National Fuel Gas (NFG) 10-K 2007 FY Annual report

EXHIBIT 12

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

	Fiscal Year Ended September 30,
	2007			2006			2005			2004			2003
EARNINGS:
Income from Continuing Operations	$	201,675		$	184,614		$	138,437		$	141,920		$	256,076
Plus Income Tax Expense		131,813			108,245			85,621			89,820			116,795
Less Investment Tax Credit (1)		(697	)		(697	)		(697	)		(697	)		(693	)
(Less Income) Plus Loss from Unconsolidated Subsidiaries (3)		(4,979	)		(3,583	)		796			(805	)		(535	)
Plus Distributions from Unconsolidated Subsidiaries		1,613			4,651			1,990			785			1,238
Plus Interest Expense on Long-Term Debt		68,446			72,629			73,244			82,989			91,381
Plus Other Interest Expense		6,029			5,952			9,069			6,354			11,010
Less Amortization of Loss on Reacquired Debt		(1,119	)		(1,118	)		(1,066	)		(1,350	)		(2,078	)
Plus (Less) Allowance for Borrowed Funds Used in Construction		374			296			201			298			(102	)
Plus Rentals (2)		2,685			2,810			3,554			4,286			4,573
	$	405,840		$	373,799		$	311,149		$	323,600		$	477,665
FIXED CHARGES:
Interest & Amortization of Premium and Discount of Funded Debt	$	68,446		$	72,629		$	73,244		$	82,989		$	91,381
Plus Other Interest Expense		6,029			5,952			9,069			6,354			11,010
Less Amortization of Loss on Reacquired Debt		(1,119	)		(1,118	)		(1,066	)		(1,350	)		(2,078	)
Plus (Less) Allowance for Borrowed Funds Used in Construction		374			296			201			298			(102	)
Plus Rentals (2)		2,685			2,810			3,554			4,286			4,573
	$	76,415		$	80,569		$	85,002		$	92,577		$	104,784
RATIO OF EARNINGS TO FIXED CHARGES		5.31			4.64			3.66			3.50			4.56

(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.