EX-12.1 6 d599200dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

NATIONAL FUEL GAS COMPANY

COMPUTATION OF RATIO OF

EARNINGS TO FIXED CHARGES

UNAUDITED

 

     For the Nine Months
Ended
June 30, 2018		     Fiscal Year Ended September 30,  
    2017     2016     2015     2014  

(Dollars in Thousands)

           

EARNINGS:

           

Net Income (Loss) Available for Common Stock

    $ 353,527     $ 283,482     $ (290,958 )    $ (379,427 )    $ 299,413  

Plus Income Tax Expense (Benefit)

      (23,825 )      160,682       (232,549 )      (319,136 )      189,614  

Less Investment Tax Credit (A)

      (74 )      (173 )      (348 )      (414 )      (434 ) 

Less Income from Unconsolidated Subsidiaries

      —         —         —         —         (397 ) 

Plus Distributions from Unconsolidated Subsidiaries

      —         —         —         —         —    

Plus Interest Expense on Long-Term Debt

      82,412       116,471       117,347       95,916       90,194  

Plus Other Interest Expense

      2,742       3,366       3,697       3,555       4,083  

Less Amortization of Loss on Reacquired Debt

      (845 )      (529 )      (529 )      (529 )      (529 ) 

Plus Allowance for Borrowed Funds Used in Construction

      868       1,655       2,006       1,964       900  

Plus Other Capitalized Interest

      1,000       1,275       238       4,191       3,560  

Plus Rentals (B)

      5,386       4,615       9,479       13,866       13,700  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
   $ 421,191     $ 570,844     $ (391,617 )    $ (580,014 )    $ 600,104  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

FIXED CHARGES:

           

Interest & Amortization of Premium and Discount of Funded Debt

    $ 82,412     $ 116,471     $ 117,347     $ 95,916     $ 90,194  

Plus Other Interest Expense

      2,742       3,366       3,697       3,555       4,083  

Less Amortization of Loss on Reacquired Debt

      (845 )      (529 )      (529 )      (529 )      (529 ) 

Plus Allowance for Borrowed Funds Used in Construction

      868       1,655       2,006       1,964       900  

Plus Other Capitalized Interest

      1,000       1,275       238       4,191       3,560  

Plus Rentals (B)

      5,386       4,615       9,479       13,866       13,700  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
   $ 91,563     $ 126,853     $ 132,238     $ 118,963     $ 111,908  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

RATIO OF EARNINGS TO FIXED CHARGES

      4.60       4.50       (D )      (C )      5.36  

 

(A)

Investment Tax Credit is included in Other Income.

(B)

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

(C)

The ratio coverage for the fiscal year ended September 30, 2015 was less than 1:1. The Company would have needed to generate additional earnings of $698,977 to achieve a coverage of 1:1 for the fiscal year ended September 30, 2015.

(D)

The ratio coverage for the fiscal year ended September 30, 2016 was less than 1:1. The Company would have needed to generate additional earnings of $523,855 to achieve a coverage of 1:1 for the fiscal year ended September 30, 2016.