EX-12 2 nfg-6302017xexhibit12.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,
 
 
 
 
 
 
June 30, 2017
2016
2015
2014
2013
(Dollars in Thousands)
 
 
 
 
 
EARNINGS:
 
 
 
 
 
Net Income (Loss) Available for Common Stock
$
275,459

$
(290,958
)
$
(379,427
)
$
299,413

$
260,001

Plus Income Tax Expense (Benefit)
164,286

(232,549
)
(319,136
)
189,614

172,758

Less Investment Tax Credit (A)
(216
)
(348
)
(414
)
(434
)
(426
)
(Less Income) Plus Loss from Unconsolidated Subsidiaries
—

—

—

(397
)
204

Plus Distributions from Unconsolidated Subsidiaries
—

—

—

—

—

Plus Interest Expense on Long-Term Debt
116,324

117,347

95,916

90,194

90,273

Plus Other Interest Expense
2,439

3,697

3,555

4,083

3,838

Less Amortization of Loss on Reacquired Debt
(529
)
(529
)
(529
)
(529
)
(721
)
Plus Allowance for Borrowed Funds Used in Construction
1,647

2,006

1,964

900

827

Plus Other Capitalized Interest
1,280

238

4,191

3,560

1,801

Plus Rentals (B)
4,721

9,479

13,866

13,700

14,204

 
 
 
 
 
 
 
$
565,411

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

$
542,759

FIXED CHARGES:
 
 
 
 
 
Interest & Amortization of Premium and Discount of Funded Debt
$
116,324

$
117,347

$
95,916

$
90,194

$
90,273

Plus Other Interest Expense
2,439

3,697

3,555

4,083

3,838

Less Amortization of Loss on Reacquired Debt
(529
)
(529
)
(529
)
(529
)
(721
)
Plus Allowance for Borrowed Funds Used in Construction
1,647

2,006

1,964

900

827

Plus Other Capitalized Interest
1,280

238

4,191

3,560

1,801

Plus Rentals (B)
4,721

9,479

13,866

13,700

14,204

 
 
 
 
 
 
 
$
125,882

$
132,238

$
118,963

$
111,908

$
110,222

RATIO OF EARNINGS TO FIXED CHARGES
4.49

(D)

(C)

5.36

4.92


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