Exhibit 99
Form 10-Q
March 31, 1998
NATIONAL FUEL GAS
CONSOLIDATED STATEMENT OF INCOME
(UNAUDITED)
Twelve Months Ended
March 31,
--------------------
1998 1997
(Thousands of Dollars)
INCOME
Operating Revenues $1,237,284 $1,261,509
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Operating Expenses
Purchased Gas 466,087 513,078
Fuel Used in Heat and Electric Generation 17,592 822
Operation 282,017 279,778
Maintenance 26,639 24,653
Property, Franchise and Other Taxes 95,207 100,231
Depreciation, Depletion and Amortization 113,883 108,363
Impairment of Oil & Gas Producing Properties 128,996 -
Income Taxes - Net 25,473 70,148
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1,155,894 1,097,073
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Operation Income 81,390 164,436
Other Income 28,637 3,385
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Income Before Interest Charges and
Minority Interest in Foreign Subsidiary 110,027 167,821
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Interest Charges
Interest on Long-Term Debt 44,336 41,354
Other Interest 27,601 14,180
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71,937 55,534
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Minority Interest in Foreign Subsidiary (2,829) -
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Income Before Cumulative Effect 35,261 112,287
Cumulative Effect of Change in Accounting for
Depletion (9,116) -
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Net Income Available for Common Stock $ 26,145 $ 112,287
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Basic Earnings (Loss) Per Common Share
Income Before Cumulative Effect $ 0.92 $ 2.96
Cumulative Effect fo Change in Accounting
for Depletion (0.24) -
--------- ---------
Net Income Available for Common Stock $ 0.68 $ 2.96
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Diluted Earnings (Loss) Per Common Share
Income Before Cumulative Effect $ 0.91 $ 2.94
Cumulative Effect of Change in Accounting
for Depletion (0.24) -
--------- ---------
Net Income Available for Common Stock $ 0.67 $ 2.94
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Weighted Average Common Shares Outstanding
Used in Basic Calculation 38,188,112 37,875,142
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Used in Diluted Calculation 38,591,405 38,172,308
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