Press Release Details

WILLIAMSVILLE, N.Y.--(BUSINESS WIRE)-- National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced consolidated results for the fourth quarter and fiscal year ended September 30, 2015.

National Fuel had a consolidated loss for the quarter ended September 30, 2015, of $187.7 million, or $2.22 per share, compared to the prior year’s fourth quarter earnings of $57.4 million, or $0.68 per share, a decrease of $245.1 million, or $2.90 per share. The decrease is largely due to a $240.8 million non-cash charge to writedown the value of Seneca Resources Corporation’s (“Seneca”) oil and natural gas reserves. Consolidated earnings for the fourth quarter, exclusive of Seneca’s writedown and other items impacting comparability (“Operating Results”), were $34.9 million, or $0.41 per share, compared to $50.4 million, or $0.59 per share, in the prior year’s fourth quarter. (Note: All references to earnings per share are to diluted earnings per share, and all amounts used in the discussion of earnings are after tax unless otherwise noted.)

For the fiscal year ended September 30, 2015, National Fuel had a consolidated loss of $379.4 million, or $4.50 per share, compared to earnings of $299.4 million, or $3.52 per share, from the prior year. The decrease is largely due to $650.2 million of non-cash charges to write down the value of Seneca’s oil and natural gas reserves. Excluding Seneca’s writedown and the other items impacting comparability, Operating Results for the fiscal year were $252.5 million, or $2.97 per share, compared to $291.8 million, or $3.43 per share, in the prior fiscal year.

OPERATING RESULTS
						Three Months Ended												Fiscal Year Ended
						September 30,												September 30,
						2015						2014						2015						2014
(in thousands except per share amounts)
Reported GAAP earnings (loss)						$	(187,703	)				$	57,431					$	(379,427	)				$	299,413
Items impacting comparability1:
Impairment of oil and gas properties						240,837												650,160
Deferred income tax adjustments						(13,206		)				(7,000		)				(13,206		)				(4,000		)
Reversal of stock-based compensation						(5,054		)										(5,054		)
Gain on life insurance policies																								(3,635		)
Operating Results						$	34,874					$	50,431					$	252,473					$	291,778
Reported GAAP earnings (loss) per share						$	(2.22	)				$	0.68					$	(4.50	)				$	3.52
Items impacting comparability1:
Impairment of oil and gas properties						2.83												7.64
Deferred income tax adjustments						(0.15		)				(0.08		)				(0.15		)				(0.05		)
Reversal of stock-based compensation						(0.06		)										(0.06		)
Gain on life insurance policies																								(0.04		)
EPS impact of dilutive shares						0.01												0.04
Rounding												(0.01		)
Operating Results						$	0.41					$	0.59					$	2.97					$	3.43

¹ See discussion of the individual items impacting comparability in segment earnings below.

MANAGEMENT COMMENTS

Ronald J. Tanski, President and Chief Executive Officer of National Fuel Gas Company, stated: “The continuation of low oil and natural gas commodity prices required us to write down the balance sheet value of our 2.3 trillion cubic feet equivalent of oil and natural gas reserves. This large adjustment distracts from an otherwise solid quarter and fiscal year of operations across all our segments.

“We continued to grow our midstream business, where three more interstate pipeline projects are going into service in November, and we’ve expanded our gathering pipelines to reach new production locations being developed by Seneca.

“Seneca continues to drive down its drilling and completion costs in its development program and maintain a constant focus on seeking markets for its production.

“Customers of our downstream utility and energy marketing segments continue to benefit from the low prices we are experiencing during this low point in the commodity price cycle.

“Our integrated business model and balance among operations across the natural gas value chain allow us to maintain our operations with a longer term view. We have a strong base of assets, a large base of reserves, and the financial strength that will allow us to continue to achieve meaningful growth.”

OPERATIONS UPDATE

Seneca's total fourth quarter fiscal 2015 production was 37.6 billion cubic feet equivalent ("Bcfe"), a decrease of 8.3 Bcfe, or 18 percent, from the prior fiscal year's fourth quarter, and an increase of 1.4 Bcfe, or 4 percent, versus the third quarter of fiscal 2015. Natural gas and crude oil production for the quarter was 33.0 billion cubic feet (“Bcf”) and 778 thousand barrels ("Bbls"), respectively. As a result of persistently low local spot prices in the Appalachian basin, Seneca voluntarily curtailed approximately 13.0 Bcf of natural gas production during the quarter. Absent price-related curtailments, Seneca's fourth quarter fiscal 2015 natural gas production would have been approximately 46.0 Bcf, or nearly 500 million cubic feet ("MMcf") per day.

During fiscal year 2015, Seneca replaced 373 percent of production to reach a total of 2.344 trillion cubic feet equivalent (“Tcfe”) of proved crude oil and natural gas reserves as of September 30, 2015. Seneca’s continued success through the drill bit in the Marcellus and Utica shales led to a 459 Bcf, or 27 percent increase in natural gas reserves, which totaled 2.142 Tcf at fiscal year end. Crude oil reserves, which decreased by 12 percent largely due to production, totaled 33.7 million Bbls at September 30, 2015. Consolidated finding and development costs for the year were $0.96 per thousand cubic feet equivalent (“Mcfe”), down from fiscal 2014’s $1.15 per Mcfe. In the Marcellus Shale, Seneca's finding and development costs in fiscal 2015 were $0.79 per Mcf, down from $1.00 per Mcf in fiscal 2014.

Seneca's average realized natural gas price, after the impact of hedging, for the fourth quarter was $3.35 per Mcf, reflecting $1.11 per Mcf of uplift from financial hedges settled during the quarter. Seneca continued to strengthen and protect its future cash flows during the fourth quarter, adding approximately 6 Bcf of fixed-price physical natural gas sales and 156 thousand barrels ("MBbl") of NYMEX oil swaps to its hedge book for fiscal 2016. Seneca's fiscal 2016 natural gas production is now 67 percent hedged at the midpoint of production guidance, with 119.9 Bcf of gas production locked-in at an average net realized price of $3.45 per Mcf. In California, Seneca's fiscal 2016 oil production is now 48 percent hedged at an average hedge price of $88.24 per Bbl.

As of November 1, 2015, National Fuel's Pipeline and Storage segment had placed the Westside Expansion & Modernization and Tuscarora Lateral projects into service. The Westside Expansion & Modernization project along National Fuel Gas Supply Corporation's Line N corridor was built on budget at a total capital cost of $86 million and will transport 175,000 Dth per day of natural gas for producers, including Seneca. The Tuscarora Lateral, a project designed to sell storage services for the first time to utility customers along National Fuel's Empire Pipeline, also came in on budget at a capital cost of $58.5 million and added an incremental 49,000 Dth per day of transportation capacity. Combined, these two projects will generate approximately $20 million in incremental annual demand revenues.

National Fuel is also nearing completion of compression facilities for the Northern Access 2015 expansion project, a joint project with Tennessee Gas Pipeline's Niagara Expansion. The Northern Access 2015 project provides capacity to transport 140,000 Dth per day of Seneca's WDA production from a TGP interconnect with National Fuel's Clermont Gathering System to the Canadian border at Niagara. National Fuel began service on 40,000 Dth per day of capacity on November 1, 2015, and expects the remaining 100,000 Dth per day to go in-service by December 1, 2015. At an estimated capital cost of $67.5 million, Northern Access 2015 will generate approximately $13 million in annual demand revenues for National Fuel's Pipeline and Storage segment.

DISCUSSION OF RESULTS BY SEGMENT

The following discussion of the earnings of each segment is summarized in a tabular form at pages 11 through 14 of this report. It may be helpful to refer to those tables while reviewing this discussion.

Upstream Business

Exploration and Production Segment

The Exploration and Production segment operations are carried out by Seneca Resources Corporation (“Seneca”). Seneca explores for, develops and produces natural gas and oil reserves, primarily in Pennsylvania and California.

The Exploration and Production segment’s loss in the fourth quarter of fiscal 2015 of $207.0 million, or $2.45 per share, compares to earnings of $33.7 million, or $0.40 per share, in the prior year’s fourth quarter, a decrease of $240.7 million or $2.85 per share. The decrease was mainly due to a non-cash charge of $240.8 million to write down the value of Seneca’s oil and natural gas reserves.

Seneca uses the full cost method of accounting for determining the book value of its oil and natural gas properties. This accounting method requires that Seneca perform a quarterly “ceiling test” to compare the present value of future revenues from its oil and natural gas reserves based on an unweighted arithmetic average of the first day of the month oil and gas prices for each month within the 12-month period prior to the end of the reporting period (“the ceiling”) with the book value of those reserves at the balance sheet date. If the book value of the reserves exceeds the ceiling, a non-cash impairment charge must be recorded in order to reduce the book value of the reserves to the calculated ceiling. Unless oil and gas prices improve significantly, Seneca expects one or more additional impairment charges for the fiscal year ending September 30, 2016.

In the fourth quarter of both fiscal 2015 and 2014, Seneca reduced its deferred income tax liability $13.2 million and $7.0 million, respectively. The adjustment was largely due to an anticipated increase in firm transportation of natural gas to Canadian delivery points, which decreased the effective tax rate used in the calculation of deferred tax expense. Also, as a result of the Company’s net loss in fiscal 2015, Seneca reversed $1.8 million of long-term, performance-based executive stock compensation in the current year’s fourth quarter.

Excluding these items, Operating Results in the Exploration and Production segment in the current year’s fourth quarter were $18.8 million, or $0.22 per share, compared to $26.7 million, or $0.31 per share, in the prior year’s fourth quarter, a decrease of $7.9 million or $0.09 per share. The decrease in Operating Results is mainly due to lower natural gas production and lower crude oil prices. The weighted average crude oil price received by Seneca (after hedging) for the quarter ended September 30, 2015, was $66.40 per barrel (“Bbl”), a decrease of $27.30 per Bbl compared to the prior year’s fourth quarter. Higher natural gas prices realized after hedging increased operating results. The weighted average natural gas price realized after hedging for the quarter ended September 30, 2015, was $3.35 per thousand cubic feet ("Mcf"), an increase of $0.16 per Mcf compared to the prior year’s fourth quarter. That increase was largely the result of the decrease in spot volumes quarter over quarter. In the fourth quarter of fiscal 2014, Seneca had 9.1 Bcf of spot volumes that were sold at an average price of $2.39 per Mcf. Seneca did not have any spot volumes during the fourth quarter of fiscal 2015.

Overall production of natural gas and crude oil for the current quarter of 37.6 Bcfe decreased approximately 8.3 Bcfe, compared to the prior year’s fourth quarter. The decrease in production was from Seneca’s Appalachia properties and was largely due to approximately 13.0 Bcfe of voluntary pricing related curtailments in the current year’s fourth quarter. California production of 5.4 Bcfe was consistent with the prior year’s fourth quarter.

On a per unit basis, quarterly depletion expense of $1.23 per Mcfe decreased $0.53 per Mcfe due to higher natural gas reserve balances at September 30, 2015, and the ceiling test impairment charges recorded in the current year’s second and third quarters. On a per unit basis, lease operating and transportation expenses (“LOE”) at $1.07 per Mcfe increased $0.05 per Mcfe compared to the prior year’s fourth quarter largely due to the pricing related curtailments discussed above (which increased the relative proportion of higher cost California oil production to the total), and higher transportation costs in Appalachia. Lower overall production, due to curtailments, also caused per unit general and administrative expenses (“G&A”) to increase by $0.07 to $0.41 per Mcfe.

The Exploration and Production segment’s loss for the fiscal year ended September 30, 2015, of $557.0 million, or $6.60 per share, compares to earnings of $121.6 million, or $1.43 per share, in the prior fiscal year, a decrease of $678.6 million or $8.03 per share. The decrease was mainly due to non-cash charges totaling $650.2 million recorded in the current fiscal year to write down the value of Seneca’s oil and natural gas reserves.

In addition to the ceiling test charges, other items impacted the comparability of fiscal 2015 and 2014 results. Seneca reduced its deferred tax liability by a total of $13.2 million in fiscal 2015, and adjusted G&A for the year by $1.8 million as described above. The net adjustment to reduce deferred taxes in 2014 was $4.0 million. Excluding these items from the respective fiscal years, Operating Results in the Exploration and Production segment were $78.2 million, or $0.92 per share, compared to $117.6 million, or $1.38 per share in the prior year, a decrease of $39.4 million or $0.46 per share. The decrease in Operating Results is mainly due to lower commodity prices realized after hedging. The weighted average natural gas price received by Seneca (after hedging) for the fiscal year ended September 30, 2015, was $3.38 per Mcf, a decrease of $0.18 per Mcf compared to the prior year. The weighted average crude oil price realized after hedging for the current fiscal year was $70.36 per Bbl, a decrease of $25.19 per Bbl compared to the prior year.

Overall production of natural gas and crude oil for the fiscal year ended September 30, 2015, of 157.8 Bcfe decreased approximately 2.8 Bcfe compared to the prior year, due to pricing related curtailments in Appalachia in the current year.

On a per unit basis for the fiscal year ended September 30, 2015, depletion expense of $1.52 per Mcfe decreased $0.33 per Mcfe due to higher natural gas reserve balances at September 30, 2015, and the ceiling test impairment charges recorded in the current year’s second and third quarters. On a per unit basis, LOE at $1.06 per Mcfe increased $0.03 per Mcfe and G&A at $0.42 per Mcfe increased $0.02 per Mcfe. The per unit increases in LOE and G&A are due to the reasons noted above for the quarter.

Midstream Businesses

Pipeline and Storage Segment

The Pipeline and Storage segment’s operations are carried out by National Fuel Gas Supply Corporation (“Supply Corporation”) and Empire Pipeline, Inc. (“Empire”). The Pipeline and Storage segment provides natural gas transportation and storage services to affiliated and non-affiliated companies through an integrated system of pipelines and underground natural gas storage fields in western New York and Pennsylvania.

As a result of the ongoing pricing basis differentials in the Appalachian region, the Pipeline and Storage segment continues to see increased demand for transportation services from producers and marketers to move natural gas supplies to higher priced markets.

The Pipeline and Storage segment’s earnings of $18.5 million, or $0.22 per share, for the quarter ended September 30, 2015, decreased $0.6 million, or less than $0.01 per share when compared with the same period in the prior fiscal year. In the fourth quarter, Supply and Empire reversed a combined $1.2 million of long-term, performance-based executive stock compensation. Excluding this item, Operating Results in the Pipeline and Storage segment of $17.3 million, or $0.20 per share, decreased $1.9 million, or $0.02 per share. Higher transportation revenues from the Mercer Expansion project, which was placed in service in the current year’s first quarter were more than offset by higher operation and maintenance expense as well as increased interest expense related to an incremental long-term debt issuance in the quarter ended June 30, 2015.

The Pipeline and Storage segment’s earnings of $80.4 million, or $0.95 per share, for the fiscal year ended September 30, 2015, increased $2.8 million, or $0.04 per share, when compared with the same period in the prior fiscal year. Excluding the $1.2 million reversal mentioned above, Operating Results in the Pipeline and Storage segment were $79.1 million, or $0.93 per share, an increase of $1.6 million or $0.02 per share for the fiscal year. The increase in earnings is due to higher non-affiliated revenues from the Mercer Expansion project and higher transportation revenues from additional new short-term firm transportation contracts on both the Supply Corporation and Empire systems. Earnings also benefited from a higher allowance for funds used during construction (AFUDC) associated with various pipeline expansion projects. Earnings were reduced by higher operation and maintenance expense, higher depreciation expense and higher property taxes due to the completion of various expansion projects, as well as increased interest expense related to an incremental long-term debt issuance in the quarter ended June 30, 2015.

Gathering Segment

The Gathering segment’s operations are carried out by National Fuel Gas Midstream Corporation’s (“Midstream”) subsidiary limited liability companies. The Gathering segment constructs, owns and operates natural gas pipeline gathering facilities in the Appalachian region and currently provides the gathering infrastructure for transporting Seneca’s Marcellus Shale production to the interstate pipeline system.

The Gathering segment’s earnings of $7.6 million, or $0.09 per share, for the quarter ended September 30, 2015, decreased $2.9 million, or $0.03 per share, when compared with the same period in the prior fiscal year. The decrease in earnings is primarily due to lower gathering revenues resulting from Seneca’s lower production volumes in Appalachia compared to the prior year’s fourth quarter.

The Gathering segment’s earnings of $31.8 million, or $0.38 per share, for the fiscal years ended September 30, 2015 compares to earnings of $32.7 million, or $0.39 per share, in the prior fiscal year. The decrease in earnings is mainly due to higher depreciation, operating expenses and income taxes. Higher gathering revenues, mostly due to a change in the mix of Seneca’s production among Midstream's three major gathering systems and a 0.9 Bcf increase in gathered volumes, largely offset the higher expenses in the current fiscal year.

Downstream Businesses

Utility Segment

The Utility segment operations are carried out by National Fuel Gas Distribution Corporation (“Distribution”), which sells or transports natural gas to customers located in western New York and northwestern Pennsylvania.

The Utility segment’s loss of $3.3 million, or $0.04 per share, for the quarter ended September 30, 2015, compared to a loss of $0.5 million, or $0.01 per share, in the prior year’s fourth quarter. In the fourth quarter of fiscal 2015, Distribution reversed $1.1 million of long-term, performance-based executive stock compensation. Excluding this item, Operating Results in the Utility segment, a loss of $4.4 million, or $0.05 per share, compares to a loss of $0.5 million, or $0.01 per share. The increased loss is mainly due to higher pension and other operation and maintenance expense.

The Utility segment’s earnings of $63.3 million, or $0.75 per share, for the fiscal year ended September 30, 2015, decreased $0.8 million, or less than $0.01 per share, when compared with the prior year. Excluding the $1.1 million reversal noted above, Operating Results in the Utility segment of $62.2 million, or $0.73 per share, decreased $1.9 million or $0.02 per share, The decrease in earnings was due to higher depreciation expense, higher pension expense and other operation and maintenance expense mainly associated with the replacement of Distribution’s customer billing system. The impact of regulatory true-up adjustments and higher capacity release revenues partially offset the higher expenses.

Energy Marketing Segment

National Fuel Resources, Inc. (“NFR”) comprises the Company’s Energy Marketing segment. NFR markets natural gas to industrial, wholesale, commercial, public authority and residential customers primarily in western and central New York and northwestern Pennsylvania, offering competitively priced natural gas to its customers.

The Energy Marketing segment’s earnings for the quarter ended September 30, 2015, of $0.03 million compared to earnings of $0.7 million in the prior year’s fourth quarter. The decrease in earnings was due to lower margins. Earnings for the fiscal year ended September 30, 2015, of $7.8 million, or $0.09 per share, increased $1.1 million, or $0.01 per share, compared to the prior year primarily due to higher per unit margins, which benefited from the weak pricing basis in the Northeast.

Corporate and All Other

The Corporate and All Other category primarily includes corporate operations. The category also includes the remaining operations of Seneca’s Northeast division that markets high quality hardwoods from Appalachian land holdings.

The Corporate and All Other category loss of $3.5 million in the quarter ended September 30, 2015, compares to a loss of $6.0 million in the prior year’s fourth quarter. In the fourth quarter, the Corporate and All Other category reversed $0.9 million of long-term, performance-based executive stock compensation. Excluding this item, Operating Results in the Corporate and All category, a loss or $4.4 million compares to a loss of $6.0 million in the prior year’s fourth quarter. The decreased loss is due to lower income tax expense.

The Corporate and All Other category loss of $5.7 million in the fiscal year ended September 30, 2015, compares to a loss of $3.1 million in the prior year. The comparability of the fiscal year results is impacted by a $3.6 million gain recognized on corporate-owned executive life insurance policies recorded in the prior year’s second quarter and the $0.9 million reversal noted above. Excluding these items, Operating Results for the fiscal year ended September 30, 2015, a loss of $6.6 million is largely unchanged from a loss of $6.7 million in the prior year.

EARNINGS GUIDANCE

The Company is updating its earnings guidance for fiscal 2016 to a range of $2.85 to $3.15 per share (exclusive of any ceiling test impairment charges) at the midpoint a $0.15 per share decrease from the Company’s previous guidance of $3.00 to $3.30. That decrease is attributable to a reduction in Seneca’s commodity price assumptions. For fiscal 2016, NYMEX natural gas prices are now assumed to average $2.75 per MMBtu, down $0.50 from the previous forecast. NYMEX crude oil prices are now assumed to average $50.00 per Bbl, down $5.00 from the previous forecast.

Seneca’s forecast oil and gas production for fiscal 2016 is now a range of 161 to 232 Bcfe (previous range was 158 to 232 Bcfe).

While the Company currently expects one or more ceiling test impairment charges in fiscal 2016, the amount of these charges is not reasonably determinable at this time. The amount of any ceiling test charge is determined at the end of the applicable quarter and will depend on many factors, including additions to or subtractions from proved reserves, fluctuations in oil and gas prices, and income tax effects related to the differences between the book and tax basis of the Company’s oil and gas properties. Some or all of these factors are likely to be significant. Because the amount of the expected ceiling test impairment charges is not reasonably determinable at this time, the Company is unable to provide earnings guidance other than on a non-GAAP basis that excludes those charges.

EARNINGS TELECONFERENCE

The Company will host a conference call on Friday, November 6, 2015, 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) 1-877-280-4960, using passcode “33941524.” For those unable to listen to the live conference call, a replay will be available at approximately 3 p.m. Eastern Time at the same website link and by phone at (toll-free) 1-888-286-8010, using passcode “17759908.” Both the webcast and telephonic replay will be available until the close of business on Friday, November 13, 2015.

National Fuel is an integrated energy company reporting financial results for five operating segments: Exploration and Production, Pipeline and Storage, Gathering, Utility, and Energy Marketing. Additional information about National Fuel is available at www.nationalfuelgas.com.

Certain statements contained herein, including statements identified by the use of the words “anticipates,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “predicts,” “projects,” “believes,” “seeks,” “will,” “may” and similar expressions, and statements which are other than statements of historical facts, 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; impairments under the SEC’s full cost ceiling test for natural gas and oil reserves; changes in the price of natural gas or oil; 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; governmental/regulatory actions, initiatives and proceedings, including those involving rate cases (which address, among other things, target rates of return, rate design and retained natural gas), environmental/safety requirements, affiliate relationships, industry structure, and franchise renewal; changes in price differentials between similar quantities of natural gas or oil sold at different geographic locations, and the effect of such changes on commodity production, revenues and demand for pipeline transportation capacity to or from such locations; other changes in price differentials between similar quantities of natural gas or oil having different quality, heating value, hydrocarbon mix or delivery date; 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; the cost and effects of legal and administrative claims against the Company or activist shareholder campaigns to effect changes at the Company; uncertainty of oil and gas reserve estimates; significant differences between the Company’s projected and actual production levels for natural gas or oil; 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; changes in demographic patterns and weather conditions; changes in the availability, price or accounting treatment of derivative financial instruments; 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; 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; 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.

NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
QUARTER ENDED SEPTEMBER 30, 2015
(Unaudited)
					Upstream						Midstream Businesses												Downstream Businesses
					Exploration &						Pipeline &																		Energy						Corporate /
(Thousands of Dollars)					Production						Storage						Gathering						Utility						Marketing						All Other						Consolidated*
Fourth quarter 2014 GAAP earnings					$	33,661					$	19,115					$	10,521					$	(527	)				$	661					$	(6,000	)				$	57,431
Items impacting comparability:
Deferred state income tax adjustment					(7,000		)																																		(7,000		)
Fourth quarter 2014 operating results					26,661						19,115						10,521						(527		)				661						(6,000		)				50,431
Drivers of operating results
Higher (lower) crude oil prices					(13,808		)																																		(13,808		)
Higher (lower) natural gas prices					3,328																																				3,328
Higher (lower) natural gas production					(17,218		)																																		(17,218		)
Higher (lower) crude oil production					(230		)																																		(230		)
Derivative mark to market adjustments					(1,929		)																																		(1,929		)
Lower (higher) lease operating and transportation expenses					4,223																																				4,223
Lower (higher) depreciation / depletion					22,589												(520		)				(348		)																21,721
Higher (lower) transportation and storage service revenues											1,420																														1,420
Higher (lower) gathering and processing revenues																	(1,944		)																						(1,944		)
Lower (higher) operating expenses					(1,323		)				(3,352		)										(4,624		)										(251		)				(9,550		)
Regulatory true-up adjustments																							2,101																		2,101
Warmer weather																							(1,006		)																(1,006		)
Higher (lower) margins																													(487		)										(487		)
Higher (lower) AFUDC**											1,012																														1,012
Lower (higher) interest expense					(2,335		)				(865		)				(590		)																						(3,790		)
Lower (higher) income tax expense / effective tax rate					(1,336		)																												2,167						831
All other / rounding					191						(80		)				127						21						(140		)				(350		)				(231		)
Fourth quarter 2015 operating results					18,813						17,250						7,594						(4,383		)				34						(4,434		)				34,874
Items impacting comparability:
Impairment of oil and gas producing properties					(240,837		)																																		(240,837		)
Deferred income tax adjustments					13,206																																				13,206
Reversal of stock-based compensation					1,799						1,235						—						1,095						—						925						5,054
Fourth quarter 2015 GAAP earnings					$	(207,019	)				$	18,485					$	7,594					$	(3,288	)				$	34					$	(3,509	)				$	(187,703	)
* Amounts do not reflect intercompany eliminations
** AFUDC = Allowance for Funds Used During Construction

NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
QUARTER ENDED SEPTEMBER 30, 2015
(Unaudited)
						Upstream						Midstream Businesses												Downstream Businesses
						Exploration &						Pipeline &																		Energy						Corporate /
						Production						Storage						Gathering						Utility						Marketing						All Other						Consolidated*
Fourth quarter 2014 GAAP earnings						$	0.40					$	0.22					$	0.12					$	(0.01	)				$	0.01					$	(0.06	)				$	0.68
Items impacting comparability:
Deferred state income tax adjustment						(0.08		)																																		(0.08		)
Rounding						(0.01		)																																		(0.01		)
Fourth quarter 2014 operating results						0.31						0.22						0.12						(0.01		)				0.01						(0.06		)				0.59
Drivers of operating results
Higher (lower) crude oil prices						(0.16		)																																		(0.16		)
Higher (lower) natural gas prices						0.04																																				0.04
Higher (lower) natural gas production						(0.20		)																																		(0.20		)
Higher (lower) crude oil production						—																																				—
Derivative mark to market adjustments						(0.02		)																																		(0.02		)
Lower (higher) lease operating and transportation expenses						0.05																																				0.05
Lower (higher) depreciation / depletion						0.27												(0.01		)				—																		0.26
Higher (lower) transportation and storage service revenues												0.02																														0.02
Higher (lower) gathering and processing revenues																		(0.02		)																						(0.02		)
Lower (higher) operating expenses						(0.02		)				(0.04		)										(0.05		)										—						(0.11		)
Regulatory true-up adjustments																								0.02																		0.02
Warmer weather																								(0.01		)																(0.01		)
Higher (lower) margins																														(0.01		)										(0.01		)
Higher (lower) AFUDC**												0.01																														0.01
Lower (higher) interest expense						(0.03		)				(0.01		)				(0.01		)																						(0.05		)
Lower (higher) income tax expense / effective tax rate						(0.02		)																												0.03						0.01
All other / rounding						—						—						0.01						—						—						(0.02		)				(0.01		)
Fourth quarter 2015 operating results						0.22						0.20						0.09						(0.05		)				—						(0.05		)				0.41
Items impacting comparability:
Impairment of oil and gas producing properties						(2.83		)																																		(2.83		)
Deferred income tax adjustments						0.15																																				0.15
Reversal of stock-based compensation						0.02						0.02						—						0.01						—						0.01						0.06
Earnings per share impact of diluted shares						(0.01		)																																		$	(0.01	)
Fourth quarter 2015 GAAP earnings						$	(2.45	)				$	0.22					$	0.09					$	(0.04	)				$	—					$	(0.04	)				$	(2.22	)
* Amounts do not reflect intercompany eliminations
** AFUDC = Allowance for Funds Used During Construction

NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
TWELVE MONTHS ENDED SEPTEMBER 30, 2015
(Unaudited)
					Upstream						Midstream Businesses												Downstream Businesses
					Exploration &						Pipeline &																		Energy						Corporate /
(Thousands of Dollars)					Production						Storage						Gathering						Utility						Marketing						All Other						Consolidated*
Fiscal 2014 GAAP earnings					$	121,569					$	77,559					$	32,709					$	64,059					$	6,631					$	(3,114	)				$	299,413
Items impacting comparability:
Gain on life insurance proceeds																																			(3,635		)				(3,635		)
Deferred state income tax adjustment					(4,000		)																																		(4,000		)
Fiscal 2014 operating results					117,569						77,559						32,709						64,059						6,631						(6,749		)				291,778
Drivers of operating results
Higher (lower) crude oil prices					(49,674		)																																		(49,674		)
Higher (lower) natural gas prices					(16,295		)																																		(16,295		)
Higher (lower) natural gas production					(6,347		)																																		(6,347		)
Higher (lower) crude oil production					(78		)																																		(78		)
Derivative mark to market adjustments					2,404																																				2,404
Insurance settlement proceeds adjustment					(1,261		)																																		(1,261		)
Lower (higher) lease operating and transportation expenses					(1,473		)																																		(1,473		)
Lower (higher) depreciation / depletion					36,655						(998		)				(3,063		)				(1,316		)																31,278
Higher (lower) transportation and storage service revenues											5,114																														5,114
Higher (lower) gathering and processing revenues																	4,288																								4,288
Lower (higher) operating expenses					(3,159		)				(3,261		)				(1,147		)				(6,938		)										145						(14,360		)
Lower (higher) property, franchise and other taxes											(852		)																												(852		)
Regulatory true-up adjustments																							6,228																		6,228
Higher (lower) capacity release revenues																							941																		941
Warmer weather																							(571		)																(571		)
Higher (lower) margins																													1,372						(767		)				605
Higher (lower) AFUDC**											2,473																														2,473
Lower (higher) interest expense					(2,922		)				(800		)																												(3,722		)
Lower (higher) income tax expense / effective tax rate					2,628												(1,006		)																1,197						2,819
All other / rounding					134						(116		)				68						(227		)				(237		)				(444		)				(822		)
Fiscal 2015 operating results					78,181						79,119						31,849						62,176						7,766						(6,618		)				252,473
Items impacting comparability:
Impairment of oil and gas producing properties					(650,160		)																																		(650,160		)
Deferred income tax adjustments					13,206																																				13,206
Reversal of stock-based compensation					1,799						1,235						—						1,095						—						925						5,054
Fiscal 2015 GAAP earnings					$	(556,974	)				$	80,354					$	31,849					$	63,271					$	7,766					$	(5,693	)				$	(379,427	)
* Amounts do not reflect intercompany eliminations
** AFUDC = Allowance for Funds Used During Construction

NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
TWELVE MONTHS ENDED SEPTEMBER 30, 2015
(Unaudited)
						Upstream						Midstream Businesses												Downstream Businesses
						Exploration &						Pipeline &																		Energy						Corporate /
						Production						Storage						Gathering						Utility						Marketing						All Other						Consolidated*
Fiscal 2014 GAAP earnings						$	1.43					$	0.91					$	0.39					$	0.75					$	0.08					$	(0.04	)				$	3.52
Items impacting comparability:
Gain on life insurance proceeds																																				(0.04		)				(0.04		)
Deferred state income tax adjustment						(0.05		)																																		(0.05		)
Fiscal 2014 operating results						1.38						0.91						0.39						0.75						0.08						(0.08		)				3.43
Drivers of operating results
Higher (lower) crude oil prices						(0.58		)																																		(0.58		)
Higher (lower) natural gas prices						(0.19		)																																		(0.19		)
Higher (lower) natural gas production						(0.07		)																																		(0.07		)
Higher (lower) crude oil production						—																																				—
Derivative mark to market adjustments						0.03																																				0.03
Insurance settlement proceeds adjustment						(0.01		)																																		(0.01		)
Lower (higher) lease operating and transportation expenses						(0.02		)																																		(0.02		)
Lower (higher) depreciation / depletion						0.43						(0.01		)				(0.04		)				(0.02		)																0.36
Higher (lower) transportation and storage service revenues												0.06																														0.06
Higher (lower) gathering and processing revenues																		0.05																								0.05
Lower (higher) operating expenses						(0.04		)				(0.04		)				(0.01		)				(0.08		)										—						(0.17		)
Lower (higher) property, franchise and other taxes												(0.01		)																												(0.01		)
Regulatory true-up adjustments																								0.07																		0.07
Higher (lower) capacity release revenues																								0.01																		0.01
Warmer weather																								(0.01		)																(0.01		)
Higher (lower) margins																														0.01						(0.01		)				—
Higher (lower) AFUDC**												0.03																														0.03
Lower (higher) interest expense						(0.03		)				(0.01		)																												(0.04		)
Lower (higher) income tax expense / effective tax rate						0.03												(0.01		)																0.01						0.03
All other / rounding						(0.01		)				—						—						0.01						—						—						—
Fiscal 2015 operating results						0.92						0.93						0.38						0.73						0.09						(0.08		)				2.97
Items impacting comparability:
Impairment of oil and gas producing properties						(7.64		)																																		(7.64		)
Deferred income tax adjustments						0.15																																				0.15
Reversal of stock-based compensation						0.02						0.02						—						0.01						—						0.01						0.06
Earnings per share impact of diluted shares						(0.04		)																																		(0.04		)
Rounding						(0.01		)																0.01																		—
Fiscal 2015 GAAP earnings						$	(6.60	)				$	0.95					$	0.38					$	0.75					$	0.09					$	(0.07	)				$	(4.50	)
* Amounts do not reflect intercompany eliminations
** AFUDC = Allowance for Funds Used During Construction

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					2015						2014						2015						2014
Operating Revenues					$	301,062					$	366,623					$	1,760,913					$	2,113,081
Operating Expenses:
Purchased Gas					5,256						28,833						349,984						605,838
Operation and Maintenance					113,478						110,284						470,003						463,078
Property, Franchise and Other Taxes					21,002						21,597						89,564						90,711
Depreciation, Depletion and Amortization					70,860						103,905						336,158						383,781
Impairment of Oil and Gas Producing Properties					417,197						—						1,126,257						—
					627,793						264,619						2,371,966						1,543,408
Operating Income (Loss)					(326,731		)				102,004						(611,053		)				569,673
Other Income (Expense):
Interest Income					2,291						2,849						3,922						4,170
Other Income					3,401						2,615						8,039						9,461
Interest Expense on Long-Term Debt					(29,016		)				(22,427		)				(95,916		)				(90,194		)
Other Interest Expense					(173		)				(623		)				(3,555		)				(4,083		)
Income (Loss) Before Income Taxes					(350,228		)				84,418						(698,563		)				489,027
Income Tax Expense (Benefit)					(162,525		)				26,987						(319,136		)				189,614
Net Income (Loss) Available for Common Stock					$	(187,703	)				$	57,431					$	(379,427	)				$	299,413
Earnings (Loss) Per Common Share:
Basic					$	(2.22	)				$	0.68					$	(4.50	)				$	3.57
Diluted					$	(2.22	)				$	0.68					$	(4.50	)				$	3.52
Weighted Average Common Shares:
Used in Basic Calculation					84,570,432						84,126,542						84,387,755						83,929,989
Used in Diluted Calculation					84,570,432						85,062,410						84,387,755						84,952,347

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
					September 30,						September 30,
(Thousands of Dollars)					2015						2014
ASSETS
Property, Plant and Equipment					$	9,261,323					$	8,245,791
Less - Accumulated Depreciation, Depletion and Amortization						3,929,428						2,502,700
Net Property, Plant and Equipment						5,331,895						5,743,091
Current Assets:
Cash and Temporary Cash Investments						113,596						36,886
Hedging Collateral Deposits						11,124						2,734
Receivables - Net						105,004						149,735
Unbilled Revenue						20,746						25,663
Gas Stored Underground						34,252						39,422
Materials and Supplies - at average cost						30,414						27,817
Other Current Assets						60,665						54,752
Deferred Income Taxes						137,200						40,323
Total Current Assets						513,001						377,332
Other Assets:
Recoverable Future Taxes						168,214						163,485
Unamortized Debt Expense						17,208						14,304
Other Regulatory Assets						278,227						224,436
Deferred Charges						15,129						14,212
Other Investments						92,990						86,788
Goodwill						5,476						5,476
Prepaid Post-Retirement Benefit Costs						24,459						36,512
Fair Value of Derivative Financial Instruments						270,363						72,606
Other						168						1,355
Total Other Assets						872,234						619,174
Total Assets					$	6,717,130					$	6,739,597
CAPITALIZATION AND LIABILITIES
Capitalization:
Comprehensive Shareholders' Equity
Common Stock, $1 Par Value Authorized - 200,000,000
Shares; Issued and Outstanding - 84,594,383 Shares
and 84,157,220 Shares, Respectively					$	84,594					$	84,157
Paid in Capital						744,274						716,144
Earnings Reinvested in the Business						1,103,200						1,614,361
Accumulated Other Comprehensive Income (Loss)						93,372						(3,979	)
Total Comprehensive Shareholders' Equity						2,025,440						2,410,683
Long-Term Debt, Net of Current Portion						2,099,000						1,649,000
Total Capitalization						4,124,440						4,059,683
Current and Accrued Liabilities:
Notes Payable to Banks and Commercial Paper						—						85,600
Current Portion of Long-Term Debt						—						—
Accounts Payable						180,388						136,674
Amounts Payable to Customers						56,778						33,745
Dividends Payable						33,415						32,400
Interest Payable on Long-Term Debt						36,200						29,960
Customer Advances						16,236						19,005
Customer Security Deposits						16,490						15,761
Other Accruals and Current Liabilities						96,557						136,672
Fair Value of Derivative Financial Instruments						10,076						759
Total Current and Accrued Liabilities						446,140						490,576
Deferred Credits:
Deferred Income Taxes						1,275,162						1,456,283
Taxes Refundable to Customers						89,448						91,736
Unamortized Investment Tax Credit						731						1,145
Cost of Removal Regulatory Liability						184,907						173,199
Other Regulatory Liabilities						108,617						81,152
Pension and Other Post-Retirement Liabilities						202,807						134,202
Asset Retirement Obligations						156,805						117,713
Other Deferred Credits						128,073						133,908
Total Deferred Credits						2,146,550						2,189,338
Commitments and Contingencies						—						—
Total Capitalization and Liabilities					$	6,717,130					$	6,739,597

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
						Twelve Months Ended
						September 30,
(Thousands of Dollars)						2015						2014
Operating Activities:
Net Income (Loss) Available for Common Stock						$	(379,427	)				$	299,413
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities:
Impairment of Oil and Gas Producing Properties						1,126,257						—
Depreciation, Depletion and Amortization						336,158						383,781
Deferred Income Taxes						(357,587		)				142,415
Excess Tax Benefits Associated with Stock-Based Compensation Awards						(9,064		)				(4,641		)
Stock-Based Compensation						3,208						11,763
Other						9,823						14,063
Change in:
Hedging Collateral Deposits						(8,390		)				(1,640		)
Receivables and Unbilled Revenue						51,638						(22,781		)
Gas Stored Underground and Materials and Supplies						3,438						13,285
Unrecovered Purchased Gas Costs						—						12,408
Other Current Assets						3,150						(3,630		)
Accounts Payable						34,687						15,149
Amounts Payable to Customers						23,033						20,917
Customer Advances						(2,769		)				(2,954		)
Customer Security Deposits						729						(422		)
Other Accruals and Current Liabilities						(7,173		)				6,872
Other Assets						1,669						18,513
Other Liabilities						23,173						6,879
Net Cash Provided by Operating Activities						$	852,553					$	909,390
Investing Activities:
Capital Expenditures						$	(1,018,179	)				$	(914,417	)
Other						(6,611		)				5,982
Net Cash Used in Investing Activities						$	(1,024,790	)				$	(908,435	)
Financing Activities:
Changes in Notes Payable to Banks and Commercial Paper						$	(85,600	)				$	85,600
Excess Tax Benefits Associated with Stock-Based Compensation Awards						9,064						4,641
Net Proceeds From Issuance of Long-Term Debt						445,662						—
Dividends Paid on Common Stock						(130,719		)				(126,642		)
Net Proceeds From Issuance of Common Stock						10,540						7,474
Net Cash Provided by (Used) in Financing Activities						$	248,947					$	(28,927	)
Net Increase (Decrease) in Cash and Temporary Cash Investments						76,710						(27,972		)
Cash and Temporary Cash Investments at Beginning of Period						36,886						64,858
Cash and Temporary Cash Investments at September 30						$	113,596					$	36,886

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)
UPSTREAM BUSINESS
					Three Months Ended																Twelve Months Ended
(Thousands of Dollars, except per share amounts)					September 30,																September 30,
EXPLORATION AND PRODUCTION SEGMENT					2015					2014					Variance						2015					2014					Variance
Total Operating Revenues					$	163,851				$	209,967				$	(46,116	)				$	693,441				$	804,096				$	(110,655	)
Operating Expenses:
Operation and Maintenance:
General and Administrative Expense					15,321					15,783					(462		)				66,114					63,804					2,310
Lease Operating and Transportation Expense					40,186					46,684					(6,498		)				167,800					165,534					2,266
All Other Operation and Maintenance Expense					3,189					3,459					(270		)				14,304					14,521					(217		)
Property, Franchise and Other Taxes					4,806					5,223					(417		)				20,167					20,765					(598		)
Depreciation, Depletion and Amortization					46,277					81,031					(34,754		)				239,818					296,210					(56,392		)
Impairment of Oil and Gas Producing Properties					417,197					—					417,197						1,126,257					—					1,126,257
					526,976					152,180					374,796						1,634,460					560,834					1,073,626
Operating Income (Loss)					(363,125		)			57,787					(420,912		)				(941,019		)			243,262					(1,184,281		)
Other Income (Expense):
Interest Income					661					604					57						2,554					1,909					645
Other Interest Expense					(14,176		)			(10,584		)			(3,592)						(46,726		)			(42,232		)			(4,494		)
Income (Loss) Before Income Taxes					(376,640		)			47,807					(424,447		)				(985,191		)			202,939					(1,188,130		)
Income Tax Expense (Benefit)					(169,621		)			14,146					(183,767		)				(428,217		)			81,370					(509,587		)
Net Income (Loss)					$	(207,019	)			$	33,661				$	(240,680	)				$	(556,974	)			$	121,569				$	(678,543	)
Net Income (Loss) Per Share (Diluted)					$	(2.45	)			$	0.40				$	(2.85	)				$	(6.60	)			$	1.43				$	(8.03	)

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)
MIDSTREAM BUSINESSES
					Three Months Ended																Twelve Months Ended
(Thousands of Dollars, except per share amounts)					September 30,																September 30,
PIPELINE AND STORAGE SEGMENT					2015					2014					Variance						2015					2014					Variance
Revenues from External Customers					$	48,573				$	47,835				$	738					$	203,089				$	200,664				$	2,425
Intersegment Revenues					21,903					20,280					1,623						88,251					83,744					4,507
Total Operating Revenues					70,476					68,115					2,361						291,340					284,408					6,932
Operating Expenses:
Purchased Gas					(32		)			596					(628		)				462					1,878					(1,416		)
Operation and Maintenance					21,971					18,714					3,257						75,741					72,624					3,117
Property, Franchise and Other Taxes					6,340					6,232					108						25,195					23,884					1,311
Depreciation, Depletion and Amortization					9,726					9,469					257						38,178					36,642					1,536
					38,005					35,011					2,994						139,576					135,028					4,548
Operating Income					32,471					33,104					(633		)				151,764					149,380					2,384
Other Income (Expense):
Interest Income					124					96					28						474					284					190
Other Income					1,999					988					1,011						3,887					1,423					2,464
Other Interest Expense					(7,745		)			(6,414		)			(1,331		)				(27,658		)			(26,428		)			(1,230		)
Income Before Income Taxes					26,849					27,774					(925		)				128,467					124,659					3,808
Income Tax Expense					8,364					8,659					(295		)				48,113					47,100					1,013
Net Income					$	18,485				$	19,115				$	(630	)				$	80,354				$	77,559				$	2,795
Net Income Per Share (Diluted)					$	0.22				$	0.22				$	—					$	0.95				$	0.91				$	0.04
					Three Months Ended																Twelve Months Ended
					September 30,																September 30,
GATHERING SEGMENT					2015					2014					Variance						2015					2014					Variance
Revenues from External Customers					$	136				$	(100	)			$	236					$	497				$	673				$	(176	)
Intersegment Revenues					18,169					21,396					(3,227		)				76,709					69,937					6,772
Total Operating Revenues					18,305					21,296					(2,991		)				77,206					70,610					6,596
Operating Expenses:
Operation and Maintenance					1,831					1,784					47						8,147					6,383					1,764
Property, Franchise and Other Taxes					48					43					5						178					167					11
Depreciation, Depletion and Amortization					2,804					2,004					800						10,829					6,116					4,713
					4,683					3,831					852						19,154					12,666					6,488
Operating Income					13,622					17,465					(3,843		)				58,052					57,944					108
Other Income (Expense):
Interest Income					46					34					12						140					120					20
Other Income					1					2					(1		)				5					7					(2		)
Other Interest Expense					(1,413		)			(506		)			(907		)				(1,627		)			(1,726		)			99
Income Before Income Taxes					12,256					16,995					(4,739		)				56,570					56,345					225
Income Tax Expense					4,662					6,474					(1,812		)				24,721					23,636					1,085
Net Income					$	7,594				$	10,521				$	(2,927	)				$	31,849				$	32,709				$	(860	)
Net Income Per Share (Diluted)					$	0.09				$	0.12				$	(0.03	)				$	0.38				$	0.39				$	(0.01	)

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)
DOWNSTREAM BUSINESSES
					Three Months Ended																Twelve Months Ended
(Thousands of Dollars, except per share amounts)					September 30,																September 30,
UTILITY SEGMENT					2015					2014					Variance						2015					2014					Variance
Revenues from External Customers					$	70,712				$	79,295				$	(8,583	)				$	700,761				$	831,156				$	(130,395	)
Intersegment Revenues					1,836					1,897					(61		)				15,506					18,462					(2,956		)
Total Operating Revenues					72,548					81,192					(8,644		)				716,267					849,618					(133,351		)
Operating Expenses:
Purchased Gas					12,164					22,893					(10,729		)				307,653					446,883					(139,230		)
Operation and Maintenance					45,899					40,628					5,271						200,023					193,354					6,669
Property, Franchise and Other Taxes					9,490					9,795					(305		)				42,870					44,738					(1,868		)
Depreciation, Depletion and Amortization					11,635					11,099					536						45,616					43,594					2,022
					79,188					84,415					(5,227		)				596,162					728,569					(132,407		)
Operating Income (Loss)					(6,640		)			(3,223		)			(3,417		)				120,105					121,049					(944		)
Other Income (Expense):
Interest Income					2,178					2,805					(627		)				2,220					3,010					(790		)
Other Income					662					510					152						2,265					1,611					654
Other Interest Expense					(7,030		)			(6,710		)			(320		)				(28,176		)			(27,693		)			(483		)
Income (Loss) Before Income Taxes					(10,830		)			(6,618		)			(4,212		)				96,414					97,977					(1,563		)
Income Tax Expense (Benefit)					(7,542		)			(6,091		)			(1,451		)				33,143					33,918					(775		)
Net Income (Loss)					$	(3,288	)			$	(527	)			$	(2,761	)				$	63,271				$	64,059				$	(788	)
Net Income (Loss) Per Share (Diluted)					$	(0.04	)			$	(0.01	)			$	(0.03	)				$	0.75				$	0.75				$	—
					Three Months Ended																Twelve Months Ended
					September 30,																September 30,
ENERGY MARKETING SEGMENT					2015					2014					Variance						2015					2014					Variance
Revenues from External Customers					$	17,104				$	28,658				$	(11,554	)				$	159,857				$	271,993				$	(112,136	)
Intersegment Revenues					53					221					(168		)				849					1,159					(310		)
Total Operating Revenues					17,157					28,879					(11,722		)				160,706					273,152					(112,446		)
Operating Expenses:
Purchased Gas					15,743					26,717					(10,974		)				142,068					256,625					(114,557		)
Operation and Maintenance					1,583					1,526					57						6,386					6,176					210
Property, Franchise and Other Taxes					7					5					2						15					16					(1		)
Depreciation, Depletion and Amortization					57					51					6						209					197					12
					17,390					28,299					(10,909		)				148,678					263,014					(114,336		)
Operating Income (Loss)					(233		)			580					(813		)				12,028					10,138					1,890
Other Income (Expense):
Interest Income					54					59					(5		)				195					173					22
Other Income					21					26					(5		)				117					112					5
Other Interest Expense					(7		)			(8		)			1						(27		)			(31		)			4
Income (Loss) Before Income Taxes					(165		)			657					(822		)				12,313					10,392					1,921
Income Tax Expense (Benefit)					(199		)			(4		)			(195		)				4,547					3,761					786
Net Income					$	34				$	661				$	(627	)				$	7,766				$	6,631				$	1,135
Net Income Per Share (Diluted)					$	—				$	0.01				$	(0.01	)				$	0.09				$	0.08				$	0.01

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					2015					2014					Variance						2015					2014					Variance
Total Operating Revenues					$	446				$	738				$	(292	)				$	2,352				$	3,532				$	(1,180	)
Operating Expenses:
Operation and Maintenance					226					223					3						936					1,098					(162		)
Property, Franchise and Other Taxes					182					175					7						644					656					(12		)
Depreciation, Depletion and Amortization					187					84					103						832					344					488
					595					482					113						2,412					2,098					314
Operating Income (Loss)					(149		)			256					(405		)				(60		)			1,434					(1,494		)
Other Income (Expense):
Interest Income					18					26					(8		)				66					106					(40		)
Other Income					1					42					(41		)				5					448					(443		)
Other Interest Expense					—					(4		)			4						—					(6		)			6
Income (Loss) Before Income Taxes					(130		)			320					(450		)				11					1,982					(1,971		)
Income Tax Expense (Benefit)					(63		)			137					(200		)				13					822					(809		)
Net Income (Loss)					$	(67	)			$	183				$	(250	)				$	(2	)			$	1,160				$	(1,162	)
Net Income (Loss) Per Share (Diluted)					$	—				$	0.01				$	(0.01	)				$	—				$	0.01				$	(0.01	)
					Three Months Ended																Twelve Months Ended
					September 30,																September 30,
CORPORATE					2015					2014					Variance						2015					2014					Variance
Revenues from External Customers					$	240				$	230				$	10					$	916				$	967				$	(51	)
Intersegment Revenues					1,195					946					249						3,987					3,799					188
Total Operating Revenues					1,435					1,176					259						4,903					4,766					137
Operating Expenses:
Operation and Maintenance					3,809					4,850					(1,041		)				15,655					17,137					(1,482		)
Property, Franchise and Other Taxes					129					124					5						495					485					10
Depreciation, Depletion and Amortization					174					167					7						676					678					(2		)
					4,112					5,141					(1,029		)				16,826					18,300					(1,474		)
Operating Loss					(2,677		)			(3,965		)			1,288						(11,923		)			(13,534		)			1,611
Other Income (Expense):
Interest Income					29,999					24,074					5,925						104,477					96,838					7,639
Other Income					717					1,047					(330		)				1,760					5,860					(4,100		)
Interest Expense on Long-Term Debt					(29,016		)			(22,427		)			(6,589		)				(95,916		)			(90,194		)			(5,722		)
Other Interest Expense					(591		)			(1,246		)			655						(5,545		)			(4,237		)			(1,308		)
Loss Before Income Taxes					(1,568		)			(2,517		)			949						(7,147		)			(5,267		)			(1,880		)
Income Tax Expense (Benefit)					1,874					3,666					(1,792		)				(1,456		)			(993		)			(463		)
Net Loss					$	(3,442	)			$	(6,183	)			$	2,741					$	(5,691	)			$	(4,274	)			$	(1,417	)
Net Loss Per Share (Diluted)					$	(0.04	)			$	(0.07	)			$	0.03					$	(0.07	)			$	(0.05	)			$	(0.02	)
					Three Months Ended																Twelve Months Ended
					September 30,																September 30,
INTERSEGMENT ELIMINATIONS					2015					2014					Variance						2015					2014					Variance
Intersegment Revenues					$	(43,156	)			$	(44,740	)			$	1,584					$	(185,302	)			$	(177,101	)			$	(8,201	)
Operating Expenses:
Purchased Gas					(22,619		)			(21,373		)			(1,246		)				(100,199		)			(99,548		)			(651		)
Operation and Maintenance					(20,537		)			(23,367		)			2,830						(85,103		)			(77,553		)			(7,550		)
					(43,156		)			(44,740		)			1,584						(185,302		)			(177,101		)			(8,201		)
Operating Income					—					—					—						—					—					—
Other Income (Expense):
Interest Income					(30,789		)			(24,849		)			(5,940		)				(106,204		)			(98,270		)			(7,934		)
Other Interest Expense					30,789					24,849					5,940						106,204					98,270					7,934
Net Income					$	—				$	—				$	—					$	—				$	—				$	—
Net Income Per Share (Diluted)					$	—				$	—				$	—					$	—				$	—				$	—

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
					2015						2014						(Decrease)						2015						2014						(Decrease)
Capital Expenditures:
Exploration and Production					$	119,863			(1)		$	158,340			(2)		$	(38,477	)				$	557,313			(1)(2)		$	602,705			(2)(3)		$	(45,392	)
Pipeline and Storage					115,528				(1)		74,884				(2)		40,644						230,192				(1)(2)		139,821				(2)(3)		90,371
Gathering					30,952				(1)		44,561				(2)		(13,609		)				118,166				(1)(2)		137,799				(2)(3)		(19,633		)
Utility					29,034				(1)		27,895				(2)		1,139						94,371				(1)(2)		88,810				(2)(3)		5,561
Energy Marketing					4						71						(67		)				128						264						(136		)
Total Reportable Segments					295,381						305,751						(10,370		)				1,000,170						969,399						30,771
All Other					—						101						(101		)				—						274						(274		)
Corporate					205						19						186						339						234						105
Total Capital Expenditures					$	295,586					$	305,871					$	(10,285	)				$	1,000,509					$	969,907					$	30,602

(1)		Capital expenditures for the quarter and year ended September 30, 2015, include accounts payable and accrued liabilities related to capital expenditures of $46.2 million, $33.9 million, $22.4 million, and $16.5 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts have been excluded from the Consolidated Statement of Cash Flows at September 30, 2015, since they represent non-cash investing activities at that date.
(2)		Capital expenditures for the year ended September 30, 2015, exclude capital expenditures of $80.1 million, $28.1 million, $20.1 million and $8.3 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts were in accounts payable and accrued liabilities at September 30, 2014 and paid during the year ended September 30, 2015. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2014, 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, 2015.
(3)		Capital expenditures for the year ended September 30, 2014, exclude capital expenditures of $58.5 million, $5.6 million, $6.7 million and $10.3 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts were in accounts payable and accrued liabilities at September 30, 2013 and paid during the year ended September 30, 2014. These amounts were excluded from the Consolidated Statements of Cash Flows at September 30, 2013, 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, 2014.

DEGREE DAYS
														Percent Colder
														(Warmer) Than:
Three Months Ended September 30					Normal			2015			2014			Normal (1)			Last Year (1)
Buffalo, NY					162			70			130			(56.8)			(46.2)
Erie, PA					124			51			117			(58.9)			(56.4)
Twelve Months Ended September 30
Buffalo, NY					6,617			6,968			7,087			5.3			(1.7)
Erie, PA					6,147			6,586			6,742			7.1			(2.3)

⁽¹⁾ Percents compare actual 2015 degree days to normal degree days and actual 2015 degree days to actual 2014 degree days.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
EXPLORATION AND PRODUCTION INFORMATION
						Three Months Ended																		Twelve Months Ended
						September 30,																		September 30,
																		Increase																		Increase
						2015						2014						(Decrease)						2015						2014						(Decrease)
Gas Production/Prices:
Production (MMcf)
Appalachia						32,183						40,456						(8,273		)				136,404						139,097						(2,693		)
West Coast						785						808						(23		)				3,159						3,210						(51		)
Total Production						32,968						41,264						(8,296		)				139,563						142,307						(2,744		)
Average Prices (Per Mcf)
Appalachia						$	2.21					$	2.84					$	(0.63	)				$	2.48					$	3.55					$	(1.07	)
West Coast						3.54						6.42						(2.88		)				4.11						6.75						(2.64		)
Weighted Average						2.24						2.91						(0.67		)				2.51						3.62						(1.11		)
Weighted Average after Hedging						3.35						3.19						0.16						3.38						3.56						(0.18		)
Oil Production/Prices:
Production (Thousands of Barrels)
Appalachia						8						8						—						30						31						(1)
West Coast						770						774						(4)						3,004						3,005						(1)
Total Production						778						782						(4)						3,034						3,036						(2)
Average Prices (Per Barrel)
Appalachia						$	44.93					$	95.06					$	(50.13	)				$	57.44					$	96.34					$	(38.90	)
West Coast						42.33						93.72						(51.39		)				51.37						98.25						(46.88		)
Weighted Average						42.36						93.73						(51.37		)				51.43						98.23						(46.80		)
Weighted Average after Hedging						66.40						93.70						(27.30		)				70.36						95.55						(25.19		)
Total Production (Mmcfe)						37,636						45,956						(8,320)						157,767						160,523						(2,756)
Selected Operating Performance Statistics:
General & Administrative Expense per Mcfe (1)						$	0.41					$	0.34					$	0.07					$	0.42					$	0.40					$	0.02
Lease Operating and Transportation Expense per Mcfe (1)(2)						$	1.07					$	1.02					$	0.05					$	1.06					$	1.03					$	0.03
Depreciation, Depletion & Amortization per Mcfe (1)						$	1.23					$	1.76					$	(0.53	)				$	1.52					$	1.85					$	(0.33	)

(1)		Refer to page 18 for the General and Administrative Expense, Lease Operating Expense and Depreciation, Depletion, and Amortization Expense for the Exploration and Production segment.
(2)		Amounts include transportation expense of $0.52 and $0.49 per Mcfe for the three months ended September 30, 2015 and September 30, 2014, respectively. Amounts include transportation expense of $0.52 and $0.46 per Mcfe for the twelve months ended September 30, 2015 and September 30, 2014, respectively.

NATIONAL FUEL GAS COMPANY

AND SUBSIDIARIES

EXPLORATION AND PRODUCTION INFORMATION

Hedging Summary for Fiscal 2016

Volume

Average Hedge Price

Oil Swaps

Midway Sunset (MWSS)

36,000

BBL

$

92.10 / BBL

Brent

933,000

BBL

$

95.18 / BBL

NYMEX

456,000

BBL

$

73.74 / BBL

Total

1,425,000

BBL

$

88.24 / BBL

Gas Swaps

NYMEX

44,350,000

MMBTU

$

3.94 / MMBTU

Dominion Transmission Appalachian (DOM)

18,840,000

MMBTU

$

3.78 / MMBTU

Michigan Consolidated City Gate (Mich Con)

9,000,000

MMBTU

$

4.10 / MMBTU

Dawn Ontario (DAWN)

9,990,000

MMBTU

$

3.92 / MMBTU

Fixed Price Physical Sales

42,680,000

MMBTU

$

3.17 / MMBTU

Total

124,860,000

MMBTU

$

3.66 / MMBTU

Hedging Summary for Fiscal 2017

Volume

Average Hedge Price

Oil Swaps

Brent

384,000

BBL

$

92.30 / BBL

NYMEX

312,000

BBL

$

54.20 / BBL

Total

696,000

BBL

$

75.22 / BBL

Gas Swaps

NYMEX

29,530,000

MMBTU

$

4.20 / MMBTU

DOM

12,720,000

MMBTU

$

3.87 / MMBTU

Mich Con

3,000,000

MMBTU

$

4.10 / MMBTU

DAWN

19,100,000

MMBTU

$

3.70 / MMBTU

Fixed Price Physical Sales

31,010,000

MMBTU

$

3.48 / MMBTU

Total

95,360,000

MMBTU

$

3.82 / MMBTU

Hedging Summary for Fiscal 2018

Volume

Average Hedge Price

Oil Swaps

Brent

75,000

BBL

$

91.00 / BBL

Gas Swaps

NYMEX

20,350,000

MMBTU

$

3.62 / MMBTU

DAWN

1,800,000

MMBTU

$

3.40 / MMBTU

Fixed Price Physical Sales

8,850,000

MMBTU

$

3.34 / MMBTU

Total

31,000,000

MMBTU

$

3.53 / MMBTU

Hedging Summary for Fiscal 2019

Volume

Average Hedge Price

Gas Swaps

NYMEX

11,400,000

MMBTU

$

3.39 / MMBTU

Fixed Price Physical Sales

7,300,000

MMBTU

$

3.25 / MMBTU

Total

18,700,000

MMBTU

$

3.33 / MMBTU

Hedging Summary for Fiscal 2020

Volume

Average Hedge Price

Gas Swaps

NYMEX

2,000,000

MMBTU

$

3.49 / MMBTU

Fixed Price Physical Sales

3,660,000

MMBTU

$

3.25 / MMBTU

Total

5,660,000

MMBTU

$

3.33 / MMBTU

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
EXPLORATION AND PRODUCTION INFORMATION
Gross Wells in Process of Drilling
Twelve Months Ended September 30, 2015
													Total
					East				West				Company
Wells in Process - Beginning of Period
Exploratory					3.000		(1)		0.000				3.000
Developmental					77.000		(1)		2.000				79.000
Wells Commenced
Exploratory					0.000				0.000				0.000
Developmental					74.000				44.000				118.000
Wells Completed
Exploratory					3.000				0.000				3.000
Developmental					49.000				45.000				94.000
Wells Plugged & Abandoned
Exploratory					0.000				0.000				0.000
Developmental					2.000				1.000				3.000
Wells in Process - End of Period
Exploratory					0.000				0.000				0.000
Developmental					100.000				0.000				100.000

⁽¹⁾ Gross exploratory wells were increased by 2 and developmental wells were decreased by 2.

Net Wells in Process of Drilling
Twelve Months Ended September 30, 2015
													Total
					East				West				Company
Wells in Process - Beginning of Period
Exploratory					3.000		(1)		0.000				3.000
Developmental					62.500		(1)		2.000				64.500
Wells Commenced
Exploratory					0.000				0.000				0.000
Developmental					74.000				44.000				118.000
Wells Completed
Exploratory					3.000				0.000				3.000
Developmental					49.000				45.000				94.000
Wells Plugged & Abandoned
Exploratory					0.000				0.000				0.000
Developmental					2.000				1.000				3.000
Wells in Process - End of Period
Exploratory					0.000				0.000				0.000
Developmental					85.500				0.000				85.500

⁽¹⁾ Net exploratory wells were increased by 2 and developmental wells were decreased by 2.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
EXPLORATION AND PRODUCTION INFORMATION
Reserve Quantity Information
(Unaudited)
						Gas MMcf
						U.S.
						Appalachian				West Coast				Total
						Region				Region				Company
Proved Developed and Undeveloped Reserves:
September 30, 2014						1,624,062				58,822				1,682,884
Extensions and Discoveries						633,360				—				633,360
Revisions of Previous Estimates						(28,124	)			(6,317	)			(34,441	)
Production						(136,404	)			(3,159	)			(139,563	)
Sales of Minerals in Place						(112	)			—				(112	)
September 30, 2015						2,092,782				49,346				2,142,128
Proved Developed Reserves:
September 30, 2014						1,119,901				57,907				1,177,808
September 30, 2015						1,267,498				49,346				1,316,844
						Oil Mbbl
						U.S.
						Appalachian				West Coast				Total
						Region				Region				Company
Proved Developed and Undeveloped Reserves:
September 30, 2014						253				38,224				38,477
Extensions and Discoveries						—				533				533
Revisions of Previous Estimates						(3	)			(2,251	)			(2,254	)
Production						(30	)			(3,004	)			(3,034	)
September 30, 2015						220				33,502				33,722
Proved Developed Reserves:
September 30, 2014						253				37,002				37,255
September 30, 2015						220				33,150				33,370

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
						2015					2014					(Decrease)					2015					2014					(Decrease)
Firm Transportation - Affiliated						15,128					14,362					766					110,431					110,327					104
Firm Transportation - Non-Affiliated						149,626					141,656					7,970					626,775					620,944					5,831
Interruptible Transportation						4,040					946					3,094					12,874					4,724					8,150
						168,794					156,964					11,830					750,080					735,995					14,085
Gathering Volume - (MMcf)
						Three Months Ended															Twelve Months Ended
						September 30,															September 30,
																Increase															Increase
						2015					2014					(Decrease)					2015					2014					(Decrease)
Gathered Volume - Affiliated						32,934					41,485					(8,551	)				139,629					138,726					903
Utility Throughput - (MMcf)
						Three Months Ended															Twelve Months Ended
						September 30,															September 30,
																Increase															Increase
						2015					2014					(Decrease)					2015					2014					(Decrease)
Retail Sales:
Residential Sales						3,285					3,628					(343	)				59,600					60,101					(501	)
Commercial Sales						471					476					(5	)				8,710					8,834					(124	)
Industrial Sales						21					16					5					337					393					(56	)
						3,777					4,120					(343	)				68,647					69,328					(681	)
Off-System Sales						—					230					(230	)				3,787					4,564					(777	)
Transportation						10,240					10,761					(521	)				78,749					80,949					(2,200	)
						14,017					15,111					(1,094	)				151,183					154,841					(3,658	)
Energy Marketing Volume
						Three Months Ended															Twelve Months Ended
						September 30,															September 30,
																Increase															Increase
						2015					2014					(Decrease)					2015					2014					(Decrease)
Natural Gas (MMcf)						6,537					6,846					(309	)				46,752					52,694					(5,942	)

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

NON-GAAP FINANCIAL MEASURES

In addition to financial measures calculated in accordance with generally accepted accounting principles (GAAP), this press release contains information regarding Operating Results and Adjusted EBITDA, which are non-GAAP financial measures. The Company believes that these non-GAAP financial measures are useful to investors because they provide an alternative method for assessing the Company's ongoing operating results, for measuring the Company’s cash flow and liquidity, and for comparing the Company’s financial performance to other companies. The Company's management uses these non-GAAP financial measures for the same purpose, and for planning and forecasting purposes. The presentation of non-GAAP financial measures is not meant to be a substitute for financial measures in accordance with GAAP.

Management defines Operating Results as reported GAAP earnings before items impacting comparability. The table at page 2 of this report reconciles National Fuel's reported GAAP earnings to Operating Results for the three and twelve months ended September 30, 2015 and 2014.

Management defines Adjusted EBITDA as reported GAAP earnings before the following items: interest expense, depreciation, depletion and amortization, interest and other income, impairments, items impacting comparability and income taxes.

The following tables reconcile National Fuel's reported GAAP earnings to Adjusted EBITDA for the three and twelve months ended September 30, 2015 and 2014:

						Three Months Ended												Twelve Months Ended
						September 30,												September 30,
						2015						2014						2015						2014
(in thousands)
Reported GAAP Earnings						$	(187,703	)				$	57,431					$	(379,427	)				$	299,413
Depreciation, Depletion and Amortization						70,860						103,905						336,158						383,781
Interest and Other Income						(5,692		)				(5,464		)				(11,961		)				(13,631		)
Interest Expense						29,189						23,050						99,471						94,277
Income Taxes						(162,525		)				26,987						(319,136		)				189,614
Impairment of Oil and Gas Producing    Properties						417,197						—						1,126,257						—
Reversal of Stock-Based Compensation						(7,961		)				—						(7,961		)				—
Adjusted EBITDA						$	153,365					$	205,909					$	843,401					$	953,454
Adjusted EBITDA by Segment
Pipeline and Storage Adjusted EBITDA						$	40,297					$	42,573					$	188,042					$	186,022
Gathering Adjusted EBITDA						16,328						19,469						68,783						64,060
Total Midstream Businesses Adjusted EBITDA						56,625						62,042						256,825						250,082
Exploration and Production Adjusted EBITDA						97,582						138,818						422,289						539,472
Utility Adjusted EBITDA						3,311						7,876						164,037						164,643
Energy Marketing Adjusted EBITDA						(263		)				631						12,150						10,335
Corporate and All Other Adjusted EBITDA						(3,890		)				(3,458		)				(11,900		)				(11,078		)
Total Adjusted EBITDA						$	153,365					$	205,909					$	843,401					$	953,454

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
Quarter Ended September 30 (unaudited)					2015						2014
Operating Revenues					$	301,062,000					$	366,623,000
Net Income (Loss) Available for Common Stock					$	(187,703,000	)				$	57,431,000
Earnings (Loss) Per Common Share:
Basic					$	(2.22	)				$	0.68
Diluted					$	(2.22	)				$	0.68
Weighted Average Common Shares:
Used in Basic Calculation					84,570,432						84,126,542
Used in Diluted Calculation					84,570,432						85,062,410
Twelve Months Ended September 30 (unaudited)
Operating Revenues					$	1,760,913,000					$	2,113,081,000
Net Income (Loss) Available for Common Stock					$	(379,427,000	)				$	299,413,000
Earnings (Loss) Per Common Share:
Basic					$	(4.50	)				$	3.57
Diluted					$	(4.50	)				$	3.52
Weighted Average Common Shares:
Used in Basic Calculation					84,387,755						83,929,989
Used in Diluted Calculation					84,387,755						84,952,347

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Source: National Fuel Gas Company