Exhibit 99

National Fuel Gas Company

Financial News

	6363 Main Street/Williamsville, NY 14221
	Timothy J. Silverstein
	Investor Relations
	716-857-6987
Release Date: Immediate November 4, 2010
	David P. Bauer
	Treasurer
	716-857-7318

NATIONAL FUEL REPORTS 2010 EARNINGS

Williamsville, N.Y.: National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced consolidated earnings for the fourth quarter and fiscal year ended September 30, 2010, of $38.4 million, or $0.46 per share, and $225.9 million, or $2.73 per share, respectively.

HIGHLIGHTS

• Operating results before items impacting comparability (“Operating Results”) for the fourth quarter of fiscal 2010 of $32.4 million, or $0.39 per share, increased $2.5 million, or $0.02 per share compared to the prior year fourth quarter, due to higher Operating Results in the Pipeline and Storage, Utility and Energy Marketing segments.

• Operating Results for the fiscal year were $219.1 million, or $2.65 per share, an increase of $8.7 million or $0.05 per share. Increased production of natural gas and higher crude oil prices realized in the Exploration and Production segment during the current fiscal year were the main drivers of the increase.

• Seneca Resources Corporation’s (“Seneca”) fourth quarter production of crude oil and natural gas increased approximately 1.8 billion cubic feet equivalent (“Bcfe”), or 15.5%, to 13.1 Bcfe. Appalachian production increased approximately 120% to 5.2 Bcfe, including production from the Marcellus Shale of 2.9 Bcfe. Total production for fiscal 2010 increased nearly 17% to 49.7 Bcfe.

• Seneca’s fiscal 2010 Marcellus Shale exit rate was approximately 53 million cubic feet per day (“MMcfd”).

• Seneca’s total reserves at September 30, 2010, were 700 Bcfe, an increase of 171 Bcfe. Seneca replaced 445% of fiscal 2010 production.

• The Company sold its landfill gas operations and realized an after-tax gain of $6.3 million. The Company also completed the sale of its sawmill in Marienville, Pennsylvania including selected timber assets, and realized an after-tax gain of $0.2 million.

• A conference call is scheduled for Friday, November 5, 2010, at 11 a.m. Eastern Time.

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MANAGEMENT COMMENTS

     David F. Smith, Chairman and Chief Executive Officer of National Fuel Gas Company stated: “The fourth quarter marked the end of another excellent year for National Fuel, from both a financial and operational standpoint. The diversity of our businesses allowed for this year’s earnings to increase, with growth occurring in the Exploration and Production, Utility, and Energy Marketing segments. These increases were partially offset by a decrease in Pipeline and Storage earnings due to the effects of a shift in market dynamics associated with the development of the Marcellus Shale.”

     “Operationally, we made great progress on our plan to aggressively ramp up Seneca’s Marcellus development program. Since the first Seneca-operated well in Tioga County was completed and brought online in November 2009, Seneca has expanded the program significantly, drilling an additional 29 wells during this fiscal year. Seneca exited the year with net production of 53 million cubic feet per day from the Marcellus, a tremendous increase from almost no production at this same time last year.”

     “During the quarter we continued to narrow our focus on the multiple growth opportunities in our core businesses. With the sale of our landfill gas and sawmill operations, we substantially decreased our investment in non-core assets. This will allow us to maintain our focus on growing production from the Marcellus Shale and increasing pipeline capacity that is critical to transport production from the Appalachian Basin to the consuming markets in the northeast and in Canada.”

     “As we look forward to 2011, we will build upon the accomplishments from this past year and continue to capitalize on these exciting opportunities, while evaluating additional ways to further enhance value for our shareholders.”

SUMMARY OF RESULTS

     National Fuel had consolidated earnings for the quarter ended September 30, 2010, of $38.4 million, or $0.46 per share, compared to the prior year’s fourth quarter earnings of $27.0 million, or $0.33 per share, an increase of $11.4 million or $0.13 per share. (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 and operating results before items impacting comparability (“Operating Results”) are after tax unless otherwise noted).

     Consolidated earnings for the fiscal year ended September 30, 2010, of $225.9 million, or $2.73 per share, increased $125.2 million, or $1.48 per share, from the prior fiscal year, where earnings were $100.7 million or $1.25 per share.

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	Three Months					Fiscal year
	Ended September 30,					Ended September 30,
(in thousands except per share amounts)	2010			2009		2010			2009
Reported GAAP earnings	$	38,402		$	26,998	$	225,913		$	100,708
Items impacting comparability1:
Gain on disposal of discontinued operations		(6,310	)				(6,310	)
(Income) loss from discontinued operations		301			2,945		(470	)		2,776
Impairment of oil and gas producing properties										108,207
Impairment of investment in partnership										1,085
Gain on life insurance policies										(2,312	)
Operating Results	$	32,393		$	29,943	$	219,133		$	210,464
Reported GAAP earnings per share	$	0.46		$	0.33	$	2.73		$	1.25
Items impacting comparability1:
Gain on disposal of discontinued operations		(0.07	)				(0.07	)
(Income) loss from discontinued operations		0.00			0.04		(0.01	)		0.03
Impairment of oil and gas producing properties										1.34
Impairment of investment in partnership										0.01
Gain on life insurance policies										(0.03	)
Operating Results	$	0.39		$	0.37	$	2.65		$	2.60

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 financial results when comparing the quarter and fiscal year ended September 30, 2010, to the comparable periods in fiscal 2009. Excluding these items, Operating Results for the current fourth quarter of $32.4 million, or $0.39 per share, increased $2.5 million or $0.02 per share. Excluding these items, Operating Results for fiscal year ended September 30, 2010, of $219.1 million, or $2.65 per share, increased $8.7 million, or $0.05 per share, from the prior fiscal year. Items impacting comparability will be discussed in more detail within the discussion of segment earnings below.

     The items noted above that impacted the comparability of the financial results also had an impact on the consolidated effective tax rate in each year. Excluding these items, the consolidated effective tax rate of 38.4 percent for the fiscal year ended September 30, 2010 is comparable to the consolidated effective tax rate of 37.7 percent for the prior fiscal year.

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DISCUSSION OF RESULTS BY SEGMENT

     (The following discussion of earnings for each segment is summarized in a tabular form at pages 11 through 14 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 purchases natural gas and oil reserves in California, in the Appalachian region and in the Gulf of Mexico.

     The Exploration and Production segment’s earnings in the fourth quarter of fiscal 2010 of $27.5 million, or $0.33 per share, decreased $0.6 million, or $0.01 per share, when compared with the prior year’s fourth quarter. The decrease is mainly due to a higher effective tax rate in the current quarter relating to effects associated with a federal tax law change. Excluding the impact of the higher effective income tax rate, the Exploration and Production segment earnings increased by $3.8 million.

     Overall production for the current quarter of 13.1 Bcfe increased approximately 1.8 Bcfe, or 15.5 percent, compared to the prior year’s fourth quarter. Production increased approximately 120 percent in Appalachia mainly due to higher production from Marcellus wells of 2.9 Bcfe. In the Gulf of Mexico, production decreased 0.9 Bcfe. Production in California decreased 0.2 Bcfe.

     In addition to the higher production, higher crude oil prices realized after hedging had a positive impact on earnings for the quarter. Lower natural gas prices realized after hedging reduced earnings. For the quarter ended September 30, 2010, the weighted average oil price received by Seneca (after hedging) was $74.05 per barrel (“Bbl”), an increase of $2.66 per Bbl from the prior year’s quarter. The weighted average natural gas price received by Seneca (after hedging) for the quarter ended September 30, 2010, was $5.72 per thousand cubic feet (“Mcf”), a decrease of $0.28 per Mcf.

     Several other items also impacted earnings for the quarter including: higher lease operating expenses (“LOE”) (mainly due to the costs to transport Marcellus production in Appalachia and higher steam fuel costs in California), higher depletion expense (due mainly to the increase in the depletable base and higher production), lower other operating expenses (attributable mostly to decreased plugging and abandonment costs), and lower general and administrative (“G&A”) expenses (a $2.5 million bad debt recovery more than offset additional staffing and associated costs in the East Division).

     The Exploration and Production segment’s earnings of $112.5 million, or $1.36 per share, for the fiscal year ended September 30, 2010, compares to a loss of $10.2 million, or $0.13 per share, for the fiscal year ended September 30, 2009. The increase was mainly due to the non-cash impairment charge of $108.2 million taken in the first quarter of fiscal 2009 to write down the value of Seneca’s oil and natural gas producing properties. Seneca uses the full cost method of accounting for determining the book value of its oil and natural gas properties. This accounting method requires that Seneca perform a quarterly “ceiling test” to compare the present value of future revenues from its oil and natural gas reserves based on 12-month average spot

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prices (the “ceiling”) with the book value of those reserves at the balance sheet date. If the book value of the reserves exceeds the ceiling calculation, a non-cash impairment charge must be recorded in order to reduce the book value of the reserves to the calculated ceiling. The impairment at December 31, 2008, (which was calculated using quarter-end pricing under the then effective full cost ceiling test rules) was mainly driven by a significant decrease in commodity prices. At September 30, 2010, the ceiling exceeded the book value of Seneca’s oil and gas properties by approximately $270 million.

     Excluding the impact of the ceiling test charge in the prior year’s first quarter, Operating Results for the fiscal year ended September 30, 2010, of $112.5 million, or $1.36 per share, increased $14.6 million, or $0.15 per share, from the prior year. The increase was primarily due to higher natural gas production and higher crude oil prices realized after hedging.

     Overall production for the fiscal year ended September 30, 2010, increased 16.8 percent to 49.7 Bcfe, an increase of 7.1 Bcfe compared to the prior fiscal year. Production increased approximately 7.8 Bcfe or 90 percent in Appalachia. Marcellus production of 7.2 Bcfe and higher production from upper Devonian wells more than offset small production declines in California and the Gulf of Mexico.

     In addition to overall higher production, higher crude oil prices realized after hedging contributed to the increase in Operating Results for the fiscal year. Lower natural gas prices realized after hedging reduced Operating Results. For the fiscal year ended September 30, 2010, the weighted average oil price received by Seneca (after hedging) was $75.25 per Bbl, an increase of $10.31 per Bbl from the prior fiscal year. The weighted average natural gas price received by Seneca (after hedging) for the fiscal year ended September 30, 2010, was $6.04 per Mcf, a decrease of $0.90 per Mcf.

     Other items impacting Operating Results for the fiscal year ended September 30, 2010, were higher depletion expense (mainly due to the increase in production and a higher depletable base), higher LOE (mainly due to higher steam fuel cost and the operating costs associated with the July 2009 acquisition of the Ivanhoe assets in California, and the costs to transport Marcellus production in Appalachia), higher G&A expenses (attributable mostly to additional staffing and associated costs in the East Division that more than offset the recovery of a bad debt expensed in the prior year) and lower other operating expenses (primarily due to lower plugging and abandonment costs).

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 $6.7 million, or $0.08 per share, for the quarter ended September 30, 2010, increased $0.9 million, or $0.01 per share, when compared with the same period in the prior fiscal year. The increase in earnings is mainly due to a lower effective tax rate in the current quarter relating to the intercompany tax allocation among

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subsidiaries. Excluding the impact of the lower effective income tax rate, Pipeline and Storage segment earnings decreased by $1.5 million from the prior year. The decrease was mostly due to increased maintenance and pension expenses. Transportation revenues for both Supply Corporation and Empire were also lower in the current quarter compared to the fourth quarter of 2009. Persistent strong Niagara/Chippawa basis prices have caused shippers to evaluate lower cost supply sources, and certain shippers have reduced their imports of natural gas from Canada. This has resulted in some contract terminations on Supply Corporation from Niagara. In order to counteract the decrease in revenues due to these lower shipping volumes, Supply Corporation’s Northern Access expansion project and Empire’s Tioga County Extension Project have been designed to utilize the existing pipeline system to provide producers of Marcellus gas a transportation path from the Marcellus supply basins to Canadian and other northern markets.

     The Pipeline and Storage segment’s earnings of $36.7 million, or $0.44 per share, for the fiscal year ended September 30, 2010, decreased $10.7 million, or $0.15 per share, when compared with the fiscal year ended September 30, 2009. The decrease in earnings for the current fiscal year was due to lower transportation revenues, higher operating expenses (mainly due to increased pension and other operating expenses), higher property taxes and interest expense and lower AFUDC (attributable to the completion of the Empire Connector in December 2008).

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 $0.2 million, for the quarter ended September 30, 2010, compared to a loss of $1.6 million, for the quarter ended September 30, 2009. The change is primarily due to lower operating expenses (including a $1.3 million after-tax adjustment recorded to reduce Distribution’s allowance for doubtful accounts), lower interest expense on over recoveries of purchased gas costs and the impact of certain regulatory true-up adjustments.

     The Utility segment’s earnings of $62.5 million, or $0.76 per share, for the fiscal year ended September 30, 2010, increased from earnings of $58.7 million, or $0.73 per share, for the fiscal year ended September 30, 2009. Earnings in the New York Division for the fiscal year ended September 30, 2010, of $39.5 million, or $0.48 per share, increased $1.8 million, or $0.01 per share, compared to the prior year. Lower operating expenses (mainly attributable to a decrease in bad debt expense) and the impact of regulatory true-up adjustments more than offset the impact of lower revenues from customer late payment charges (mainly due to lower gas costs) during the current fiscal year.

     For the fiscal year ended September 30, 2010, earnings in the Pennsylvania Division of $23.0 million, or $0.28 per share, increased $2.0 million, or $0.02 per share, compared to the prior year. Lower operating expenses (mainly attributable to a decrease in bad debt expense) and a lower effective tax rate more than offset higher interest expense, warmer weather and lower customer usage during the current fiscal year.

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Energy Marketing

     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 September 30, 2010, of $0.3 million compared to a loss of $0.3 million in the prior year fourth quarter. The increase in earnings in the current year fourth quarter is primarily due to proceeds NFR received as a member of a class of claimants in a class action litigation settlement. Excluding this item earnings were consistent with the fourth quarter of the prior fiscal year. The Energy Marketing segment’s earnings for the fiscal year ended September 30, 2010 of $8.8 million increased $1.7 million compared to the prior year. The increase in earnings was mainly due to higher margins in the current fiscal year and proceeds NFR received as a member of a class of claimants in a class action litigation settlement.

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; Horizon Power, Inc., a corporation that develops and owns independent electric generation facilities that are fueled by natural gas or landfill gas; and Highland Forest Resources, Inc., a corporation that markets high quality hardwoods from Appalachian land holdings.

     Earnings in the Corporate and All Other category for the quarter ended September 30, 2010, were $3.7 million compared to the prior year’s fourth quarter loss of $4.9 million. On September 1, 2010, the Company completed the sale of its landfill gas operations. As a result of this transaction, the Company is presenting the landfill gas operations as discontinued operations. Earnings in the fourth quarter of fiscal 2010 include earnings from discontinued operations of $6.0 million, which included a $0.3 million loss from discontinued operations during the quarter plus a $6.3 million gain on the sale of the landfill gas operations. Earnings in the fourth quarter of fiscal 2009 include a loss from discontinued operations of $2.9 million. The results of discontinued operations are discussed later in this document and are excluded from the remaining discussion of the Corporate and All Other category quarterly results below.

     Excluding discontinued operations, Operating Results in the Corporate and All Other category decreased from a loss of $2.0 million in the prior year fourth quarter to a loss of $2.3 million in the current year fourth quarter. Higher corporate operating expenses and lower earnings from timber operations more than offset earnings from Midstream’s pipeline gathering and natural gas processing operations.

     Earnings in the Corporate and All Other category for the fiscal year ended September 30, 2010, were $5.4 million compared to a loss of $2.2 million in the prior fiscal year. As discussed above, as a result of the Company’s sale of its landfill gas operations, the Company is presenting these operations as discontinued operations. Earnings for the fiscal year ended September 30,

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2010, include earnings from discontinued operations of $6.8 million, which consists of $0.5 million of income from discontinued operations, and a $6.3 million gain on the sale of the landfill gas operations. Earnings for the fiscal year ended September 30, 2009, include a loss from discontinued operations of $2.8 million. The results of discontinued operations are discussed later in this document and are excluded from the remaining discussion of the Corporate and All Other category fiscal year results below.

     The comparability of the Corporate and All Other category earnings for the fiscal years ended September 30, 2010, and 2009 was also impacted by a $2.3 million gain recognized on corporate-owned executive life insurance policies and a $1.1 million impairment in the value of Horizon Power’s 50 percent investment in Energy Systems North East, LLC, both of which occurred in the prior year’s first quarter.

     Excluding discontinued operations and the items discussed in the immediate preceding paragraph above, Operating Results for the fiscal year ended September 30, 2010, decreased from a loss of $0.7 million for fiscal 2009 to a loss of $1.4 million for fiscal 2010. Revenues from Midstream’s pipeline gathering and processing operations, higher margins from the timber operations (mainly due to lower prices paid for purchased logs and stumpage) and higher interest income were offset by higher depreciation and operating expenses and higher interest expense.

Discontinued Operations

     Earnings from discontinued operations for the quarter and fiscal year ended September 30, 2010, increased by $8.9 million and $9.6 million, respectively. The increases are primarily the result of the Company’s sale of its landfill gas operations and the recording of a gain of approximately $6.3 million. They also reflect the nonrecurrence of a $2.8 million impairment of landfill gas assets that was recorded during the quarter ended September 30, 2009.

EARNINGS GUIDANCE

     The Company is revising its GAAP earnings guidance for fiscal 2011 to a range of $2.40 to $2.70 per share. This updated guidance assumes average NYMEX prices, exclusive of basis differentials, of $4.00 per Million British Thermal Units (“MMBtu”) for natural gas and $80.00 per Bbl for crude oil. The previous guidance range of $2.60 to $2.90 per share had assumed average NYMEX prices, exclusive of basis differentials, of $5.00 per MMBtu for natural gas and $80.00 per Bbl for crude oil. The change in guidance is attributable solely to the $1.00 per MMBtu decrease in the assumed NYMEX natural gas price. Seneca’s production guidance remains unchanged at 60 to 70 Bcfe.

EARNINGS TELECONFERENCE

     The Company will host a conference call on Friday, November 5, 2010, 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 on National Fuel’s website at investor.nationalfuelgas.com. For those without Internet access, access is also provided by dialing (toll-free) 1-800-561-2813, using the passcode “34046805.” For those unable to listen to

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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 “78038698.” Both the webcast and telephonic replay will be available until the close of business on Friday, November 12, 2010.

     National Fuel is an integrated energy company with $5.1 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:	Donna L. DeCarolis	716-857-7872

Certain statements contained herein, including those 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,” “may” 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: financial and economic conditions, including the availability of credit, and their effect on the Company’s ability to obtain financing on acceptable terms for working capital, capital expenditures and other investments; occurrences affecting the Company’s ability to obtain financing under credit lines or other credit facilities or through the issuance of commercial paper, other short-term notes or debt or equity securities, 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 terrorist activities, acts of war, major accidents, fires, hurricanes, other severe weather, pest infestation or other natural disasters; changes in demographic patterns and weather conditions; 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 SEC’s full cost ceiling test for natural gas and oil reserves; uncertainty of oil and gas reserve estimates; 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, weather conditions, shortages, delays or unavailability of equipment and services required in drilling operations, insufficient gathering, processing and transportation capacity, and the need to obtain governmental approvals and permits and comply with environmental laws and regulations; significant differences between the Company’s projected and actual production levels for natural gas or oil; changes in the availability and/or price of derivative financial instruments; changes in the price differentials between oil having different quality and/or different geographic locations, or changes in the price differentials between natural gas having different heating values and/or different geographic locations; changes in laws and regulations to which the Company is subject, including those involving derivatives, taxes, safety, employment, climate change, other environmental matters, and exploration and production activities such as hydraulic fracturing; the nature and projected profitability of pending and potential projects and other investments, and the ability to obtain necessary governmental approvals and permits; significant differences between the Company’s projected and actual capital expenditures and operating expenses, and unanticipated project delays or

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changes in project costs or plans; 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 derivatives, acquisitions, financings, rate cases (which address, among other things, allowed rates of return, rate design and retained natural gas), affiliate relationships, industry structure, franchise renewal, and environmental/safety requirements; unanticipated impacts of restructuring initiatives in the natural gas and electric industries; ability to successfully identify and finance acquisitions or other investments and ability to operate and integrate existing and any subsequently acquired business or properties; changes in 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; 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 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.

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NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
QUARTER ENDED SEPTEMBER 30, 2010

	Exploration &			Pipeline &						Energy			Corporate /
(Thousands of Dollars)	Production			Storage			Utility			Marketing			All Other **			Consolidated
Fourth quarter 2009 GAAP earnings	$	28,128		$	5,776		$	(1,639	)	$	(343	)	$	(4,924	)	$	26,998
Items impacting comparability:
Loss from discontinued operations														2,945			2,945
Fourth quarter 2009 operating results		28,128			5,776			(1,639	)		(343	)		(1,979	)		29,943
Drivers of operating results
Higher (lower) crude oil prices		1,366															1,366
Higher (lower) natural gas prices		(1,523	)														(1,523	)
Higher (lower) natural gas production		8,887															8,887
Higher (lower) crude oil production		(4,098	)														(4,098	)
Higher (lower) processing plant revenues		337															337
Derivative mark to market adjustment		275															275
Lower (higher) lease operating expenses		(1,472	)														(1,472	)
Lower (higher) depreciation / depletion		(2,446	)		(399	)								(738	)		(3,583	)
Higher (lower) transportation revenues					(398	)											(398	)
Higher (lower) efficiency gas revenues					452												452
Lower (higher) operating expenses		2,052			(1,212	)		701						(451	)		1,090
Lower (higher) property, franchise and other taxes					(413	)											(413	)
Regulatory true-up adjustments								1,835									1,835
Higher (lower) margins											365			435			800
Higher (lower) AFUDC*					585												585
(Higher) lower interest expense								532									532
Lower (higher) income tax expense / effective tax rate		(4,462	)		2,382			(609	)		318			(179	)		(2,550	)
All other		441			(106	)		(602	)		4			591			328
Fourth quarter 2010 operating results		27,485			6,667			218			344			(2,321	)		32,393
Items impacting comparability:
Gain on disposal of discontinued operations														6,310			6,310
Loss from discontinued operations														(301	)		(301	)
Fourth quarter 2010 GAAP earnings	$	27,485		$	6,667		$	218		$	344		$	3,688		$	38,402

*	AFUDC = Allowance for Funds Used During Construction
**	Includes discontinued operations

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NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
QUARTER ENDED SEPTEMBER 30, 2010

	Exploration &			Pipeline &						Energy		Corporate /
	Production			Storage			Utility			Marketing		All Other **			Consolidated
Fourth quarter 2009 GAAP earnings	$	0.34		$	0.07		$	(0.02	)	$	—	$	(0.06	)	$	0.33
Items impacting comparability:
Loss from discontinued operations													0.04			0.04
Fourth quarter 2009 operating results		0.34			0.07			(0.02	)		—		(0.02	)		0.37
Drivers of operating results
Higher (lower) crude oil prices		0.02														0.02
Higher (lower) natural gas prices		(0.02	)													(0.02	)
Higher (lower) natural gas production		0.11														0.11
Higher (lower) crude oil production		(0.05	)													(0.05	)
Higher (lower) processing plant revenues		—														—
Derivative mark to market adjustment		—														—
Lower (higher) lease operating expenses		(0.02	)													(0.02	)
Lower (higher) depreciation / depletion		(0.03	)		—								(0.01	)		(0.04	)
Higher (lower) transportation revenues					—											—
Higher (lower) efficiency gas revenues					—											—
Lower (higher) operating expenses		0.02			(0.01	)		0.01					(0.01	)		0.01
Lower (higher) property, franchise and other taxes					—											—
Regulatory true-up adjustments								0.02								0.02
Higher (lower) margins											—		0.01			0.01
Higher (lower) AFUDC*					—											—
(Higher) lower interest expense								0.01								0.01
Lower (higher) income tax expense / effective tax rate		(0.05	)		0.03			(0.01	)		—		—			(0.03	)
All other / rounding (including impact of higher weighted average shares)		0.01			(0.01	)		(0.01	)				0.01			—
Fourth quarter 2010 operating results		0.33			0.08			—			—		(0.02	)		0.39
Items impacting comparability:
Gain on disposal of discontinued operations													0.07			0.07
Loss from discontinued operations													—			—
Fourth quarter 2010 GAAP earnings	$	0.33		$	0.08		$	—		$	—	$	0.05		$	0.46

*	AFUDC = Allowance for Funds Used During Construction
**	Includes discontinued operations

Page 13

NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
YEAR ENDED SEPTEMBER 30, 2010

	Exploration &			Pipeline &						Energy			Corporate /
(Thousands of Dollars)	Production			Storage			Utility			Marketing			All Other **			Consolidated
Fiscal 2009 GAAP earnings	$	(10,238	)	$	47,358		$	58,664		$	7,166		$	(2,242	)	$	100,708
Items impacting comparability:
Loss from discontinued operations														2,776			2,776
Gain on life insurance policies														(2,312	)		(2,312	)
Impairment of investment in partnership														1,085			1,085
Impairment of oil and gas properties		108,207															108,207
Fiscal 2009 operating results		97,969			47,358			58,664			7,166			(693	)		210,464
Drivers of operating results
Higher (lower) crude oil prices		21,587															21,587
Higher (lower) natural gas prices		(17,663	)														(17,663	)
Higher (lower) natural gas production		36,347															36,347
Higher (lower) crude oil production		(6,470	)														(6,470	)
Higher (lower) processing plant revenues		1,872															1,872
Lower (higher) lease operating expenses		(6,094	)														(6,094	)
Lower (higher) depreciation / depletion		(9,988	)		(530	)								(2,407	)		(12,925	)
Higher (lower) transportation revenues					(664	)											(664	)
Higher (lower) efficiency gas revenues					827												827
Lower (higher) operating expenses		1,187			(4,475	)		4,366			(87	)		(971	)		20
Lower (higher) property, franchise and other taxes					(1,990	)											(1,990	)
Higher (lower) usage								(2,086	)								(2,086	)
Warmer weather in Pennsylvania								(816	)								(816	)
Regulatory true-up adjustments								1,215									1,215
Higher (lower) late payment revenue								(1,159	)								(1,159	)
Higher (lower) margins											1,386			6,460			7,846
Higher (lower) AFUDC*					(2,252	)											(2,252	)
Higher (lower) interest income		(943	)											3,099			2,156
(Higher) lower interest expense		1,634			(3,086	)		(2,220	)					(3,826	)		(7,498	)
Lower (higher) income tax expense / effective tax rate		(7,180	)		1,434			4,739			359			(3,651	)		(4,299	)
All other		273			81			(230	)		(8	)		599			715
Fiscal 2010 operating results		112,531			36,703			62,473			8,816			(1,390	)		219,133
Items impacting comparability:
Gain on disposal of discontinued operations														6,310			6,310
Earnings from discontinued operations														470			470
Fiscal 2010 GAAP earnings	$	112,531		$	36,703		$	62,473		$	8,816		$	5,390		$	225,913

*	AFUDC = Allowance for Funds Used During Construction
**	Includes discontinued operations

Page 14

NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
YEAR ENDED SEPTEMBER 30, 2010

	Exploration &			Pipeline &						Energy		Corporate /
	Production			Storage			Utility			Marketing		All Other **			Consolidated
Fiscal 2009 GAAP earnings	$	(0.13	)	$	0.59		$	0.73		$	0.09	$	(0.03	)	$	1.25
Items impacting comparability:
Loss from discontinued operations													0.03			0.03
Gain on life insurance policies													(0.03	)		(0.03	)
Impairment of investment in partnership													0.01			0.01
Impairment of oil and gas properties		1.34														1.34
Fiscal 2009 operating results		1.21			0.59			0.73			0.09		(0.02	)		2.60
Drivers of operating results
Higher (lower) crude oil prices		0.26														0.26
Higher (lower) natural gas prices		(0.21	)													(0.21	)
Higher (lower) natural gas production		0.44														0.44
Higher (lower) crude oil production		(0.08	)													(0.08	)
Higher (lower) processing plant revenues		0.02														0.02
Lower (higher) lease operating expenses		(0.07	)													(0.07	)
Lower (higher) depreciation / depletion		(0.12	)		(0.01	)							(0.03	)		(0.16	)
Higher (lower) transportation revenues					(0.01	)										(0.01	)
Higher (lower) efficiency gas revenues					0.01											0.01
Lower (higher) operating expenses		0.01			(0.05	)		0.05			—		(0.01	)		—
Lower (higher) property, franchise and other taxes					(0.02	)										(0.02	)
Higher (lower) usage								(0.03	)							(0.03	)
Warmer weather in Pennsylvania								(0.01	)							(0.01	)
Regulatory true-up adjustments								0.01								0.01
Higher (lower) late payment revenue								(0.01	)							(0.01	)
Higher (lower) margins											0.02		0.08			0.10
Higher (lower) AFUDC*					(0.03	)										(0.03	)
Higher (lower) interest income		(0.01	)										0.04			0.03
(Higher) lower interest expense		0.02			(0.04	)		(0.03	)				(0.05	)		(0.10	)
Lower (higher) income tax expense / effective tax rate		(0.09	)		0.02			0.06			—		(0.04	)		(0.05	)
All other / rounding (including impact of higher weighted average shares)		(0.02	)		(0.02	)		(0.01	)		—		0.01			(0.04	)
Fiscal 2010 operating results		1.36			0.44			0.76			0.11		(0.02	)		2.65
Items impacting comparability:
Gain on disposal of discontinued operations													0.07			0.07
Earnings from discontinued operations													0.01			0.01
Fiscal 2010 GAAP earnings	$	1.36		$	0.44		$	0.76		$	0.11	$	0.06		$	2.73

*	AFUDC = Allowance for Funds Used During Construction
**	Includes discontinued operations

Page 15

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

(Thousands of Dollars, except per share amounts)

	Three Months Ended						Twelve Months Ended
	September 30,						September 30,
	(Unaudited)						(Unaudited)
	2010			2009			2010			2009
SUMMARY OF OPERATIONS
Operating Revenues	$	286,396		$	276,796		$	1,760,503		$	2,051,543
Operating Expenses:
Purchased Gas		57,023			56,693			658,432			997,216
Operation and Maintenance		87,945			92,202			394,569			401,200
Property, Franchise and Other Taxes		18,168			15,444			75,852			72,102
Depreciation, Depletion and Amortization		49,265			43,514			191,199			170,620
Impairment of Oil and Gas Producing Properties		—			—			—			182,811
		212,401			207,853			1,320,052			1,823,949
Operating Income		73,995			68,943			440,451			227,594
Other Income (Expense):
Income from Unconsolidated Subsidiaries		792			646			2,488			3,366
Impairment of Investment in Partnership		—			—			—			(1,804	)
Interest Income		1,682			1,418			3,729			5,776
Other Income		1,165			859			3,638			8,200
Interest Expense on Long-Term Debt		(21,951	)		(22,062	)		(87,190	)		(79,419	)
Other Interest Expense		(1,513	)		(2,473	)		(6,756	)		(7,370	)
Income Before Income Taxes		54,170			47,331			356,360			156,343
Income Tax Expense		21,777			17,388			137,227			52,859
Income from Continuing Operations		32,393			29,943			219,133			103,484
Discontinued Operations:
Income (Loss) from Operations, Net of Tax		(301	)		(2,945	)		470			(2,776	)
Gain on Disposal, Net of Tax		6,310			—			6,310			—
Income (Loss) from Discontinued Operations, Net of Tax		6,009			(2,945	)		6,780			(2,776	)
Net Income Available for Common Stock	$	38,402		$	26,998		$	225,913		$	100,708
Earnings Per Common Share:
Basic:
Income from Continuing Operations	$	0.40		$	0.37		$	2.70		$	1.29
Income (Loss) from Discontinued Operations		0.07			(0.03	)		0.08			(0.03	)
Net Income Available for Common Stock	$	0.47		$	0.34		$	2.78		$	1.26
Diluted:
Income from Continuing Operations	$	0.39		$	0.37		$	2.65		$	1.28
Income (Loss) from Discontinued Operations		0.07			(0.04	)		0.08			(0.03	)
Net Income Available for Common Stock	$	0.46		$	0.33		$	2.73		$	1.25
Weighted Average Common Shares:
Used in Basic Calculation		81,981,133			80,240,861			81,380,434			79,649,965
Used in Diluted Calculation		82,969,012			81,607,864			82,660,598			80,628,685

Page 16

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)

	September 30,			September 30,
(Thousands of Dollars)	2010			2009
ASSETS
Property, Plant and Equipment	$	5,637,498		$	5,184,844
Less — Accumulated Depreciation, Depletion and Amortization		2,187,269			2,051,482
Net Property, Plant and Equipment		3,450,229			3,133,362
Current Assets:
Cash and Temporary Cash Investments		395,171			408,053
Cash Held in Escrow		2,000			2,000
Hedging Collateral Deposits		11,134			848
Receivables — Net		132,136			144,466
Unbilled Utility Revenue		20,920			18,884
Gas Stored Underground		48,584			55,862
Materials and Supplies — at average cost		24,987			24,520
Other Current Assets		115,969			68,474
Deferred Income Taxes		24,476			53,863
Total Current Assets		775,377			776,970
Other Assets:
Recoverable Future Taxes		149,712			138,435
Unamortized Debt Expense		12,550			14,815
Other Regulatory Assets		542,801			530,913
Deferred Charges		9,646			2,737
Other Investments		77,839			78,503
Investments in Unconsolidated Subsidiaries		14,828			14,940
Goodwill		5,476			5,476
Intangible Assets		1,677			21,536
Fair Value of Derivative Financial Instruments		65,184			44,817
Other		306			6,625
Total Other Assets		880,019			858,797
Total Assets	$	5,105,625		$	4,769,129
CAPITALIZATION AND LIABILITIES
Capitalization:
Comprehensive Shareholders’ Equity
Common Stock, $1 Par Value Authorized - 200,000,000 Shares; Issued and Outstanding - 82,075,470 Shares and 80,499,915 Shares, Respectively	$	82,075		$	80,500
Paid in Capital		645,619			602,839
Earnings Reinvested in the Business		1,063,262			948,293
Total Common Shareholders’ Equity Before
Items of Other Comprehensive Loss		1,790,956			1,631,632
Accumulated Other Comprehensive Loss		(44,985	)		(42,396	)
Total Comprehensive Shareholders’ Equity		1,745,971			1,589,236
Long-Term Debt, Net of Current Portion		1,049,000			1,249,000
Total Capitalization		2,794,971			2,838,236
Current and Accrued Liabilities:
Notes Payable to Banks and Commercial Paper		—			—
Current Portion of Long-Term Debt		200,000			—
Accounts Payable		145,223			90,723
Amounts Payable to Customers		38,109			105,778
Dividends Payable		28,316			26,967
Interest Payable on Long-Term Debt		30,512			32,031
Customer Advances		27,638			24,555
Customer Security Deposits		18,320			17,430
Other Accruals and Current Liabilities		16,046			18,875
Fair Value of Derivative Financial Instruments		20,160			2,148
Total Current and Accrued Liabilities		524,324			318,507
Deferred Credits:
Deferred Income Taxes		800,758			663,876
Taxes Refundable to Customers		69,585			67,046
Unamortized Investment Tax Credit		3,288			3,989
Cost of Removal Regulatory Liability		124,032			105,546
Other Regulatory Liabilities		89,334			120,229
Pension and Other Post-Retirement Liabilities		446,082			415,888
Asset Retirement Obligations		101,618			91,373
Other Deferred Credits		151,633			144,439
Total Deferred Credits		1,786,330			1,612,386
Commitments and Contingencies		—			—
Total Capitalization and Liabilities	$	5,105,625		$	4,769,129

Page 17

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

	Twelve Months Ended
	September 30,
(Thousands of Dollars)	2010			2009
Operating Activities:
Net Income Available for Common Stock	$	225,913		$	100,708
Adjustments to Reconcile Net Income to Net Cash  Provided by Operating Activities:
Gain on Sale of Discontinued Operations		(10,334	)		—
Impairment of Oil and Gas Producing Properties		—			182,811
Depreciation, Depletion and Amortization		191,809			173,410
Deferred Income Taxes		134,679			(2,521	)
Income from Unconsolidated Subsidiaries, Net of Cash Distributions		112			(466	)
Impairment of Investment in Partnership		—			1,804
Excess Tax Benefits Associated with Stock-Based Compensation Awards		(13,207	)		(5,927	)
Other		9,108			19,829
Change in:
Hedging Collateral Deposits		(10,286	)		(847	)
Receivables and Unbilled Utility Revenue		10,262			47,658
Gas Stored Underground and Materials and Supplies		6,546			43,598
Unrecovered Purchased Gas Costs		—			37,708
Prepayments and Other Current Assets		(34,288	)		2,921
Accounts Payable		8,047			(61,149	)
Amounts Payable to Customers		(67,669	)		103,025
Customer Advances		3,083			(8,462	)
Customer Security Deposits		890			3,383
Other Accruals and Current Liabilities		(3,649	)		13,676
Other Assets		7,237			(35,140	)
Other Liabilities		1,442			(4,201	)
Net Cash Provided by Operating Activities	$	459,695		$	611,818
Investing Activities:
Capital Expenditures		($455,764	)		($313,633	)
Investment in Subsidiary, Net of Cash Acquired		—			(34,933	)
Net Proceeds from Sale of Timber Mill and Related Assets		15,770			—
Net Proceeds from Sale of Landfill Gas Pipeline Assets		38,000			—
Cash Held in Escrow		—			(2,000	)
Net Proceeds from Sale of Oil and Gas Producing Properties		—			3,643
Other		(251	)		(2,806	)
Net Cash Used in Investing Activities		($402,245	)		($349,729	)
Financing Activities:
Excess Tax Benefits Associated with Stock-Based Compensation Awards	$	13,207		$	5,927
Net Proceeds from Issuance of Long-Term Debt		—			247,780
Reduction of Long-Term Debt		—			(100,000	)
Dividends Paid on Common Stock		(109,596	)		(104,158	)
Net Proceeds From Issuance of Common Stock		26,057			28,176
Net Cash Provided by (Used In) Financing Activities		($70,332	)	$	77,725
Net Increase / (Decrease) in Cash and Temporary Cash Investments		(12,882	)		339,814
Cash and Temporary Cash Investments at Beginning of Period		408,053			68,239
Cash and Temporary Cash Investments at September 30	$	395,171		$	408,053

Page 18

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)

	Three Months Ended									Twelve Months Ended
(Thousands of Dollars, except per share amounts)	September 30,									September 30,
EXPLORATION AND PRODUCTION SEGMENT	2010			2009			Variance			2010			2009			Variance
Operating Revenues	$	109,716		$	101,349		$	8,367		$	438,028		$	382,758		$	55,270
Operating Expenses:
Operation and Maintenance:
General and Administrative Expense		6,279			6,910			(631	)		31,980			29,374			2,606
Lease Operating Expense		17,503			17,013			490			61,398			53,957			7,441
All Other Operation and Maintenance Expense		(136	)		2,460			(2,596	)		6,597			11,059			(4,462	)
Property, Franchise and Other Taxes		2,710			935			1,775			10,592			8,657			1,935
Depreciation, Depletion and Amortization		27,421			23,658			3,763			106,182			90,816			15,366
Impairment of Oil and Gas Producing Properties		—			—			—			—			182,811			(182,811	)
		53,777			50,976			2,801			216,749			376,674			(159,925	)
Operating Income		55,939			50,373			5,566			221,279			6,084			215,195
Other Income (Expense):
Interest Income		480			244			236			980			2,430			(1,450	)
Other Income		—			—			—			—			—			—
Other Interest Expense		(7,840	)		(7,915	)		75			(30,853	)		(33,368	)		2,515
Income (Loss) Before Income Taxes		48,579			42,702			5,877			191,406			(24,854	)		216,260
Income Tax Expense (Benefit)		21,094			14,574			6,520			78,875			(14,616	)		93,491
Net Income (Loss)	$	27,485		$	28,128		$	(643	)	$	112,531		$	(10,238	)	$	122,769
Net Income (Loss) Per Share (Diluted)	$	0.33		$	0.34		$	(0.01	)	$	1.36		$	(0.13	)	$	1.49

	Three Months Ended									Twelve Months Ended
	September 30,									September 30,
PIPELINE AND STORAGE SEGMENT	2010			2009			Variance			2010			2009			Variance
Revenues from External Customers	$	31,344		$	31,573		$	(229	)	$	138,905		$	137,478		$	1,427
Intersegment Revenues		19,689			19,770			(81	)		79,978			81,795			(1,817	)
Total Operating Revenues		51,033			51,343			(310	)		218,883			219,273			(390	)
Operating Expenses:
Purchased Gas		(345	)		(5	)		(340	)		(205	)		132			(337	)
Operation and Maintenance		22,132			20,268			1,864			77,698			70,814			6,884
Property, Franchise and Other Taxes		5,316			4,681			635			20,532			17,470			3,062
Depreciation, Depletion and Amortization		9,313			8,699			614			35,930			35,115			815
		36,416			33,643			2,773			133,955			123,531			10,424
Operating Income		14,617			17,700			(3,083	)		84,928			95,742			(10,814	)
Other Income (Expense):
Interest Income		82			52			30			199			995			(796	)
Other Income		174			(411	)		585			538			2,780			(2,242	)
Other Interest Expense		(6,644	)		(6,821	)		177			(26,328	)		(21,580	)		(4,748	)
Income Before Income Taxes		8,229			10,520			(2,291	)		59,337			77,937			(18,600	)
Income Tax Expense		1,562			4,744			(3,182	)		22,634			30,579			(7,945	)
Net Income	$	6,667		$	5,776		$	891		$	36,703		$	47,358		$	(10,655	)
Net Income Per Share (Diluted)	$	0.08		$	0.07		$	0.01		$	0.44		$	0.59		$	(0.15	)

Page 19

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)

	Three Months Ended									Twelve Months Ended
(Thousands of Dollars, except per share amounts)	September 30,									September 30,
UTILITY SEGMENT	2010			2009			Variance			2010			2009			Variance
Revenues from External Customers	$	97,143		$	87,587		$	9,556		$	804,466		$	1,097,550		$	(293,084	)
Intersegment Revenues		2,009			2,135			(126	)		15,324			15,474			(150	)
Total Operating Revenues		99,152			89,722			9,430			819,790			1,113,024			(293,234	)
Operating Expenses:
Purchased Gas		38,384			31,185			7,199			428,376			713,174			(284,798	)
Operation and Maintenance		34,988			36,104			(1,116	)		181,313			191,192			(9,879	)
Property, Franchise and Other Taxes		9,630			9,392			238			42,772			44,215			(1,443	)
Depreciation, Depletion and Amortization		10,244			10,005			239			40,370			39,675			695
		93,246			86,686			6,560			692,831			988,256			(295,425	)
Operating Income		5,906			3,036			2,870			126,959			124,768			2,191
Other Income (Expense):
Interest Income		1,127			1,138			(11	)		2,144			2,486			(342	)
Other Income		278			161			117			1,059			924			135
Other Interest Expense		(8,779	)		(9,597	)		818			(35,831	)		(32,417	)		(3,414	)
Income (Loss) Before Income Taxes		(1,468	)		(5,262	)		3,794			94,331			95,761			(1,430	)
Income Tax Expense (Benefit)		(1,686	)		(3,623	)		1,937			31,858			37,097			(5,239	)
Net Income (Loss)	$	218		$	(1,639	)	$	1,857		$	62,473		$	58,664		$	3,809
Net Income (Loss) Per Share (Diluted)	$	—		$	(0.02	)	$	0.02		$	0.76		$	0.73		$	0.03

	Three Months Ended									Twelve Months Ended
	September 30,									September 30,
ENERGY MARKETING SEGMENT	2010			2009			Variance			2010			2009			Variance
Revenues from External Customers	$	41,699		$	47,318		$	(5,619	)	$	344,802		$	397,763		$	(52,961	)
Intersegment Revenues		—			558			(558	)		—			558			(558	)
Total Operating Revenues		41,699			47,876			(6,177	)		344,802			398,321			(53,519	)
Operating Expenses:
Purchased Gas		40,554			47,292			(6,738	)		325,026			380,677			(55,651	)
Operation and Maintenance		1,425			1,446			(21	)		6,148			6,014			134
Property, Franchise and Other Taxes		31			19			12			55			41			14
Depreciation, Depletion and Amortization		10			11			(1	)		42			42			—
		42,020			48,768			(6,748	)		331,271			386,774			(55,503	)
Operating Income (Loss)		(321	)		(892	)		571			13,531			11,547			1,984
Other Income (Expense):
Interest Income		17			12			5			44			79			(35	)
Other Income		16			24			(8	)		74			225			(151	)
Other Interest Expense		(6	)		(6	)		—			(27	)		(215	)		188
Income (Loss) Before Income Taxes		(294	)		(862	)		568			13,622			11,636			1,986
Income Tax Expense (Benefit)		(638	)		(519	)		(119	)		4,806			4,470			336
Net Income (Loss)	$	344		$	(343	)	$	687		$	8,816		$	7,166		$	1,650
Net Income (Loss) Per Share (Diluted)	$	—		$	—		$	—		$	0.11		$	0.09		$	0.02

Page 20

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)

	Three Months Ended									Twelve Months Ended
	September 30,									September 30,
ALL OTHER	2010			2009			Variance			2010			2009			Variance
Revenues from External Customers	$	6,272		$	8,750		$	(2,478	)	$	33,428		$	35,100		$	(1,672	)
Intersegment Revenues		897			—			897			2,315			—			2,315
Total Operating Revenues		7,169			8,750			(1,581	)		35,743			35,100			643
Operating Expenses:
Purchased Gas		(41	)		—			(41	)		(41	)		—			(41	)
Operation and Maintenance		4,360			6,605			(2,245	)		22,775			32,259			(9,484	)
Property, Franchise and Other Taxes		377			348			29			1,588			1,437			151
Depreciation, Depletion and Amortization		2,036			967			1,069			7,907			4,276			3,631
		6,732			7,920			(1,188	)		32,229			37,972			(5,743	)
Operating Income (Loss)		437			830			(393	)		3,514			(2,872	)		6,386
Other Income (Expense):
Income from Unconsolidated Subsidiaries		792			646			146			2,488			3,366			(878	)
Impairment of Investment in Partnership		—			—			—			—			(1,804	)		1,804
Interest Income		42			40			2			137			583			(446	)
Other Income		(160	)		264			(424	)		(127	)		294			(421	)
Other Interest Expense		(543	)		(540	)		(3	)		(2,152	)		(2,344	)		192
Income (Loss) from Continuing Operations Before Income Taxes		568			1,240			(672	)		3,860			(2,777	)		6,637
Income Tax Expense (Benefit)		(674	)		320			(994	)		464			(3,482	)		3,946
Income from Continuing Operations		1,242			920			322			3,396			705			2,691
Discontinued Operations:
Income (Loss) from Operations, Net of Tax		(301	)		(2,945	)		2,644			470			(2,776	)		3,246
Gain on Disposal, Net of Tax		6,310			—			6,310			6,310			—			6,310
Income (Loss) from Discontinued Operations, Net of Tax		6,009			(2,945	)		8,954			6,780			(2,776	)		9,556
Net Income (Loss)	$	7,251		$	(2,025	)	$	9,276		$	10,176		$	(2,071	)	$	12,247
Income from Continuing Operations Per Share (Diluted)	$	0.02		$	0.02		$	—		$	0.04		$	—		$	0.04
Income (Loss) from Discontinued Operations, Net of Tax, Per Share (Diluted)		0.07			(0.04	)		0.11			0.08			(0.03	)		0.11
Net Income (Loss) Per Share (Diluted)	$	0.09		$	(0.02	)	$	0.11		$	0.12		$	(0.03	)	$	0.15

Page 21

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)

	Three Months Ended									Twelve Months Ended
(Thousands of Dollars, except per share amounts)	September 30,									September 30,
CORPORATE	2010			2009			Variance			2010			2009			Variance
Revenues from External Customers	$	222		$	219		$	3		$	874		$	894		$	(20	)
Intersegment Revenues		1,003			1,003			—			3,547			4,065			(518	)
Total Operating Revenues		1,225			1,222			3			4,421			4,959			(538	)
Operating Expenses:
Operation and Maintenance		3,463			3,083			380			13,100			11,656			1,444
Property, Franchise and Other Taxes		104			69			35			313			282			31
Depreciation, Depletion and Amortization		241			174			67			768			696			72
		3,808			3,326			482			14,181			12,634			1,547
Operating Loss		(2,583	)		(2,104	)		(479	)		(9,760	)		(7,675	)		(2,085	)
Other Income (Expense):
Interest Income		22,385			22,518			(133	)		89,973			84,761			5,212
Other Income		857			821			36			2,094			3,977			(1,883	)
Interest Expense on Long-Term Debt		(21,951	)		(22,062	)		111			(87,190	)		(79,419	)		(7,771	)
Other Interest Expense		(152	)		(180	)		28			(1,313	)		(3,004	)		1,691
Loss Before Income Taxes		(1,444	)		(1,007	)		(437	)		(6,196	)		(1,360	)		(4,836	)
Income Tax Expense (Benefit)		2,119			1,892			227			(1,410	)		(1,189	)		(221	)
Net Loss	$	(3,563	)	$	(2,899	)	$	(664	)	$	(4,786	)	$	(171	)	$	(4,615	)
Net Loss Per Share (Diluted)	$	(0.04	)	$	(0.04	)	$	—		$	(0.06	)	$	—		$	(0.06	)
	Three Months Ended									Twelve Months Ended
	September 30,									September 30,
INTERSEGMENT ELIMINATIONS	2010			2009			Variance			2010			2009			Variance
Intersegment Revenues	$	(23,598	)	$	(23,466	)	$	(132	)	$	(101,164	)	$	(101,892	)	$	728
Operating Expenses:
Purchased Gas		(21,529	)		(21,779	)		250			(94,724	)		(96,767	)		2,043
Operation and Maintenance		(2,069	)		(1,687	)		(382	)		(6,440	)		(5,125	)		(1,315	)
		(23,598	)		(23,466	)		(132	)		(101,164	)		(101,892	)		728
Operating Income		—			—			—			—			—			—
Other Income (Expense):
Interest Income		(22,451	)		(22,586	)		135			(89,748	)		(85,558	)		(4,190	)
Other Interest Expense		22,451			22,586			(135	)		89,748			85,558			4,190
Net Income	$	—		$	—		$	—		$	—		$	—		$	—
Net Income Per Share (Diluted)	$	—		$	—		$	—		$	—		$	—		$	—

Page 22

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT INFORMATION (Continued)
(Thousands of Dollars)

	Three Months Ended									Twelve Months Ended
	September 30,									September 30,
	{(Unaudited)									(Unaudited)
							Increase									Increase
	2010			2009			(Decrease)			2010			2009			(Decrease)
Capital Expenditures:
Exploration and Production	$	124,325	(1)	$	36,612	(2)	$	87,713		$	398,174	(1)(2)	$	188,290	(2)	$	209,884
Pipeline and Storage		15,651			15,264			387			37,894			52,504	(3)		(14,610	)
Utility		18,460			15,798			2,662			57,973			56,178			1,795
Energy Marketing		168			—			168			407			25			382
Total Reportable Segments		158,604			67,674			90,930			494,448			296,997			197,451
All Other		828			5,868	(2)		(5,040	)		6,694	(2)		9,507	(2)		(2,813	)
Corporate		8			148			(140	)		210			297			(87	)
Eliminations		—			—			—			—			(344	)		344
Total Expenditures from
Continuing Operations		159,440			73,690			85,750			501,352			306,457			194,895
Discontinued Operations		28			50			(22	)		150			216			(66	)
Total Capital Expenditures	$	159,468		$	73,740		$	85,728		$	501,502		$	306,673		$	194,829

(1)	Amount for the quarter and year ended September 30, 2010 includes $55.5 million of accrued capital expenditures, the majority of which was in the Appalachian region. This amount has been excluded from the Consolidated Statement of Cash Flows at September 30, 2010 since it represents a non-cash investing activity at that date.
(2)	Capital expenditures for the Exploration and Production segment for the year ended September 30, 2010 exclude $9.1 million of capital expenditures, the majority of which was in the Appalachian region. Capital expenditures for All Other for the year ended September 30, 2010 exclude $0.7 million of capital expenditures related to the construction of the Midstream Covington Gathering System. Both of these amounts were accrued at September 30, 2009 and paid during the year ended September 30, 2010. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2009 since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at September 30, 2010.
(3)	Amount for the year ended September 30, 2009 excludes $16.8 million of capital expenditures related to the Empire Connector project accrued at September 30, 2008 and paid during the year ended September 30, 2009. This amount was excluded from the Consolidated Statement of Cash Flows at September 30, 2008 since it represented a non-cash investing activity at that date. The amount has been included in the Consolidated Statement of Cash Flows at September 30, 2009.

DEGREE DAYS

							Percent Colder
							(Warmer) Than:
	Normal		2010		2009		Normal (1)			Last Year (1)
Three Months Ended September 30
Buffalo, NY		178		140		143		(21.3	)		(2.1	)
Erie, PA		135		105		112		(22.2	)		(6.3	)
Twelve Months Ended September 30
Buffalo, NY		6,692		6,292		6,701		(6.0	)		(6.1	)
Erie, PA		6,243		5,947		6,176		(4.7	)		(3.7	)

⁽¹⁾ Percents compare actual 2010 degree days to normal degree days and actual 2010 degree days to actual 2009 degree days.

Page 23

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

EXPLORATION AND PRODUCTION INFORMATION

	Three Months Ended							Twelve Months Ended
	September 30,							September 30,
					Increase							Increase
	2010		2009		(Decrease)			2010		2009		(Decrease)
Gas Production/Prices:
Production (MMcf)
Gulf Coast		2,225		2,767		(542	)		10,304		9,886		418
West Coast		953		999		(46	)		3,819		4,063		(244	)
Appalachia		5,137		2,271		2,866			16,222		8,335		7,887
Total Production		8,315		6,037		2,278			30,345		22,284		8,061
Average Prices (Per Mcf)
Gulf Coast	$	5.08	$	3.61	$	1.47		$	5.22	$	4.54	$	0.68
West Coast		4.48		3.36		1.12			4.81		3.91		0.90
Appalachia		4.57		4.09		0.48			4.93		5.52		(0.59	)
Weighted Average		4.70		3.75		0.95			5.01		4.79		0.22
Weighted Average after Hedging		5.72		6.00		(0.28	)		6.04		6.94		(0.90	)
Oil Production/Prices:
Production (Thousands of Barrels)
Gulf Coast		113		170		(57	)		502		640		(138	)
West Coast		662		691		(29	)		2,669		2,674		(5	)
Appalachia		15		17		(2	)		49		59		(10	)
Total Production		790		878		(88	)		3,220		3,373		(153	)
Average Prices (Per Barrel)
Gulf Coast	$	69.44	$	65.50	$	3.94		$	76.57	$	54.58	$	21.99
West Coast		71.53		62.56		8.97			71.72		50.90		20.82
Appalachia		71.47		59.08		12.39			75.81		56.15		19.66
Weighted Average		71.23		63.06		8.17			72.54		51.69		20.85
Weighted Average after Hedging		74.05		71.39		2.66			75.25		64.94		10.31
Total Production (MMcfe)		13,055		11,305		1,750			49,665		42,522		7,143
Selected Operating Performance Statistics:
General & Administrative Expense per Mcfe (1)	$	0.48	$	0.61	$	(0.13	)	$	0.64	$	0.69	$	(0.05	)
Lease Operating Expense per Mcfe (1)	$	1.34	$	1.50	$	(0.16	)	$	1.24	$	1.27	$	(0.03	)
Depreciation, Depletion & Amortization per Mcfe (1)	$	2.10	$	2.09	$	0.01		$	2.14	$	2.14	$	—

⁽¹⁾ Refer to page 18 for the General and Administrative Expense, Lease Operating Expense and Depreciation, Depletion, and Amortization Expense for the Exploration and Production segment.

Page 24

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

EXPLORATION AND PRODUCTION INFORMATION

Hedging Summary for Fiscal 2011

SWAPS	Volume	Average Hedge Price
Oil	1.6 MMBBL	$70.26 / BBL
Gas	19.9 BCF	$6.76 / MCF

Hedging Summary for Fiscal 2012

SWAPS	Volume	Average Hedge Price
Oil	1.1 MMBBL	$70.55 / BBL
Gas	14.6 BCF	$7.03 / MCF

Hedging Summary for Fiscal 2013

SWAPS	Volume	Average Hedge Price
Oil	0.3 MMBBL	$75.94 / BBL
Gas	3.8 BCF	$6.65 / MCF

Gross Wells in Process of Drilling
Twelve Months Ended September 30, 2010

					East
					Marcellus			Upper			Total
	Gulf		West		Shale			Devonian			Company
Wells in Process — Beginning of Period
Exploratory		0.00		0.00		16.00	(1) (2)		20.00	(2)		36.00
Developmental		0.00		0.00		14.00	(1)		68.00			82.00
Wells Commenced
Exploratory		1.00		0.00		11.00			18.00			30.00
Developmental		1.00		44.00		51.00			68.00			164.00
Wells Completed
Exploratory		1.00		0.00		22.00			13.00			36.00
Developmental		0.00		44.00		25.00			114.00			183.00
Wells Plugged & Abandoned
Exploratory		0.00		0.00		1.00			1.00			2.00
Developmental		0.00		0.00		0.00			3.00			3.00
Wells Sold
Exploratory		0.00		0.00		0.00			1.00			1.00
Developmental		0.00		0.00		1.00			0.00			1.00
Wells in Process — End of Period
Exploratory		0.00		0.00		4.00			23.00			27.00
Developmental		1.00		0.00		39.00			19.00			59.00

(1)	Gross exploratory wells were decreased by 11 and developmental wells were increased by 11.
(2)	Marcellus Shale gross exploratory wells were increased by 2 and Upper Devonian gross exploratory wells were decreased by 2.

Net Wells in Process of Drilling
Twelve Months Ended September 30, 2010

					East
					Marcellus			Upper			Total
	Gulf		West		Shale			Devonian			Company
Wells in Process — Beginning of Period
Exploratory		0.00		0.00		14.00	(3) (4)		19.00	(4)		33.00
Developmental		0.00		0.00		8.50	(3)		67.00			75.50
Wells Commenced
Exploratory		0.29		0.00		11.00			18.00			29.29
Developmental		0.20		41.72		32.17			68.00			142.09
Wells Completed
Exploratory		0.29		0.00		20.00			13.00			33.29
Developmental		0.00		41.72		17.55			114.00			173.27
Wells Plugged & Abandoned
Exploratory		0.00		0.00		1.00			1.00			2.00
Developmental		0.00		0.00		0.00			3.00			3.00
Wells Sold
Exploratory		0.00		0.00		0.00			1.00			1.00
Developmental		0.00		0.00		0.50			0.00			0.50
Wells in Process — End of Period
Exploratory		0.00		0.00		4.00			22.00			26.00
Developmental		0.20		0.00		22.62			18.00			40.82

(3)	Net exploratory wells were decreased by 6.50 and developmental wells were increased by 6.50.
(4)	Marcellus Shale net exploratory wells were increased by 1 and Upper Devonian net exploratory wells were decreased by 1.

Page 25

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

EXPLORATION AND PRODUCTION INFORMATION

Reserve Quantity Information

	Gas MMcf
	U.S.
	Gulf Coast			West Coast			Appalachian			Total
	Region			Region			Region			Company
Proved Developed and Undeveloped Reserves:
September 30, 2009		26,167			72,959			149,828			248,954
Extensions and Discoveries		2,881			269			189,979			193,129
Revisions of Previous Estimates		6,683			2,315			7,677			16,675
Production		(10,304	)		(3,819	)		(16,222	)		(30,345	)
September 30, 2010		25,427			71,724			331,262			428,413
Proved Developed Reserves:
September 30, 2009		18,051			67,603			120,579			206,233
September 30, 2010		19,293			66,178			210,817			296,288

	Oil Mbbl
	U.S.
	Gulf Coast			West Coast			Appalachian			Total
	Region			Region			Region			Company
Proved Developed and Undeveloped Reserves:
September 30, 2009		1,452			44,824			311			46,587
Extensions and Discoveries		222			828			4			1,054
Revisions of Previous Estimates		332			484			2			818
Production		(502	)		(2,669	)		(49	)		(3,220	)
September 30, 2010		1,504			43,467			268			45,239
Proved Developed Reserves:
September 30, 2009		1,194			37,711			285			39,190
September 30, 2010		1,066			36,353			263			37,682

Page 26

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

Pipeline & Storage Throughput- (millions of cubic feet — MMcf)

	Three Months Ended							Twelve Months Ended
	September 30,							September 30,
					Increase							Increase
	2010		2009		(Decrease)			2010		2009		(Decrease)
Firm Transportation — Affiliated		10,249		10,473		(224	)		99,451		108,677		(9,226	)
Firm Transportation — Non-Affiliated		41,425		41,298		127			197,456		239,617		(42,161	)
Interruptible Transportation		884		512		372			4,459		3,888		571
		52,558		52,283		275			301,366		352,182		(50,816	)

Utility Throughput — (MMcf)

	Three Months Ended							Twelve Months Ended
	September 30,							September 30,
					Increase							Increase
	2010		2009		(Decrease)			2010		2009		(Decrease)
Retail Sales:
Residential Sales		3,720		3,835		(115	)		54,012		58,835		(4,823	)
Commercial Sales		537		567		(30	)		8,203		9,551		(1,348	)
Industrial Sales		134		16		118			646		515		131
		4,391		4,418		(27	)		62,861		68,901		(6,040	)
Off-System Sales		1,865		—		1,865			5,899		513		5,386
Transportation		8,148		7,275		873			60,105		59,751		354
		14,404		11,693		2,711			128,865		129,165		(300	)

Energy Marketing Volumes

	Three Months Ended							Twelve Months Ended
	September 30,							September 30,
					Increase							Increase
	2010		2009		(Decrease)			2010		2009		(Decrease)
Natural Gas (MMcf)		7,155		10,400		(3,245	)		58,299		60,858		(2,559	)

Page 27

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
FISCAL 2011 EARNINGS GUIDANCE AND SENSITIVITY

Earnings per share sensitivity to changes

Fiscal 2011 (Diluted earnings per share guidance*)

from prices used in guidance* ^

$1 change per MMBtu gas

$5 change per Bbl oil

Earnings Range

Increase

Decrease

Increase

Decrease

Consolidated Earnings

$

2.40

-

$2.70

+ $0.19

- $0.19

+ $0.05

- $0.05

*

Please refer to forward looking statement footnote beginning at page 9 of this document.

^

This sensitivity table is current as of November 4, 2010 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 2011 earnings forecast, the Company is utilizing flat NYMEX equivalent commodity pricing, exclusive of basis differential, of $4 per MMBtu for natural gas and $80 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 28

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

	2010		2009
Quarter Ended September 30 (unaudited)
Operating Revenues	$	286,396,000	$	276,796,000
Income from Continuing Operations	$	32,393,000	$	29,943,000
Income (Loss) from Discontinued Operations, Net of Tax		6,009,000		(2,945,000	)
Net Income Available for Common Stock	$	38,402,000	$	26,998,000
Earnings Per Common Share:
Basic:
Income from Continuing Operations	$	0.40	$	0.37
Income (Loss) from Discontinued Operations		0.07		(0.03	)
Net Income Available for Common Stock	$	0.47	$	0.34
Diluted:
Income from Continuing Operations	$	0.39	$	0.37
Income (Loss) from Discontinued Operations		0.07		(0.04	)
Net Income Available for Common Stock	$	0.46	$	0.33
Weighted Average Common Shares:
Used in Basic Calculation		81,981,133		80,240,861
Used in Diluted Calculation		82,969,012		81,607,864
Twelve Months Ended September 30 (unaudited)
Operating Revenues	$	1,760,503,000	$	2,051,543,000
Income from Continuing Operations	$	219,133,000	$	103,484,000
Income (Loss) from Discontinued Operations, Net of Tax		6,780,000		(2,776,000	)
Net Income Available for Common Stock	$	225,913,000	$	100,708,000
Earnings Per Common Share:
Basic:
Income from Continuing Operations	$	2.70	$	1.29
Income (Loss) from Discontinued Operations		0.08		(0.03	)
Net Income Available for Common Stock	$	2.78	$	1.26
Diluted:
Income from Continuing Operations	$	2.65	$	1.28
Income (Loss) from Discontinued Operations		0.08		(0.03	)
Net Income Available for Common Stock	$	2.73	$	1.25
Weighted Average Common Shares:
Used in Basic Calculation		81,380,434		79,649,965
Used in Diluted Calculation		82,660,598		80,628,685