National Fuel Gas (NFG) 8-K National Fuel Reports 2011 Earnings

Exhibit 99

		6363 Main Street/Williamsville, NY 14221
		Timothy J. Silverstein Investor Relations 716-857-6987
Release Date:	Immediate November 3, 2011
		David P. Bauer Treasurer 716-857-7318

NATIONAL FUEL REPORTS 2011 EARNINGS

WILLIAMSVILLE, N.Y.: National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced consolidated earnings for the fourth quarter and fiscal year ended September 30, 2011, of $37.4 million, or $0.45 per share, and $258.4 million, or $3.09 per share, respectively.

HIGHLIGHTS

• Operating results before items impacting comparability (“Operating Results”) for the fourth quarter of fiscal 2011 of $37.4 million, or $0.45 per share, increased $5.0 million, or $0.06 per share, compared to the prior year fourth quarter, due to higher Operating Results in the Exploration and Production, Pipeline and Storage, and Utility segments.

• Operating Results for the fiscal year were $227.0 million, or $2.71 per share, an increase of $7.9 million or $0.06 per share. Increased production of natural gas and higher crude oil prices realized in the Exploration and Production segment during the current fiscal year were the main drivers of the increase.

• Seneca Resources Corporation’s (“Seneca”) fourth quarter production of crude oil and natural gas increased approximately 3.8 billion cubic feet equivalent (“Bcfe”), or 29%, to 16.8 Bcfe. Appalachian production increased approximately 130% to 12.0 Bcfe, including production from the Marcellus Shale of 10.1 Bcfe. Total production for fiscal 2011 increased approximately 36% to 67.6 Bcfe, an increase of 18 Bcfe.

• Seneca’s total reserves at September 30, 2011, were 935 Bcfe, an increase of 235 Bcfe or 34%. Seneca replaced 448% of fiscal 2011 production.

• A conference call is scheduled for Friday, November 4, 2011, at 11 a.m. Eastern Time.

MANAGEMENT COMMENTS

David F. Smith, Chairman and Chief Executive Officer of National Fuel Gas Company, stated: “This quarter marked the completion of another impressive fiscal year for National Fuel. We continued to achieve significant success throughout the year, rapidly growing our natural gas production from our Marcellus acreage, delivering on our pipeline infrastructure expansion plans in Appalachia, and maintaining the financial and operational reliability from the Utility and

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Energy Marketing segments. In spite of lower natural gas prices compared to the prior year, earnings were up from last year and we look forward to continued growth in fiscal 2012 as we invest in our Appalachia asset base.

“In our Exploration and Production segment, Seneca grew production by an exceptional 36 percent versus the prior year, driven by a 390 percent increase in production from the Marcellus Shale. The contiguous nature of our acreage position, its proximity to pipeline infrastructure and our strategic approach to development should help achieve robust growth for this segment into the foreseeable future.

“For the Pipeline and Storage segment, fiscal 2011 was an inflection point. Recent market dynamics led to reduced earnings in the segment, but over the course of the year substantial progress had been made on several of our planned expansion initiatives that should provide significant earnings uplift to this segment in fiscal 2012. We are starting our new fiscal year with the October completion of Supply Corporation’s Line N Expansion project and the soon-to-be completed Empire Tioga County Extension Project.

“As we move forward, we will continue to execute on our significant growth opportunities, maintaining a strong balance sheet and our commitment to delivering value to our shareholders.”

SUMMARY OF RESULTS

National Fuel had consolidated earnings for the quarter ended September 30, 2011, of $37.4 million, or $0.45 per share, compared to the prior year’s fourth quarter earnings of $38.4 million, or $0.46 per share, a decrease of $1.0 million or $0.01 per share. (Note: All references to earnings per share are to diluted earnings per share. All amounts are stated in U.S. dollars, and all amounts used in the discussion of earnings and operating results before items impacting comparability (“Operating Results”) are after tax unless otherwise noted.)

Consolidated earnings for the fiscal year ended September 30, 2011, of $258.4 million, or $3.09 per share, increased $32.5 million, or $0.36 per share, from the prior fiscal year, where earnings were $225.9 million or $2.73 per share.

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	Three Months Ended September 30,					Fiscal year Ended September 30,
(in thousands except per share amounts)	2011		2010			2011			2010
Reported GAAP earnings	$	37,356	$	38,402		$	258,402		$	225,913
Items impacting comparability1:
Gain on disposal of discontinued operations				(6,310	)					(6,310	)
(Income) loss from discontinued operations				301						(470	)
Gain on sale of landfill gas electric generation investments							(31,418	)
Operating Results	$	37,356	$	32,393		$	226,984		$	219,133
Reported GAAP earnings per share	$	0.45	$	0.46		$	3.09		$	2.73
Items impacting comparability1:
Gain on disposal of discontinued operations				(0.07	)					(0.07	)
(Income) loss from discontinued operations				0.00						(0.01	)
Gain on sale of landfill gas electric generation investments							(0.38	)
Operating Results	$	0.45	$	0.39		$	2.71		$	2.65

¹ See discussion of these individual items below.

As outlined in the table above, certain items included in GAAP earnings impacted the comparability of the Company’s financial results when comparing the quarter and fiscal year ended September 30, 2011, to the comparable periods in fiscal 2010. Excluding these items, Operating Results for the current fourth quarter of $37.4 million, or $0.45 per share, increased $5.0 million, or $0.06 per share, and Operating Results for fiscal year ended September 30, 2011, of $227.0 million, or $2.71 per share, increased $7.9 million, or $0.06 per share, from the prior fiscal year. Items impacting comparability will be discussed in more detail within the discussion of segment earnings below.

DISCUSSION OF RESULTS BY SEGMENT

(The following discussion of earnings for each segment is summarized in a tabular form at pages 9 through 12 of this report. It may be helpful to refer to those tables while reviewing this discussion.)

Exploration and Production Segment

The Exploration and Production segment operations are carried out by Seneca Resources Corporation (“Seneca”). Seneca explores for, develops and produces natural gas and oil reserves in California and Appalachia. Seneca completed the sale of its offshore Gulf of Mexico assets in April 2011.

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The Exploration and Production segment’s earnings in the fourth quarter of fiscal 2011 of $30.7 million, or $0.37 per share, increased $3.2 million, or $0.04 per share, when compared with the prior year’s fourth quarter. The increase is mainly due to natural gas production that was 4.4 Bcf higher than the fourth quarter of fiscal 2010.

Overall production of natural gas and crude oil for the current quarter of 16.8 Bcfe increased approximately 3.8 Bcfe, or 28.8 percent, compared to the prior year’s fourth quarter. Production from Seneca’s Appalachia properties increased approximately 130 percent, mainly due a 7.2 Bcfe increase in production from Marcellus wells. Gulf of Mexico production decreased 3.0 Bcfe, due to the April 2011 sale of Seneca’s offshore assets. Production in California was relatively flat.

Changes in commodity prices realized after hedging also impacted earnings. The weighted average natural gas prices received by Seneca (after hedging) for the quarter ended September 30, 2011, was $5.49 per thousand cubic feet (“Mcf”), a decrease of $0.23 per Mcf compared to the prior year’s fourth quarter. Higher crude oil prices realized after hedging contributed to the increase in earnings. The weighted average crude oil price received by Seneca (after hedging) for the quarter ended September 30, 2011, was $82.24 per barrel (“Bbl”), an increase of $8.19 per Bbl.

Depletion, lease operating expenses (“LOE”), and general and administrative (“G&A”) expenses for the current year’s fourth quarter increased over last year’s fourth quarter, due to the higher production activity discussed above. However, on a per unit basis, LOE decreased $0.18 per thousand cubic feet equivalent (“Mcfe”) largely due to the increase in Marcellus production which has a lower LOE rate than our Upper Devonian or California production. Depletion increased $0.05 per Mcfe due to higher capital spending in the East. G&A increased $0.36 per Mcfe due to a $2.5 million bad debt recovery in the fourth quarter of 2010 that did not recur in the current fourth quarter, and higher labor expenses including additional staffing and relocation costs related to the opening of the Pittsburgh office in the East division.

The Exploration and Production segment’s earnings of $124.2 million, or $1.48 per share, for the fiscal year ended September 30, 2011, increased $11.7 million, or $0.12 per share, when compared to the prior fiscal year. The increase was mainly due to natural gas production that was approximately 20.1 Bcfe higher than the prior fiscal year.

Overall production for the fiscal year ended September 30, 2011, increased 36.2 percent to 67.6 Bcfe, compared to the prior fiscal year. Production from Seneca’s Appalachia properties increased approximately 162 percent to 43.2 Bcfe, mainly due to a 28.1 Bcfe increase in production from Marcellus wells. Gulf of Mexico production decreased by 8.2 Bcfe due to the April sale of Seneca’s offshore assets. Production in California was relatively flat.

Changes in commodity prices realized after hedging also impacted earnings. The weighted average natural gas price received by Seneca (after hedging) for the fiscal year ended September 30, 2011, was $5.39 per Mcf, a decrease of $0.65 per Mcf compared to the prior fiscal year. Higher crude oil prices realized after hedging contributed to the increase in earnings. The weighted average crude oil price received by Seneca (after hedging) for the fiscal year ended September 30, 2011, was $81.13 per Bbl, an increase of $5.88 per Bbl compared to the prior fiscal year.

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Depletion, LOE and G&A expenses for the fiscal year ended September 30, 2011, increased compared to the prior fiscal year due to the higher production activity discussed above. However, on a per unit basis, LOE decreased $0.16 per Mcfe, depletion increased $0.03 per Mcfe and G&A expense increased $0.09 per Mcfe due to the reasons described above.

Pipeline and Storage Segment

The Pipeline and Storage segment operations are carried out by National Fuel Gas Supply Corporation (“Supply Corporation”) and Empire Pipeline, Inc. (“Empire”). The Pipeline and Storage segment provides natural gas transportation and storage services to affiliated and non-affiliated companies through an integrated system of pipelines and underground natural gas storage fields in western New York and western Pennsylvania.

The Pipeline and Storage segment’s earnings of $7.5 million, or $0.09 per share, for the quarter ended September 30, 2011, increased $0.8 million, or $0.01 per share, when compared with the same period in the prior fiscal year. The increase in earnings is mainly due to higher efficiency gas revenues, lower operating expenses due to a lower reserve for preliminary survey costs and a higher allowance for funds used during construction (AFUDC) associated with the Line N, Tioga County Extension, and Northern Access expansion projects. Lower transportation revenues due to the continued impact of capacity turnbacks at Niagara reduced earnings.

The Pipeline and Storage segment’s earnings of $31.5 million, or $0.38 per share, for the fiscal year ended September 30, 2011, decreased $5.2 million, or $0.06 per share, when compared with the fiscal year ended September 30, 2010. The decrease in earnings for the current fiscal year was due to increased operating expenses mainly due to increased pension expense and compressor station maintenance, and lower firm transportation revenues for the reason described above. Higher depreciation expense and higher property taxes also reduced earnings in the current fiscal year. Higher efficiency gas revenues and higher AFUDC associated with expansion projects had a positive impact on earnings.

Utility Segment

The Utility segment operations are carried out by National Fuel Gas Distribution Corporation (“Distribution”), which sells or transports natural gas to customers located in western New York and northwestern Pennsylvania.

The Utility segment’s earnings of $0.8 million, or $0.01 per share, for the quarter ended September 30, 2011, increased $0.6 million, or $0.01 per share, when compared with the same period in the prior fiscal year. The increase is primarily due to lower operating expenses mainly due to lower bad debt expense, lower interest expense on over recoveries of purchased gas costs and lower income taxes. The impact of certain regulatory adjustments decreased earnings.

The Utility segment’s earnings of $63.2 million, for the fiscal year ended September 30, 2011, increased $0.7 million, from the $62.5 million, that the Utility segment earned in the prior fiscal year. Colder weather and higher customer usage in Pennsylvania was offset by the impact of certain regulatory adjustments. The impact of weather variations on earnings in New York is mitigated by that jurisdiction’s weather normalization clause. Lower operating expenses in both the New York and Pennsylvania divisions and lower interest expense on over recoveries of

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purchased gas costs had a positive impact on earnings. Depreciation expense, property taxes and income taxes in both jurisdictions were higher than the previous year.

Energy Marketing

National Fuel Resources, Inc. (“NFR”) comprises the Company’s Energy Marketing segment. NFR markets natural gas to industrial, wholesale, commercial, public authority and residential customers primarily in western and central New York and northwestern Pennsylvania, offering competitively priced natural gas to its customers.

The Energy Marketing segment’s loss for the quarter ended September 30, 2011, of $0.3 million compared to earnings of $0.3 million in the prior year’s fourth quarter. The decrease in earnings in the current year’s fourth quarter is mainly due to proceeds NFR received as a member of a class of claimants in a class action litigation settlement in last year’s fourth quarter. Lower margins in the current fourth quarter also reduced earnings. The Energy Marketing segment’s earnings for the fiscal year ended September 30, 2011, of $8.8 million were consistent with earnings of $8.8 million in the prior fiscal year.

Corporate and All Other

The Corporate and All Other category includes the following active, wholly owned subsidiaries of the Company: National Fuel Gas Midstream Corporation (“Midstream”), formed to build, own and operate natural gas processing and pipeline gathering facilities in the Appalachian region; and the Northeast division of Seneca Resources Corporation that markets high quality hardwoods from Appalachian land holdings.

The Corporate and All Other category had a loss of $1.4 million for the quarter ended September 30, 2011, compared to earnings of $3.7 million in the prior year’s fourth quarter. The comparability of the results for the quarters ended September 30, 2011, and September 30, 2010, was impacted by the September 1, 2010, sale of the Company’s landfill gas operations. As a result of this transaction, the Company presented the landfill gas operations as discontinued operations. Earnings in the fourth quarter of fiscal 2010 include earnings from discontinued operations of $6.0 million, which included a $0.3 million loss from discontinued operations during the quarter plus a $6.3 million gain on the sale of the landfill gas operations.

Excluding discontinued operations, Operating Results in the Corporate and All Other category improved from a loss of $2.3 million in the prior year’s fourth quarter to a loss of $1.4 million in the current year’s fourth quarter mainly due to higher earnings from Midstream’s pipeline gathering and natural gas processing operations.

Earnings in the Corporate and All Other category for the fiscal year ended September 30, 2011, of $30.7 million increased $25.3 million compared to earnings of $5.4 million in the prior fiscal year. The comparability of the results for the years ended September 30, 2011, and September 30, 2010, was impacted by a $31.4 million gain realized on the February 2011 sale of Horizon Power, Inc.’s interest in certain entities that owned landfill gas electric generation assets, the $6.3 million gain on the Company’s sale of its landfill gas operations, and $0.5 million of income from discontinued operations as described above.

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Excluding these items discussed in the immediate preceding paragraph above, Operating Results for the fiscal year ended September 30, 2011, improved from a loss of $1.4 million for fiscal 2010 to a loss of $0.7 million for fiscal 2011. Higher earnings from Midstream’s pipeline gathering and processing operations more than offset lower earnings from timber sales (due to the sale of the sawmill operations), lower income from unconsolidated subsidiaries (due to the sale of landfill gas electric generation assets described above), higher corporate operating expenses and higher income taxes.

EARNINGS GUIDANCE

The Company is reaffirming its earnings guidance for fiscal 2012 in the range of $2.85 to $3.15 per share. This includes oil and gas production for the Exploration and Production segment in the range of 87 to 101 Bcfe and is based on an assumed flat NYMEX price of $4.50 per Million British Thermal Units (“MMBtu”) for natural gas and $95.00 per Bbl for crude oil.

EARNINGS TELECONFERENCE

The Company will host a conference call on Friday, November 4, 2011, at 11 a.m. Eastern Time to discuss this announcement. There are two ways to access this call. For those with Internet access, visit the Investor Relations page on National Fuel’s website atinvestor.nationalfuelgas.com. For those without Internet access, access is also provided by dialing (toll-free) 1-866-800-8649, using the passcode “17257925.” For those unable to listen to the live conference call, a replay will be available at approximately 2 p.m. Eastern Time at the same website link and by phone at (toll-free) 1-888-286-8010, using passcode “92486219.” Both the webcast and telephonic replay will be available until the close of business on Friday, November 11, 2011.

National Fuel is an integrated energy company with $5.3 billion in assets comprised of the following four operating segments: Exploration and Production, Pipeline and Storage, Utility and Energy Marketing. Additional information about National Fuel is available atwww.nationalfuelgas.com or through its investor information service at 1-800-334-2188.

Analyst Contact:	Timothy J. Silverstein	716-857-6987
Media Contact:	Donna L. DeCarolis	716-857-7872

Certain statements contained herein, including those regarding estimated future earnings, and statements that are identified by the use of the words “anticipates,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “predicts,” “projects,” “believes,” “seeks,” “will,” “may” and similar expressions, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, which could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. The Company’s expectations, beliefs and projections contained herein are expressed in good faith and are believed to have a reasonable basis, but there can be no assurance that such expectations, beliefs or projections will result or be achieved or accomplished. In addition to other factors, the following are important factors that could cause actual results to differ materially from those discussed in the forward-looking statements: financial and economic conditions, including the availability of credit, and occurrences affecting the Company’s ability

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to obtain financing on acceptable terms for working capital, capital expenditures and other investments, including any downgrades in the Company’s credit ratings and changes in interest rates and other capital market conditions; changes in economic conditions, including global, national or regional recessions, and their effect on the demand for, and customers’ ability to pay for, the Company’s products and services; the creditworthiness or performance of the Company’s key suppliers, customers and counterparties; economic disruptions or uninsured losses resulting from terrorist activities, acts of war, major accidents, fires, severe weather, pest infestation or natural disasters; factors affecting the Company’s ability to successfully identify, drill for and produce economically viable natural gas and oil reserves, including among others geology, lease availability, title disputes, weather conditions, shortages, delays or unavailability of equipment and services required in drilling operations, insufficient gathering, processing and transportation capacity, the need to obtain governmental approvals and permits, and compliance with environmental laws and regulations; changes in laws and regulations to which the Company is subject, including those involving derivatives, taxes, safety, employment, climate change, other environmental matters, and exploration and production activities such as hydraulic fracturing; uncertainty of oil and gas reserve estimates; significant differences between the Company’s projected and actual production levels for natural gas or oil; significant changes in market dynamics or competitive factors affecting the Company’s ability to retain existing customers or obtain new customers; changes in demographic patterns and weather conditions; changes in the availability and/or price of natural gas or oil and the effect of such changes on the accounting treatment of derivative financial instruments; impairments under the SEC’s full cost ceiling test for natural gas and oil reserves; changes in the availability and/or cost of derivative financial instruments; changes in the price differential between similar quantities of natural gas at different geographic locations, and the effect of such changes on the demand for pipeline transportation capacity to or from such locations; other changes in price differentials between similar quantities of oil or natural gas having different quality, heating value or geographic location; changes in the projected profitability of pending or potential projects, investments or transactions; significant differences between the Company’s projected and actual capital expenditures and operating expenses; delays or changes in costs or plans with respect to Company projects or related projects of other companies, including difficulties or delays in obtaining necessary governmental approvals, permits or orders or in obtaining the cooperation of interconnecting facility operators; governmental/regulatory actions, initiatives and proceedings, including those involving derivatives, acquisitions, financings, rate cases (which address, among other things, allowed rates of return, rate design and retained natural gas), affiliate relationships, industry structure, franchise renewal, and environmental/safety requirements; unanticipated impacts of restructuring initiatives in the natural gas and electric industries; ability to successfully identify and finance acquisitions or other investments and ability to operate and integrate existing and any subsequently acquired business or properties; changes in actuarial assumptions, the interest rate environment and the return on plan/trust assets related to the Company’s pension and other post-retirement benefits, which can affect future funding obligations and costs and plan liabilities; significant changes in tax rates or policies or in rates of inflation or interest; significant changes in the Company’s relationship with its employees or contractors and the potential adverse effects if labor disputes, grievances or shortages were to occur; changes in accounting principles or the application of such principles to the Company; the cost and effects of legal and administrative claims against the Company or activist shareholder campaigns to effect changes at the Company; increasing health care costs and the resulting effect on health insurance premiums and on the obligation to provide other post-retirement benefits; or increasing costs of insurance, changes in coverage and the ability to obtain insurance. The Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date thereof.

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NATIONAL FUEL GAS COMPANY

RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS

QUARTER ENDED SEPTEMBER 30, 2011

(Thousands of Dollars)	Exploration & Production			Pipeline & Storage			Utility			Energy Marketing			Corporate / All Other **			Consolidated***
Fourth quarter 2010 GAAP earnings	$	27,485		$	6,667		$	218		$	344		$	3,688		$	38,402
Items impacting comparability:
Gain on disposal of discontinued operations														(6,310	)		(6,310	)
Loss from discontinued operations														301			301
								��
Fourth quarter 2010 operating results		27,485			6,667			218			344			(2,321	)		32,393
Drivers of operating results
Higher (lower) crude oil prices		3,625															3,625
Higher (lower) natural gas prices		(1,902	)														(1,902	)
Higher (lower) natural gas production		16,447															16,447
Higher (lower) crude oil production		(5,275	)														(5,275	)
Lower (higher) lease operating expenses		(1,307	)														(1,307	)
Lower (higher) depreciation / depletion		(5,701	)											1,215			(4,486	)
Higher (lower) processing plant revenues		716															716
Higher (lower) transportation revenues					(839	)											(839	)
Higher (lower) efficiency gas revenues					549												549
Higher (lower) gathering and processing revenues														1,298			1,298
Lower (higher) operating expenses		(6,093	)		782			1,483									(3,828	)
Regulatory true-up adjustments								(1,644	)								(1,644	)
Higher (lower) income from unconsolidated subsidiaries														(554	)		(554	)
Higher (lower) margins											(671	)		(1,026	)		(1,697	)
Higher AFUDC *					1,064												1,064
Higher (lower) interest income														(2,367	)		(2,367	)
Lower (higher) interest expense		2,641						380						2,431			5,452
Lower (higher) income tax expense/effective tax rate		377			(680	)		880						215			792
All other / rounding		(279	)		(64	)		(488	)		6			(256	)		(1,081	)
Fourth quarter 2011 GAAP earnings	$	30,734		$	7,479		$	829		$	(321	)	$	(1,365	)	$	37,356

* AFUDC = Allowance for Funds Used During Construction

** Includes discontinued operations

*** Amounts do not reflect intercompany eliminations

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NATIONAL FUEL GAS COMPANY

RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE

QUARTER ENDED SEPTEMBER 30, 2011

	Exploration & Production			Pipeline & Storage			Utility			Energy Marketing			Corporate / All Other **			Consolidated***
Fourth quarter 2010 GAAP earnings	$	0.33		$	0.08		$	—		$	—		$	0.05		$	0.46
Items impacting comparability:
Gain on disposal of discontinued operations														(0.07	)		(0.07	)
Loss from discontinued operations														—			—
Fourth quarter 2010 operating results		0.33			0.08			—			—			(0.02	)		0.39
Drivers of operating results
Higher (lower) crude oil prices		0.04															0.04
Higher (lower) natural gas prices		(0.02	)														(0.02	)
Higher (lower) natural gas production		0.20															0.20
Higher (lower) crude oil production		(0.06	)														(0.06	)
Lower (higher) lease operating expenses		(0.02	)														(0.02	)
Lower (higher) depreciation / depletion		(0.07	)											0.01			(0.06	)
Higher (lower) processing plant revenues		0.01															0.01
Higher (lower) transportation revenues					(0.01	)											(0.01	)
Higher (lower) efficiency gas revenues					0.01												0.01
Higher (lower) gathering and processing revenues														0.01			0.01
Lower (higher) operating expenses		(0.07	)		0.01			0.02									(0.04	)
Regulatory true-up adjustments								(0.02	)								(0.02	)
Higher (lower) income from unconsolidated subsidiaries														(0.01	)		(0.01	)
Higher (lower) margins											(0.01	)		(0.01	)		(0.02	)
Higher AFUDC *					0.01												0.01
Higher (lower) interest income														(0.03	)		(0.03	)
Lower (higher) interest expense		0.03						—						0.03			0.06
Lower (higher) income tax expense/effective tax rate		—			(0.01	)		0.01						—			—
All other / rounding		—			—			—			0.01			—			0.01
Fourth quarter 2011 GAAP earnings	$	0.37		$	0.09		$	0.01		$	—		$	(0.02	)	$	0.45

* AFUDC = Allowance for Funds Used During Construction

** Includes discontinued operations

*** Amounts do not reflect intercompany eliminations

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NATIONAL FUEL GAS COMPANY

RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS

YEAR ENDED SEPTEMBER 30, 2011

(Thousands of Dollars)	Exploration & Production			Pipeline & Storage			Utility			Energy Marketing			Corporate / All Other **			Consolidated***
Fiscal 2010 GAAP earnings	$	112,531		$	36,703		$	62,473		$	8,816		$	5,390		$	225,913
Items impacting comparability:
Gain on disposal of discontinued operations														(6,310	)		(6,310	)
Income from discontinued operations														(470	)		(470	)
Fiscal 2010 operating results		112,531			36,703			62,473			8,816			(1,390	)		219,133
Drivers of operating results
Higher (lower) crude oil prices		10,925															10,925
Higher (lower) natural gas prices		(21,344	)														(21,344	)
Higher (lower) natural gas production		79,018															79,018
Higher (lower) crude oil production		(17,589	)														(17,589	)
Lower (higher) lease operating expenses		(7,704	)														(7,704	)
Lower (higher) depreciation / depletion		(26,405	)		(868	)		(285	)					4,599			(22,959	)
Higher (lower) processing plant revenues		1,843															1,843
Higher (lower) transportation revenues					(3,375	)											(3,375	)
Higher (lower) efficiency gas revenues					679												679
Higher (lower) gathering and processing revenues														5,104			5,104
Lower (higher) operating costs		(11,364	)		(3,156	)		1,578			64			(876	)		(13,754	)
Lower (higher) property, franchise and other taxes		(1,031	)		(348	)		(894	)					(1,383	)		(3,656	)
Usage								1,947									1,947
Colder weather in Pennsylvania								2,380									2,380
Regulatory true-up adjustments								(3,668	)								(3,668	)
Higher (lower) income from unconsolidated subsidiaries														(2,111	)		(2,111	)
Higher (lower) margins											(252	)		(6,707	)		(6,959	)
Higher AFUDC *					2,037												2,037
Higher (lower) interest income														(8,066	)		(8,066	)
Lower (higher) interest expense		8,391						904						8,384			17,679
Lower (higher) income tax expense/effective tax rate		(2,523	)					(691	)		201			768			(2,245	)
All other / rounding		(559	)		(157	)		(516	)		(28	)		929			(331	)
Fiscal 2011 operating results		124,189			31,515			63,228			8,801			(749	)		226,984
Items impacting comparability:
Gain on sale of unconsolidated subsidiaries														31,418			31,418
Fiscal 2011 GAAP earnings	$	124,189		$	31,515		$	63,228		$	8,801		$	30,669		$	258,402

* AFUDC = Allowance for Funds Used During Construction

** Includes discontinued operations

*** Amounts do not reflect intercompany eliminations

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NATIONAL FUEL GAS COMPANY

RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE

YEAR ENDED SEPTEMBER 30, 2011

	Exploration & Production			Pipeline & Storage			Utility			Energy Marketing		Corporate / All Other **			Consolidated***
Fiscal 2010 GAAP earnings	$	1.36		$	0.44		$	0.76		$	0.11	$	0.06		$	2.73
Items impacting comparability:
Gain on disposal of discontinued operations													(0.07	)		(0.07	)
Income from discontinued operations													(0.01	)		(0.01	)
Fiscal 2010 operating results		1.36			0.44			0.76			0.11		(0.02	)		2.65
Drivers of operating results
Higher (lower) crude oil prices		0.13														0.13
Higher (lower) natural gas prices		(0.26	)													(0.26	)
Higher (lower) natural gas production		0.94														0.94
Higher (lower) crude oil production		(0.21	)													(0.21	)
Lower (higher) lease operating expenses		(0.09	)													(0.09	)
Lower (higher) depreciation / depletion		(0.32	)		(0.01	)		—					0.05			(0.28	)
Higher (lower) processing plant revenues		0.02														0.02
Higher (lower) transportation revenues					(0.04	)										(0.04	)
Higher (lower) efficiency gas revenues					0.01											0.01
Higher (lower) gathering and processing revenues													0.06			0.06
Lower (higher) operating costs		(0.14	)		(0.04	)		0.02			—		(0.01	)		(0.17	)
Lower (higher) property, franchise and other taxes		(0.01	)		—			(0.01	)				(0.02	)		(0.04	)
Usage								0.02								0.02
Colder weather in Pennsylvania								0.03								0.03
Regulatory true-up adjustments								(0.04	)							(0.04	)
Higher (lower) income from unconsolidated subsidiaries													(0.03	)		(0.03	)
Higher (lower) margins											—		(0.08	)		(0.08	)
Higher AFUDC *					0.02											0.02
Higher (lower) interest income													(0.10	)		(0.10	)
Lower (higher) interest expense		0.10						0.01					0.10			0.21
Lower (higher) income tax expense/effective tax rate		(0.03	)					(0.01	)		—		0.01			(0.03	)
All other / rounding		(0.01	)		—			(0.02	)		—		0.02			(0.01	)
Fiscal 2011 operating results		1.48			0.38			0.76			0.11		(0.02	)		2.71
Items impacting comparability:
Gain on sale of unconsolidated subsidiaries													0.38			0.38
Fiscal 2011 GAAP earnings	$	1.48		$	0.38		$	0.76		$	0.11	$	0.36		$	3.09

* AFUDC = Allowance for Funds Used During Construction

** Includes discontinued operations

*** Amounts do not reflect intercompany eliminations

Page 12

NATIONAL FUEL GAS COMPANY

AND SUBSIDIARIES

	Three Months Ended September 30, (Unaudited)						Twelve Months Ended September 30, (Unaudited)
(Thousands of Dollars, except per share amounts)	2011			2010			2011			2010
SUMMARY OF OPERATIONS
Operating Revenues	$	286,034	��	$	286,396		$	1,778,842		$	1,760,503
Operating Expenses:
Purchased Gas		46,374			57,023			628,732			658,432
Operation and Maintenance		90,371			87,945			400,519			394,569
Property, Franchise and Other Taxes		18,188			18,168			81,902			75,852
Depreciation, Depletion and Amortization		55,910			49,265			226,527			191,199
		210,843			212,401			1,337,680			1,320,052
Operating Income		75,191			73,995			441,162			440,451
Other Income (Expense):
Income (Loss) from Unconsolidated Subsidiaries		(61	)		792			(759	)		2,488
Gain on Sale of Unconsolidated Subsidiaries		—			—			50,879			—
Other Income		1,878			1,165			6,706			3,638
Interest Income		1,639			1,682			2,916			3,729
Interest Expense on Long-Term Debt		(17,573	)		(21,951	)		(73,567	)		(87,190	)
Other Interest Expense		(541	)		(1,513	)		(4,554	)		(6,756	)
Income from Continuing Operations Before Income Taxes		60,533			54,170			422,783			356,360
Income Tax Expense		23,177			21,777			164,381			137,227
Income from Continuing Operations		37,356			32,393			258,402			219,133
Discontinued Operations:
Income (Loss) from Operations, Net of Tax		—			(301	)		—			470
Gain on Disposal, Net of Tax		—			6,310			—			6,310
Income from Discontinued Operations, Net of Tax		—			6,009			—			6,780
Net Income Available for Common Stock	$	37,356		$	38,402		$	258,402		$	225,913
Earnings Per Common Share:
Basic:
Income from Continuing Operations	$	0.45		$	0.40		$	3.13		$	2.70
Income from Discontinued Operations		—			0.07			—			0.08
Net Income Available for Common Stock	$	0.45		$	0.47		$	3.13		$	2.78
Diluted:
Income from Continuing Operations	$	0.45		$	0.39		$	3.09		$	2.65
Income from Discontinued Operations		—			0.07			—			0.08
Net Income Available for Common Stock	$	0.45		$	0.46		$	3.09		$	2.73
Weighted Average Common Shares:
Used in Basic Calculation		82,743,764			81,981,133			82,514,015			81,380,434
Used in Diluted Calculation		83,715,222			82,969,012			83,670,802			82,660,598

Page 13

NATIONAL FUEL GAS COMPANY

AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Thousands of Dollars)	September 30, 2011			September 30, 2010
ASSETS
Property, Plant and Equipment	$	5,646,918		$	5,637,498
Less—Accumulated Depreciation, Depletion and Amortization		1,646,394			2,187,269
Net Property, Plant and Equipment		4,000,524			3,450,229
Current Assets:
Cash and Temporary Cash Investments		80,428			397,171
Hedging Collateral Deposits		19,701			11,134
Receivables—Net		131,885			132,136
Unbilled Utility Revenue		17,284			20,920
Gas Stored Underground		54,325			48,584
Materials and Supplies—at average cost		27,932			24,987
Other Current Assets		38,334			115,969
Deferred Income Taxes		15,423			24,476
Total Current Assets		385,312			775,377
Other Assets:
Recoverable Future Taxes		144,377			149,712
Unamortized Debt Expense		10,571			12,550
Other Regulatory Assets		574,644			542,801
Deferred Charges		5,552			9,646
Other Investments		79,365			77,839
Investments in Unconsolidated Subsidiaries		1,306			14,828
Goodwill		5,476			5,476
Fair Value of Derivative Financial Instruments		76,085			65,184
Other		1,530			1,983
Total Other Assets		898,906			880,019
Total Assets	$	5,284,742		$	5,105,625
CAPITALIZATION AND LIABILITIES
Capitalization:
Comprehensive Shareholders’ Equity
Common Stock, $1 Par Value Authorized—200,000,000 Shares; Issued and Outstanding—82,812,677 Shares and 82,075,470 Shares, Respectively	$	82,813		$	82,075
Paid in Capital		650,749			645,619
Earnings Reinvested in the Business		1,206,022			1,063,262
Total Common Shareholders’ Equity Before Items of Other Comprehensive Loss		1,939,584			1,790,956
Accumulated Other Comprehensive Loss		(47,699	)		(44,985	)
Total Comprehensive Shareholders' Equity		1,891,885			1,745,971
Long-Term Debt, Net of Current Portion		899,000			1,049,000
Total Capitalization		2,790,885			2,794,971
Current and Accrued Liabilities:
Notes Payable to Banks and Commercial Paper		40,000			—
Current Portion of Long-Term Debt		150,000			200,000
Accounts Payable		126,709			89,677
Amounts Payable to Customers		15,519			38,109
Dividends Payable		29,399			28,316
Interest Payable on Long-Term Debt		25,512			30,512
Customer Advances		19,643			27,638
Customer Security Deposits		17,321			18,320
Other Accruals and Current Liabilities		94,787			71,592
Fair Value of Derivative Financial Instruments		9,728			20,160
Total Current and Accrued Liabilities		528,618			524,324
Deferred Credits:
Deferred Income Taxes		955,384			800,758
Taxes Refundable to Customers		65,543			69,585
Unamortized Investment Tax Credit		2,586			3,288
Cost of Removal Regulatory Liability		135,940			124,032
Other Regulatory Liabilities		94,684			89,334
Pension and Other Post-Retirement Liabilities		481,520			446,082
Asset Retirement Obligations		75,731			101,618
Other Deferred Credits		153,851			151,633
Total Deferred Credits		1,965,239			1,786,330
Commitments and Contingencies		—			—
Total Capitalization and Liabilities	$	5,284,742		$	5,105,625

Page 14

NATIONAL FUEL GAS COMPANY

AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Twelve Months Ended September 30,
(Thousands of Dollars)	2011			2010
Operating Activities:
Net Income Available for Common Stock	$	258,402		$	225,913
Adjustments to Reconcile Net Income to Net Cash
Provided by Operating Activities:
Gain on Sale of Unconsolidated Subsidiaries		(50,879	)		—
Gain on Sale of Discontinued Operations		—			(10,334	)
Depreciation, Depletion and Amortization		226,527			191,809
Deferred Income Taxes		164,251			134,679
(Income) Loss from Unconsolidated Subsidiaries, Net of Cash Distributions		5,037			112
Excess Tax Costs (Benefits) Associated with Stock-Based Compensation Awards		1,224			(13,207	)
Other		10,614			9,108
Change in:
Hedging Collateral Deposits		(8,567	)		(10,286	)
Receivables and Unbilled Utility Revenue		3,887			10,262
Gas Stored Underground and Materials and Supplies		(9,934	)		6,546
Other Current Assets		76,411			(34,288	)
Accounts Payable		37,032			8,047
Amounts Payable to Customers		(22,590	)		(67,669	)
Customer Advances		(7,995	)		3,083
Customer Security Deposits		(999	)		890
Other Accruals and Current Liabilities		3,048			(3,649	)
Other Assets		17,006			7,237
Other Liabilities		(23,799	)		1,442
Net Cash Provided by Operating Activities	$	678,676		$	459,695
Investing Activities:
Capital Expenditures	$	(839,001	)	$	(455,764	)
Net Proceeds from Sale of Unconsolidated Subsidiaries		59,365			—
Net Proceeds from Sale of Timber Mill and Related Assets		—			15,770
Net Proceeds from Sale of Landfill Gas Pipeline Assets		—			38,000
Net Proceeds from Sale of Oil and Gas Producing Properties		63,501			—
Other		(2,909	)		(251	)
Net Cash Used in Investing Activities	$	(719,044	)	$	(402,245	)
Financing Activities:
Changes in Notes Payable to Banks and Commercial Paper	$	40,000		$	—
Excess Tax (Costs) Benefits Associated with Stock-Based Compensation Awards		(1,224	)		13,207
Reduction of Long-Term Debt		(200,000	)		—
Dividends Paid on Common Stock		(114,559	)		(109,596	)
Net Proceeds From Issuance (Repurchase) of Common Stock		(592	)		26,057
Net Cash Used in Financing Activities	$	(276,375	)	$	(70,332	)
Net Decrease in Cash and Temporary Cash Investments		(316,743	)		(12,882	)
Cash and Temporary Cash Investments at October 1		397,171			410,053
Cash and Temporary Cash Investments at September 30	$	80,428		$	397,171

Page 15

NATIONAL FUEL GAS COMPANY

AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS

(UNAUDITED)

	Three Months Ended September 30,									Twelve Months Ended September 30,
(Thousands of Dollars, except per share amounts)	2011			2010			Variance			2011			2010			Variance
EXPLORATION AND PRODUCTION SEGMENT
Operating Revenues	$	130,463		$	109,716		$	20,747		$	519,035		$	438,028		$	81,007
Operating Expenses:
Operation and Maintenance:
General and Administrative Expense		14,174			6,279			7,895			49,504			31,980			17,524
Lease Operating Expense		19,514			17,503			2,011			73,250			61,398			11,852
All Other Operation and Maintenance Expense		1,450			(136	)		1,586			6,645			6,597			48
Property, Franchise and Other Taxes		2,544			2,710			(166	)		12,179			10,592			1,587
Depreciation, Depletion and Amortization		36,191			27,421			8,770			146,806			106,182			40,624
		73,873			53,777			20,096			288,384			216,749			71,635
Operating Income		56,590			55,939			651			230,651			221,279			9,372
Other Income (Expense):
Interest Income		(16	)		480			(496	)		(27	)		980			(1,007	)
Other Income		—			—			—			1			—			1
Other Interest Expense		(3,577	)		(7,840	)		4,263			(17,402	)		(30,853	)		13,451
Income Before Income Taxes		52,997			48,579			4,418			213,223			191,406			21,817
Income Tax Expense		22,263			21,094			1,169			89,034			78,875			10,159
Net Income	$	30,734		$	27,485		$	3,249		$	124,189		$	112,531		$	11,658
Net Income Per Share (Diluted)	$	0.37		$	0.33		$	0.04		$	1.48		$	1.36		$	0.12
	Three Months Ended									Twelve Months Ended
	September 30,									September 30,
	2011			2010			Variance			2011			2010			Variance
PIPELINE AND STORAGE SEGMENT
Revenues from External Customers	$	30,956		$	31,344		$	(388	)	$	134,071		$	138,905		$	(4,834	)
Intersegment Revenues		20,200			19,689			511			81,037			79,978			1,059
Total Operating Revenues		51,156			51,033			123			215,108			218,883			(3,775	)
Operating Expenses:
Purchased Gas		26			(345	)		371			12			(205	)		217
Operation and Maintenance		20,927			22,132			(1,205	)		82,555			77,698			4,857
Property, Franchise and Other Taxes		5,287			5,316			(29	)		21,067			20,532			535
Depreciation, Depletion and Amortization		9,470			9,313			157			37,266			35,930			1,336
		35,710			36,416			(706	)		140,900			133,955			6,945
Operating Income		15,446			14,617			829			74,208			84,928			(10,720	)
Other Income (Expense):
Interest Income		73			82			(9	)		324			199			125
Other Income		1,238			174			1,064			2,574			538			2,036
Other Interest Expense		(6,233	)		(6,644	)		411			(25,737	)		(26,328	)		591
Income Before Income Taxes		10,524			8,229			2,295			51,369			59,337			(7,968	)
Income Tax Expense		3,045			1,562			1,483			19,854			22,634			(2,780	)
Net Income	$	7,479		$	6,667		$	812		$	31,515		$	36,703		$	(5,188	)
Net Income Per Share (Diluted)	$	0.09		$	0.08		$	0.01		$	0.38		$	0.44		$	(0.06	)

Page 16

NATIONAL FUEL GAS COMPANY

AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS

(UNAUDITED)

	Three Months Ended									Twelve Months Ended
	September 30,									September 30,
(Thousands of Dollars, except per share amounts)	2011			2010			Variance			2011			2010			Variance
UTILITY SEGMENT
Revenues from External Customers	$	85,051		$	97,143		$	(12,092	)	$	835,853		$	804,466		$	31,387
Intersegment Revenues		1,962			2,009			(47	)		16,642			15,324			1,318
Total Operating Revenues		87,013			99,152			(12,139	)		852,495			819,790			32,705
Operating Expenses:
Purchased Gas		30,399			38,384			(7,985	)		460,115			428,376			31,739
Operation and Maintenance		32,708			34,988			(2,280	)		179,258			181,313			(2,055	)
Property, Franchise and Other Taxes		9,650			9,630			20			44,582			42,772			1,810
Depreciation, Depletion and Amortization		9,822			10,244			(422	)		40,808			40,370			438
		82,579			93,246			(10,667	)		724,763			692,831			31,932
Operating Income		4,434			5,906			(1,472	)		127,732			126,959			773
Other Income (Expense):
Interest Income		1,564			1,127			437			2,049			2,144			(95	)
Other Income		315			278			37			1,212			1,059			153
Other Interest Expense		(8,193	)		(8,779	)		586			(34,440	)		(35,831	)		1,391
Income (Loss) Before Income Taxes		(1,880	)		(1,468	)		(412	)		96,553			94,331			2,222
Income Tax Expense (Benefit)		(2,709	)		(1,686	)		(1,023	)		33,325			31,858			1,467
Net Income	$	829		$	218		$	611		$	63,228		$	62,473		$	755
Net Income Per Share (Diluted)	$	0.01		$	—		$	0.01		$	0.76		$	0.76		$	—

	Three Months Ended									Twelve Months Ended
	September 30,									September 30,
	2011			2010			Variance			2011			2010			Variance
ENERGY MARKETING SEGMENT
Revenues from External Customers	$	37,827		$	41,699		$	(3,872	)	$	284,546		$	344,802		$	(60,256	)
Intersegment Revenues		263			—			263			420			—			420
Total Operating Revenues		38,090			41,699			(3,609	)		284,966			344,802			(59,836	)
Operating Expenses:
Purchased Gas		37,976			40,554			(2,578	)		265,692			325,026			(59,334	)
Operation and Maintenance		1,497			1,425			72			6,050			6,148			(98	)
Property, Franchise and Other Taxes		12			31			(19	)		46			55			(9	)
Depreciation, Depletion and Amortization		19			10			9			47			42			5
		39,504			42,020			(2,516	)		271,835			331,271			(59,436	)
Operating Income (Loss)		(1,414	)		(321	)		(1,093	)		13,131			13,531			(400	)
Other Income (Expense):
Interest Income		32			17			15			104			44			60
Other Income		15			16			(1	)		75			74			1
Other Interest Expense		(5	)		(6	)		1			(20	)		(27	)		7
Income (Loss) Before Income Taxes		(1,372	)		(294	)		(1,078	)		13,290			13,622			(332	)
Income Tax Expense (Benefit)		(1,051	)		(638	)		(413	)		4,489			4,806			(317	)
Net Income (Loss)	$	(321	)	$	344		$	(665	)	$	8,801		$	8,816		$	(15	)
Net Income (Loss) Per Share (Diluted)	$	—		$	—		$	—		$	0.11		$	0.11		$	—

Page 17

NATIONAL FUEL GAS COMPANY

AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS

(UNAUDITED)

	Three Months Ended									Twelve Months Ended
	September 30,									September 30,
(Thousands of Dollars, except per share amounts)	2011			2010			Variance			2011			2010			Variance
ALL OTHER
Revenues from External Customers	$	1,507		$	6,272		$	(4,765	)	$	4,401		$	33,428		$	(29,027	)
Intersegment Revenues		2,990			897			2,093			10,017			2,315			7,702
									��
Total Operating Revenues		4,497			7,169			(2,672	)		14,418			35,743			(21,325	)
Operating Expenses:
Purchased Gas		—			(41	)		41			48			(41	)		89
Operation and Maintenance		784			4,360			(3,576	)		3,914			22,775			(18,861	)
Property, Franchise and Other Taxes		146			377			(231	)		637			1,588			(951	)
Depreciation, Depletion and Amortization		210			2,036			(1,826	)		840			7,907			(7,067	)
		1,140			6,732			(5,592	)		5,439			32,229			(26,790	)
Operating Income		3,357			437			2,920			8,979			3,514			5,465
Other Income (Expense):
Income (Loss) from Unconsolidated Subsidiaries		(61	)		792			(853	)		(759	)		2,488			(3,247	)
Gain on Sale of Unconsolidated Subsidiaries		—			—			—			50,879			—			50,879
Interest Income		49			42			7			247			137			110
Other Income		1			(160	)		161			290			(127	)		417
Other Interest Expense		(536	)		(543	)		7			(2,173	)		(2,152	)		(21	)
Income from Continuing Operations Before Income Taxes		2,810			568			2,242			57,463			3,860			53,603
Income Tax Expense (Benefit)		(1,372	)		(674	)		(698	)		18,961			464			18,497
Income from Continuing Operations		4,182			1,242			2,940			38,502			3,396			35,106
Discontinued Operations:
Income (Loss) from Operations, Net of Tax		—			(301	)		301			—			470			(470	)
Gain on Disposal, Net of Tax		—			6,310			(6,310	)		—			6,310			(6,310	)
Income from Discontinued Operations, Net of Tax		—			6,009			(6,009	)		—			6,780			(6,780	)
Net Income	$	4,182		$	7,251		$	(3,069	)	$	38,502		$	10,176		$	28,326
Income from Continuing Operations Per Share (Diluted)	$	0.05		$	0.02		$	0.03		$	0.46		$	0.04		$	0.42
Income from Discontinued Operations, Net of Tax, Per Share (Diluted)		—			0.07			(0.07	)		—			0.08			(0.08	)
Net Income Per Share (Diluted)	$	0.05		$	0.09		$	(0.04	)	$	0.46		$	0.12		$	0.34

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NATIONAL FUEL GAS COMPANY

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SEGMENT OPERATING RESULTS AND STATISTICS

(UNAUDITED)

	Three Months Ended September 30,									Twelve Months Ended September 30,
(Thousands of Dollars, except per share amounts)	2011			2010			Variance			2011			2010			Variance
CORPORATE
Revenues from External Customers	$	230		$	222		$	8		$	936		$	874		$	62
Intersegment Revenues		1,028			1,003			25			3,983			3,547			436
Total Operating Revenues		1,258			1,225			33			4,919			4,421			498
Operating Expenses:
Operation and Maintenance		3,733			3,463			270			14,307			13,100			1,207
Property, Franchise and Other Taxes		549			104			445			3,391			313			3,078
Depreciation, Depletion and Amortization		198			241			(43	)		760			768			(8	)
		4,480			3,808			672			18,458			14,181			4,277
Operating Loss		(3,222	)		(2,583	)		(639	)		(13,539	)		(9,760	)		(3,779	)
Other Income (Expense):
Interest Income		18,737			22,385			(3,648	)		77,454			89,973			(12,519	)
Other Income		309			857			(548	)		2,554			2,094			460
Interest Expense on Long-Term Debt		(17,573	)		(21,951	)		4,378			(73,567	)		(87,190	)		13,623
Other Interest Expense		(797	)		(152	)		(645	)		(2,017	)		(1,313	)		(704	)
Loss Before Income Taxes		(2,546	)		(1,444	)		(1,102	)		(9,115	)		(6,196	)		(2,919	)
Income Tax Expense (Benefit)		3,001			2,119			882			(1,282	)		(1,410	)		128
Net Loss	$	(5,547	)	$	(3,563	)	$	(1,984	)	$	(7,833	)	$	(4,786	)	$	(3,047	)
Net Loss Per Share (Diluted)	$	(0.07	)	$	(0.04	)	$	(0.03	)	$	(0.10	)	$	(0.06	)	$	(0.04	)
	Three Months Ended September 30,									Twelve Months Ended September 30,
	2011			2010			Variance			2011			2010			Variance
INTERSEGMENT ELIMINATIONS
Intersegment Revenues	$	(26,443	)	$	(23,598	)	$	(2,845	)	$	(112,099	)	$	(101,164	)	$	(10,935	)
Operating Expenses:
Purchased Gas		(22,027	)		(21,529	)		(498	)		(97,135	)		(94,724	)		(2,411	)
Operation and Maintenance		(4,416	)		(2,069	)		(2,347	)		(14,964	)		(6,440	)		(8,524	)
		(26,443	)		(23,598	)		(2,845	)		(112,099	)		(101,164	)		(10,935	)
Operating Income		—			—			—			—			—			—
Other Income (Expense):
Interest Income		(18,800	)		(22,451	)		3,651			(77,235	)		(89,748	)		12,513
Other Interest Expense		18,800			22,451			(3,651	)		77,235			89,748			(12,513	)
Net Income	$	—		$	—		$	—		$	—		$	—		$	—
Net Income Per Share (Diluted)	$	—		$	—		$	—		$	—		$	—		$	—

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NATIONAL FUEL GAS COMPANY

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SEGMENT INFORMATION (Continued)

(Thousands of Dollars)

	Three Months Ended September 30, (Unaudited)									Twelve Months Ended September 30, (Unaudited)
							Increase									Increase
	2011			2010			(Decrease)			2011			2010			(Decrease)
Capital Expenditures:
Exploration and Production	$	175,300	(1)	$	124,325	(4)	$	50,975		$	648,815	(1)(2)	$	398,174	(2)(4)	$	250,641
Pipeline and Storage		54,237	(3)		15,651			38,586			129,206	(3)		37,894			91,312
Utility		18,969			18,460			509			58,398			57,973			425
Energy Marketing		131			168			(37	)		460			407			53
Total Reportable Segments		248,637			158,604			90,033			836,879			494,448			342,431
All Other		10,735			828			9,907			17,022			6,694	(4)		10,328
Corporate		77			8			69			285			210			75
Total Expenditures from Continuing Operations		259,449			159,440			100,009			854,186			501,352			352,834
Discontinued Operations		—			28			(28	)		—			150			(150	)
Total Capital Expenditures	$	259,449		$	159,468		$	99,981		$	854,186		$	501,502		$	352,684

⁽¹⁾  Amount for the quarter and year ended September 30, 2011 includes $63.5 million of accrued capital expenditures, the majority of which was in the Appalachian region. This amount has been excluded from the Consolidated Statement of Cash Flows at September 30, 2011 since it represents a non-cash investing activity at that date.

⁽²⁾  Capital expenditures for the Exploration and Production segment for the year ended September 30, 2011 exclude $55.5 million of capital expenditures, the majority of which was in the Appalachian region. This amount was accrued at September 30, 2010 and paid during the year ended September 30, 2011. This amount was excluded from the Consolidated Statements of Cash Flows at September 30, 2010 since it represented a non-cash investing activity at that date. This amount has been included in the Consolidated Statement of Cash Flows at September 30, 2011.

⁽³⁾  Amount for the quarter and year ended September 30, 2011 includes $7.3 million of accrued capital expenditures. This amount has been excluded from the Consolidated Statement of Cash Flows at September 30, 2011 since it represents a non-cash investing activity at that date.

⁽⁴⁾  Capital expenditures for the Exploration and Production segment for the year ended September 30, 2010 exclude $9.1 million of capital expenditures, the majority of which was in the Appalachian region. Capital expenditures for All Other for the year ended September 30, 2010 exclude $0.7 million of capital expenditures related to the construction of the Midstream Covington Gathering System. Both of these amounts were accrued at September 30, 2009 and paid during the year ended September 30, 2010. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2009 since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at September 30, 2010.

DEGREE DAYS

							Percent Colder (Warmer) Than:
Three Months Ended September 30	Normal		2011		2010		Normal (1)		Last Year (1)
Buffalo, NY		178		77		140		(56.7)		(45.0)
Erie, PA		135		73		105		(45.9)		(30.5)
Twelve Months Ended September 30
Buffalo, NY		6,692		6,751		6,292		0.9		7.3
Erie, PA		6,243		6,359		5,947		1.9		6.9

⁽¹⁾ Percents compare actual 2011 degree days to normal degree days and actual 2011 degree days to actual 2010 degree days.

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NATIONAL FUEL GAS COMPANY

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EXPLORATION AND PRODUCTION INFORMATION

	Three Months Ended								Twelve Months Ended
	September 30,								September 30,
						Increase							Increase
	2011			2010		(Decrease)			2011		2010		(Decrease)
Gas Production/Prices:
Production (MMcf)
Appalachia		11,959			5,137		6,822			42,979		16,222		26,757
West Coast		831			953		(122	)		3,447		3,819		(372	)
Gulf Coast		(51	)(1)		2,225		(2,276	)		4,041		10,304		(6,263	)
Total Production		12,739			8,315		4,424			50,467		30,345		20,122
Average Prices (Per Mcf)
Appalachia	$	4.37		$	4.57	$	(0.20	)	$	4.37	$	4.93	$	(0.56	)
West Coast		5.08			4.48		0.60			4.56		4.81		(0.25	)
Gulf Coast		N/M			5.08		N/M			5.02		5.22		(0.20	)
Weighted Average		4.41			4.70		(0.29	)		4.43		5.01		(0.58	)
Weighted Average after Hedging		5.49			5.72		(0.23	)		5.39		6.04		(0.65	)
Oil Production/Prices:
Production (Thousands of Barrels)
Appalachia		11			15		(4	)		45		49		(4	)
West Coast		669			662		7			2,628		2,669		(41	)
Gulf Coast		—			113		(113	)		187		502		(315	)
Total Production		680			790		(110	)		2,860		3,220		(360	)
Average Prices (Per Barrel)
Appalachia	$	84.20		$	71.47	$	12.73		$	86.58	$	75.81	$	10.77
West Coast		101.45			71.53		29.92			96.45		71.72		24.73
Gulf Coast		N/M			69.44		N/M			88.57		76.57		12.00
Weighted Average		101.17			71.23		29.94			95.78		72.54		23.24
Weighted Average after Hedging		82.24			74.05		8.19			81.13		75.25		5.88
Total Production (Mmcfe)		16,819			13,055		3,764			67,627		49,665		17,962
Selected Operating Performance Statistics:
General & Administrative Expense per Mcfe(2)	$	0.84		$	0.48	$	0.36		$	0.73	$	0.64	$	0.09
Lease Operating Expense per Mcfe(2)	$	1.16		$	1.34	$	(0.18	)	$	1.08	$	1.24	$	(0.16	)
Depreciation, Depletion & Amortization per Mcfe(2)	$	2.15		$	2.10	$	0.05		$	2.17	$	2.14	$	0.03

⁽¹⁾  The sale of Gulf Coast properties in April 2011 and various adjustments to prior months' production resulted in negative oil production.

⁽²⁾  Refer to page 16 for the General and Administrative Expense, Lease Operating Expense and Depreciation, Depletion, and Amortization Expense for the Exploration and Production segment.

N/M Not Meaningful

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NATIONAL FUEL GAS COMPANY

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EXPLORATION AND PRODUCTION INFORMATION

Hedging Summary for Fiscal 2012

SWAPS	Volume	Average Hedge Price
Oil	1.6 MMBBL	$	77.03 / BBL
Gas	35.0 BCF	$	5.89 / MCF

Hedging Summary for Fiscal 2013

SWAPS	Volume	Average Hedge Price
Oil	0.9 MMBBL	$	86.21 / BBL
Gas	23.9 BCF	$	5.67 / MCF

Hedging Summary for Fiscal 2014

SWAPS	Volume	Average Hedge Price
Oil	0.2 MMBBL	$	94.90 / BBL
Gas	4.6 BCF	$	5.89 / MCF

Gross Wells in Process of Drilling

Twelve Months Ended September 30, 2011

	East
	Marcellus			Upper							Total
	Shale			Devonian			West		Gulf		Company
Wells in Process—Beginning of Period
Exploratory		4.00			3.00	(2)		0.00		0.00		7.00
Developmental		58.00	(1)		0.00	(2)		0.00		1.00		59.00
Wells Commenced
Exploratory		11.00			0.00			2.00		0.00		13.00
Developmental		99.00			3.00			45.00		1.00		148.00
Wells Completed
Exploratory		10.00			3.00			2.00		0.00		15.00
Developmental		55.00			3.00			44.00		2.00		104.00
Wells Plugged & Abandoned
Exploratory		0.00			0.00			0.00		0.00		0.00
Developmental		0.00			0.00			1.00		0.00		1.00
Wells in Process—End of Period
Exploratory		5.00			0.00			0.00		0.00		5.00
Developmental		102.00			0.00			0.00		0.00		102.00

⁽¹⁾  Amount increased by 19 for wells overlooked in the prior year.

⁽²⁾  Beginning of year numbers have been adjusted to remove 20 exploratory wells and 19 developmental wells mistakenly included as wells in progress.

Net Wells in Process of Drilling

Twelve Months Ended September 30, 2011

	East
	Marcellus Shale			Upper Devonian			West		Gulf		Total Company
Wells in Process—Beginning of Period
Exploratory		4.00			3.00	(4)		0.00		0.00		7.00
Developmental		36.50	(3)		0.00	(4)		0.00		0.20		36.70
Wells Commenced
Exploratory		11.00			0.00			0.25		0.00		11.25
Developmental		78.16			2.60			44.31		0.20		125.27
Wells Completed
Exploratory		10.00			3.00			0.25		0.00		13.25
Developmental		46.16			2.60			43.31		0.40		92.47
Wells Plugged & Abandoned
Exploratory		0.00			0.00			0.00		0.00		0.00
Developmental		0.00			0.00			1.00		0.00		1.00
Wells in Process—End of Period
Exploratory		5.00			0.00			0.00		0.00		5.00
Developmental		68.50			0.00			0.00		0.00		68.50

⁽³⁾  Marcellus Shale net developmental wells were increased by 1.88 due to the acquisition of a joint venture partner's working interest in seven wells, which totaled 1.88 net wells. In addition, this amount increased by 12 for wells overlooked in the prior year.

⁽⁴⁾  Beginning of year numbers have been adjusted to remove 19 exploratory wells and 18 developmental wells mistakenly included as wells in progress.

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NATIONAL FUEL GAS COMPANY

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EXPLORATION AND PRODUCTION INFORMATION

Reserve Quantity Information

	Gas MMcf
	U.S.
	Appalachian Region			West Coast Region			Gulf Coast Region			Total Company
Proved Developed and Undeveloped Reserves:
September 30, 2010		331,262			71,724			25,427			428,413
Extensions and Discoveries		249,047			195			158			249,400
Revisions of Previous Estimates		24,486			526			1,373			26,385
Production		(42,979	)		(3,447	)		(4,041	)		(50,467	)
Purchases of Minerals in Place		44,790			—			—			44,790
Sales of Minerals in Place		—			(682	)		(22,917	)		(23,599	)
September 30, 2011		606,606			68,316			—			674,922
Proved Developed Reserves:
September 30, 2010		210,817			66,178			19,293			296,288
September 30, 2011		350,458			63,965			—			414,423

	Oil Mbbl
	U.S.
	Appalachian Region			West Coast Region			Gulf Coast Region			Total Company
Proved Developed and Undeveloped Reserves:
September 30, 2010		268			43,467			1,504			45,239
Extensions and Discoveries		10			756			1			767
Revisions of Previous Estimates		46			1,909			(339	)		1,616
Production		(45	)		(2,628	)		(187	)		(2,860	)
Sales of Minerals in Place		—			(438	)		(979	)		(1,417	)
September 30, 2011		279			43,066			—			43,345
Proved Developed Reserves:
September 30, 2010		263			36,353			1,066			37,682
September 30, 2011		274			37,306			—			37,580

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NATIONAL FUEL GAS COMPANY

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Pipeline & Storage Throughput- (millions of cubic feet—MMcf)

	Three Months Ended							Twelve Months Ended
	September 30,							September 30,
					Increase							Increase
	2011		2010		(Decrease)			2011		2010		(Decrease)
Firm Transportation—Affiliated		11,200		10,249		951			107,084		99,451		7,633
Firm Transportation—Non-Affiliated		40,172		41,425		(1,253	)		210,833		197,456		13,377
Interruptible Transportation		328		884		(556	)		2,037		4,459		(2,422	)
		51,700		52,558		(858	)		319,954		301,366		18,588

Utility Throughput—(MMcf)

	Three Months Ended							Twelve Months Ended
	September 30,							September 30,
					Increase							Increase
	2011		2010		(Decrease)			2011		2010		(Decrease)
Retail Sales:
Residential Sales		3,392		3,720		(328	)		57,466		54,012		3,454
Commercial Sales		473		537		(64	)		8,517		8,203		314
Industrial Sales		105		134		(29	)		723		646		77
		3,970		4,391		(421	)		66,706		62,861		3,845
Off-System Sales		963		1,865		(902	)		7,151		5,899		1,252
Transportation		8,356		8,148		208			66,273		60,105		6,168
		13,289		14,404		(1,115	)		140,130		128,865		11,265

Energy Marketing Volumes

	Three Months Ended							Twelve Months Ended
	September 30,							September 30,
					Increase							Increase
	2011		2010		(Decrease)			2011		2010		(Decrease)
Natural Gas (MMcf)		7,030		7,155		(125	)		52,893		58,299		(5,406	)

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FISCAL 2012 EARNINGS GUIDANCE AND SENSITIVITY

		Earnings per share sensitivity to changes from prices used in guidance* ^
Fiscal 2012 (Diluted earnings per share guidance*)		$1 change per MMBtu gas		$5 change per Bbl oil
	Earnings Range	Increase	Decrease	Increase	Decrease
Consolidated Earnings	$2.85 – $3.15	+ $0.31	- $0.31	+ $0.04	- $0.04

* Please refer to forward looking statement footnote beginning at page 7 of this document.

^ This sensitivity table is current as of November 3, 2011 and only considers revenue from the Exploration and Production segment’s crude oil and natural gas sales. This revenue is based upon pricing used in the Company’s earnings forecast. For its fiscal 2012 earnings forecast, the Company is utilizing flat NYMEX equivalent commodity pricing, exclusive of basis differential, of $4.50 per MMBtu for natural gas and $95 per Bbl for crude oil. The sensitivities will become obsolete with the passage of time, changes in Seneca’s production forecast, changes in basis differential, as additional hedging contracts are entered into, and with the settling of hedge contracts at their maturity.

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NATIONAL FUEL GAS COMPANY

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	2011		2010
Quarter Ended September 30 (unaudited)
Operating Revenues	$	286,034,000	$	286,396,000
Income from Continuing Operations	$	37,356,000	$	32,393,000
Income from Discontinued Operations, Net of Tax		—		6,009,000
Net Income Available for Common Stock	$	37,356,000	$	38,402,000
Earnings Per Common Share:
Basic:
Income from Continuing Operations	$	0.45	$	0.40
Income from Discontinued Operations		—		0.07
Net Income Available for Common Stock	$	0.45	$	0.47
Diluted:
Income from Continuing Operations	$	0.45	$	0.39
Income from Discontinued Operations		—		0.07
Net Income Available for Common Stock	$	0.45	$	0.46
Weighted Average Common Shares:
Used in Basic Calculation		82,743,764		81,981,133
Used in Diluted Calculation		83,715,222		82,969,012
Twelve Months Ended September 30 (unaudited)
Operating Revenues	$	1,778,842,000	$	1,760,503,000
Income from Continuing Operations	$	258,402,000	$	219,133,000
Income from Discontinued Operations, Net of Tax		—		6,780,000
Net Income Available for Common Stock	$	258,402,000	$	225,913,000
Earnings Per Common Share:
Basic:
Income from Continuing Operations	$	3.13	$	2.70
Income from Discontinued Operations		—		0.08
Net Income Available for Common Stock	$	3.13	$	2.78
Diluted:
Income from Continuing Operations	$	3.09	$	2.65
Income from Discontinued Operations		—		0.08
Net Income Available for Common Stock	$	3.09	$	2.73
Weighted Average Common Shares:
Used in Basic Calculation		82,514,015		81,380,434
Used in Diluted Calculation		83,670,802		82,660,598

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