National Fuel Gas (NFG) 10-Q 2010 Q3 Quarterly report

EXHIBIT 12

NATIONAL FUEL GAS COMPANY
COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES

UNAUDITED

	For the Twelve			Fiscal Year Ended September 30,
	Months Ended
	June 30, 2010			2009			2008			2007			2006
EARNINGS:
Income from Continuing Operations	$	214,510		$	100,708		$	268,728		$	201,675		$	184,614
Plus Income Tax Expense		131,610			51,120			167,922			131,813			108,245
Less Investment Tax Credit (1)		(697	)		(697	)		(697	)		(697	)		(697	)
(Less Income) Plus Loss from Unconsolidated Subsidiaries (3)		(2,343	)		(1,562	)		(6,303	)		(4,979	)		(3,583	)
Plus Distributions from Unconsolidated Subsidiaries		2,600			2,900			8,280			1,613			4,651
Plus Interest Expense on Long-Term Debt		87,301			79,419			70,099			68,446			72,629
Plus Other Interest Expense		7,748			7,497			3,870			6,029			5,952
Less Amortization of Loss on Reacquired Debt		(1,093	)		(1,124	)		(1,156	)		(1,119	)		(1,118	)
Plus (Less) Allowance for Borrowed Funds Used in Construction		21			1,174			2,100			374			296
Plus (Less) Other Capitalized Interest		946			—			—			—			—
Plus Rentals (2)		1,691			1,867			2,229			2,685			2,810
	$	442,294		$	241,302		$	515,072		$	405,840		$	373,799
FIXED CHARGES:
Interest & Amortization of Premium and Discount of Funded Debt	$	87,301		$	79,419		$	70,099		$	68,446		$	72,629
Plus Other Interest Expense		7,748			7,497			3,870			6,029			5,952
Less Amortization of Loss on Reacquired Debt		(1,093	)		(1,124	)		(1,156	)		(1,119	)		(1,118	)
Plus (Less) Allowance for Borrowed Funds Used in Construction		21			1,174			2,100			374			296
Plus (Less) Other Capitalized Interest		946			—			—			—			—
Plus Rentals (2)		1,691			1,867			2,229			2,685			2,810
	$	96,614		$	88,833		$	77,142		$	76,415		$	80,569
RATIO OF EARNINGS TO FIXED CHARGES		4.58			2.72			6.68			5.31			4.64

(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 2009 includes an impairment of an investment in a partnership of $1,804.