National Fuel Gas (NFG) 10-K2004 FY Annual report

Filed: 14 Dec 04, 12:00am

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Removed: Appalachia, arrangement, auditing, built, called, className, competing, composed, comprise, constructed, create, CZK, deducting, DeForest, Delaware, delinquent, demonstrate, destination, Deviation, Diatomite, DirectLink, economy, Employer, enhancement, examined, excluding, External, family, Field, financed, Forfeited, franchise, gathering, geological, geophysical, Gerald, Glynn, granting, Green, heat, Identification, initiated, injection, integrity, Kirkwall, knowledge, lived, LLP, mark, necessarily, NIM, Ontario, Participating, percent, periodically, Postretirement, preceding, proposal, Province, qualify, ranging, recompletion, reducing, registeredCommon, renewal, reservoir, role, route, routine, southerly, StatementsFinancial, TransCanada, turbine, understanding, underwriting, Walter, Washington, waterflood, Wehrlin, Yield

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EXHIBIT 12


				COMPUTATION OF RATIO OF
				EARNINGS TO FIXED CHARGES
				UNAUDITED
				Fiscal Year Ended September 30
	For the Twelve
	Months Ended
	September 30, 2004			2003			2002			2001			2000			1999
EARNINGS:
Income Before Cumulative Effect of Changes in Accounting	$	166,586		$	187,836		$	117,682		$	65,499		$	127,207		$	115,037
Plus Minority Interest in Foreign Subsidiaries		1,933			785			730			1,342			1,384			1,616
Plus Income Tax Expense		92,737			128,161			72,034			37,106			77,068			64,829
Less Investment Tax Credit (1)		(697	)		(693	)		(702	)		(353	)		(1,051	)		(729	)
(Less Income) Plus Loss from Unconsolidated Subsidiaries (3)		(805	)		(535	)		14,943			(1,794	)		(1,669	)		(999	)
Plus Distributions from Unconsolidated Subsidiaries		785			1,238			585			595			229			—
Plus Interest Expense on Long-Term Debt		83,826			92,766			90,543			81,851			67,195			65,402
Plus Other Interest Expense		6,763			12,290			15,109			25,294			32,890			22,296
Less Amortization of Loss on Reacquired Debt		(1,350	)		(2,078	)		(1,927	)		(1,927	)		(1,979	)		(1,839	)
Plus (Less) Allowance for Borrowed Funds Used in Construction		298			(102	)		446			438			424			303
Plus Rentals (2)		4,286			4,573			4,906			4,893			4,561			4,281

	$	354,362		$	424,241		$	314,349		$	212,944		$	306,259		$	270,197

FIXED CHARGES:
Interest & Amortization of Premium and Discount of Funded Debt	$	83,826		$	92,766		$	90,543		$	81,851		$	67,195		$	65,402
Plus Other Interest Expense		6,763			12,290			15,109			25,294			32,890			22,296
Less Amortization of Loss on Reacquired Debt		(1,350	)		(2,078	)		(1,927	)		(1,927	)		(1,979	)		(1,839	)
Plus (Less) Allowance for Borrowed Funds Used in Construction		298			(102	)		446			438			424			303
Plus Rentals (2)		4,286			4,573			4,906			4,893			4,561			4,281

	$	93,823		$	107,449		$	109,077		$	110,549		$	103,091		$	90,443

RATIO OF EARNINGS TO FIXED CHARGES		3.78			3.95			2.88			1.93			2.97			2.99

(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 2002 includes the Impairment of Investment in Partnership of $15,167.

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