Exhibit 99

	National Fuel Gas Company	Financial News
		6363 Main Street/Williamsville, NY 14221
		James C. Welch Investor Relations 716-857-6987
Release Date: Immediate November 6, 2008
		Ronald J. Tanski Treasurer 716-857-6981

NATIONAL FUEL REPORTS 2008 EARNINGS

Williamsville, New York: National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced consolidated earnings for its fiscal year and fourth quarter ended September 30, 2008, of $268.7 million or $3.18 per share, and $43.3 million or $0.52 per share, respectively.

FINANCIAL HIGHLIGHTS

• Operating results before items impacting comparability (“Operating Results”) for the fiscal year of $3.17 per share were up over 40% from the prior year, an increase of $0.91 per share. Increased earnings in the Exploration and Production segment provided the majority of the increase. Higher average commodity prices realized and increased natural gas production were the main drivers of the higher earnings. Operating Results also increased in the Pipeline and Storage, Utility and Energy Marketing segments.

• Quarterly Operating Results increased 30% to $0.52 per share, an increase of $0.12 per share from the prior year’s fourth quarter. Operating Results increased in the Exploration and Production and Utility segments from the prior year’s fourth quarter.

• The Company is revising its earnings guidance for fiscal 2009 to reflect a change in pricing assumptions for natural gas and crude oil. The revised earnings guidance range is $2.60 to $2.80 per share. This includes oil and gas production for the Exploration and Production segment in the range of 38 to 44 billion cubic feet equivalent (“Bcfe”) and is based on hedges currently in place and flat pricing on production not hedged, exclusive of basis differential, of $7.00 per Million British Thermal Units (“MMBtu”) for natural gas and $70 per barrel (“Bbl”) for crude oil. This guidance for fiscal 2009 does not take into account any impacts resulting from the possible sale of certain landfill gas related assets.

• A conference call is scheduled for Friday, November 7, 2008, at 11:00 a.m. Eastern Time.

OPERATING HIGHLIGHTS

• Seneca Resources Corporation (“Seneca”) increased total annual production by approximately 4%, and absent the extraordinary hurricane related curtailment of approximately 1.0 Bcfe, production would have increased over 6%. Seneca’s overall reserve replacement was 130%.

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• In Seneca’s East (Appalachia) Division, fiscal year production of 7.9 Bcfe increased more than 25% compared to last year, and 361% of fiscal 2008 production was replaced.

• Seneca was the successful bidder on 24,000 acres on four large blocks located in the Marcellus Shale trend. These leases in Lycoming County, and Tioga County, Pennsylvania have 10 year primary terms, and are incremental to the 425,000 acres high-graded in this play previously disclosed. This action illustrates our long-term commitment to the Appalachian basin, as we look to continue expansion of Seneca’s drilling program in Appalachia, both in the shallow Devonian Sandstone and Marcellus Shale trends.

• Seneca and EOG Resources (“EOG”) have modified the terms of their joint venture in the Marcellus Shale. EOG is now required to select all prospect acreage by March 2009. While the drilling requirements and acreage commitments are unchanged, this alteration will more quickly free up the non-selected acreage and allow Seneca additional flexibility to evaluate, explore and develop the remaining acreage independently or with other partners.

• Construction of the Empire Connector is nearly complete and the pipeline will be ready to be placed in-service in December. The Empire Connector is a 77-mile pipeline designed to deliver up to 250 million cubic feet of natural gas per day from the existing Empire Pipeline to Corning, NY.

MANAGEMENT COMMENTS

     David F. Smith, Chief Executive Officer and President of National Fuel Gas Company stated: “This was another outstanding year for the Company, with record operating results for both the fourth quarter and fiscal year. While we cannot control the extreme recent volatility in both the commodity and capital markets, we can control how we operate our business. We can, and we will, continue our long-standing philosophy of investing in three complementary segments of the natural gas industry. As our results show, it is this commitment to our well-head to burner-tip model that makes possible the solid and steady operating performance of National Fuel Gas Company and its subsidiaries, even during these turbulent times.

We have carefully reviewed our capital spending and operating expense forecasts in each of our segments and have only modestly pared them back. Frankly, we have always controlled costs and focused on limiting risk, particularly in our regulated segments. Our capital spending is conservative and is designed to allow us to be within our cash flow. In this regard our regulated assets and our California producing assets provide a stable source of funds to both continue our dividend and grow our business despite the current difficulties in the capital markets. Once again, our diversified business model is working to the benefit of our shareholders.

Falling commodity prices will certainly cause us to re-examine some of the exploration projects that we had planned, mainly in the high cost drilling environment in the Gulf of Mexico. However, we are in the business for the long term and are well positioned to extract value from our assets in our Exploration and Production segment.

Looking forward to 2009, we have a solid balance sheet, strong projected cash flows and a liquidity position that will allow us to move forward with our business plan. During the past month, we have confirmed the availability of each of our lines of credit with our lending banks and we are pleased to say that we continue to have in place a $300 million committed credit facility, and additional discretionary lines of credit totaling $420 million. As always, we will use this working capital wisely during our 2009 fiscal year.

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There is no doubt that we will see continued volatility in the financial and commodity markets over at least the next few quarters. We believe that our conservative style, the strength of our company and the solid assets in which our capital is invested will allow us to continue to prosper and weather any storms on the horizon.”

SUMMARY OF RESULTS

     National Fuel had consolidated earnings for the quarter ended September 30, 2008, of $43.3 million, or $0.52 per share, a decrease of $114.4 million, or $1.32 per share, from the prior year’s fourth quarter (note: all references to earnings per share are to diluted earnings per share, all amounts are stated in U.S. dollars and all amounts used in the earnings and Operating Results discussions are after tax unless otherwise noted).

Consolidated earnings for the fiscal year ended September 30, 2008, of $268.7 million, or $3.18 per share, decreased $68.7 million, or $0.78 per share, from the same period in the prior year.

	Three Months					Year
	Ended September 30,					Ended September 30,
	2008		2007			2008			2007
(in thousands except per share amounts)
Reported GAAP earnings	$	43,266	$	157,690		$	268,728		$	337,455
Items impacting comparability1:
Gain on sale of turbine							(586	)
Gain on disposal of Canadian operations				(120,301	)					(120,301	)
Income from discontinued operations				(3,094	)					(15,479	)
Reversal of reserve for preliminary project costs										(4,787	)
Resolution of purchased gas contingency										(2,344	)
Discontinuation of hedge accounting										(1,888	)
Operating Results	$	43,266	$	34,295		$	268,142		$	192,656
Reported GAAP earnings per share	$	0.52	$	1.84		$	3.18		$	3.96
Items impacting comparability1:
Gain on sale of turbine							(0.01	)
Gain on disposal of Canadian operations				(1.41	)					(1.41	)
Income from discontinued operations				(0.03	)					(0.18	)
Reversal of reserve for preliminary project costs										(0.06	)
Resolution of purchased gas contingency										(0.03	)
Discontinuation of hedge accounting										(0.02	)
Operating Results	$	0.52	$	0.40		$	3.17		$	2.26

¹ See discussion of these individual items below.

     As outlined in the table above, certain items included in GAAP earnings impacted the comparability of the Company’s financial results when comparing the 2008 fourth quarter and fiscal year to the comparable periods in fiscal 2007. Excluding fourth quarter items, most of which

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occurred in fiscal 2007, Operating Results for the current fourth quarter of $43.3 million, or $0.52 per share, increased $9.0 million, or $0.12 per share. Operating Results for the fiscal year ended September 30, 2008 of $268.1 million, or $3.17 per share, increased $75.5 million, or $0.91 per share. Items impacting comparability will be discussed in more detail within the discussion of segment earnings below.

DISCUSSION OF RESULTS BY SEGMENT

     (The following discussion of earnings for 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.)

Exploration and Production Segment

     The Exploration and Production segment operations are carried out by Seneca. Seneca explores for, develops and purchases natural gas and oil reserves in California, in the Appalachian region, and in the Gulf of Mexico. Seneca previously had Canadian Exploration and Production operations, which it sold on August 31, 2007. As a result of that sale, the Company has presented the Canadian operations as discontinued operations.

     The Exploration and Production segment’s earnings in the fourth quarter of fiscal 2008 of $38.2 million, or $0.46 per share, decreased $107.5 million, or $1.24 per share, when compared with the prior year’s fourth quarter. Excluding earnings from discontinued operations discussed below, Operating Results in the Exploration and Production segment increased $15.9 million, or $0.20 per share, for the fourth quarter of fiscal 2008. The increase was primarily due to higher crude oil and natural gas prices realized after hedging. For the quarter ended September 30, 2008, the weighted average oil price received by Seneca (after hedging) was $87.29 per Bbl, an increase of $25.94 per Bbl, from the prior year’s quarter. The weighted average natural gas price received by Seneca (after hedging) for the quarter ended September 30, 2008, was $9.41 per thousand cubic feet (“Mcf”), an increase of $2.28 per Mcf. Lower interest expense, a lower effective tax rate, and a net positive mark-to-market adjustment to recognize hedge ineffectiveness on certain derivative financial instruments used to hedge prices on Seneca’s oil and gas production during the quarter also contributed to the growth in operating results.

     Overall production for the quarter ended September 30, 2008 was 9.4 Bcfe, a decrease of 0.6 Bcfe compared to the prior year’s quarter (excluding 2007 production from discontinued operations). Hurricane related shut-ins reduced the production of Seneca’s Gulf division by approximately 1.0 Bcfe. While Seneca’s properties sustained only superficial damage from the hurricanes, approximately 50 percent of the pre-hurricane production remains shut-in due to repair work on third party pipelines and onshore processing facilities. The majority of this production is anticipated to return by December 1, 2008. Production increased in the West and East (Appalachia) Divisions.

     Other items impacting Operating Results for the quarter were higher lease operating expenses (“LOE”), higher other operating expenses and lower interest income. The increase in LOE is due to higher steaming costs in California (especially the higher cost of natural gas purchased, and transported to the on-site boiler to generate that steam) and an increase in costs associated with a higher number of producing properties in Appalachia. The increase in other operating expenses was due to the recognition of actual plugging costs in excess of amounts previously accrued.

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     The Exploration and Production segment’s earnings of $146.6 million, or $1.73 per share, for the fiscal year ended September 30, 2008, decreased $64.1 million, or $0.74 per share, when compared with the fiscal year ended September 30, 2007. Excluding earnings from discontinued operations, Operating Results for the fiscal year ended September 30, 2008, in the Exploration and Production segment increased $71.7 million, or $0.85 per share from the prior year. The increase was primarily due to higher crude oil and natural gas prices realized after hedging and was also significantly impacted by higher natural gas production. For the fiscal year ended September 30, 2008, the weighted average oil price received by Seneca (after hedging) was $81.75 per Bbl, an increase of $30.07 per Bbl, from the prior fiscal year. The weighted average natural gas price received by Seneca (after hedging) for the fiscal year ended September 30, 2008, was $9.05 per Mcf, an increase of $1.80. Overall production for the 2008 fiscal year was 40.8 Bcfe, an increase of 1.5 Bcfe, compared to the prior fiscal year (excluding 2007 production from discontinued operations). An increase in natural gas production more than offset a decline in crude oil production. Higher interest income and lower interest expense during the 2008 fiscal year also contributed to the increase in Operating Results.

     Other items impacting Operating Results for the fiscal year ended September 30, 2008, were higher depletion expense, LOE, general and administrative (“G&A”) expenses, other operating expenses and state income taxes. The increase in depletion expense was caused by higher production and the increase in the depletable base. The increase in LOE is due to the High Island 24L field that began production in October 2007, higher steaming costs in California, and an increase in costs associated with a higher number of producing properties in Appalachia. The largest contributor to the higher G&A costs was the increase in staffing and associated costs for the growing East Division. The increase in other operating expenses was due to the recognition of actual plugging costs in excess of previously accrued amounts.

Pipeline and Storage Segment

     The Pipeline and Storage segment operations are carried out by National Fuel Gas Supply Corporation (“Supply Corporation”) and Empire State Pipeline (“Empire”). These companies provide 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 western Pennsylvania.

     The Pipeline and Storage segment’s earnings of $13.2 million, or $0.16 per share, for the quarter ended September 30, 2008, decreased $0.1 million, or less than $0.01 per share, when compared with the same period in the prior fiscal year. The decrease was due to lower efficiency gas revenues, higher operating expenses and higher interest expense in this year’s fourth quarter compared to the prior year’s fourth quarter. The negative earnings impact of these items was mostly offset by an increase in the allowance for funds used during construction (“AFUDC”) related to the construction of the Empire Connector.

     Earnings of $54.1 million, or $0.64 per share, for the fiscal year ended September 30, 2008, decreased $2.2 million, or $0.02 per share, when compared with the fiscal year ended September 30, 2007. The comparability of the results for the fiscal year ended September 30, 2008, is impacted by the reversal in the prior year of a $4.8 million reserve for preliminary project costs on the Empire Connector project, and a $1.9 million gain associated with the prepayment in the first quarter of

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2007 of the project financing debt for the Empire State Pipeline. Excluding those items, Operating Results increased $4.4 million, or $0.06 per share, for the fiscal year ended September 30, 2008, mainly due to higher transportation and storage revenues and higher efficiency gas revenues. Higher AFUDC related to construction of the Empire Connector also contributed to the increase in Operating Results. Higher operating expenses and interest expense during the fiscal year ended September 30, 2008, partially offset these items.

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 $0.8 million, or $0.01 per share for the quarter ended September 30, 2008, decreased $2.7 million, or $0.03 per share, compared to the prior year’s fourth quarter loss; however, the results are not directly comparable to the prior year’s fourth quarter due to a rate design change in the New York Division discussed below.

     In the New York Division, the loss decreased $1.7 million or $0.02 per share. On December 21, 2007, the New York State Public Service Commission issued an order allowing Distribution to increase annual revenues by $1.8 million. In addition to the revenue increase, the order approved a rate design change, which allows Distribution to recover a greater amount of its operating costs in the minimum bill charge. This results in shifting more than $4.3 million of earnings from the second quarter of fiscal 2008 and spreading it to the following three fiscal quarters. As a result of this change, the loss for the fourth quarter of fiscal 2008 decreased when compared to the fourth quarter of fiscal 2007. Also contributing to the lower fourth quarter loss in fiscal 2008 was a higher non-cash accrual of interest income on a pension-related regulatory asset, lower depreciation and interest expense and higher usage per customer in the current quarter. The impact of regulatory true-up adjustments, higher bad debt and other operating expense during the current quarter had a negative impact on the loss for the quarter. In the Pennsylvania Division, the loss decreased $1.0 million primarily due to a lower effective tax rate.

     The Utility segment’s earnings of $61.5 million, or $0.73 per share, for the fiscal year ended September 30, 2008, increased $10.6 million, or $0.13 per share, compared to the fiscal year ended September 30, 2007. Earnings of $40.7 million in Distribution’s New York Division for the fiscal year ended September 30, 2008, increased $6.9 million, or $0.09 per share, compared to the prior year. The increase is mainly due to lower postretirement benefits and bad debt expense, lower property and other taxes, and a higher non-cash accrual of interest income on a pension-related regulatory asset. Higher usage per customer, lower depreciation and interest expense, and a lower effective tax rate this fiscal year also contributed to the increase in earnings. The impact of these items more than offset the effect of the rate design change described above and the negative impact of certain regulatory true-up adjustments in the current fiscal year’s earnings.

     For the fiscal year ended September 30, 2008, earnings of $20.8 million in Distribution’s Pennsylvania Division, or $0.25 per share, increased $3.7 million, or $0.04 per share, compared to the prior year. Earnings increased primarily due to an increase in base rates, higher usage per customer and a decrease in bad debt expense. On January 1, 2007, Distribution implemented a Settlement Agreement approved by the Pennsylvania Public Utility Commission that provided for a $14.3 million (before tax) annual base rate increase. Warmer weather during the fiscal year ended September 30, 2008, partially offset the increase in earnings.

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Energy Marketing

     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 net loss for the fourth quarter of fiscal 2008 of $1.2 million, or $0.01 per share, increased $0.4 million compared to the prior year’s fourth quarter loss of $0.8 million, due to lower margins. The lower margins were primarily driven by higher pipeline reservation charges related to additional storage capacity, as well as unfavorable pipeline imbalance resolution due to falling prices during the quarter. The margin decrease was partially offset by a lower effective tax rate.

     Even though NFR’s reported sales volumes for the fourth quarter were 2.2 Bcf higher than the prior year’s fourth quarter, overall margins for the current quarter were lower. The increase in sales volume was primarily due to sales transactions that NFR undertook to offset certain basis risks that NFR was exposed to under certain commodity purchase contracts. Such offsetting transactions had the effect of increasing revenue and volumes sold, but the impact on earnings was minimal.

     Earnings for the fiscal year ended September 30, 2008, of $5.9 million, or $0.07 per share, decreased $1.8 million, or $0.02 per share, compared to the fiscal year ended September 30, 2007. The comparability of the results is impacted by the reversal in 2007 of a $2.3 million accrual for purchased gas expense for which a contingency was resolved during the second quarter of that year. Excluding this item, Operating Results for the fiscal year ended September 30, 2008, increased $0.6 million, or $0.01 per share, compared to the prior year, mainly due to increased sales volumes. NFR also benefited from the profitable sale of certain gas held as inventory and from the marketing flexibility that it derives from its contracts for significant storage capacity. Lower income tax expense during fiscal 2008 also contributed to the increase in Operating Results. Higher bad debt expense and lower interest income partially offset these items.

Timber Segment

     The Timber segment operations are carried out by Highland Forest Resources, Inc. and Seneca’s Northeast Division. This segment markets high quality hardwoods from its New York and Pennsylvania land holdings, and owns two sawmill/dry kiln operations in northwestern Pennsylvania.

     The Timber segment experienced a loss of $2.1 million, or $0.03 per share for the quarter ended September 30, 2008, compared to earnings of $0.7 million or $0.01 per share for the quarter ended September 30, 2007. Earnings for the fiscal year ended September 30, 2008, of $0.1 million reflects a decrease of $3.6 million from the prior year’s earnings. The decrease in earnings for the quarter and fiscal year ended September 30, 2008 is mainly due to lower sales volumes and lower market prices in the current fiscal period. The most significant decrease in volumes occurred in high margin cherry veneer logs and cherry kiln dry lumber. The lower sales volumes are the result of depressed market conditions and reduced demand.

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Corporate and All Other

     Other direct, wholly-owned subsidiaries of the Company include: Horizon LFG, Inc., a corporation engaged through subsidiaries in the purchase, processing, transportation and sale of landfill gas; and Horizon Power, Inc., a corporation that owns independent electric generation facilities which are fueled with natural gas or landfill gas.

     The Corporate and All Other category experienced a loss for the quarter ended September 30, 2008, of $4.1 million compared to earnings of $2.2 million for the prior year’s fourth quarter. Higher operating expenses, higher interest expense, lower interest income and higher income taxes were the primary reasons for the increased loss in this category. The increase in income taxes is due to the allocation of the benefit of the Parent Company’s tax loss to the operating subsidiaries in accordance with an intercompany tax sharing agreement. The operating segments reflect their allocated portion of this tax benefit in the respective segment results.

     Earnings in the Corporate and All Other category for the fiscal year ended September 30, 2008 were $0.5 million, a decrease of $7.6 million when compared to the prior year’s earnings. The comparability of the fiscal year results is impacted by a $0.6 million gain in 2008 on the sale of a gas-powered turbine Horizon Power, Inc. had previously planned to use in the development of a co-generation plant. Excluding this item, Operating Results decreased $8.2 million. Higher operating expenses, mainly related to the proxy contest initiated by a shareholder, lower interest income and a higher effective tax rate due to the allocation in the fourth quarter of the tax benefit described above, more than offset an increase in margins from the landfill gas operations and higher income from unconsolidated subsidiaries.

Discontinued Operations

     On August 31, 2007, Seneca completed the sale of its Canadian subsidiary. As a result of that sale, the Company has presented the Canadian operations as discontinued operations. Earnings in the fourth quarter of fiscal 2007 include earnings from discontinued operations of $123.4 million. Earnings for the fiscal year ended September 30, 2007, include earnings from discontinued operations of $135.8 million. There were no earnings from discontinued operations for the quarter or fiscal year ended September 30, 2008.

LIQUIDITY/CASH FLOW OUTLOOK

     National Fuel has designed its capital expenditure budget to allow it to live within cash flow in fiscal 2009. During the Company’s third quarter earnings teleconference, management had announced fiscal 2009 forecasted capital expenditures in the range of $328 to $403 million. Since that time, Seneca was the high bidder for approximately 24,000 mineral acres in Pennsylvania at a cost of approximately $74 million. Seneca is in the process of negotiating the lease terms for that acreage. The Company also continues to pursue the sale of certain landfill gas related assets. National Fuel anticipates that cash from operations and the proceeds from those asset sales should be sufficient to fund its 2009 capital investments, the lease payments discussed above, operating expenses, and dividend payments. In the event conditions in the credit markets improve, the Company may accelerate spending for some capital projects and modestly exceed its projected 2009 cash flow.

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     National Fuel’s cash from operations is somewhat dependent on the crude oil and natural gas commodity prices received by Seneca for the sale of its production. As previously disclosed, using the middle of its range of production guidance, Seneca has approximately 44 percent of its fiscal 2009 gas production hedged at an average price of $9.49 per Mcf and 40 percent of its fiscal 2009 oil production hedged at a Midway-Sunset price of $83.12 per barrel (which equates to a NYMEX price of approximately $94.30). The operating cash flows of National Fuel’s Utility and Pipeline and Storage segments are considerably less sensitive to changes in commodity prices.

From time-to-time, the Company uses short-term borrowings to finance its working capital needs. National Fuel maintains $420 million of uncommitted lines of credit with various banks and a $300 million commercial paper program. The commercial paper program is backed by a $300 million syndicated committed credit facility that extends through September 30, 2010.

EARNINGS GUIDANCE

     The Company is revising its earnings guidance for fiscal 2009 to reflect a change in pricing assumptions for natural gas and crude oil. The revised earnings range is $2.60 to $2.80 per share. This includes oil and gas production for the Exploration and Production segment in the range of 38 to 44 Bcfe and is based on hedges currently in place and flat commodity pricing on non-hedged volumes, exclusive of basis differential, of $7.00 per MMBtu for natural gas and $70 per Bbl for crude oil. The Company is currently exploring a possible sale of certain landfill gas related assets. The guidance for fiscal 2009 does not take into account any earnings impacts resulting from such possible sale or sales. If a sale were to occur, certain earnings that have historically been included in Operating Results would be changed to a non-operating classification, as would any gain or loss on the sale.

EARNINGS TELECONFERENCE

     The Company will host a conference call on Friday, November 7, 2008, 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 Web site at investor.nationalfuelgas.com. For those without Internet access, access is also provided by dialing (toll-free) 1-800-659-2032, and using the passcode “80054431.” For those unable to listen to the live conference call, a replay will be available approximately one hour after the conclusion of the call at the same Web site link and by phone at (toll free) 1-888-286-8010 using passcode “13507417.” Both the webcast and telephonic replay will be available until the close of business on Friday, November 14, 2008.

     National Fuel is an integrated energy company with $4.1 billion in assets comprised of the following five operating segments: Exploration and Production, Pipeline and Storage, Utility, Energy Marketing, and Timber. Additional information about National Fuel is available on its Internet Web site: http://www.nationalfuelgas.com or through its investor information service at 1-800-334-2188.

Analyst Contact:	James C. Welch	(716) 857-6987
Media Contact:	Julie Coppola Cox	(716) 857-7079

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,”

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“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: financial and economic conditions, including the availability of credit, and their effect on the Company’s ability to obtain financing on acceptable terms for working capital, capital expenditures and other investments; occurrences affecting the Company’s ability to obtain financing under credit lines or other credit facilities or through the issuance of commercial paper, other short-term notes or debt or equity securities, 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; economic disruptions caused by terrorist activities, acts of war or major accidents; changes in actuarial assumptions, the interest rate environment and the return on assets for the Company’s retirement plan and post-retirement benefit plans, which can affect future funding obligations and costs and plan liabilities; changes in demographic patterns and weather conditions, including the occurrence of severe weather such as hurricanes; changes in the availability and/or price of natural gas or oil and the effect of such changes on the accounting treatment of derivative financial instruments or the valuation of the Company’s natural gas and oil reserves; uncertainty of oil and natural gas reserve estimates; ability to successfully identify, drill for and produce economically viable natural gas and oil reserves, including shortages, delays or unavailability of equipment and services required in drilling operations; significant changes from expectations in the Company’s actual production levels for natural gas or oil; changes in the availability and/or price of derivative financial instruments; changes in the price differentials between various types of oil; inability to obtain new customers or retain existing ones; significant changes in competitive factors affecting the Company; changes in laws and regulations to which the Company is subject, including tax, environmental, safety and employment laws and regulations; governmental/regulatory actions, initiatives and proceedings, including those involving acquisitions, financings, rate cases (which address, among other things, allowed rates of return, rate design and retained natural gas), affiliate relationships, industry structure, franchise renewal, and environmental/safety requirements; unanticipated impacts of restructuring initiatives in the natural gas and electric industries; significant changes from expectations in actual capital expenditures and operating expenses and unanticipated project delays or changes in project costs or plans; the nature and projected profitability of pending and potential projects and other investments, and the ability to obtain necessary governmental approvals and permits; ability to successfully identify and finance acquisitions or other investments and ability to operate and integrate existing and any subsequently acquired business or properties; impairments under the Securities and Exchange Commission’s full cost ceiling test for natural gas and oil reserves; changes in the market price of timber and the impact such changes might have on the types and quantity of timber harvested by the Company; significant changes in tax rates or policies or in rates of inflation or interest; significant changes in the Company’s relationship with its employees or contractors and the potential adverse effects if labor disputes, grievances or shortages were to occur; changes in accounting principles or the application of such principles to the Company; 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 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 hereof.

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NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
QUARTER ENDED SEPTEMBER 30, 2008

	Exploration &			Pipeline &						Energy						Corporate /
(Thousands of Dollars)	Production*			Storage			Utility			Marketing			Timber			All Other			Consolidated
Fourth quarter 2007 GAAP earnings	$	145,711		$	13,311		$	(3,436	)	$	(768	)	$	675		$	2,197		$	157,690
Items impacting comparability:
Gain on disposal of discontinued operations ***		(120,301	)																	(120,301	)
Earnings from discontinued operations		(3,094	)																	(3,094	)
Fourth quarter 2007 Operating Results		22,316			13,311			(3,436	)		(768	)		675			2,197			34,295
Drivers of Operating Results
Higher (lower) crude oil prices		12,616																		12,616
Higher (lower) natural gas prices		7,317																		7,317
Higher (lower) natural gas production		(460	)																	(460	)
Higher (lower) crude oil production		(3,014	)																	(3,014	)
Derivative mark to market adjustment		1,079																		1,079
Lower (higher) lease operating expenses		(2,844	)																	(2,844	)
Lower (higher) depreciation / depletion								473						477						950
Higher (lower) transportation and storage revenues					(176	)														(176	)
Higher (lower) efficiency gas revenues					(1,549	)														(1,549	)
Lower (higher) operating expenses		(2,428	)		(371	)		(907	)					261			(1,630	)		(5,075	)
Lower (higher) property, franchise and other taxes								289												289
Base rate increase in New York								1,895												1,895
Higher (lower) usage								649												649
Regulatory true-up adjustments								(3,011	)											(3,011	)
Higher (lower) income from unconsolidated subsidiaries																	(288	)		(288	)
Higher (lower) margins											(677	)		(4,094	)		(110	)		(4,881	)
Higher AFUDC**					1,949															1,949
Higher (lower) interest income		(970	)					2,608			(100	)					(746	)		792
(Higher) lower interest expense		2,066			(341	)		607									(713	)		1,619
Lower (higher) income tax expense		2,339						466			524			558			(2,518	)		1,369
All other / rounding		210			395			(389	)		(170	)		16			(317	)		(255	)
Fourth quarter 2008 GAAP earnings	$	38,227		$	13,218		$	(756	)	$	(1,191	)	$	(2,107	)	$	(4,125	)	$	43,266

*	Includes discontinued operations
**	AFUDC = Allowance for Funds Used During Construction
***	Includes positive effective tax rate impact of $16,384.

Page 12

NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
QUARTER ENDED SEPTEMBER 30, 2008

	Exploration &			Pipeline &						Energy						Corporate /
	Production *			Storage			Utility			Marketing			Timber			All Other			Consolidated
Fourth quarter 2007 GAAP earnings	$	1.70		$	0.16		$	(0.04	)	$	(0.01	)	$	0.01		$	0.02		$	1.84
Items impacting comparability:
Gain on disposal of discontinued operations		(1.41	)																	(1.41	)
Earnings from discontinued operations		(0.03	)																	(0.03	)
Fourth quarter 2007 Operating Results		0.26			0.16			(0.04	)		(0.01	)		0.01			0.02			0.40
Drivers of Operating Results
Higher (lower) crude oil prices		0.15																		0.15
Higher (lower) natural gas prices		0.09																		0.09
Higher (lower) natural gas production		—																		—
Higher (lower) crude oil production		(0.04	)																	(0.04	)
Derivative mark to market adjustment		0.01																		0.01
Lower (higher) lease operating expenses		(0.03	)																	(0.03	)
Lower (higher) depreciation / depletion								0.01						—						0.01
Higher (lower) transportation and storage revenues					—															—
Higher (lower) efficiency gas revenues					(0.02	)														(0.02	)
Lower (higher) operating expenses		(0.03	)		—			(0.01	)					—			(0.02	)		(0.06	)
Lower (higher) property, franchise and other taxes																				—
Base rate increase in New York								0.02												0.02
Higher (lower) usage								0.01												0.01
Regulatory true-up adjustments								(0.04	)											(0.04	)
Higher (lower) income from unconsolidated subsidiaries																	—			—
Higher (lower) margins											(0.01	)		(0.05	)		—			(0.06	)
Higher AFUDC**					0.02															0.02
Higher (lower) interest income		(0.01	)					0.03			—						(0.01	)		0.01
(Higher) lower interest expense		0.02			—			0.01									(0.01	)		0.02
Lower (higher) income tax expense		0.03						—			0.01			0.01			(0.03	)		0.02
All other / rounding		0.01						—			—			—						0.01
Fourth quarter 2008 GAAP earnings	$	0.46		$	0.16		$	(0.01	)	$	(0.01	)	$	(0.03	)	$	(0.05	)	$	0.52

*	Includes discontinued operations
**	AFUDC = Allowance for Funds Used During Construction

Page 13

NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
YEAR ENDED SEPTEMBER 30, 2008

	Exploration &			Pipeline &						Energy						Corporate /
(Thousands of Dollars)	Production *			Storage			Utility			Marketing			Timber			All Other			Consolidated
Fiscal 2007 GAAP earnings	$	210,669		$	56,386		$	50,886		$	7,663		$	3,728		$	8,123		$	337,455
Items impacting comparability:
Gain on disposal of discontinued operations ***		(120,301	)																	(120,301	)
Earnings from discontinued operations		(15,479	)																	(15,479	)
Reversal of reserve for preliminary project costs					(4,787	)														(4,787	)
Resolution of a purchased gas contingency											(2,344	)								(2,344	)
Discontinuance of hedge accounting					(1,888	)														(1,888	)
Fiscal 2007 Operating Results		74,889			49,711			50,886			5,319			3,728			8,123			192,656
Drivers of Operating Results
Higher (lower) crude oil prices		60,008																		60,008
Higher (lower) natural gas prices		26,157																		26,157
Higher (lower) natural gas production		11,782																		11,782
Higher (lower) crude oil production		(5,839	)																	(5,839	)
Lower (higher) lease operating expenses		(11,879	)																	(11,879	)
Lower (higher) depreciation / depletion		(9,130	)					929												(8,201	)
Higher (lower) transportation and storage revenues					2,350															2,350
Higher (lower) efficiency gas revenues					500															500
Lower (higher) operating expenses		(6,192	)		(1,283	)		4,670			(1,126	)					(6,129	)		(10,060	)
Lower (higher) property, franchise and other taxes								1,185												1,185
Base rate decrease in New York								(934	)											(934	)
Base rate increase in Pennsylvania								2,572												2,572
Higher (lower) usage								1,722												1,722
Warmer weather in Pennsylvania								(1,637	)											(1,637	)
Regulatory true-up adjustments								(1,763	)											(1,763	)
Higher (lower) income from unconsolidated subsidiaries																	861			861
Higher (lower) margins											1,202			(4,222	)		220			(2,800	)
Higher AFUDC**					4,201															4,201
Higher (lower) interest income		660						2,608			(233	)					(1,332	)		1,703
(Higher) lower interest expense		6,564			(1,476	)		330												5,418
Lower (higher) income tax expense		(1,068	)					675			987			809			(1,748	)		(345	)
All other / rounding		660			145			229			(260	)		(208	)		(81	)		485
Fiscal 2008 Operating Results		146,612			54,148			61,472			5,889			107			(86	)		268,142
Items impacting comparability:
Gain on sale of turbine																	586			586
Fiscal 2008 GAAP earnings	$	146,612		$	54,148		$	61,472		$	5,889		$	107		$	500		$	268,728

*	Includes discontinued operations
**	AFUDC = Allowance for Funds Used During Construction
***	Includes positive effective tax rate impact of $16,384.

Page 14

NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
YEAR ENDED SEPTEMBER 30, 2008

	Exploration &			Pipeline &						Energy						Corporate /
	Production *			Storage			Utility			Marketing			Timber			All Other			Consolidated
Fiscal 2007 GAAP earnings	$	2.47		$	0.66		$	0.60		$	0.09		$	0.04		$	0.10		$	3.96
Items impacting comparability:
Gain on disposal of discontinued operations		(1.41	)																	(1.41	)
Earnings from discontinued operations		(0.18	)																	(0.18	)
Reversal of reserve for preliminary project costs					(0.06	)														(0.06	)
Resolution of a purchased gas contingency											(0.03	)								(0.03	)
Discontinuance of hedge accounting					(0.02	)														(0.02	)
Fiscal 2007 Operating Results		0.88			0.58			0.60			0.06			0.04			0.10			2.26
Drivers of Operating Results
Higher (lower) crude oil prices		0.71																		0.71
Higher (lower) natural gas prices		0.31																		0.31
Higher (lower) natural gas production		0.14																		0.14
Higher (lower) crude oil production		(0.07	)																	(0.07	)
Lower (higher) lease operating expenses		(0.14	)																	(0.14	)
Lower (higher) depreciation / depletion		(0.11	)					0.01												(0.10	)
Higher (lower) transportation and storage revenues					0.03															0.03
Higher (lower) efficiency gas revenues					0.01															0.01
Lower (higher) operating expenses		(0.07	)		(0.01	)		0.06			(0.01	)					(0.07	)		(0.10	)
Lower (higher) property, franchise and other taxes								0.01												0.01
Base rate decrease in New York								(0.01	)											(0.01	)
Base rate increase in Pennsylvania								0.03												0.03
Higher (lower) usage								0.02												0.02
Warmer weather in Pennsylvania								(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											0.01			(0.05	)		—			(0.04	)
Higher AFUDC**					0.05															0.05
Higher (lower) interest income		0.01						0.03			—						(0.02	)		0.02
(Higher) lower interest expense		0.08			(0.02	)		—												0.06
Lower (higher) income tax expense		(0.01	)					0.01			0.01			0.01			(0.02	)		—
All other / rounding		—			—			0.01			—			—			—			0.01
Fiscal 2008 Operating Results		1.73			0.64			0.73			0.07			(0.00	)		—			3.17
Items impacting comparability:
Gain on sale of turbine																	0.01			0.01
Fiscal 2008 GAAP earnings	$	1.73		$	0.64		$	0.73		$	0.07		$	(0.00	)	$	0.01		$	3.18

*	Includes discontinued operations
**	AFUDC = Allowance for Funds Used During Construction

Page 15

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

	Three Months Ended						Twelve Months Ended
	September 30,						September 30,
	(Unaudited)						(Unaudited)
(Thousands of Dollars, except per share amounts)	2008			2007			2008			2007
SUMMARY OF OPERATIONS
Operating Revenues	$	397,858		$	302,030		$	2,400,361		$	2,039,566
Operating Expenses:
Purchased Gas		152,816			79,164			1,235,157			1,018,081
Operation and Maintenance		107,228			90,905			432,871			396,408
Property, Franchise and Other Taxes		17,379			16,098			75,585			70,660
Depreciation, Depletion and Amortization		41,286			42,359			170,623			157,919
		318,709			228,526			1,914,236			1,643,068
Operating Income		79,149			73,504			486,125			396,498
Other Income (Expense):
Income from Unconsolidated Subsidiaries		1,437			1,880			6,303			4,979
Other Income		2,394			908			7,376			4,936
Interest Income		2,459			(1,548	)		10,815			1,550
Interest Expense on Long-Term Debt		(18,055	)		(16,289	)		(70,099	)		(68,446	)
Other Interest Expense		339			(1,151	)		(3,870	)		(6,029	)
Income from Continuing Operations Before Income Taxes		67,723			57,304			436,650			333,488
Income Tax Expense		24,457			23,009			167,922			131,813
Income from Continuing Operations		43,266			34,295			268,728			201,675
Discontinued Operations:
Income from Operations, Net of Tax		—			3,094			—			15,479
Gain on Disposal, Net of Tax		—			120,301			—			120,301
Income from Discontinued Operations, Net of Tax		—			123,395			—			135,780
Net Income Available for Common Stock	$	43,266		$	157,690		$	268,728		$	337,455
Earnings Per Common Share:
Basic:
Income from Continuing Operations	$	0.54		$	0.41		$	3.27		$	2.43
Income from Discontinued Operations		—			1.48			—			1.63
Net Income Available for Common Stock	$	0.54		$	1.89		$	3.27		$	4.06
Diluted:
Income from Continuing Operations	$	0.52		$	0.40		$	3.18		$	2.37
Income from Discontinued Operations		—			1.44			—			1.59
Net Income Available for Common Stock	$	0.52		$	1.84		$	3.18		$	3.96
Weighted Average Common Shares:
Used in Basic Calculation		80,858,668			83,506,748			82,304,335			83,141,640
Used in Diluted Calculation		82,896,107			85,577,898			84,474,839			85,301,361

Page 16

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)

	September 30,		September 30,
(Thousands of Dollars)	2008		2007
ASSETS
Property, Plant and Equipment	$	4,873,969	$	4,461,586
Less — Accumulated Depreciation, Depletion and Amortization		1,719,869		1,583,181
Net Property, Plant and Equipment		3,154,100		2,878,405
Current Assets:
Cash and Temporary Cash Investments		68,239		124,806
Cash Held in Escrow		—		61,964
Hedging Collateral Deposits		1		4,066
Receivables — Net		185,397		172,380
Unbilled Utility Revenue		24,364		20,682
Gas Stored Underground		87,294		66,195
Materials and Supplies — at average cost		31,317		35,669
Unrecovered Purchased Gas Costs		37,708		14,769
Other Current Assets		65,158		45,057
Deferred Income Taxes		—		8,550
Total Current Assets		499,478		554,138
Other Assets:
Recoverable Future Taxes		82,506		83,954
Unamortized Debt Expense		13,978		12,070
Other Regulatory Assets		189,587		137,577
Deferred Charges		4,417		5,545
Other Investments		80,640		85,902
Investments in Unconsolidated Subsidiaries		16,279		18,256
Goodwill		5,476		5,476
Intangible Assets		26,174		28,836
Prepaid Pension and Post-Retirement Benefit Costs		21,034		61,006
Fair Value of Derivative Financial Instruments		28,786		9,188
Other		7,732		8,059
Total Other Assets		476,609		455,869
Total Assets	$	4,130,187	$	3,888,412
CAPITALIZATION AND LIABILITIES
Capitalization:
Comprehensive Shareholders’ Equity
Common Stock, $1 Par Value Authorized — 200,000,000 Shares; Issued and Outstanding — 79,120,544 Shares and 83,461,308 Shares, Respectively	$	79,121	$	83,461
Paid in Capital		567,716		569,085
Earnings Reinvested in the Business		953,799		983,776
Total Common Shareholders’ Equity Before Items of Other Comprehensive Income / (Loss)		1,600,636		1,636,322
Accumulated Other Comprehensive Income / (Loss)		2,963		(6,203	)
Total Comprehensive Shareholders’ Equity		1,603,599		1,630,119
Long-Term Debt, Net of Current Portion		999,000		799,000
Total Capitalization		2,602,599		2,429,119
Current and Accrued Liabilities:
Notes Payable to Banks and Commercial Paper		—		—
Current Portion of Long-Term Debt		100,000		200,024
Accounts Payable		142,520		109,757
Amounts Payable to Customers		2,753		10,409
Dividends Payable		25,714		25,873
Interest Payable on Long-Term Debt		22,114		18,158
Customer Advances		33,017		22,863
Other Accruals and Current Liabilities		45,220		36,062
Deferred Income Taxes		1,871		—
Fair Value of Derivative Financial Instruments		1,362		16,200
Total Current and Accrued Liabilities		374,571		439,346
Deferred Credits:
Deferred Income Taxes		634,372		575,356
Taxes Refundable to Customers		18,449		14,026
Unamortized Investment Tax Credit		4,691		5,392
Cost of Removal Regulatory Liability		103,100		91,226
Other Regulatory Liabilities		91,933		76,659
Post-Retirement Liabilities		78,909		70,555
Asset Retirement Obligations		93,247		75,939
Other Deferred Credits		128,316		110,794
Total Deferred Credits		1,153,017		1,019,947
Commitments and Contingencies		—		—
Total Capitalization and Liabilities	$	4,130,187	$	3,888,412

Page 17

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

	Twelve Months Ended
	September 30,
(Thousands of Dollars)	2008			2007
Operating Activities:
Net Income Available for Common Stock	$	268,728		$	337,455
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Gain on Sale of Discontinued Operations		—			(159,873	)
Depreciation, Depletion and Amortization		170,623			170,803
Deferred Income Taxes		72,496			52,847
Income from Unconsolidated Subsidiaries, Net of Cash Distributions		1,977			(3,366	)
Excess Tax Benefits Associated with Stock-Based Compensation Awards		(16,275	)		(13,689	)
Other		4,858			16,399
Change in:
Hedging Collateral Deposits		4,065			15,610
Receivables and Unbilled Utility Revenue		(16,815	)		5,669
Gas Stored Underground and Materials and Supplies		(22,116	)		(5,714	)
Unrecovered Purchased Gas Costs		(22,939	)		(1,799	)
Prepayments and Other Current Assets		(36,376	)		18,800
Accounts Payable		32,763			(26,002	)
Amounts Payable to Customers		(7,656	)		(13,526	)
Customer Advances		10,154			(6,554	)
Other Accruals and Current Liabilities		(3,641	)		8,950
Other Assets		(11,887	)		4,109
Other Liabilities		54,817			(5,922	)
Net Cash Provided by Operating Activities	$	482,776		$	394,197
Investing Activities:
Capital Expenditures		($397,734	)		($276,728	)
Investment in Partnership		—			(3,300	)
Net Proceeds from Sale of Foreign Subsidiary		—			232,092
Cash Held in Escrow		58,397			(58,248	)
Net Proceeds from Sale of Oil and Gas Producing Properties		5,969			5,137
Other		4,376			(725	)
Net Cash Used in Investing Activities		($328,992	)		($101,772	)
Financing Activities:
Excess Tax Benefits Associated with Stock-Based Compensation Awards	$	16,275		$	13,689
Shares Repurchased under Repurchase Plan		(237,006	)		(48,070	)
Net Proceeds from Issuance of Long-Term Debt		296,655			—
Reduction of Long-Term Debt		(200,024	)		(119,576	)
Dividends Paid on Common Stock		(103,683	)		(100,632	)
Proceeds From Issuance of Common Stock		17,432			17,498
Net Cash Used In Financing Activities		($210,351	)		($237,091	)
Effect of Exchange Rates on Cash		—			(139	)
Net Increase / (Decrease) in Cash and Temporary Cash Investments		(56,567	)		55,195
Cash and Temporary Cash Investments at Beginning of Period		124,806			69,611
Cash and Temporary Cash Investments at September 30	$	68,239		$	124,806

Page 18

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)

	Three Months Ended									Twelve Months Ended
	September 30,									September 30,
(Thousands of Dollars, except per share amounts)	2008			2007			Variance			2008			2007			Variance
EXPLORATION AND PRODUCTION SEGMENT
Operating Revenues	$	117,931		$	90,329		$	27,602		$	466,760		$	324,037		$	142,723
Operating Expenses:
Operation and Maintenance:
General and Administrative Expense		5,925			6,243			(318	)		24,600			19,946			4,654
Lease Operating Expense		14,223			11,585			2,638			55,335			43,916			11,419
All Other Operation and Maintenance Expense		5,523			1,468			4,055			13,250			8,378			4,872
Property, Franchise and Other Taxes (Lease Operating Expense)		2,956			1,220			1,736			11,350			4,493			6,857
Depreciation, Depletion and Amortization		22,122			21,844			278			92,221			78,174			14,047
		50,749			42,360			8,389			196,756			154,907			41,849
Operating Income		67,182			47,969			19,213			270,004			169,130			100,874
Other Income (Expense):
Interest Income		1,642			3,134			(1,492	)		10,921			9,905			1,016
Other Income		—			18			(18	)		18			18			—
Interest Expense on Long-Term Debt		—			—			—			—			(1,188	)		1,188
Other Interest Expense		(8,970	)		(12,149	)		3,179			(41,645	)		(50,555	)		8,910
Income from Continuing Operations Before Income Taxes		59,854			38,972			20,882			239,298			127,310			111,988
Income Tax Expense		21,627			16,656			4,971			92,686			52,421			40,265
Income from Continuing Operations		38,227			22,316			15,911			146,612			74,889			71,723
Discontinued Operations:
Income from Operations, Net of Tax		—			3,094			(3,094	)		—			15,479			(15,479	)
Gain on Disposal, Net of Tax		—			120,301			(120,301	)		—			120,301			(120,301	)
Income from Discontinued Operations, Net of Tax		—			123,395			(123,395	)		—			135,780			(135,780	)
Net Income	$	38,227		$	145,711		$	(107,484	)	$	146,612		$	210,669		$	(64,057	)
Income from Continuing Operations Per Share (Diluted)	$	0.46		$	0.26		$	0.20		$	1.73		$	0.88		$	0.85
Income from Discontinued Operations, Net of Tax, Per Share (Diluted)		—			1.44			(1.44	)		—			1.59			(1.59	)
Net Income Per Share (Diluted)	$	0.46		$	1.70		$	(1.24	)	$	1.73		$	2.47		$	(0.74	)

	Three Months Ended									Twelve Months Ended
	September 30,									September 30,
	2008			2007			Variance			2008			2007			Variance
PIPELINE AND STORAGE SEGMENT
Revenues from External Customers	$	33,181		$	35,521		$	(2,340	)	$	135,052		$	130,410		$	4,642
Intersegment Revenues		20,164			19,972			192			81,504			81,556			(52	)
Total Operating Revenues		53,345			55,493			(2,148	)		216,556			211,966			4,590
Operating Expenses:
Purchased Gas		2			7			(5	)		(10	)		(5	)		(5	)
Operation and Maintenance		19,755			19,111			644			70,632			61,230			9,402
Property, Franchise and Other Taxes		4,224			4,317			(93	)		16,763			17,112			(349	)
Depreciation, Depletion and Amortization		8,242			8,135			107			32,871			32,985			(114	)
		32,223			31,570			653			120,256			111,322			8,934
Operating Income		21,122			23,923			(2,801	)		96,300			100,644			(4,344	)
Other Income (Expense):
Interest Income		116			134			(18	)		843			357			486
Other Income		2,251			330			1,921			4,796			748			4,048
Interest Expense on Long-Term Debt		—			(16	)		16			(31	)		1,792			(1,823	)
Other Interest Expense		(3,813	)		(3,274	)		(539	)		(13,752	)		(11,415	)		(2,337	)
Income Before Income Taxes		19,676			21,097			(1,421	)		88,156			92,126			(3,970	)
Income Tax Expense		6,458			7,786			(1,328	)		34,008			35,740			(1,732	)
Net Income	$	13,218		$	13,311		$	(93	)	$	54,148		$	56,386		$	(2,238	)
Net Income Per Share (Diluted)	$	0.16		$	0.16		$	—		$	0.64		$	0.66		$	(0.02	)

Page 19

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)

	Three Months Ended									Twelve Months Ended
	September 30,									September 30,
(Thousands of Dollars, except per share amounts)	2008			2007			Variance			2008			2007			Variance
UTILITY SEGMENT
Revenues from External Customers	$	127,464		$	105,594		$	21,870		$	1,194,657		$	1,106,453		$	88,204
Intersegment Revenues		2,044			1,715			329			15,612			14,271			1,341
Total Operating Revenues		129,508			107,309			22,199			1,210,269			1,120,724			89,545
Operating Expenses:
Purchased Gas		65,215			47,682			17,533			800,474			718,376			82,098
Operation and Maintenance		44,765			37,519			7,246			202,745			202,965			(220	)
Property, Franchise and Other Taxes		9,726			10,037			(311	)		45,476			47,023			(1,547	)
Depreciation, Depletion and Amortization		9,661			10,389			(728	)		39,113			40,541			(1,428	)
		129,367			105,627			23,740			1,087,808			1,008,905			78,903
Operating Income		141			1,682			(1,541	)		122,461			111,819			10,642
Other Income (Expense):
Interest Income		1,148			(2,907	)		4,055			1,836			(2,345	)		4,181
Other Income		278			318			(40	)		1,161			1,244			(83	)
Other Interest Expense		(5,913	)		(6,847	)		934			(27,683	)		(28,190	)		507
Income (Loss) Before Income Taxes		(4,346	)		(7,754	)		3,408			97,775			82,528			15,247
Income Tax Expense (Benefit)		(3,590	)		(4,318	)		728			36,303			31,642			4,661
Net Income (Loss)	$	(756	)	$	(3,436	)	$	2,680		$	61,472		$	50,886		$	10,586
Net Income (Loss) Per Share (Diluted)	$	(0.01	)	$	(0.04	)	$	0.03		$	0.73		$	0.60		$	0.13

	Three Months Ended									Twelve Months Ended
	September 30,									September 30,
	2008			2007			Variance			2008			2007			Variance
ENERGY MARKETING SEGMENT
Revenues from External Customers	$	109,821		$	53,576		$	56,245		$	549,932		$	413,612		$	136,320
Intersegment Revenues		1,300			—			1,300			1,300			—			1,300
Total Operating Revenues		111,121			53,576			57,545			551,232			413,612			137,620
Operating Expenses:
Purchased Gas		111,926			53,275			58,651			535,917			396,322			139,595
Operation and Maintenance		1,396			1,287			109			6,566			4,998			1,568
Property, Franchise and Other Taxes		18			27			(9	)		50			73			(23	)
Depreciation, Depletion and Amortization		11			10			1			42			33			9
		113,351			54,599			58,752			542,575			401,426			141,149
Operating Income (Loss)		(2,230	)		(1,023	)		(1,207	)		8,657			12,186			(3,529	)
Other Income (Expense):
Interest Income		30			183			(153	)		323			682			(359	)
Other Income		58			122			(64	)		264			712			(448	)
Other Interest Expense		(42	)		(9	)		(33	)		(175	)		(263	)		88
Income (Loss) Before Income Taxes		(2,184	)		(727	)		(1,457	)		9,069			13,317			(4,248	)
Income Tax Expense (Benefit)		(993	)		41			(1,034	)		3,180			5,654			(2,474	)
Net Income (Loss)	$	(1,191	)	$	(768	)	$	(423	)	$	5,889		$	7,663		$	(1,774	)
Net Income (Loss) Per Share (Diluted)	$	(0.01	)	$	(0.01	)	$	—		$	0.07		$	0.09		$	(0.02	)

Page 20

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)

	Three Months Ended									Twelve Months Ended
	September 30,									September 30,
(Thousands of Dollars, except per share amounts)	2008			2007			Variance			2008			2007			Variance
TIMBER SEGMENT
Operating Revenues	$	9,078		$	15,819		$	(6,741	)	$	49,516		$	58,897		$	(9,381	)
Operating Expenses:
Operation and Maintenance		11,230			12,029			(799	)		41,321			44,059			(2,738	)
Property, Franchise and Other Taxes		364			406			(42	)		1,584			1,589			(5	)
Depreciation, Depletion and Amortization		883			1,616			(733	)		4,904			4,709			195
		12,477			14,051			(1,574	)		47,809			50,357			(2,548	)
Operating Income (Loss)		(3,399	)		1,768			(5,167	)		1,707			8,540			(6,833	)
Other Income (Expense):
Interest Income		241			327			(86	)		1,053			1,249			(196	)
Other Income		—			—			—			111			22			89
Other Interest Expense		(750	)		(863	)		113			(3,142	)		(3,265	)		123
Income (Loss) Before Income Taxes		(3,908	)		1,232			(5,140	)		(271	)		6,546			(6,817	)
Income Tax Expense (Benefit)		(1,801	)		557			(2,358	)		(378	)		2,818			(3,196	)
Net Income (Loss)	$	(2,107	)	$	675		$	(2,782	)	$	107		$	3,728		$	(3,621	)
Net Income (Loss) Per Share (Diluted)	$	(0.03	)	$	0.01		$	(0.04	)	$	—		$	0.04		$	(0.04	)

	Three Months Ended									Twelve Months Ended
	September 30,									September 30,
	2008			2007			Variance			2008			2007			Variance
ALL OTHER
Revenues from External Customers	$	184		$	997		$	(813	)	$	3,749		$	5,385		$	(1,636	)
Intersegment Revenues		3,864			2,186			1,678			14,115			8,726			5,389
Total Operating Revenues		4,048			3,183			865			17,864			14,111			3,753
Operating Expenses:
Purchased Gas		2,942			1,969			973			10,883			7,529			3,354
Operation and Maintenance		1,379			1,091			288			4,677			3,854			823
Property, Franchise and Other Taxes		20			22			(2	)		78			92			(14	)
Depreciation, Depletion and Amortization		195			196			(1	)		783			785			(2	)
		4,536			3,278			1,258			16,421			12,260			4,161
Operating Income (Loss)		(488	)		(95	)		(393	)		1,443			1,851			(408	)
Other Income (Expense):
Income from Unconsolidated Subsidiaries		1,437			1,880			(443	)		6,303			4,979			1,324
Interest Income		70			4			66			179			16			163
Other Income		10			15			(5	)		951			52			899
Other Interest Expense		(105	)		(688	)		583			(640	)		(2,687	)		2,047
Income (Loss) Before Income Taxes		924			1,116			(192	)		8,236			4,211			4,025
Income Tax Expense (Benefit)		388			463			(75	)		2,564			1,647			917
Net Income (Loss)	$	536		$	653		$	(117	)	$	5,672		$	2,564		$	3,108
Net Income (Loss) Per Share (Diluted)	$	0.01		$	0.01		$	—		$	0.07		$	0.03		$	0.04

Page 21

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)

	Three Months Ended									Twelve Months Ended
	September 30,									September 30,
(Thousands of Dollars, except per share amounts)	2008			2007			Variance			2008			2007			Variance
CORPORATE
Revenues from External Customers	$	199		$	194		$	5		$	695		$	772		$	(77	)
Intersegment Revenues		962			1,202			(240	)		3,844			3,819			25
Total Operating Revenues		1,161			1,396			(235	)		4,539			4,591			(52	)
Operating Expenses:
Operation and Maintenance		4,097			1,878			2,219			18,013			11,293			6,720
Property, Franchise and Other Taxes		71			69			2			284			278			6
Depreciation, Depletion and Amortization		172			169			3			689			692			(3	)
		4,340			2,116			2,224			18,986			12,263			6,723
Operating Income (Loss)		(3,179	)		(720	)		(2,459	)		(14,447	)		(7,672	)		(6,775	)
Other Income (Expense):
Interest Income		20,304			21,518			(1,214	)		85,084			87,296			(2,212	)
Other Income		(203	)		105			(308	)		75			2,140			(2,065	)
Interest Expense on Long-Term Debt		(18,055	)		(16,273	)		(1,782	)		(70,068	)		(69,050	)		(1,018	)
Other Interest Expense		(1,160	)		(1,262	)		102			(6,257	)		(5,264	)		(993	)
Income (Loss) Before Income Taxes		(2,293	)		3,368			(5,661	)		(5,613	)		7,450			(13,063	)
Income Tax Expense (Benefit)		2,368			1,824			544			(441	)		1,891			(2,332	)
Net Income (Loss)	$	(4,661	)	$	1,544		$	(6,205	)	$	(5,172	)	$	5,559		$	(10,731	)
Net Income (Loss) Per Share (Diluted)	$	(0.06	)	$	0.01		$	(0.07	)	$	(0.06	)	$	0.07		$	(0.13	)

	Three Months Ended									Twelve Months Ended
	September 30,									September 30,
	2008			2007			Variance			2008			2007			Variance
INTERSEGMENT ELIMINATIONS
Intersegment Revenues	$	(28,334	)	$	(25,075	)	$	(3,259	)	$	(116,375	)	$	(108,372	)	$	(8,003	)
Operating Expenses:
Purchased Gas		(27,269	)		(23,769	)		(3,500	)		(112,107	)		(104,141	)		(7,966	)
Operation and Maintenance		(1,065	)		(1,306	)		241			(4,268	)		(4,231	)		(37	)
		(28,334	)		(25,075	)		(3,259	)		(116,375	)		(108,372	)		(8,003	)
Operating Income		—			—			—			—			—			—
Other Income (Expense):
Interest Income		(21,092	)		(23,941	)		2,849			(89,424	)		(95,610	)		6,186
Other Interest Expense		21,092			23,941			(2,849	)		89,424			95,610			(6,186	)
Net Income	$	—		$	—		$	—		$	—		$	—		$	—
Net Income Per Share (Diluted)	$	—		$	—		$	—		$	—		$	—		$	—

Page 22

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
	2008		2007		(Decrease)			2008			2007			(Decrease)
Capital Expenditures:
Exploration and Production	$	51,644	$	33,899	$	17,745		$	192,187		$	146,687		$	45,500
Pipeline and Storage (1)		59,316		16,818		42,498			165,520			43,226			122,294
Utility		18,621		14,240		4,381			57,457			54,185			3,272
Energy Marketing		18		18		—			39			76			(37	)
Timber		180		1,394		(1,214	)		1,354			3,657			(2,303	)
Total Reportable Segments		129,779		66,369		63,410			416,557			247,831			168,726
All Other		2		—		2			131			87			44
Corporate		138		219		(81	)		221			(319	)		540
Eliminations		—		—		—			(2,407	)		—			(2,407	)
Total Expenditures from Continuing Operations		129,919		66,588		63,331			414,502			247,599			166,903
Discontinued Operations		—		3,631		(3,631	)		—			29,129			(29,129	)
Total Capital Expenditures	$	129,919	$	70,219	$	59,700		$	414,502		$	276,728		$	137,774

(1) Amount for the quarter and year ended September 30, 2008 includes $ 16.8 million of accrued capital expenditures related to the Empire Connector project. This amount has been excluded from the Consolidated Statement of Cash Flows at September 30, 2008 since it represents a non-cash investing activity at that date.

DEGREE DAYS

							Percent Colder
							(Warmer) Than:
	Normal		2008		2007		Normal			Last Year
Three Months Ended September 30
Buffalo, NY		178		102		76		(42.7	)		34.2
Erie, PA		135		42		77		(68.9	)		(45.5	)
Twelve Months Ended September 30
Buffalo, NY		6,729		6,277		6,271		(6.7	)		0.1
Erie, PA		6,277		5,779		6,007		(7.9	)		(3.8	)

Page 23

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

EXPLORATION AND PRODUCTION INFORMATION

	Three Months Ended							Twelve Months Ended
	September 30,							September 30,
					Increase							Increase
	2008		2007		(Decrease)			2008		2007		(Decrease)
Gas Production/Prices:
Production (MMcf)
Gulf Coast		2,165		2,422		(257	)		11,033		10,356		677
West Coast		1,029		1,046		(17	)		4,039		3,929		110
Appalachia		1,732		1,557		175			7,269		5,555		1,714
Total Production from Continuing Operations		4,926		5,025		(99	)		22,341		19,840		2,501
Canada — Discontinued Operations		—		1,210		(1,210	)		—		6,426		(6,426	)
Total Production		4,926		6,235		(1,309	)		22,341		26,266		(3,925	)
Average Prices (Per Mcf)
Gulf Coast	$	11.57	$	6.05	$	5.52		$	10.03	$	6.58	$	3.45
West Coast		9.54		5.93		3.61			8.71		6.54		2.17
Appalachia		11.27		6.89		4.38			9.73		7.48		2.25
Weighted Average for Continuing Operations		11.04		6.28		4.76			9.70		6.82		2.88
Weighted Average after Hedging for Continuing Operations		9.41		7.13		2.28			9.05		7.25		1.80
Canada — Discontinued Operations		N/M		4.98		N/M			N/M		6.09		N/M
Oil Production/Prices:
Production (Thousands of Barrels)
Gulf Coast		96		177		(81	)		505		717		(212	)
West Coast		635		614		21			2,460		2,403		57
Appalachia		17		33		(16	)		105		124		(19	)
Total Production from Continuing Operations		748		824		(76	)		3,070		3,244		(174	)
Canada — Discontinued Operations		—		31		(31	)		—		206		(206	)
Total Production		748		855		(107	)		3,070		3,450		(380	)
Average Prices (Per Barrel)
Gulf Coast	$	123.54	$	74.26	$	49.28		$	107.27	$	63.04	$	44.23
West Coast		108.32		68.22		40.10			98.17		56.86		41.31
Appalachia		114.20		70.18		44.02			97.40		62.26		35.14
Weighted Average for Continuing Operations		110.40		69.59		40.81			99.64		58.43		41.21
Weighted Average after Hedging for Continuing Operations		87.29		61.35		25.94			81.75		51.68		30.07
Canada — Discontinued Operations		N/M		60.72		N/M			N/M		50.06		N/M
Total Production from Continuing Operations (MMcfe)		9,414		9,969		(555	)		40,761		39,304		1,457
Total Canadian Production (MMcfe)		—		1,396		(1,396	)		—		7,662		(7,662	)
Total Production (MMcfe)		9,414		11,365		(1,951	)		40,761		46,966		(6,205	)
Selected Operating Performance Statistics:
General & Administrative Expense per Mcfe (1)	$	0.63	$	0.63	$	—		$	0.60	$	0.51	$	0.09
Lease Operating Expense per Mcfe (1)	$	1.82	$	1.28	$	0.54		$	1.64	$	1.23	$	0.41
Depreciation, Depletion & Amortization per Mcfe (1)	$	2.35	$	2.19	$	0.16		$	2.26	$	1.99	$	0.27

⁽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. Amounts exclude discontinued operations of Canada.

N/M = Not meaningful

Page 24

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

EXPLORATION AND PRODUCTION INFORMATION

Hedging Summary for Fiscal 2009

SWAPS	Volume	Average Hedge Price
Oil	1.3 MMBBL	$83.12 / BBL
Gas	10.2 BCF	$9.49 / MCF

Hedging Summary for Fiscal 2010

SWAPS	Volume	Average Hedge Price
Oil	0.6 MMBBL	$102.52 / BBL
Gas	3.6 BCF	$10.64 / MCF

Hedging Summary for Fiscal 2011

SWAPS	Volume	Average Hedge Price
Oil	0.1 MMBBL	$125.25 / BBL
Gas	1.1 BCF	$8.30 / MCF

Gross Wells in Process of Drilling
Twelve Months Ended September 30, 2008

							Total
	Gulf		West		East		Company
Wells in Process — Beginning of Period
Exploratory		2.00		0.00		21.00		23.00
Developmental		0.00		4.00		69.00		73.00
Wells Commenced
Exploratory		5.00		1.00		13.00		19.00
Developmental		1.00		60.00		241.00		302.00
Wells Completed
Exploratory		3.00		1.00		8.00		12.00
Developmental		0.00		62.00		187.00		249.00
Wells Plugged & Abandoned
Exploratory		1.00		0.00		1.00		2.00
Developmental		0.00		1.00		0.00		1.00
Wells Sold
Exploratory		2.00		0.00		0.00		2.00
Developmental		0.00		0.00		0.00		0.00
Wells in Process — End of Period
Exploratory		1.00		0.00		25.00		26.00
Developmental		1.00		1.00		123.00		125.00

Net Wells in Process of Drilling
Twelve Months Ended September 30, 2008

							Total
	Gulf		West		East		Company
Wells in Process — Beginning of Period
Exploratory		1.30		0.00		20.00		21.30
Developmental		0.00		4.00		68.00		72.00
Wells Commenced
Exploratory		1.80		1.00		13.00		15.80
Developmental		0.30		60.00		240.00		300.30
Wells Completed
Exploratory		1.14		1.00		8.00		10.14
Developmental		0.00		62.00		186.00		248.00
Wells Plugged & Abandoned
Exploratory		0.37		0.00		1.00		1.37
Developmental		0.00		1.00		0.00		1.00
Wells Sold
Exploratory		1.30		0.00		0.00		1.30
Developmental		0.00		0.00		0.00		0.00
Wells in Process — End of Period
Exploratory		0.29		0.00		24.00		24.29
Developmental		0.30		1.00		122.00		123.30

Page 25

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

EXPLORATION AND PRODUCTION INFORMATION

Reserve Quantity Information

	Gas MMcf
	U.S.
	Gulf Coast			West Coast			Appalachian			Total
	Region			Region			Region			Company
Proved Developed and Undeveloped Reserves:
September 30, 2007		25,136			73,175			107,078			205,389
Extensions and Discoveries		8,759			—			31,322			40,081
Revisions of Previous Estimates		2,156			566			(3,460	)		(738	)
Production		(11,033	)		(4,039	)		(7,269	)		(22,341	)
Purchases of Minerals in Place		—			4,539			727			5,266
Sales of Minerals in Place		(377	)		(1,381	)		—			(1,758	)
September 30, 2008		24,641			72,860			128,398			225,899
Proved Developed Reserves:
September 30, 2007		25,136			66,017			96,674			187,827
September 30, 2008		18,242			68,453			115,824			202,519

	Oil Mbbl
	U.S.
	Gulf Coast			West Coast			Appalachian			Total
	Region			Region			Region			Company
Proved Developed and Undeveloped Reserves:
September 30, 2007		1,435			45,644			507			47,586
Extensions and Discoveries		298			471			58			827
Revisions of Previous Estimates		203			(34	)		(64	)		105
Production		(505	)		(2,460	)		(105	)		(3,070	)
Purchases of Minerals in Place		—			2,084			—			2,084
Sales of Minerals in Place		(73	)		(1,261	)		—			(1,334	)
September 30, 2008		1,358			44,444			396			46,198
Proved Developed Reserves:
September 30, 2007		1,435			36,509			483			38,427
September 30, 2008		1,313			37,224			357			38,894

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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
	2008		2007		(Decrease)			2008		2007		(Decrease)
Firm Transportation — Affiliated		10,997		10,680		317			107,846		111,243		(3,397	)
Firm Transportation — Non-Affiliated		59,071		66,920		(7,849	)		245,327		239,870		5,457
Interruptible Transportation		1,354		1,378		(24	)		5,197		4,975		222
		71,422		78,978		(7,556	)		358,370		356,088		2,282
Utility Throughput — (MMcf)
	Three Months Ended							Twelve Months Ended
	September 30,							September 30,
					Increase							Increase
	2008		2007		(Decrease)			2008		2007		(Decrease)
Retail Sales:
Residential Sales		3,583		3,507		76			57,463		60,236		(2,773	)
Commercial Sales		571		580		(9	)		9,769		10,713		(944	)
Industrial Sales		29		100		(71	)		552		727		(175	)
		4,183		4,187		(4	)		67,784		71,676		(3,892	)
Off-System Sales		895		888		7			5,686		1,355		4,331
Transportation		8,301		8,684		(383	)		64,267		62,240		2,027
		13,379		13,759		(380	)		137,737		135,271		2,466
Energy Marketing Volumes
	Three Months Ended							Twelve Months Ended
	September 30,							September 30,
					Increase							Increase
	2008		2007		(Decrease)			2008		2007		(Decrease)
Natural Gas (MMcf)		8,931		6,712		2,219			56,120		50,775		5,345
Timber Board Feet (Thousands)
	Three Months Ended							Twelve Months Ended
	September 30,							September 30,
					Increase							Increase
	2008		2007		(Decrease)			2008		2007		(Decrease)
Log Sales		2,132		2,202		(70	)		9,272		8,660		612
Green Lumber Sales		2,251		2,738		(487	)		9,747		9,358		389
Kiln-Dried Lumber Sales		2,889		3,826		(937	)		13,425		14,778		(1,353	)
		7,272		8,766		(1,494	)		32,444		32,796		(352	)

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NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
FISCAL 2009 EARNINGS GUIDANCE AND SENSITIVITY

			Earnings per share sensitivity to changes
Fiscal 2009 (Diluted earnings per share guidance*)			from prices used in guidance* ^
			$1 change per MMBtu gas				$5 change per Bbl oil
	Earnings Range		Increase		Decrease		Increase		Decrease
Consolidated Earnings	$	2.60 - $2.80		+ $0.08		- $0.08		+ $0.07		- $0.07

*

Please refer to forward looking statement footnote at page 9 of this document.

^

This sensitivity table is current as of November 6, 2008 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 2009 earnings forecast, the Company is utilizing flat commodity pricing, exclusive of basis differential, of $7.00 per MMBtu for natural gas and $70 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 28

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

	2008		2007
Quarter Ended September 30 (unaudited)
Operating Revenues	$	397,858,000	$	302,030,000
Income from Continuing Operations	$	43,266,000	$	34,295,000
Income from Discontinued Operations, Net of Tax		—		123,395,000
Net Income Available for Common Stock	$	43,266,000	$	157,690,000
Earnings Per Common Share:
Basic:
Income from Continuing Operations	$	0.54	$	0.41
Income from Discontinued Operations		—		1.48
Net Income Available for Common Stock	$	0.54	$	1.89
Diluted:
Income from Continuing Operations	$	0.52	$	0.40
Income from Discontinued Operations		—		1.44
Net Income Available for Common Stock	$	0.52	$	1.84
Weighted Average Common Shares:
Used in Basic Calculation		80,858,668		83,506,748
Used in Diluted Calculation		82,896,107		85,577,898
Twelve Months Ended September 30 (unaudited)
Operating Revenues	$	2,400,361,000	$	2,039,566,000
Income from Continuing Operations	$	268,728,000	$	201,675,000
Income from Discontinued Operations, Net of Tax		—		135,780,000
Net Income Available for Common Stock	$	268,728,000	$	337,455,000
Earnings Per Common Share:
Basic:
Income from Continuing Operations	$	3.27	$	2.43
Income from Discontinued Operations		—		1.63
Net Income Available for Common Stock	$	3.27	$	4.06
Diluted:
Income from Continuing Operations	$	3.18	$	2.37
Income from Discontinued Operations		—		1.59
Net Income Available for Common Stock	$	3.18	$	3.96
Weighted Average Common Shares:
Used in Basic Calculation		82,304,335		83,141,640
Used in Diluted Calculation		84,474,839		85,301,361