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): February 5, 2007

NATIONAL FUEL GAS COMPANY

(Exact name of registrant as specified in its charter)

New Jersey	1-3880	13-1086010
(State or other jurisdiction	(Commission File Number)	(IRS Employer or
of incorporation)		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

     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))

TABLE OF CONTENTS

EX-99

Item 2.02 Results of Operations and Financial Condition

On February 5, 2007, National Fuel Gas Company (the “Company”) issued a press release regarding its earnings for the quarter ended December 31, 2006. A copy of the press release is hereby incorporated by reference into this Item 2.02 and 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 incorporated by reference from the press release, including statements regarding earnings projections, statements designated with an asterisk (“*”) and statements identified by the use of the words “anticipates,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” and similar expressions, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. There is 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 in the forward-looking statement. 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: changes in laws and regulations to which the Company is subject, including changes in tax, environmental, safety and employment laws and regulations; changes in economic conditions, including economic disruptions caused by terrorist activities, acts of war or major accidents; changes in demographic patterns and weather conditions, including the occurrence of severe weather such as hurricanes; changes in the availability and/or price of natural gas or oil and the effect of such changes on the accounting treatment or valuation of derivative financial instruments or the Company’s natural gas and oil reserves; impairments under the SEC’s full cost ceiling test for natural gas and oil reserves; changes in the availability and/or price of derivative financial instruments; changes in the price differentials between various types of oil; inability to obtain new customers or retain existing

ones; significant changes in competitive factors affecting the Company; governmental/regulatory actions, initiatives and proceedings, including those involving acquisitions, financings, rate cases (which address, among other things, allowed rates of return, rate design and retained gas), affiliate relationships, industry structure, franchise renewal, and environmental/safety requirements; unanticipated impacts of restructuring initiatives in the natural gas and electric industries; significant changes from expectations in actual capital expenditures and operating expenses and unanticipated project delays or changes in project costs or plans, including changes in the plans of the sponsors of the proposed Millennium Pipeline with respect to that project; the nature and projected profitability of pending and potential projects and other investments; occurrences affecting the Company’s ability to obtain funds from operations or from issuances of debt or equity securities to finance needed capital expenditures and other investments, including any downgrades in the Company’s credit ratings; uncertainty of oil and gas reserve estimates; ability to successfully identify and finance acquisitions or other investments and ability to operate and integrate existing and any subsequently acquired business or properties; ability to successfully identify, drill for and produce economically viable natural gas and oil reserves; significant changes from expectations in the Company’s actual production levels for natural gas or oil; regarding foreign operations, changes in trade and monetary policies, inflation and exchange rates, taxes, operating conditions, laws and regulations related to foreign operations, and political and governmental changes; significant changes in tax rates or policies or in rates of inflation or interest; significant changes in the Company’s relationship with its employees or contractors and the potential adverse effects if labor disputes, grievances or shortages were to occur; changes in accounting principles or the application of such principles to the Company; the cost and effects of legal and administrative claims against the Company; changes in actuarial assumptions and the return on assets with respect to the Company’s retirement plan and post-retirement benefit plans; increasing health care costs and the resulting effect on health insurance premiums and on the obligation to provide post-retirement benefits; or increasing costs of insurance, changes in coverage and the ability to obtain insurance. The Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.

Item 9.01 Financial Statements and Exhibits

     (c) Exhibits

Exhibit 99 Press Release issued February 5, 2007 regarding earnings for the quarter ended December 31, 2006

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: February 6, 2007

EXHIBIT INDEX

Exhibit Number	Description
99	Press Release issued February 5, 2007 regarding earnings for the quarter ended December 31, 2006

EX-99

Exhibit 99.1

National Fuel Gas Company Financial
News

	6363 Main Street/Williamsville, NY 14221
	Margaret M. Suto
	Investor Relations
	716-857-6987
RELEASE DATE: Immediate February 5, 2007
	Ronald J. Tanskri
	Treasurer
	716-857-6981

NATIONAL FUEL REPORTS FIRST QUARTER EARNINGS

Williamsville, New York: National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced results for the first quarter of its 2007 fiscal year (the quarter ended December 31, 2006).

HIGHLIGHTS

• Reported GAAP earnings per share for the quarter of $0.64 were down $0.03 per share from the prior year’s first quarter. Earnings were $0.04 higher in the Exploration and Production segment due to higher production and higher realized crude oil prices and $0.03 higher in the Corporate and All Other category, but those increases were more than offset by lower earnings in the Utility, Pipeline and Storage, Energy Marketing, and Timber segments as a result of warmer weather and lower natural gas prices.

• Quarterly operating results before items impacting comparability were $0.62 per share, down $0.02 from the prior year’s first quarter.

• Production of crude oil and natural gas volumes for the quarter increased 0.9 billion cubic feet equivalent (“Bcfe”) to 12.0 Bcfe, in line with the Company’s guidance. The Company’s expected production for the entire 2007 fiscal year remains at the previously announced level of 47 to 52 Bcfe.*

• The Company is increasing its earnings guidance range for fiscal 2007 by $0.05 per share. The revised guidance range for fiscal 2007 is $2.15 to $2.35 per share.*

• A conference call is scheduled for Tuesday, February 6, 2007 at 11:00 am Eastern Standard Time.

MANAGEMENT COMMENTS

     Philip C. Ackerman, Chairman and Chief Executive Officer of National Fuel Gas Company stated: “The unusually warm, wet weather we experienced in November and December negatively impacted all segments of our business. Lower demand for natural gas reduced Utility and Energy Marketing earnings; lower gas prices reduced the efficiency gas revenues of the Pipeline; and warm, wet, muddy conditions impeded our ability to harvest timber and to drill and complete wells in Pennsylvania. Despite experiencing the warmest weather our operating area

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has seen in the last five years, consolidated operating results declined only a modest $0.02 per share. We now are experiencing colder weather which should allow us to return to our normal timber harvesting rates and catch up on our Appalachian drilling program now that drilling locations can be accessed.”*

SUMMARY OF RESULTS

     National Fuel had consolidated earnings for the quarter ended December 31, 2006 of $54.5 million, or $0.64 per share, a decrease of $2.9 million, or $0.03 per share, from the prior year’s first quarter of $57.4 million or $0.67 per share. (note: all references to earnings per share are to diluted earnings per share and all amounts are stated in U.S. dollars).

	Three Months
	Ended December 31,
(in thousands except per share amounts)	2006			2005
Reported GAAP earnings	$	54,520		$	57,419
Items impacting comparability:
Discontinuance of hedge accounting1		(1,888	)
Out-of-period symmetrical sharing adjustment1					(2,551	)
Operating results	$	52,632		$	54,868
Reported GAAP earnings per share	$	0.64		$	0.67
Items impacting comparability:
Discontinuance of hedge accounting1		(0.02	)
Out-of-period symmetrical sharing adjustment1					(0.03	)
Operating results	$	0.62		$	0.64

¹ See discussion of this item below.

     As outlined in the table above, certain items included in GAAP earnings impacted the comparability of the Company’s operating results when comparing the first quarter of fiscal 2007 to the first quarter of fiscal 2006. Excluding these items, operating results for the current first quarter were $52.6 million, or $0.62 per share, a decrease of $2.2 million, or $0.02 per share, from the prior year’s first quarter. 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 7 and 8 of this report. It may be helpful to refer to those tables while reviewing this discussion.)

Utility Segment

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     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 approximately $17.2 million, or $0.20 per share, for the quarter ended December 31, 2006 decreased $4.6 million or $0.05 per share compared to the prior year’s first quarter. The comparability of the results is impacted by a $2.6 million positive out-of-period adjustment recorded in the first quarter of fiscal 2006 to correct Distribution’s calculation of the symmetrical sharing component of New York’s gas adjustment rate. The remaining decrease is mainly due to lower usage per customer account during the quarter.

Pipeline and Storage Segment

     The Pipeline and Storage segment operations are carried out by National Fuel Gas Supply Corporation (“Supply Corporation”) and Empire State Pipeline (“Empire”). These companies provide natural gas transportation and storage services to affiliated and non-affiliated companies through an integrated system of pipelines and underground natural gas storage fields in western New York and western Pennsylvania.

     The Pipeline and Storage segment’s earnings of $13.7 million, or $0.16 per share, for the quarter ended December 31, 2006, decreased $2.2 million, or $0.03 per share, when compared with the same period in the prior fiscal year. The comparability of the results for the quarter is impacted by a $1.9 million gain associated with the prepayment this quarter of the project financing debt for the Empire State Pipeline. Upon the payment of that debt, the corresponding interest rate collar no longer qualifies for hedge accounting, and gains and losses are no longer deferred. Excluding that gain, operating results decreased $4.1 million mainly due to lower efficiency gas revenue resulting from lower natural gas prices. Also higher throughput realized in the prior year first quarter when Supply and Empire were able to generate additional earnings by utilizing a portion of their system capacity to provide alternate transportation options to customers whose normal natural gas transportation routes were impacted by the hurricanes in the fall of 2005 did not recur this year.

Exploration and Production Segment

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

     The Exploration and Production segment’s earnings in the first quarter of fiscal 2007 increased $3.3 million or $0.04 per share to $20.7 million or $0.24 per share on a 0.855 Bcfe or 7.6 percent increase in production to 12 Bcfe. A minor drop in oil production was more than offset by an increase in gas production while the drop in natural gas prices was more than offset by the increase in oil prices realized after hedging. While much of the year over year increase in Gulf Coast production is attributable to the resumption of production after last year’s hurricane shut-ins, the 18.5 percent increase in Appalachia production is organic growth attributable to the ramp-up in drilling activity over the past two years and production from those newer wells. For the quarter ended December 31, 2006, the weighted average oil price received by Seneca (after hedging) was $43.74/barrel (“Bbl”), an increase of $10.67/Bbl from the prior year’s quarter.

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This increase in the weighted average oil price was mainly due to the expiration of older hedges. The weighted average natural gas price received by Seneca (after hedging) was $6.93 per thousand cubic feet (“Mcf”), a decrease of $1.51/Mcf from the prior year’s quarter.

Energy Marketing

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

     The Energy Marketing segment’s earnings for the quarter of $0.5 million compare to earnings of $1.0 million in the first quarter last year. An increase of 11 percent in sales throughput helped offset the impact of fewer spot sales and other operational opportunities when compared to the prior year’s first quarter. Margins were lower due to these reduced opportunities together with higher quarterly operating expenses.

Timber Segment

     The Timber segment operations are carried out by Highland Forest Resources, Inc. (“Highland”) and Seneca’s Northeast Division. This segment markets high quality hardwoods from its New York and Pennsylvania land holdings and owns two sawmill/dry kiln operations in northwestern Pennsylvania.

     The Timber segment’s first quarter earnings of $0.2 million compare to $1.5 million in the prior year’s first quarter. Unfavorable weather conditions hindered the harvesting of both veneer and saw logs. This resulted in lower sales of both logs and lumber during the quarter.

Corporate and All Other

     Other direct, wholly-owned subsidiaries of the Company include Horizon Energy Development, Inc., a corporation formerly engaged in the development of international power projects, Horizon LFG, Inc., a corporation engaged, through subsidiaries, in the purchase, processing, transportation and sale of landfill gas, and Horizon Power, Inc. (“Horizon Power”), a corporation that develops and owns independent electric generation facilities which are fueled by natural gas or landfill gas.

     Earnings in the Corporate and All Other category were $2.2 million, an increase of $2.3 million or $0.03 per share when compared to the prior year’s first quarter loss of $0.1 million. The increase is due to higher intercompany interest income on higher cash balances that the companies in this category made available to other segments for their working capital needs.

SHARE REPURCHASES

     During the quarter, the Company repurchased in the open market 1,183,928 shares of its common stock pursuant to the authorization of the Company’s Board of Directors to repurchase up to 8,000,000 shares of its common stock. Through December 31, 2006, the Company has repurchased 3,710,478 shares pursuant to this authorization. For the quarter ended December 31,

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2006, the Company estimates that the calculated diluted earnings per share were increased by $0.007 per share as a result of the share repurchases during the quarter.

     With respect to the earnings guidance discussed below, the Company has not incorporated any additional share repurchases into its earnings per share guidance. The Company continues to view share repurchases as an appropriate use of its cash, and will continue to consider repurchasing shares up to the full 8,000,000 repurchase authorization of its Board of Directors.* The Company cannot predict with any certainty the timing of those repurchases or the impact of those repurchases on the calculation of earnings per share.

EARNINGS GUIDANCE

The Company is increasing its consolidated earnings guidance for fiscal 2007 by $0.05 per share to the range of $2.15 to $2.35 per share.* This increase results primarily from a decrease in the depreciation, depletion and amortization (“DD&A”) expense expected to be incurred in the Exploration and Production segment during the fiscal year. This guidance is still based on the September 21, 2006 commodity pricing incorporated in the Company’s original guidance. To the extent that actual pricing during the remainder of the fiscal year varies from those September 21, 2006 prices, the fiscal year earnings will be affected as detailed in the earnings sensitivity table on page 20 of this release.

EARNINGS TELECONFERENCE

The Company will host a conference call on Tuesday, February 6, 2007, at 11 a.m. (Eastern Standard Time) to discuss this announcement. There are two ways to access this call. For those with Internet access, visit National Fuel’s Web site at http://www.nationalfuelgas.com and click on the “For Investors” link at the top of the homepage. For those without Internet access, access is also provided by dialing (toll-free) 1-866-700-6067, and using the passcode “79640993.” For those unable to listen to the live conference call, a replay will be available approximately one hour after the conclusion of the call at the same Web site link and by phone at (toll free) 888-286-8010 using passcode “82459115.” Both the webcast and telephonic replay will be available until the close of business on Tuesday, February 13, 2006.

     National Fuel is an integrated energy company with $3.8 billion in assets comprised of the following five operating segments: Utility, Pipeline and Storage, Exploration and Production, Energy Marketing, and Timber. Additional information about National Fuel is available on its Internet Web site: http://www.nationalfuelgas.com or through its investor information service at 1-800-334-2188.

Analyst Contact:	Margaret M. Suto	(716) 857-6987
Media Contact:	Julie Coppola Cox	(716) 857-7079

* - Certain statements contained herein, including those which are designated with an asterisk (“*”) and those which use words such as “anticipates,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” and similar expressions, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, which could cause actual results or outcomes to differ

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materially from those expressed in the forward-looking statements. The Company’s expectations, beliefs and projections contained herein are expressed in good faith and are believed to have a reasonable basis, but there can be no assurance that such expectations, beliefs or projections will result or be achieved or accomplished. In addition to other factors, the following are important factors that could cause actual results to differ materially from those discussed in the forward-looking statements: changes in laws and regulations to which the Company is subject, including changes in tax, environmental, safety and employment laws and regulations; changes in economic conditions, including economic disruptions caused by terrorist activities, acts of war or major accidents; changes in demographic patterns and weather conditions, including the occurrence of severe weather, such as hurricanes; changes in the availability and/or price of natural gas or oil and the effect of such changes on the accounting treatment or valuation of derivative financial instruments or the Company’s natural gas and oil reserves; impairments under the Securities and Exchange Commission’s full cost ceiling test for natural gas and oil reserves; changes in the availability and/or price of derivative financial instruments; changes in the price differentials between various types of oil; inability to obtain new customers or retain existing ones; significant changes in competitive factors affecting the Company; governmental/regulatory actions, initiatives and proceedings, including those involving acquisitions, financings, rate cases (which address, among other things, allowed rates of return, rate design and retained gas), affiliate relationships, industry structure, franchise renewal, and environmental/safety requirements; unanticipated impacts of restructuring initiatives in the natural gas and electric industries; significant changes from expectations in actual capital expenditures and operating expenses and unanticipated project delays or changes in project costs or plans, including changes in the plans of the sponsors of the proposed Millennium Pipeline with respect to that project; the nature and projected profitability of pending and potential projects and other investments; occurrences affecting the Company’s ability to obtain funds from operations or from issuances of debt or equity securities to finance needed capital expenditures and other investments, including any downgrades in the Company’s credit ratings; uncertainty of oil and gas reserve estimates; ability to successfully identify and finance acquisitions or other investments and ability to operate and integrate existing and any subsequently acquired business or properties; ability to successfully identify, drill for and produce economically viable natural gas and oil reserves; significant changes from expectations in the Company’s actual production levels for natural gas or oil; regarding foreign operations, changes in trade and monetary policies, inflation and exchange rates, taxes, operating conditions, laws and regulations related to foreign operations, and political and governmental changes; significant changes in tax rates or policies or in rates of inflation or interest; significant changes in the Company’s relationship with its employees or contractors and the potential adverse effects if labor disputes, grievances or shortages were to occur; changes in accounting principles or the application of such principles to the Company; the cost and effects of legal and administrative claims against the Company; changes in actuarial assumptions and the return on assets with respect to the Company’s retirement plan and post retirement benefit plans; increasing health care costs and the resulting effect on health insurance premiums and on the obligation to provide post retirement benefits; or increasing costs of insurance, changes in coverage and the ability to obtain insurance. The Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

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NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
QUARTER ENDED DECEMBER 31, 2006

				Pipeline &						Energy						Corporate /
(Thousands of Dollars)	Utility			Storage			E&P			Marketing			Timber			All Other			Consolidated
First quarter 2006 GAAP earnings	$	21,753		$	15,850		$	17,435		$	987		$	1,464		$	(70	)	$	57,419
Items impacting comparability:
Out-of-period adjustment to symmetrical sharing		(2,551	)																	(2,551	)
First quarter 2006 operating results		19,202			15,850			17,435			987			1,464			(70	)		54,868
Drivers of operating results
Lower normalized usage per account		(1,218	)																	(1,218	)
Lower transportation and storage revenues					(1,190	)														(1,190	)
Lower efficiency gas revenues					(2,652	)														(2,652	)
Higher crude oil prices								6,077												6,077
Lower natural gas prices								(6,656	)											(6,656	)
Higher natural gas production								5,118												5,118
Lower crude oil production								(274	)											(274	)
Lower per unit margins											(449	)								(449	)
Lower volumes														(1,662	)					(1,662	)
Lower depletion														418						418
Higher interest income																	1,432			1,432
All other / rounding		(810	)		(208	)		(977	)		(46	)		(3	)		864			(1,180	)
First quarter 2007 operating results		17,174			11,800			20,723			492			217			2,226			52,632
Items impacting comparability:
Discontinuance of hedge accounting					1,888															1,888
First quarter 2007 GAAP earnings	$	17,174		$	13,688		$	20,723		$	492		$	217		$	2,226		$	54,520

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NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
QUARTER ENDED DECEMBER 31, 2006

				Pipeline &						Energy					Corporate /
	Utility			Storage			E&P			Marketing		Timber			All Other		Consolidated
First quarter 2006 GAAP earnings	$	0.25		$	0.19		$	0.20		$	0.01	$	0.02		$	—	$	0.67
Items impacting comparability:
Out-of-period adjustment to symmetrical sharing		(0.03	)															(0.03	)
First quarter 2006 operating results		0.22			0.19			0.20			0.01		0.02			—		0.64
Drivers of operating results
Lower normalized usage per account		(0.01	)															(0.01	)
Lower transportation and storage revenues					(0.01	)												(0.01	)
Lower efficiency gas revenues					(0.03	)												(0.03	)
Higher crude oil prices								0.07										0.07
Lower natural gas prices								(0.08	)									(0.08	)
Higher natural gas production								0.06										0.06
Lower crude oil production								—										—
Lower per unit margins											—							—
Lower volumes													(0.02	)				(0.02	)
Lower depletion													—					—
Higher interest income																0.02		0.02
All other / rounding		(0.01	)		(0.01	)		(0.01	)		—		—			0.01		(0.02	)
First quarter 2007 operating results		0.20			0.14			0.24			0.01		—			0.03		0.62
Items impacting comparability:
Discontinuance of hedge accounting					0.02													0.02
First quarter 2007 GAAP earnings	$	0.20		$	0.16		$	0.24		$	0.01	$	—		$	0.03	$	0.64

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NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

(Thousands of Dollars, except per share amounts)

	Three Months Ended
	December 31,
	(Unaudited)
SUMMARY OF OPERATIONS	2006			2005
Operating Revenues	$	504,240		$	710,756
Operating Expenses:
Purchased Gas		242,939			436,778
Operation and Maintenance		99,374			103,628
Property, Franchise and Other Taxes		17,112			17,181
Depreciation, Depletion and Amortization		42,825			43,046
		402,250			600,633
Operating Income		101,990			110,123
Other Income (Expense):
Income from Unconsolidated Subsidiaries		1,231			1,264
Interest Income		1,363			1,134
Other Income		715			741
Interest Expense on Long-Term Debt		(16,043	)		(18,218	)
Other Interest Expense		(1,849	)		(1,775	)
Income Before Income Taxes		87,407			93,269
Income Tax Expense		32,887			35,850
Net Income Available for Common Stock	$	54,520		$	57,419
Earnings Per Common Share:
Basic	$	0.66		$	0.68
Diluted	$	0.64		$	0.67
Weighted Average Common Shares:
Used in Basic Calculation		82,679,343			84,422,717
Used in Diluted Calculation		84,730,910			86,256,862

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NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

	December 31,		September 30,
(Thousands of Dollars)	2006		2006
ASSETS
Property, Plant and Equipment	$	4,742,029	$	4,703,040
Less — Accumulated Depreciation, Depletion and Amortization		1,846,665		1,825,314
Net Property, Plant and Equipment		2,895,364		2,877,726
Current Assets:
Cash and Temporary Cash Investments		47,598		69,611
Hedging Collateral Deposits		9,760		19,676
Receivables — Net		192,608		144,254
Unbilled Utility Revenue		67,866		25,538
Gas Stored Underground		57,865		59,461
Materials and Supplies — at average cost		32,925		36,693
Unrecovered Purchased Gas Costs		23,991		12,970
Prepaid Pension and Post-Retirement Benefit Costs		60,954		64,125
Other Current Assets		60,205		63,723
Deferred Income Taxes		16,533		23,402
Total Current Assets		570,305		519,453
Other Assets:
Recoverable Future Taxes		79,344		79,511
Unamortized Debt Expense		14,985		15,492
Other Regulatory Assets		76,890		76,917
Deferred Charges		2,068		3,558
Other Investments		90,282		88,414
Investments in Unconsolidated Subsidiaries		13,258		11,590
Goodwill		5,476		5,476
Intangible Assets		30,833		31,498
Fair Value of Derivative Financial Instruments		10,295		11,305
Deferred Income Taxes		6,885		9,003
Other		3,368		4,388
Total Other Assets		333,684		337,152
Total Assets	$	3,799,353	$	3,734,331
CAPITALIZATION AND LIABILITIES
Capitalization:
Comprehensive Shareholders’ Equity Common Stock, $1 Par Value Authorized - 200,000,000 Shares; Issued and Outstanding - 82,624,576 Shares and 83,402,670 Shares, Respectively	$	82,625	$	83,403
Paid in Capital		557,504		543,730
Earnings Reinvested in the Business		781,728		786,013
Total Common Shareholder Equity Before Items of Other Comprehensive Income		1,421,857		1,413,146
Accumulated Other Comprehensive Income		32,991		30,416
Total Comprehensive Shareholders’ Equity		1,454,848		1,443,562
Long-Term Debt, Net of Current Portion		1,095,466		1,095,675
Total Capitalization		2,550,314		2,539,237
Current and Accrued Liabilities:
Notes Payable to Banks and Commercial Paper		71,600		—
Current Portion of Long-Term Debt		129		22,925
Accounts Payable		144,164		133,034
Amounts Payable to Customers		27,101		23,935
Dividends Payable		24,770		25,008
Interest Payable on Long-Term Debt		13,803		18,420
Other Accruals and Current Liabilities		31,071		27,040
Fair Value of Derivative Financial Instruments		26,939		39,983
Total Current and Accrued Liabilities		339,577		290,345
Deferred Credits:
Deferred Income Taxes		551,589		544,502
Taxes Refundable to Customers		10,430		10,426
Unamortized Investment Tax Credit		5,919		6,094
Cost of Removal Regulatory Liability		86,907		85,076
Other Regulatory Liabilities		70,995		75,456
Post-Retirement Liabilities		31,512		32,918
Asset Retirement Obligations		78,464		77,392
Other Deferred Credits		73,646		72,885
Total Deferred Credits		909,462		904,749
Commitments and Contingencies		—		—
Total Capitalization and Liabilities	$	3,799,353	$	3,734,331

Page 11

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS

	Three Months Ended
	December 31,
(Thousands of Dollars)	2006			2005
Operating Activities:
Net Income Available for Common Stock	$	54,520		$	57,419
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation, Depletion and Amortization		42,825			43,046
Deferred Income Taxes		11,198			16,653
(Income) Loss from Unconsolidated Subsidiaries, Net of Cash Distributions		(18	)		1,887
Excess Tax Benefits Associated with Stock-Based Compensation Awards		(13,717	)		(6,439	)
Other		5,728			3,159
Change in:
Hedging Collateral Deposits		9,916			39,093
Receivables and Unbilled Utility Revenue		(91,341	)		(211,491	)
Gas Stored Underground and Materials and Supplies		5,324			5,692
Unrecovered Purchased Gas Costs		(11,021	)		(13,735	)
Prepayments and Other Current Assets		20,398			17,075
Accounts Payable		11,736			56,580
Amounts Payable to Customers		3,166			(127	)
Other Accruals and Current Liabilities		(756	)		(554	)
Other Assets		1,883			(3,083	)
Other Liabilities		(6,810	)		15,394
Net Cash Provided by Operating Activities	$	43,031		$	20,569
Investing Activities:
Capital Expenditures		($65,302	)		($70,368	)
Investment in Partnership		(1,650	)		—
Net Proceeds from Sale of Oil and Gas Producing Properties		2,141			—
Other		(316	)		(745	)
Net Cash Used in Investing Activities		($65,127	)		($71,113	)
Financing Activities:
Change in Notes Payable to Banks and Commercial Paper	$	71,600		$	74,800
Excess Tax Benefits Associated with Stock-Based Compensation Awards		13,717			6,439
Share Repurchases under Repurchase Plan		(42,921	)		—
Reduction of Long-Term Debt		(23,005	)		(2,110	)
Dividends Paid on Common Stock		(25,026	)		(24,445	)
Proceeds From Issuance of Common Stock		6,743			2,570
Net Cash Provided by Financing Activities	$	1,108		$	57,254
Effect of Exchange Rates on Cash		(1,025	)		147
Net Increase (Decrease) in Cash and Temporary Cash Investments		(22,013	)		6,857
Cash and Temporary Cash Investments at Beginning of Period		69,611			57,607
Cash and Temporary Cash Investments at December 31	$	47,598		$	64,464

Page 12

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)

	Three Months Ended
	December 31,
(Thousands of Dollars, except per share amounts)	2006			2005			Variance
UTILITY SEGMENT
Revenues from External Customers	$	288,782		$	431,479		$	(142,697	)
Intersegment Revenues		4,029			4,121			(92	)
Total Operating Revenues		292,811			435,600			(142,789	)
Operating Expenses:
Purchased Gas		186,361			320,557			(134,196	)
Operation and Maintenance		50,767			51,711			(944	)
Property, Franchise and Other Taxes		11,191			11,514			(323	)
Depreciation, Depletion and Amortization		9,778			9,977			(199	)
		258,097			393,759			(135,662	)
Operating Income		34,714			41,841			(7,127	)
Other Income (Expense):
Interest Income		284			201			83
Other Income		286			212			74
Other Interest Expense		(7,376	)		(6,723	)		(653	)
Income Before Income Taxes		27,908			35,531			(7,623	)
Income Tax Expense		10,734			13,778			(3,044	)
Net Income	$	17,174		$	21,753		$	(4,579	)
Net Income Per Share (Diluted)	$	0.20		$	0.25		$	(0.05	)
	Three Months Ended
	December 31,
	2006			2005			Variance
PIPELINE AND STORAGE SEGMENT
Revenues from External Customers	$	29,809		$	34,738		$	(4,929	)
Intersegment Revenues		20,368			21,296			(928	)
Total Operating Revenues		50,177			56,034			(5,857	)
Operating Expenses:
Purchased Gas		(13	)		(16	)		3
Operation and Maintenance		14,903			15,316			(413	)
Property, Franchise and Other Taxes		4,277			3,956			321
Depreciation, Depletion and Amortization		9,293			9,183			110
		28,460			28,439			21
Operating Income		21,717			27,595			(5,878	)
Other Income (Expense):
Interest Income		84			52			32
Other Income		184			208			(24	)
Interest Expense on Long-Term Debt		1,839			(318	)		2,157
Other Interest Expense		(2,287	)		(1,296	)		(991	)
Income Before Income Taxes		21,537			26,241			(4,704	)
Income Tax Expense		7,849			10,391			(2,542	)
Net Income	$	13,688		$	15,850		$	(2,162	)
Net Income Per Share (Diluted)	$	0.16		$	0.19		$	(0.03	)

Page 13

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)

	Three Months Ended
	December 31,
(Thousands of Dollars, except per share amounts)	2006			2005			Variance
EXPLORATION AND PRODUCTION SEGMENT
Operating Revenues	$	88,709		$	82,087		$	6,622
Operating Expenses:
Purchased Gas		—			94			(94	)
Operation and Maintenance:
General and Administrative Expense		5,571			6,300			(729	)
Lease Operating Expense		13,456			13,539			(83	)
All Other Operation and Maintenance Expense		2,641			1,972			669
Property, Franchise and Other Taxes (Lease Operating Expense)		1,150			1,208			(58	)
Depreciation, Depletion and Amortization		22,008			21,540			468
		44,826			44,653			173
Operating Income		43,883			37,434			6,449
Other Income (Expense):
Interest Income		2,543			1,841			702
Other Interest Expense		(12,947	)		(12,429	)		(518	)
Income Before Income Taxes		33,479			26,846			6,633
Income Tax Expense		12,756			9,411			3,345
Net Income	$	20,723		$	17,435		$	3,288
Net Income Per Share (Diluted)	$	0.24		$	0.20		$	0.04
	Three Months Ended
	December 31,
	2006			2005			Variance
ENERGY MARKETING SEGMENT
Operating Revenues	$	83,318		$	145,560		$	(62,242	)
Operating Expenses:
Purchased Gas		81,255			142,829			(61,574	)
Operation and Maintenance		1,294			1,231			63
Property, Franchise and Other Taxes		11			10			1
Depreciation, Depletion and Amortization		7			21			(14	)
		82,567			144,091			(61,524	)
Operating Income		751			1,469			(718	)
Other Income (Expense):
Interest Income		62			126			(64	)
Other Income		136			99			37
Other Interest Expense		(127	)		(62	)		(65	)
Income Before Income Taxes		822			1,632			(810	)
Income Tax Expense		330			645			(315	)
Net Income	$	492		$	987		$	(495	)
Net Income Per Share (Diluted)	$	0.01		$	0.01		$	—

Page 14

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)

	Three Months Ended
	December 31,
(Thousands of Dollars, except per share amounts)	2006			2005			Variance
TIMBER SEGMENT
Revenues from External Customers	$	11,763		$	16,908		$	(5,145	)
Intersegment Revenues		—			23			(23	)
Total Operating Revenues		11,763			16,931			(5,168	)
Operating Expenses:
Operation and Maintenance		9,143			11,684			(2,541	)
Property, Franchise and Other Taxes		393			380			13
Depreciation, Depletion and Amortization		1,367			2,011			(644	)
		10,903			14,075			(3,172	)
Operating Income		860			2,856			(1,996	)
Other Income (Expense):
Interest Income		316			137			179
Other Income		21			17			4
Other Interest Expense		(803	)		(763	)		(40	)
Income Before Income Taxes		394			2,247			(1,853	)
Income Tax Expense		177			783			(606	)
Net Income	$	217		$	1,464		$	(1,247	)
Net Income Per Share (Diluted)	$	—		$	0.02		$	(0.02	)
	Three Months Ended
	December 31,
	2006			2005			Variance
ALL OTHER
Revenues from External Customers	$	1,676		$	(16	)	$	1,692
Intersegment Revenues		2,198			4,527			(2,329	)
Total Operating Revenues		3,874			4,511			(637	)
Operating Expenses:
Purchased Gas		1,828			3,107			(1,279	)
Operation and Maintenance		805			874			(69	)
Property, Franchise and Other Taxes		20			19			1
Depreciation, Depletion and Amortization		197			199			(2	)
		2,850			4,199			(1,349	)
Operating Income		1,024			312			712
Other Income (Expense):
Income from Unconsolidated Subsidiaries		1,231			1,264			(33	)
Interest Income		3			6			(3	)
Other Income		12			3			9
Other Interest Expense		(670	)		(590	)		(80	)
Income Before Income Taxes		1,600			995			605
Income Tax Expense		615			425			190
Net Income	$	985		$	570		$	415
Net Income Per Share (Diluted)	$	0.01		$	0.01		$	—

Page 15

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)

	Three Months Ended
	December 31,
(Thousands of Dollars, except per share amounts)	2006			2005			Variance
CORPORATE
Revenues from External Customers	$	183		$	—		$	183
Intersegment Revenues		851			692			159
Total Operating Revenues	$	1,034		$	692		$	342
Operating Expenses:
Operation and Maintenance		1,748			1,867			(119	)
Property, Franchise and Other Taxes		70			94			(24	)
Depreciation, Depletion and Amortization		175			115			60
		1,993			2,076			(83	)
Operating Income		(959	)		(1,384	)		425
Other Income (Expense):
Interest Income		21,930			19,725			2,205
Other Income		76			202			(126	)
Interest Expense on Long-Term Debt		(17,882	)		(17,900	)		18
Other Interest Expense		(1,498	)		(866	)		(632	)
Income Before Income Taxes		1,667			(223	)		1,890
Income Tax Expense		426			417			9
Net Income	$	1,241		$	(640	)	$	1,881
Net Income Per Share (Diluted)	$	0.02		$	(0.01	)	$	0.03

	Three Months Ended
	December 31,
	2006			2005			Variance
INTERSEGMENT ELIMINATIONS
Operating Revenues	$	(27,446	)	$	(30,659	)	$	3,213
Operating Expenses:
Purchased Gas		(26,492	)		(29,793	)		3,301
Operation and Maintenance		(954	)		(866	)		(88	)
		(27,446	)		(30,659	)		3,213
Operating Income		—			—			—
Other Income (Expense):
Interest Income		(23,859	)		(20,954	)		(2,905	)
Other Interest Expense		23,859			20,954			2,905
Net Income	$	—		$	—		$	—
Net Income Per Share (Diluted)	$	—		$	—		$	—

Page 16

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT INFORMATION (Continued)
(Thousands of Dollars)

	Three Months Ended
	December 31,
	(Unaudited)
					Increase
	2006		2005		(Decrease)
Capital Expenditures:
Utility	$	12,879	$	12,354	$	525
Pipeline and Storage		4,952		6,163		(1,211	)
Exploration and Production		46,589		50,923		(4,334	)
Energy Marketing		9		5		4
Timber		806		495		311
Total Reportable Segments		65,235		69,940		(4,705	)
All Other		29		—		29
Corporate		38		428		(390	)
Total Consolidated	$	65,302	$	70,368	$	(5,066	)

     DEGREE DAYS

							Percent Colder
							(Warmer) Than:
Three Months Ended December 31	Normal		2006		2005		Normal			Last Year
Buffalo, NY		2,260		1,947		2,210		(13.8	)		(11.9	)
Erie, PA		2,081		1,878		2,048		(9.8	)		(8.3	)

Page 17

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

EXPLORATION AND PRODUCTION INFORMATION

	Three Months Ended
	December 31,
					Increase
	2006		2005		(Decrease)
Gas Production/Prices:
Production (MMcf)
Gulf Coast		2,723		1,667		1,056
West Coast		944		1,018		(74	)
Appalachia		1,394		1,253		141
Canada		1,721		1,911		(190	)
		6,782		5,849		933
Average Prices (Per Mcf)
Gulf Coast	$	6.55	$	10.74	$	(4.19	)
West Coast		6.09		11.08		(4.99	)
Appalachia		7.22		13.62		(6.40	)
Canada		6.39		10.76		(4.37	)
Weighted Average		6.58		11.42		(4.84	)
Weighted Average after Hedging		6.93		8.44		(1.51	)
Oil Production/Prices:
Production (Thousands of Barrels)
Gulf Coast		202		107		95
West Coast		591		685		(94	)
Appalachia		27		10		17
Canada		56		87		(31	)
		876		889		(13	)
Average Prices (Per Barrel)
Gulf Coast	$	56.51	$	57.90	$	(1.39	)
West Coast		51.11		51.34		(0.23	)
Appalachia		59.78		61.53		(1.75	)
Canada		42.58		43.18		(0.60	)
Weighted Average		52.08		51.45		0.63
Weighted Average after Hedging		43.74		33.07		10.67
Total Production (Mmcfe)		12,038		11,183		855
Selected Operating Performance Statistics:
General & Administrative Expense per Mcfe (1)	$	0.46	$	0.56	$	(0.10	)
Lease Operating Expense per Mcfe (1)	$	1.21	$	1.32	$	(0.11	)
Depreciation, Depletion & Amortization per Mcfe (1)	$	1.83	$	1.93	$	(0.10	)

⁽¹⁾ Refer to page 13 for the General and Administrative Expense, Lease Operating Expense and Depreciation, Depletion, and Amortization Expense for the Exploration and Production segment.

Page 18

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

EXPLORATION AND PRODUCTION INFORMATION

Hedging Summary for Fiscal 2007

SWAPS	Volume	Average Hedge Price
Oil	0.5 MMBBL	$37.86 / BBL
Gas	4.5 BCF	$7.32 / MCF

No-cost Collars	Volume	Floor Price	Ceiling Price
Oil	0.1 MMBBL	$70.00 / BBL	$77.00 / BBL
Gas	4.1 BCF	$7.93 / MCF	$17.22 / MCF

Hedging Summary for Fiscal 2008

SWAPS	Volume	Average Hedge Price
Oil	0.2 MMBBL	$51.80 / BBL
Gas	5.1 BCF	$8.31 / MCF

No-cost Collars	Volume	Floor Price	Ceiling Price
Gas	1.4 BCF	$8.83 / MCF	$16.45 / MCF

Gross Wells in Process of Drilling
Quarter Ended December 31, 2006

							Total				Total
	Gulf		West		East		U.S.		Canada		Company
Wells in Process — Beginning Period
Exploratory		4.00		1.00		10.00		15.00		5.00		20.00
Developmental		1.00		5.00		44.00		50.00		0.00		50.00
Wells Commenced
Exploratory		1.00		0.00		3.00		4.00		4.00		8.00
Developmental		0.00		20.00		19.00		39.00		0.00		39.00
Wells Completed
Exploratory		1.00		1.00		0.00		2.00		3.00		5.00
Developmental		0.00		21.00		47.00		68.00		0.00		68.00
Wells Plugged & Abandoned
Exploratory		1.00		0.00		0.00		1.00		0.00		1.00
Developmental		0.00		0.00		1.00		1.00		0.00		1.00
Wells in Process — End of Period
Exploratory		3.00		0.00		13.00		16.00		6.00		22.00
Developmental		1.00		4.00		15.00		20.00		0.00		20.00

Net Wells in Process of Drilling
Quarter Ended December 31, 2006

							Total				Total
	Gulf		West		East		U.S.		Canada		Company
Wells in Process — Beginning Period
Exploratory		2.02		0.50		10.00		12.52		2.13		14.65
Developmental		0.67		5.00		44.00		49.67		0.00		49.67
Wells Commenced
Exploratory		0.50		0.00		2.60		3.10		2.75		5.85
Developmental		0.00		20.00		19.00		39.00		0.00		39.00
Wells Completed
Exploratory		0.35		0.50		0.00		0.85		2.50		3.35
Developmental		0.00		21.00		47.00		68.00		0.00		68.00
Wells Plugged & Abandoned
Exploratory		0.37		0.00		0.00		0.37		0.00		0.37
Developmental		0.00		0.00		1.00		1.00		0.00		1.00
Wells in Process — End of Period
Exploratory		1.80		0.00		12.60		14.40		2.38		16.78
Developmental		0.67		4.00		15.00		19.67		0.00		19.67

Page 19

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

Utility Throughput — (millions of cubic feet — MMcf)

	Three Months Ended
	December 31,
					Increase
	2006		2005		(Decrease)
Retail Sales:
Residential Sales		16,678		19,524		(2,846	)
Commercial Sales		2,868		3,443		(575	)
Industrial Sales		192		327		(135	)
		19,738		23,294		(3,556	)
Transportation		15,853		14,342		1,511
		35,591		37,636		(2,045	)

Pipeline & Storage Throughput— (MMcf)

	Three Months Ended
	December 31,
					Increase
	2006		2005		(Decrease)
Firm Transportation — Affiliated		29,730		33,225		(3,495	)
Firm Transportation — Non-Affiliated		44,697		69,597		(24,900	)
Interruptible Transportation		995		3,723		(2,728	)
		75,422		106,545		(31,123	)

Energy Marketing Volumes

	Three Months Ended
	December 31,
					Increase
	2006		2005		(Decrease)
Natural Gas (MMcf)		11,116		9,975		1,141

Timber Board Feet (Thousands)

	December 31,
					Increase
	2006		2005		(Decrease)
Log Sales		1,709		2,491		(782	)
Green Lumber Sales		1,530		1,974		(444	)
Kiln Dry Lumber Sales		3,157		4,486		(1,329	)
		6,396		8,951		(2,555	)

Page 20

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
FISCAL 2007 EARNINGS GUIDANCE AND SENSITIVITIES

			Earnings per share sensitivity to changes
Fiscal 2007 (Diluted earnings per share guidance*)			from NYMEX prices used in guidance* ^
			$1 change per MMBtu gas				$5 change per Bbl oil
	Range		Increase		Decrease		Increase		Decrease
Consolidated Earnings	$	2.15 - $2.35		+ $0.11		- $0.11		+ $0.07		- $0.07

NYMEX Settlement Prices at September 21, 2006

	Natural Gas		Oil
	($ per MMBtu)		($ per Bbl)
Jan-07	$	7.881	$	63.32
Feb-07	$	7.921	$	64.03
Mar-07	$	7.746	$	64.65
Apr-07	$	7.166	$	65.18
May-07	$	7.126	$	65.61
Jun-07	$	7.221	$	65.96
Jul-07	$	7.311	$	66.25
Aug-07	$	7.391	$	66.49
Sep-07	$	7.476	$	66.67
Average	$	7.471	$	65.35

*

Please refer to forward looking statement footnote at page 5 of this document.

^

This sensitivity table is current as of February 1, 2007 and only considers revenue from the Exploration and Production segment’s crude oil and natural gas sales. 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 NYMEX hedge contracts at their maturity.

Page 21

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

	2006		2005
Quarter Ended December 31 (unaudited)
Operating Revenues	$	504,240,000	$	710,756,000
Net Income Available for Common Stock	$	54,520,000	$	57,419,000
Earnings Per Common Share:
Basic	$	0.66	$	0.68
Diluted	$	0.64	$	0.67
Weighted Average Common Shares:
Used in Basic Calculation		82,679,343		84,422,717
Used in Diluted Calculation		84,730,910		86,256,862
Twelve Months Ended December 31 (unaudited)
Operating Revenues	$	2,105,143,000	$	2,134,021,000
Income from Continuing Operations	$	135,192,000	$	166,104,000
Income from Discontinued Operations, Net of Tax		—		30,365,000
Net Income Available for Common Stock	$	135,192,000	$	196,469,000
Earnings Per Common Share:
Basic:
Income from Continuing Operations	$	1.62	$	1.98
Income from Discontinued Operations		—		0.36
Net Income Available for Common Stock	$	1.62	$	2.34
Diluted:
Income from Continuing Operations	$	1.58	$	1.94
Income from Discontinued Operations		—		0.36
Net Income Available for Common Stock	$	1.58	$	2.30
Weighted Average Common Shares:
Used in Basic Calculation		83,590,690		83,862,052
Used in Diluted Calculation		85,650,747		85,438,189