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TheStreet Open House

National Fuel Reports 2012 Earnings

EARNINGS TELECONFERENCE

The Company will host a conference call on Friday, November 2, 2012, at 11 a.m. (Eastern Time) to discuss this announcement. There are two ways to access this call. For those with Internet access, visit the investor relations page at National Fuel’s website at investor.nationalfuelgas.com. For those without Internet access, access is also provided by dialing (toll-free) 1-800-299-6183, and using the passcode “95413478.” For those unable to listen to the live conference call, a replay will be available at approximately 2 p.m. (Eastern Time) at the same website link and by phone at (toll-free) 1-888-286-8010 using passcode “80430237.” Both the webcast and telephonic replay will be available until the close of business on Friday, November 9, 2012.

National Fuel is an integrated energy company with $5.9 billion in assets comprised of the following four operating segments: Exploration and Production, Pipeline and Storage, Utility, and Energy Marketing. Additional information about National Fuel is available at: www.nationalfuelgas.com or through its investor information service at 1-800-334-2188.

Certain statements contained herein, including those regarding estimated future earnings, and statements that are identified by the use of the words “anticipates,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “predicts,” “projects,” “believes,” “seeks,” “will,” “may” and similar expressions, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, which could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. The Company’s expectations, beliefs and projections contained herein are expressed in good faith and are believed to have a reasonable basis, but there can be no assurance that such expectations, beliefs or projections will result or be achieved or accomplished. In addition to other factors, the following are important factors that could cause actual results to differ materially from those discussed in the forward-looking statements: factors affecting the Company’s ability to successfully identify, drill for and produce economically viable natural gas and oil reserves, including among others geology, lease availability, title disputes, weather conditions, shortages, delays or unavailability of equipment and services required in drilling operations, insufficient gathering, processing and transportation capacity, the need to obtain governmental approvals and permits, and compliance with environmental laws and regulations; changes in laws, regulations or judicial interpretations to which the Company is subject, including those involving derivatives, taxes, safety, employment, climate change, other environmental matters, real property, and exploration and production activities such as hydraulic fracturing; changes in the price of natural gas or oil; impairments under the SEC’s full cost ceiling test for natural gas and oil reserves; uncertainty of oil and gas reserve estimates; significant differences between the Company’s projected and actual production levels for natural gas or oil; changes in demographic patterns and weather conditions; changes in the availability, price or accounting treatment of derivative financial instruments; governmental/regulatory actions, initiatives and proceedings, including those involving rate cases (which address, among other things, allowed rates of return, rate design and retained natural gas), environmental/safety requirements, affiliate relationships, industry structure, and franchise renewal; delays or changes in costs or plans with respect to Company projects or related projects of other companies, including difficulties or delays in obtaining necessary governmental approvals, permits or orders or in obtaining the cooperation of interconnecting facility operators; financial and economic conditions, including the availability of credit, and occurrences affecting the Company’s ability to obtain financing on acceptable terms for working capital, capital expenditures and other investments, including any downgrades in the Company’s credit ratings and changes in interest rates and other capital market conditions; changes in economic conditions, including global, national or regional recessions, and their effect on the demand for, and customers’ ability to pay for, the Company’s products and services; the creditworthiness or performance of the Company’s key suppliers, customers and counterparties; economic disruptions or uninsured losses resulting from major accidents, fires, severe weather, natural disasters, terrorist activities, acts of war, cyber attacks or pest infestation; changes in price differential between similar quantities of natural gas at different geographic locations, and the effect of such changes on the demand for pipeline transportation capacity to or from such locations; other changes in price differentials between similar quantities of oil or natural gas having different quality, heating value, geographic location or delivery date; significant differences between the Company’s projected and actual capital expenditures and operating expenses; changes in laws, actuarial assumptions, the interest rate environment and the return on plan/trust assets related to the Company’s pension and other post-retirement benefits, which can affect future funding obligations and costs and plan liabilities; the cost and effects of legal and administrative claims against the Company or activist shareholder campaigns to effect changes at the Company; increasing health care costs and the resulting effect on health insurance premiums and on the obligation to provide other post-retirement benefits; or increasing costs of insurance, changes in coverage and the ability to obtain insurance. The Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date thereof.

Page 9
NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
QUARTER ENDED SEPTEMBER 30, 2012
           
Exploration & Pipeline & Energy Corporate /
(Thousands of Dollars) Production   Storage   Utility   Marketing   All Other   Consolidated*
 
Fourth quarter 2011 GAAP earnings $ 30,734 $ 7,479 $ 829 $ (321 ) $ (1,365 ) $ 37,356
 
Drivers of operating results
Higher (lower) crude oil prices 3,091 3,091
Higher (lower) natural gas prices (20,028 ) (20,028 )
Higher (lower) natural gas production 27,112 27,112
Higher (lower) crude oil production 1,345 1,345
Lower (higher) lease operating expenses (2,617 ) (2,617 )
Lower (higher) depreciation / depletion (9,862 ) 542 (601 ) (9,921 )
Higher (lower) processing plant revenues (852 ) (852 )
 
Higher (lower) transportation and storage revenues 6,635 6,635
Higher (lower) efficiency gas revenues (1,624 ) (1,624 )
Higher (lower) gathering and processing revenues 1,843 1,843
Lower (higher) operating expenses 951 688 241 (753 ) 1,127
Lower (higher) property, franchise and other taxes (1,351 ) (1,351 )
 
Regulatory true-up adjustments 1,666 1,666
 
Higher (lower) income from unconsolidated subsidiaries (749 ) (749 )
 
Higher (lower) margins (128 ) (128 )
 
Higher (lower) interest income 327 327
Lower (higher) interest expense (2,991 ) (2,991 )
 
Lower (higher) income tax expense/effective tax rate (3,520 ) (1,138 ) 2,547 (2,623 ) (4,734 )
 
All other / rounding   64       (269 )     256     (44 )     502       509  
 
Fourth quarter 2012 operating results 22,076 12,313 5,866 (493 ) (3,746 ) 36,016
Items impacting comparability:
Elimination of other post-retirement regulatory liability       12,786                   12,786  
Fourth quarter 2012 GAAP earnings $ 22,076     $ 25,099     $ 5,866   $ (493 )   $ (3,746 )   $ 48,802  
 

* Amounts do not reflect intercompany eliminations

 
Page 10
NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
QUARTER ENDED SEPTEMBER 30, 2012
 
  Exploration &   Pipeline &     Energy   Corporate /  
Production   Storage   Utility   Marketing   All Other   Consolidated*
 
Fourth quarter 2011 GAAP earnings $ 0.37 $ 0.09 $ 0.01 $ - $ (0.02 ) $ 0.45
 
Drivers of operating results
Higher (lower) crude oil prices 0.04 0.04
Higher (lower) natural gas prices (0.24 ) (0.24 )
Higher (lower) natural gas production 0.32 0.32
Higher (lower) crude oil production 0.02 0.02
Lower (higher) lease operating expenses (0.03 ) (0.03 )
Lower (higher) depreciation / depletion (0.12 ) 0.01 (0.01 ) (0.12 )
Higher (lower) processing plant revenues (0.01 ) (0.01 )
 
Higher (lower) transportation and storage revenues 0.08 0.08
Higher (lower) efficiency gas revenues (0.02 ) (0.02 )
Higher (lower) gathering and processing revenues 0.02 0.02
Lower (higher) operating expenses 0.01 0.01 - (0.01 ) 0.01
Lower (higher) property, franchise and other taxes (0.02 ) (0.02 )
 
Regulatory true-up adjustments 0.02 0.02
 
Higher (lower) income from unconsolidated subsidiaries (0.01 ) (0.01 )
 
Higher (lower) margins - -
 
Higher (lower) interest income - -
Lower (higher) interest expense (0.04 ) (0.04 )
 
Lower (higher) income tax expense/effective tax rate (0.04 ) (0.01 ) 0.03 (0.03 ) (0.05 )
 
All other / rounding   -       (0.01 )     0.01     (0.01 )     0.02       0.01  
 
Fourth quarter 2012 operating results 0.26 0.15 0.07 (0.01 ) (0.04 ) 0.43
Items impacting comparability:
Elimination of other post-retirement regulatory liability       0.15                   0.15  
Fourth quarter 2012 GAAP earnings $ 0.26     $ 0.30     $ 0.07   $ (0.01 )   $ (0.04 )   $ 0.58  
 

* Amounts do not reflect intercompany eliminations

 
 
Page 11
NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
YEAR ENDED SEPTEMBER 30, 2012
           
Exploration & Pipeline & Energy Corporate /
(Thousands of Dollars) Production   Storage   Utility   Marketing   All Other   Consolidated**
 
Fiscal 2011 GAAP earnings $ 124,189 $ 31,515 $ 63,228 $ 8,801 $ 30,669 $ 258,402
Items impacting comparability:
Gain on sale of unconsolidated subsidiaries                   (31,418 )     (31,418 )
Fiscal 2011 operating results 124,189 31,515 63,228 8,801 (749 ) 226,984
 
Drivers of operating results
Higher (lower) Appalachian and West Coast crude oil prices 19,156 19,156
Higher (lower) Appalachian and West Coast natural gas prices (47,684 ) (47,684 )
Higher (lower) Appalachian and West Coast natural gas production 68,921 68,921
Higher (lower) Appalachian and West Coast crude oil production 10,325 10,325
Lower Gulf Coast natural gas and crude oil revenues (25,218 ) (25,218 )
Lower (higher) lease operating expenses (6,572 ) (6,572 )
Lower (higher) depreciation / depletion (26,532 ) (595 ) (1,267 ) (830 ) (29,224 )
 
Higher (lower) transportation and storage revenues 20,342 20,342
Higher (lower) efficiency gas revenues (6,055 ) (6,055 )
Higher (lower) gathering and processing revenues 4,046 4,046
Lower (higher) operating costs (2,685 ) 2,703 272 290
Lower (higher) property, franchise and other taxes (3,403 ) (358 ) 913 606 (2,242 )
 
Warmer weather (10,081 ) (10,081 )
Regulatory true-up adjustments 2,509 2,509
 
Higher (lower) income from unconsolidated subsidiaries (444 ) (444 )
 
Higher (lower) margins (4,468 ) 354 (4,114 )
 
Higher AFUDC * 625 625
Higher (lower) interest income 636 560 1,196
Lower (higher) interest expense (7,344 ) 820 (6,524 )
 
Lower (higher) income tax expense/effective tax rate (3,202 ) (115 ) 1,117 (2,618 ) (4,818 )
 
All other / rounding   (55 )     (321 )     519       (164 )     (72 )     (93 )
 
Fiscal 2012 operating results 100,532 47,741 58,590 4,169 293 211,325
Items impacting comparability:
Elimination of other post-retirement regulatory liability 12,786 12,786
Pennsylvania impact fee   (4,034 )                     (4,034 )
Fiscal 2012 GAAP earnings $ 96,498     $ 60,527     $ 58,590     $ 4,169     $ 293     $ 220,077  
 

* AFUDC = Allowance for Funds Used During Construction

** Amounts do not reflect intercompany eliminations

 
 
Page 12
NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
YEAR ENDED SEPTEMBER 30, 2012
           
Exploration & Pipeline & Energy Corporate /
Production   Storage   Utility   Marketing   All Other   Consolidated**
 
Fiscal 2011 GAAP earnings $ 1.48 $ 0.38 $ 0.76 $ 0.11 $ 0.36 $ 3.09
Items impacting comparability:
Gain on sale of unconsolidated subsidiaries                   (0.38 )     (0.38 )
Fiscal 2011 operating results 1.48 0.38 0.76 0.11 (0.02 ) 2.71
 
Drivers of operating results
Higher (lower) Appalachian and West Coast crude oil prices 0.23 0.23
Higher (lower) Appalachian and West Coast natural gas prices (0.57 ) (0.57 )
Higher (lower) Appalachian and West Coast natural gas production 0.82 0.82
Higher (lower) Appalachian and West Coast crude oil production 0.12 0.12
Lower Gulf Coast natural gas and crude oil revenues (0.30 ) (0.30 )
Lower (higher) lease operating expenses (0.08 ) (0.08 )
Lower (higher) depreciation / depletion (0.32 ) (0.01 ) (0.02 ) (0.01 ) (0.36 )
 
Higher (lower) transportation and storage revenues 0.24 0.24
Higher (lower) efficiency gas revenues (0.07 ) (0.07 )
Higher (lower) gathering and processing revenues 0.05 0.05
Lower (higher) operating costs (0.03 ) 0.03 - -
Lower (higher) property, franchise and other taxes (0.04 ) - 0.01 0.01 (0.02 )
 
Warmer weather (0.12 ) (0.12 )
Regulatory true-up adjustments 0.03 0.03
 
Higher (lower) income from unconsolidated subsidiaries (0.01 ) (0.01 )
 
Higher (lower) margins (0.05 ) - (0.05 )
 
Higher AFUDC * 0.01 0.01
Higher (lower) interest income 0.01 0.01 0.02
Lower (higher) interest expense (0.09 ) 0.01 (0.08 )
 
Lower (higher) income tax expense/effective tax rate (0.04 ) - 0.01 (0.03 ) (0.06 )
 
All other / rounding   0.01       (0.01 )     0.01       (0.01 )     0.02       0.02  
 
Fiscal 2012 operating results 1.20 0.57 0.70 0.05 0.01 2.53
Items impacting comparability:
Elimination of other post-retirement regulatory liability 0.15 0.15
Pennsylvania impact fee   (0.05 )                     (0.05 )
Fiscal 2012 GAAP earnings $ 1.15     $ 0.72     $ 0.70     $ 0.05     $ 0.01     $ 2.63  
 

* AFUDC = Allowance for Funds Used During Construction

** Amounts do not reflect intercompany eliminations

 
 
Page 13
       
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
 
(Thousands of Dollars, except per share amounts)
Three Months Ended Twelve Months Ended
September 30, September 30,
(Unaudited) (Unaudited)

SUMMARY OF OPERATIONS

2012 2011 2012 2011
Operating Revenues $ 313,261   $ 286,034   $ 1,626,853   $ 1,778,842  
 
Operating Expenses:
Purchased Gas 24,700 46,374 415,589 628,732
Operation and Maintenance 89,541 90,371 401,397 400,519
Property, Franchise and Other Taxes 20,150 18,188 90,288 81,902
Depreciation, Depletion and Amortization   71,606     55,910     271,530     226,527  
205,997 210,843 1,178,804 1,337,680
 
Operating Income 107,264 75,191 448,049 441,162
 
Other Income (Expense):
Gain on Sale of Unconsolidated Subsidiaries - - - 50,879
Other Income 1,058 1,817 5,133 5,947
Interest Income 2,002 1,639 3,689 2,916
Interest Expense on Long-Term Debt (21,408 ) (17,573 ) (82,002 ) (73,567 )
Other Interest Expense   (1,386 )   (541 )   (4,238 )   (4,554 )
 
Income Before Income Taxes 87,530 60,533 370,631 422,783
 
Income Tax Expense   38,728     23,177     150,554     164,381  
 
Net Income Available for Common Stock $ 48,802  

 

$ 37,356   $ 220,077  

 

$ 258,402  
 
Earnings Per Common Share:
Basic $ 0.59 $ 0.45 $ 2.65 $ 3.13
Diluted $ 0.58 $ 0.45 $ 2.63 $ 3.09
 
Weighted Average Common Shares:
Used in Basic Calculation   83,305,793     82,743,764     83,127,844     82,514,015  
Used in Diluted Calculation   83,855,991     83,715,222     83,739,771     83,670,802  
 
   
Page 14
 
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
September 30, September 30,
(Thousands of Dollars)   2012   2011
 
ASSETS
Property, Plant and Equipment $ 6,615,813 $ 5,646,918
Less - Accumulated Depreciation, Depletion and Amortization   1,876,010       1,646,394  
Net Property, Plant and Equipment   4,739,803       4,000,524  
 
Current Assets:
Cash and Temporary Cash Investments 74,494 80,428
Hedging Collateral Deposits 364 19,701
Receivables - Net 115,818 131,885
Unbilled Utility Revenue 19,652 17,284
Gas Stored Underground 49,795 54,325
Materials and Supplies - at average cost 28,577 27,932
Other Current Assets 56,121 64,923
Deferred Income Taxes   10,755       15,423  
Total Current Assets   355,576       411,901  
 
Other Assets:
Recoverable Future Taxes 150,941 144,377
Unamortized Debt Expense 13,409 10,571
Other Regulatory Assets 549,702 484,397
Deferred Charges 7,591 5,552
Other Investments 86,774 79,365
Goodwill 5,476 5,476
Fair Value of Derivative Financial Instruments 27,616 76,085
Other   1,105       2,836  
Total Other Assets   842,614       808,659  
Total Assets $ 5,937,993     $ 5,221,084  
 
CAPITALIZATION AND LIABILITIES
Capitalization:
Comprehensive Shareholders' Equity

Common Stock, $1 Par Value Authorized - 200,000,000 Shares; Issued and Outstanding - 83,330,140 Shares and 82,812,677 Shares, Respectively

$ 83,330 $ 82,813
Paid in Capital 669,501 650,749
Earnings Reinvested in the Business   1,306,284       1,206,022  

Total Common Shareholders' Equity Before Items of Other Comprehensive Loss

2,059,115 1,939,584
Accumulated Other Comprehensive Loss   (99,020 )     (47,699 )
Total Comprehensive Shareholders' Equity 1,960,095 1,891,885
Long-Term Debt, Net of Current Portion   1,149,000       899,000  
Total Capitalization   3,109,095       2,790,885  
 
Current and Accrued Liabilities:
Notes Payable to Banks and Commercial Paper 171,000 40,000
Current Portion of Long-Term Debt 250,000 150,000
Accounts Payable 87,985 126,709
Amounts Payable to Customers 19,964 15,519
Dividends Payable 30,416 29,399
Interest Payable on Long-Term Debt 29,491 25,512
Customer Advances 24,055 19,643
Customer Security Deposits 17,942 17,321
Other Accruals and Current Liabilities 79,099 108,636
Fair Value of Derivative Financial Instruments   24,527       9,728  
Total Current and Accrued Liabilities   734,479       542,467  
 
Deferred Credits:
Deferred Income Taxes 1,065,757 955,384
Taxes Refundable to Customers 66,392 65,543
Unamortized Investment Tax Credit 2,005 2,586
Cost of Removal Regulatory Liability 139,611 135,940
Other Regulatory Liabilities 23,864 17,177
Pension and Other Post-Retirement Liabilities 516,197 481,520
Asset Retirement Obligations 119,246 75,731
Other Deferred Credits   161,347       153,851  
Total Deferred Credits   2,094,419       1,887,732  
Commitments and Contingencies   -       -  
Total Capitalization and Liabilities $ 5,937,993     $ 5,221,084  
 
 

Page 15

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
 
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
Twelve Months Ended
September 30,
(Thousands of Dollars)     2012       2011  
 
Operating Activities:
Net Income Available for Common Stock $ 220,077 $ 258,402
Adjustments to Reconcile Net Income to Net Cash
Provided by Operating Activities:
Gain on Sale of Unconsolidated Subsidiaries - (50,879 )
Depreciation, Depletion and Amortization 271,530 226,527
Deferred Income Taxes 144,150 164,251
Excess Tax Costs (Benefits) Associated with Stock-Based Compensation Awards (985 ) 1,224
Elimination of Other Post-Retirement Regulatory Liability (21,672 ) -
Other 12,952 15,651
Change in:
Hedging Collateral Deposits 19,337 (8,567 )
Receivables and Unbilled Utility Revenue 13,859 3,887
Gas Stored Underground and Materials and Supplies 5,405 (9,934 )
Other Current Assets 9,789 83,245
Accounts Payable (6,570 ) 896
Amounts Payable to Customers 4,445 (22,590 )
Customer Advances 4,412 (7,995 )
Customer Security Deposits 621 (999 )
Other Accruals and Current Liabilities 10,633 242
Other Assets (13,584 ) 15,259
Other Liabilities     (5,187 )     (27,470 )
Net Cash Provided by Operating Activities   $ 669,212     $ 641,150  
 
Investing Activities:
Capital Expenditures ($1,045,209 ) ($801,476 )
Net Proceeds from Sale of Unconsolidated Subsidiaries - 59,365
Net Proceeds from Sale of Oil and Gas Producing Properties - 63,501
Other     446       (2,908 )
Net Cash Used in Investing Activities     ($1,044,763 )     ($681,518 )
 
Financing Activities:
Changes in Notes Payable to Banks and Commercial Paper $ 131,000 $ 40,000
Excess Tax Benefits (Costs) Associated with Stock-Based Compensation Awards 985 (1,224 )
Reduction of Long-Term Debt (150,000 ) (200,000 )
Net Proceeds From Issuance of Long-Term Debt 496,085 -
Dividends Paid on Common Stock (118,798 ) (114,559 )
Net Proceeds From Issuance (Repurchase) of Common Stock     10,345       (592 )
Net Cash Provided by (Used in) Financing Activities   $ 369,617       ($276,375 )
Net Decrease in Cash and Temporary
Cash Investments (5,934 ) (316,743 )
Cash and Temporary Cash Investments
at Beginning of Period     80,428       397,171  
Cash and Temporary Cash Investments
at September 30   $ 74,494     $ 80,428  
 
               
Page 16
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
 
SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)
 
Three Months Ended Twelve Months Ended
(Thousands of Dollars, except per share amounts) September 30, September 30,

EXPLORATION AND PRODUCTION SEGMENT

2012   2011   Variance 2012   2011   Variance
Operating Revenues $ 146,732     $ 130,463     $ 16,269   $ 558,180     $ 519,035     $ 39,145  
 
Operating Expenses:
Operation and Maintenance:
General and Administrative Expense 12,540 14,174 (1,634 ) 53,792 49,504 4,288
Lease Operating Expense 23,540 19,514 4,026 83,361 73,250 10,111
All Other Operation and Maintenance Expense 1,620 1,450 170 6,485 6,645 (160 )
Property, Franchise and Other Taxes 4,622 2,544 2,078 23,620 12,179 11,441
Depreciation, Depletion and Amortization   51,363       36,191       15,172     187,624       146,806       40,818  
  93,685       73,873       19,812     354,882       288,384       66,498  
 
Operating Income 53,047 56,590 (3,543 ) 203,298 230,651 (27,353 )
 
Other Income (Expense):
Interest Income 423 (16 ) 439 1,493 (27 ) 1,520
Other Income - - - - 1 (1 )
Other Interest Expense   (8,379 )     (3,577 )     (4,802 )   (29,243 )     (17,402 )     (11,841 )
 
Income Before Income Taxes 45,091 52,997 (7,906 ) 175,548 213,223 (37,675 )
Income Tax Expense   23,015       22,263       752     79,050       89,034       (9,984 )
Net Income $ 22,076     $ 30,734     $ (8,658 ) $ 96,498     $ 124,189     $ (27,691 )
 
Net Income Per Share (Diluted) $ 0.26     $ 0.37     $ (0.11 ) $ 1.15     $ 1.48     $ (0.33 )
 
 
 
 
 
Three Months Ended Twelve Months Ended
September 30, September 30,

PIPELINE AND STORAGE SEGMENT

2012   2011   Variance 2012   2011   Variance
Revenues from External Customers $ 58,336 $ 30,956 $ 27,380 $ 172,312 $ 134,071 $ 38,241
Intersegment Revenues   22,529       20,200       2,329     86,963       81,037       5,926  
Total Operating Revenues   80,865       51,156       29,709     259,275       215,108       44,167  
 
Operating Expenses:
Purchased Gas 480 26 454 674 12 662
Operation and Maintenance 19,868 20,927 (1,059 ) 78,397 82,555 (4,158 )
Property, Franchise and Other Taxes 5,386 5,287 99 21,618 21,067 551
Depreciation, Depletion and Amortization   8,636       9,470       (834 )   38,182       37,266       916  
  34,370       35,710       (1,340 )   138,871       140,900       (2,029 )
 
Operating Income 46,495 15,446 31,049 120,404 74,208 46,196
 
Other Income (Expense):
Interest Income 61 73 (12 ) 199 324 (125 )
Other Income 1,151 1,238 (87 ) 3,182 2,574 608
Other Interest Expense   (6,324 )     (6,233 )     (91 )   (25,603 )     (25,737 )     134  
 
Income Before Income Taxes 41,383 10,524 30,859 98,182 51,369 46,813
Income Tax Expense   16,284       3,045       13,239     37,655       19,854       17,801  
Net Income $ 25,099     $ 7,479     $ 17,620   $ 60,527     $ 31,515     $ 29,012  
 
Net Income Per Share (Diluted) $ 0.30     $ 0.09     $ 0.21   $ 0.72     $ 0.38     $ 0.34  
 
               
Page 17
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
 
SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)
 
Three Months Ended Twelve Months Ended
(Thousands of Dollars, except per share amounts)

September 30,

September 30,

UTILITY SEGMENT

2012   2011   Variance 2012   2011   Variance
Revenues from External Customers $ 81,682 $ 85,051 $ (3,369 ) $ 704,518 $ 835,853 $ (131,335 )
Intersegment Revenues   1,961       1,962       (1 )   14,604       16,642       (2,038 )
Total Operating Revenues   83,643       87,013       (3,370 )   719,122       852,495       (133,373 )
 
Operating Expenses:
Purchased Gas 23,448 30,399 (6,951 ) 340,325 460,115 (119,790 )
Operation and Maintenance 32,237 32,708 (471 ) 176,938 179,258 (2,320 )
Property, Franchise and Other Taxes 9,246 9,650 (404 ) 41,873 44,582 (2,709 )
Depreciation, Depletion and Amortization   10,254       9,822       432     42,757       40,808       1,949  
  75,185       82,579       (7,394 )   601,893       724,763       (122,870 )
 
Operating Income 8,458 4,434 4,024 117,229 127,732 (10,503 )
 
Other Income (Expense):
Interest Income 1,945 1,564 381 2,765 2,049 716
Other Income 216 315 (99 ) 887 1,212 (325 )
Other Interest Expense   (8,671 )     (8,193 )     (478 )   (33,181 )     (34,440 )     1,259  
 
Income (Loss) Before Income Taxes 1,948 (1,880 ) 3,828 87,700 96,553 (8,853 )
Income Tax Expense (Benefit)   (3,918 )     (2,709 )     (1,209 )   29,110       33,325       (4,215 )
Net Income $ 5,866     $ 829     $ 5,037   $ 58,590     $ 63,228     $ (4,638 )
 
Net Income Per Share (Diluted) $ 0.07     $ 0.01     $ 0.06   $ 0.70     $ 0.76     $ (0.06 )
 
 
 
 
Three Months Ended Twelve Months Ended
September 30, September 30,

ENERGY MARKETING SEGMENT

2012   2011   Variance 2012   2011   Variance
Revenues from External Customers $ 24,757 $ 37,827 $ (13,070 ) $ 186,579 $ 284,546 $ (97,967 )
Intersegment Revenues   290       263       27     1,425       420       1,005  
Total Operating Revenues   25,047       38,090       (13,043 )   188,004       284,966       (96,962 )
 
Operating Expenses:
Purchased Gas 25,130 37,976 (12,846 ) 175,605 265,692 (90,087 )
Operation and Maintenance 1,454 1,497 (43 ) 6,373 6,050 323
Property, Franchise and Other Taxes 22 12 10 81 46 35
Depreciation, Depletion and Amortization   21       19       2     90       47       43  
  26,627       39,504       (12,877 )   182,149       271,835       (89,686 )
 
Operating Income (Loss) (1,580 ) (1,414 ) (166 ) 5,855 13,131 (7,276 )
 
Other Income (Expense):
Interest Income 62 32 30 188 104 84
Other Income 12 15 (3 ) 100 75 25
Other Interest Expense   (22 )     (5 )     (17 )   (41 )     (20 )     (21 )
 
Income (Loss) Before Income Taxes (1,528 ) (1,372 ) (156 ) 6,102 13,290 (7,188 )
Income Tax Expense (Benefit)   (1,035 )     (1,051 )     16     1,933       4,489       (2,556 )
Net Income (Loss) $ (493 )   $ (321 )   $ (172 ) $ 4,169     $ 8,801     $ (4,632 )
 
Net Income (Loss) Per Share (Diluted) $ (0.01 )   $ -     $ (0.01 ) $ 0.05     $ 0.11     $ (0.06 )
 
 
Page 18
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
               
SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)
 
Three Months Ended Twelve Months Ended
(Thousands of Dollars, except per share amounts) September 30, September 30,

ALL OTHER

2012   2011   Variance 2012   2011   Variance
Revenues from External Customers $ 1,523 $ 1,507 $ 16 $ 4,307 $ 4,401 $ (94 )
Intersegment Revenues   5,943       2,990       2,953     16,771       10,017       6,754  
Total Operating Revenues   7,466       4,497       2,969     21,078       14,418       6,660  
 
Operating Expenses:
Purchased Gas - - - - 48 (48 )
Operation and Maintenance 1,226 784 442 4,020 3,914 106
Property, Franchise and Other Taxes 327 146 181 896 637 259
Depreciation, Depletion and Amortization   1,132       210       922     2,091       840       1,251  
  2,685       1,140       1,545     7,007       5,439       1,568  
 
Operating Income 4,781 3,357 1,424 14,071 8,979 5,092
 
Other Income (Expense):
Gain on Sale of Unconsolidated Subsidiaries - - - - 50,879 (50,879 )
Interest Income 39 49 (10 ) 175 247 (72 )
Other Income (1,085 ) (60 ) (1,025 ) (1,305 ) (469 ) (836 )
Other Interest Expense   (449 )     (536 )     87     (1,738 )     (2,173 )     435  
 
Income Before Income Taxes 3,286 2,810 476 11,203 57,463 (46,260 )
Income Tax Expense (Benefit)   1,976       (1,372 )     3,348     4,335       18,961       (14,626 )
Net Income $ 1,310     $ 4,182     $ (2,872 ) $ 6,868     $ 38,502     $ (31,634 )
 
Net Income Per Share (Diluted) $ 0.02     $ 0.05     $ (0.03 ) $ 0.08     $ 0.46     $ (0.38 )
 
 
Page 19
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
               
SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)
 
Three Months Ended Twelve Months Ended
(Thousands of Dollars, except per share amounts) September 30, September 30,

CORPORATE

2012   2011   Variance 2012   2011   Variance
Revenues from External Customers $ 231 $ 230 $ 1 $ 957 $ 936 $ 21
Intersegment Revenues   1,028       1,028       -     3,865       3,983       (118 )
Total Operating Revenues   1,259       1,258       1     4,822       4,919       (97 )
 
Operating Expenses:
Operation and Maintenance 4,449 3,733 716 14,644 14,307 337
Property, Franchise and Other Taxes 547 549 (2 ) 2,200 3,391 (1,191 )
Depreciation, Depletion and Amortization   200       198       2     786       760       26  
  5,196       4,480       716     17,630       18,458       (828 )
 
Operating Loss (3,937 ) (3,222 ) (715 ) (12,808 ) (13,539 ) 731
 
Other Income (Expense):
Interest Income 22,768 18,737 4,031 88,337 77,454 10,883
Other Income 764 309 455 2,269 2,554 (285 )
Interest Expense on Long-Term Debt (21,408 ) (17,573 ) (3,835 ) (82,002 ) (73,567 ) (8,435 )
Other Interest Expense   (837 )     (797 )     (40 )   (3,900 )     (2,017 )     (1,883 )
 
Loss Before Income Taxes (2,650 ) (2,546 ) (104 ) (8,104 ) (9,115 ) 1,011
Income Tax Expense (Benefit)   2,406       3,001       (595 )   (1,529 )     (1,282 )     (247 )
Net Loss $ (5,056 )   $ (5,547 )   $ 491   $ (6,575 )   $ (7,833 )   $ 1,258  
 
Net Loss Per Share (Diluted) $ (0.06 )   $ (0.07 )   $ 0.01   $ (0.07 )   $ (0.10 )   $ 0.03  
 
 
 
Three Months Ended Twelve Months Ended
September 30, September 30,

INTERSEGMENT ELIMINATIONS

2012   2011   Variance 2012   2011   Variance
Intersegment Revenues $ (31,751 )   $ (26,443 )   $ (5,308 ) $ (123,628 )   $ (112,099 )   $ (11,529 )
 
Operating Expenses:
Purchased Gas (24,358 ) (22,027 ) (2,331 ) (101,015 ) (97,135 ) (3,880 )
Operation and Maintenance   (7,393 )     (4,416 )     (2,977 )   (22,613 )     (14,964 )     (7,649 )
  (31,751 )     (26,443 )     (5,308 )   (123,628 )     (112,099 )     (11,529 )
 
Operating Income - - - - - -
 
Other Income (Expense):
Interest Income (23,296 ) (18,800 ) (4,496 ) (89,468 ) (77,235 ) (12,233 )
Other Interest Expense   23,296       18,800       4,496     89,468       77,235       12,233  
 
Net Income $ -     $ -     $ -   $ -     $ -     $ -  
 
Net Income Per Share (Diluted) $ -     $ -     $ -   $ -     $ -     $ -  
 
 
Page 20
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
 
SEGMENT INFORMATION (Continued)
(Thousands of Dollars)
 
 
        Three Months Ended       Twelve Months Ended
September 30, September 30,
(Unaudited) (Unaudited)
                       
Increase Increase
2012 2011 (Decrease) 2012 2011 (Decrease)
 

Capital Expenditures:

Exploration and Production $ 95,251

(1)

$ 175,300

(2)

$ (80,049 ) $ 693,810

(1)

(2)

$ 648,815

(2)

(3)

$ 44,995
Pipeline and Storage 46,914

(1)

54,237

(2)

(7,323 ) 144,167

(1)

(2)

129,206

(2)

 

14,961
Utility 18,426 18,969 (543 ) 58,284 58,398 (114 )
Energy Marketing   350   131   219     770   460   310  
Total Reportable Segments 160,941 248,637 (87,696 ) 897,031 836,879 60,152
All Other 13,229 10,735

(2)

2,494 80,017

(2)

 

17,022

(2)

 

62,995
Corporate   55   77   (22 )   346   285   61  
Total Capital Expenditures $ 174,225 $ 259,449 $ (85,224 ) $ 977,394 $ 854,186 $ 123,208  
 
(1) Capital expenditures for the quarter and year ended September 30, 2012 include $37.8 million of accrued capital expenditures in the Exploration and Production segment, the majority of which was in the Appalachian region, and $2.7 million of accrued capital expenditures in the Pipeline and Storage segment. These amounts have been excluded from the Consolidated Statement of Cash Flows at September 30, 2012 since they represent non-cash investing activities at that date.
 
(2) Capital expenditures for the year ended September 30, 2012 exclude $99.6 million of capital expenditures in the Exploration and Production segment, the majority of which was in the Appalachian region, $7.3 million of capital expenditures in the Pipeline and Storage segment, and $1.4 million of capital expenditures in the All Other category. These amounts were accrued at September 30, 2011 and paid during the year ended September 30, 2012. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2011 since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at September 30, 2012.
 
(3) Capital expenditures for the Exploration and Production segment for the year ended September 30, 2011 exclude $55.5 million of capital expenditures, the majority of which was in the Appalachian region. This amount was accrued at September 30, 2010 and paid during the year ended September 30, 2011. This amount was excluded from the Consolidated Statement of Cash Flows at September 30, 2010 since it represented a non-cash investing activity at that date. This amount has been included in the Consolidated Statement of Cash Flows at September 30, 2011.
 

DEGREE DAYS

 
                      Percent Colder
(Warmer) Than:
Three Months Ended September 30 Normal 2012 2011 Normal (1)   Last Year (1)
 
Buffalo, NY 178 125 77 (29.8) 62.3
Erie, PA 135 124 73 (8.1) 69.9
 
Twelve Months Ended September 30
 
Buffalo, NY 6,729 5,296 6,751 (21.3) (21.6)
Erie, PA 6,277 4,999 6,359 (20.4) (21.4)
 
(1) Percents compare actual 2012 degree days to normal degree days and actual 2012 degree days to actual 2011 degree days.
 
             
Page 21
 
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
 

EXPLORATION AND PRODUCTION INFORMATION

 
 
Three Months Ended Twelve Months Ended
September 30, September 30,
Increase Increase
2012 2011 (Decrease) 2012 2011 (Decrease)
 

Gas Production/Prices:

Production (MMcf)
Appalachia 19,538 11,959 7,579 62,663 42,979 19,684
West Coast 798 831 (33 ) 3,468 3,447 21
Gulf Coast   -   (51 )

(1)

  51     -   4,041   (4,041 )
Total Production   20,336   12,739     7,597     66,131   50,467   15,664  
 
Average Prices (Per Mcf)
Appalachia $ 2.72 $ 4.37 $ (1.65 ) $ 2.71 $ 4.37 $ (1.66 )
West Coast 2.42 5.08 (2.66 ) 3.43 4.56 (1.13 )
Gulf Coast N/M N/M N/M N/M 5.02 N/M
Weighted Average 2.71 4.41 (1.70 ) 2.75 4.43 (1.68 )
Weighted Average after Hedging 3.98 5.49 (1.51 ) 4.27 5.39 (1.12 )
 

Oil Production/Prices:

Production (Thousands of Barrels)
Appalachia 8 11 (3 ) 36 45 (9 )
West Coast 698 669 29 2,834 2,628 206
Gulf Coast   -   -     -     -   187   (187 )
Total Production   706   680     26     2,870   2,860   10  
 
Average Prices (Per Barrel)
Appalachia $ 92.81 $ 84.20 $ 8.61 $ 93.94 $ 86.58 $ 7.36
West Coast 102.76 101.45 1.31 107.13 96.45 10.68
Gulf Coast N/M N/M N/M N/M 88.57 N/M
Weighted Average 102.65 101.17 1.48 106.97 95.78 11.19
Weighted Average after Hedging 88.98 82.24 6.74 90.88 81.13 9.75
 
Total Production (Mmcfe)   24,572   16,819     7,753     83,351   67,627   15,724  
 

Selected Operating Performance Statistics:

General & Administrative Expense per Mcfe (2) $ 0.51 $ 0.84 $ (0.33 ) $ 0.65 $ 0.73 $ (0.08 )
Lease Operating Expense per Mcfe (2) $ 0.96 $ 1.16 $ (0.20 ) $ 1.00 $ 1.08 $ (0.08 )
Depreciation, Depletion & Amortization per Mcfe (2) $ 2.09 $ 2.15 $ (0.06 ) $ 2.25 $ 2.17 $ 0.08
 
 
(1) The sale of Gulf Coast properties in April 2011 and various adjustments to prior months' production resulted in negative
oil production.
 

(2) Refer to page 16 for the General and Administrative Expense, Lease Operating Expense and Depreciation, Depletion, and Amortization Expense for the Exploration and Production segment.

 
N/M Not Meaningful
 
       
Page 22
 
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
 

EXPLORATION AND PRODUCTION INFORMATION

 
 
Hedging Summary for Fiscal 2013
 

SWAPS

Volume

Average Hedge Price

Oil

1.7 MMBBL

$94.21 / BBL
Gas 50.2 BCF $4.76 / MCF
 
Hedging Summary for Fiscal 2014
 

SWAPS

Volume

Average Hedge Price

Oil

0.8 MMBBL

$97.19 / BBL
Gas 30.4 BCF $4.26 / MCF
 
Hedging Summary for Fiscal 2015
 

SWAPS

Volume

Average Hedge Price

Oil

0.1 MMBBL

$90.20 / BBL
Gas 18.1 BCF $4.07 / MCF
 
Hedging Summary for Fiscal 2016
 

SWAPS

Volume

Average Hedge Price

Gas 17.9 BCF $4.07 / MCF
 
Hedging Summary for Fiscal 2017
 

SWAPS

Volume

Average Hedge Price

Gas 17.9 BCF $4.07 / MCF
 
 

Gross Wells in Process of Drilling

Twelve Months Ended September 30, 2012

Total

East

West

Company

Wells in Process - Beginning of Period
Exploratory 5.00 0.00 5.00
Developmental 101.00 (1) 0.00 101.00
Wells Commenced
Exploratory 3.00 1.00 4.00
Developmental 54.00 57.00 111.00
Wells Completed
Exploratory 7.00 0.00 7.00
Developmental 71.00 57.00 128.00
Wells Plugged & Abandoned
Exploratory 0.00 0.00 0.00
Developmental 2.00 0.00 2.00
Wells in Process - End of Period
Exploratory 1.00 1.00 2.00
Developmental 82.00 0.00 82.00
 
(1) Beginning of year number has been adjusted to remove one developmental well.
 

Net Wells in Process of Drilling

Twelve Months Ended September 30, 2012

Total

East

West

Company

Wells in Process - Beginning of Period
Exploratory 5.00 0.00 5.00
Developmental 68.00 (2) 0.00 68.00
Wells Commenced
Exploratory 3.00 0.13 3.13
Developmental 44.00 56.99 100.99
Wells Completed
Exploratory 7.00 0.00 7.00
Developmental 50.50 56.99 107.49
Wells Plugged & Abandoned
Exploratory 0.00 0.00 0.00
Developmental 2.00 0.00 2.00
Wells in Process - End of Period
Exploratory 1.00 0.13 1.13
Developmental 59.50 0.00 59.50
 

(2) Beginning of year number has been adjusted to remove one developmental well.

 
     
Page 23
 
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
 

EXPLORATION AND PRODUCTION INFORMATION

 
Reserve Quantity Information
 
 
Gas MMcf
U.S.
Appalachian West Coast Total
Region   Region   Company
Proved Developed and
Undeveloped Reserves:
September 30, 2011 606,606 68,316 674,922
Extensions and Discoveries 435,460 638 436,098
Revisions of Previous Estimates (53,992 ) (2,463 ) (56,455 )
Production (62,663 )   (3,468 )   (66,131 )
September 30, 2012 925,411     63,023     988,434  
 
Proved Developed Reserves:
 
September 30, 2011 350,458 63,965 414,423
September 30, 2012 544,560 59,923 604,483
 
 
Oil Mbbl
U.S.
Appalachian West Coast Total
Region   Region   Company
Proved Developed and
Undeveloped Reserves:
September 30, 2011 279 43,066 43,345
Extensions and Discoveries 28 1,229 1,257
Revisions of Previous Estimates 35 1,095 1,130
Production (36 )   (2,834 )   (2,870 )
September 30, 2012 306     42,556     42,862  
 
Proved Developed Reserves:
 
September 30, 2011 274 37,306 37,580
September 30, 2012 306 38,138 38,444
 
           
Page 24
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
 
 
Pipeline & Storage Throughput - (millions of cubic feet - MMcf)
 
Three Months Ended Twelve Months Ended
September 30, September 30,
Increase Increase
2012 2011 (Decrease) 2012 2011 (Decrease)
Firm Transportation - Affiliated 12,563 11,200 1,363 93,738 107,084 (13,346 )
Firm Transportation - Non-Affiliated 75,334 40,172 35,162 275,739 210,833 64,906
Interruptible Transportation 151 328 (177 ) 1,662 2,037 (375 )
88,048 51,700 36,348   371,139 319,954 51,185  
 
Utility Throughput - (MMcf)
Three Months Ended Twelve Months Ended
September 30, September 30,
Increase Increase
2012 2011 (Decrease)   2012 2011 (Decrease)
Retail Sales:
Residential Sales 3,560 3,392 168 47,036 57,466 (10,430 )
Commercial Sales 573 473 100 6,682 8,517 (1,835 )
Industrial Sales 381 105 276   837 723 114  
4,514 3,970 544 54,555 66,706 (12,151 )
Off-System Sales - 963 (963 ) 9,544 7,151 2,393
Transportation 9,364 8,356 1,008   61,027 66,273 (5,246 )
13,878 13,289 589   125,126 140,130 (15,004 )
 
Energy Marketing Volumes
Three Months Ended Twelve Months Ended
September 30, September 30,
Increase Increase
2012 2011 (Decrease) 2012 2011 (Decrease)
Natural Gas (MMcf) 6,899 7,030 (131 ) 45,756 52,893 (7,137 )
 
 
Page 25  
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
FISCAL 2013 EARNINGS GUIDANCE AND SENSITIVITY
         
 
 
 
 
Earnings per share sensitivity to changes
Fiscal 2013 (Diluted earnings per share guidance*) from prices used in guidance* ^
 
$0.50 change per MMBtu gas $5 change per Bbl oil
Earnings Range Increase   Decrease Increase   Decrease
 
Consolidated Earnings $2.65 - $2.95 + $0.13 - $0.13 + $0.04 - $0.04
 
* Please refer to forward looking statement footnote beginning at page 8 of this document.
 

^ This sensitivity table is current as of November 1, 2012 and only considers revenue from the Exploration and Production segment's crude oil and natural gas sales. This revenue is based upon pricing used in the Company's earnings forecast. For its fiscal 2013 earnings forecast, the Company is utilizing flat NYMEX equivalent commodity pricing, exclusive of basis differential, of $3.50 per MMBtu for natural gas and $85 per Bbl for crude oil. The sensitivities will become obsolete with the passage of time, changes in Seneca's production forecast, changes in basis differential, as additional hedging contracts are entered into, and with the settling of hedge contracts at their maturity.

 

   
Page 26
NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
 
 
 
 

Quarter Ended September 30 (unaudited)

2012 2011
 
Operating Revenues $ 313,261,000 $ 286,034,000
 
Net Income Available for Common Stock $ 48,802,000 $ 37,356,000
 
Earnings Per Common Share:
Basic $ 0.59 $ 0.45
Diluted $ 0.58 $ 0.45
 
Weighted Average Common Shares:
Used in Basic Calculation   83,305,793   82,743,764
Used in Diluted Calculation   83,855,991   83,715,222
 
 

Twelve Months Ended September 30 (unaudited)

 
Operating Revenues $ 1,626,853,000 $ 1,778,842,000
 
Net Income Available for Common Stock $ 220,077,000 $ 258,402,000
 
Earnings Per Common Share:
Basic $ 2.65 $ 3.13
Diluted $ 2.63 $ 3.09
 
Weighted Average Common Shares:
Used in Basic Calculation   83,127,844   82,514,015
Used in Diluted Calculation   83,739,771   83,670,802




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