8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  May2, 2013

NATIONAL FUEL GAS COMPANY

(Exact name of registrant as specified in its charter)

New Jersey	1-3880	13-1086010
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

6363 Main Street, Williamsville, New York   14221

(Address of principal executive offices)(Zip Code)

Registrant’s telephone number, including area code:  (716) 857-7000

Former name or former address, if changed since last report:  Not Applicable

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17 CFR 240.13e-4(c))

Item 2.02Results of Operations and Financial Condition.

On May 2, 2013, National Fuel Gas Company (the “Company”) issued a press release regarding its earnings for the quarter and six months ended March 31, 2013.  A copy of the press release is furnished as part of this Current Report as Exhibit 99.

Neither the furnishing of the press release as an exhibit to this Current Report nor the inclusion in such press release of any reference to the Company’s internet address shall, under any circumstances, be deemed to incorporate the information available at such internet address into this Current Report.  The information available at the Company’s internet address is not part of this Current Report or any other report filed or furnished by the Company with the Securities and Exchange Commission.

In addition to financial measures calculated in accordance with generally accepted accounting principles (“GAAP”), the press release furnished as part of this Current Report as Exhibit 99 contains certain non-GAAP financial measures.  The Company believes that such non-GAAP financial measures are useful to investors because they provide an alternative method for assessing the Company’s operating results in a manner that is focused on the performance of the Company’s ongoing operations.  The Company’s management uses these non-GAAP financial measures for the same purpose, and for planning and forecasting purposes.  The presentation of non-GAAP financial measures is not meant to be a substitute for financial measures prepared in accordance with GAAP.

Certain statements contained herein or in the press release furnished as part of this Current Report, including statements 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” and “may” and similar expressions, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995.  There can be no assurance that the Company’s projections will in fact be achieved nor do these projections reflect any acquisitions or divestitures that may occur in the future.  While the Company’s expectations, beliefs and projections are expressed in good faith and are believed to have a reasonable basis, actual results may differ materially from those projected in forward-looking statements.  Furthermore, each forward-looking statement speaks only as of the date on which it is made.  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:  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, title disputes, 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, regulations or judicial interpretations to which the Company is subject, including those involving derivatives, taxes, safety, employment, climate change, other environmental matters, real property, and exploration and production activities such as hydraulic fracturing; changes in the price of natural gas or oil; impairments under the SEC’s full cost ceiling test for natural gas and oil reserves; uncertainty of oil and gas reserve estimates; significant differences between the Company’s projected and actual

production levels for natural gas or oil; changes in demographic patterns and weather conditions; changes in the availability, price or accounting treatment of derivative financial instruments; governmental/regulatory actions, initiatives and proceedings, including those involving rate cases (which address, among other things, allowed rates of return, rate design and retained natural gas), environmental/safety requirements, affiliate relationships, industry structure, and franchise renewal; 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; 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 major accidents, fires, severe weather, natural disasters, terrorist activities, acts of war, cyber attacks or pest infestation; changes in 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, geographic location or delivery date; significant differences between the Company’s projected and actual capital expenditures and operating expenses; changes in laws, 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; 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.

Item 9.01Financial Statements and Exhibits.

(d) Exhibits

Exhibit 99Press release furnished regarding earnings for the quarter and six months ended March 31, 2013

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

NATIONAL FUEL GAS COMPANY

By:	/s/ James R. Peterson
	James R. Peterson
	Assistant Secretary

Dated:  May3, 2013

EXHIBIT INDEX

Exhibit Number	Description
99	Press release furnished regarding earnings for the quarter and six months ended March 31, 2013

EX-99

Exhibit 99

		6363 Main Street/Williamsville, NY 14221
Release Date:	Immediate May 2, 2013	Timothy Silverstein Investor Relations 716-857-6987
		David P. Bauer Treasurer 716-857-7318

NATIONAL FUEL REPORTS SECOND QUARTER EARNINGS

WILLIAMSVILLE, NY:  National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced consolidated earnings for the second quarter of fiscal 2013 and for the six months ended March 31, 2013.

HIGHLIGHTS

lEarnings for the second quarter of fiscal 2013 of $85.7 million, or $1.02 per share, increased $18.3 million, or $0.21 per share, compared to $67.4 million, or $0.81 per share, for the prior year’s second quarter.  The increase is due to higher earnings across all segments. 

lAdjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) for the second quarter of fiscal 2013 were $243.0 million compared to $201.5 million for the prior year’s second quarter, an increase of 21%.

lSeneca Resources Corporation’s (“Seneca”) second quarter production of natural gas and crude oil was 28.8 billion cubic feet equivalent (“Bcfe”), an increase of 10.4 Bcfe, or approximately 57%.

lIn the Pipeline and Storage segment, second quarter earnings of $16.8 million, or $0.20 per share, increased 31% compared to the prior year’s second quarter.  The increase is largely driven by higher revenues from contracts with non-affiliated shippers to transport gas through the Northern Access and Line N 2012 Expansion pipeline projects that were placed in service in the first quarter.

lThe Company is revising its GAAP earnings guidance range for fiscal 2013 to a range of $2.95 to $3.10 per share.  The previous earnings guidance had been a range of $2.75 to $3.00 per share.  This revised guidance assumes flat NYMEX equivalent pricing of $4.00 per Million British Thermal Units (“MMBtu”) for natural gas (Henry Hub) and $85 per barrel (“Bbl”) for crude oil (West Texas Intermediate) for unhedged production for the remainder of the fiscal year.  Production for the entire 2013 fiscal year is projected to be between 110 to 118 Bcfe.  The previous guidance for projected production was between 102 and 112 Bcfe.

lA conference call is scheduled for Friday, May 3, 2013, at 11 a.m. Eastern Standard Time.

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MANAGEMENT COMMENTS

Ronald J. Tanski, President and Chief Executive Officer of National Fuel Gas Company, stated:  “Results across our system during the second quarter were outstanding, with all of our major subsidiaries contributing to an overall 20 percent increase in consolidated operating results.

“Seneca Resources continues to have impressive operating results in its Marcellus Shale program.  Those operations helped drive the remarkable 57 percent increase in production compared to the prior year.  At the same time, as Seneca and other Appalachian producers are expanding natural gas production in the region, our midstream businesses continue to capitalize on that growth.  We continue to look at ways to make additional investments in new facilities that can increase system throughput and produce consistent long-term earnings. 

“We believe that there are a number of factors that will allow us to continue this positive momentum.  Seneca’s recent success in Lycoming County has driven a significant increase in both our production and earnings forecasts for fiscal 2013.  Looking to next year, the delineation results in our Rich Valley prospect area make us increasingly excited about the long-term potential of our legacy acreage.  The decrease in the volatility of natural gas prices, and the modest upward trend in the futures strip prices should further support interest from shippers in our new pipeline projects.  In short, we remain focused on efficiently deploying capital across our system, generating strong returns and delivering the positive results our shareholders expect.”

SUMMARY OF RESULTS

National Fuel had consolidated earnings for the quarter ended March 31, 2013, of $85.7 million, or $1.02 per share, compared to the prior year’s second quarter of $67.4 million, or $0.81 per share, an increase of $18.3 million or $0.21 per share. The increase is due to higher earnings in all segments and the All Other category.  (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 are after tax unless otherwise noted.)

Consolidated earnings for the six months ended March 31, 2012, of $153.7 million, or $1.83 per share, increased $25.6 million, or $0.30 per share, from the same period in the prior year where earnings were $128.1 million or $1.53 per share.

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OPERATING RESULTS

	Three Months				Six Months
	Ended March 31,				Ended March 31,
	2013		2012		2013		2012
(in thousands except per share amounts)
Reported GAAP earnings per share	$	85,720	$	67,392	$	153,664	$	128,091
Items impacting comparability1:
Pennsylvania impact fee				4,034				4,034
Operating Results	$	85,720	$	71,426	$	153,664	$	132,125
Reported GAAP earnings per share	$	1.02	$	0.81	$	1.83	$	1.53
Items impacting comparability1:
Pennsylvania impact fee				0.05				0.05
Operating Results	$	1.02	$	0.86	$	1.83	$	1.58

¹See discussion of these individual items below.

As outlined in the table above, certain items included in GAAP earnings impacted the comparability of the Company’s financial results when comparing the quarter and six months ended March 31, 2013, to the comparable periods in fiscal 2012.  Excluding the one item in the prior fiscal year, Operating Results for the current quarter of $85.7 million, or $1.02 per share, increased $14.3 million, or $0.16 per share, from the prior year’s second quarter where Operating Results were $71.4 million or $0.86 per share.  Excluding this item, Operating Results for the six months ended March 31, 2013, of $153.7 million, or $1.83 per share, increased $21.5 million, or $0.25 per share, compared to the same period in the prior year.  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 9 through 12 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 Appalachia and California. 

The Exploration and Production segment’s earnings in the second quarter of fiscal 2013 of $27.7 million, or $0.33 per share, increased $5.5 million, or $0.06 per share, when compared with the prior year’s second quarter. 

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In February 2012, the Commonwealth of Pennsylvania passed legislation that included a “natural gas impact fee.”  The fee was retroactive and applied to wells drilled before and after the legislation was passed.  The impact fee recorded in the second quarter of fiscal 2012 that related to prior fiscal years was $6.2 million (pre-tax).  Excluding this amount from the prior year’s results, Operating Results for the current year’s second quarter increased $1.5 million, or $0.01 per share, when compared with the prior year’s adjusted second quarter. 

Overall production of natural gas and crude oil for the current quarter of 28.8 Bcfe increased approximately 10.4 Bcfe, or 56.6 percent, compared to the prior year’s second quarter.  Production from Seneca’s Appalachia properties increased approximately 10.7 Bcfe largely because of Seneca’s strong well results in Lycoming County.  California production of 4.8 Bcfe decreased 6.0 percent compared to the prior year’s second quarter primarily due to a temporary gas transportation issue and natural field decline.

Changes in commodity prices realized after hedging also impacted Operating Results.  The weighted average natural gas price received by Seneca (after hedging) for the quarter ended March 31, 2013, was $3.98 per thousand cubic feet (“Mcf”), a decrease of $0.66 per Mcf compared to the prior year’s second quarter.  Higher crude oil prices realized after hedging increased earnings.  The weighted average oil price received by Seneca (after hedging) for the quarter ended March 31, 2013, was $99.08 per Bbl, an increase of $5.68 per Bbl. 

Depletion expense for the current year’s second quarter increased over last year’s second quarter due to the higher production activity discussed above.  On a per unit basis, depletion decreased $0.25 per thousand cubic feet equivalent (“Mcfe”) due to higher crude oil and natural gas reserve balances at March 31, 2013, compared to the prior year. Lease operating expenses (“LOE”) increased $4.5 million due to higher production and transportation costs.  On a per unit basis, LOE decreased $0.17 per Mcfe.  General and administrative expenses (“G&A”) increased $1.6 million over the prior year’s second quarter due to higher labor expenses; however, on a per unit basis G&A decreased $0.19 per Mcfe. Earnings were also impacted by higher interest expense due to a higher outstanding debt balance and higher state income taxes.  

The Exploration and Productions segment’s earnings of $54.4 million, or $0.65 per share, for the six months ended March 31, 2013, increased $1.9 million, or $0.02 per share, when compared with the six months ended March 31, 2012.  Excluding the impact fee discussed above, the Exploration and Production segment’s Operating Results for the six months ended March 31, 2013, of $54.4 million, or $0.65 per share, compared to Operating Results of $56.5 million, or $0.68 per share for the prior year’s six-month period.

Overall production for the six months ended March 31, 2013, increased approximately 45.6 percent to 53.4 Bcfe.  Production from Seneca’s Appalachia properties increased approximately 17.1 Bcfe.  California production of 9.8 Bcfe decreased slightly compared with the prior year’s six-month period for the reasons noted above.

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Changes in commodity prices realized after hedging also impacted earnings.  The weighted average natural gas price received by Seneca (after hedging) for the six months ended March 31, 2013, was $4.03 per Mcf, a decrease of $0.68 per Mcf compared to the prior year’s six-month period.  Higher crude oil prices realized after hedging increased earnings.  The weighted average oil price received by Seneca (after hedging) for the six months ended March 31, 2013, was $97.86 per Bbl, an increase of $5.47 per Bbl.

Depletion, LOE and G&A for the six months ended March 31, 2013, increased compared to the prior year’s six-month period due to the higher production activity discussed above.  On a per unit basis, depletion, LOE and G&A decreased $0.21 per Mcfe, $0.08 per Mcfe and $0.18 per Mcfe, respectively.

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”).  The Pipeline and Storage segment provides 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 $16.8 million, or $0.20 per share, for the quarter ended March 31, 2013, increased $4.0 million, or $0.05 per share, when compared with the same period in the prior fiscal year.  The increase in earnings is mainly due to higher non-affiliated transportation revenues from the Northern Access and Line N 2012 Expansion projects, which were completed and placed in service in the current year’s first quarter.  Earnings also increased due to lower depreciation expense, which was largely driven by a reduction in Supply Corporation’s depreciation rates as required by its 2012 rate case settlement.

The Pipeline and Storage segment’s earnings of $33.7 million, or $0.40 per share, for the six months ended March 31, 2013, increased $10.9 million, or $0.13 per share, when compared with the same period in the prior fiscal year.  The increase was mostly due to higher non-affiliated transportation revenues from the Northern Access and Line N 2012 Expansion projects and lower depreciation expense as required by Supply’s 2012 rate case settlement.

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 $34.5 million, or $0.41 per share, for the quarter ended March 31, 2013, increased $6.2 million or $0.07 per share.   Colder weather was the primary reason for the increase in earnings in the current year’s second quarter.  Temperatures in Pennsylvania were 27.6 percent colder in the current year’s second quarter than the second quarter of 2012, which had a significant impact on Pennsylvania earnings.  In New York, the impact of weather variations on earnings is mitigated by that

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jurisdiction’s weather normalization clause.  Lower income taxes as a result of a settlement with taxing authorities also contributed to higher earnings in the Utility segment.

The Utility segment’s earnings of $57.4 million, or $0.68 per share, for the six months ended March 31, 2013, increased from earnings of $47.6 million, or $0.57 per share, for the six months ended March 31, 2012.  Colder weather in Pennsylvania was the main reason for the increase in earnings in the current six-month period.  Temperatures in Pennsylvania were 20.4 percent colder in the six months ended March 31, 2013, than in the prior year’s six-month period.  Lower income taxes as a result of a settlement with taxing authorities as noted above, also contributed to higher earnings in the Utility segment.

Energy Marketing Segment

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 March 31, 2013, of $4.3 million increased $1.0 million from the prior year’s second quarter earnings of $3.3 million.  Earnings for the six months ended March 31, 2013, of $4.8 million increased $1.0 million compared to the prior year’s six-month period.  The increase in earnings for the quarter and six-month period was mainly due to higher average margins largely driven by a greater benefit derived from the Energy Marketing segment’s contracts for storage capacity.

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, and the Northeast division of Seneca Resources Corporation that markets high quality hardwoods from Appalachian land holdings.

The Corporate and All Other category earnings of $2.4 million, for the quarter ended March 31, 2013, increased $1.6 million compared to the prior year’s second quarter.  Earnings for the six months ended March 31, 2013, of $3.4 million increased $2.0 million compared to the prior year’s six-month period.  The increase in earnings in both the current quarter and six-month period is mainly due to higher earnings from Midstream’s pipeline gathering and natural gas processing operation.  Midstream’s Trout Run gathering system in Lycoming County, Pa., and its Covington gathering system in Tioga County, Pa., have provided the critical gathering infrastructure for transporting Seneca’s Marcellus Shale production to the interstate pipeline system.

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EARNINGS GUIDANCE

The Company is updating its earnings guidance for fiscal 2013 to reflect actual second quarter results and an increase in our production range.  The revised GAAP earnings range is $2.95 to $3.10 per share.  The previous earnings guidance had been a range of $2.75 to $3.00 per share.  This revised guidance includes forecast oil and gas production for fiscal 2013 for the Exploration and Production segment in the range between 110 and 118 Bcfe (previous production range was between 102 and 112), hedges currently in place, and NYMEX equivalent pricing of $4.00 per MMBtu for natural gas and $85 per Bbl for crude oil for unhedged production for the remainder of the fiscal year. 

EARNINGS TELECONFERENCE

The Company will host a conference call on Friday, May 3, 2013, 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) 1-800-798-2864, and using the passcode “72803281.”  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 “25230200.”  Both the webcast and telephonic replay will be available until the close of business on Friday, May 10, 2013.

National Fuel is an integrated energy company with $6.3 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:www.nationalfuelgas.com or through its investor information service at 1-800-334-2188.

Analyst Contact:	Timothy J. Silverstein	(716) 857-6987
Media Contact:	Karen L. Merkel	(716) 857-7654

Certain statements contained herein, including statements identified by the use of the words “anticipates,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “predicts,” “projects,” “believes,” “seeks,” “will,” “may” and similar expressions, and statements which are other than statements of historical facts, 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: 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, title disputes, 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, regulations or judicial interpretations to

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which the Company is subject, including those involving derivatives, taxes, safety, employment, climate change, other environmental matters, real property, and exploration and production activities such as hydraulic fracturing; changes in the price of natural gas or oil; impairments under the SEC’s full cost ceiling test for natural gas and oil reserves; uncertainty of oil and gas reserve estimates; significant differences between the Company’s projected and actual production levels for natural gas or oil; changes in demographic patterns and weather conditions; changes in the availability, price or accounting treatment of derivative financial instruments; governmental/regulatory actions, initiatives and proceedings, including those involving rate cases (which address, among other things, allowed rates of return, rate design and retained natural gas), environmental/safety requirements, affiliate relationships, industry structure, and franchise renewal; 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; 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 major accidents, fires, severe weather, natural disasters, terrorist activities, acts of war, cyber attacks or pest infestation; changes in 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, geographic location or delivery date; significant differences between the Company’s projected and actual capital expenditures and operating expenses; changes in laws, 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; 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 thereof.

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NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
QUARTER ENDED MARCH 31, 2013
		Exploration &		Pipeline &				Energy		Corporate /
(Thousands of Dollars)		Production		Storage		Utility		Marketing		All Other		Consolidated*
Second quarter 2012 GAAP earnings	$	22,192	$	12,841	$	28,275	$	3,310	$	774	$	67,392
Items impacting comparability:
Pennsylvania impact fee		4,034										4,034
Second quarter 2012 operating results		26,226		12,841		28,275		3,310		774		71,426
Drivers of operating results
Higher (lower) crude oil prices		2,551										2,551
Higher (lower) natural gas prices		(10,568)										(10,568)
Higher (lower) natural gas production		32,047										32,047
Higher (lower) crude oil production		(2,070)										(2,070)
Lower (higher) lease operating expenses		(4,475)										(4,475)
Lower (higher) depreciation / depletion		(10,926)		695						(590)		(10,821)
Higher (lower) processing plant and other revenues		(1,710)										(1,710)
Higher (lower) transportation and storage revenues				4,776								4,776
Higher (lower) efficiency gas revenues				(634)								(634)
Higher (lower) gathering and processing revenues										3,169		3,169
Lower (higher) operating expenses		(1,870)								(298)		(2,168)
Lower (higher) property, franchise and other taxes		1,174										1,174
Colder weather						5,432						5,432
Regulatory true up adjustments						(608)						(608)
Higher (lower) capacity release revenues						(478)						(478)
Higher (lower) margins								917		(258)		659
(Higher) lower interest expense		(1,853)				879						(974)
Lower (higher) income tax expense / effective tax rate		(870)		(621)		1,470						(21)
All other / rounding		55		(261)		(454)		56		(383)		(987)
Second quarter 2013 GAAP earnings	$	27,711	$	16,796	$	34,516	$	4,283	$	2,414	$	85,720
* Amounts do not reflect intercompany eliminations

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NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
QUARTER ENDED MARCH 31, 2013
		Exploration &		Pipeline &				Energy		Corporate /
		Production		Storage		Utility		Marketing		All Other		Consolidated*
Second quarter 2012 GAAP earnings	$	0.27	$	0.15	$	0.34	$	0.04	$	0.01	$	0.81
Items impacting comparability:
Pennsylvania impact fee		0.05										0.05
Second quarter 2012 operating results		0.32		0.15		0.34		0.04		0.01		0.86
Drivers of operating results
Higher (lower) crude oil prices		0.03										0.03
Higher (lower) natural gas prices		(0.13)										(0.13)
Higher (lower) natural gas production		0.38										0.38
Higher (lower) crude oil production		(0.02)										(0.02)
Lower (higher) lease operating expenses		(0.05)										(0.05)
Lower (higher) depreciation / depletion		(0.13)		0.01						(0.01)		(0.13)
Higher (lower) processing plant and other revenues		(0.02)										(0.02)
Higher (lower) transportation and storage revenues				0.06								0.06
Higher (lower) efficiency gas revenues				(0.01)								(0.01)
Higher (lower) gathering and processing revenues										0.04		0.04
Lower (higher) operating expenses		(0.02)								-		(0.02)
Lower (higher) property, franchise and other taxes		0.01										0.01
Colder weather						0.06						0.06
Regulatory true-up adjustments						(0.01)						(0.01)
Higher (lower) capacity release revenues						(0.01)						(0.01)
Higher (lower) margins								0.01		-		0.01
(Higher) lower interest expense		(0.02)				0.01						(0.01)
Lower (higher) income tax expense / effective tax rate		(0.01)		(0.01)		0.02						-
All other / rounding		(0.01)		-		-		-		(0.01)		(0.02)
Second quarter 2013 GAAP earnings	$	0.33	$	0.20	$	0.41	$	0.05	$	0.03	$	1.02
* Amounts do not reflect intercompany eliminations

Page 11.

NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
SIX MONTHS ENDED MARCH 31, 2013
		Exploration &		Pipeline &				Energy		Corporate /
(Thousands of Dollars)		Production		Storage		Utility		Marketing		All Other		Consolidated*
Six months ended March 31, 2012 GAAP earnings	$	52,507	$	22,801	$	47,628	$	3,739	$	1,416	$	128,091
Items impacting comparability:
Pennsylvania impact fee		4,034										4,034
Six months ended March 31, 2012 operating results		56,541		22,801		47,628		3,739		1,416		132,125
Drivers of operating results
Higher (lower) crude oil prices		4,994										4,994
Higher (lower) natural gas prices		(19,786)										(19,786)
Higher (lower) natural gas production		51,836										51,836
Higher (lower) crude oil production		(2,328)										(2,328)
Lower (higher) lease operating expenses		(9,084)										(9,084)
Lower (higher) depreciation / depletion		(17,711)		1,713						(1,218)		(17,216)
Higher (lower) processing plant and other revenues		(1,806)										(1,806)
Higher (lower) transportation and storage revenues				10,302								10,302
Higher (lower) efficiency gas revenues				(254)								(254)
Higher (lower) gathering and processing revenues										4,545		4,545
Lower (higher) operating expenses		(4,820)				1,347				(370)		(3,843)
Lower (higher) property, franchise and other taxes		711										711
Colder weather						6,565						6,565
Higher (lower) capacity release revenues						(658)						(658)
Higher (lower) margins								928		(206)		722
Lower (higher) interest expense		(4,058)				832						(3,226)
(Higher) lower income tax expense		(231)		(978)		2,004						795
All other / rounding		133		144		(324)		111		(794)		(730)
Six months ended March 31, 2013 GAAP earnings	$	54,391	$	33,728	$	57,394	$	4,778	$	3,373	$	153,664
*Amounts do not reflect intercompany eliminations

Page 12.

NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
SIX MONTHS ENDED MARCH 31, 2013
		Exploration &		Pipeline &				Energy		Corporate /
		Production		Storage		Utility		Marketing		All Other		Consolidated*
Six months ended March 31, 2012 GAAP earnings	$	0.63	$	0.27	$	0.57	$	0.04	$	0.02	$	1.53
Items impacting comparability:
Pennsylvania impact fee		0.05										0.05
Six months ended March 31, 2012 operating results		0.68		0.27		0.57		0.04		0.02		1.58
Drivers of operating results
Higher (lower) crude oil prices		0.06										0.06
Higher (lower) natural gas prices		(0.24)										(0.24)
Higher (lower) natural gas production		0.62										0.62
Higher (lower) crude oil production		(0.03)										(0.03)
Lower (higher) lease operating expenses		(0.11)										(0.11)
Lower (higher) depreciation / depletion		(0.21)		0.02						(0.01)		(0.20)
Higher (lower) processing plant and other revenues		(0.02)										(0.02)
Higher (lower) transportation and storage revenues				0.12								0.12
Higher (lower) efficiency gas revenues				-								-
Higher (lower) gathering and processing revenues										0.05		0.05
Lower (higher) operating expenses		(0.06)				0.02				-		(0.04)
Lower (higher) property, franchise and other taxes		0.01										0.01
Colder weather						0.08						0.08
Higher (lower) capacity release revenues						(0.01)						(0.01)
Higher (lower) margins								0.01		-		0.01
Lower (higher) interest expense		(0.05)				0.01						(0.04)
(Higher) lower income tax expense		-		(0.01)		0.02						0.01
All other / rounding		-		-		(0.01)		0.01		(0.02)		(0.02)
Six months ended March 31, 2013 GAAP earnings	$	0.65	$	0.40	$	0.68	$	0.06	$	0.04	$	1.83
*Amounts do not reflect intercompany eliminations

Page 13.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
(Thousands of Dollars, except per share amounts)
	Three Months Ended				Six Months Ended
	March 31,				March 31,
	(Unaudited)				(Unaudited)
SUMMARY OF OPERATIONS	2013		2012			2013		2012
Operating Revenues	$	597,826	$	552,309	$	1,050,680	$	984,732
Operating Expenses:
Purchased Gas		209,817		208,537		331,735		340,730
Operation and Maintenance		122,303		118,047		230,035		218,106
Property, Franchise and Other Taxes		22,685		30,477		42,348		49,707
Depreciation, Depletion and Amortization		80,030		63,151		152,361		125,698
		434,835		420,212		756,479		734,241
Operating Income		162,991		132,097		294,201		250,491
Other Income (Expense):
Interest Income		140		192		1,526		1,297
Other Income		1,087		1,654		2,501		2,990
Interest Expense on Long-Term Debt		(22,786)		(20,425)		(44,234)		(39,066)
Other Interest Expense		(526)		(1,253)		(1,595)		(2,023)
Income Before Income Taxes		140,906		112,265		252,399		213,689
Income Tax Expense		55,186		44,873		98,735		85,598
Net Income Available for Common Stock	$	85,720	$	67,392	$	153,664	$	128,091
Earnings Per Common Share:
Basic	$	1.03	$	0.81	$	1.84	$	1.54
Diluted	$	1.02	$	0.81	$	1.83	$	1.53
Weighted Average Common Shares:
Used in Basic Calculation		83,498,508		83,107,884		83,443,805		82,988,750
Used in Diluted Calculation		84,159,734		83,678,261		84,127,705		83,712,681

Page 14.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
	March 31,		September 30,
(Thousands of Dollars)	2013		2012
ASSETS
Property, Plant and Equipment	$	6,954,180	$	6,615,813
Less - Accumulated Depreciation, Depletion and Amortization		2,007,535		1,876,010
Net Property, Plant and Equipment		4,946,645		4,739,803
Current Assets:
Cash and Temporary Cash Investments		112,413		74,494
Hedging Collateral Deposits		750		364
Receivables - Net		203,099		115,818
Unbilled Utility Revenue		41,735		19,652
Gas Stored Underground		14,443		49,795
Materials and Supplies - at average cost		31,538		28,577
Other Current Assets		51,731		56,121
Deferred Income Taxes		34,241		10,755
Total Current Assets		489,950		355,576
Other Assets:
Recoverable Future Taxes		150,721		150,941
Unamortized Debt Expense		17,698		13,409
Other Regulatory Assets		556,310		546,851
Deferred Charges		7,829		7,591
Other Investments		92,746		86,774
Goodwill		5,476		5,476
Fair Value of Derivative Financial Instruments		6,471		27,616
Other		843		1,105
Total Other Assets		838,094		839,763
Total Assets	$	6,274,689	$	5,935,142
CAPITALIZATION AND LIABILITIES
Capitalization:
Comprehensive Shareholders' Equity
Common Stock, $1 Par Value Authorized - 200,000,000
Shares; Issued and Outstanding - 83,521,745 Shares
and 83,330,140 Shares, Respectively	$	83,522	$	83,330
Paid in Capital		676,615		669,501
Earnings Reinvested in the Business		1,398,999		1,306,284
Accumulated Other Comprehensive Loss		(117,023)		(99,020)
Total Comprehensive Shareholders' Equity		2,042,113		1,960,095
Long-Term Debt, Net of Current Portion		1,649,000		1,149,000
Total Capitalization		3,691,113		3,109,095
Current and Accrued Liabilities:
Notes Payable to Banks and Commercial Paper		-		171,000
Current Portion of Long-Term Debt		-		250,000
Accounts Payable		95,095		87,985
Amounts Payable to Customers		18,239		19,964
Dividends Payable		30,486		30,416
Interest Payable on Long-Term Debt		30,741		29,491
Customer Advances		145		24,055
Customer Security Deposits		17,138		17,942
Other Accruals and Current Liabilities		140,056		79,099
Fair Value of Derivative Financial Instruments		41,498		24,527
Total Current and Accrued Liabilities		373,398		734,479
Deferred Credits:
Deferred Income Taxes		1,179,594		1,065,757
Taxes Refundable to Customers		65,066		66,392
Unamortized Investment Tax Credit		1,792		2,005
Cost of Removal Regulatory Liability		149,651		139,611
Other Regulatory Liabilities		31,904		21,014
Pension and Other Post-Retirement Liabilities		500,946		516,197
Asset Retirement Obligations		125,328		119,246
Other Deferred Credits		155,897		161,346
Total Deferred Credits		2,210,178		2,091,568
Commitments and Contingencies		-		-
Total Capitalization and Liabilities	$	6,274,689	$	5,935,142

Page 15.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
	Six Months Ended
	March 31,
(Thousands of Dollars)	2013		2012
Operating Activities:
Net Income Available for Common Stock	$	153,664	$	128,091
Adjustments to Reconcile Net Income to Net Cash
Provided by Operating Activities:
Depreciation, Depletion and Amortization		152,361		125,698
Deferred Income Taxes		102,557		81,696
Excess Tax Benefits Associated with Stock-Based Compensation Awards		-		(1,076)
Other		14,609		4,269
Change in:
Hedging Collateral Deposits		(386)		829
Receivables and Unbilled Utility Revenue		(109,403)		(50,906)
Gas Stored Underground and Materials and Supplies		32,391		37,156
Prepayments and Other Current Assets		4,389		5,038
Accounts Payable		20,456		(10,933)
Amounts Payable to Customers		(1,725)		1,808
Customer Advances		(23,910)		(19,439)
Customer Security Deposits		(804)		(300)
Other Accruals and Current Liabilities		39,273		59,250
Other Assets		(6,200)		(5,555)
Other Liabilities		(10,417)		994
Net Cash Provided by Operating Activities	$	366,855	$	356,620
Investing Activities:
Capital Expenditures	$	(339,737)	$	(517,330)
Other		(3,445)		(789)
Net Cash Used in Investing Activities	$	(343,182)	$	(518,119)
Financing Activities:
Changes in Notes Payable to Banks and Commercial Paper	$	(171,000)	$	(20,000)
Excess Tax Benefits Associated with Stock-Based Compensation Awards		-		1,076
Reduction of Long-Term Debt		(250,000)		(150,000)
Net Proceeds From Issuance of Long-Term Debt		495,415		496,085
Dividends Paid on Common Stock		(60,879)		(58,877)
Net Proceeds From Issuance of Common Stock		710		5,030
Net Cash Provided By Financing Activities	$	14,246	$	273,314
Net Increase in Cash and Temporary
Cash Investments		37,919		111,815
Cash and Temporary Cash Investments
at Beginning of Period		74,494		80,428
Cash and Temporary Cash Investments
at March 31	$	112,413	$	192,243

Page 16.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)
	Three Months Ended						Six Months Ended
(Thousands of Dollars, except per share amounts)	March 31,						March 31,
EXPLORATION AND PRODUCTION SEGMENT		2013		2012		Variance		2013		2012		Variance
Total Operating Revenues	$	168,080	$	136,926	$	31,154	$	323,529	$	272,899	$	50,630
Operating Expenses:
Operation and Maintenance:
General and Administrative Expense		16,940		14,441		2,499		31,372		28,301		3,071
Lease Operating Expense		27,863		20,978		6,885		53,558		39,583		13,975
All Other Operation and Maintenance Expense		1,920		1,542		378		7,420		3,074		4,346
Property, Franchise and Other Taxes		4,176		12,188		(8,012)		7,434		14,734		(7,300)
Depreciation, Depletion and Amortization		59,147		42,339		16,808		111,070		83,822		27,248
		110,046		91,488		18,558		210,854		169,514		41,340
Operating Income		58,034		45,438		12,596		112,675		103,385		9,290
Other Income (Expense):
Interest Income		404		320		84		874		668		206
Other Interest Expense		(10,041)		(7,189)		(2,852)		(18,736)		(12,493)		(6,243)
Income Before Income Taxes		48,397		38,569		9,828		94,813		91,560		3,253
Income Tax Expense		20,686		16,377		4,309		40,422		39,053		1,369
Net Income	$	27,711	$	22,192	$	5,519	$	54,391	$	52,507	$	1,884
Net Income Per Share (Diluted)	$	0.33	$	0.27	$	0.06	$	0.65	$	0.63	$	0.02
	Three Months Ended						Six Months Ended
	March 31,						March 31,
PIPELINE AND STORAGE SEGMENT		2013		2012		Variance		2013		2012		Variance
Revenues from External Customers	$	46,383	$	42,120	$	4,263	$	89,842	$	77,345	$	12,497
Intersegment Revenues		23,712		21,294		2,418		46,509		42,359		4,150
Total Operating Revenues		70,095		63,414		6,681		136,351		119,704		16,647
Operating Expenses:
Purchased Gas		309		127		182		1,095		128		967
Operation and Maintenance		20,433		20,529		(96)		39,873		40,042		(169)
Property, Franchise and Other Taxes		5,684		5,505		179		11,117		10,913		204
Depreciation, Depletion and Amortization		8,823		9,892		(1,069)		17,349		19,983		(2,634)
		35,249		36,053		(804)		69,434		71,066		(1,632)
Operating Income		34,846		27,361		7,485		66,917		48,638		18,279
Other Income (Expense):
Interest Income		56		34		22		120		90		30
Other Income		106		481		(375)		1,449		1,507		(58)
Other Interest Expense		(6,659)		(6,566)		(93)		(12,835)		(12,899)		64
Income Before Income Taxes		28,349		21,310		7,039		55,651		37,336		18,315
Income Tax Expense		11,553		8,469		3,084		21,923		14,535		7,388
Net Income	$	16,796	$	12,841	$	3,955	$	33,728	$	22,801	$	10,927
Net Income Per Share (Diluted)	$	0.20	$	0.15	$	0.05	$	0.40	$	0.27	$	0.13

Page 17.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)
	Three Months Ended						Six Months Ended
(Thousands of Dollars, except per share amounts)	March 31,						March 31,
UTILITY SEGMENT		2013		2012		Variance		2013		2012		Variance
Revenues from External Customers	$	303,389	$	296,786	$	6,603	$	511,953	$	505,596	$	6,357
Intersegment Revenues		6,396		5,551		845		10,707		9,940		767
Total Operating Revenues		309,785		302,337		7,448		522,660		515,536		7,124
Operating Expenses:
Purchased Gas		168,143		166,845		1,298		274,084		275,250		(1,166)
Operation and Maintenance		58,331		58,649		(318)		101,592		103,982		(2,390)
Property, Franchise and Other Taxes		12,054		12,024		30		22,409		22,571		(162)
Depreciation, Depletion and Amortization		10,737		10,505		232		21,244		21,066		178
		249,265		248,023		1,242		419,329		422,869		(3,540)
Operating Income		60,520		54,314		6,206		103,331		92,667		10,664
Other Income (Expense):
Interest Income		67		75		(8)		953		721		232
Other Income		222		435		(213)		441		677		(236)
Other Interest Expense		(6,885)		(8,240)		1,355		(15,120)		(16,400)		1,280
Income Before Income Taxes		53,924		46,584		7,340		89,605		77,665		11,940
Income Tax Expense		19,408		18,309		1,099		32,211		30,037		2,174
Net Income	$	34,516	$	28,275	$	6,241	$	57,394	$	47,628	$	9,766
Net Income Per Share (Diluted)	$	0.41	$	0.34	$	0.07	$	0.68	$	0.57	$	0.11
	Three Months Ended						Six Months Ended
	March 31,						March 31,
ENERGY MARKETING SEGMENT		2013		2012		Variance		2013		2012		Variance
Revenues from External Customers	$	78,989	$	75,223	$	3,766	$	123,154	$	126,445	$	(3,291)
Intersegment Revenues		208		269		(61)		634		556		78
Total Operating Revenues		79,197		75,492		3,705		123,788		127,001		(3,213)
Operating Expenses:
Purchased Gas		70,565		68,271		2,294		112,721		117,361		(4,640)
Operation and Maintenance		1,651		1,826		(175)		3,245		3,572		(327)
Property, Franchise and Other Taxes		9		14		(5)		67		23		44
Depreciation, Depletion and Amortization		23		23		-		45		47		(2)
		72,248		70,134		2,114		116,078		121,003		(4,925)
Operating Income		6,949		5,358		1,591		7,710		5,998		1,712
Other Income (Expense):
Interest Income		43		33		10		96		69		27
Other Income		15		27		(12)		28		62		(34)
Other Interest Expense		(9)		(4)		(5)		(20)		(8)		(12)
Income Before Income Taxes		6,998		5,414		1,584		7,814		6,121		1,693
Income Tax Expense		2,715		2,104		611		3,036		2,382		654
Net Income	$	4,283	$	3,310	$	973	$	4,778	$	3,739	$	1,039
Net Income Per Share (Diluted)	$	0.05	$	0.04	$	0.01	$	0.06	$	0.04	$	0.02

Page 18.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)
	Three Months Ended						Six Months Ended
(Thousands of Dollars, except per share amounts)	March 31,						March 31,
ALL OTHER		2013		2012		Variance		2013		2012		Variance
Revenues from External Customers	$	761	$	1,023	$	(262)	$	1,778	$	1,960	$	(182)
Intersegment Revenues		7,898		3,159		4,739		13,377		6,520		6,857
Total Operating Revenues		8,659		4,182		4,477		15,155		8,480		6,675
Operating Expenses:
Operation and Maintenance		1,357		969		388		2,582		1,918		664
Property, Franchise and Other Taxes		217		193		24		514		364		150
Depreciation, Depletion and Amortization		1,100		198		902		2,253		393		1,860
		2,674		1,360		1,314		5,349		2,675		2,674
Operating Income		5,985		2,822		3,163		9,806		5,805		4,001
Other Income (Expense):
Interest Income		42		37		5		82		99		(17)
Other Income		(1)		(74)		73		(36)		(149)		113
Other Interest Expense		(578)		(408)		(170)		(1,048)		(862)		(186)
Income Before Income Taxes		5,448		2,377		3,071		8,804		4,893		3,911
Income Tax Expense		2,384		1,038		1,346		3,854		2,150		1,704
Net Income	$	3,064	$	1,339	$	1,725	$	4,950	$	2,743	$	2,207
Net Income Per Share (Diluted)	$	0.04	$	0.02	$	0.02	$	0.06	$	0.03	$	0.03

Page 19.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)
	Three Months Ended						Six Months Ended
(Thousands of Dollars, except per share amounts)	March 31,						March 31,
CORPORATE		2013		2012		Variance		2013		2012		Variance
Revenues from External Customers	$	224	$	231	$	(7)	$	424	$	487	$	(63)
Intersegment Revenues		957		1,028		(71)		1,505		2,056		(551)
Total Operating Revenues		1,181		1,259		(78)		1,929		2,543		(614)
Operating Expenses:
Operation and Maintenance		3,779		3,708		71		6,960		7,056		(96)
Property, Franchise and Other Taxes		545		553		(8)		807		1,102		(295)
Depreciation, Depletion and Amortization		200		194		6		400		387		13
		4,524		4,455		69		8,167		8,545		(378)
Operating Loss		(3,343)		(3,196)		(147)		(6,238)		(6,002)		(236)
Other Income (Expense):
Interest Income		23,892		22,463		1,429		47,196		42,769		4,427
Other Income		745		785		(40)		619		893		(274)
Interest Expense on Long-Term Debt		(22,786)		(20,425)		(2,361)		(44,234)		(39,066)		(5,168)
Other Interest Expense		(718)		(1,616)		898		(1,631)		(2,480)		849
Loss Before Income Taxes		(2,210)		(1,989)		(221)		(4,288)		(3,886)		(402)
Income Tax Benefit		(1,560)		(1,424)		(136)		(2,711)		(2,559)		(152)
Net Loss	$	(650)	$	(565)	$	(85)	$	(1,577)	$	(1,327)	$	(250)
Net Loss Per Share (Diluted)	$	(0.01)	$	(0.01)	$	-	$	(0.02)	$	(0.01)	$	(0.01)
	Three Months Ended						Six Months Ended
	March 31,						March 31,
INTERSEGMENT ELIMINATIONS		2013		2012		Variance		2013		2012		Variance
Intersegment Revenues	$	(39,171)	$	(31,301)	$	(7,870)	$	(72,732)	$	(61,431)	$	(11,301)
Operating Expenses:
Purchased Gas		(29,200)		(26,706)		(2,494)		(56,165)		(52,009)		(4,156)
Operation and Maintenance		(9,971)		(4,595)		(5,376)		(16,567)		(9,422)		(7,145)
		(39,171)		(31,301)		(7,870)		(72,732)		(61,431)		(11,301)
Operating Income		-		-		-		-		-		-
Other Income (Expense):
Interest Income		(24,364)		(22,770)		(1,594)		(47,795)		(43,119)		(4,676)
Other Interest Expense		24,364		22,770		1,594		47,795		43,119		4,676
Net Income	$	-	$	-	$	-	$	-	$	-	$	-
Net Income Per Share (Diluted)	$	-	$	-	$	-	$	-	$	-	$	-

Page 20.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
SEGMENT INFORMATION (Continued)
(Thousands of Dollars)
		Three Months Ended								Six Months Ended
		March 31,								March 31,
		(Unaudited)								(Unaudited)
								Increase								Increase
		2013			2012			(Decrease)		2013			2012			(Decrease)
Capital Expenditures:
Exploration and Production	$	132,886	(1)	$	217,254	(3)	$	(84,368)	$	260,538	(1)(2)	$	409,131	(3)(4)	$	(148,593)
Pipeline and Storage		11,614	(1)		19,031	(3)		(7,417)		37,365	(1)(2)		63,221	(3)(4)		(25,856)
Utility		14,132	(1)		14,076	(3)		56		28,496	(1)(2)		25,340	(3)(4)		3,156
Energy Marketing		122			126			(4)		305			266			39
Total Reportable Segments		158,754			250,487			(91,733)		326,704			497,958			(171,254)
All Other		8,952	(1)		12,233	(3)		(3,281)		22,615	(1)(2)		43,637	(3)(4)		(21,022)
Corporate		-			94			(94)		8			170			(162)
Total Capital Expenditures	$	167,706		$	262,814		$	(95,108)	$	349,327		$	541,765		$	(192,438)

⁽¹⁾ Capital expenditures for the quarter and six months ended March 31, 2013 include accounts payable and accrued liabilities related to capital expenditures of $66.2 million, $7.8 million, $0.7 million, and $2.4 million in the Exploration and Production segment, Pipeline and Storage segment, Utility segment and the All Other category, respectively.  These amounts have been excluded from the Consolidated Statement of Cash Flows at March 31, 2013 since they represent non-cash investing activities at that date.

⁽²⁾ Capital expenditures for the six months ended March 31, 2013 exclude capital expenditures of $38.9 million, $12.7 million, $3.2 million and $12.7 million in the Exploration and Production segment, Pipeline and Storage segment, Utility segment and the All Other category, respectively.  These amounts were in accounts payable and accrued liabilities at September 30, 2012 and paid during the six months ended March 31, 2013.  These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2012 since they represented non-cash investing activities at that date.  These amounts have been included in the Consolidated Statement of Cash Flows at March 31, 2013. 

⁽³⁾  Capital expenditures for the quarter and six months ended March 31, 2012 include accounts payable and accrued liabilities related to capital expenditures of $127.0 million, $13.6 million, $0.2 million and $8.8 million in the Exploration and Production segment, Pipeline and Storage segment, Utility segment and the All Other category, respectively. These amounts have been excluded from the Consolidated Statement of Cash Flows at March 31, 2012 since they represented non-cash investing activities at that date.

⁽⁴⁾Capital expenditures for the six months ended March 31, 2012 exclude capital expenditures of $103.3 million, $16.4 million, $2.3 million and $3.1 million in the Exploration and Production segment, Pipeline and Storage segment, Utility segment and the All Other category, respectively.  These amounts were in accounts payable and accrued liabilities at September 30, 2011 and paid during the six months ended March 31, 2012.  These amounts were excluded from the Consolidated Statements of Cash Flows at September  30, 2011 since they represented non-cash investing activities at that date.  These amounts have been included in the Consolidated Statement of Cash Flows at March 31, 2012.

DEGREE DAYS
				Percent Colder
				(Warmer) Than:
Three Months Ended March 31	Normal	2013	2012	Normal (1)	Last Year (1)
Buffalo, NY	3,290	3,145	2,572	(4.4)	22.3
Erie, PA	3,108	3,067	2,403	(1.3)	27.6
Six Months Ended March 31
Buffalo, NY	5,543	5,181	4,420	(6.5)	17.2
Erie, PA	5,152	4,965	4,124	(3.6)	20.4

⁽¹⁾ Percents compare actual 2013 degree days to normal degree days and actual 2013 degree days to actual 2012 degree days.     Page 21.  

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
EXPLORATION AND PRODUCTION INFORMATION
		Three Months Ended						Six Months Ended
		March 31,						March 31,
						Increase						Increase
		2013		2012		(Decrease)		2013		2012		(Decrease)
Gas Production/Prices:
Production (MMcf)
Appalachia		23,983		13,236		10,747		43,479		26,347		17,132
West Coast		716		828		(112)		1,461		1,645		(184)
Total Production		24,699		14,064		10,635		44,940		27,992		16,948
Average Prices (Per Mcf)
Appalachia	$	3.29	$	2.74	$	0.55	$	3.32	$	3.06	$	0.26
West Coast		3.70		3.49		0.21		3.73		4.22		(0.49)
Weighted Average		3.30		2.78		0.52		3.33		3.13		0.20
Weighted Average after Hedging		3.98		4.64		(0.66)		4.03		4.71		(0.68)
Oil Production/Prices:
Production (Thousands of Barrels)
Appalachia		6		8		(2)		12		18		(6)
West Coast		685		717		(32)		1,393		1,426		(33)
Total Production		691		725		(34)		1,405		1,444		(39)
Average Prices (Per Barrel)
Appalachia	$	95.20	$	100.35	$	(5.15)	$	91.72	$	93.54	$	(1.82)
West Coast		106.29		112.17		(5.88)		103.14		110.71		(7.57)
Weighted Average		106.19		112.05		(5.86)		103.05		110.50		(7.45)
Weighted Average after Hedging		99.08		93.40		5.68		97.86		92.39		5.47
Total Production (Mmcfe)		28,845		18,414		10,431		53,370		36,656		16,714
Selected Operating Performance Statistics:
General & Administrative Expense per Mcfe (1)	$	0.59	$	0.78	$	(0.19)	$	0.59	$	0.77	$	(0.18)
Lease Operating Expense per Mcfe (1)	$	0.97	$	1.14	$	(0.17)	$	1.00	$	1.08	$	(0.08)
Depreciation, Depletion & Amortization per Mcfe (1)	$	2.05	$	2.30	$	(0.25)	$	2.08	$	2.29	$	(0.21)

⁽¹⁾ Refer to page 16for the General and Administrative Expense, Lease Operating Expense and Depreciation,Depletion, and Amortization Expense for the Exploration and Production segment. 

Page 22.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
EXPLORATION AND PRODUCTION INFORMATION
Hedging Summary for the Remaining Six Months of Fiscal 2013
SWAPS	Volume		Average Hedge Price
Oil	0.9 MMBBL	$	94.92 / BBL
Gas	38.7 BCF	$	4.49 / MCF
Hedging Summary for Fiscal 2014
SWAPS	Volume		Average Hedge Price
Oil	1.6 MMBBL	$	100.26 / BBL
Gas	62.7 BCF	$	4.28 / MCF
Hedging Summary for Fiscal 2015
SWAPS	Volume		Average Hedge Price
Oil	0.6 MMBBL	$	93.66 / BBL
Gas	39.7 BCF	$	4.27 / MCF
Hedging Summary for Fiscal 2016
SWAPS	Volume		Average Hedge Price
Oil	0.4 MMBBL	$	88.39 / BBL
Gas	37.3 BCF	$	4.35 / MCF
Hedging Summary for Fiscal 2017
SWAPS	Volume		Average Hedge Price
Gas	23.0 BCF	$	4.19 / MCF

Gross Wells in Process of Drilling
Six Months Ended March 31, 2013
			Total
	East	West	Company
Wells in Process - Beginning of Period
Exploratory	1.000	1.000	2.000
Developmental	82.000	0.000	82.000
Wells Commenced
Exploratory	0.000	4.000	4.000
Developmental	20.000	53.000	73.000
Wells Completed
Exploratory	0.000	5.000	5.000
Developmental	26.000	51.000	77.000
Wells Plugged & Abandoned
Exploratory	0.000	0.000	0.000
Developmental	0.000	0.000	0.000
Wells in Process - End of Period
Exploratory	1.000	0.000	1.000
Developmental	76.000	2.000	78.000

Net Wells in Process of Drilling
Six Months Ended March 31, 2013
			Total
	East	West	Company
Wells in Process - Beginning of Period
Exploratory	1.000	0.125	1.125
Developmental	59.500	0.000	59.500
Wells Commenced
Exploratory	0.000	0.500	0.500
Developmental	20.000	52.996	72.996
Wells Completed
Exploratory	0.000	0.625	0.625
Developmental	23.500	50.996	74.496
Wells Plugged & Abandoned
Exploratory	0.000	0.000	0.000
Developmental	0.000	0.000	0.000
Wells in Process - End of Period
Exploratory	1.000	0.000	1.000
Developmental	56.000	2.000	58.000

Page 23.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
Pipeline & Storage Throughput - (millions of cubic feet - MMcf)
	Three Months Ended			Six Months Ended
	March 31,			March 31,
			Increase			Increase
	2013	2012	(Decrease)	2013	2012	(Decrease)
Firm Transportation - Affiliated	43,228	37,490	5,738	71,462	63,668	7,794
Firm Transportation - Non-Affiliated	131,547	80,560	50,987	226,726	137,990	88,736
Interruptible Transportation	714	456	258	1,966	1,264	702
	175,489	118,506	56,983	300,154	202,922	97,232
Utility Throughput - (MMcf)
	Three Months Ended			Six Months Ended
	March 31,			March 31,
			Increase			Increase
	2013	2012	(Decrease)	2013	2012	(Decrease)
Retail Sales:
Residential Sales	25,372	21,384	3,988	40,525	35,933	4,592
Commercial Sales	3,871	3,161	710	5,838	5,155	683
Industrial Sales	405	187	218	706	288	418
	29,648	24,732	4,916	47,069	41,376	5,693
Off-System Sales	4,288	6,799	(2,511)	6,716	9,544	(2,828)
Transportation	27,616	22,719	4,897	46,254	39,647	6,607
	61,552	54,250	7,302	100,039	90,567	9,472
Energy Marketing Volumes
	Three Months Ended			Six Months Ended
	March 31,			March 31,
			Increase			Increase
	2013	2012	(Decrease)	2013	2012	(Decrease)
Natural Gas (MMcf)	17,393	17,727	(334)	27,758	28,039	(281)

Page 24.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
FISCAL 2013 EARNINGS GUIDANCE AND SENSITIVITIES
						Earnings per share sensitivity to changes
Fiscal 2013 (Diluted earnings per share guidance*)						from prices used in guidance*  ^
						$0.50 change per MMBtu gas				$5 change per Bbl oil
	Range					Increase		Decrease		Increase		Decrease
Consolidated Earnings	$	2.95	-	$	3.10	+$	0.05	-$	0.05	+$	0.02	-$	0.02

10

* Please refer to forward looking statement footnote beginning at page 7 of this document.

'

^ This sensitivity table is current as of May 2, 2013 and only considers revenue from the Exploration and Production segment's crude oil and natural gas sales.  This revenue is based upon pricing used in the Company's earnings forecast.  For its fiscal 2013 earnings forecast, the Company is utilizing flat NYMEX equivalent commodity pricing, exclusive of basis differential, of $4.00 per MMBtu for natural gas and $85 per Bbl for crude oil.  The sensitivities will become obsolete with the passage of time, changes in Seneca's production forecast, changes in basis differential, as additional hedging contracts are entered into, and with the settling of hedge contracts at their maturity.

Page 25.

NATIONAL FUEL GAS COMPANY

AND SUBSIDIARIES

ADJUSTED EBITDA

In addition to financial measures calculated in accordance with generally accepted accounting principles (GAAP), this press release contains information regarding Adjusted EBITDA, which is a non-GAAP financial measure.  The Company believes that this non-GAAP financial measure is useful to investors because it provides an alternative method for assessing the Company's ongoing operating results.  The Company's management uses this non-GAAP financial measure for the same purpose, and for planning and forecasting purposes.  The presentation of non-GAAP financial measures is not meant to be a substitute for financial measures in accordance with GAAP. 

Management defines Adjusted EBITDA as reported GAAP earnings before the following items:  interest expense, depreciation, depletion and amortization, interest and other income, impairments, items impacting comparability and income taxes.  Management believes Adjusted EBITDA is an important measure of the Company’s cash flow and liquidity, and a key measure for comparing the Company’s financial performance to other companies.

The following tables reconcile National Fuel's net income to Adjusted EBITDA for the three and six months ended March 31, 2013:

	Three Months				Six Months
	Ended March 31,				Ended March 31,
	2013		2012		2013		2012
(in thousands)
Reported GAAP Earnings	$	85,720	$	67,392	$	153,664	$	128,091
Depreciation, Depletion and Amortization		80,030		63,151		152,361		125,698
Interest and Other Income		(1,227)		(1,846)		(4,028)		(4,287)
Interest Expense		23,312		21,678		45,829		41,089
Income Taxes		55,186		44,873		98,735		85,598
Pennsylvania Impact Fee		-		6,206		-		6,206
Adjusted EBITDA	$	243,021	$	201,454	$	446,561	$	382,395

Page 26.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
Quarter Ended March 31 (unaudited)	2013		2012
Operating Revenues	$	597,826,000	$	552,309,000
Net Income Available for Common Stock	$	85,720,000	$	67,392,000
Earnings Per Common Share:
Basic	$	1.03	$	0.81
Diluted	$	1.02	$	0.81
Weighted Average Common Shares:
Used in Basic Calculation		83,498,508		83,107,884
Used in Diluted Calculation		84,159,734		83,678,261
Six Months Ended March 31 (unaudited)
Operating Revenues	$	1,050,680,000	$	984,732,000
Net Income Available for Common Stock	$	153,664,000	$	128,091,000
Earnings Per Common Share:
Basic	$	1.84	$	1.54
Diluted	$	1.83	$	1.53
Weighted Average Common Shares:
Used in Basic Calculation		83,443,805		82,988,750
Used in Diluted Calculation		84,127,705		83,712,681
Twelve Months Ended March 31 (unaudited)
Operating Revenues	$	1,692,801,000	$	1,651,745,000
Net Income Available for Common Stock	$	245,650,000	$	212,338,000
Earnings Per Common Share:
Basic	$	2.95	$	2.56
Diluted	$	2.93	$	2.54
Weighted Average Common Shares:
Used in Basic Calculation		83,355,109		82,852,270
Used in Diluted Calculation		83,928,901		83,747,858