National Fuel Gas (NFG) 10-K 2015 FY Annual report

EXHIBIT 12

NATIONAL FUEL GAS COMPANY

COMPUTATION OF RATIO OF

EARNINGS TO FIXED CHARGES

UNAUDITED

	For the Twelve Months Ended			Fiscal Year Ended September 30,
	September 30, 2015			2014			2013			2012			2011
EARNINGS:
Net Income (Loss) Available for Common Stock	$	(379,427	)	$	299,413		$	260,001		$	220,077		$	258,402
Plus Income Tax Expense (Benefit)	(319,136		)	189,614			172,758			150,554			164,381
Less Investment Tax Credit (A)	(414		)	(434		)	(426		)	(581		)	(697		)
(Less Income) Plus Loss from Unconsolidated Subsidiaries	—			(397		)	204			1,442			759
Plus Distributions from Unconsolidated Subsidiaries	—			—			—			—			4,278
Plus Interest Expense on Long-Term Debt	95,916			90,194			90,273			82,002			73,567
Plus Other Interest Expense	3,555			4,083			3,838			4,238			4,554
Less Amortization of Loss on Reacquired Debt	(529		)	(529		)	(721		)	(1,093		)	(1,093		)
Plus (Less) Allowance for Borrowed Funds Used in Construction	1,964			900			827			1,231			1,037
Plus (Less) Other Capitalized Interest	4,191			3,560			1,801			2,992			1,516
Plus Rentals (B)	13,866			13,700			14,204			12,958			5,003
	$	(580,014	)	$	600,104		$	542,759		$	473,820		$	511,707
FIXED CHARGES:
Interest & Amortization of Premium and Discount of Funded Debt	$	95,916		$	90,194		$	90,273		$	82,002		$	73,567
Plus Other Interest Expense	3,555			4,083			3,838			4,238			4,554
Less Amortization of Loss on Reacquired Debt	(529		)	(529		)	(721		)	(1,093		)	(1,093		)
Plus (Less) Allowance for Borrowed Funds Used in Construction	1,964			900			827			1,231			1,037
Plus (Less) Other Capitalized Interest	4,191			3,560			1,801			2,992			1,516
Plus Rentals (B)	13,866			13,700			14,204			12,958			5,003
	$	118,963		$	111,908		$	110,222		$	102,328		$	84,584
RATIO OF EARNINGS TO FIXED CHARGES	(C)			5.36			4.92			4.63			6.05

(A) Investment Tax Credit is included in Other Income.

(B) Rentals shown above represent the portion of all rentals (other than delay rentals) deemed representative of the interest factor.

(C) The ratio coverage for the twelve months ended September 30, 2015 was less than 1:1. The Company would have needed to generate additional earnings of $698,977 to achieve a coverage of 1:1 for the twelve months ended September 30, 2015.