National Fuel Gas (NFG) 10-Q 2007 Q2 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
	March 31, 2007			2006			2005			2004			2003
EARNINGS:
Income from Continuing Operations	$	135,045		$	138,091		$	153,515		$	154,265		$	181,067
Plus Income Tax Expense		84,351			76,086			92,978			94,590			124,150
Less Investment Tax Credit (1)		(697	)		(697	)		(697	)		(697	)		(693	)
(Less Income) Plus Loss from Unconsolidated Subsidiaries (3)		(3,772	)		(3,583	)		796			(805	)		(535	)
Plus Distributions from Unconsolidated Subsidiaries		2,713			4,651			1,990			785			1,238
Plus Interest Expense on Long-Term Debt		70,193			72,629			73,244			82,989			91,381
Plus Other Interest Expense		6,078			5,952			9,069			6,763			11,196
Less Amortization of Loss on Reacquired Debt		(783	)		(1,118	)		(1,066	)		(1,350	)		(2,078	)
Plus (Less) Allowance for Borrowed Funds Used in Construction		304			296			201			298			(102	)
Plus Rentals (2)		2,730			2,810			3,554			4,286			4,573
	$	296,162		$	295,117		$	333,584		$	341,124		$	410,197
FIXED CHARGES:
Interest & Amortization of Premium and Discount of Funded Debt	$	70,193		$	72,629		$	73,244		$	82,989		$	91,381
Plus Other Interest Expense		6,078			5,952			9,069			6,763			11,196
Less Amortization of Loss on Reacquired Debt		(783	)		(1,118	)		(1,066	)		(1,350	)		(2,078	)
Plus (Less) Allowance for Borrowed Funds Used in Construction		304			296			201			298			(102	)
Plus Rentals (2)		2,730			2,810			3,554			4,286			4,573
	$	78,522		$	80,569		$	85,002		$	92,986		$	104,970
RATIO OF EARNINGS TO FIXED CHARGES		3.77			3.66			3.92			3.67			3.91

(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.