EX-12.1 8 c55515_ex12-1.htm c55515_ex12.htm

NATIONAL FUEL GAS COMPANY
COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
UNAUDITED

      For the Nine     Fiscal Year Ended September 30,  
      Months Ended                                
       June 30, 2008          2007          2006          2005          2004          2003  
 
EARNINGS:                                      
 
Income from Continuing Operations   $ 225,463   $     201,675   $     184,614   $     138,437   $     141,920   $     256,076  
 Plus Income Tax Expense     143,465     131,813     108,245     85,621     89,820     116,795  
 Less Investment Tax Credit (1)     (523 )   (697 )   (697 )   (697 )   (697 )   (693 )
 (Less Income) Plus Loss from Unconsolidated Subsidiaries (3)     (4,866 )   (4,979 )   (3,583 )   796     (805 )   (535 )
 Plus Distributions from Unconsolidated Subsidiaries     6,206     1,613     4,651     1,990     785     1,238  
 Plus Interest Expense on Long-Term Debt     52,045     68,446     72,629     73,244     82,989     91,381  
 Plus Other Interest Expense     4,209     6,029     5,952     9,069     6,354     11,010  
 Less Amortization of Loss on Reacquired Debt     (836 )   (1,119 )   (1,118 )   (1,066 )   (1,350 )   (2,078 )
 Plus (Less) Allowance for Borrowed Funds Used in Construction     1,127     374     296     201     298     (102 )
 Plus Rentals (2)     1,727     2,685     2,810     3,554     4,286     4,573  
 
    $ 428,017   $ 405,840   $ 373,799   $ 311,149   $ 323,600   $ 477,665  
 
FIXED CHARGES:                                      
 
Interest & Amortization of Premium and Discount of Funded Debt   $ 52,045   $ 68,446   $ 72,629   $ 73,244   $ 82,989   $ 91,381  
 Plus Other Interest Expense     4,209     6,029     5,952     9,069     6,354     11,010  
 Less Amortization of Loss on Reacquired Debt     (836 )   (1,119 )   (1,118 )   (1,066 )   (1,350 )   (2,078 )
 Plus (Less) Allowance for Borrowed Funds Used in Construction     1,127     374     296     201     298     (102 )
 Plus Rentals (2)     1,727     2,685     2,810     3,554     4,286     4,573  
 
    $ 58,272   $ 76,415   $ 80,569 $   85,002 $   92,577 $   104,784  
 
RATIO OF EARNINGS TO FIXED CHARGES     7.35     5.31     4.64     3.66     3.50     4.56  

(1) Investment Tax Credit is included in Other Income
(2) Rentals shown above represent the portion of all rentals (other than delay rentals) deemed representative of the interest factor.
(3) Fiscal 2005 includes the Impairment of Investment in Partnership of $4,158.