Exhibit 99
NATIONAL FUEL GAS
CONSOLIDATED STATEMENT OF INCOME
(UNAUDITED)
Twelve Months Ended
June 30,
------------------------
1998 1997
(Thousands of Dollars)
INCOME
Operating Revenues $1,233,680 $1,268,231
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Operating Expenses
Purchased Gas 448,221 515,954
Fuel Used in Heat and Electric Generation 26,135 1,607
Operation 287,365 275,266
Maintenance 26,744 24,639
Property, Franchise and Other Taxes 92,729 99,880
Depreciation, Depletion and Amortization 115,616 111,116
Impairment of Oil & Gas Producing Properties 128,996 -
Income Taxes - Net 24,040 73,737
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1,149,846 1,102,199
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Operating Income 83,834 166,032
Other Income 33,013 3,488
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Income Before Interest Charges and Minority
Interest in Foreign Subsidiaries 116,847 169,520
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Interest Charges
Interest on Long-Term Debt 48,980 41,392
Other Interest 29,368 14,246
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78,348 55,638
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Minority Interest in Foreign Subsidiaries (3,036) -
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Income Before Cumulative Effect 35,463 113,882
Cumulative Effect of Change in Accounting
for Depletion (9,116) -
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Net Income Available for Common Stock $ 26,347 $ 113,882
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Basic Earnings (Loss) Per Common Share:
Income Before Cumulative Effect $ 0.93 $ 3.00
Cumulative Effect of Change in Accounting
for Depletion (0.24) -
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Net Income Available for Common Stock $ 0.69 $ 3.00
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Diluted Earnings (Loss) Per Common Share:
Income Before Cumulative Effect $ 0.92 $ 2.97
Cumulative Effect of Change in Accounting
for Depletion (0.24) -
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Net Income Available for Common Stock $ 0.68 $ 2.97
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Weighted Average Common Shares Outstanding:
Used in Basic Calculation 38,242,231 37,991,518
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Used in Diluted Calculation 38,649,662 38,312,174
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