0.01	 	 	 	—	 	 	 	0.01	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Income Available for Common Stock	 	$	1.38	 	 	$	0.97	 	 	$	2.08	 	 	$	1.76	 	

Weighted Average Common Shares:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Used in Basic Calculation	 	 	82,400,851	 	 	 	81,175,261	 	 	 	82,311,162	 	 	 	80,866,311	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Used in Diluted Calculation	 	 	83,673,977	 	 	 	82,569,323	 	 	 	83,561,775	 	 	 	82,347,254	 	

 

 Page 15 
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
 	 	 	 	 	 	 	 	 	
 	 	March 31,	 	September 30,	
(Thousands of Dollars)	 	2011	 	2010	

ASSETS	 	 	 	 	 	 	 	 	
Property, Plant and Equipment	 	$	6,019,453	 	 	$	5,637,498	 	
Less — Accumulated Depreciation, Depletion and Amortization	 	 	2,285,313	 	 	 	2,187,269	 	
 	 	 	
Net Property, Plant and Equipment	 	 	3,734,140	 	 	 	3,450,229	 	

Current Assets:	 	 	 	 	 	 	 	 	
Cash and Temporary Cash Investments	 	 	144,767	 	 	 	397,171	 	
Hedging Collateral Deposits	 	 	61,826	 	 	 	11,134	 	
Receivables — Net	 	 	227,898	 	 	 	132,136	 	
Unbilled Utility Revenue	 	 	48,551	 	 	 	20,920	 	
Gas Stored Underground	 	 	11,927	 	 	 	48,584	 	
Materials and Supplies — at average cost	 	 	31,707	 	 	 	24,987	 	
Other Current Assets	 	 	58,522	 	 	 	115,969	 	
Deferred Income Taxes	 	 	34,917	 	 	 	24,476	 	
 	 	 	
Total Current Assets	 	 	620,115	 	 	 	775,377	 	

Other Assets:	 	 	 	 	 	 	 	 	
Recoverable Future Taxes	 	 	152,017	 	 	 	149,712	 	
Unamortized Debt Expense	 	 	11,547	 	 	 	12,550	 	
Other Regulatory Assets	 	 	529,420	 	 	 	542,801	 	
Deferred Charges	 	 	5,960	 	 	 	9,646	 	
Other Investments	 	 	83,744	 	 	 	77,839	 	
Investments in Unconsolidated Subsidiaries	 	 	1,443	 	 	 	14,828	 	
Goodwill	 	 	5,476	 	 	 	5,476	 	
Fair Value of Derivative Financial Instruments	 	 	37,708	 	 	 	65,184	 	
Other	 	 	1,747	 	 	 	1,983	 	
 	 	 	
Total Other Assets	 	 	829,062	 	 	 	880,019	 	
 	 	 	
Total Assets	 	$	5,183,317	 	 	$	5,105,625	 	

CAPITALIZATION AND LIABILITIES	 	 	 	 	 	 	 	 	
Capitalization:	 	 	 	 	 	 	 	 	
Comprehensive Shareholders’ Equity	 	 	 	 	 	 	 	 	
Common Stock, $1 Par Value Authorized — 200,000,000 Shares; Issued and Outstanding — 82,544,193 Shares and 82,075,470 Shares, Respectively	 	$	82,544	 	 	$	82,075	 	
Paid in Capital	 	 	645,961	 	 	 	645,619	 	
Earnings Reinvested in the Business	 	 	1,180,531	 	 	 	1,063,262	 	
 	 	 	
Total Common Shareholders’ Equity Before Items of Other Comprehensive Loss	 	 	1,909,036	 	 	 	1,790,956	 	
Accumulated Other Comprehensive Loss	 	 	(92,521	)	 	 	(44,985	)	
 	 	 	
Total Comprehensive Shareholders’ Equity	 	 	1,816,515	 	 	 	1,745,971	 	
Long-Term Debt, Net of Current Portion	 	 	899,000	 	 	 	1,049,000	 	
 	 	 	
Total Capitalization	 	 	2,715,515	 	 	 	2,794,971	 	

Current and Accrued Liabilities:	 	 	 	 	 	 	 	 	
Notes Payable to Banks and Commercial Paper	 	 	—	 	 	 	—	 	
Current Portion of Long-Term Debt	 	 	150,000	 	 	 	200,000	 	
Accounts Payable	 	 	122,911	 	 	 	89,677	 	
Amounts Payable to Customers	 	 	25,475	 	 	 	38,109	 	
Dividends Payable	 	 	28,478	 	 	 	28,316	 	
Interest Payable on Long-Term Debt	 	 	25,512	 	 	 	30,512	 	
Customer Advances	 	 	2,700	 	 	 	27,638	 	
Customer Security Deposits	 	 	18,064	 	 	 	18,320	 	
Other Accruals and Current Liabilities	 	 	160,363	 	 	 	71,592	 	
Fair Value of Derivative Financial Instruments	 	 	70,115	 	 	 	20,160	 	
 	 	 	
Total Current and Accrued Liabilities	 	 	603,618	 	 	 	524,324	 	

Deferred Credits:	 	 	 	 	 	 	 	 	
Deferred Income Taxes	 	 	886,824	 	 	 	800,758	 	
Taxes Refundable to Customers	 	 	69,592	 	 	 	69,585	 	
Unamortized Investment Tax Credit	 	 	2,937	 	 	 	3,288	 	
Cost of Removal Regulatory Liability	 	 	131,958	 	 	 	124,032	 	
Other Regulatory Liabilities	 	 	88,825	 	 	 	89,334	 	
Pension and Other Post-Retirement Liabilities	 	 	434,488	 	 	 	446,082	 	
Asset Retirement Obligations	 	 	102,094	 	 	 	101,618	 	
Other Deferred Credits	 	 	147,466	 	 	 	151,633	 	
 	 	 	
Total Deferred Credits	 	 	1,864,184	 	 	 	1,786,330	 	
 	 	 	
Commitments and Contingencies	 	 	—	 	 	 	—	 	
 	 	 	
Total Capitalization and Liabilities	 	$	5,183,317	 	 	$	5,105,625	 	

 

 Page 16 
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 	 	 	 	 	 	 	 	 	
 	 	Six Months Ended	 	
 	 	March 31,	 	
(Thousands of Dollars)	 	2011	 	 	2010	 	

Operating Activities:	 	 	 	 	 	 	 	 	
Net Income Available for Common Stock	 	$	174,154	 	 	$	144,927	 	
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:	 	 	 	 	 	 	 	 	
Gain on Sale of Unconsolidated Subsidiaries	 	 	(50,879	)	 	 	—	 	
Depreciation, Depletion and Amortization	 	 	113,324	 	 	 	91,846	 	
Deferred Income Taxes	 	 	106,510	 	 	 	41,795	 	
(Income) Loss from Unconsolidated Subsidiaries, Net of Cash Distributions	 	 	4,899	 	 	 	1,228	 	
Excess Tax Benefits Associated with Stock-Based Compensation Awards	 	 	—	 	 	 	(13,437	)	
Other	 	 	804	 	 	 	6,271	 	
Change in:	 	 	 	 	 	 	 	 	
Hedging Collateral Deposits	 	 	(50,692	)	 	 	(12,809	)	
Receivables and Unbilled Utility Revenue	 	 	(123,393	)	 	 	(101,881	)	
Gas Stored Underground and Materials and Supplies	 	 	30,144	 	 	 	37,932	 	
Prepayments and Other Current Assets	 	 	57,447	 	 	 	31,318	 	
Accounts Payable	 	 	33,234	 	 	 	12,178	 	
Amounts Payable to Customers	 	 	(12,634	)	 	 	(41,442	)	
Customer Advances	 	 	(24,938	)	 	 	(21,840	)	
Customer Security Deposits	 	 	(256	)	 	 	1,996	 	
Other Accruals and Current Liabilities	 	 	93,473	 	 	 	90,499	 	
Other Assets	 	 	15,710	 	 	 	11,285	 	
Other Liabilities	 	 	(23,685	)	 	 	(535	)	
 	
Net Cash Provided by Operating Activities	 	$	343,222	 	 	$	279,331	 	

Investing Activities:	 	 	 	 	 	 	 	 	
Capital Expenditures	 	 	($392,338	)	 	 	($230,530	)	
Net Proceeds from Sale of Unconsolidated Subsidiaries	 	 	59,365	 	 	 	—	 	
Other	 	 	(3,097	)	 	 	(115	)	
 	
Net Cash Used in Investing Activities	 	 	($336,070	)	 	 	($230,645	)	

Financing Activities:	 	 	 	 	 	 	 	 	
Excess Tax Benefits Associated with Stock-Based Compensation Awards	 	$	—	 	 	$	13,437	 	
Reduction of Long-Term Debt	 	 	(200,000	)	 	 	—	 	
Dividends Paid on Common Stock	 	 	(56,723	)	 	 	(54,096	)	
Net Proceeds From Issuance (Repurchase) of Common Stock	 	 	(2,833	)	 	 	10,724	 	
 	
Net Cash Used In Financing Activities	 	 	($259,556	)	 	 	($29,935	)	
 	
Net Increase (Decrease) in Cash and Temporary Cash Investments	 	 	(252,404	)	 	 	18,751	 	
Cash and Temporary Cash Investments at Beginning of Period	 	 	397,171	 	 	 	410,053	 	
 	
Cash and Temporary Cash Investments at March 31	 	$	144,767	 	 	$	428,804	 	

 

 Page 17 
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Six Months Ended	
(Thousands of Dollars, except per share amounts)	 	March 31,	 	March 31,	
EXPLORATION AND PRODUCTION SEGMENT	 	2011	 	2010	 	Variance	 	2011	 	2010	 	Variance	
 	 	 	 	 	
Operating Revenues	 	$	137,430	 	 	$	109,158	 	 	$	28,272	 	 	$	257,598	 	 	$	215,511	 	 	$	42,087	 	

Operating Expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operation and Maintenance:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
General and Administrative Expense	 	 	12,798	 	 	 	8,858	 	 	 	3,940	 	 	 	23,988	 	 	 	17,347	 	 	 	6,641	 	
Lease Operating Expense	 	 	18,966	 	 	 	15,688	 	 	 	3,278	 	 	 	36,315	 	 	 	27,932	 	 	 	8,383	 	
All Other Operation and Maintenance Expense	 	 	1,900	 	 	 	2,149	 	 	 	(249	)	 	 	3,942	 	 	 	4,333	 	 	 	(391	)	
Property, Franchise and Other Taxes (Lease Operating Expense)	 	 	4,690	 	 	 	2,652	 	 	 	2,038	 	 	 	7,520	 	 	 	5,004	 	 	 	2,516	 	
Depreciation, Depletion and Amortization	 	 	39,984	 	 	 	25,891	 	 	 	14,093	 	 	 	73,652	 	 	 	49,803	 	 	 	23,849	 	
 	 	 	 	 	
 	 	 	78,338	 	 	 	55,238	 	 	 	23,100	 	 	 	145,417	 	 	 	104,419	 	 	 	40,998	 	
 	 	 	 	 	
Operating Income	 	 	59,092	 	 	 	53,920	 	 	 	5,172	 	 	 	112,181	 	 	 	111,092	 	 	 	1,089	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other Income (Expense):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Income	 	 	(51	)	 	 	156	 	 	 	(207	)	 	 	(1	)	 	 	309	 	 	 	(310	)	
Other Interest Expense	 	 	(3,906	)	 	 	(7,885	)	 	 	3,979	 	 	 	(10,008	)	 	 	(15,753	)	 	 	5,745	 	

Income Before Income Taxes	 	 	55,135	 	 	 	46,191	 	 	 	8,944	 	 	 	102,172	 	 	 	95,648	 	 	 	6,524	 	
Income Tax Expense	 	 	21,836	 	 	 	18,808	 	 	 	3,028	 	 	 	41,500	 	 	 	38,485	 	 	 	3,015	 	
 	 	 	 	 	
Net Income	 	$	33,299	 	 	$	27,383	 	 	$	5,916	 	 	$	60,672	 	 	$	57,163	 	 	$	3,509	 	

Net Income Per Share (Diluted)	 	$	0.40	 	 	$	0.33	 	 	$	0.07	 	 	$	0.73	 	 	$	0.69	 	 	$	0.04	 	

 	 	Three Months Ended	 	Six Months Ended	
 	 	March 31,	 	March 31,	
PIPELINE AND STORAGE SEGMENT	 	2011	 	2010	 	Variance	 	2011	 	2010	 	Variance	
 	 	 	 	 	
Revenues from External Customers	 	$	39,669	 	 	$	40,971	 	 	$	(1,302	)	 	$	73,182	 	 	$	75,475	 	 	$	(2,293	)	
Intersegment Revenues	 	 	20,632	 	 	 	20,565	 	 	 	67	 	 	 	40,514	 	 	 	40,822	 	 	 	(308	)	
 	 	 	 	 	
Total Operating Revenues	 	 	60,301	 	 	 	61,536	 	 	 	(1,235	)	 	 	113,696	 	 	 	116,297	 	 	 	(2,601	)	

Operating Expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Purchased Gas	 	 	8	 	 	 	135	 	 	 	(127	)	 	 	(25	)	 	 	72	 	 	 	(97	)	
Operation and Maintenance	 	 	21,462	 	 	 	20,130	 	 	 	1,332	 	 	 	39,983	 	 	 	37,162	 	 	 	2,821	 	
Property, Franchise and Other Taxes	 	 	5,397	 	 	 	4,988	 	 	 	409	 	 	 	10,608	 	 	 	10,096	 	 	 	512	 	
Depreciation, Depletion and Amortization	 	 	9,242	 	 	 	8,883	 	 	 	359	 	 	 	18,229	 	 	 	17,722	 	 	 	507	 	
 	 	 	 	 	
 	 	 	36,109	 	 	 	34,136	 	 	 	1,973	 	 	 	68,795	 	 	 	65,052	 	 	 	3,743	 	

Operating Income	 	 	24,192	 	 	 	27,400	 	 	 	(3,208	)	 	 	44,901	 	 	 	51,245	 	 	 	(6,344	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other Income (Expense):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Income	 	 	103	 	 	 	21	 	 	 	82	 	 	 	178	 	 	 	52	 	 	 	126	 	
Other Income	 	 	449	 	 	 	147	 	 	 	302	 	 	 	715	 	 	 	245	 	 	 	470	 	
Other Interest Expense	 	 	(6,505	)	 	 	(6,581	)	 	 	76	 	 	 	(13,082	)	 	 	(13,177	)	 	 	95	 	
 	 	 	 	 	
Income Before Income Taxes	 	 	18,239	 	 	 	20,987	 	 	 	(2,748	)	 	 	32,712	 	 	 	38,365	 	 	 	(5,653	)	
Income Tax Expense	 	 	7,284	 	 	 	8,539	 	 	 	(1,255	)	 	 	13,179	 	 	 	15,563	 	 	 	(2,384	)	
 	 	 	 	 	
Net Income	 	$	10,955	 	 	$	12,448	 	 	$	(1,493	)	 	$	19,533	 	 	$	22,802	 	 	$	(3,269	)	
 	 	 	 	 	
Net Income Per Share (Diluted)	 	$	0.13	 	 	$	0.15	 	 	$	(0.02	)	 	$	0.23	 	 	$	0.28	 	 	$	(0.05	)	

 

 Page 18 
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Six Months Ended	
(Thousands of Dollars, except per share amounts)	 	March 31,	 	March 31,	
UTILITY SEGMENT	 	2011	 	2010	 	Variance	 	2011	 	2010	 	Variance	
 	 	 	 	 	
Revenues from External Customers	 	$	361,745	 	 	$	348,593	 	 	$	13,152	 	 	$	604,587	 	 	$	580,997	 	 	$	23,590	 	
Intersegment Revenues	 	 	6,635	 	 	 	6,149	 	 	 	486	 	 	 	11,205	 	 	 	10,662	 	 	 	543	 	
 	 	 	 	 	
Total Operating Revenues	 	 	368,380	 	 	 	354,742	 	 	 	13,638	 	 	 	615,792	 	 	 	591,659	 	 	 	24,133	 	

Operating Expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Purchased Gas	 	 	224,274	 	 	 	212,197	 	 	 	12,077	 	 	 	361,049	 	 	 	339,587	 	 	 	21,462	 	
Operation and Maintenance	 	 	58,808	 	 	 	58,441	 	 	 	367	 	 	 	104,025	 	 	 	103,427	 	 	 	598	 	
Property, Franchise and Other Taxes	 	 	12,960	 	 	 	12,267	 	 	 	693	 	 	 	23,901	 	 	 	23,002	 	 	 	899	 	
Depreciation, Depletion and Amortization	 	 	10,382	 	 	 	10,077	 	 	 	305	 	 	 	20,623	 	 	 	19,997	 	 	 	626	 	
 	 	 	 	 	
 	 	 	306,424	 	 	 	292,982	 	 	 	13,442	 	 	 	509,598	 	 	 	486,013	 	 	 	23,585	 	

Operating Income	 	 	61,956	 	 	 	61,760	 	 	 	196	 	 	 	106,194	 	 	 	105,646	 	 	 	548	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other Income (Expense):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Income	 	 	3	 	 	 	136	 	 	 	(133	)	 	 	447	 	 	 	854	 	 	 	(407	)	
Other Income	 	 	279	 	 	 	243	 	 	 	36	 	 	 	596	 	 	 	512	 	 	 	84	 	
Other Interest Expense	 	 	(8,852	)	 	 	(9,331	)	 	 	479	 	 	 	(17,589	)	 	 	(18,054	)	 	 	465	 	

Income Before Income Taxes	 	 	53,386	 	 	 	52,808	 	 	 	578	 	 	 	89,648	 	 	 	88,958	 	 	 	690	 	
Income Tax Expense	 	 	20,305	 	 	 	19,535	 	 	 	770	 	 	 	33,577	 	 	 	32,672	 	 	 	905	 	
 	 	 	 	 	
Net Income	 	$	33,081	 	 	$	33,273	 	 	$	(192	)	 	$	56,071	 	 	$	56,286	 	 	$	(215	)	

Net Income Per Share (Diluted)	 	$	0.40	 	 	$	0.40	 	 	$	—	 	 	$	0.67	 	 	$	0.68	 	 	$	(0.01	)	

 	 	Three Months Ended	 	Six Months Ended	
 	 	March 31,	 	March 31,	
ENERGY MARKETING SEGMENT	 	2011	 	2010	 	Variance	 	2011	 	2010	 	Variance	
 	 	 	 	 	
Operating Revenues	 	$	121,321	 	 	$	158,537	 	 	$	(37,216	)	 	$	174,973	 	 	$	230,273	 	 	$	(55,300	)	

Operating Expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Purchased Gas	 	 	109,445	 	 	 	147,165	 	 	 	(37,720	)	 	 	160,003	 	 	 	215,769	 	 	 	(55,766	)	
Operation and Maintenance	 	 	1,582	 	 	 	1,543	 	 	 	39	 	 	 	3,140	 	 	 	2,876	 	 	 	264	 	
Property, Franchise and Other Taxes	 	 	18	 	 	 	7	 	 	 	11	 	 	 	26	 	 	 	17	 	 	 	9	 	
Depreciation, Depletion and Amortization	 	 	9	 	 	 	11	 	 	 	(2	)	 	 	18	 	 	 	21	 	 	 	(3	)	
 	 	 	 	 	
 	 	 	111,054	 	 	 	148,726	 	 	 	(37,672	)	 	 	163,187	 	 	 	218,683	 	 	 	(55,496	)	
 	 	 	 	 	
Operating Income	 	 	10,267	 	 	 	9,811	 	 	 	456	 	 	 	11,786	 	 	 	11,590	 	 	 	196	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other Income (Expense):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Income	 	 	26	 	 	 	8	 	 	 	18	 	 	 	35	 	 	 	14	 	 	 	21	 	
Other Income	 	 	25	 	 	 	30	 	 	 	(5	)	 	 	33	 	 	 	46	 	 	 	(13	)	
Other Interest Expense	 	 	(5	)	 	 	(9	)	 	 	4	 	 	 	(10	)	 	 	(15	)	 	 	5	 	
 	 	 	 	 	
Income Before Income Taxes	 	 	10,313	 	 	 	9,840	 	 	 	473	 	 	 	11,844	 	 	 	11,635	 	 	 	209	 	
Income Tax Expense	 	 	4,014	 	 	 	3,871	 	 	 	143	 	 	 	4,613	 	 	 	4,574	 	 	 	39	 	
 	 	 	 	 	
Net Income	 	$	6,299	 	 	$	5,969	 	 	$	330	 	 	$	7,231	 	 	$	7,061	 	 	$	170	 	
 	 	 	 	 	
Net Income Per Share (Diluted)	 	$	0.07	 	 	$	0.07	 	 	$	—	 	 	$	0.09	 	 	$	0.09	 	 	$	—	 	

 

 Page 19 
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Six Months Ended	
(Thousands of Dollars, except per share amounts)	 	March 31,	 	March 31,	
ALL OTHER	 	2011	 	2010	 	Variance	 	2011	 	2010	 	Variance	
 	 	 	 	 	
Revenues from External Customers	 	$	472	 	 	$	10,503	 	 	$	(10,031	)	 	$	1,021	 	 	$	19,430	 	 	$	(18,409	)	
Intersegment Revenues	 	 	2,538	 	 	 	—	 	 	 	2,538	 	 	 	4,216	 	 	 	—	 	 	 	4,216	 	
 	 	 	 	 	
Total Operating Revenues	 	 	3,010	 	 	 	10,503	 	 	 	(7,493	)	 	 	5,237	 	 	 	19,430	 	 	 	(14,193	)	

Operating Expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Purchased Gas	 	 	—	 	 	 	—	 	 	 	—	 	 	 	49	 	 	 	—	 	 	 	49	 	
Operation and Maintenance	 	 	1,129	 	 	 	7,088	 	 	 	(5,959	)	 	 	2,187	 	 	 	12,098	 	 	 	(9,911	)	
Property, Franchise and Other Taxes	 	 	183	 	 	 	455	 	 	 	(272	)	 	 	400	 	 	 	830	 	 	 	(430	)	
Depreciation, Depletion and Amortization	 	 	207	 	 	 	1,688	 	 	 	(1,481	)	 	 	427	 	 	 	3,621	 	 	 	(3,194	)	
 	 	 	 	 	
 	 	 	1,519	 	 	 	9,231	 	 	 	(7,712	)	 	 	3,063	 	 	 	16,549	 	 	 	(13,486	)	

Operating Income	 	 	1,491	 	 	 	1,272	 	 	 	219	 	 	 	2,174	 	 	 	2,881	 	 	 	(707	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other Income (Expense):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (Loss) from Unconsolidated Subsidiaries	 	 	479	 	 	 	672	 	 	 	(193	)	 	 	(621	)	 	 	1,073	 	 	 	(1,694	)	
Gain on Sale of Unconsolidated Subsidiaries	 	 	50,879	 	 	 	—	 	 	 	50,879	 	 	 	50,879	 	 	 	—	 	 	 	50,879	 	
Interest Income	 	 	85	 	 	 	28	 	 	 	57	 	 	 	150	 	 	 	57	 	 	 	93	 	
Other Income	 	 	30	 	 	 	12	 	 	 	18	 	 	 	35	 	 	 	40	 	 	 	(5	)	
Other Interest Expense	 	 	(550	)	 	 	(536	)	 	 	(14	)	 	 	(1,095	)	 	 	(1,071	)	 	 	(24	)	
 	 	 	 	 	
Income from Continuing Operations Before Income Taxes	 	 	52,414	 	 	 	1,448	 	 	 	50,966	 	 	 	51,522	 	 	 	2,980	 	 	 	48,542	 	
Income Tax Expense	 	 	20,233	 	 	 	428	 	 	 	19,805	 	 	 	19,916	 	 	 	1,070	 	 	 	18,846	 	
 	 	 	 	 	
Income from Continuing Operations	 	 	32,181	 	 	 	1,020	 	 	 	31,161	 	 	 	31,606	 	 	 	1,910	 	 	 	29,696	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income from Discontinued Operations, Net of Tax	 	 	—	 	 	 	554	 	 	 	(554	)	 	 	—	 	 	 	828	 	 	 	(828	)	

Net Income	 	$	32,181	 	 	$	1,574	 	 	$	30,607	 	 	$	31,606	 	 	$	2,738	 	 	$	28,868	 	
 	 	 	 	 	
Income from Continuing Operations Per Share (Diluted)	 	$	0.38	 	 	$	0.01	 	 	$	0.37	 	 	$	0.37	 	 	$	0.02	 	 	$	0.35	 	
Income from Discontinued Operations, Net of Tax, Per Share (Diluted)	 	 	—	 	 	 	0.01	 	 	 	(0.01	)	 	 	—	 	 	 	0.01	 	 	 	(0.01	)	
 	 	 	 	 	
Net Income Per Share (Diluted)	 	$	0.38	 	 	$	0.02	 	 	$	0.36	 	 	$	0.37	 	 	$	0.03	 	 	$	0.34	 	

 

Page 20
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Six Months Ended	
 	 	March 31,	 	March 31,	
(Thousands of Dollars, except per share amounts)	 	2011	 	2010	 	Variance	 	2011	 	2010	 	Variance	
 	 	 	 	 	
CORPORATE	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenues from External Customers	 	$	244	 	 	$	218	 	 	$	26	 	 	$	468	 	 	$	429	 	 	$	39	 	
Intersegment Revenues	 	 	899	 	 	 	1,003	 	 	 	(104	)	 	 	1,927	 	 	 	1,542	 	 	 	385	 	
 	 	 	 	 	
Total Operating Revenues	 	 	1,143	 	 	 	1,221	 	 	 	(78	)	 	 	2,395	 	 	 	1,971	 	 	 	424	 	
 	 	 	 	 	
Operating Expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operation and Maintenance	 	 	3,648	 	 	 	3,507	 	 	 	141	 	 	 	7,010	 	 	 	6,667	 	 	 	343	 	
Property, Franchise and Other Taxes	 	 	550	 	 	 	71	 	 	 	479	 	 	 	1,079	 	 	 	141	 	 	 	938	 	
Depreciation, Depletion and Amortization	 	 	187	 	 	 	175	 	 	 	12	 	 	 	375	 	 	 	349	 	 	 	26	 	
 	 	 	 	 	
 	 	 	4,385	 	 	 	3,753	 	 	 	632	 	 	 	8,464	 	 	 	7,157	 	 	 	1,307	 	
 	 	 	 	 	
Operating Loss	 	 	(3,242	)	 	 	(2,532	)	 	 	(710	)	 	 	(6,069	)	 	 	(5,186	)	 	 	(883	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other Income (Expense):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Income	 	 	18,739	 	 	 	22,379	 	 	 	(3,640	)	 	 	39,820	 	 	 	45,061	 	 	 	(5,241	)	
Other Income	 	 	1,162	 	 	 	834	 	 	 	328	 	 	 	1,559	 	 	 	779	 	 	 	780	 	
Interest Expense on Long-Term Debt	 	 	(17,926	)	 	 	(22,061	)	 	 	4,135	 	 	 	(38,118	)	 	 	(44,124	)	 	 	6,006	 	
Other Interest Expense	 	 	(473	)	 	 	(62	)	 	 	(411	)	 	 	(749	)	 	 	(176	)	 	 	(573	)	

Loss Before Income Taxes	 	 	(1,740	)	 	 	(1,442	)	 	 	(298	)	 	 	(3,557	)	 	 	(3,646	)	 	 	89	 	
Income Tax Benefit	 	 	(1,536	)	 	 	(1,223	)	 	 	(313	)	 	 	(2,598	)	 	 	(2,523	)	 	 	(75	)	
 	 	 	 	 	
Net Loss	 	$	(204	)	 	$	(219	)	 	$	15	 	 	$	(959	)	 	$	(1,123	)	 	$	164	 	

Net Loss Per Share (Diluted)	 	$	—	 	 	$	—	 	 	$	—	 	 	$	(0.01	)	 	$	(0.01	)	 	$	—	 	

 	 	Three Months Ended	 	Six Months Ended	
 	 	March 31,	 	March 31,	
 	 	2011	 	2010	 	Variance	 	2011	 	2010	 	Variance	
 	 	 	 	 	
INTERSEGMENT ELIMINATIONS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Intersegment Revenues	 	$	(30,704	)	 	$	(27,717	)	 	$	(2,987	)	 	$	(57,862	)	 	$	(53,026	)	 	$	(4,836	)	

Operating Expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Purchased Gas	 	 	(27,132	)	 	 	(26,574	)	 	 	(558	)	 	 	(51,443	)	 	 	(51,215	)	 	 	(228	)	
Operation and Maintenance	 	 	(3,572	)	 	 	(1,143	)	 	 	(2,429	)	 	 	(6,419	)	 	 	(1,811	)	 	 	(4,608	)	
 	 	 	 	 	
 	 	 	(30,704	)	 	 	(27,717	)	 	 	(2,987	)	 	 	(57,862	)	 	 	(53,026	)	 	 	(4,836	)	

Operating Income	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other Income (Expense):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Income	 	 	(18,837	)	 	 	(22,402	)	 	 	3,565	 	 	 	(39,678	)	 	 	(44,867	)	 	 	5,189	 	
Other Interest Expense	 	 	18,837	 	 	 	22,402	 	 	 	(3,565	)	 	 	39,678	 	 	 	44,867	 	 	 	(5,189	)	

Net Income	 	$	—	 	 	$	—	 	 	$	—	 	 	$	—	 	 	$	—	 	 	$	—	 	

Net Income Per Share (Diluted)	 	$	—	 	 	$	—	 	 	$	—	 	 	$	—	 	 	$	—	 	 	$	—	 	

 

Page 21
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT INFORMATION (Continued)
(Thousands of Dollars)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Six Months Ended	 	
 	 	March 31,	 	 	March 31,	 	
 	 	(Unaudited)	 	 	(Unaudited)	 	
 	 	 	 	 	 	 	 	 	 	Increase	 	 	 	 	 	 	 	 	 	 	Increase	 	
 	 	2011	 	 	2010	 	 	(Decrease)	 	 	2011	 	 	2010	 	 	(Decrease)	 	
Capital Expenditures:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Exploration and Production	 	$	135,364	(1)	 	$	143,249	(4)	 	$	(7,885	)	 	$	315,194	(1)(2)	 	$	190,986	(4)(5)	 	$	124,208	 	
Pipeline and Storage	 	 	30,279	(3)	 	 	8,491	 	 	 	21,788	 	 	 	39,498	(3)	 	 	15,478	 	 	 	24,020	 	
Utility	 	 	14,514	 	 	 	13,573	 	 	 	941	 	 	 	25,435	 	 	 	25,525	 	 	 	(90	)	
Energy Marketing	 	 	174	 	 	 	95	 	 	 	79	 	 	 	261	 	 	 	99	 	 	 	162	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Reportable Segments	 	 	180,331	 	 	 	165,408	 	 	 	14,923	 	 	 	380,388	 	 	 	232,088	 	 	 	148,300	 	
All Other	 	 	1,440	 	 	 	2,824	 	 	 	(1,384	)	 	 	2,269	 	 	 	3,783	(5)	 	 	(1,514	)	
Corporate	 	 	4	 	 	 	107	 	 	 	(103	)	 	 	15	 	 	 	134	 	 	 	(119	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Expenditures from Continuing Operations	 	 	181,775	 	 	 	168,339	 	 	 	13,436	 	 	 	382,672	 	 	 	236,005	 	 	 	146,667	 	
Discontinued Operations	 	 	—	 	 	 	27	 	 	 	(27	)	 	 	—	 	 	 	54	 	 	 	(54	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Capital Expenditures	 	$	181,775	 	 	$	168,366	 	 	$	13,409	 	 	$	382,672	 	 	$	236,059	 	 	$	146,613	 	

			
(1)	 	Amount for the quarter and six months ended March 31, 2011 includes $43.9 million of accrued capital expenditures, the majority of which was in the Appalachian region. This amount has been excluded from the Consolidated Statement of Cash Flows at March 31, 2011 since it represents a non-cash investing activity at that date.	
 		
(2)	 	Capital expenditures for the Exploration and Production segment for the six months ended March 31, 2011 exclude $55.5 million of capital expenditures, the majority of which was in the Appalachian region. This amount was accrued at September 30, 2010 and paid during the six months ended March 31, 2011. This amount was excluded from the Consolidated Statements of Cash Flows at September 30, 2010 since it represented a non-cash investing activity at that date. This amount has been included in the Consolidated Statement of Cash Flows at March 31, 2011.	
 		
(3)	 	Amount for the quarter and six months ended March 31, 2011 includes $2.0 million of accrued capital expenditures. This amount has been excluded from the Consolidated Statement of Cash Flows at March 31, 2011 since it represents a non-cash investing activity at that date.	
 		
(4)	 	Amount for the quarter and six months ended March 31, 2010 includes $15.3 million of accrued capital expenditures, the majority of which was in the Appalachian region. This amount has been excluded from the Consolidated Statement of Cash Flows at March 31, 2010 since it represents a non-cash investing activity at that date.	
 		
(5)	 	Capital expenditures for the Exploration and Production segment for the six months ended March 31, 2010 exclude $9.1 million of capital expenditures, the majority of which was in the Appalachian region. Capital expenditures for All Other for the six months ended March 31, 2010 exclude $0.7 million of capital expenditures related to the construction of the Midstream Covington Gathering System. Both of these amounts were accrued at September 30, 2009 and paid during the six months ended March 31, 2010. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2009 since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at March 31, 2010.	
DEGREE DAYS
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	Percent Colder	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	(Warmer) Than:	
 	 	Normal	 	2011	 	2010	 	Normal (1)	 	Last Year (1)	
Three Months Ended March 31	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Buffalo, NY	 	 	3,327	 	 	 	3,494	 	 	 	3,241	 	 	 	5.0	 	 	 	7.8	 	
Erie, PA	 	 	3,142	 	 	 	3,312	 	 	 	3,163	 	 	 	5.4	 	 	 	4.7	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Six Months Ended March 31	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Buffalo, NY	 	 	5,587	 	 	 	5,826	 	 	 	5,487	 	 	 	4.3	 	 	 	6.2	 	
Erie, PA	 	 	5,223	 	 	 	5,472	 	 	 	5,211	 	 	 	4.8	 	 	 	5.0	 	

(1)	 	Percents compare actual 2011 degree days to normal degree days and actual 2011 degree days to actual 2010 degree days.	

 

Page 22
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
EXPLORATION AND PRODUCTION INFORMATION
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Six Months Ended	 	
 	 	March 31,	 	 	March 31,	 	
 	 	 	 	 	 	 	 	 	 	Increase	 	 	 	 	 	 	 	 	 	 	Increase	 	
 	 	2011	 	 	2010	 	 	(Decrease)	 	 	2011	 	 	2010	 	 	(Decrease)	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gas Production/Prices:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Production (MMcf)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gulf Coast	 	 	2,056	 	 	 	2,643	 	 	 	(587	)	 	 	4,070	 	 	 	5,333	 	 	 	(1,263	)	
West Coast	 	 	855	 	 	 	930	 	 	 	(75	)	 	 	1,790	 	 	 	1,926	 	 	 	(136	)	
Appalachia	 	 	10,848	 	 	 	3,542	 	 	 	7,306	 	 	 	18,930	 	 	 	6,344	 	 	 	12,586	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Production	 	 	13,759	 	 	 	7,115	 	 	 	6,644	 	 	 	24,790	 	 	 	13,603	 	 	 	11,187	 	

Average Prices (Per Mcf)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gulf Coast	 	$	4.87	 	 	$	6.02	 	 	$	(1.15	)	 	$	4.71	 	 	$	5.42	 	 	$	(0.71	)	
West Coast	 	 	4.46	 	 	 	5.79	 	 	 	(1.33	)	 	 	4.18	 	 	 	5.19	 	 	 	(1.01	)	
Appalachia	 	 	4.40	 	 	 	5.97	 	 	 	(1.57	)	 	 	4.24	 	 	 	5.57	 	 	 	(1.33	)	
Weighted Average	 	 	4.48	 	 	 	5.96	 	 	 	(1.48	)	 	 	4.31	 	 	 	5.46	 	 	 	(1.15	)	
Weighted Average after Hedging	 	 	5.32	 	 	 	6.54	 	 	 	(1.22	)	 	 	5.30	 	 	 	6.42	 	 	 	(1.12	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Oil Production/Prices:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Production (Thousands of Barrels)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gulf Coast	 	 	92	 	 	 	109	 	 	 	(17	)	 	 	197	 	 	 	255	 	 	 	(58	)	
West Coast	 	 	643	 	 	 	661	 	 	 	(18	)	 	 	1,297	 	 	 	1,345	 	 	 	(48	)	
Appalachia	 	 	11	 	 	 	9	 	 	 	2	 	 	 	21	 	 	 	20	 	 	 	1	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Production	 	 	746	 	 	 	779	 	 	 	(33	)	 	 	1,515	 	 	 	1,620	 	 	 	(105	)	

Average Prices (Per Barrel)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gulf Coast	 	$	96.12	 	 	$	89.22	 	 	$	6.90	 	 	$	89.61	 	 	$	79.81	 	 	$	9.80	 	
West Coast	 	 	95.35	 	 	 	73.16	 	 	 	22.19	 	 	 	87.84	 	 	 	71.72	 	 	 	16.12	 	
Appalachia	 	 	86.53	 	 	 	73.80	 	 	 	12.73	 	 	 	84.07	 	 	 	79.67	 	 	 	4.40	 	
Weighted Average	 	 	95.31	 	 	 	75.41	 	 	 	19.90	 	 	 	88.01	 	 	 	73.09	 	 	 	14.92	 	
Weighted Average after Hedging	 	 	82.28	 	 	 	77.29	 	 	 	4.99	 	 	 	79.21	 	 	 	75.86	 	 	 	3.35	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Production (Mmcfe)	 	 	18,235	 	 	 	11,789	 	 	 	6,446	 	 	 	33,880	 	 	 	23,323	 	 	 	10,557	 	

Selected Operating Performance Statistics:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
General & Administrative Expense per Mcfe (1)	 	$	0.70	 	 	$	0.75	 	 	$	(0.05	)	 	$	0.71	 	 	$	0.74	 	 	$	(0.03	)	
Lease Operating Expense per Mcfe (1)	 	$	1.04	 	 	$	1.33	 	 	$	(0.29	)	 	$	1.07	 	 	$	1.20	 	 	$	(0.13	)	
Depreciation, Depletion & Amortization per Mcfe (1)	 	$	2.19	 	 	$	2.20	 	 	$	(0.01	)	 	$	2.17	 	 	$	2.14	 	 	$	0.03	 	

(1)	 	Refer to page 17 for the General and Administrative Expense, Lease Operating Expense and Depreciation, Depletion, and Amortization Expense for the Exploration and Production segment.	

 

Page 23
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
EXPLORATION AND PRODUCTION INFORMATION
Hedging Summary for the Remaining Six Months of Fiscal 2011
 	 	 	 	 	 	 	 	 	
SWAPS	 	Volume	 	Average Hedge Price	
Oil	 	0.9 MMBBL	 	$70.93 / BBL	
Gas	 	14.6 BCF	 	$6.05 / MCF	
Hedging Summary for Fiscal 2012
 	 	 	 	 	 	 	 	 	
SWAPS	 	Volume	 	Average Hedge Price	
Oil	 	1.6 MMBBL	 	$77.03 / BBL	
Gas	 	35.0 BCF	 	$5.89 / MCF	
Hedging Summary for Fiscal 2013
 	 	 	 	 	 	 	 	 	
SWAPS	 	Volume	 	Average Hedge Price	
Oil	 	0.9 MMBBL	 	$86.21 / BBL	
Gas	 	23.9 BCF	 	$5.67 / MCF	
Hedging Summary for Fiscal 2014
 	 	 	 	 	 	 	 	 	
SWAPS	 	Volume	 	Average Hedge Price	
Oil	 	0.2 MMBBL	 	$94.90 / BBL	
Gas	 	4.6 BCF	 	$5.89 / MCF	
Gross Wells in Process of Drilling
Six Months Ended March 31, 2011
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	East	 	 	
 	 	 	 	 	 	 	 	 	 	Marcellus	 	Upper	 	Total	
 	 	Gulf	 	West	 	Shale	 	Devonian	 	Company	
Wells in Process — Beginning of Period	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Exploratory	 	 	0.00	 	 	 	0.00	 	 	 	4.00	 	 	 	23.00	 	 	 	27.00	 	
Developmental	 	 	1.00	 	 	 	0.00	 	 	 	58.00	(1)	 	 	19.00	 	 	 	78.00	 	
Wells Commenced	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Exploratory	 	 	0.00	 	 	 	1.00	 	 	 	4.00	 	 	 	0.00	 	 	 	5.00	 	
Developmental	 	 	1.00	 	 	 	27.00	 	 	 	43.00	 	 	 	3.00	 	 	 	74.00	 	
Wells Completed	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Exploratory	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	2.00	 	 	 	2.00	 	
Developmental	 	 	2.00	 	 	 	25.00	 	 	 	29.00	 	 	 	3.00	 	 	 	59.00	 	
Wells Plugged & Abandoned	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Exploratory	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	
Developmental	 	 	0.00	 	 	 	1.00	 	 	 	0.00	 	 	 	0.00	 	 	 	1.00	 	
Wells in Process — End of Period	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Exploratory	 	 	0.00	 	 	 	1.00	 	 	 	8.00	 	 	 	21.00	 	 	 	30.00	 	
Developmental	 	 	0.00	 	 	 	1.00	 	 	 	72.00	 	 	 	19.00	 	 	 	92.00	 	

(1)	 	Amount increased by 19 for wells overlooked in the prior year.	
Net Wells in Process of Drilling
Six Months Ended March 31, 2011
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	East	 	 	
 	 	 	 	 	 	 	 	 	 	Marcellus	 	Upper	 	Total	
 	 	Gulf	 	West	 	Shale	 	Devonian	 	Company	
Wells in Process — Beginning of Period	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Exploratory	 	 	0.00	 	 	 	0.00	 	 	 	4.00	 	 	 	22.00	 	 	 	26.00	 	
Developmental	 	 	0.20	 	 	 	0.00	 	 	 	36.50	(2)	 	 	18.00	 	 	 	54.70	 	
Wells Commenced	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Exploratory	 	 	0.00	 	 	 	0.13	 	 	 	4.00	 	 	 	0.00	 	 	 	4.13	 	
Developmental	 	 	0.20	 	 	 	26.31	 	 	 	32.16	 	 	 	2.60	 	 	 	61.27	 	
Wells Completed	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Exploratory	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	2.00	 	 	 	2.00	 	
Developmental	 	 	0.40	 	 	 	24.31	 	 	 	22.50	 	 	 	2.60	 	 	 	49.81	 	
Wells Plugged & Abandoned	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Exploratory	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	
Developmental	 	 	0.00	 	 	 	1.00	 	 	 	0.00	 	 	 	0.00	 	 	 	1.00	 	
Wells in Process — End of Period	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Exploratory	 	 	0.00	 	 	 	0.13	 	 	 	8.00	 	 	 	20.00	 	 	 	28.13	 	
Developmental	 	 	0.00	 	 	 	1.00	 	 	 	46.16	 	 	 	18.00	 	 	 	65.16	 	

(2)	 	Marcellus Shale net developmental wells were increased by 1.88 due to the acquisition of a joint venture partner’s working interest in seven wells, which totaled 1.88 net wells. In addition, this amount increased by 12 for wells overlooked in the prior year.	

 

Page 24
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
Pipeline & Storage Throughput — (millions of cubic feet — MMcf)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Six Months Ended	 	
 	 	March 31,	 	 	March 31,	 	
 	 	 	 	 	 	 	 	 	 	Increase	 	 	 	 	 	 	 	 	 	 	Increase	 	
 	 	2011	 	 	2010	 	 	(Decrease)	 	 	2011	 	 	2010	 	 	(Decrease)	 	
Firm Transportation — Affiliated	 	 	46,277	 	 	 	43,587	 	 	 	2,690	 	 	 	78,345	 	 	 	73,763	 	 	 	4,582	 	
Firm Transportation — Non-Affiliated	 	 	77,692	 	 	 	68,559	 	 	 	9,133	 	 	 	134,873	 	 	 	119,022	 	 	 	15,851	 	
Interruptible Transportation	 	 	1,095	 	 	 	1,804	 	 	 	(709	)	 	 	1,220	 	 	 	2,559	 	 	 	(1,339	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	125,064	 	 	 	113,950	 	 	 	11,114	 	 	 	214,438	 	 	 	195,344	 	 	 	19,094	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Utility Throughput — (MMcf)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Six Months Ended	 	
 	 	March 31,	 	 	March 31,	 	
 	 	 	 	 	 	 	 	 	 	Increase	 	 	 	 	 	 	 	 	 	 	Increase	 	
 	 	2011	 	 	2010	 	 	(Decrease)	 	 	2011	 	 	2010	 	 	(Decrease)	 	
Retail Sales:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Residential Sales	 	 	28,048	 	 	 	26,413	 	 	 	1,635	 	 	 	45,207	 	 	 	43,237	 	 	 	1,970	 	
Commercial Sales	 	 	4,372	 	 	 	4,256	 	 	 	116	 	 	 	6,842	 	 	 	6,746	 	 	 	96	 	
Industrial Sales	 	 	393	 	 	 	288	 	 	 	105	 	 	 	539	 	 	 	446	 	 	 	93	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	32,813	 	 	 	30,957	 	 	 	1,856	 	 	 	52,588	 	 	 	50,429	 	 	 	2,159	 	
Off-System Sales	 	 	3,458	 	 	 	2,554	 	 	 	904	 	 	 	5,321	 	 	 	2,910	 	 	 	2,411	 	
Transportation	 	 	27,472	 	 	 	24,366	 	 	 	3,106	 	 	 	45,581	 	 	 	41,427	 	 	 	4,154	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	63,743	 	 	 	57,877	 	 	 	5,866	 	 	 	103,490	 	 	 	94,766	 	 	 	8,724	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Energy Marketing Volumes
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Six Months Ended	 	
 	 	March 31,	 	 	March 31,	 	
 	 	 	 	 	 	 	 	 	 	Increase	 	 	 	 	 	 	 	 	 	 	Increase	 	
 	 	2011	 	 	2010	 	 	(Decrease)	 	 	2011	 	 	2010	 	 	(Decrease)	 	
Natural Gas (MMcf)	 	 	21,609	 	 	 	23,996	 	 	 	(2,387	)	 	 	32,355	 	 	 	38,097	 	 	 	(5,742	)	

 

Page 25
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
FISCAL 2011 EARNINGS GUIDANCE AND SENSITIVITIES
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	Earnings per share sensitivity to changes	
Fiscal 2011 (Diluted earnings per share guidance*)	 	from NYMEX prices used in guidance* ^	
 	 	 	 	 	 	$1 change per MMBtu gas	 	$5 change per Bbl oil	
 	 	Range	 	Increase	 	Decrease	 	Increase	 	Decrease	
Consolidated Earnings	 	$	2.83 - $2.98	 	 	 	+ $0.08	 	 	 	- $0.08	 	 	 	+ $0.02	 	 	 	- $0.02	 	

*	 	Please refer to forward looking statement footnote beginning at page 8 of this document.	
 		
^  	 	This sensitivity table is current as of May 5, 2011 and only considers revenue from the Exploration and Production segment’s crude oil and natural gas sales. This revenue is based upon pricing used in the Company’s earnings forecast. For its fiscal 2011 earnings forecast, the Company is utilizing flat NYMEX equivalent commodity pricing, exclusive of basis differential, of $4 per MMBtu for natural gas and $80 per Bbl for crude oil. The sensitivities will become obsolete with the passage of time, changes in Seneca’s production forecast, changes in basis differential, as additional hedging contracts are entered into, and with the settling of hedge contracts at their maturity.	

 

Page 26
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
 	 	 	 	 	 	 	 	 	
 	 	2011	 	 	2010	 	
Quarter Ended March 31 (unaudited)	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	
Operating Revenues	 	$	660,881,000	 	 	$	667,980,000	 	

Income from Continuing Operations	 	$	115,611,000	 	 	$	79,874,000	 	
Income from Discontinued Operations, Net of Tax	 	 	—	 	 	 	554,000	 	
 	 	 	 	 	 	 	
Net Income Available for Common Stock	 	$	115,611,000	 	 	$	80,428,000	 	

Earnings Per Common Share:	 	 	 	 	 	 	 	 	
Basic:	 	 	 	 	 	 	 	 	
Income from Continuing Operations	 	$	1.40	 	 	$	0.98	 	
Income from Discontinued Operations	 	 	—	 	 	 	0.01	 	
 	 	 	 	 	 	 	
Net Income Available for Common Stock	 	$	1.40	 	 	$	0.99	 	

Diluted:	 	 	 	 	 	 	 	 	
Income from Continuing Operations	 	$	1.38	 	 	$	0.96	 	
Income from Discontinued Operations	 	 	—	 	 	 	0.01	 	
 	 	 	 	 	 	 	
Net Income Available for Common Stock	 	$	1.38	 	 	$	0.97	 	

Weighted Average Common Shares:	 	 	 	 	 	 	 	 	
Used in Basic Calculation	 	 	82,400,851	 	 	 	81,175,261	 	
 	 	 	 	 	 	 	
Used in Diluted Calculation	 	 	83,673,977	 	 	 	82,569,323	 	

Six Months Ended March 31 (unaudited)	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	
Operating Revenues	 	$	1,111,829,000	 	 	$	1,122,115,000	 	

Income from Continuing Operations	 	$	174,154,000	 	 	$	144,099,000	 	
Income from Discontinued Operations, Net of Tax	 	 	—	 	 	 	828,000	 	
 	 	 	 	 	 	 	
Net Income Available for Common Stock	 	$	174,154,000	 	 	$	144,927,000	 	

Earnings Per Common Share:	 	 	 	 	 	 	 	 	
Basic:	 	 	 	 	 	 	 	 	
Income from Continuing Operations	 	$	2.12	 	 	$	1.78	 	
Income from Discontinued Operations	 	 	—	 	 	 	0.01	 	
 	 	 	 	 	 	 	
Net Income Available for Common Stock	 	$	2.12	 	 	$	1.79	 	

Diluted:	 	 	 	 	 	 	 	 	
Income from Continuing Operations	 	$	2.08	 	 	$	1.75	 	
Income from Discontinued Operations	 	 	—	 	 	 	0.01	 	
 	 	 	 	 	 	 	
Net Income Available for Common Stock	 	$	2.08	 	 	$	1.76	 	

Weighted Average Common Shares:	 	 	 	 	 	 	 	 	
Used in Basic Calculation	 	 	82,311,162	 	 	 	80,866,311	 	
 	 	 	 	 	 	 	
Used in Diluted Calculation	 	 	83,561,775	 	 	 	82,347,254	 	

Twelve Months Ended March 31 (unaudited)	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	
Operating Revenues	 	$	1,750,217,000	 	 	$	1,764,489,000	 	

Income from Continuing Operations	 	$	249,189,000	 	 	$	217,103,000	 	
Income (Loss) from Discontinued Operations, Net of Tax	 	 	5,952,000	 	 	 	(2,274,000	)	
 	 	 	 	 	 	 	
Net Income Available for Common Stock	 	$	255,141,000	 	 	$	214,829,000	 	

Earnings Per Common Share:	 	 	 	 	 	 	 	 	
Basic:	 	 	 	 	 	 	 	 	
Income from Continuing Operations	 	$	3.04	 	 	$	2.70	 	
Income (Loss) from Discontinued Operations	 	 	0.07	 	 	 	(0.03	)	
 	 	 	 	 	 	 	
Net Income Available for Common Stock	 	$	3.11	 	 	$	2.67	 	

Diluted:	 	 	 	 	 	 	 	 	
Income from Continuing Operations	 	$	2.99	 	 	$	2.66	 	
Income (Loss) from Discontinued Operations	 	 	0.07	 	 	 	(0.03	)	
 	 	 	 	 	 	 	
Net Income Available for Common Stock	 	$	3.06	 	 	$	2.63	 	

Weighted Average Common Shares:	 	 	 	 	 	 	 	 	
Used in Basic Calculation	 	 	82,100,883	 	 	 	80,380,789	 	
 	 	 	 	 	 	 	
Used in Diluted Calculation	 	 	83,283,900	 	 	 	81,749,193