Exhibit 99

		National Fuel Gas Company		Financial
				News
				6363 Main Street/Williamsville, NY 14221
				Timothy Silverstein
				Investor Relations
				716-857-6987
Release Date:		Immediate February 3, 2011		David P. Bauer
				Treasurer
				716-857-7318

NATIONAL FUEL REPORTS FIRST QUARTER RESULTS

WILLIAMSVILLE, NY: National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced consolidated earnings for the first quarter of its 2011 fiscal year (the quarter ended December 31, 2010).

HIGHLIGHTS

•		Earnings for the first quarter were $58.5 million or $0.70 per share, compared to $64.5 million or $0.78 per share for the prior year’s first quarter. The decrease is mainly due to lower earnings in the Pipeline and Storage, and Exploration and Production segments. Higher pension expense in the Pipeline and Storage segment and lower natural gas prices in the Exploration and Production segment were the main drivers of the decreased earnings.
•		Compared to the prior year’s first quarter, Seneca Resources Corporation’s (“Seneca”) combined production of crude oil and natural gas increased over 4.1 billion cubic feet equivalent (“Bcfe”), or 35.7%, to 15.7 Bcfe. Appalachian production increased approximately 184% to 8.1 Bcfe, including production from the Marcellus Shale of 5.9 Bcfe. Seneca’s production estimate for the entire 2011 fiscal year has been increased to a range between 65 and 75 Bcfe. The previously announced range was between 60 and 70 Bcfe.
•		The Company’s subsidiary Horizon Power, Inc. has entered into a Purchase and Sale Agreement to sell its interests in certain entities that own landfill gas electric generation assets. The sale is expected to generate a gain of approximately $28 million and close in the second quarter of fiscal 2011.
•		The Company is revising its GAAP earnings guidance range for fiscal 2011 to a range of $2.75 to $3.00 per share. The previous earnings guidance had been a range of $2.40 to $2.70 per share. This guidance assumes flat NYMEX equivalent pricing of $4.00 per Million British Thermal Units (“MMBtu”) for natural gas and $80.00 per barrel (“Bbl”) for crude oil for unhedged production for the remainder of the fiscal year. It also assumes a non-recurring gain on the sale of landfill gas electric generation assets of approximately $0.34 per share.
•		A conference call is scheduled for Friday, February 4, 2011, at 11 am Eastern Standard Time.

MANAGEMENT COMMENTS

     David F. Smith, Chairman and Chief Executive Officer of National Fuel Gas Company stated: “Throughout the first quarter, we continued to deliver excellent operational results. In

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our Exploration and Production segment, strong growth in the Marcellus shale led to an overall production increase of 36 percent from the prior year. Seneca brought 14 additional net Marcellus wells on production and exited the quarter with daily Marcellus production reaching 90 MMcf per day, which was up from only 8 MMcf per day at the same time last year.

     “The expected divesture of the Horizon Power, Inc. investments demonstrates the continued sharpened focus towards our core businesses. We continue to ramp up our pace of Marcellus development, taking advantage of the favorable economics across our extensive acreage position. At the same time, we are moving forward on our numerous Appalachian infrastructure projects and have reached a major milestone with the commencement of construction on the first phase of the Pipeline and Storage segment’s Line N Expansion project in southwestern Pennsylvania.

     “Though low commodity prices and anticipated short-term challenges in the Pipeline and Storage segment weighed on our financial results for the quarter, consistent earnings in the Utility and Energy Marketing segments continued to provide the earnings stability that we look for in our balanced business model.

     “As we progress through 2011, we will continue to maintain our strong balance sheet, capitalizing on our opportunities and generating long-term value for our shareholders.”

SUMMARY OF RESULTS

     National Fuel had consolidated earnings for the quarter ended December 31, 2010, of $58.5 million, or $0.70 per share, compared to the prior year’s first quarter of $64.5 million or $0.78 per share. (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 discussion of earnings and operating results before items impacting comparability (“Operating Results”) are after tax unless otherwise noted).

		Three Months
		Ended December 31,
(in thousands except per share amounts)		2010				2009
Reported GAAP earnings		$	58,543			$	64,499
Items impacting comparability1:
(Income) loss from discontinued operations							(274	)
Operating Results		$	58,543			$	64,225
Reported GAAP earnings per share		$	0.70			$	0.78
Items impacting comparability1:
(Income) loss from discontinued operations							0.00
Operating Results		$	0.70			$	0.78

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     As outlined in the table above, certain items included in GAAP earnings impacted the comparability of the Company’s financial results when comparing the first quarters of fiscal 2011 and fiscal 2010. Excluding these items, Operating Results for the current first quarter of $58.5 million decreased $5.7 million from the prior year’s first quarter. 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 the earnings of each segment is summarized in a tabular form at pages 8 and 9 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 Resources Corporation (“Seneca”). Seneca explores for, develops and produces natural gas and oil reserves in California, in the Appalachian region and in the Gulf of Mexico.

     The Exploration and Production segment’s earnings in the first quarter of fiscal 2011 of $27.4 million, or $0.33 per share, decreased $2.4 million, or $0.03 per share, when compared with the prior year’s first quarter.

     Overall production for the current quarter of 15.7 Bcfe increased 4.1 Bcfe, or approximately 35.7 percent compared to the prior year’s first quarter. Production increased approximately 5.3 Bcfe or 184 percent in Appalachia due entirely to higher Marcellus Shale production. In the Gulf of Mexico and California, production decreased by 25.7 percent and 4.7 percent, respectively.

     The positive impact of higher production was offset by lower natural gas prices realized after hedging. For the quarter ended December 31, 2010, the weighted average natural gas price received by Seneca (after hedging) was $5.26 per thousand cubic feet (“Mcf”), a decrease of $1.04 per Mcf compared to the prior year’s first quarter. The weighted average oil price received by Seneca (after hedging) was $76.24 per Bbl, an increase of $1.71 per Bbl, from the prior year’s first quarter.

     Aside from the change in production and pricing, several other items impacted earnings. Depletion expense increased, mainly due to higher production and the increase in the depletable base. Lease operating expenses were higher, primarily due to the costs to transport Marcellus production in Appalachia and increased well repair costs in California. General and administrative expenses also increased due to higher labor expenses including additional staffing and associated costs in the East division.

Pipeline and Storage Segment

     The Pipeline and Storage segment operations are carried out by National Fuel Gas Supply Corporation (“Supply Corporation”) and Empire Pipeline, Inc. (“Empire”). These companies provide natural gas transportation and storage services to affiliated and non-affiliated companies

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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 $8.6 million, or $0.10 per share, for the quarter ended December 31, 2010, decreased $1.8 million, or $0.03 per share, when compared with the same period in the prior fiscal year. The decrease was mostly due to increased pension and operating expenses. Transportation revenues for both Supply Corporation and Empire were also lower in the current quarter compared to the first quarter of 2010. Persistent strong Niagara/Chippawa basis prices have caused shippers to evaluate lower cost supply sources, and certain shippers have reduced their imports of natural gas from Canada. This has resulted in some contract terminations on Supply Corporation from Niagara. In order to counteract this reduced demand for these transportation services, Supply Corporation’s Northern Access expansion project and Empire’s Tioga County Extension Project have been designed to utilize the existing pipeline system to provide producers of Marcellus gas a transportation path from Marcellus supply basins to Canadian and other northern markets.

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 earnings of $23.0 million for the quarter ended December 31, 2010, were consistent with prior year’s first quarter. Colder weather and higher customer usage in Pennsylvania offset the impact of higher operating expenses, higher depreciation expense, higher property taxes and lower interest income in the Utility segment during the current year’s first quarter. In New York, colder weather did not have a significant impact on earnings for the quarter. The impact of weather variations on earnings in New York is mitigated by that jurisdiction’s weather normalization clause.

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 earnings for the quarter ended December 31, 2010, of $0.9 million decreased $0.2 million from the prior year’s first quarter mainly due to higher operating expenses.

Corporate and All Other

     The Corporate and All Other category includes the following active, wholly owned subsidiaries of the Company: National Fuel Gas Midstream Corporation (“Midstream”), formed to build, own and operate natural gas processing and pipeline gathering facilities in the Appalachian region; Horizon Power, Inc., a corporation that develops and owns independent electric generation facilities that are fueled by natural gas or landfill gas; and Highland Forest

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Resources, Inc., a corporation that markets high quality hardwoods from Appalachian land holdings.

     The Corporate and All Other category had a loss of $1.3 million for the quarter ended December 31, 2010, compared to the prior year’s first quarter earnings of $0.3 million. On September 1, 2010, the Company completed the sale of its landfill gas operations. As a result of this transaction, the Company is presenting the landfill gas operations as discontinued operations. Earnings in the first quarter of fiscal 2010 include earnings from discontinued operations of $0.3 million. The results of discontinued operations are discussed below and are excluded from the remaining discussion of the Corporate and All Other category quarterly results.

     Excluding discontinued operations, Operating Results in the Corporate and All Other category is a loss of $1.3 million in the current year first quarter compared to a loss of less than $0.1 million in the prior year’s first quarter. Lower income from unconsolidated subsidiaries and lower earnings from timber sales more than offset higher earnings from Midstream’s pipeline gathering and natural gas processing operations.

Discontinued Operations

     Earnings from discontinued operations for the quarter ended December 31, 2010, decreased $0.3 million. The decrease is primarily the result of the Company’s September 1, 2010, sale of its landfill gas operations.

EARNINGS GUIDANCE

     The Company is updating its earnings guidance for fiscal 2011 to reflect actual first quarter results, the acquisition of the oil and gas properties in Tioga County, and the anticipated sale of the Horizon Power, Inc. investments. The revised GAAP earnings range is $2.75 to $3.00 per share. This includes forecast oil and gas production for fiscal 2011 for the Exploration and Production segment in the range between 65 and 75 Bcfe, hedges currently in place, and NYMEX equivalent flat commodity pricing on non-hedged volumes exclusive of basis differential of $4.00 per MMBtu for natural gas and $80.00 per Bbl for crude oil.

EARNINGS TELECONFERENCE

     The Company will host a conference call on Friday, February 4, 2011, 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) 1-866-356-4281, and using the passcode “97734191.” For those unable to listen to the live conference call, a replay will be available at approximately 2 p.m. (Eastern Time) at the same website link and by phone at (toll free) 1-888-286-8010 using passcode “96062954.” Both the webcast and telephonic replay will be available until the close of business on Friday, February 11, 2010.

     National Fuel is an integrated energy company with $5.0 billion in assets comprised of the following four operating segments: Exploration and Production, Pipeline and Storage, Utility, and Energy Marketing. Additional information about National Fuel is available at its Internet

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Web site: www.nationalfuelgas.com or through its investor information service at 1-800-334-2188.

Analyst Contact:		Timothy J. Silverstein		(716) 857-6987
Media Contact:		Donna L. DeCarolis		(716) 857-7872

Certain statements contained herein, including those regarding estimated future earnings, and statements that are identified by the use of the words “anticipates,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “predicts,” “projects,” “believes,” “seeks,” “will,” “may” and similar expressions, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, which could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. The Company’s expectations, beliefs and projections contained herein are expressed in good faith and are believed to have a reasonable basis, but there can be no assurance that such expectations, beliefs or projections will result or be achieved or accomplished. In addition to other factors, the following are important factors that could cause actual results to differ materially from those discussed in the forward-looking statements: financial and economic conditions, including the availability of credit, and occurrences affecting the Company’s ability to obtain financing on acceptable terms for working capital, capital expenditures and other investments, including any downgrades in the Company’s credit ratings and changes in interest rates and other capital market conditions; changes in economic conditions, including global, national or regional recessions, and their effect on the demand for, and customers’ ability to pay for, the Company’s products and services; the creditworthiness or performance of the Company’s key suppliers, customers and counterparties; economic disruptions or uninsured losses resulting from terrorist activities, acts of war, major accidents, fires, hurricanes, other severe weather, pest infestation or other natural disasters; 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, weather conditions, shortages, delays or unavailability of equipment and services required in drilling operations, insufficient gathering, processing and transportation capacity, the need to obtain governmental approvals and permits, and compliance with environmental laws and regulations; changes in laws and regulations to which the Company is subject, including those involving derivatives, taxes, safety, employment, climate change, other environmental matters, and exploration and production activities such as hydraulic fracturing; uncertainty of oil and gas reserve estimates; significant differences between the Company’s projected and actual production levels for natural gas or oil; significant changes in market dynamics or competitive factors affecting the Company’s ability to retain existing customers or obtain new customers; changes in demographic patterns and weather conditions; 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; impairments under the SEC’s full cost ceiling test for natural gas and oil reserves; changes in the availability and/or cost of derivative financial instruments; changes in the price differential between similar quantities of natural gas at different geographic locations, and the effect of such changes on the demand for pipeline transportation capacity to or from such locations; other changes in price differentials between similar quantities of oil or natural gas having different quality, heating value or geographic location; changes in the projected profitability of pending or potential projects, investments or transactions; significant differences between the Company’s projected and actual capital expenditures and operating expenses; 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; governmental/regulatory actions, initiatives and proceedings, including those involving derivatives, 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; ability to successfully identify and finance acquisitions or other investments and ability to operate and integrate existing and any

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subsequently acquired business or properties; changes in 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; 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 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 hereof.

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NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
QUARTER ENDED DECEMBER 31, 2010

		Exploration &				Pipeline &								Energy				Corporate /
(Thousands of Dollars)		Production				Storage				Utility				Marketing				All Other				Consolidated
First quarter 2010 GAAP earnings		$	29,779			$	10,354			$	23,013			$	1,092			$	261			$	64,499
Items impacting comparability:
Income from discontinued operations																			(274	)			(274	)
First quarter 2010 operating results			29,779				10,354				23,013				1,092				(13	)			64,225
Drivers of operating results
Higher (lower) crude oil prices			858																				858
Higher (lower) natural gas prices			(7,460	)																			(7,460	)
Higher (lower) natural gas production			18,601																				18,601
Higher (lower) crude oil production			(3,460	)																			(3,460	)
Lower (higher) lease operating expenses			(3,318	)																			(3,318	)
Lower (higher) depreciation / depletion			(6,341	)							(209	)							1,105				(5,445	)
Higher (lower) processing plant revenues			546																				546
Higher (lower) transportation revenues							(954	)															(954	)
Higher (lower) gathering and processing revenues																			1,238				1,238
Lower (higher) operating expenses			(1,664	)			(969	)			(212	)			(146	)			(405	)			(3,396	)
Lower (higher) property, franchise and other taxes			(311	)							(153	)											(464	)
Higher (lower) usage											482												482
Colder weather in Pennsylvania											467												467
Higher (lower) income from unconsolidated subsidiaries																			(975	)			(975	)
Higher (lower) margins																			(2,900	)			(2,900	)
Higher (lower) interest income											(178	)							(1,017	)			(1,195	)
(Higher) lower interest expense			1,104																1,102				2,206
Lower (higher) income tax expense / effective tax rate			(834	)																			(834	)
All other / rounding			(127	)			147				(220	)			(14	)			535				321
First quarter 2011 GAAP earnings		$	27,373			$	8,578			$	22,990			$	932			$	(1,330	)		$	58,543

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NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
QUARTER ENDED DECEMBER 31, 2010

		Exploration &				Pipeline &								Energy				Corporate /
		Production				Storage				Utility				Marketing				All Other				Consolidated
First quarter 2010 GAAP earnings		$	0.36			$	0.13			$	0.28			$	0.01			$	—			$	0.78
Items impacting comparability:
Income from discontinued operations																			—				—
First quarter 2010 operating results			0.36				0.13				0.28				0.01				—				0.78
Drivers of operating results
Higher (lower) crude oil prices			0.01																				0.01
Higher (lower) natural gas prices			(0.09	)																			(0.09	)
Higher (lower) natural gas production			0.22																				0.22
Higher (lower) crude oil production			(0.04	)																			(0.04	)
Lower (higher) lease operating expenses			(0.04	)																			(0.04	)
Lower (higher) depreciation / depletion			(0.08	)							—								0.01				(0.07	)
Higher (lower) processing plant revenues			0.01																				0.01
Higher (lower) transportation revenues							(0.01	)															(0.01	)
Higher (lower) gathering and processing revenues																			0.01				0.01
Lower (higher) operating expenses			(0.02	)			(0.01	)			—				—				—				(0.03	)
Lower (higher) property, franchise and other taxes			—								—												—
Higher (lower) usage											—												—
Colder weather in Pennsylvania											—												—
Higher (lower) income from unconsolidated subsidiaries																			(0.01	)			(0.01	)
Higher (lower) margins																			(0.03	)			(0.03	)
Higher (lower) interest income																			(0.01	)			(0.01	)
(Higher) lower interest expense			0.01																0.01				0.02
Lower (higher) income tax expense / effective tax rate			(0.01	)																			(0.01	)
All other / rounding			—				(0.01	)			—								—				(0.01	)
First quarter 2011 GAAP earnings		$	0.33			$	0.10			$	0.28			$	0.01			$	(0.02	)		$	0.70

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NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

		Three Months Ended
		December 31,
		(Unaudited)
(Thousands of Dollars, except per share amounts)		2010				2009
SUMMARY OF OPERATIONS
Operating Revenues		$	450,948			$	454,135
Operating Expenses:
Purchased Gas			163,038				171,290
Operation and Maintenance			97,450				93,770
Property, Franchise and Other Taxes			19,736				18,650
Depreciation, Depletion and Amortization			53,313				44,788
			333,537				328,498
Operating Income			117,411				125,637
Other Income (Expense):
Income (Loss) from Unconsolidated Subsidiaries			(1,100	)			401
Interest Income			884				1,154
Other Income			993				356
Interest Expense on Long-Term Debt			(20,192	)			(22,063	)
Other Interest Expense			(1,401	)			(1,377	)
Income from Continuing Operations Before Income Taxes			96,595				104,108
Income Tax Expense			38,052				39,883
Income from Continuing Operations			58,543				64,225
Income from Discontinued Operations, Net of Tax			—				274
Net Income Available for Common Stock		$	58,543			$	64,499
Earnings Per Common Share:
Basic:
Income from Continuing Operations		$	0.71			$	0.80
Income from Discontinued Operations			—				—
Net Income Available for Common Stock		$	0.71			$	0.80
Diluted:
Income from Continuing Operations		$	0.70			$	0.78
Income from Discontinued Operations			—				—
Net Income Available for Common Stock		$	0.70			$	0.78
Weighted Average Common Shares:
Used in Basic Calculation			82,223,428				80,612,303
Used in Diluted Calculation			83,420,351				82,172,649

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

		December 31,				September 30,
(Thousands of Dollars)		2010				2010
ASSETS
Property, Plant and Equipment		$	5,837,365			$	5,637,498
Less — Accumulated Depreciation, Depletion and Amortization			2,236,152				2,187,269
Net Property, Plant and Equipment			3,601,213				3,450,229
Current Assets:
Cash and Temporary Cash Investments			79,622				395,171
Cash Held in Escrow			—				2,000
Hedging Collateral Deposits			31,446				11,134
Receivables — Net			147,829				132,136
Unbilled Utility Revenue			59,211				20,920
Gas Stored Underground			47,839				48,584
Materials and Supplies — at average cost			31,560				24,987
Other Current Assets			107,201				115,969
Deferred Income Taxes			20,901				24,476
Total Current Assets			525,609				775,377
Other Assets:
Recoverable Future Taxes			150,865				149,712
Unamortized Debt Expense			12,036				12,550
Other Regulatory Assets			534,146				542,801
Deferred Charges			10,219				9,646
Other Investments			80,701				77,839
Investments in Unconsolidated Subsidiaries			13,728				14,828
Goodwill			5,476				5,476
Fair Value of Derivative Financial Instruments			46,152				65,184
Other			1,836				1,983
Total Other Assets			855,159				880,019
Total Assets		$	4,981,981			$	5,105,625
CAPITALIZATION AND LIABILITIES
Capitalization:
Comprehensive Shareholders’ Equity
Common Stock, $1 Par Value Authorized — 200,000,000 Shares; Issued and Outstanding — 82,338,454 Shares and 82,075,470 Shares, Respectively		$	82,338			$	82,075
Paid in Capital			643,856				645,619
Earnings Reinvested in the Business			1,093,398				1,063,262
Total Common Shareholders’ Equity Before Items of Other Comprehensive Loss			1,819,592				1,790,956
Accumulated Other Comprehensive Loss			(64,650	)			(44,985	)
Total Comprehensive Shareholders’ Equity			1,754,942				1,745,971
Long-Term Debt, Net of Current Portion			899,000				1,049,000
Total Capitalization			2,653,942				2,794,971
Current and Accrued Liabilities:
Notes Payable to Banks and Commercial Paper			20,500				—
Current Portion of Long-Term Debt			150,000				200,000
Accounts Payable			181,564				145,223
Amounts Payable to Customers			23,914				38,109
Dividends Payable			28,407				28,316
Interest Payable on Long-Term Debt			15,953				30,512
Customer Advances			27,633				27,638
Customer Security Deposits			18,508				18,320
Other Accruals and Current Liabilities			30,838				16,046
Fair Value of Derivative Financial Instruments			34,500				20,160
Total Current and Accrued Liabilities			531,817				524,324
Deferred Credits:
Deferred Income Taxes			821,001				800,758
Taxes Refundable to Customers			69,589				69,585
Unamortized Investment Tax Credit			3,112				3,288
Cost of Removal Regulatory Liability			125,862				124,032
Other Regulatory Liabilities			88,263				89,334
Pension and Other Post-Retirement Liabilities			433,010				446,082
Asset Retirement Obligations			100,580				101,618
Other Deferred Credits			154,805				151,633
Total Deferred Credits			1,796,222				1,786,330
Commitments and Contingencies			—				—
Total Capitalization and Liabilities		$	4,981,981			$	5,105,625

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

		Three Months Ended
		December 31,
(Thousands of Dollars)		2010				2009
Operating Activities:
Net Income Available for Common Stock		$	58,543			$	64,499
Adjustments to Reconcile Net Income to Net Cash
Provided by Operating Activities:
Depreciation, Depletion and Amortization			53,313				44,955
Deferred Income Taxes			36,600				21,092
(Income) Loss from Unconsolidated Subsidiaries, Net of Cash Distributions			1,100				1,599
Excess Tax Benefits Associated with Stock-Based Compensation Awards			—				(13,437	)
Other			2,443				7,958
Change in:
Hedging Collateral Deposits			(20,312	)			(244	)
Receivables and Unbilled Utility Revenue			(53,984	)			(67,882	)
Gas Stored Underground and Materials and Supplies			(5,828	)			2,839
Prepayments and Other Current Assets			8,768				17,859
Accounts Payable			29,246				11,408
Amounts Payable to Customers			(14,195	)			(11,310	)
Customer Advances			(5	)			6,098
Customer Security Deposits			188				2,135
Other Accruals and Current Liabilities			1,387				(13,536	)
Other Assets			(10,463	)			16,967
Other Liabilities			670				(22,667	)
Net Cash Provided by Operating Activities		$	87,471			$	68,333
Investing Activities:
Capital Expenditures		$	(192,052	)		$	(62,205	)
Investment in Subsidiary, Net of Cash Acquired			(1,750	)			—
Cash Held in Escrow			2,000				—
Other			(298	)			(247	)
Net Cash Used in Investing Activities		$	(192,100	)		$	(62,452	)
Financing Activities:
Changes in Notes Payable to Banks and Commercial Paper		$	20,500			$	—
Excess Tax Benefits Associated with Stock-Based Compensation Awards			—				13,437
Reduction of Long-Term Debt			(200,000	)			—
Dividends Paid on Common Stock			(28,316	)			(26,967	)
Proceeds From Issuance (Repurchase) of Common Stock			(3,104	)			3,997
Net Cash Used in Financing Activities		$	(210,920	)		$	(9,533	)
Net Decrease in Cash and Temporary Cash Investments			(315,549	)			(3,652	)
Cash and Temporary Cash Investments at Beginning of Period			395,171				408,053
Cash and Temporary Cash Investments at December 31		$	79,622			$	404,401

Page 13

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)

		Three Months Ended
		December 31,
(Thousands of Dollars, except per share amounts)		2010				2009				Variance
EXPLORATION AND PRODUCTION SEGMENT
Total Operating Revenues		$	120,168			$	106,351			$	13,817
Operating Expenses:
Operation and Maintenance:
General and Administrative Expense			11,190				8,489				2,701
Lease Operating Expense			17,349				12,244				5,105
All Other Operation and Maintenance Expense			2,043				2,184				(141	)
Property, Franchise and Other Taxes			2,830				2,352				478
Depreciation, Depletion and Amortization			33,667				23,911				9,756
			67,079				49,180				17,899
Operating Income			53,089				57,171				(4,082	)
Other Income (Expense):
Interest Income			49				153				(104	)
Other Interest Expense			(6,101	)			(7,868	)			1,767
Income Before Income Taxes			47,037				49,456				(2,419	)
Income Tax Expense			19,664				19,677				(13	)
Net Income		$	27,373			$	29,779			$	(2,406	)
Net Income Per Share (Diluted)		$	0.33			$	0.36			$	(0.03	)

		Three Months Ended
		December 31,
		2010				2009				Variance
PIPELINE AND STORAGE SEGMENT
Revenues from External Customers		$	33,513			$	34,504			$	(991	)
Intersegment Revenues			19,882				20,257				(375	)
Total Operating Revenues			53,395				54,761				(1,366	)
Operating Expenses:
Purchased Gas			(33	)			(63	)			30
Operation and Maintenance			18,522				17,032				1,490
Property, Franchise and Other Taxes			5,211				5,109				102
Depreciation, Depletion and Amortization			8,987				8,839				148
			32,687				30,917				1,770
Operating Income			20,708				23,844				(3,136	)
Other Income (Expense):
Interest Income			75				31				44
Other Income			266				98				168
Other Interest Expense			(6,576	)			(6,596	)			20
Income Before Income Taxes			14,473				17,377				(2,904	)
Income Tax Expense			5,895				7,023				(1,128	)
Net Income		$	8,578			$	10,354			$	(1,776	)
Net Income Per Share (Diluted)		$	0.10			$	0.13			$	(0.03	)

Page 14

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)

		Three Months Ended
		December 31,
(Thousands of Dollars, except per share amounts)		2010				2009				Variance
UTILITY SEGMENT
Revenues from External Customers		$	242,842			$	232,404			$	10,438
Intersegment Revenues			4,570				4,514				56
Total Operating Revenues			247,412				236,918				10,494
Operating Expenses:
Purchased Gas			136,774				127,391				9,383
Operation and Maintenance			45,217				44,987				230
Property, Franchise and Other Taxes			10,941				10,735				206
Depreciation, Depletion and Amortization			10,241				9,919				322
			203,173				193,032				10,141
Operating Income			44,239				43,886				353
Other Income (Expense):
Interest Income			444				718				(274	)
Other Income			317				270				47
Other Interest Expense			(8,736	)			(8,724	)			(12	)
Income Before Income Taxes			36,264				36,150				114
Income Tax Expense			13,274				13,137				137
Net Income		$	22,990			$	23,013			$	(23	)
Net Income Per Share (Diluted)		$	0.28			$	0.28			$	—
		Three Months Ended
		December 31,
		2010				2009				Variance
ENERGY MARKETING SEGMENT
Operating Revenues		$	53,652			$	71,736			$	(18,084	)
Operating Expenses:
Purchased Gas			50,559				68,603				(18,044	)
Operation and Maintenance			1,558				1,334				224
Property, Franchise and Other Taxes			7				9				(2	)
Depreciation, Depletion and Amortization			9				11				(2	)
			52,133				69,957				(17,824	)
Operating Income			1,519				1,779				(260	)
Other Income (Expense):
Interest Income			9				6				3
Other Income			8				16				(8	)
Other Interest Expense			(6	)			(6	)			—
Income Before Income Taxes			1,530				1,795				(265	)
Income Tax Expense			598				703				(105	)
Net Income		$	932			$	1,092			$	(160	)
Net Income Per Share (Diluted)		$	0.01			$	0.01			$	—

Page 15

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)

		Three Months Ended
		December 31,
(Thousands of Dollars, except per share amounts)		2010				2009				Variance
ALL OTHER
Revenues from External Customers		$	549			$	8,929			$	(8,380	)
Intersegment Revenues			1,678				—				1,678
Total Operating Revenues			2,227				8,929				(6,702	)
Operating Expenses:
Purchased Gas			49				—				49
Operation and Maintenance			1,055				5,008				(3,953	)
Property, Franchise and Other Taxes			217				375				(158	)
Depreciation, Depletion and Amortization			221				1,934				(1,713	)
			1,542				7,317				(5,775	)
Operating Income			685				1,612				(927	)
Other Income (Expense):
Income (Loss) from Unconsolidated Subsidiaries			(1,100	)			401				(1,501	)
Interest Income			66				29				37
Other Income			6				28				(22	)
Other Interest Expense			(548	)			(535	)			(13	)
Income (Loss) from Continuing Operations Before Income Taxes			(891	)			1,535				(2,426	)
Income Tax Expense (Benefit)			(317	)			643				(960	)
Income (Loss) from Continuing Operations			(574	)			892				(1,466	)
Income from Discontinued Operations, Net of Tax			—				274				(274	)
Net Income (Loss)		$	(574	)		$	1,166			$	(1,740	)
Income (Loss) from Continuing Operations Per Share (Diluted)		$	(0.01	)		$	0.01			$	(0.02	)
Income from Discontinued Operations, Net of Tax, Per Share (Diluted)			—				—				—
Net Income (Loss) Per Share (Diluted)		$	(0.01	)		$	0.01			$	(0.02	)

Page 16

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)

		Three Months Ended
		December 31,
(Thousands of Dollars, except per share amounts)		2010				2009				Variance
CORPORATE
Revenues from External Customers		$	224			$	211			$	13
Intersegment Revenues			1,028				538				490
Total Operating Revenues		$	1,252			$	749			$	503
Operating Expenses:
Operation and Maintenance			3,363				3,160				203
Property, Franchise and Other Taxes			530				70				460
Depreciation, Depletion and Amortization			188				174				14
			4,081				3,404				677
Operating Loss			(2,829	)			(2,655	)			(174	)
Other Income (Expense):
Interest Income			21,082				22,682				(1,600	)
Other Income			396				(56	)			452
Interest Expense on Long-Term Debt			(20,192	)			(22,063	)			1,871
Other Interest Expense			(275	)			(113	)			(162	)
Loss Before Income Taxes			(1,818	)			(2,205	)			387
Income Tax Benefit			(1,062	)			(1,300	)			238
Net Loss		$	(756	)		$	(905	)		$	149
Net Loss Per Share (Diluted)		$	(0.01	)		$	(0.01	)		$	—

		Three Months Ended
		December 31,
		2010				2009				Variance
INTERSEGMENT ELIMINATIONS
Intersegment Revenues		$	(27,158	)		$	(25,309	)		$	(1,849	)
Operating Expenses:
Purchased Gas			(24,311	)			(24,641	)			330
Operation and Maintenance			(2,847	)			(668	)			(2,179	)
			(27,158	)			(25,309	)			(1,849	)
Operating Income			—				—				—
Other Income (Expense):
Interest Income			(20,841	)			(22,465	)			1,624
Other Interest Expense			20,841				22,465				(1,624	)
Net Income		$	—			$	—			$	—
Net Income Per Share (Diluted)		$	—			$	—			$	—

Page 17

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT INFORMATION (Continued)
(Thousands of Dollars)

		Three Months Ended
		December 31,
		(Unaudited)
										Increase
		2010				2009				(Decrease)
Capital Expenditures:
Exploration and Production		$	178,080	(1)(2)		$	47,737	(4)(5)		$	130,343
Pipeline and Storage			9,219	(3)			6,987				2,232
Utility			10,921				11,952				(1,031	)
Energy Marketing			88				4				84
Total Reportable Segments			198,308				66,680				131,628
All Other			829				1,029	(4)			(200	)
Corporate			10				27				(17	)
Total Expenditures from Continuing Operations			199,147				67,736				131,411
Discontinued Operations			—				27				(27	)
Total Capital Expenditures		$	199,147			$	67,763			$	131,384

DEGREE DAYS

														Percent Colder
														(Warmer) Than:
Three Months Ended December 31		Normal				2010				2009				Normal (1)				Last Year (1)
Buffalo, NY			2,260				2,332				2,246				3.2				3.8
Erie, PA			2,081				2,160				2,048				3.8				5.5