Exhibit 12.1

NATIONAL FUEL GAS COMPANY

COMPUTATION OF

RATIO OF EARNINGS TO FIXED CHARGES

UNAUDITED

	For the Three Months Ended December 31, 2014			Fiscal Year Ended September 30,
				2014			2013			2012			2011			2010
	($ in thousands)
EARNINGS:
Income from Continuing Operations	$	84,740		$	299,413		$	260,001		$	220,077		$	258,402		$	219,133
Plus Income Tax Expense		55,160			189,614			172,758			150,554			164,381			137,227
Less Investment Tax Credit (1)		(104	)		(434	)		(426	)		(581	)		(697	)		(697	)
(Less Income) Plus Loss from Unconsolidated Subsidiaries		—			(397	)		204			1,442			759			(2,488	)
Plus Distributions from Unconsolidated Subsidiaries		—			—			—			—			4,278			2,600
Plus Interest Expense on Long-Term Debt		22,311			90,194			90,273			82,002			73,567			87,190
Plus Other Interest Expense		790			4,083			3,838			4,238			4,554			6,756
Less Amortization of Loss on Reacquired Debt		(132	)		(529	)		(721	)		(1,093	)		(1,093	)		(1,093	)
Plus (Less) Allowance for Borrowed Funds Used in Construction		346			900			827			1,231			1,037			323
Plus (Less) Other Capitalized Interest		1,128			3,560			1,801			2,992			1,516			1,056
Plus Rentals (2)		3,354			13,700			14,204			12,958			5,003			1,707
	$	167,593		$	600,104		$	542,759		$	473,820		$	511,707		$	451,714
FIXED CHARGES:
Interest & Amortization of Premium and Discount of Funded Debt	$	22,311		$	90,194		$	90,273		$	82,002		$	73,567		$	87,190
Plus Other Interest Expense		790			4,083			3,838			4,238			4,554			6,756
Less Amortization of Loss on Reacquired Debt		(132	)		(529	)		(721	)		(1,093	)		(1,093	)		(1,093	)
Plus (Less) Allowance for Borrowed Funds Used in Construction		346			900			827			1,231			1,037			323
Plus (Less) Other Capitalized Interest		1,128			3,560			1,801			2,992			1,516			1,056
Plus Rentals (2)		3,354			13,700			14,204			12,958			5,003			1,707
	$	27,797		$	111,908		$	110,222		$	102,328		$	84,584		$	95,939
RATIO OF EARNED TO FIXED CHARGES:		6.03			5.36			4.92			4.63			6.05			4.71

(1) Investment Tax Credit is included in Other Income.

(2) Rentals shown above represent the portion of all rentals (other than delay rentals) deemed representative of the interest factor.