National Fuel Gas (NFG) 8-K Other Events

Exhibit 12.1

NATIONAL FUEL GAS COMPANY

COMPUTATION OF RATIO OF

EARNINGS TO FIXED CHARGES

UNAUDITED

	For the Six Months Ended March 31, 2015			Fiscal Year Ended September 30,
				2014			2013			2012			2011			2010
EARNINGS:
Income from Continuing Operations	$	101,409		$	299,413		$	260,001		$	220,077		$	258,402		$	219,133
Plus Income Tax Expense		60,296			189,614			172,758			150,554			164,381			137,227
Less Investment Tax Credit (1)		(208	)		(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		44,687			90,194			90,273			82,002			73,567			87,190
Plus Other Interest Expense		2,375			4,083			3,838			4,238			4,554			6,756
Less Amortization of Loss on Reacquired Debt		(265	)		(529	)		(721	)		(1,093	)		(1,093	)		(1,093	)
Plus (Less) Allowance for Borrowed Funds Used in Construction		616			900			827			1,231			1,037			323
Plus (Less) Other Capitalized Interest		2,191			3,560			1,801			2,992			1,516			1,056
Plus Rentals (2)		7,446			13,700			14,204			12,958			5,003			1,707
	$	218,547		$	600,104		$	542,759		$	473,820		$	511,707		$	451,714
FIXED CHARGES:
Interest & Amortization of Premium and Discount of Funded Debt	$	44,687		$	90,194		$	90,273		$	82,002		$	73,567		$	87,190
Plus Other Interest Expense		2,375			4,083			3,838			4,238			4,554			6,756
Less Amortization of Loss on Reacquired Debt		(265	)		(529	)		(721	)		(1,093	)		(1,093	)		(1,093	)
Plus (Less) Allowance for Borrowed Funds Used in Construction		616			900			827			1,231			1,037			323
Plus (Less) Other Capitalized Interest		2,191			3,560			1,801			2,992			1,516			1,056
Plus Rentals (2)		7,446			13,700			14,204			12,958			5,003			1,707
	$	57,050		$	111,908		$	110,222		$	102,328		$	84,584		$	95,939
RATIO OF EARNINGS TO FIXED CHARGES		3.83			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.