Attached files
| file | filename |
|---|---|
| EX-4.1.1 - EX-4.1.1 - NATIONAL FUEL GAS CO | d396534dex411.htm |
| EX-5.1.2 - EX-5.1.2 - NATIONAL FUEL GAS CO | d396534dex512.htm |
| EX-5.1.1 - EX-5.1.1 - NATIONAL FUEL GAS CO | d396534dex511.htm |
| EX-1.1 - EX-1.1 - NATIONAL FUEL GAS CO | d396534dex11.htm |
| 8-K - 8-K - NATIONAL FUEL GAS CO | d396534d8k.htm |
Exhibit 12.1
NATIONAL FUEL GAS COMPANY
COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
UNAUDITED
| For the Nine Months Ended June 30, 2017 |
Fiscal Year Ended September 30, | |||||||||||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||||
| EARNINGS: |
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| Income from Continuing Operations |
$ | 237,906 | $ | (290,958 | ) | $ | (379,427 | ) | $ | 299,413 | $ | 260,001 | $ | 220,077 | ||||||||||
| Plus Income Tax Expense |
145,195 | (232,549 | ) | (319,136 | ) | 189,614 | 172,758 | 150,554 | ||||||||||||||||
| Less Investment Tax Credit (A) |
(130 | ) | (348 | ) | (414 | ) | (434 | ) | (426 | ) | (581 | ) | ||||||||||||
| (Less Income) Plus Loss from Unconsolidated Subsidiaries |
— | — | — | (397 | ) | 204 | 1,442 | |||||||||||||||||
| Plus Distributions from Unconsolidated Subsidiaries |
— | — | — | — | — | — | ||||||||||||||||||
| Plus Interest Expense on Long-Term Debt |
87,241 | 117,347 | 95,916 | 90,194 | 90,273 | 82,002 | ||||||||||||||||||
| Plus Other Interest Expense |
2,680 | 3,697 | 3,555 | 4,083 | 3,838 | 4,238 | ||||||||||||||||||
| Less Amortization of Loss on Reacquired Debt |
(397 | ) | (529 | ) | (529 | ) | (529 | ) | (721 | ) | (1,093 | ) | ||||||||||||
| Plus (Less) Allowance for Borrowed Funds Used in Construction |
1,239 | 2,006 | 1,964 | 900 | 827 | 1,231 | ||||||||||||||||||
| Plus (Less) Other Capitalized Interest |
964 | 238 | 4,191 | 3,560 | 1,801 | 2,992 | ||||||||||||||||||
| Plus Rentals (B) |
3,541 | 9,479 | 13,866 | 13,700 | 14,204 | 12,958 | ||||||||||||||||||
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| $ | 478,239 | $ | (391,617 | ) | $ | (580,014 | ) | $ | 600,104 | $ | 542,759 | $ | 473,820 | |||||||||||
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| FIXED CHARGES: |
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| Interest & Amortization of Premium and Discount of Funded Debt |
$ | 87,241 | $ | 117,347 | $ | 95,916 | $ | 90,194 | $ | 90,273 | $ | 82,002 | ||||||||||||
| Plus Other Interest Expense |
2,680 | 3,697 | 3,555 | 4,083 | 3,838 | 4,238 | ||||||||||||||||||
| Less Amortization of Loss on Reacquired Debt |
(397 | ) | (529 | ) | (529 | ) | (529 | ) | (721 | ) | (1,093 | ) | ||||||||||||
| Plus (Less) Allowance for Borrowed Funds Used in Construction |
1,239 | 2,006 | 1,964 | 900 | 827 | 1,231 | ||||||||||||||||||
| Plus (Less) Other Capitalized Interest |
964 | 238 | 4,191 | 3,560 | 1,801 | 2,992 | ||||||||||||||||||
| Plus Rentals (B) |
3,541 | 9,479 | 13,866 | 13,700 | 14,204 | 12,958 | ||||||||||||||||||
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| $ | 95,268 | $ | 132,238 | $ | 118,963 | $ | 111,908 | $ | 110,222 | $ | 102,328 | |||||||||||||
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| RATIO OF EARNINGS TO FIXED CHARGES |
5.02 | (D | ) | (C | ) | 5.36 | 4.92 | 4.63 | ||||||||||||||||
| (A) | Investment Tax Credit is included in Other Income. |
| (B) | Rentals shown above represent the portion of all rentals (other than delay rentals) deemed representative of the interest factor. |
| (C) | The ratio coverage for the fiscal year ended September 30, 2015 was less than 1:1. The Company would have needed to generate additional earnings of $698,977 to achieve a coverage of 1:1 for the fiscal year ended September 30, 2015. |
| (D) | The ratio coverage for the fiscal year ended September 30, 2016 was less than 1:1. The Company would have needed to generate additional earnings of $523,855 to achieve a coverage of 1:1 for the fiscal year ended September 30, 2016. |