National Fuel Reports 2007 Earnings

November 8, 2007

National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced record consolidated earnings for its fourth quarter and fiscal year ended September 30, 2007, of $157.7 million or $1.84 per share and $337.5 million or $3.96 per share, respectively.

HIGHLIGHTS

National Fuel continues to provide superior total returns for our shareholders. During the past year, three years and five years, National Fuel’s total returns of 32%, 83% and 185%, far exceeded total returns of the S&P 500 of 16%, 45% and 105%, respectively.

Quarterly operating results, before items impacting comparability, increased 20% to $0.40 per share, an increase of $0.07 per share from the prior year’s fourth quarter. Higher average commodity prices realized in the Exploration and Production segment were the main reason for the increase.

Fiscal year operating results, before items impacting comparability, increased 10% to $2.26 per share, an increase of $0.21 per share from the prior fiscal year. Again, higher average realized commodity prices in the Exploration and Production segment were the main contributor to this earnings growth. The expiration of old hedges and the addition of new hedges at much higher prices predict a positive impact on earnings in the future.

Adding to the operating results, the Company successfully sold its Canadian exploration operations for $232.0 million and realized a pre-tax gain of $159.9 million ($120.3 million after-tax). Prudent planning on the timing and structure of this sale enabled us to maximize value received and to minimize the associated effective tax rate on the sale to less than 25 percent.

Seneca Resources Corporation (“Seneca”) drilled or participated in the drilling of 233 wells in Appalachia during fiscal 2007, representing a 53% increase from fiscal 2006. This drilling activity allows Seneca to reaffirm its estimated ultimate recoveries (“EURs”), production profiles, and costs to drill that are consistent with previous disclosures.

Netherland, Sewell & Associates (Netherland Sewell) completed a review of Seneca’s Appalachian acreage, and the Company disclosed total 3P (proved, probable and possible) reserves in Appalachia in a press release issued October 11, 20071. The results of Netherland Sewell’s study included 10.4 Bcfe of proved undeveloped reserves, helping to increase the total proved reserves in Appalachia by 33% to 110 Bcfe, including proved developed reserves associated with our increased drilling activity.

The Company is increasing its GAAP earnings guidance for fiscal 2008 to a range of $2.50 to $2.70 per diluted share. Previous guidance had been in a range of $2.45 to $2.65.

A conference call is scheduled for Friday, November 9, 2007 at 11:00 am Eastern Time.

MANAGEMENT COMMENTS

Philip C. Ackerman, Chairman and Chief Executive Officer of National Fuel Gas Company stated: “We had both a very good fourth quarter and a very good year. Underlying operations’ earnings were up 20% on the quarter and 10% on the year and were capped off by a $120 million after-tax gain on the sale of our Canadian operations.

As we have shared with the investment community for many years, National Fuel’s corporate objective is to grow shareholder value through timely investment in the energy industry. I do not believe that long-term shareholder value can be built by constantly selling assets; nevertheless, the sale of our Canadian operations is our fourth significant sale since I became chairman in 2002, and the total after tax profits on those sales have been over $212 million. National Fuel and its Board of Directors will continue to do what is in the best interest of growing shareholder value.

The financial community has recognized the sound and disciplined leadership demonstrated by the management and board of National Fuel, as is apparent based on our superior total shareholder returns. Over the past five years, three years, and fiscal year, shareholders have enjoyed overall total returns of 185%, 83%, and 32%, respectively, which far exceed returns of the S&P 500 of 105%, 45%, and 16% over comparable time periods. These outstanding returns are due in part to our record of paying a dividend for 105 consecutive years with 37 consecutive years of increases.

In short, we had a very successful 2007 fiscal year, and expect to continue that success in fiscal 2008 with earnings growth expected in the range of 10% to 19%. We will continue our longstanding dividend record and strive to continue our record of delivering outstanding returns to our shareholders in 2008 and beyond.”

David F. Smith, President and Chief Operating Officer of National Fuel Gas Company added: “The sale of our Canadian assets represents a considerable step in our plan to streamline and refocus our Exploration and Production operations. As part of this plan, our initiative to prudently grow our Appalachian program has been evident, as illustrated by our 53% increase in drilling activity in Appalachia during the last year. The completion of our reserve and prospective resource study by Netherland Sewell confirms our long-held belief that we have the potential to develop this important asset in a manner that is both strategic and logical. Current well economics based on today’s commodity prices and drilling rig rates have allowed us to ramp up our drilling program. We anticipate drilling 280 wells and 350 wells in the Appalachian shallow Devonian formation in fiscal years 2008 and 2009, as well as continuing to explore the Marcellus Shale through our partnering arrangement with EOG Resources. Construction is underway on the Empire Connector and we are looking to have the pipeline in service at this time next year. We are also pleased that our Conservation Incentive Program has been authorized for early implementation in our New York utility jurisdiction, offering our customers the opportunity to save on their heating bills this winter.”

1The Company’s October 11, 2007, press release is not incorporated by reference into this press release or any document filed by the Company with the Securities and Exchange Commission.

SUMMARY OF RESULTS

National Fuel had consolidated earnings for the quarter ended September 30, 2007, of $157.7 million, an increase of $155.7 million, or $1.82 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, 2007, of $337.5 million, or $3.96 per share, increased $199.4 million, or $2.35 per share, from the prior year.

Three Months

Year Ended

Ended September 30,

2007

2006

2007

2006

(in thousands except per share amounts)

Reported GAAP earnings

157,690

1,968

337,455

138,091

Items impacting comparability1:

Gain on disposal of Canadian operations

(120,301

)

(120,301

)

(Income) loss from discontinued operations

(3,094

)

26,617

(15,479

)

46,523

Reversal of reserve for preliminary project costs

(4,787

)

Resolution of purchased gas contingency

(2,344

)

Discontinuation of hedge accounting

(1,888

)

Out-of-period symmetrical sharing adjustment

(2,551

)

Income tax adjustments

(6,122

)

Operating results

34,295

28,585

192,656

175,941

Reported GAAP earnings per share

1.84

0.02

3.96

1.61

Items impacting comparability1:

Gain on disposal of Canadian operations

(1.41

)

(1.41

)

(Income) loss from discontinued operations

(0.03

)

0.31

(0.18

)

0.54

Reversal of reserve for preliminary project costs

(0.06

)

Resolution of purchased gas contingency

(0.03

)

Discontinuation of hedge accounting

(0.02

)

Out-of-period symmetrical sharing adjustment

(0.03

)

Income tax adjustments

(0.07

)

Earnings excluding these items

0.40

0.33

2.26

2.05

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 operating results when comparing the 2007 fourth quarter and fiscal year to the comparable periods in fiscal 2006. Excluding these items, operating results for the current fourth quarter of $34.3 million or $0.40 per share increased $5.7 million or $0.07 per share. Excluding these items, operating results for the fiscal year ended September 30, 2007, of $192.7 million, or $2.26 per share, increased $16.7 million, or $0.21 per share. Items impacting comparability will be discussed in more detail within the discussion of segment earnings below.

DISCUSSION OF RESULTS BY SEGMENT

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 approximately $3.4 million, or $0.04 per share for the quarter ended September 30, 2007, increased $2.0 million, or $0.02 per share, compared to the prior year’s fourth quarter. Substantially all of the Utility segment’s loss for the quarter was due to a lower non-cash accrual of interest income on a pension-related regulatory asset in Distribution’s New York Division. Under Distribution’s most recent New York rate agreement, the interest income Distribution can accrue is reduced as the funded status of the defined-benefit pension plan improves.

Ron Tanski, President of Distribution and Principal Financial Officer of the Company commented: “It’s counter intuitive to think that a decrease in income can be a good thing, but this decrease in interest income is driven by the strong performance of our pension plan assets over the past year.”

In the New York Division, the loss increased $1.6 million due in part to the lower interest income accrual on the pension-related regulatory asset discussed above. Slightly lower usage per customer during the quarter and certain routine regulatory adjustments also contributed to the increased loss for the quarter. Partially offsetting these items were lower operating expenses and a lower effective tax rate.

In the Pennsylvania division, the loss increased $0.4 million compared to the prior year’s fourth quarter, mainly due to lower usage per customer and a higher effective tax rate. An increase in base rates in Pennsylvania partially offset the decrease. On January 1, 2007, Distribution implemented the Settlement Agreement approved by the Pennsylvania Public Utility Commission, which, among other things, provided for a $14.3 million (before tax) annual base rate increase.

The Utility segment’s earnings of $50.9 million, or $0.60 per share, for the fiscal year ended September 30, 2007, increased $1.1 million, or $0.02 per share, compared to the fiscal year ended September 30, 2006.

Earnings in Distribution’s New York Division for the fiscal year ended September 30, 2007, of $33.8 million decreased $6.3 million compared to the prior year. The comparability of the fiscal year results is impacted by a $2.6 million out-of-period adjustment recorded in the first quarter of fiscal 2006 to correct Distribution’s calculation of the symmetrical sharing component of the New York Division’s gas adjustment rate. Excluding this item, operating results in the New York Division decreased $3.7 million. This decrease is mainly due to lower interest income accrued on a pension related regulatory asset as described above. Higher bad debt expense, property taxes, interest expense and certain routine regulatory adjustments also contributed to the decline. A 2.2 percent increase in residential customer usage per account and a lower effective tax rate partially offset the decrease.

For the fiscal year ended September 30, 2007, earnings in Distribution’s Pennsylvania Division of $17.1 million increased $7.3 million compared to the prior year. Earnings increased primarily due to an increase in base rates. The impact of weather that was 5.6 percent colder than the prior year and a lower effective tax rate also contributed to the increase. Partially offsetting the increase was higher interest expense.

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 $13.3 million, or $0.16 per share, for the quarter ended September 30, 2007, increased $3.1 million, or $0.04 per share, when compared with the same period in the prior fiscal year. The increase is primarily due to higher efficiency gas revenue. In the fourth quarter of fiscal 2006, Supply Corporation recorded a lower of cost or market adjustment of $4.7 million to the value of efficiency gas held in inventory at the end of the quarter to reduce the value of the efficiency gas inventory to reflect current market prices at September 30, 2006. A similar adjustment was not required in the fourth quarter of fiscal 2007. In addition, higher transportation and storage revenues and lower depreciation expense contributed to the growth in earnings. Partially offsetting these items was an increase in operating expenses and interest expense and a higher effective tax rate for the quarter.

Earnings of $56.4 million, or $0.66 per share, for the fiscal year ended September 30, 2007, increased $0.8 million, or $0.01 per share, when compared with the fiscal year ended September 30, 2006. The comparability of the results for the fiscal year ended September 30, 2007, is impacted by the $4.8 million reversal of the reserve for preliminary project costs on the Empire Connector project. Empire recorded a reserve against any project development costs until such time that it was probable that the project was likely to be built and placed in service. In June 2007, Empire and KeySpan Gas East Corporation signed a firm transportation service agreement, which essentially committed Empire to construct the Empire Connector Pipeline (construction began in September). The comparability of the results for the fiscal year ended September 30, 2007 is also impacted by a $1.9 million gain associated with Empire’s prepayment in the first quarter of 2007 of its project financing debt that was in place when the Company acquired Empire in 2003. Upon the payment of that debt, the corresponding interest rate collar no longer qualified for hedge accounting, and gains and losses could no longer be deferred.

Excluding these items, operating results decreased $6.0 million, or $0.07 per share, for the fiscal year ended September 30, 2007, mainly due to lower efficiency gas revenues, higher interest expense and a higher effective tax rate for the fiscal year. The decline in efficiency gas revenues is due to lower natural gas prices and lower retained volumes. The lower retained volumes of efficiency gas was the result of a FERC-approved settlement of a complaint filed by various parties against Supply Corporation under Sections 5(a) and 13 of the Natural Gas Act (the “FERC settlement”) that reduced the percentages of transported gas which Supply Corporation retains for fuel, company use, surface operating and lost and unaccounted for, generally effective as of December 1, 2006. The FERC settlement also required Supply Corporation to recognize a higher level of expense for post-retirement benefits, which resulted in higher operating expenses for the fiscal year. Partially offsetting these items, the FERC settlement lowered Supply Corporation’s depreciation rates, which resulted in lower depreciation expense for the fiscal year.

Exploration and Production Segment

The Exploration and Production segment operations are carried out by Seneca Resources Corporation (“Seneca”). Seneca explores for, develops and purchases natural gas and oil reserves in California, the Appalachian region, and in the Gulf Coast regions of Texas, Louisiana and Alabama.

The Exploration and Production segment’s earnings in the fourth quarter of fiscal 2007 of $145.7 million or $1.70 per share increased $152.9 million or $1.78 per share when compared with the prior year’s fourth quarter loss. On August 31, 2007, Seneca completed the sale of its Canadian subsidiary. As a result of this transaction, the Company is presenting the Canadian operations as discontinued operations. Earnings in the fourth quarter of fiscal 2007 include earnings from discontinued operations of $123.4 million, which included $3.1 million of income during the months of July and August plus a $120.3 million gain on the sale of the Canadian operations. Earnings in the fourth quarter of fiscal 2006 include a loss from discontinued operations of $26.6 million. The results of discontinued operations are discussed later in this document and are excluded from the remaining discussion of the Exploration and Production segment’s quarterly results below.

Excluding discontinued operations, operating results in the Exploration and Production segment increased $2.9 million, or $0.03 per share, for the fourth quarter of fiscal 2007. The increase was mainly due to higher crude oil and natural gas prices realized after hedging. For the quarter ended September 30, 2007, the weighted average oil price received by Seneca (after hedging) was $61.35 per barrel (“Bbl”), an increase of $16.51 per Bbl, or 36.8 percent from the prior year’s quarter. The weighted average natural gas price received by Seneca (after hedging) for the quarter ended September 30, 2007, was $7.13 per thousand cubic feet (“Mcf”), an increase of $0.57 per Mcf, or 8.7 percent, from the prior year’s quarter. Other items impacting operating results for the quarter were higher operating expenses and a higher effective tax rate. The increase in depletion expense, which, on a per unit basis, increased $0.35 per thousand cubic feet equivalent (“Mcfe”) to $2.19 per Mcfe was mainly due to a reduction in proved reserves and an increase in costs to be depleted as a result of capital spending and higher anticipated future development costs. The increase in lease operating expenses (“LOE”) is due primarily to escalating service costs and an increase in the number of producing properties compared to the prior year’s quarter.

The Exploration and Production segment’s earnings of $210.7 million, or $2.47 per share, for the fiscal year ended September 30, 2007, increased $189.7 million, or $2.23 per share, when compared with the fiscal year ended September 30, 2006. As discussed above, as a result of Seneca’s sale of its Canadian subsidiary, the Company is presenting the Canadian operations as discontinued operations. Earnings for the fiscal year ended September 30, 2007, include earnings from discontinued operations of $135.8 million, which consists of $15.5 million of income from discontinued operations, and a $120.3 million gain on the sale of the Canadian operations. Earnings for the fiscal year ended September 30, 2006, include a loss from discontinued operations of $46.5 million. The results of discontinued operations are discussed later in this document and are excluded from the remaining discussion of the Exploration and Production segment’s fiscal year results below.

The comparability of the Exploration and Production segment’s earnings for the fiscal years ended September 30, 2007, and 2006, is also impacted by a $6.1 million benefit to earnings in 2006 related to income taxes. The Company reversed a valuation allowance associated with the capital loss carryforward that resulted from the 2003 sale of certain Seneca oil properties and also recognized a tax benefit related to the favorable resolution of certain open tax issues.

Excluding discontinued operations and the tax adjustments discussed above, operating results for the fiscal year ended September 30, 2007, in the Exploration and Production segment increased $13.5 million, or $0.17 per share. The increase was primarily due to higher crude oil and natural gas prices realized after hedging. For the fiscal year ended September 30, 2007, the weighted average oil price received by Seneca (after hedging) was $51.68 per Bbl, an increase of $11.42 per Bbl, or 28.4 percent from the prior year. The weighted average natural gas price received by Seneca (after hedging) for the fiscal year ended September 30, 2007, was $7.25 per Mcf, an increase of $0.23 per Mcf, or 3.3 percent, from the prior year. The increase in commodity prices combined with a 1.7 Bcfe increase in natural gas production more than offset a 0.6 Bcfe decrease in crude oil production. Other items impacting operating results for the fiscal year were higher operating expenses and a higher effective tax rate. The increase in depletion expense is mainly due to a reduction in proved reserves, an increase in costs to be depleted as a result of capital spending and higher anticipated future development costs. The increase in LOE was mostly in the Gulf of Mexico and Appalachia. In the Gulf of Mexico the increase in LOE was due to the hurricane related shut-ins experienced in fiscal year 2006 and new producing fields coming on line in fiscal 2007. In Appalachia, the increase was due to the completion of more than two hundred wells in fiscal 2007 and an overall increase in servicing costs.

Energy Marketing

The Energy Marketing segment’s operations are carried out by National Fuel Resources, Inc. (“NFR”). NFR markets natural gas to industrial, commercial, public authority and residential customers in western and central New York and northwestern Pennsylvania, offering competitively priced energy and energy management services to its customers.

The Energy Marketing segment’s net loss for the fourth quarter of fiscal 2007 of $0.8 million, or $0.01 per share, increased $0.7 million compared to the prior year’s fourth quarter loss of $0.1 million, and was due to changes in the effective tax rate and slightly lower margins driven by higher pipeline reservation charges related to storage capacity. Earnings for the fiscal year ended September 30, 2007, of $7.7 million, or $0.09 per share, increased $1.9 million, or $0.02 per share, compared to the fiscal year ended September 30, 2006. The comparability of the fiscal year results is impacted by a $2.3 million reversal of an accrual for purchased gas expense for which a contingency was resolved during the second quarter of fiscal 2007. Excluding this item, operating results for the Energy Marketing segment for the fiscal year ended September 30, 2007, were flat compared to the fiscal year ended September 30, 2006.

Timber Segment

The Timber segment operations are carried out by Highland Forest Resources, Inc. (“Highland”) 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’s earnings for the quarter ended September 30, 2007, of $0.7 million or $0.01 per share, is an increase of $0.2 million from the prior year’s fourth quarter earnings. The increase is due to higher margins as a result of the strategically timed sale of approximately 3.1 million board feet of timber rights during the quarter.

Earnings for the fiscal year ended September 30, 2007, of $3.7 million decreased $2.0 million from the prior year’s earnings. The decrease is due to lower margins on logs, green lumber and kiln-dried lumber. The decreased margins are mainly due to lower sales volumes. The unfavorable weather conditions early in the year made harvesting difficult resulting in lower harvest volumes for the fiscal year. This, combined with lower unit prices realized on the non-core species, resulted in lower revenues for veneer logs, kiln-dried cherry lumber and soft and hard maple green lumber. Although prices realized on certain species declined, the price realized on our core product, black cherry veneer logs, increased nearly 3 percent from the prior year. The price realized on black cherry veneer has increased consistently every year for the past several years, and that trend is expected to continue. Lower depletion expense due to lower harvested volumes partially offset the decrease in revenues.

Corporate and All Other

Other direct, wholly-owned subsidiaries of the Company include: Horizon Energy Development, Inc., a corporation formerly engaged in the development of international power projects; 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 develops and owns independent electric generation facilities which are fueled with natural gas or landfill gas.

Earnings in the Corporate and All Other category for the quarter ended September 30, 2007, were $2.2 million, an increase of $2.2 million when compared to the prior year’s fourth quarter loss. The increase is the result of higher intercompany interest income, lower interest expense and a lower effective tax rate.

Earnings in the Corporate and All Other category for the fiscal year ended September 30, 2007, were $8.1 million, an increase of $8.0 million when compared to the prior year’s earnings. The increase is mainly due to higher margins in Horizon LFG, Inc., higher income from unconsolidated subsidiaries in Horizon Power, Inc., higher intercompany interest income, lower interest expense and a lower effective tax rate.

Discontinued Operations

Earnings from discontinued operations for the quarter ended September 30, 2007, of $123.4 million is an increase of $150.0 million from a loss of $26.6 million for the quarter ended September 30, 2006. The increase is primarily the result of Seneca’s sale of its Canadian subsidiary and the recording of a gain of approximately $120.3 million. In addition Seneca recorded an impairment of its Canadian oil and gas producing properties in the quarter ended September 30, 2006, that did not recur in the quarter ended September 30, 2007.

Earnings from discontinued operations for the fiscal year ended September 30, 2007, of $135.8 million was an increase of $182.3 million from a loss of $46.5 million for the fiscal year ended September 30, 2006. The increase is primarily the result of Seneca’s sale of its Canadian subsidiary and the recording of a gain of approximately $120.3 million. In addition Seneca recorded an impairment of its Canadian oil and gas producing properties in the fiscal year ended September 30, 2006, that did not recur in the fiscal year ended September 30, 2007.

EARNINGS GUIDANCE

The Company is increasing its GAAP earnings guidance for fiscal 2008 to a range of $2.50 to $2.70 per diluted share. Previous guidance had been in a range of $2.45 to $2.65 per diluted share. The increase is driven by the layering in of additional hedges in the Exploration and Production segment at prices higher than those assumed in the Company’s base forecast.

EARNINGS TELECONFERENCE

The Company will host a conference call on Friday, November 9, 2007 at 11 a.m. (Eastern Time) to discuss this announcement. There are two ways to access this call. For those with Internet access, visit National Fuel’s Web site at nationalfuelgas.com and click on the “For Investors” link at the top of the homepage. For those without Internet access, access is also provided by dialing (toll-free) 1-800-599-9829, and using the passcode “56831965.” 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) 888-286-8010 using passcode “19287282.” Both the webcast and telephonic replay will be available until the close of business on Friday, November 16, 2007.

National Fuel is an integrated energy company with $3.9 billion in assets comprised of the following five operating segments: Utility, Pipeline and Storage, Exploration and Production, 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.

National Fuel Gas Company (the “Company”) and its directors and executive officers may be deemed to be participants in the solicitation of proxies from stockholders in connection with the Company’s 2008 Annual Meeting of Stockholders (the “Annual Meeting”). The Company plans to file a proxy statement with the Securities and Exchange Commission (the “SEC”) in connection with this solicitation of proxies for the Annual Meeting (the “2008 Proxy Statement”). Information regarding the names of the Company’s directors and executive officers and their respective interests in the Company by security holdings or otherwise is set forth in the Company’s proxy statement relating to the 2007 annual meeting of stockholders, which may be obtained free of charge at the SEC’s website at http://www.sec.gov and the Company’s website at http://www.nationalfuelgas.com. Additional information regarding the interests of such potential participants will be included in the 2008 Proxy Statement and other relevant documents to be filed with the SEC in connection with the Annual Meeting.

Promptly after filing its definitive 2008 Proxy Statement for the Annual Meeting with the SEC, the Company will mail the definitive 2008 Proxy Statement and a proxy card to each stockholder entitled to vote at the Annual Meeting. WE URGE INVESTORS TO READ THE 2008 PROXY STATEMENT (INCLUDING ANY AMENDMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT THE COMPANY WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders will be able to obtain, free of charge, copies of the 2008 Proxy Statement and any other documents filed by the Company with the SEC in connection with the Annual Meeting at the SEC’s website (http://www.sec.gov), at the Company’s website (http://www.nationalfuelgas.com) or by contacting Secretary, National Fuel Gas Company, 6363 Main Street, Williamsville, New York 14221, (716) 857-7000.

Certain statements contained herein, including those regarding future earnings, developments and operational results, and those which use words such as “anticipates,”"estimates,”"expects,”"intends,”"plans,”"predicts,”"projects,” 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: changes in laws and regulations to which the Company is subject, including changes in tax, environmental, safety and employment laws and regulations; changes in economic conditions, including economic disruptions caused by terrorist activities, acts of war or major accidents; 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; impairments under the Securities and Exchange Commission’s full cost ceiling test for natural gas and oil reserves; 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; 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 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, including changes in the plans of the sponsors of the proposed Millennium Pipeline with respect to that project; the nature and projected profitability of pending and potential projects and other investments, and the ability to obtain necessary governmental approvals and permits; occurrences affecting the Company’s ability to obtain funds from operations or from issuances of short-term notes or debt or equity securities to finance needed capital expenditures and other investments, including any downgrades in the Company’s credit ratings; uncertainty of oil and gas reserve estimates; ability to successfully identify and finance acquisitions or other investments and ability to operate and integrate existing and any subsequently acquired business or properties; ability to successfully identify, drill for and produce economically viable natural gas and oil reserves; significant changes from expectations in the Company’s actual production levels for natural gas or oil; regarding foreign operations, changes in trade and monetary policies, inflation and exchange rates, taxes, operating conditions, laws and regulations related to foreign operations, and political and governmental changes; 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; changes in actuarial assumptions and the return on assets with respect to the Company’s retirement plan and post-retirement benefit plans; 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 or to reflect the occurrence of unanticipated events.

NATIONAL FUEL GAS COMPANY

RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS

QUARTER ENDED SEPTEMBER 30, 2007

(Thousands of Dollars)

Utility

Pipeline & Storage

Exploration & Production *

Energy

Marketing

Timber

Corporate / All Other

Consolidated

Fourth quarter 2006 GAAP earnings

(1,419

)

10,248

(7,181

)

(110

)

469

(39

)

1,968

Items impacting comparability:

Loss from discontinued operations

26,617

Fourth quarter 2006 operating results

(1,419

)

10,248

19,436

(110

)

469

(39

)

28,585

Drivers of operating results

Base rate increase in Pennsylvania

648

Usage

(1,592

)

(1,592

)

Routine regulatory adjustments

(627

)

(627

)

Higher transportation and storage revenues

510

Higher efficiency gas revenues

4,259

Lower (higher) operating expenses

2,309

(423

)

1,886

Lower (higher) depreciation / depletion

710

(2,278

)

(1,568

)

Higher crude oil prices

8,843

Higher natural gas prices

1,840

Higher natural gas production

660

Lower crude oil production

(853

)

(853

)

Higher lease operating expenses

(1,762

)

(1,762

)

Higher general & administrative expenses

(1,182

)

(245

)

(1,427

)

Higher (lower) margins

(328

)

582

254

Higher (lower) interest income **

(4,785

)

392

(4,393

)

(Higher) lower interest expense **

(803

)

958

155

Effective tax rate impact – positive (negative)

1,671

(1,064

)

(2,876

)

(353

)

680

(1,942

)

All other / rounding

359

(126

)

488

(131

)

206

819

Fourth quarter 2007 operating results

(3,436

)

13,311

22,316

(768

)

675

2,197

34,295

Items impacting comparability:

Gain on disposal of discontinued operations ***

120,301

Earnings from discontinued operations

3,094

Fourth quarter 2007 GAAP earnings

(3,436

)

13,311

145,711

(768

)

675

2,197

157,690

* Includes discontinued operations

** Includes intercompany income and expenses

*** Includes positive effective tax rate impact of $16,384.

NATIONAL FUEL GAS COMPANY

RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE

QUARTER ENDED SEPTEMBER 30, 2007

Utility

Pipeline &

Storage

Exploration & Production *

Energy

Marketing

Timber

Corporate / All Other

Consolidated

Fourth quarter 2006 GAAP earnings

(0.02

)

0.12

(0.08

)

–

0.01

(0.01

)

0.02

Items impacting comparability:

Loss from discontinued operations

0.31

Fourth quarter 2006 operating results

(0.02

)

0.12

0.23

–

0.01

(0.01

)

0.33

Drivers of operating results

Base rate increase in Pennsylvania

0.01

Usage

(0.02

)

(0.02

)

Routine regulatory adjustments

(0.01

)

(0.01

)

Higher transportation and storage revenues

0.01

Higher efficiency gas revenues

0.05

Lower (higher) operating expenses

0.03

(0.01

)

0.02

Lower (higher) depreciation / depletion

0.01

(0.03

)

(0.02

)

Higher crude oil prices

0.10

Higher natural gas prices

0.02

Higher natural gas production

0.01

Lower crude oil production

(0.01

)

(0.01

)

Higher lease operating expenses

(0.02

)

(0.02

)

Higher general & administrative expenses

(0.01

)

–

(0.01

)

Higher (lower) margins

–

0.01

Higher (lower) interest income **

(0.06

)

–

(0.06

)

(Higher) lower interest expense **

(0.01

)

0.01

–

Effective tax rate impact – positive (negative)

0.02

(0.01

)

(0.03

)

–

0.01

(0.01

)

All other / rounding

0.01

–

(0.01

)

(0.01

)

0.01

–

Fourth quarter 2007 operating results

(0.04

)

0.16

0.26

(0.01

)

0.01

0.02

0.40

Items impacting comparability:

Gain on disposal of discontinued operations

1.41

Earnings from discontinued operations

0.03

Fourth quarter 2007 GAAP earnings

(0.04

)

0.16

1.70

(0.01

)

0.01

0.02

1.84

* Includes discontinued operations

** Includes intercompany income and expenses

NATIONAL FUEL GAS COMPANY

RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS

YEAR ENDED SEPTEMBER 30, 2007

(Thousands of Dollars)

Utility

Pipeline &

Storage

Exploration & Production *

Energy Marketing

Timber

Corporate / All Other

Consolidated

Fiscal 2006 GAAP earnings

49,815

55,633

20,971

5,798

5,704

170

138,091

Items impacting comparability:

Loss from discontinued operations

46,523

Out-of-period adjustment to symmetrical sharing

(2,551

)

(2,551

)

Income tax adjustments

(6,122

)

(6,122

)

Fiscal 2006 operating results

47,264

55,633

61,372

5,798

5,704

170

175,941

Drivers of operating results

Base rate increase in Pennsylvania

5,507

Usage

1,576

Colder weather

2,536

Routine regulatory adjustments

(1,484

)

(1,484

)

Lower efficiency gas revenues

(2,739

)

(2,739

)

Higher operating expenses

(765

)

(1,466

)

(2,231

)

Higher property taxes

(767

)

(767

)

Lower (higher) depreciation / depletion

2,529

(7,184

)

1,160

(3,495

)

Higher crude oil prices

24,065

Higher natural gas prices

2,984

Higher natural gas production

7,946

Lower crude oil production

(2,406

)

(2,406

)

Higher lease operating expenses

(4,586

)

(4,586

)

Higher general & administrative expenses

(575

)

(334

)

(909

)

Higher (lower) margins

(64

)

(2,499

)

1,028

(1,535

)

Income from unconsolidated subsidiaries

907

Higher (lower) interest income **

(4,692

)

4,060

(632

)

(Higher) lower interest expense **

(1,310

)

(3,179

)

660

(3,829

)

Effective tax rate impact – positive (negative)

3,010

(930

)

(6,285

)

(498

)

1,962

(2,741

)

All other / rounding

(137

)

(442

)

(303

)

(664

)

(1,452

)

Fiscal 2007 operating results

50,886

49,711

74,889

5,319

3,728

8,123

192,656

Items impacting comparability:

Gain on disposal of discontinued operations ***

120,301

Earnings from discontinued operations

15,479

Reversal of reserve for preliminary project costs

4,787

Resolution of a purchased gas contingency

2,344

Discontinuance of hedge accounting

1,888

Fiscal 2007 GAAP earnings

50,886

56,386

210,669

7,663

3,728

8,123

337,455

* Includes discontinued operations

** Includes intercompany income and expenses

*** Includes positive effective tax rate impact of $16,384.

NATIONAL FUEL GAS COMPANY

RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE

YEAR ENDED SEPTEMBER 30, 2007

Utility

Pipeline & Storage

Exploration & Production *

Energy

Marketing

Timber

Corporate / All Other

Consolidated

Fiscal 2006 GAAP earnings

0.58

0.65

0.24

0.07

0.00

1.61

Items impacting comparability:

Loss from discontinued operations

0.54

Out-of-period adjustment to symmetrical sharing

(0.03

)

(0.03

)

Income tax adjustments

(0.07

)

(0.07

)

Fiscal 2006 operating results

0.55

0.65

0.71

0.07

0.00

2.05

Drivers of operating results

Base rate increase in Pennsylvania

0.06

Usage

0.02

Colder weather

0.03

Routine regulatory adjustments

(0.02

)

(0.02

)

Lower efficiency gas revenues

(0.03

)

(0.03

)

Higher operating expenses

(0.01

)

(0.02

)

(0.03

)

Higher property taxes

(0.01

)

(0.01

)

Lower (higher) depreciation / depletion

0.03

(0.08

)

0.01

(0.04

)

Higher crude oil prices

0.28

Higher natural gas prices

0.03

Higher natural gas production

0.09

Lower crude oil production

(0.03

)

(0.03

)

Higher lease operating expenses

(0.05

)

(0.05

)

Higher general & administrative expenses

–

Higher (lower) margins

–

(0.03

)

0.01

(0.02

)

Income from unconsolidated subsidiaries

0.01

Higher (lower) interest income **

(0.06

)

0.05

(0.01

)

(Higher) lower interest expense **

(0.02

)

(0.04

)

0.01

(0.05

)

Effective tax rate impact – positive (negative)

0.04

(0.01

)

(0.07

)

(0.01

)

0.02

(0.03

)

All other / rounding

0.02

–

(0.01

)

–

0.01

Fiscal 2007 operating results

0.60

0.58

0.88

0.06

0.04

0.10

2.26

Items impacting comparability:

Gain on disposal of discontinued operations

1.41

Earnings from discontinued operations

0.18

Reversal of reserve for preliminary project costs

0.06

Resolution of a purchased gas contingency

0.03

Discontinuance of hedge accounting

0.02

Fiscal 2007 GAAP earnings

0.60

0.66

2.47

0.09

0.04

0.10

3.96

* Includes discontinued operations

** Includes intercompany income and expenses

NATIONAL FUEL GAS COMPANY

AND SUBSIDIARIES

(Thousands of Dollars, except per share amounts)

Three Months Ended

Twelve Months Ended

September 30,

(Unaudited)

SUMMARY OF OPERATIONS

2007

2006

2007

2006

Operating Revenues

302,030

280,506

2,039,566

2,239,675

Operating Expenses:

Purchased Gas

79,164

79,609

1,018,081

1,267,562

Operation and Maintenance

90,905

88,803

396,408

395,289

Property, Franchise and Other Taxes

16,098

15,625

70,660

69,202

Depreciation, Depletion and Amortization

42,359

39,604

157,919

151,999

228,526

223,641

1,643,068

1,884,052

Operating Income

73,504

56,865

396,498

355,623

Other Income (Expense):

Income from Unconsolidated Subsidiaries

1,880

1,384

4,979

3,583

Other Income

908

1,291

4,936

2,825

Interest Income

(1,548

)

5,695

1,550

9,409

Interest Expense on Long-Term Debt

(16,289

)

(18,127

)

(68,446

)

(72,629

)

Other Interest Expense

(1,151

)

(1,686

)

(6,029

)

(5,952

)

Income from Continuing Operations Before Income Taxes

57,304

45,422

333,488

292,859

Income Tax Expense

23,009

16,837

131,813

108,245

Income from Continuing Operations

34,295

28,585

201,675

184,614

Discontinued Operations:

Income (Loss) from Operations, Net of Tax

3,094

(26,617

)

15,479

(46,523

)

Gain on Disposal, Net of Tax

120,301

–

120,301

–

Income (Loss) from Discontinued Operations, Net of Tax

123,395

(26,617

)

135,780

(46,523

)

Net Income Available for Common Stock

157,690

1,968

337,455

138,091

Earnings Per Common Share:

Basic:

Income from Continuing Operations

0.41

0.34

2.43

2.20

Income (Loss) from Discontinued Operations

1.48

(0.32

)

1.63

(0.56

)

Net Income Available for Common Stock

1.89

0.02

4.06

1.64

Diluted:

Income from Continuing Operations

0.40

0.33

2.37

2.15

Income (Loss) from Discontinued Operations

1.44

(0.31

)

1.59

(0.54

)

Net Income Available for Common Stock

1.84

0.02

3.96

1.61

Weighted Average Common Shares:

Used in Basic Calculation

83,506,748

83,432,553

83,141,640

84,030,118

Used in Diluted Calculation

85,577,898

85,523,042

85,301,361

86,028,466

NATIONAL FUEL GAS COMPANY

AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

September 30,

(Thousands of Dollars)

2007

2006

ASSETS

Property, Plant and Equipment

4,461,586

4,703,040

Less – Accumulated Depreciation, Depletion and Amortization

1,583,181

1,825,314

Net Property, Plant and Equipment

2,878,405

2,877,726

Current Assets:

Cash and Temporary Cash Investments

124,806

69,611

Cash Held in Escrow

61,964

–

Hedging Collateral Deposits

4,066

19,676

Receivables – Net

172,380

173,671

Unbilled Utility Revenue

20,682

25,538

Gas Stored Underground

66,195

59,461

Materials and Supplies – at average cost

35,669

36,693

Unrecovered Purchased Gas Costs

14,769

12,970

Other Current Assets

45,057

63,723

Deferred Income Taxes

13,093

23,402

Total Current Assets

558,681

484,745

Other Assets:

Recoverable Future Taxes

83,954

79,511

Unamortized Debt Expense

12,070

15,492

Other Regulatory Assets

137,577

76,917

Deferred Charges

5,545

3,558

Other Investments

85,902

88,414

Investments in Unconsolidated Subsidiaries

18,256

11,590

Goodwill

5,476

Intangible Assets

28,836

31,498

Prepaid Pension and Post-Retirement Benefit Costs

61,006

64,125

Fair Value of Derivative Financial Instruments

9,188

11,305

Deferred Income Taxes

–

9,003

Other

8,059

4,388

Total Other Assets

455,869

401,277

Total Assets

3,892,955

3,763,748

CAPITALIZATION AND LIABILITIES

Capitalization:

Comprehensive Shareholders’ Equity

Common Stock, $1 Par Value Authorized – 200,000,000 Shares; Issued and Outstanding – 83,461,308 Shares and 83,402,670 Shares, Respectively

83,461

83,403

Paid in Capital

569,085

543,730

Earnings Reinvested in the Business

983,776

786,013

Total Common Shareholders’ Equity Before Items of Other Comprehensive Income (Loss)

1,636,322

1,413,146

Accumulated Other Comprehensive Income (Loss)

(6,203

)

30,416

Total Comprehensive Shareholders’ Equity

1,630,119

1,443,562

Long-Term Debt, Net of Current Portion

799,000

1,095,675

Total Capitalization

2,429,119

2,539,237

Current and Accrued Liabilities:

Notes Payable to Banks and Commercial Paper

–

Current Portion of Long-Term Debt

200,024

22,925

Accounts Payable

109,757

133,034

Amounts Payable to Customers

10,409

23,935

Dividends Payable

25,873

25,008

Interest Payable on Long-Term Debt

18,158

18,420

Customer Advances

22,863

29,417

Other Accruals and Current Liabilities

36,062

27,040

Fair Value of Derivative Financial Instruments

16,200

39,983

Total Current and Accrued Liabilities

439,346

319,762

Deferred Credits:

Deferred Income Taxes

579,899

544,502

Taxes Refundable to Customers

14,026

10,426

Unamortized Investment Tax Credit

5,392

6,094

Cost of Removal Regulatory Liability

91,226

85,076

Other Regulatory Liabilities

76,659

75,456

Post-Retirement Liabilities

70,555

32,918

Asset Retirement Obligations

75,939

77,392

Other Deferred Credits

110,794

72,885

Total Deferred Credits

1,024,490

904,749

Commitments and Contingencies

–

Total Capitalization and Liabilities

3,892,955

3,763,748

NATIONAL FUEL GAS COMPANY

AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Twelve Months Ended

September 30,

(Thousands of Dollars)

2007

2006

Operating Activities:

Net Income Available for Common Stock

$337,455

$138,091

Adjustments to Reconcile Net Income to Net Cash

Provided by Operating Activities:

Gain on Sale of Discontinued Operations

(159,873

)

–

Impairment of Oil and Gas Producing Properties

–

104,739

Depreciation, Depletion and Amortization

170,803

179,615

Deferred Income Taxes

52,847

(5,230

)

Income from Unconsolidated Subsidiaries, Net of Cash Distributions

(3,366

)

1,067

Excess Tax Benefits Associated with Stock-Based Compensation Awards

(13,689

)

(6,515

)

Other

16,399

4,829

Change in:

Hedging Collateral Deposits

15,610

58,108

Receivables and Unbilled Utility Revenue

5,669

(12,343

)

Gas Stored Underground and Materials and Supplies

(5,714

)

1,679

Unrecovered Purchased Gas Costs

(1,799

)

1,847

Prepayments and Other Current Assets

18,800

(39,572

)

Accounts Payable

(26,002

)

(23,144

)

Amounts Payable to Customers

(13,526

)

22,777

Customer Advances

(6,554

)

4,946

Other Accruals and Current Liabilities

8,950

(17,754

)

Other Assets

4,109

(22,700

)

Other Liabilities

(5,922

)

80,960

Net Cash Provided by Operating Activities

$394,197

$471,400

Investing Activities:

Capital Expenditures

($276,728

)

($294,159

)

Investment in Partnership

(3,300

)

–

Net Proceeds from Sale of Foreign Subsidiary

232,092

–

Cash Held in Escrow

(58,248

)

–

Net Proceeds from Sale of Oil and Gas Producing Properties

5,137

Other

(725

)

(3,230

)

Net Cash Used in Investing Activities

($101,772

)

($297,376

)

Financing Activities:

Excess Tax Benefits Associated with Stock-Based Compensation Awards

$13,689

$6,515

Shares Repurchased under Repurchase Plan

(48,070

)

(85,168

)

Reduction of Long-Term Debt

(119,576

)

(9,805

)

Dividends Paid on Common Stock

(100,632

)

(98,266

)

Proceeds From Issuance of Common Stock

17,498

23,339

Net Cash Used In Financing Activities

($237,091

)

($163,385

)

Effect of Exchange Rates on Cash

(139

)

1,365

Net Increase in Cash and Temporary Cash Investments

55,195

12,004

Cash and Temporary Cash Investments at Beginning of Period

69,611

57,607

Cash and Temporary Cash Investments at September 30

$124,806

$69,611

NATIONAL FUEL GAS COMPANY

AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS

(UNAUDITED)

(Thousands of Dollars, except per share amounts)

Three Months Ended

September 30,

Twelve Months Ended

September 30,

UTILITY SEGMENT

2007

2006

Variance

2007

2006

Variance

Revenues from External Customers

105,594

111,320

(5,726

)

1,106,453

1,265,695

(159,242

)

Intersegment Revenues

1,715

2,751

(1,036

)

14,271

15,068

(797

)

Total Operating Revenues

107,309

114,071

(6,762

)

1,120,724

1,280,763

(160,039

)

Operating Expenses:

Purchased Gas

47,682

52,440

(4,758

)

718,376

883,263

(164,887

)

Operation and Maintenance

37,519

41,233

(3,714

)

202,965

204,330

(1,365

)

Property, Franchise and Other Taxes

10,037

10,151

(114

)

47,023

47,029

)

Depreciation, Depletion and Amortization

10,389

10,113

276

40,541

40,172

369

105,627

113,937

(8,310

)

1,008,905

1,174,794

(165,889

)

Operating Income

1,682

134

1,548

111,819

105,969

5,850

Other Income (Expense):

Interest Income

(2,907

)

4,347

(7,254

)

(2,345

)

4,889

(7,234

)

Other Income

318

221

1,244

830

414

Other Interest Expense

(6,847

)

(6,782

)

(65

)

(28,190

)

(26,174

)

(2,016

)

Income (Loss) Before Income Taxes

(7,754

)

(2,080

)

(5,674

)

82,528

85,514

(2,986

)

Income Tax Expense (Benefit)

(4,318

)

(661

)

(3,657

)

31,642

35,699

(4,057

)

Net Income (Loss)

(3,436

)

(1,419

)

(2,017

)

50,886

49,815

1,071

Net Income (Loss) Per Share (Diluted)

(0.04

)

(0.02

)

(0.02

)

0.60

0.58

0.02

Three Months Ended

Twelve Months Ended

September 30,

PIPELINE AND STORAGE SEGMENT

2007

2006

Variance

2007

2006

Variance

Revenues from External Customers

35,521

28,086

7,435

130,410

132,921

(2,511

)

Intersegment Revenues

19,972

20,126

(154

)

81,556

81,431

125

Total Operating Revenues

55,493

48,212

7,281

211,966

214,352

(2,386

)

Operating Expenses:

Purchased Gas

(48

)

(65

)

Operation and Maintenance

19,111

18,462

649

61,230

66,340

(5,110

)

Property, Franchise and Other Taxes

4,317

4,109

208

17,112

16,088

1,024

Depreciation, Depletion and Amortization

8,135

9,227

(1,092

)

32,985

36,876

(3,891

)

31,570

31,750

(180

)

111,322

119,239

(7,917

)

Operating Income

23,923

16,462

7,461

100,644

95,113

5,531

Other Income (Expense):

Interest Income

134

137

)

357

454

(97

)

Other Income

330

197

133

748

582

166

Interest Expense on Long-Term Debt

(16

)

(241

)

225

1,792

(1,078

)

2,870

Other Interest Expense

(3,274

)

(1,813

)

(1,461

)

(11,415

)

(5,542

)

(5,873

)

Income Before Income Taxes

21,097

14,742

6,355

92,126

89,529

2,597

Income Tax Expense

7,786

4,494

3,292

35,740

33,896

1,844

Net Income

13,311

10,248

3,063

56,386

55,633

753

Net Income Per Share (Diluted)

0.16

0.12

0.04

0.66

0.65

0.01

NATIONAL FUEL GAS COMPANY

AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS

(UNAUDITED)

(Thousands of Dollars, except per share amounts)

Three Months Ended

September 30,

Twelve Months Ended

September 30,

EXPLORATION AND PRODUCTION SEGMENT

2007

2006

Variance

2007

2006

Variance

Operating Revenues

90,329

75,511

14,818

324,037

274,896

49,141

Operating Expenses:

Purchased Gas

–

(98

)

Operation and Maintenance:

General and Administrative Expense

6,243

4,425

1,818

19,946

19,061

885

Lease Operating Expense

11,585

9,199

2,386

43,916

37,056

6,860

All Other Operation and Maintenance Expense

1,468

1,992

(524

)

8,378

7,775

603

Property, Franchise and Other Taxes (Lease Operating Expense)

1,220

895

325

4,493

4,2

Topics: National Fuel Gas Co., Investments, Effective Tax Rate, EOG Resources Inc., Marcellus Formation, Total Return, Energy Industry, Industries, Proven Reserves, GAAP earnings, Devonian

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