Exhibit 12.1
NATIONAL FUEL GAS COMPANY
COMPUTATION OF
RATIO OF EARNINGS TO FIXED CHARGES
UNAUDITED
| For the Three Months Ended December 31, 2014 | Fiscal Year Ended September 30, | |||||||||||||||||||||||
| 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
| ($ in thousands) | ||||||||||||||||||||||||
EARNINGS: | ||||||||||||||||||||||||
Income from Continuing Operations | $ | 84,740 | $ | 299,413 | $ | 260,001 | $ | 220,077 | $ | 258,402 | $ | 219,133 | ||||||||||||
Plus Income Tax Expense | 55,160 | 189,614 | 172,758 | 150,554 | 164,381 | 137,227 | ||||||||||||||||||
Less Investment Tax Credit (1) | (104 | ) | (434 | ) | (426 | ) | (581 | ) | (697 | ) | (697 | ) | ||||||||||||
(Less Income) Plus Loss from Unconsolidated Subsidiaries | — | (397 | ) | 204 | 1,442 | 759 | (2,488 | ) | ||||||||||||||||
Plus Distributions from Unconsolidated Subsidiaries | — | — | — | — | 4,278 | 2,600 | ||||||||||||||||||
Plus Interest Expense on Long-Term Debt | 22,311 | 90,194 | 90,273 | 82,002 | 73,567 | 87,190 | ||||||||||||||||||
Plus Other Interest Expense | 790 | 4,083 | 3,838 | 4,238 | 4,554 | 6,756 | ||||||||||||||||||
Less Amortization of Loss on Reacquired Debt | (132 | ) | (529 | ) | (721 | ) | (1,093 | ) | (1,093 | ) | (1,093 | ) | ||||||||||||
Plus (Less) Allowance for Borrowed Funds Used in Construction | 346 | 900 | 827 | 1,231 | 1,037 | 323 | ||||||||||||||||||
Plus (Less) Other Capitalized Interest | 1,128 | 3,560 | 1,801 | 2,992 | 1,516 | 1,056 | ||||||||||||||||||
Plus Rentals (2) | 3,354 | 13,700 | 14,204 | 12,958 | 5,003 | 1,707 | ||||||||||||||||||
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| $ | 167,593 | $ | 600,104 | $ | 542,759 | $ | 473,820 | $ | 511,707 | $ | 451,714 | |||||||||||||
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FIXED CHARGES: | ||||||||||||||||||||||||
Interest & Amortization of Premium and Discount of Funded Debt | $ | 22,311 | $ | 90,194 | $ | 90,273 | $ | 82,002 | $ | 73,567 | $ | 87,190 | ||||||||||||
Plus Other Interest Expense | 790 | 4,083 | 3,838 | 4,238 | 4,554 | 6,756 | ||||||||||||||||||
Less Amortization of Loss on Reacquired Debt | (132 | ) | (529 | ) | (721 | ) | (1,093 | ) | (1,093 | ) | (1,093 | ) | ||||||||||||
Plus (Less) Allowance for Borrowed Funds Used in Construction | 346 | 900 | 827 | 1,231 | 1,037 | 323 | ||||||||||||||||||
Plus (Less) Other Capitalized Interest | 1,128 | 3,560 | 1,801 | 2,992 | 1,516 | 1,056 | ||||||||||||||||||
Plus Rentals (2) | 3,354 | 13,700 | 14,204 | 12,958 | 5,003 | 1,707 | ||||||||||||||||||
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| $ | 27,797 | $ | 111,908 | $ | 110,222 | $ | 102,328 | $ | 84,584 | $ | 95,939 | |||||||||||||
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RATIO OF EARNED TO FIXED CHARGES: | 6.03 | 5.36 | 4.92 | 4.63 | 6.05 | 4.71 | ||||||||||||||||||
| (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. |
