Exhibit 12.1
NATIONAL FUEL GAS COMPANY
COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
UNAUDITED
| For the Nine Months Ended June 30, 2018 | Fiscal Year Ended September 30, | |||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | |||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
EARNINGS: | ||||||||||||||||||||
Net Income (Loss) Available for Common Stock | $ | 353,527 | $ | 283,482 | $ | (290,958 | ) | $ | (379,427 | ) | $ | 299,413 | ||||||||
Plus Income Tax Expense (Benefit) | (23,825 | ) | 160,682 | (232,549 | ) | (319,136 | ) | 189,614 | ||||||||||||
Less Investment Tax Credit (A) | (74 | ) | (173 | ) | (348 | ) | (414 | ) | (434 | ) | ||||||||||
Less Income from Unconsolidated Subsidiaries | — | — | — | — | (397 | ) | ||||||||||||||
Plus Distributions from Unconsolidated Subsidiaries | — | — | — | — | — | |||||||||||||||
Plus Interest Expense on Long-Term Debt | 82,412 | 116,471 | 117,347 | 95,916 | 90,194 | |||||||||||||||
Plus Other Interest Expense | 2,742 | 3,366 | 3,697 | 3,555 | 4,083 | |||||||||||||||
Less Amortization of Loss on Reacquired Debt | (845 | ) | (529 | ) | (529 | ) | (529 | ) | (529 | ) | ||||||||||
Plus Allowance for Borrowed Funds Used in Construction | 868 | 1,655 | 2,006 | 1,964 | 900 | |||||||||||||||
Plus Other Capitalized Interest | 1,000 | 1,275 | 238 | 4,191 | 3,560 | |||||||||||||||
Plus Rentals (B) | 5,386 | 4,615 | 9,479 | 13,866 | 13,700 | |||||||||||||||
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| $ | 421,191 | $ | 570,844 | $ | (391,617 | ) | $ | (580,014 | ) | $ | 600,104 | |||||||||
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FIXED CHARGES: | ||||||||||||||||||||
Interest & Amortization of Premium and Discount of Funded Debt | $ | 82,412 | $ | 116,471 | $ | 117,347 | $ | 95,916 | $ | 90,194 | ||||||||||
Plus Other Interest Expense | 2,742 | 3,366 | 3,697 | 3,555 | 4,083 | |||||||||||||||
Less Amortization of Loss on Reacquired Debt | (845 | ) | (529 | ) | (529 | ) | (529 | ) | (529 | ) | ||||||||||
Plus Allowance for Borrowed Funds Used in Construction | 868 | 1,655 | 2,006 | 1,964 | 900 | |||||||||||||||
Plus Other Capitalized Interest | 1,000 | 1,275 | 238 | 4,191 | 3,560 | |||||||||||||||
Plus Rentals (B) | 5,386 | 4,615 | 9,479 | 13,866 | 13,700 | |||||||||||||||
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| $ | 91,563 | $ | 126,853 | $ | 132,238 | $ | 118,963 | $ | 111,908 | |||||||||||
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RATIO OF EARNINGS TO FIXED CHARGES | 4.60 | 4.50 | (D | ) | (C | ) | 5.36 | |||||||||||||
| (A) | Investment Tax Credit is included in Other Income. |
| (B) | Rentals shown above represent the portion of all rentals (other than delay rentals) deemed representative of the interest factor. |
| (C) | The ratio coverage for the fiscal year ended September 30, 2015 was less than 1:1. The Company would have needed to generate additional earnings of $698,977 to achieve a coverage of 1:1 for the fiscal year ended September 30, 2015. |
| (D) | The ratio coverage for the fiscal year ended September 30, 2016 was less than 1:1. The Company would have needed to generate additional earnings of $523,855 to achieve a coverage of 1:1 for the fiscal year ended September 30, 2016. |
