EX-12 3 nfg-9302016xexhibit12.htm EXHIBIT 12 Exhibit

EXHIBIT 12
NATIONAL FUEL GAS COMPANY
COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
UNAUDITED
 
For the Twelve Months Ended
Fiscal Year Ended September 30,
 
 
 
 
 
 
September 30, 2016
2015
2014
2013
2012
 
 
 
 
 
 
EARNINGS:
 
 
 
 
 
Net Income (Loss) Available for Common Stock
$
(290,958
)
$
(379,427
)
$
299,413

$
260,001

$
220,077

Plus Income Tax Expense (Benefit)
(232,549
)
(319,136
)
189,614

172,758

150,554

Less Investment Tax Credit (A)
(348
)
(414
)
(434
)
(426
)
(581
)
(Less Income) Plus Loss from Unconsolidated Subsidiaries
—

—

(397
)
204

1,442

Plus Distributions from Unconsolidated Subsidiaries
—

—

—

—

—

Plus Interest Expense on Long-Term Debt
117,347

95,916

90,194

90,273

82,002

Plus Other Interest Expense
3,697

3,555

4,083

3,838

4,238

Less Amortization of Loss on Reacquired Debt
(529
)
(529
)
(529
)
(721
)
(1,093
)
Plus (Less) Allowance for Borrowed Funds Used in Construction
2,006

1,964

900

827

1,231

Plus (Less) Other Capitalized Interest
238

4,191

3,560

1,801

2,992

Plus Rentals (B)
9,479

13,866

13,700

14,204

12,958

 
 
 
 
 
 
 
$
(391,617
)
$
(580,014
)
$
600,104

$
542,759

$
473,820

FIXED CHARGES:
 
 
 
 
 
Interest & Amortization of Premium and Discount of Funded Debt
$
117,347

$
95,916

$
90,194

$
90,273

$
82,002

Plus Other Interest Expense
3,697

3,555

4,083

3,838

4,238

Less Amortization of Loss on Reacquired Debt
(529
)
(529
)
(529
)
(721
)
(1,093
)
Plus (Less) Allowance for Borrowed Funds Used in Construction
2,006

1,964

900

827

1,231

Plus (Less) Other Capitalized Interest
238

4,191

3,560

1,801

2,992

Plus Rentals (B)
9,479

13,866

13,700

14,204

12,958

 
 
 
 
 
 
 
$
132,238

$
118,963

$
111,908

$
110,222

$
102,328

RATIO OF EARNINGS TO FIXED CHARGES
(D)

(C)

5.36

4.92

4.63


(A)
Investment Tax Credit is included in Other Income.
(B)
Rentals shown above represent the portion of all rentals (other than delay rentals) deemed representative of the interest factor.
(C)
The ratio coverage for the twelve months ended September 30, 2015 was less than 1:1. The Company would have needed to generate additional earnings of $698,977 to achieve a coverage of 1:1 for the twelve months ended September 30, 2015.
(D)
The ratio coverage for the twelve months ended September 30, 2016 was less than 1:1. The Company would have needed to generate additional earnings of $523,855 to achieve a coverage of 1:1 for the twelve months ended September 30, 2016.