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): August 2, 2012

NATIONAL FUEL GAS COMPANY
(Exact name of registrant as specified in its charter)

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

6363 Main Street, Williamsville,
New York	 	14221	
(Address of principal executive offices)	 	(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):
 
¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
 
¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
 
¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
 
¨	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 August 2, 2012, National Fuel Gas Company (the “Company”) issued a press release regarding its earnings for the quarter and nine months ended June 30, 2012. A copy of the press release, revised to correct a typographical error as described below, is furnished as part of this Current Report as Exhibit 99.
The press release issued on August 2, 2012 included a typographical error on page 7. The first paragraph of the earnings guidance section referred to a crude oil pricing assumption of $100 per barrel for the remainder of the Company’s 2012 fiscal year; that pricing assumption should have read $85 per barrel. The press release furnished as part of this Current Report as Exhibit 99 includes the correct $85 per barrel pricing assumption used in the Company’s guidance on its fiscal 2012 earnings. The fiscal 2012 per share earnings guidance range included in the press release was not affected by the pricing assumption typographical error.
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: 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, title disputes, 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, regulations or judicial interpretations to which the Company is subject, including those involving derivatives, taxes, safety, employment, climate change, other environmental matters, real property, and exploration and production activities such as hydraulic fracturing; changes in the price of natural gas or oil; impairments under the SEC’s full cost ceiling test for natural gas and oil reserves; uncertainty of oil and gas reserve estimates; significant differences between the Company’s projected and actual

production levels for natural gas or oil; changes in demographic patterns and weather conditions; changes in the availability, price or accounting treatment of derivative financial instruments; governmental/regulatory actions, initiatives and proceedings, including those involving rate cases (which address, among other things, allowed rates of return, rate design and retained natural gas), environmental/safety requirements, affiliate relationships, industry structure, and franchise renewal; 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; 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 major accidents, fires, severe weather, natural disasters, terrorist activities, acts of war, cyber attacks or pest infestation; changes in 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, geographic location or delivery date; significant differences between the Company’s projected and actual capital expenditures and operating expenses; changes in laws, 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; 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 hereof.
 
Item 9.01	Financial Statements and Exhibits.	
 
 	(d)	Exhibits	
 
 	Exhibit 99	Press release furnished regarding earnings for the quarter and nine months ended June 30, 2012	

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/ James R. Peterson	
	 	        James R. Peterson	
	 	        Assistant Secretary	
Dated: August 3, 2012

EXHIBIT INDEX

Exhibit Number	  	Description	
		
99	  	Press release furnished regarding earnings for the quarter and nine months ended June 30, 2012	

Exhibit 99

 

Release Date:	  	Immediate August 2, 2012	  	6363 Main Street/Williamsville, NY 14221
 
Timothy Silverstein
Investor Relations
716-857-6987
 
David P. Bauer
Treasurer
716-857-7318	
NATIONAL FUEL REPORTS THIRD QUARTER EARNINGS
WILLIAMSVILLE, NY: National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced consolidated earnings for the third quarter of fiscal 2012 and for the nine months ended June 30, 2012.
HIGHLIGHTS
 
•	 	Earnings for the third quarter were $43.2 million or $0.52 per share. This compares to earnings of $46.9 million or $0.56 per share in the prior year’s third quarter. The decrease in earnings in the Exploration and Production segment is due to lower commodity prices, and the decrease in earnings in the Utility and Energy Marketing segments is due to warmer weather.	
 
•	 	In the Pipeline and Storage segment, third quarter earnings of $12.6 million, or $0.15 per share, increased $8.1 million, or $0.10 per share, compared to the prior year’s third quarter, largely driven by the impact of the Line N Expansion and Tioga County Extension projects that were placed in service during the first quarter.	
 
•	 	Seneca’s production of crude oil and natural gas in the current quarter was 22.1 billion cubic feet equivalent (“Bcfe”), a 30.7% increase over the 16.9 Bcfe in the third quarter of 2011. Appalachian production increased 38.4% to 16.8 Bcfe, including 15.0 Bcfe of production from the Marcellus Shale wells, an increase of 45.6% over the prior year’s third quarter. California crude oil production increased 7.4%. Production for the entire 2012 fiscal year is projected to be between 81 and 85 Bcfe.	
 
•	 	National Fuel Gas Midstream Corporation’s Trout Run Gathering System located in Lycoming County, Pa., was completed and placed in service on May 30, 2012.	
 
•	 	The Company is updating and narrowing its GAAP earnings guidance range for fiscal 2012 to reflect actual results for the nine months ended June 30, 2012. The revised GAAP earnings guidance range is $2.38 to $2.48 per share.	
 
•	 	The Company’s preliminary GAAP earnings guidance for fiscal 2013 is in the range of $2.45 to $2.75 per share. The 2013 preliminary guidance includes oil and gas production for the Exploration and Production segment in the range of 92 to 105 Bcfe and is based on an assumed flat NYMEX price of $3.25 per MMBtu for natural gas and $85 per Bbl for crude oil.	
 
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•	 	A conference call is scheduled for Friday, August 3, 2012, at 11 a.m. Eastern Time.	
MANAGEMENT COMMENTS
David F. Smith, Chairman and Chief Executive Officer of National Fuel Gas Company, stated: “In our fiscal third quarter, we were very pleased with our operational performance. Seneca’s Marcellus production continues to grow rapidly, increasing nearly 50 percent over last year’s quarter, with favorable hedging helping to offset lower natural gas prices. In addition, we continue to see great success in California, where crude oil production was up 7.4 percent. In our midstream businesses, the Trout Run Gathering System was placed in service this May, and our Northern Access and Line N 2012 expansion projects are on track for completion this fall.
“In short, even though earnings this quarter were impacted by the lowest natural gas prices in more than a decade, our ongoing accomplishments in all of our businesses make us well positioned for long-term growth.”
SUMMARY OF RESULTS
National Fuel had consolidated earnings for the quarter ended June 30, 2012, of $43.2 million, or $0.52 per share, compared to the prior year’s third quarter earnings of $46.9 million, or $0.56 per share, a decrease of $3.7 million or $0.04 per share. The decrease is mainly due to lower earnings in the Exploration and Production, Utility and Energy Marketing segments, offset by higher earnings in the Pipeline and Storage segment and the All Other category. (Note: All references to earnings per share are to diluted earnings per share, 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 nine months ended June 30, 2012, of $171.3 million, or $2.05 per share, decreased $49.7 million, or $0.59 per share, from the same period in the prior year, where earnings were $221.0 million or $2.64 per share.
 
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 	  	Three Months	 	  	Nine Months	 	
 	  	Ended June 30,	 	  	Ended June 30,	 	
 	  	2012	 	  	2011	 	  	2012	 	  	2011	 	
(in thousands except per share amounts) 	  	 	 	  	 	 	  	 	 	  	 	 	
Reported GAAP earnings	  	$	43,184	  	  	$	46,891	  	  	$	171,275	  	  	$	221,045	  	
Items impacting comparability 1 :	  				  				  				  				
Pennsylvania impact fee	  	 	1,661	  	  				  	 	8,061	  	  				
Gain on sale of landfill gas electric generation investments	  				  				  				  	 	(31,418	) 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Operating Results	  	$	44,845	  	  	$	46,891	  	  	$	179,336	  	  	$	189,627	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Reported GAAP earnings per share	  	$	0.52	  	  	$	0.56	  	  	$	2.05	  	  	$	2.64	  	
Items impacting comparability 1 :	  				  				  				  				
Pennsylvania impact fee	  	 	0.02	  	  				  	 	0.10	  	  				
Gain on sale of landfill gas electric generation investments	  				  				  				  	 	(0.37	) 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Operating Results	  	$	0.54	  	  	$	0.56	  	  	$	2.15	  	  	$	2.27	  	

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 nine months ended June 30, 2012, to the comparable periods in fiscal 2011. Excluding these items, Operating Results for the current quarter of $44.8 million, or $0.54 per share, decreased $2.1 million, or $0.02 per share, from the prior year’s third quarter where Operating Results were $46.9 million or $0.56 per share. Excluding these items, Operating Results for the nine months ended June 30, 2012, of $179.3 million, or $2.15 per share, decreased $10.3 million, or $0.12 per share, from the same period in the prior year, where Operating Results were $189.6 million or $2.27 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 the earnings of each segment is summarized in a tabular form at pages 9 and 10 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 offshore Gulf of Mexico assets in April 2011.
The Exploration and Production segment’s earnings in the third quarter of fiscal 2012 of $21.9 million, or $0.26 per share, decreased $10.9 million, or $0.13 per share, when compared with the prior year’s third quarter.
 
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In February 2012, the Commonwealth of Pennsylvania passed legislation that includes a “natural gas impact fee.” The legislation, which covers essentially all of Seneca’s Marcellus Shale wells, imposes an annual fee for a period of 15 years on each well drilled. The per well impact fee is adjusted annually based on three factors: The age of the well, changes in the Consumer Price Index and the average monthly NYMEX price for natural gas. The fee is retroactive and applied to wells drilled in the current fiscal year and in all previous years. The impact fee increased property, franchise and other taxes in the current year’s third quarter by $2.6 million (pre-tax).
Excluding the impact fee, the Exploration and Production segment’s Operating Results in the third quarter of fiscal 2012 were $23.6 million, or $0.28 per share, a decrease of $9.2 million, or $0.11 per share, when compared with the prior year’s third quarter.
Overall production of natural gas and crude oil for the current quarter of 22.1 Bcfe increased approximately 5.2 Bcfe compared to the prior year’s third quarter. Production from Seneca’s Appalachia properties increased 38.4 percent, mainly due to a 4.7 Bcfe, or 45.6 percent increase, in production from Marcellus wells. Crude oil production in California increased 7.4 percent due to additional wells drilled at the Sespe and Midway Sunset fields.
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 June 30, 2012, was $3.93 per thousand cubic feet (“Mcf”), a decrease of $1.55 per Mcf compared to the prior year’s third quarter. Higher crude oil prices realized after hedging increased earnings. The weighted average oil price received by Seneca (after hedging) for the quarter ended June 30, 2012, was $89.70 per Barrel (“Bbl”), an increase of $5.33 per Bbl.
Depletion, lease operating expenses (“LOE”) and general and administrative expenses (“G&A”) for the current year’s third quarter increased over last year’s third quarter. On a per unit basis, depletion increased $0.19 per thousand cubic feet equivalent (“Mcfe”) due to higher capital spending in the East. LOE decreased $0.12 per Mcfe and G&A decreased $0.08 per Mcfe, largely due to the increase in Marcellus production.
The Exploration and Production segment’s earnings of $74.4 million, or $0.89 per share, for the nine months ended June 30, 2012, decreased $19.0 million, or $0.23 per share, when compared with the nine months ended June 30, 2011. The impact fee, described above, recorded in the current nine-month period was $12.4 million (pre-tax) of which $6.3 million (pre-tax) related to prior fiscal years. Excluding the impact fee, the Exploration and Production segment’s Operating Results for the nine months ended June 30, 2012, were $82.5 million, or $0.99 per share, a decrease of $11.0 million, or $0.13 per share, when compared with the prior year’s nine month period.
Overall production for the nine months ended June 30, 2012, increased 15.7 percent. Excluding fiscal 2011 Gulf of Mexico production of 5.2 Bcfe due to the April 2011 sale of Seneca’s offshore Gulf of Mexico assets, production increased 28.9 percent or 13.2 Bcfe. Production from Seneca’s Appalachia properties increased 38.6 percent, mainly due to a 12.6 Bcfe or 50 percent increase in production from Marcellus wells. Crude oil production in California increased 9.1 percent.
Changes in commodity prices realized after hedging also impacted earnings. The weighted average natural gas price received by Seneca (after hedging) for the nine-month period ended June
 
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30, 2012, was $4.40 per Mcf, a decrease of $0.96 per Mcf. Higher crude oil prices realized after hedging increased earnings. The weighted average crude oil price received by Seneca (after hedging) for the nine-month period ended June 30, 2012, was $91.50 per Bbl, an increase of $10.72 per Bbl.
Depletion, LOE and G&A for the nine months ended June 30, 2012, increased compared to the prior year’s nine-month period due in part to the higher production activity discussed above. On a per unit basis, depletion increased $0.14 per Mcfe, LOE decreased $0.04 per Mcfe and G&A per Mcfe was unchanged.
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. 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 $12.6 million, or $0.15 per share, for the quarter ended June 30, 2012, increased $8.1 million, or $0.10 per share, when compared with the same period in the prior fiscal year. The increase in earnings is mainly due to higher transportation revenues from the Tioga County Extension and Line N Expansion projects, which were completed and placed in service in the current fiscal year’s first quarter, and lower operating expenses.
The Pipeline and Storage segment’s earnings of $35.4 million, or $0.42 per share, for the nine months ended June 30, 2012, increased $11.4 million, or $0.13 per share, when compared with the same period in the prior fiscal year. The increase was mostly due to higher transportation revenues from the Tioga County Extension and Line N Expansion projects and lower operating expenses noted above. Earnings were reduced by lower efficiency gas revenues due to the decline in natural gas prices and higher depreciation expense.
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 $5.1 million, or $0.06 per share, for the quarter ended June 30, 2012, decreased $1.2 million, or $0.02 per share, when compared with the same period in the prior fiscal year due mainly to weather in Pennsylvania that was 7.7 percent warmer in the current year’s third quarter than the third quarter of 2011. In New York, the warmer 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 depreciation expense and higher income taxes also reduced earnings. Lower operating expenses and higher normalized usage in Pennsylvania partially offset the impact of the above items.
The Utility segment’s earnings of $52.7 million, or $0.63 per share, for the nine months ended June 30, 2012, decreased from earnings of $62.4 million, or $0.74 per share, for the nine months
 
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ended June 30, 2011. Warmer weather in Pennsylvania was the main reason for the decrease in earnings. Temperatures in Pennsylvania were 22.4 percent warmer in the nine-month period ended June 30, 2012, than the prior year’s nine-month period. Higher depreciation expense, higher income taxes and the impact of certain regulatory adjustments also decreased earnings. Lower operating expenses, lower interest expense and higher normalized usage in Pennsylvania partially offset the above items.
Energy Marketing
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 June 30, 2012, of $0.9 million, or $0.01 per share, decreased $1.0 million, or $0.01 per share, from the prior year’s third quarter earnings of $1.9 million or $0.02 per share. Earnings for the nine months ended June 30, 2012, of $4.7 million, or $0.06 per share, decreased $4.5 million, or $0.05 per share, from the prior year’s nine-month period. The decrease in earnings in both the current year’s third quarter and nine-month period was mainly due to lower average margins and lower retail sales volumes. The decrease in margins was primarily driven by a lower benefit derived from the Energy Marketing segment’s contracts for storage capacity. The lower sales volumes were largely a result of warmer weather.
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 Seneca’s Northeast division, which markets high quality hardwoods from Appalachian land holdings.
Earnings in the Corporate and All Other category for the quarter ended June 30, 2012, were $2.6 million, or $0.04 per share, an increase of $1.2 million, or $0.02 per share, compared to the prior year’s third quarter earnings. The increase in earnings is mainly due to higher earnings from Midstream’s pipeline gathering and natural gas processing operations, lower Corporate operating expenses and lower state franchise taxes.
Earnings in the Corporate and All Other category for the nine months ended June 30, 2012, were $4.0 million, or $0.05 per share, a decrease of $28.0 million, or $0.33 per share, when compared to the earnings for the nine months ended June 30, 2011. The comparability of the results for the quarters ended June 30, 2012, and June 30, 2011, was impacted by a $31.4 million gain realized on the February 2011 Horizon Power, Inc. sale of its interest in certain entities that owned electric generation assets powered by landfill gas.
Excluding this item, Operating Results of $4.0 million, or $0.05 per share, for the nine-month period ended June 30, 2012, increased $3.4 million, or $0.04 per share, when compared with the prior year’s nine-month period. The increase in Operating Results is mainly due to higher earnings
 
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from Midstream’s pipeline gathering and natural gas processing operations, lower Corporate operating expenses and lower state franchise taxes.
EARNINGS GUIDANCE
The Company is updating and narrowing its GAAP earnings guidance range for fiscal 2012 to reflect actual results for the nine months ended June 30, 2012. The revised GAAP earnings range is $2.38 to $2.48 per share, excluding any period end regulatory adjustments. The previous guidance range had been $2.30 to $2.45 per share. This includes forecast oil and gas production for fiscal 2012 for the Exploration and Production segment in the range between 81 and 85 Bcfe, hedges currently in place, and NYMEX equivalent flat commodity pricing on non-hedged volumes exclusive of basis differential of $3.00 per MMBtu for natural gas and $85 per Bbl for crude oil.
The Company’s preliminary GAAP earnings guidance for fiscal 2013 is in the range of $2.45 to $2.75. This includes oil and gas production for the Exploration and Production segment in the range of 92 to 105 Bcfe and is based on an assumed flat NYMEX price of $3.25 per MMBTU for natural gas and $85 per Bbl for crude oil.
EARNINGS TELECONFERENCE
The Company will host a conference call on Friday, August 3, 2012, 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) 1-866-578-5788, and using the passcode “62532693.” 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) 1-888-286-8010 using passcode “85783979.” Both the webcast and telephonic replay will be available until the close of business on Friday, August 10, 2012.
National Fuel is an integrated energy company with $5.8 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 at: www.nationalfuelgas.com or through its investor information service at 1-800-334-2188.

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: factors affecting the Company’s ability to successfully identify, drill for and produce economically viable natural gas and oil reserves,
 
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including among others geology, lease availability, title disputes, 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, regulations or judicial interpretations to which the Company is subject, including those involving derivatives, taxes, safety, employment, climate change, other environmental matters, real property, and exploration and production activities such as hydraulic fracturing; changes in the price of natural gas or oil; impairments under the SEC’s full cost ceiling test for natural gas and oil reserves; uncertainty of oil and gas reserve estimates; significant differences between the Company’s projected and actual production levels for natural gas or oil; changes in demographic patterns and weather conditions; changes in the availability, price or accounting treatment of derivative financial instruments; governmental/regulatory actions, initiatives and proceedings, including those involving rate cases (which address, among other things, allowed rates of return, rate design and retained natural gas), environmental/safety requirements, affiliate relationships, industry structure, and franchise renewal; 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; 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 major accidents, fires, severe weather, natural disasters, terrorist activities, acts of war, cyber attacks or pest infestation; changes in 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, geographic location or delivery date; significant differences between the Company’s projected and actual capital expenditures and operating expenses; changes in laws, 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; 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.
 
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NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
QUARTER ENDED JUNE 30, 2012

 	  	Exploration &	 	 	Pipeline &	 	 	 	 	 	Energy	 	 	Corporate /	 	 	 	 	
(Thousands of Dollars)	  	Production	 	 	Storage	 	 	Utility	 	 	Marketing	 	 	All Other	 	 	Consolidated*	 	
Third quarter 2011 GAAP earnings	  	$	32,784	  	 	$	4,503	  	 	$	6,328	  	 	$	1,891	  	 	$	1,385	  	 	$	46,891	  	
							
Drivers of operating results	  				 				 				 				 				 				
Higher (lower) crude oil prices	  	 	2,495	  	 				 				 				 				 	 	2,495	  	
Higher (lower) natural gas prices	  	 	(17,904	) 	 				 				 				 				 	 	(17,904	) 	
Higher (lower) natural gas production	  	 	17,315	  	 				 				 				 				 	 	17,315	  	
Higher (lower) crude oil production	  	 	3,098	  	 				 				 				 				 	 	3,098	  	
Lower (higher) lease operating expenses	  	 	(2,029	) 	 				 				 				 				 	 	(2,029	) 	
Lower (higher) depreciation / depletion	  	 	(10,059	) 	 				 	 	(698	) 	 				 	 	(244	) 	 	 	(11,001	) 	
							
Higher (lower) transportation revenues	  				 	 	5,766	  	 				 				 				 	 	5,766	  	
Higher (lower) efficiency gas revenues	  				 	 	(766	) 	 				 				 				 	 	(766	) 	
Higher (lower) gathering and processing revenues	  				 				 				 				 	 	1,140	  	 	 	1,140	  	
Lower (higher) operating expenses	  	 	(1,395	) 	 	 	2,052	  	 	 	796	  	 				 	 	321	  	 	 	1,774	  	
Lower (higher) property, franchise and other taxes	  				 				 	 	323	  	 				 	 	713	  	 	 	1,036	  	
							
Warmer weather	  				 				 	 	(2,311	) 	 				 				 	 	(2,311	) 	
Usage	  				 				 	 	733	  	 				 				 	 	733	  	
							
Higher (lower) margins	  				 				 				 	 	(876	) 	 	 	(652	) 	 	 	(1,528	) 	
							
(Higher) lower interest expense	  	 	(2,879	) 	 				 	 	358	  	 				 				 	 	(2,521	) 	
							
Lower (higher) income tax expense / effective tax rate	  	 	1,585	  	 	 	762	  	 	 	(779	) 	 				 				 	 	1,568	  	
							
All other / rounding	  	 	565	  	 	 	310	  	 	 	346	  	 	 	(92	) 	 	 	(40	) 	 	 	1,089	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Third quarter 2012 operating results	  	 	23,576	  	 	 	12,627	  	 	 	5,096	  	 	 	923	  	 	 	2,623	  	 	 	44,845	  	
Items impacting comparability:	  				 				 				 				 				 				
Pennsylvania impact fee	  	 	(1,661	) 	 				 				 				 				 	 	(1,661	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Third quarter 2012 GAAP earnings	  	$	21,915	  	 	$	12,627	  	 	$	5,096	  	 	$	923	  	 	$	2,623	  	 	$	43,184	  	

*	Amounts do not reflect intercompany eliminations	

Page 10
 
NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
QUARTER ENDED JUNE 30, 2012

 	  	Exploration &	 	 	Pipeline &	 	 	 	 	 	Energy	 	 	Corporate /	 	 	 	 	
 	  	Production	 	 	Storage	 	 	Utility	 	 	Marketing	 	 	All Other	 	 	Consolidated*	 	
Third quarter 2011 GAAP earnings	  	$	0.39	  	 	$	0.05	  	 	$	0.08	  	 	$	0.02	  	 	$	0.02	  	 	$	0.56	  	
							
Drivers of operating results	  				 				 				 				 				 				
Higher (lower) crude oil prices	  	 	0.03	  	 				 				 				 				 	 	0.03	  	
Higher (lower) natural gas prices	  	 	(0.21	) 	 				 				 				 				 	 	(0.21	) 	
Higher (lower) natural gas production	  	 	0.21	  	 				 				 				 				 	 	0.21	  	
Higher (lower) crude oil production	  	 	0.04	  	 				 				 				 				 	 	0.04	  	
Lower (higher) lease operating expenses	  	 	(0.02	) 	 				 				 				 				 	 	(0.02	) 	
Lower (higher) depreciation / depletion	  	 	(0.12	) 	 				 	 	(0.01	) 	 				 	 	—  	  	 	 	(0.13	) 	
							
Higher (lower) transportation revenues	  				 	 	0.07	  	 				 				 				 	 	0.07	  	
Higher (lower) efficiency gas revenues	  				 	 	(0.01	) 	 				 				 				 	 	(0.01	) 	
Higher (lower) gathering and processing revenues	  				 				 				 				 	 	0.01	  	 	 	0.01	  	
Lower (higher) operating expenses	  	 	(0.02	) 	 	 	0.02	  	 	 	0.01	  	 				 	 	—  	  	 	 	0.01	  	
Lower (higher) property, franchise and other taxes	  				 				 	 	—  	  	 				 	 	0.01	  	 	 	0.01	  	
							
Warmer weather	  				 				 	 	(0.03	) 	 				 				 	 	(0.03	) 	
Usage	  				 				 	 	0.01	  	 				 				 	 	0.01	  	
							
Higher (lower) margins	  				 				 				 	 	(0.01	) 	 	 	(0.01	) 	 	 	(0.02	) 	
							
(Higher) lower interest expense	  	 	(0.03	) 	 				 	 	—  	  	 				 				 	 	(0.03	) 	
							
Lower (higher) income tax expense / effective tax rate	  	 	0.02	  	 	 	0.01	  	 	 	(0.01	) 	 				 				 	 	0.02	  	
							
All other / rounding	  	 	(0.01	) 	 	 	0.01	  	 	 	0.01	  	 	 	—  	  	 	 	0.01	  	 	 	0.02	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Third quarter 2012 operating results	  	 	0.28	  	 	 	0.15	  	 	 	0.06	  	 	 	0.01	  	 	 	0.04	  	 	 	0.54	  	
Items impacting comparability:	  				 				 				 				 				 				
Pennsylvania impact fee	  	 	(0.02	) 	 				 				 				 				 	 	(0.02	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Third quarter 2012 GAAP earnings	  	$	0.26	  	 	$	0.15	  	 	$	0.06	  	 	$	0.01	  	 	$	0.04	  	 	$	0.52	  	

*	Amounts do not reflect intercompany eliminations	

Page 11
 
NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
NINE MONTHS ENDED JUNE 30, 2012

 	  	Exploration &	 	 	Pipeline &	 	 	 	 	 	Energy	 	 	Corporate /	 	 	 	 	
(Thousands of Dollars)	  	Production	 	 	Storage	 	 	Utility	 	 	Marketing	 	 	All Other	 	 	Consolidated**	 	
Nine months ended June 30, 2011 GAAP earnings	  	$	93,455	  	 	$	24,036	  	 	$	62,399	  	 	$	9,122	  	 	$	32,033	  	 	$	221,045	  	
Items impacting comparability:	  				 				 				 				 				 				
Gain on sale of unconsolidated subsidiaries	  				 				 				 				 	 	(31,418	) 	 	 	(31,418	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Nine months ended June 30, 2011 operating results	  	 	93,455	  	 	 	24,036	  	 	 	62,399	  	 	 	9,122	  	 	 	615	  	 	 	189,627	  	
							
Drivers of operating results	  				 				 				 				 				 				
Higher (lower) Appalachian and West Coast crude oil prices	  	 	16,045	  	 				 				 				 				 	 	16,045	  	
Higher (lower) Appalachian and West Coast natural gas prices	  	 	(28,237	) 	 				 				 				 				 	 	(28,237	) 	
Higher (lower) Appalachian and West Coast natural gas production	  	 	41,531	  	 				 				 				 				 	 	41,531	  	
Higher (lower) Appalachian and West Coast crude oil production	  	 	9,147	  	 				 				 				 				 	 	9,147	  	
Lower Gulf Coast natural gas and crude oil revenues	  	 	(24,506	) 	 				 				 				 				 	 	(24,506	) 	
Lower (higher) lease operating expenses	  	 	(4,153	) 	 				 				 				 				 	 	(4,153	) 	
Lower (higher) depreciation / depletion	  	 	(16,670	) 	 	 	(1,138	) 	 	 	(987	) 	 				 	 	(230	) 	 	 	(19,025	) 	
Higher (lower) processing plant revenues	  	 	992	  	 				 				 				 				 	 	992	  	
							
Higher (lower) transportation revenues	  				 	 	13,506	  	 				 				 				 	 	13,506	  	
Higher (lower) efficiency gas revenues	  				 	 	(4,431	) 	 				 				 				 	 	(4,431	) 	
Higher (lower) gathering and processing revenues	  				 				 				 				 	 	2,401	  	 	 	2,401	  	
Lower (higher) operating expenses	  	 	(3,636	) 	 	 	2,013	  	 				 				 	 	465	  	 	 	(1,158	) 	
Lower (higher) property, franchise and other taxes	  	 	1,975	  	 				 	 	727	  	 				 	 	722	  	 	 	3,424	  	
							
Warmer weather	  				 				 	 	(10,002	) 	 				 				 	 	(10,002	) 	
Usage	  				 				 	 	930	  	 				 				 	 	930	  	
Regulatory true-up adjustments	  				 				 	 	(873	) 	 				 				 	 	(873	) 	
							
Higher (lower) income from unconsolidated subsidiaries	  				 				 				 				 	 	305	  	 	 	305	  	
							
Higher (lower) margins	  				 				 				 	 	(4,340	) 	 	 	261	  	 	 	(4,079	) 	
							
Higher AFUDC *	  				 	 	707	  	 				 				 				 	 	707	  	
Higher (lower) interest income	  	 	480	  	 				 				 				 				 	 	480	  	
Lower (higher) interest expense	  	 	(4,354	) 	 				 	 	1,130	  	 				 				 	 	(3,224	) 	
							
(Higher) lower income tax expense	  				 	 	1,022	  	 	 	(1,432	) 	 				 				 	 	(410	) 	
							
All other / rounding	  	 	414	  	 	 	(287	) 	 	 	833	  	 	 	(120	) 	 	 	(501	) 	 	 	339	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Nine months ended June 30, 2012 operating results	  	 	82,483	  	 	 	35,428	  	 	 	52,725	  	 	 	4,662	  	 	 	4,038	  	 	 	179,336	  	
Items impacting comparability:	  				 				 				 				 				 				
Pennsylvania impact fee	  	 	(8,061	) 	 				 				 				 				 	 	(8,061	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Nine months ended June 30, 2012 GAAP earnings	  	$	74,422	  	 	$	35,428	  	 	$	52,725	  	 	$	4,662	  	 	$	4,038	  	 	$	171,275	  	

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

Page 12
 
NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
NINE MONTHS ENDED JUNE 30, 2012

 	  	Exploration &	 	 	Pipeline &	 	 	 	 	 	Energy	 	 	Corporate /	 	 	 	 	
 	  	Production	 	 	Storage	 	 	Utility	 	 	Marketing	 	 	All Other	 	 	Consolidated**	 	
Nine months ended June 30, 2011 GAAP earnings	  	$	1.12	  	 	$	0.29	  	 	$	0.74	  	 	$	0.11	  	 	$	0.38	  	 	$	2.64	  	
Items impacting comparability:	  				 				 				 				 				 				
Gain on sale of unconsolidated subsidiaries	  				 				 				 				 	 	(0.37	) 	 	 	(0.37	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Nine months ended June 30, 2011 operating results	  	 	1.12	  	 	 	0.29	  	 	 	0.74	  	 	 	0.11	  	 	 	0.01	  	 	 	2.27	  	
							
Drivers of operating results	  				 				 				 				 				 				
Higher (lower) Appalachian and West Coast crude oil prices	  	 	0.19	  	 				 				 				 				 	 	0.19	  	
Higher (lower) Appalachian and West Coast natural gas prices	  	 	(0.34	) 	 				 				 				 				 	 	(0.34	) 	
Higher (lower) Appalachian and West Coast natural gas production	  	 	0.50	  	 				 				 				 				 	 	0.50	  	
Higher (lower) Appalachian and West Coast crude oil production	  	 	0.11	  	 				 				 				 				 	 	0.11	  	
Lower Gulf Coast natural gas and crude oil revenues	  	 	(0.29	) 	 				 				 				 				 	 	(0.29	) 	
Lower (higher) lease operating expenses	  	 	(0.05	) 	 				 				 				 				 	 	(0.05	) 	
Lower (higher) depreciation / depletion	  	 	(0.20	) 	 	 	(0.01	) 	 	 	(0.01	) 	 				 	 	—  	  	 	 	(0.22	) 	
Higher (lower) processing plant revenues	  	 	0.01	  	 				 				 				 				 	 	0.01	  	
							
Higher (lower) transportation revenues	  				 	 	0.16	  	 				 				 				 	 	0.16	  	
Higher (lower) efficiency gas revenues	  				 	 	(0.05	) 	 				 				 				 	 	(0.05	) 	
Higher (lower) gathering and processing revenues	  				 				 				 				 	 	0.03	  	 	 	0.03	  	
Lower (higher) operating expenses	  	 	(0.04	) 	 	 	0.02	  	 				 				 	 	0.01	  	 	 	(0.01	) 	
Lower (higher) property, franchise and other taxes	  	 	0.02	  	 				 	 	0.01	  	 				 	 	0.01	  	 	 	0.04	  	
							
Warmer weather	  				 				 	 	(0.12	) 	 				 				 	 	(0.12	) 	
Usage	  				 				 	 	0.01	  	 				 				 	 	0.01	  	
Regulatory true-up adjustments	  				 				 	 	(0.01	) 	 				 				 	 	(0.01	) 	
							
Higher (lower) income from unconsolidated subsidiaries	  				 				 				 				 	 	—  	  	 	 	—  	  	
							
Higher (lower) margins	  				 				 				 	 	(0.05	) 	 	 	—  	  	 	 	(0.05	) 	
							
Higher AFUDC *	  				 	 	0.01	  	 				 				 				 	 	0.01	  	
Higher (lower) interest income	  	 	0.01	  	 				 				 				 				 	 	0.01	  	
Lower (higher) interest expense	  	 	(0.05	) 	 				 	 	0.01	  	 				 				 	 	(0.04	) 	
							
(Higher) lower income tax expense	  				 	 	0.01	  	 	 	(0.02	) 	 				 				 	 	(0.01	) 	
							
All other / rounding	  	 	—  	  	 	 	(0.01	) 	 	 	0.02	  	 	 	—  	  	 	 	(0.01	) 	 	 	—  	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Nine months ended June 30, 2012 operating results	  	 	0.99	  	 	 	0.42	  	 	 	0.63	  	 	 	0.06	  	 	 	0.05	  	 	 	2.15	  	
Items impacting comparability:	  				 				 				 				 				 				
Pennsylvania impact fee	  	 	(0.10	) 	 				 				 				 				 	 	(0.10	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Nine months ended June 30, 2012 GAAP earnings	  	$	0.89	  	 	$	0.42	  	 	$	0.63	  	 	$	0.06	  	 	$	0.05	  	 	$	2.05	  	

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

Page 13
 
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

 	  	Three Months Ended	 	 	Nine Months Ended	 	
 	  	June 30,	 	 	June 30,	 	
 	  	(Unaudited)	 	 	(Unaudited)	 	
(Thousands of Dollars, except per share amounts)	  	2012	 	 	2011	 	 	2012	 	 	2011	 	
SUMMARY OF OPERATIONS	  				 				 				 				
Operating Revenues	  	$	328,861	  	 	$	380,979	  	 	$	1,313,593	  	 	$	1,492,808	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Expenses:	  				 				 				 				
Purchased Gas	  	 	50,160	  	 	 	112,725	  	 	 	390,889	  	 	 	582,358	  	
Operation and Maintenance	  	 	93,749	  	 	 	95,977	  	 	 	311,857	  	 	 	310,148	  	
Property, Franchise and Other Taxes	  	 	20,432	  	 	 	20,179	  	 	 	70,138	  	 	 	63,714	  	
Depreciation, Depletion and Amortization	  	 	74,227	  	 	 	57,293	  	 	 	199,925	  	 	 	170,617	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	 	238,568	  	 	 	286,174	  	 	 	972,809	  	 	 	1,126,837	  	
Operating Income	  	 	90,293	  	 	 	94,805	  	 	 	340,784	  	 	 	365,971	  	
					
Other Income (Expense):	  				 				 				 				
Gain on Sale of Unconsolidated Subsidiaries	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	50,879	  	
Interest Income	  	 	390	  	 	 	325	  	 	 	1,686	  	 	 	1,277	  	
Other Income	  	 	1,086	  	 	 	1,813	  	 	 	4,076	  	 	 	4,130	  	
Interest Expense on Long-Term Debt	  	 	(21,529	) 	 	 	(17,876	) 	 	 	(60,594	) 	 	 	(55,994	) 	
Other Interest Expense	  	 	(828	) 	 	 	(1,159	) 	 	 	(2,851	) 	 	 	(4,014	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income Before Income Taxes	  	 	69,412	  	 	 	77,908	  	 	 	283,101	  	 	 	362,249	  	
					
Income Tax Expense	  	 	26,228	  	 	 	31,017	  	 	 	111,826	  	 	 	141,204	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Income Available for Common Stock	  	$	43,184	  	 	$	46,891	  	 	$	171,275	  	 	$	221,045	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings Per Common Share:	  				 				 				 				
Basic	  	$	0.52	  	 	$	0.57	  	 	$	2.06	  	 	$	2.68	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted	  	$	0.52	  	 	$	0.56	  	 	$	2.05	  	 	$	2.64	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted Average Common Shares:	  				 				 				 				
Used in Basic Calculation	  	 	83,227,602	  	 	 	82,687,467	  	 	 	83,068,083	  	 	 	82,436,603	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Used in Diluted Calculation	  	 	83,674,823	  	 	 	83,782,493	  	 	 	83,690,436	  	 	 	83,649,498	  	

Page 14
 
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)

 	  	June 30,	 	 	September 30,	 	
(Thousands of Dollars)	  	2012	 	 	2011	 	
ASSETS	  				 				
Property, Plant and Equipment	  	$	6,438,525	  	 	$	5,646,918	  	
Less—Accumulated Depreciation, Depletion and Amortization	  	 	1,817,655	  	 	 	1,646,394	  	
	  	 	 	 	 	 	 	 	
Net Property, Plant and Equipment	  	 	4,620,870	  	 	 	4,000,524	  	
	  	 	 	 	 	 	 	 	
Current Assets:	  				 				
Cash and Temporary Cash Investments	  	 	140,815	  	 	 	80,428	  	
Hedging Collateral Deposits	  	 	3,392	  	 	 	19,701	  	
Receivables—Net	  	 	113,949	  	 	 	131,885	  	
Unbilled Utility Revenue	  	 	12,212	  	 	 	17,284	  	
Gas Stored Underground	  	 	24,787	  	 	 	54,325	  	
Materials and Supplies—at average cost	  	 	28,137	  	 	 	27,932	  	
Unrecovered Purchased Gas Costs	  	 	2,100	  	 	 	—  	  	
Other Current Assets	  	 	48,246	  	 	 	64,923	  	
Deferred Income Taxes	  	 	14,727	  	 	 	15,423	  	
	  	 	 	 	 	 	 	 	
Total Current Assets	  	 	388,365	  	 	 	411,901	  	
	  	 	 	 	 	 	 	 	
Other Assets:	  				 				
Recoverable Future Taxes	  	 	147,652	  	 	 	144,377	  	
Unamortized Debt Expense	  	 	13,991	  	 	 	10,571	  	
Other Regulatory Assets	  	 	481,900	  	 	 	484,397	  	
Deferred Charges	  	 	5,781	  	 	 	5,552	  	
Other Investments	  	 	84,495	  	 	 	79,365	  	
Goodwill	  	 	5,476	  	 	 	5,476	  	
Fair Value of Derivative Financial Instruments	  	 	85,905	  	 	 	76,085	  	
Other	  	 	2,418	  	 	 	2,836	  	
	  	 	 	 	 	 	 	 	
Total Other Assets	  	 	827,618	  	 	 	808,659	  	
	  	 	 	 	 	 	 	 	
Total Assets	  	$	5,836,853	  	 	$	5,221,084	  	
	  	 	 	 	 	 	 	 	
CAPITALIZATION AND LIABILITIES	  				 				
Capitalization:	  				 				
Comprehensive Shareholders’ Equity	  				 				
Common Stock, $1 Par Value Authorized—200,000,000 Shares; Issued and Outstanding—83,270,363 Shares and 82,812,677 Shares, Respectively	  	$	83,270	  	 	$	82,813	  	
Paid in Capital	  	 	666,012	  	 	 	650,749	  	
Earnings Reinvested in the Business	  	 	1,287,898	  	 	 	1,206,022	  	
	  	 	 	 	 	 	 	 	
Total Common Shareholders’ Equity Before Items of Other Comprehensive Loss	  	 	2,037,180	  	 	 	1,939,584	  	
Accumulated Other Comprehensive Loss	  	 	(47,940	) 	 	 	(47,699	) 	
	  	 	 	 	 	 	 	 	
Total Comprehensive Shareholders’ Equity	  	 	1,989,240	  	 	 	1,891,885	  	
Long-Term Debt, Net of Current Portion	  	 	1,149,000	  	 	 	899,000	  	
	  	 	 	 	 	 	 	 	
Total Capitalization	  	 	3,138,240	  	 	 	2,790,885	  	
	  	 	 	 	 	 	 	 	
Current and Accrued Liabilities:	  				 				
Notes Payable to Banks and Commercial Paper	  	 	70,200	  	 	 	40,000	  	
Current Portion of Long-Term Debt	  	 	250,000	  	 	 	150,000	  	
Accounts Payable	  	 	88,119	  	 	 	126,709	  	
Amounts Payable to Customers	  	 	17,761	  	 	 	15,519	  	
Dividends Payable	  	 	30,393	  	 	 	29,399	  	
Interest Payable on Long-Term Debt	  	 	16,320	  	 	 	25,512	  	
Customer Advances	  	 	315	  	 	 	19,643	  	
Customer Security Deposits	  	 	16,847	  	 	 	17,321	  	
Other Accruals and Current Liabilities	  	 	160,899	  	 	 	108,636	  	
Fair Value of Derivative Financial Instruments	  	 	16,193	  	 	 	9,728	  	
	  	 	 	 	 	 	 	 	
Total Current and Accrued Liabilities	  	 	667,047	  	 	 	542,467	  	
	  	 	 	 	 	 	 	 	
Deferred Credits:	  				 				
Deferred Income Taxes	  	 	1,062,824	  	 	 	955,384	  	
Taxes Refundable to Customers	  	 	65,554	  	 	 	65,543	  	
Unamortized Investment Tax Credit	  	 	2,150	  	 	 	2,586	  	
Cost of Removal Regulatory Liability	  	 	148,668	  	 	 	135,940	  	
Other Regulatory Liabilities	  	 	39,657	  	 	 	17,177	  	
Pension and Other Post-Retirement Liabilities	  	 	481,331	  	 	 	481,520	  	
Asset Retirement Obligations	  	 	78,232	  	 	 	75,731	  	
Other Deferred Credits	  	 	153,150	  	 	 	153,851	  	
	  	 	 	 	 	 	 	 	
Total Deferred Credits	  	 	2,031,566	  	 	 	1,887,732	  	
	  	 	 	 	 	 	 	 	
Commitments and Contingencies	  	 	—  	  	 	 	—  	  	
	  	 	 	 	 	 	 	 	
Total Capitalization and Liabilities	  	$	5,836,853	  	 	$	5,221,084	  	

Page 15
 
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

 	  	Nine Months Ended
June 30,	 	
(Thousands of Dollars)	  	2012	 	 	2011	 	
Operating Activities:	  				 				
Net Income Available for Common Stock	  	$	171,275	  	 	$	221,045	  	
Adjustments to Reconcile Net Income to Net Cash	  				 				
Provided by Operating Activities:	  				 				
Gain on Sale of Unconsolidated Subsidiaries	  	 	—  	  	 	 	(50,879	) 	
Depreciation, Depletion and Amortization	  	 	199,925	  	 	 	170,617	  	
Deferred Income Taxes	  	 	104,948	  	 	 	140,326	  	
Excess Tax Costs (Benefits) Associated with Stock-Based Compensation Awards	  	 	(1,511	) 	 	 	1,224	  	
Other	  	 	6,618	  	 	 	7,351	  	
Change in:	  				 				
Hedging Collateral Deposits	  	 	16,309	  	 	 	(26,850	) 	
Receivables and Unbilled Utility Revenue	  	 	23,008	  	 	 	(25,919	) 	
Gas Stored Underground and Materials and Supplies	  	 	30,853	  	 	 	22,387	  	
Unrecovered Purchased Gas Costs	  	 	(2,100	) 	 	 	—  	  	
Prepayments and Other Current Assets	  	 	18,190	  	 	 	83,541	  	
Accounts Payable	  	 	(38,590	) 	 	 	5,506	  	
Amounts Payable to Customers	  	 	2,242	  	 	 	(12,448	) 	
Customer Advances	  	 	(19,328	) 	 	 	(26,617	) 	
Customer Security Deposits	  	 	(474	) 	 	 	(648	) 	
Other Accruals and Current Liabilities	  	 	17,083	  	 	 	36,446	  	
Other Assets	  	 	(12,796	) 	 	 	8,582	  	
Other Liabilities	  	 	25,338	  	 	 	(17,382	) 	
	  	 	 	 	 	 	 	 	
Net Cash Provided by Operating Activities	  	$	540,990	  	 	$	536,282	  	
	  	 	 	 	 	 	 	 	
Investing Activities:	  				 				
Capital Expenditures	  	$	(776,896	) 	 	$	(583,739	) 	
Net Proceeds from Sale of Unconsolidated Subsidiaries	  	 	—  	  	 	 	59,365	  	
Net Proceeds from Sale of Oil and Gas Producing Properties	  	 	—  	  	 	 	69,435	  	
Other	  	 	(1,267	) 	 	 	(2,908	) 	
	  	 	 	 	 	 	 	 	
Net Cash Used in Investing Activities	  	$	(778,163	) 	 	$	(457,847	) 	
	  	 	 	 	 	 	 	 	
Financing Activities:	  				 				
Changes in Notes Payable to Banks and Commercial Paper	  	$	30,200	  	 	$	—  	  	
Excess Tax Benefits (Costs) Associated with Stock-Based Compensation Awards	  	 	1,511	  	 	 	(1,224	) 	
Reduction of Long-Term Debt	  	 	(150,000	) 	 	 	(200,000	) 	
Net Proceeds From Issuance of Long-Term Debt	  	 	496,085	  	 	 	—  	  	
Dividends Paid on Common Stock	  	 	(88,404	) 	 	 	(85,201	) 	
Net Proceeds From Issuance (Repurchase) of Common Stock	  	 	8,168	  	 	 	(4,471	) 	
	  	 	 	 	 	 	 	 	
Net Cash Provided By (Used in) Financing Activities	  	$	297,560	  	 	$	(290,896	) 	
	  	 	 	 	 	 	 	 	
Net Increase (Decrease) in Cash and Temporary Cash Investments	  	 	60,387	  	 	 	(212,461	) 	
Cash and Temporary Cash Investments at Beginning of Period	  	 	80,428	  	 	 	397,171	  	
	  	 	 	 	 	 	 	 	
Cash and Temporary Cash Investments at June 30	  	$	140,815	  	 	$	184,710	  	

Page 16
 
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)

 	  	Three Months Ended	 	 	Nine Months Ended	 	
 	  	June 30,	 	 	June 30,	 	
(Thousands of Dollars, except per share amounts)	  	2012	 	 	2011	 	 	Variance	 	 	2012	 	 	2011	 	 	Variance	 	
EXPLORATION AND PRODUCTION SEGMENT	  				 				 				 				 				 				
Total Operating Revenues	  	$	138,549	  	 	$	130,974	  	 	$	7,575	  	 	$	411,449	  	 	$	388,571	  	 	$	22,878	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Expenses:	  				 				 				 				 				 				
Operation and Maintenance:	  				 				 				 				 				 				
General and Administrative Expense	  	 	12,952	  	 	 	11,342	  	 	 	1,610	  	 	 	41,253	  	 	 	35,330	  	 	 	5,923	  	
Lease Operating Expense	  	 	20,238	  	 	 	17,421	  	 	 	2,817	  	 	 	59,821	  	 	 	53,736	  	 	 	6,085	  	
All Other Operation and Maintenance Expense	  	 	1,790	  	 	 	1,252	  	 	 	538	  	 	 	4,865	  	 	 	5,196	  	 	 	(331	) 	
Property, Franchise and Other Taxes	  	 	4,264	  	 	 	2,114	  	 	 	2,150	  	 	 	18,998	  	 	 	9,634	  	 	 	9,364	  	
Depreciation, Depletion and Amortization	  	 	52,440	  	 	 	36,964	  	 	 	15,476	  	 	 	136,262	  	 	 	110,615	  	 	 	25,647	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	 	91,684	  	 	 	69,093	  	 	 	22,591	  	 	 	261,199	  	 	 	214,511	  	 	 	46,688	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income	  	 	46,865	  	 	 	61,881	  	 	 	(15,016	) 	 	 	150,250	  	 	 	174,060	  	 	 	(23,810	) 	
							
Other Income (Expense):	  				 				 				 				 				 				
Interest Income	  	 	403	  	 	 	(10	) 	 	 	413	  	 	 	1,070	  	 	 	(11	) 	 	 	1,081	  	
Other Income	  	 	—  	  	 	 	1	  	 	 	(1	) 	 	 	—  	  	 	 	1	  	 	 	(1	) 	
Other Interest Expense	  	 	(8,372	) 	 	 	(3,817	) 	 	 	(4,555	) 	 	 	(20,864	) 	 	 	(13,825	) 	 	 	(7,039	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income Before Income Taxes	  	 	38,896	  	 	 	58,055	  	 	 	(19,159	) 	 	 	130,456	  	 	 	160,225	  	 	 	(29,769	) 	
Income Tax Expense	  	 	16,981	  	 	 	25,271	  	 	 	(8,290	) 	 	 	56,034	  	 	 	66,770	  	 	 	(10,736	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Income	  	$	21,915	  	 	$	32,784	  	 	$	(10,869	) 	 	$	74,422	  	 	$	93,455	  	 	$	(19,033	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Income Per Share (Diluted)	  	$	0.26	  	 	$	0.39	  	 	$	(0.13	) 	 	$	0.89	  	 	$	1.12	  	 	$	(0.23	) 	

																									
 	  	Three Months Ended	 	 	Nine Months Ended	 	
 	  	June 30,	 	 	June 30,	 	
   	  	2012	 	 	2011	 	 	Variance	 	 	2012	 	 	2011	 	 	Variance	 	
PIPELINE AND STORAGE SEGMENT	  				 				 				 				 				 				
Revenues from External Customers	  	$	36,631	  	 	$	29,933	  	 	$	6,698	  	 	$	113,976	  	 	$	103,115	  	 	$	10,861	  	
Intersegment Revenues	  	 	22,076	  	 	 	20,324	  	 	 	1,752	  	 	 	64,434	  	 	 	60,838	  	 	 	3,596	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Operating Revenues	  	 	58,707	  	 	 	50,257	  	 	 	8,450	  	 	 	178,410	  	 	 	163,953	  	 	 	14,457	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Expenses:	  				 				 				 				 				 				
Purchased Gas	  	 	65	  	 	 	11	  	 	 	54	  	 	 	193	  	 	 	(14	) 	 	 	207	  	
Operation and Maintenance	  	 	18,486	  	 	 	21,643	  	 	 	(3,157	) 	 	 	58,529	  	 	 	61,627	  	 	 	(3,098	) 	
Property, Franchise and Other Taxes	  	 	5,319	  	 	 	5,173	  	 	 	146	  	 	 	16,232	  	 	 	15,781	  	 	 	451	  	
Depreciation, Depletion and Amortization	  	 	9,563	  	 	 	9,567	  	 	 	(4	) 	 	 	29,546	  	 	 	27,796	  	 	 	1,750	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	 	33,433	  	 	 	36,394	  	 	 	(2,961	) 	 	 	104,500	  	 	 	105,190	  	 	 	(690	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income	  	 	25,274	  	 	 	13,863	  	 	 	11,411	  	 	 	73,910	  	 	 	58,763	  	 	 	15,147	  	
							
Other Income (Expense):	  				 				 				 				 				 				
Interest Income	  	 	46	  	 	 	73	  	 	 	(27	) 	 	 	137	  	 	 	252	  	 	 	(115	) 	
Other Income	  	 	524	  	 	 	621	  	 	 	(97	) 	 	 	2,031	  	 	 	1,336	  	 	 	695	  	
Other Interest Expense	  	 	(6,381	) 	 	 	(6,423	) 	 	 	42	  	 	 	(19,279	) 	 	 	(19,505	) 	 	 	226	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income Before Income Taxes	  	 	19,463	  	 	 	8,134	  	 	 	11,329	  	 	 	56,799	  	 	 	40,846	  	 	 	15,953	  	
Income Tax Expense	  	 	6,836	  	 	 	3,631	  	 	 	3,205	  	 	 	21,371	  	 	 	16,810	  	 	 	4,561	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Income	  	$	12,627	  	 	$	4,503	  	 	$	8,124	  	 	$	35,428	  	 	$	24,036	  	 	$	11,392	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Income Per Share (Diluted)	  	$	0.15	  	 	$	0.05	  	 	$	0.10	  	 	$	0.42	  	 	$	0.29	  	 	$	0.13	  	

Page 17
 
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)

 	  	Three Months Ended	 	 	Nine Months Ended	 	
 	  	June 30,	 	 	June 30,	 	
(Thousands of Dollars, except per share amounts)	  	2012	 	 	2011	 	 	Variance	 	 	2012	 	 	2011	 	 	Variance	 	
UTILITY SEGMENT	  				 				 				 				 				 				
Revenues from External Customers	  	$	117,240	  	 	$	146,215	  	 	$	(28,975	) 	 	$	622,836	  	 	$	750,802	  	 	$	(127,966	) 	
Intersegment Revenues	  	 	2,703	  	 	 	3,475	  	 	 	(772	) 	 	 	12,643	  	 	 	14,680	  	 	 	(2,037	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Operating Revenues	  	 	119,943	  	 	 	149,690	  	 	 	(29,747	) 	 	 	635,479	  	 	 	765,482	  	 	 	(130,003	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Expenses:	  				 				 				 				 				 				
Purchased Gas	  	 	41,628	  	 	 	68,667	  	 	 	(27,039	) 	 	 	316,877	  	 	 	429,716	  	 	 	(112,839	) 	
Operation and Maintenance	  	 	40,719	  	 	 	42,524	  	 	 	(1,805	) 	 	 	144,701	  	 	 	146,549	  	 	 	(1,848	) 	
Property, Franchise and Other Taxes	  	 	10,057	  	 	 	11,031	  	 	 	(974	) 	 	 	32,627	  	 	 	34,933	  	 	 	(2,306	) 	
Depreciation, Depletion and Amortization	  	 	11,437	  	 	 	10,363	  	 	 	1,074	  	 	 	32,503	  	 	 	30,986	  	 	 	1,517	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	 	103,841	  	 	 	132,585	  	 	 	(28,744	) 	 	 	526,708	  	 	 	642,184	  	 	 	(115,476	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income	  	 	16,102	  	 	 	17,105	  	 	 	(1,003	) 	 	 	108,771	  	 	 	123,298	  	 	 	(14,527	) 	
							
Other Income (Expense):	  				 				 				 				 				 				
Interest Income	  	 	99	  	 	 	38	  	 	 	61	  	 	 	820	  	 	 	485	  	 	 	335	  	
Other Income	  	 	(5	) 	 	 	300	  	 	 	(305	) 	 	 	671	  	 	 	897	  	 	 	(226	) 	
Other Interest Expense	  	 	(8,110	) 	 	 	(8,659	) 	 	 	549	  	 	 	(24,509	) 	 	 	(26,247	) 	 	 	1,738	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income Before Income Taxes	  	 	8,086	  	 	 	8,784	  	 	 	(698	) 	 	 	85,753	  	 	 	98,433	  	 	 	(12,680	) 	
Income Tax Expense	  	 	2,990	  	 	 	2,456	  	 	 	534	  	 	 	33,028	  	 	 	36,034	  	 	 	(3,006	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Income	  	$	5,096	  	 	$	6,328	  	 	$	(1,232	) 	 	$	52,725	  	 	$	62,399	  	 	$	(9,674	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Income Per Share (Diluted)	  	$	0.06	  	 	$	0.08	  	 	$	(0.02	) 	 	$	0.63	  	 	$	0.74	  	 	$	(0.11	) 	

																									
 	  	Three Months Ended	 	 	Nine Months Ended	 	
 	  	June 30,	 	 	June 30,	 	
 	  	2012	 	 	2011	 	 	Variance	 	 	2012	 	 	2011	 	 	Variance	 	
ENERGY MARKETING SEGMENT	  				 				 				 				 				 				
Revenues from External Customers	  	$	35,377	  	 	$	71,746	  	 	$	(36,369	) 	 	$	161,822	  	 	$	246,719	  	 	$	(84,897	) 	
Intersegment Revenues	  	 	579	  	 	 	156	  	 	 	423	  	 	 	1,135	  	 	 	156	  	 	 	979	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Operating Revenues	  	 	35,956	  	 	 	71,902	  	 	 	(35,946	) 	 	 	162,957	  	 	 	246,875	  	 	 	(83,918	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Expenses:	  				 				 				 				 				 				
Purchased Gas	  	 	33,114	  	 	 	67,711	  	 	 	(34,597	) 	 	 	150,475	  	 	 	227,716	  	 	 	(77,241	) 	
Operation and Maintenance	  	 	1,347	  	 	 	1,415	  	 	 	(68	) 	 	 	4,920	  	 	 	4,553	  	 	 	367	  	
Property, Franchise and Other Taxes	  	 	36	  	 	 	8	  	 	 	28	  	 	 	60	  	 	 	34	  	 	 	26	  	
Depreciation, Depletion and Amortization	  	 	22	  	 	 	9	  	 	 	13	  	 	 	69	  	 	 	28	  	 	 	41	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	 	34,519	  	 	 	69,143	  	 	 	(34,624	) 	 	 	155,524	  	 	 	232,331	  	 	 	(76,807	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income	  	 	1,437	  	 	 	2,759	  	 	 	(1,322	) 	 	 	7,433	  	 	 	14,544	  	 	 	(7,111	) 	
							
Other Income (Expense):	  				 				 				 				 				 				
Interest Income	  	 	59	  	 	 	36	  	 	 	23	  	 	 	127	  	 	 	72	  	 	 	55	  	
Other Income	  	 	25	  	 	 	27	  	 	 	(2	) 	 	 	88	  	 	 	61	  	 	 	27	  	
Other Interest Expense	  	 	(9	) 	 	 	(4	) 	 	 	(5	) 	 	 	(17	) 	 	 	(15	) 	 	 	(2	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income Before Income Taxes	  	 	1,512	  	 	 	2,818	  	 	 	(1,306	) 	 	 	7,631	  	 	 	14,662	  	 	 	(7,031	) 	
Income Tax Expense	  	 	589	  	 	 	927	  	 	 	(338	) 	 	 	2,969	  	 	 	5,540	  	 	 	(2,571	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Income	  	$	923	  	 	$	1,891	  	 	$	(968	) 	 	$	4,662	  	 	$	9,122	  	 	$	(4,460	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Income Per Share (Diluted)	  	$	0.01	  	 	$	0.02	  	 	$	(0.01	) 	 	$	0.06	  	 	$	0.11	  	 	$	(0.05	) 	

Page 18
 
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)

 	  	Three Months Ended	 	 	Nine Months Ended	 	
 	  	June 30,	 	 	June 30,	 	
(Thousands of Dollars, except per share amounts)	  	2012	 	 	2011	 	 	Variance	 	 	2012	 	 	2011	 	 	Variance	 	
ALL OTHER	  				 				 				 				 				 				
Revenues from External Customers	  	$	824	  	 	$	1,873	  	 	$	(1,049	) 	 	$	2,784	  	 	$	2,895	  	 	$	(111	) 	
Intersegment Revenues	  	 	4,307	  	 	 	2,810	  	 	 	1,497	  	 	 	10,828	  	 	 	7,026	  	 	 	3,802	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Operating Revenues	  	 	5,131	  	 	 	4,683	  	 	 	448	  	 	 	13,612	  	 	 	9,921	  	 	 	3,691	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Expenses:	  				 				 				 				 				 				
Purchased Gas	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	48	  	 	 	(48	) 	
Operation and Maintenance	  	 	876	  	 	 	944	  	 	 	(68	) 	 	 	2,794	  	 	 	3,130	  	 	 	(336	) 	
Property, Franchise and Other Taxes	  	 	205	  	 	 	90	  	 	 	115	  	 	 	569	  	 	 	490	  	 	 	79	  	
Depreciation, Depletion and Amortization	  	 	567	  	 	 	203	  	 	 	364	  	 	 	959	  	 	 	630	  	 	 	329	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	 	1,648	  	 	 	1,237	  	 	 	411	  	 	 	4,322	  	 	 	4,298	  	 	 	24	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income	  	 	3,483	  	 	 	3,446	  	 	 	37	  	 	 	9,290	  	 	 	5,623	  	 	 	3,667	  	
							
Other Income (Expense):	  				 				 				 				 				 				
Gain on Sale of Unconsolidated Subsidiaries	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	50,879	  	 	 	(50,879	) 	
Interest Income	  	 	38	  	 	 	48	  	 	 	(10	) 	 	 	136	  	 	 	197	  	 	 	(61	) 	
Other Income	  	 	(70	) 	 	 	177	  	 	 	(247	) 	 	 	(220	) 	 	 	(409	) 	 	 	189	  	
Other Interest Expense	  	 	(427	) 	 	 	(541	) 	 	 	114	  	 	 	(1,290	) 	 	 	(1,637	) 	 	 	347	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income Before Income Taxes	  	 	3,024	  	 	 	3,130	  	 	 	(106	) 	 	 	7,916	  	 	 	54,653	  	 	 	(46,737	) 	
Income Tax Expense	  	 	209	  	 	 	417	  	 	 	(208	) 	 	 	2,359	  	 	 	20,333	  	 	 	(17,974	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Income	  	$	2,815	  	 	$	2,713	  	 	$	102	  	 	$	5,557	  	 	$	34,320	  	 	$	(28,763	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Income Per Share (Diluted)	  	$	0.04	  	 	$	0.03	  	 	$	0.01	  	 	$	0.07	  	 	$	0.41	  	 	$	(0.34	) 	

Page 19
 
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)

 	  	Three Months Ended	 	 	Nine Months Ended	 	
 	  	June 30,	 	 	June 30,	 	
(Thousands of Dollars, except per share amounts)	  	2012	 	 	2011	 	 	Variance	 	 	2012	 	 	2011	 	 	Variance	 	
CORPORATE	  				 				 				 				 				 				
Revenues from External Customers	  	$	240	  	 	$	238	  	 	$	2	  	 	$	726	  	 	$	706	  	 	$	20	  	
Intersegment Revenues	  	 	780	  	 	 	1,028	  	 	 	(248	) 	 	 	2,837	  	 	 	2,955	  	 	 	(118	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Operating Revenues	  	 	1,020	  	 	 	1,266	  	 	 	(246	) 	 	 	3,563	  	 	 	3,661	  	 	 	(98	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Expenses:	  				 				 				 				 				 				
Operation and Maintenance	  	 	3,139	  	 	 	3,565	  	 	 	(426	) 	 	 	10,195	  	 	 	10,574	  	 	 	(379	) 	
Property, Franchise and Other Taxes	  	 	551	  	 	 	1,763	  	 	 	(1,212	) 	 	 	1,652	  	 	 	2,842	  	 	 	(1,190	) 	
Depreciation, Depletion and Amortization	  	 	198	  	 	 	187	  	 	 	11	  	 	 	586	  	 	 	562	  	 	 	24	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	 	3,888	  	 	 	5,515	  	 	 	(1,627	) 	 	 	12,433	  	 	 	13,978	  	 	 	(1,545	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Loss	  	 	(2,868	) 	 	 	(4,249	) 	 	 	1,381	  	 	 	(8,870	) 	 	 	(10,317	) 	 	 	1,447	  	
							
Other Income (Expense):	  				 				 				 				 				 				
Interest Income	  	 	22,799	  	 	 	18,897	  	 	 	3,902	  	 	 	65,568	  	 	 	58,717	  	 	 	6,851	  	
Other Income	  	 	612	  	 	 	687	  	 	 	(75	) 	 	 	1,506	  	 	 	2,244	  	 	 	(738	) 	
Interest Expense on Long-Term Debt	  	 	(21,529	) 	 	 	(17,876	) 	 	 	(3,653	) 	 	 	(60,594	) 	 	 	(55,994	) 	 	 	(4,600	) 	
Other Interest Expense	  	 	(583	) 	 	 	(472	) 	 	 	(111	) 	 	 	(3,064	) 	 	 	(1,220	) 	 	 	(1,844	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss Before Income Taxes	  	 	(1,569	) 	 	 	(3,013	) 	 	 	1,444	  	 	 	(5,454	) 	 	 	(6,570	) 	 	 	1,116	  	
Income Tax Benefit	  	 	(1,377	) 	 	 	(1,685	) 	 	 	308	  	 	 	(3,935	) 	 	 	(4,283	) 	 	 	348	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Loss	  	$	(192	) 	 	$	(1,328	) 	 	$	1,136	  	 	$	(1,519	) 	 	$	(2,287	) 	 	$	768	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Loss Per Share (Diluted)	  	$	—  	  	 	$	(0.01	) 	 	$	0.01	  	 	$	(0.02	) 	 	$	(0.03	) 	 	$	0.01	  	

																									
 	  	Three Months Ended	 	 	Nine Months Ended	 	
 	  	June 30,	 	 	June 30,	 	
 	  	2012	 	 	2011	 	 	Variance	 	 	2012	 	 	2011	 	 	Variance	 	
INTERSEGMENT ELIMINATIONS	  				 				 				 				 				 				
Intersegment Revenues	  	$	(30,445	) 	 	$	(27,793	) 	 	$	(2,652	) 	 	$	(91,877	) 	 	$	(85,655	) 	 	$	(6,222	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Expenses:	  				 				 				 				 				 				
Purchased Gas	  	 	(24,647	) 	 	 	(23,664	) 	 	 	(983	) 	 	 	(76,656	) 	 	 	(75,108	) 	 	 	(1,548	) 	
Operation and Maintenance	  	 	(5,798	) 	 	 	(4,129	) 	 	 	(1,669	) 	 	 	(15,221	) 	 	 	(10,547	) 	 	 	(4,674	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	 	(30,445	) 	 	 	(27,793	) 	 	 	(2,652	) 	 	 	(91,877	) 	 	 	(85,655	) 	 	 	(6,222	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	
							
Other Income (Expense):	  				 				 				 				 				 				
Interest Income	  	 	(23,054	) 	 	 	(18,757	) 	 	 	(4,297	) 	 	 	(66,172	) 	 	 	(58,435	) 	 	 	(7,737	) 	
Other Interest Expense	  	 	23,054	  	 	 	18,757	  	 	 	4,297	  	 	 	66,172	  	 	 	58,435	  	 	 	7,737	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Income	  	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Income Per Share (Diluted)	  	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	

Page 20
 
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT INFORMATION (Continued)
(Thousands of Dollars)

 	  	Three Months Ended	 	 	Nine Months Ended	 	
 	  	June 30,	 	 	June 30,	 	
 	  	(Unaudited)	 	 	(Unaudited)	 	
 	  	2012	 	 	2011	 	 	Increase
(Decrease)	 	 	2012	 	 	2011	 	 	Increase
(Decrease)	 	
Capital Expenditures:	  				 				 				 				 				 				
Exploration and Production	  	$	189,429	(1)(2) 	 	$	158,321	(3)(4) 	 	$	31,108	  	 	$	598,560	(1)(2) 	 	$	473,515	(3)(4) 	 	$	125,045	  	
Pipeline and Storage	  	 	34,032	(1)(2) 	 	 	35,471	(3) 	 	 	(1,439	) 	 	 	97,253	(1)(2) 	 	 	74,969	(3) 	 	 	22,284	  	
Utility	  	 	14,518	  	 	 	13,994	  	 	 	524	  	 	 	39,858	  	 	 	39,429	  	 	 	429	  	
Energy Marketing	  	 	154	  	 	 	68	  	 	 	86	  	 	 	420	  	 	 	329	  	 	 	91	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Reportable Segments	  	 	238,133	  	 	 	207,854	  	 	 	30,279	  	 	 	736,091	  	 	 	588,242	  	 	 	147,849	  	
All Other	  	 	23,151	(1)(2) 	 	 	4,018	  	 	 	19,133	  	 	 	66,788	(1)(2) 	 	 	6,287	  	 	 	60,501	  	
Corporate	  	 	121	  	 	 	193	  	 	 	(72	) 	 	 	291	  	 	 	208	  	 	 	83	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Capital Expenditures	  	$	261,405	  	 	$	212,065	  	 	$	49,340	  	 	$	803,170	  	 	$	594,737	  	 	$	208,433	  	

(1)  	Capital expenditures for the quarter and nine months ended June 30, 2012 include $74.2 million of accrued capital expenditures in the Exploration and Production segment, the majority of which was in the Appalachian region, $8.0 million of accrued capital expenditures in the Pipeline and Storage segment, and $16.2 million of accrued capital expenditures in the All Other category. These amounts have been excluded from the Consolidated Statement of Cash Flows at June 30, 2012 since they represent non-cash investing activities at that date.	
(2)  	Capital expenditures for the nine months ended June 30, 2012 exclude $63.5 million of capital expenditures in the Exploration and Production segment, the majority of which was in the Appalachian region, $7.3 million of capital expenditures in the Pipeline and Storage segment, and $1.4 million of capital expenditures in the All Other category. These amounts were accrued at September 30, 2011 and paid during the nine months ended June 30, 2012. These amounts were excluded from the Consolidated Statements of Cash Flows at September 30, 2011 since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at June 30, 2012.	
(3)  	Capital expenditures for the quarter and nine months ended June 30, 2011 include $60.7 million of accrued capital expenditures in the Exploration and Production segment, the majority of which was in the Appalachian region, and $5.9 million of accrued capital expenditures in the Pipeline and Storage segment. These amounts were excluded from the Consolidated Statement of Cash Flows at June 30, 2011 since they represented non-cash investing activities at that date.	
(4)  	Capital expenditures for the Exploration and Production segment for the nine months ended June 30, 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 nine months ended June 30, 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 June 30, 2011.	
DEGREE DAYS

 	  	 	 	  	 	 	  	 	 	  	Percent Colder	 	
 	  	 	 	  	 	 	  	 	 	  	(Warmer) Than:	 	
 	  	Normal	 	  	2012	 	  	2011	 	  	Normal  (1)	 	 	Last Year  (1)	 	
Three Months Ended June 30	  				  				  				  				 				
						
Buffalo, NY	  	 	927	  	  	 	751	  	  	 	848	  	  	 	(19.0	) 	 	 	(11.4	) 	
Erie, PA	  	 	885	  	  	 	751	  	  	 	814	  	  	 	(15.1	) 	 	 	(7.7	) 	
						
Nine Months Ended June 30	  				  				  				  				 				
						
Buffalo, NY	  	 	6,551	  	  	 	5,171	  	  	 	6,674	  	  	 	(21.1	) 	 	 	(22.5	) 	
Erie, PA	  	 	6,142	  	  	 	4,875	  	  	 	6,286	  	  	 	(20.6	) 	 	 	(22.4	) 	
 
(1)	Percents compare actual 2012 degree days to normal degree days and actual 2012 degree days to actual 2011 degree days.	

Page 21
 
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
EXPLORATION AND PRODUCTION INFORMATION

 	  	Three Months Ended	 	 	Nine Months Ended	 	
 	  	June 30,	 	 	June 30,	 	
 	  	 	 	  	 	 	 	Increase	 	 	 	 	  	 	 	  	Increase	 	
 	  	2012	 	  	2011	 	 	(Decrease)	 	 	2012	 	  	2011	 	  	(Decrease)	 	
Gas Production/Prices:	  				  				 				 				  				  				
Production (MMcf)	  				  				 				 				  				  				
Appalachia	  	 	16,778	  	  	 	12,090	  	 	 	4,688	  	 	 	43,125	  	  	 	31,020	  	  	 	12,105	  	
West Coast	  	 	1,025	  	  	 	826	  	 	 	199	  	 	 	2,670	  	  	 	2,616	  	  	 	54	  	
Gulf Coast	  	 	—  	  	  	 	22	  	 	 	(22	) 	 	 	—  	  	  	 	4,092	  	  	 	(4,092	) 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Total Production	  	 	17,803	  	  	 	12,938	  	 	 	4,865	  	 	 	45,795	  	  	 	37,728	  	  	 	8,067	  	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Average Prices (Per Mcf)	  				  				 				 				  				  				
Appalachia	  	$	2.14	  	  	$	4.55	  	 	$	(2.41	) 	 	$	2.70	  	  	$	4.36	  	  	$	(1.66	) 	
West Coast	  	 	2.97	  	  	 	4.87	  	 	 	(1.90	) 	 	 	3.74	  	  	 	4.40	  	  	 	(0.66	) 	
Gulf Coast	  	 	N/M	  	  	 	N/M	  	 	 	N/M	  	 	 	N/M	  	  	 	5.02	  	  	 	N/M	  	
Weighted Average	  	 	2.19	  	  	 	4.67	  	 	 	(2.48	) 	 	 	2.76	  	  	 	4.44	  	  	 	(1.68	) 	
Weighted Average after Hedging	  	 	3.93	  	  	 	5.48	  	 	 	(1.55	) 	 	 	4.40	  	  	 	5.36	  	  	 	(0.96	) 	
							
Oil Production/Prices:	  				  				 				 				  				  				
Production (Thousands of Barrels)	  				  				 				 				  				  				
Appalachia	  	 	11	  	  	 	13	  	 	 	(2	) 	 	 	29	  	  	 	35	  	  	 	(6	) 	
West Coast	  	 	710	  	  	 	661	  	 	 	49	  	 	 	2,136	  	  	 	1,958	  	  	 	178	  	
Gulf Coast	  	 	—  	  	  	 	(9	) (1)  	 	 	9	  	 	 	—  	  	  	 	187	  	  	 	(187	) 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Total Production	  	 	721	  	  	 	665	  	 	 	56	  	 	 	2,165	  	  	 	2,180	  	  	 	(15	) 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Average Prices (Per Barrel)	  				  				 				 				  				  				
Appalachia	  	$	95.43	  	  	$	92.89	  	 	$	2.54	  	 	$	94.24	  	  	$	87.36	  	  	$	6.88	  	
West Coast	  	 	104.24	  	  	 	108.30	  	 	 	(4.06	) 	 	 	108.56	  	  	 	94.74	  	  	 	13.82	  	
Gulf Coast	  	 	N/M	  	  	 	N/M	  	 	 	N/M	  	 	 	N/M	  	  	 	88.57	  	  	 	N/M	  	
Weighted Average	  	 	104.11	  	  	 	107.97	  	 	 	(3.86	) 	 	 	108.37	  	  	 	94.10	  	  	 	14.27	  	
Weighted Average after Hedging	  	 	89.70	  	  	 	84.37	  	 	 	5.33	  	 	 	91.50	  	  	 	80.78	  	  	 	10.72	  	
							
Total Production (Mmcfe)	  	 	22,129	  	  	 	16,928	  	 	 	5,201	  	 	 	58,785	  	  	 	50,808	  	  	 	7,977	  	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Selected Operating Performance Statistics:	  				  				 				 				  				  				
General & Administrative Expense per Mcfe (2)	  	$	0.59	  	  	$	0.67	  	 	$	(0.08	) 	 	$	0.70	  	  	$	0.70	  	  	$	—  	  	
Lease Operating Expense per Mcfe (2)	  	$	0.91	  	  	$	1.03	  	 	$	(0.12	) 	 	$	1.02	  	  	$	1.06	  	  	$	(0.04	) 	
Depreciation, Depletion & Amortization per Mcfe (2)	  	$	2.37	  	  	$	2.18	  	 	$	0.19	  	 	$	2.32	  	  	$	2.18	  	  	$	0.14	  	
 
(1)  	The sale of Gulf Coast properties in April 2011 and various adjustments to prior months' production resulted in negative oil production.	
(2)  	Refer to page 16 for the General and Administrative Expense, Lease Operating Expense and Depreciation, Depletion, and Amortization Expense for the Exploration and Production segment.	
N/M	Not Meaningful	

Page 22
 
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
EXPLORATION AND PRODUCTION INFORMATION
Hedging Summary for the Remaining Three Months of Fiscal 2012

SWAPS	  	Volume	 	  	Average Hedge Price	 	
Oil	  	 	0.4 MMBBL	  	  	$	77.03 / BBL	  	
Gas	  	 	12.4 BCF	  	  	$	4.99 / MCF	  	
Hedging Summary for Fiscal 2013

SWAPS	  	Volume	 	  	Average Hedge Price	 	
Oil	  	 	1.5 MMBBL	  	  	$	92.52 / BBL	  	
Gas	  	 	46.7 BCF	  	  	$	4.82 / MCF	  	
Hedging Summary for Fiscal 2014

SWAPS	  	Volume	 	  	Average Hedge Price	 	
Oil	  	 	0.6 MMBBL	  	  	$	95.68 / BBL	  	
Gas	  	 	27.4 BCF	  	  	$	4.26 / MCF	  	
Hedging Summary for Fiscal 2015

SWAPS	  	Volume	 	  	Average Hedge Price	 	
Gas	  	 	17.8 BCF	  	  	$	4.07 / MCF	  	
Hedging Summary for Fiscal 2016

SWAPS	  	Volume	 	  	Average Hedge Price	 	
Gas	  	 	17.9 BCF	  	  	$	4.07 / MCF	  	
Hedging Summary for Fiscal 2017

SWAPS	  	Volume	 	  	Average Hedge Price	 	
Gas	  	 	17.9 BCF	  	  	$	4.07 / MCF	  	
Gross Wells in Process of Drilling
Nine Months Ended June 30, 2012

 	  	East	 	 	West	 	  	Total
Company	 	
Wells in Process—Beginning of Period	  				 				  				
Exploratory	  	 	5.00	  	 	 	0.00	  	  	 	5.00	  	
Developmental	  	 	101.00	(1)  	 	 	0.00	  	  	 	101.00	  	
Wells Commenced	  				 				  				
Exploratory	  	 	3.00	  	 	 	0.00	  	  	 	3.00	  	
Developmental	  	 	50.00	  	 	 	57.00	  	  	 	107.00	  	
Wells Completed	  				 				  				
Exploratory	  	 	7.00	  	 	 	0.00	  	  	 	7.00	  	
Developmental	  	 	55.00	  	 	 	56.00	  	  	 	111.00	  	
Wells Plugged & Abandoned	  				 				  				
Exploratory	  	 	0.00	  	 	 	0.00	  	  	 	0.00	  	
Developmental	  	 	2.00	  	 	 	0.00	  	  	 	2.00	  	
Wells in Process—End of Period	  				 				  				
Exploratory	  	 	1.00	  	 	 	0.00	  	  	 	1.00	  	
Developmental	  	 	94.00	  	 	 	1.00	  	  	 	95.00	  	
 
(1)  	Beginning of year number has been adjusted to remove one developmental well.	
Net Wells in Process of Drilling
Nine Months Ended June 30, 2012

 	  	 	 	 	 	 	  	Total	 	
 	  	East	 	 	West	 	  	Company	 	
Wells in Process—Beginning of Period	  				 				  				
Exploratory	  	 	5.00	  	 	 	0.00	  	  	 	5.00	  	
Developmental	  	 	68.00	(2)  	 	 	0.00	  	  	 	68.00	  	
Wells Commenced	  				 				  				
Exploratory	  	 	3.00	  	 	 	0.00	  	  	 	3.00	  	
Developmental	  	 	40.00	  	 	 	56.99	  	  	 	96.99	  	
Wells Completed	  				 				  				
Exploratory	  	 	7.00	  	 	 	0.00	  	  	 	7.00	  	
Developmental	  	 	38.50	  	 	 	55.99	  	  	 	94.49	  	
Wells Plugged & Abandoned	  				 				  				
Exploratory	  	 	0.00	  	 	 	0.00	  	  	 	0.00	  	
Developmental	  	 	2.00	  	 	 	0.00	  	  	 	2.00	  	
Wells in Process—End of Period	  				 				  				
Exploratory	  	 	1.00	  	 	 	0.00	  	  	 	1.00	  	
Developmental	  	 	67.50	  	 	 	1.00	  	  	 	68.50	  	
 
(2)  	Beginning of year number has been adjusted to remove one developmental well.	

Page 23
 
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
EXPLORATION AND PRODUCTION INFORMATION
Updated Fiscal 2013 Financial & Operating Guidance

 	  	Guidance	
Total Production (Bcfe)	  	92 - 105	
		
Production by Division (Bcfe)	  		
East	  	72 - 83	
West	  	20 - 22	
		
Cost and Expenses $ per Mcfe	  		
Lease Operating Expenses	  	$0.90 - $1.10	
Depreciation, Depletion and Amortization	  	$2.30 - $2.40	
Other Taxes	  	$0.15 - $0.25	
		
Other Operating Expenses (in millions)	  	$7 - $9	
General and Administrative (in millions)	  	$59 - $63	
		
Capital Investment by Division (in millions)	  		
		
East Division	  	$340 - $425	
West Division	  	$60 - $75	
Exploration & Production Segment Total	  	$400 - $500	
Updated Pricing Guidance for Fiscal 2013
Guidance Based on Crude Oil Average 2012 NYMEX Price ($/Bbl) (without hedges) of $85.00

Forecast price differentials	  				
West	  	+$	5.00 to +$10.00	  	
Guidance Based on Natural Gas Average 2012 NYMEX Price ($/MMBtu) (without hedges) of $3.25

Forecast price differentials	  				
East	  	-$	0.10 to -$0.20	  	
West	  	+$	0.10 to +$0.20	  	
Earnings per share sensitivity to changes from prices used in guidance* ^

 	 	$0.50 change per MMBtu gas	  	$5 change per Bbl oil	 	
 	 	Increase	  	Decrease	  	Increase	 	  	Decrease	 	
	 	+$0.13	  	-$0.13	  	+$	0.05	  	  	-$	0.05	  	
 
*	Please refer to forward looking statement footnote beginning at page 7 of this document.	
^	This sensitivity table is current as of August 2, 2012 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 2013 earnings forecast, the Company is utilizing flat NYMEX equivalent commodity pricing, exclusive of basis differential, of $3.25 per MMBtu for natural gas and $85 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 24
 
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
Pipeline & Storage Throughput—(millions of cubic feet—MMcf)

 	  	Three Months Ended	 	 	Nine Months Ended	 	
 	  	June 30,	 	 	June 30,	 	
 	  	 	 	  	 	 	  	Increase	 	 	 	 	  	 	 	  	Increase	 	
 	  	2012	 	  	2011	 	  	(Decrease)	 	 	2012	 	  	2011	 	  	(Decrease)	 	
Firm Transportation—Affiliated	  	 	17,507	  	  	 	17,538	  	  	 	(31	) 	 	 	81,174	  	  	 	95,884	  	  	 	(14,710	) 	
Firm Transportation—Non-Affiliated	  	 	62,414	  	  	 	35,788	  	  	 	26,626	  	 	 	200,405	  	  	 	170,661	  	  	 	29,744	  	
Interruptible Transportation	  	 	247	  	  	 	489	  	  	 	(242	) 	 	 	1,511	  	  	 	1,709	  	  	 	(198	) 	
	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
	  	 	80,168	  	  	 	53,815	  	  	 	26,353	  	 	 	283,090	  	  	 	268,254	  	  	 	14,836	  	
	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Utility Throughput—(MMcf)

 	  	Three Months Ended	 	 	Nine Months Ended	 	
 	  	June 30,	 	 	June 30,	 	
 	  	 	 	  	 	 	  	Increase	 	 	 	 	  	 	 	  	Increase	 	
 	  	2012	 	  	2011	 	  	(Decrease)	 	 	2012	 	  	2011	 	  	(Decrease)	 	
Retail Sales:	  				  				  				 				  				  				
Residential Sales	  	 	7,543	  	  	 	8,867	  	  	 	(1,324	) 	 	 	43,476	  	  	 	54,075	  	  	 	(10,599	) 	
Commercial Sales	  	 	954	  	  	 	1,203	  	  	 	(249	) 	 	 	6,109	  	  	 	8,044	  	  	 	(1,935	) 	
Industrial Sales	  	 	168	  	  	 	79	  	  	 	89	  	 	 	456	  	  	 	618	  	  	 	(162	) 	
	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
	  	 	8,665	  	  	 	10,149	  	  	 	(1,484	) 	 	 	50,041	  	  	 	62,737	  	  	 	(12,696	) 	
Off-System Sales	  	 	—  	  	  	 	867	  	  	 	(867	) 	 	 	9,544	  	  	 	6,188	  	  	 	3,356	  	
Transportation	  	 	12,016	  	  	 	12,335	  	  	 	(319	) 	 	 	51,663	  	  	 	57,916	  	  	 	(6,253	) 	
	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
	  	 	20,681	  	  	 	23,351	  	  	 	(2,670	) 	 	 	111,248	  	  	 	126,841	  	  	 	(15,593	) 	
	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Energy Marketing Volumes

 	  	Three Months Ended	 	 	Nine Months Ended	 	
 	  	June 30,	 	 	June 30,	 	
 	  	 	 	  	 	 	  	Increase	 	 	 	 	  	 	 	  	Increase	 	
 	  	2012	 	  	2011	 	  	(Decrease)	 	 	2012	 	  	2011	 	  	(Decrease)	 	
Natural Gas (MMcf)	  	 	10,818	  	  	 	13,508	  	  	 	(2,690	) 	 	 	38,857	  	  	 	45,863	  	  	 	(7,006	) 	

Page 25
 
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

 	  	2012	 	  	2011	 	
Quarter Ended June 30 (unaudited)	  				  				
			
Operating Revenues	  	$	328,861,000	  	  	$	380,979,000	  	
	  	 	 	 	  	 	 	 	
Net Income Available for Common Stock	  	$	43,184,000	  	  	$	46,891,000	  	
	  	 	 	 	  	 	 	 	
Earnings Per Common Share:	  				  				
Basic	  	$	0.52	  	  	$	0.57	  	
	  	 	 	 	  	 	 	 	
Diluted	  	$	0.52	  	  	$	0.56	  	
	  	 	 	 	  	 	 	 	
Weighted Average Common Shares:	  				  				
Used in Basic Calculation	  	 	83,227,602	  	  	 	82,687,467	  	
	  	 	 	 	  	 	 	 	
Used in Diluted Calculation	  	 	83,674,823	  	  	 	83,782,493	  	
	  	 	 	 	  	 	 	 	
Nine Months Ended June 30 (unaudited)	  				  				
			
Operating Revenues	  	$	1,313,593,000	  	  	$	1,492,808,000	  	
	  	 	 	 	  	 	 	 	
Net Income Available for Common Stock	  	$	171,275,000	  	  	$	221,045,000	  	
	  	 	 	 	  	 	 	 	
Earnings Per Common Share:	  				  				
Basic	  	$	2.06	  	  	$	2.68	  	
	  	 	 	 	  	 	 	 	
Diluted	  	$	2.05	  	  	$	2.64	  	
	  	 	 	 	  	 	 	 	
Weighted Average Common Shares:	  				  				
Used in Basic Calculation	  	 	83,068,083	  	  	 	82,436,603	  	
	  	 	 	 	  	 	 	 	
Used in Diluted Calculation	  	 	83,690,436	  	  	 	83,649,498	  	
	  	 	 	 	  	 	 	 	
Twelve Months Ended June 30 (unaudited)	  				  				
			
Operating Revenues	  	$	1,599,626,000	  	  	$	1,779,205,000	  	
	  	 	 	 	  	 	 	 	
Income from Continuing Operations	  	$	208,631,000	  	  	$	253,438,000	  	
Income from Discontinued Operations, Net of Tax	  	 	—  	  	  	 	6,009,000	  	
	  	 	 	 	  	 	 	 	
Net Income Available for Common Stock	  	$	208,631,000	  	  	$	259,447,000	  	
	  	 	 	 	  	 	 	 	
Earnings Per Common Share:	  				  				
Basic:	  				  				
Income from Continuing Operations	  	$	2.51	  	  	$	3.08	  	
Income from Discontinued Operations	  	 	—  	  	  	 	0.07	  	
	  	 	 	 	  	 	 	 	
Net Income Available for Common Stock	  	$	2.51	  	  	$	3.15	  	
	  	 	 	 	  	 	 	 	
Diluted:	  				  				
Income from Continuing Operations	  	$	2.49	  	  	$	3.04	  	
Income from Discontinued Operations	  	 	—  	  	  	 	0.07	  	
	  	 	 	 	  	 	 	 	
Net Income Available for Common Stock	  	$	2.49	  	  	$	3.11	  	
	  	 	 	 	  	 	 	 	
Weighted Average Common Shares:	  				  				
Used in Basic Calculation	  	 	82,986,564	  	  	 	82,321,791	  	
	  	 	 	 	  	 	 	 	
Used in Diluted Calculation	  	 	83,717,869	  	  	 	83,508,416