National Fuel Gas (NFG) 10-Q 2009 Q3 Quarterly 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,
	June 30, 2009			2008			2007			2006			2005
EARNINGS:
Income from Continuing Operations	$	116,976		$	268,728		$	201,675		$	184,614		$	138,437
Plus Income Tax Expense		60,016			167,922			131,813			108,245			85,621
Less Investment Tax Credit (1)		(697	)		(697	)		(697	)		(697	)		(697	)
(Less Income) Plus Loss from Unconsolidated Subsidiaries (3)		(2,353	)		(6,303	)		(4,979	)		(3,583	)		796
Plus Distributions from Unconsolidated Subsidiaries		4,975			8,280			1,613			4,651			1,990
Plus Interest Expense on Long-Term Debt		75,411			70,099			68,446			72,629			73,244
Plus Other Interest Expense		4,674			3,870			6,029			5,952			9,069
Less Amortization of Loss on Reacquired Debt		(1,140	)		(1,156	)		(1,119	)		(1,118	)		(1,066	)
Plus (Less) Allowance for Borrowed Funds Used in Construction		2,350			2,100			374			296			201
Plus Rentals (2)		1,937			2,229			2,685			2,810			3,554
	$	262,149		$	515,072		$	405,840		$	373,799		$	311,149
FIXED CHARGES:
Interest & Amortization of Premium and Discount of Funded Debt	$	75,411		$	70,099		$	68,446		$	72,629		$	73,244
Plus Other Interest Expense		4,674			3,870			6,029			5,952			9,069
Less Amortization of Loss on Reacquired Debt		(1,140	)		(1,156	)		(1,119	)		(1,118	)		(1,066	)
Plus (Less) Allowance for Borrowed Funds Used in Construction		2,350			2,100			374			296			201
Plus Rentals (2)		1,937			2,229			2,685			2,810			3,554
	$	83,232		$	77,142		$	76,415		$	80,569		$	85,002
RATIO OF EARNINGS TO FIXED CHARGES		3.15			6.68			5.31			4.64			3.66

(1)	Investment Tax Credit is included in Other Income.
(2)	Rentals shown above represent the portion of all rentals (other than delay rentals) deemed representative of the interest factor.
(3)	Fiscal 2005 includes the Impairment of Investment in Partnership of $4,158. Twelve Months Ended June 30, 2009 Includes the Impairment of Investment in Partnership of $1,804.