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, |
| | | | | |
| | June 30, 2017 | 2016 | 2015 | 2014 | 2013 |
| (Dollars in Thousands) | | | | | |
| EARNINGS: | | | | | |
| Net Income (Loss) Available for Common Stock | $ | 275,459 |
| $ | (290,958 | ) | $ | (379,427 | ) | $ | 299,413 |
| $ | 260,001 |
|
| Plus Income Tax Expense (Benefit) | 164,286 |
| (232,549 | ) | (319,136 | ) | 189,614 |
| 172,758 |
|
| Less Investment Tax Credit (A) | (216 | ) | (348 | ) | (414 | ) | (434 | ) | (426 | ) |
| (Less Income) Plus Loss from Unconsolidated Subsidiaries | — |
| — |
| — |
| (397 | ) | 204 |
|
| Plus Distributions from Unconsolidated Subsidiaries | — |
| — |
| — |
| — |
| — |
|
| Plus Interest Expense on Long-Term Debt | 116,324 |
| 117,347 |
| 95,916 |
| 90,194 |
| 90,273 |
|
| Plus Other Interest Expense | 2,439 |
| 3,697 |
| 3,555 |
| 4,083 |
| 3,838 |
|
| Less Amortization of Loss on Reacquired Debt | (529 | ) | (529 | ) | (529 | ) | (529 | ) | (721 | ) |
| Plus Allowance for Borrowed Funds Used in Construction | 1,647 |
| 2,006 |
| 1,964 |
| 900 |
| 827 |
|
| Plus Other Capitalized Interest | 1,280 |
| 238 |
| 4,191 |
| 3,560 |
| 1,801 |
|
| Plus Rentals (B) | 4,721 |
| 9,479 |
| 13,866 |
| 13,700 |
| 14,204 |
|
| | | | | | |
| | $ | 565,411 |
| $ | (391,617 | ) | $ | (580,014 | ) | $ | 600,104 |
| $ | 542,759 |
|
| FIXED CHARGES: | | | | | |
| Interest & Amortization of Premium and Discount of Funded Debt | $ | 116,324 |
| $ | 117,347 |
| $ | 95,916 |
| $ | 90,194 |
| $ | 90,273 |
|
| Plus Other Interest Expense | 2,439 |
| 3,697 |
| 3,555 |
| 4,083 |
| 3,838 |
|
| Less Amortization of Loss on Reacquired Debt | (529 | ) | (529 | ) | (529 | ) | (529 | ) | (721 | ) |
| Plus Allowance for Borrowed Funds Used in Construction | 1,647 |
| 2,006 |
| 1,964 |
| 900 |
| 827 |
|
| Plus Other Capitalized Interest | 1,280 |
| 238 |
| 4,191 |
| 3,560 |
| 1,801 |
|
| Plus Rentals (B) | 4,721 |
| 9,479 |
| 13,866 |
| 13,700 |
| 14,204 |
|
| | | | | | |
| | $ | 125,882 |
| $ | 132,238 |
| $ | 118,963 |
| $ | 111,908 |
| $ | 110,222 |
|
| RATIO OF EARNINGS TO FIXED CHARGES | 4.49 |
| (D) |
| (C) |
| 5.36 |
| 4.92 |
|
| |
| (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 fiscal year 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 fiscal year ended September 30, 2015. |
| |
| (D) | The ratio coverage for the fiscal year ended September 30, 2016 was less than 1:1. The Company would have needed to generate additional earnings of $523,855 to achieve a coverage of 1:1 for the fiscal year ended September 30, 2016. |
