Exhibit 99

NATIONAL FUEL REPORTS SECOND QUARTER EARNINGS

Williamsville, New York: National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced consolidated earnings for the second quarter of fiscal 2010 and for the six-months ended March 31, 2010.

HIGHLIGHTS

•		Earnings for the second quarter were $80.4 million or $0.97 per share, an increase of $6.9 million or $0.05 per share from the second quarter of fiscal 2009.
•		Compared to the prior year’s second quarter, production of crude oil and natural gas increased nearly 1.7 billion cubic feet equivalent (“Bcfe”), or 16.6%, to 11.8 Bcfe. Appalachian production increased 1.5 Bcfe or 68.7%, of which 1.3 Bcfe came from the Marcellus Shale. The Company’s production forecast for the entire 2010 fiscal year has been narrowed to a range between 46 and 51 Bcfe. The previous forecast range had been between 44 and 51 Bcfe.
•		Seneca-operated Marcellus production into Midstream’s Covington Gathering System continued to increase during the quarter. The current daily gross production from the Seneca-operated Marcellus wells is 30 million cubic feet per day (“MMCFD”) with six wells flowing.
•		Seneca’s joint-venture partner, EOG Resources, Inc., has completed a pipeline interconnection with Dominion Transmission, Inc. and has commenced sustained production from the joint-venture wells in Clearfield County.
•		The Pipeline and Storage segment of the Company has entered into additional contracts with customers with respect to interstate pipeline projects to transport Marcellus production. The Company recently announced the signing of precedent agreements for substantial capacity on Supply Corporation’s Northern Access expansion project and Empire’s Tioga County Extension Project.
•		The Company is narrowing its GAAP earnings guidance range for fiscal 2010 to a range of $2.45 to $2.70 per share. The previous earnings guidance had been a range between $2.40 to $2.70 per share. This guidance assumes flat NYMEX pricing of $5.00 per Million British Thermal Units (“MMBtu”) for natural gas and $75.00 per barrel (“Bbl”) for crude oil for unhedged production for the remainder of the fiscal year.

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•

A conference call is scheduled for Friday, May 7, 2010, at 11 a.m. Eastern Time.

MANAGEMENT COMMENTS

     David F. Smith, Chairman, President and Chief Executive Officer of National Fuel Gas Company stated: “Throughout the second quarter, the growth opportunities presented by the Marcellus Shale continued to become more evident. Not only has our Exploration and Production segment been able to increase production by 17% over the prior year, but the Pipeline and Storage segment has reached several major milestones in broadening markets for Appalachian gas production. These new markets will help both Seneca and other Marcellus producers alleviate some of the current regional infrastructure constraints.”

     “As we continue to move forward and execute our Appalachian strategy, we are excited about the growth potential present in the Marcellus. With the financial strength provided by the stable and predictable earnings of our regulated businesses, we intend to capitalize on these opportunities and position National Fuel Gas Company as an industry leader in the Appalachian Basin.”

     “With all of the focus on developing the gas-oriented Marcellus, it is important to note that Seneca’s oil and gas balance has provided significant protection from the recent sustained decrease in natural gas commodity prices. With oil accounting for 40 percent of the total production this quarter, Seneca’s earnings benefited from the strength of oil prices, as well as from the increase in natural gas production.”

     “As I have said before, National Fuel’s ability to successfully execute the large number of opportunities available to us will provide benefits for our shareholders, customers and employees.”

SUMMARY OF RESULTS

     National Fuel had consolidated earnings for the quarter ended March 31, 2010, of $80.4 million or $0.97 per share, compared to the prior year’s second quarter earnings of $73.5 million, or $0.92 per share, an increase of $6.9 million or $0.05 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 six months ended March 31, 2010, of $144.9 million, or $1.76 per share, increased $114.1 million, or $1.38 per share, from the same period in the prior year, where earnings were $30.8 million, or $0.38 per share.

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		Three Months								Six Months
		Ended March 31,								Ended March 31,
(in thousands except per share amounts)		2010				2009				2010				2009
Reported GAAP earnings		$	80,428			$	73,484			$	144,927			$	30,806
Items impacting comparability1:
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		$	80,428			$	73,484			$	144,927			$	137,786
Reported GAAP earnings per share		$	0.97			$	0.92			$	1.76			$	0.38
Items impacting comparability1:
Impairment of oil and gas producing properties															1.35
Impairment of investment in partnership															0.01
Gain on life insurance policies															(0.03	)
Operating Results		$	0.97			$	0.92			$	1.76			$	1.71

     As outlined in the table above, certain items included in GAAP earnings impacted the comparability of the Company’s financial results when comparing the six months ended March 31, 2010, to the comparable period in fiscal 2009. Excluding these items, Operating Results for the six months ended March 31, 2010 of $144.9 million, or $1.76 per share, increased $7.1 million, or $0.05 per share from the same period in the prior year, where Operating Results were $137.8 million, or $1.71 per share. 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 earnings for each segment is summarized in a tabular form at pages 10 through 13 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 second quarter of fiscal 2010 of $27.4 million, or $0.33 per share, increased $9.3 million, or $0.10 per share, when compared with the prior year’s second quarter. The increase was mainly due to increased natural gas production and higher crude oil prices realized after hedging.

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     Overall production for the current quarter of 11.8 Bcfe increased nearly 1.7 Bcfe, or 16.6 percent compared to the prior year’s second quarter. Production increased 68.7 percent in Appalachia due to higher production mainly from Marcellus wells. In the Gulf of Mexico, production increased by 7.7 percent.

     In addition to the higher production, higher crude oil prices realized after hedging contributed to the increase in earnings. Lower natural gas prices realized after hedging reduced earnings. For the quarter ended March 31, 2010, the weighted average oil price received by Seneca (after hedging) was $77.29 per Bbl, an increase of $20.90 per Bbl from the prior year’s quarter. The weighted average natural gas price received by Seneca (after hedging) for the quarter ended March 31, 2010, was $6.54 per thousand cubic feet (“Mcf”), a decrease of $0.99 per Mcf.

     Several other items also impacted earnings; including higher lease operating expenses (“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) and higher depletion expense (due mainly to the increase in production). Earnings were also impacted by lower other operating expenses. A bad debt charge related to a customer’s bankruptcy filing and the recognition of actual plugging costs in excess of amounts previously accrued in the prior year’s second quarter did not recur in the current year.

     The Exploration and Production segment’s earnings of $57.2 million, or $0.69 per share, for the six months ended March 31, 2010, compares to a loss of $65.5 million, or $0.82 per share, for the six months ended March 31, 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 period end spot 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 was mainly driven by a significant decrease in commodity prices. At March 31, 2010, the ceiling exceeded the book value of Seneca’s oil and gas properties by approximately $290 million.

     Excluding the impact of the ceiling test charge in the prior year’s first quarter, Operating Results for the six months ended March 31, 2010, of $57.2 million or $0.69 per share increased $14.4 million, or $0.16 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 six months ended March 31, 2010 increased 18.5 percent to 23.3 Bcfe, an increase of 3.6 Bcfe compared to the prior year’s six month period. Production increased 58.7 percent in Appalachia mainly due to Marcellus production that came on-line during the first and second quarters of the current fiscal year, and higher production from upper Devonian wells. In the Gulf of Mexico, production increased by 23.1 percent due to production from a new discovery that came on-line late in the second quarter of fiscal 2009.

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     In addition to overall higher production, higher crude oil prices realized after hedging contributed to the increase in Operating Results. Lower natural gas prices realized after hedging reduced Operating Results. For the six months ended March 31, 2010, the weighted average oil price received by Seneca (after hedging) was $75.86 per Bbl, an increase of $15.50 per Bbl from the prior year’s six month period. The weighted average natural gas price received by Seneca (after hedging) for the six months ended March 31, 2010, was $6.42 per Mcf, a decrease of $1.76 per Mcf.

     Other items impacting Operating Results for the six months ended March 31, 2010, were higher depletion expense (mainly due to the increase in production) and 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).

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 $12.4 million, for the quarter ended March 31, 2010, decreased $2.7 million when compared with the same period in the prior fiscal year. Transportation revenues for both Supply Corporation and Empire decreased in the current quarter compared to the second 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 and available firm capacity on Empire from Chippawa remaining unsold. In order to offset these lower shipping volumes, Supply Corporation’s Northern Access expansion project and Empire’s Tioga County Extension Project have been designed to utilize that available capacity to provide producers of Marcellus gas a transportation path from the Marcellus supply basins to Canadian and other northeastern markets.

     Higher operating and interest expense also decreased earnings for the current quarter. An increase in efficiency gas revenue due to higher prices and retained volumes during the current quarter partially offset the decrease in earnings for the quarter.

     The Pipeline and Storage segment’s earnings of $22.8 million, for the six months ended March 31, 2010, decreased $9.6 million when compared with the six months ended March 31, 2009. The decrease in earnings for the current six month period was due to higher operating expenses (mainly due to increased pension and operating expenses, and preliminary survey costs associated with the Tioga County Extension Project planned to move Marcellus production to Chippawa), higher property taxes and interest expense and a lower allowance for funds used during construction (“AFUDC”) for the current six month period.

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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 $33.3 million, for the quarter ended March 31, 2010, compares to earnings of $32.8 million, for the quarter ended March 31, 2009.

     In the New York Division, earnings decreased $1.0 million. The decrease is primarily due to higher interest expense and the impact of certain regulatory adjustments, partially offset by lower operating expenses. In the Pennsylvania Division, earnings increased $1.5 million due to lower operating expenses and a lower effective tax rate, partially offset by higher interest expense. In addition, in Pennsylvania, the impact on earnings of lower customer usage due to customer conservation efforts more than offset the positive impact of colder weather during the current quarter.

     The Utility segment’s earnings of $56.3 million for the six months ended March 31, 2010, increased from earnings of $54.9 million for the six months ended March 31, 2009. Earnings in Distribution’s New York Division for the six months ended March 31, 2010, of $36.0 million decreased $0.5 million compared to the prior year. Higher interest expense more than offset the impact of lower operating expenses during the six-month period.

     For the six months ended March 31, 2010, earnings in Distribution’s Pennsylvania Division of $20.3 million increased $1.9 million compared to the prior year. Lower operating expenses and a lower effective tax rate more than offset higher interest expense and lower customer usage.

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 March 31, 2010, of $6.0 million increased $0.4 million compared to the second quarter of the prior year. Earnings for the six months ended March 31, 2010, in the Energy Marketing segment of $7.1 million increased $0.9 million compared to the prior year. The increase in the quarter and year to date earnings is due to higher margin and lower operating expenses compared to the same periods in fiscal 2009.

Corporate and All Other

     The Corporate and All Other category includes the following active, wholly owned subsidiaries of the Company: Highland Forest Resources, Inc., a corporation that markets high quality hardwoods from New York and Pennsylvania land holdings; Horizon LFG, Inc., a corporation engaged through subsidiaries, in the purchase, processing, transportation and sale of landfill gas; Horizon Power, Inc., a corporation that develops and owns independent electric generation facilities that are fueled by natural gas or landfill gas, and National Fuel Gas

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Midstream Corporation, formed to build, own and operate natural gas processing and pipeline gathering facilities in the Appalachian region.

     Earnings in the Corporate and All Other category for the quarter ended March 31, 2010, were $1.4 million, a decrease of $0.4 million compared to the prior year’s second quarter earnings of $1.8 million. The decrease in earnings was mainly due to higher interest expense and higher income taxes. Higher margins from the timber operations (mainly due to lower prices paid for purchased logs and stumpage), higher margins in the landfill gas operations and higher interest income partially offset the decrease in earnings.

     Earnings in the Corporate and All Other category for the six months ended March 31, 2010, were $1.6 million, a decrease of $1.2 million when compared to the prior year’s earnings. The comparability of the results for the six months ended March 31, 2010, was 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 in the prior year’s first quarter. Excluding these items, Operating Results were flat. Higher margins from the timber operations (mainly due to lower prices paid for purchased logs and stumpage), higher margins in the landfill gas operations and higher interest income were offset by higher interest expense and higher income taxes.

EARNINGS GUIDANCE

     The Company is narrowing its earnings guidance for fiscal 2010 to reflect actual results for the six months ended March 31, 2010, as well as the change in the lower end of the production guidance range for the fiscal year. The revised GAAP earnings range is $2.45 to $2.70 per share. The previous guidance range had been $2.40 to $2.70 per share. This includes oil and gas production for fiscal 2010 for the Exploration and Production segment in a range between 46 and 51 Bcfe, hedges currently in place, and NYMEX equivalent flat commodity pricing on non-hedged volumes exclusive of basis differential of $5.00 per MMBtu for natural gas and $75.00 per Bbl for crude oil.

EARNINGS TELECONFERENCE

     The Company will host a conference call on Friday, May 7, 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 at National Fuel’s website at investor.nationalfuelgas.com. For those without Internet access, access is also provided by dialing (toll-free) 1-866-356-3377, and using the passcode “87921204.” For those unable to listen to 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) 888-286-8010 using passcode “94473740.” Both the webcast and telephonic replay will be available until the close of business on Friday, May 14, 2010.

     National Fuel is an integrated energy company with $5.0 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 on its Internet

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website: http://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 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 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 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;

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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 MARCH 31, 2010

		Exploration &				Pipeline &								Energy				Corporate /
(Thousands of Dollars)		Production				Storage				Utility				Marketing				All Other				Consolidated
Second quarter 2009 GAAP earnings		$	18,107			$	15,186			$	32,819			$	5,579			$	1,793			$	73,484
Drivers of operating results
Higher (lower) crude oil prices			10,588																				10,588
Higher (lower) natural gas prices			(4,606	)																			(4,606	)
Higher (lower) natural gas production			9,617																				9,617
Higher (lower) crude oil production			(1,724	)																			(1,724	)
Lower (higher) lease operating expenses			(2,183	)																			(2,183	)
Higher (lower) transportation revenues							(1,448	)															(1,448	)
Higher (lower) efficiency gas revenues							2,029																2,029
Lower (higher) operating expenses			762				(1,576	)			2,031				95								1,312
Lower (higher) depreciation / depletion			(3,477	)			605																(2,872	)
Lower (higher) property, franchise and other taxes							(466	)															(466	)
Usage											(1,239	)											(1,239	)
Colder weather in Pennsylvania											313												313
Regulatory true-up adjustments											(378	)											(378	)
Higher (lower) margins															172				1,056				1,228
Higher (lower) interest income			(209	)			(236	)											2,249				1,804
(Higher) lower interest expense			551				(1,295	)			(1,498	)							(2,421	)			(4,663	)
(Higher) lower income tax expense											2,137								(1,311	)			826
All other / rounding			(43	)			(351	)			(912	)			123				(11	)			(1,194	)
Second quarter 2010 GAAP earnings		$	27,383			$	12,448			$	33,273			$	5,969			$	1,355			$	80,428

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NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
QUARTER ENDED MARCH 31, 2010

		Exploration &				Pipeline &								Energy				Corporate /
		Production				Storage				Utility				Marketing				All Other				Consolidated
Second quarter 2009 GAAP earnings		$	0.23			$	0.19			$	0.41			$	0.07			$	0.02			$	0.92
Drivers of operating results
Higher (lower) crude oil prices			0.13																				0.13
Higher (lower) natural gas prices			(0.06	)																			(0.06	)
Higher (lower) natural gas production			0.12																				0.12
Higher (lower) crude oil production			(0.02	)																			(0.02	)
Lower (higher) lease operating expenses			(0.03	)																			(0.03	)
Higher (lower) transportation revenues							(0.02	)															(0.02	)
Higher (lower) efficiency gas revenues							0.02																0.02
Lower (higher) operating expenses			0.01				(0.02	)			0.02				—								0.01
Lower (higher) depreciation / depletion			(0.04	)			0.01																(0.03	)
Lower (higher) property, franchise and other taxes							(0.01	)															(0.01	)
Usage											(0.02	)											(0.02	)
Colder weather in Pennsylvania											—												—
Regulatory true-up adjustments											—												—
Higher (lower) margins															—				0.01				0.01
Higher (lower) interest income			—				—												0.03				0.03
(Higher) lower interest expense			—				(0.02	)			(0.02	)							(0.03	)			(0.07	)
(Higher) lower income tax expense											0.03								(0.01	)			0.02
All other / rounding			(0.01	)			—				(0.02	)			—								(0.03	)
Second quarter 2010 GAAP earnings		$	0.33			$	0.15			$	0.40			$	0.07			$	0.02			$	0.97

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NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
SIX MONTHS ENDED MARCH 31, 2010

		Exploration &				Pipeline &								Energy				Corporate /
(Thousands of Dollars)		Production				Storage				Utility				Marketing				All Other				Consolidated
Six months ended March 31, 2009 GAAP earnings		$	(65,450	)		$	32,362			$	54,907			$	6,178			$	2,809			$	30,806
Items impacting comparability:
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
Six months ended March 31, 2009 operating results			42,757				32,362				54,907				6,178				1,582				137,786
Drivers of operating results
Higher (lower) crude oil prices			16,324																				16,324
Higher (lower) natural gas prices			(15,506	)																			(15,506	)
Higher (lower) natural gas production			20,371																				20,371
Higher (lower) crude oil production			(1,205	)																			(1,205	)
Lower (higher) lease operating expenses			(1,550	)																			(1,550	)
Lower (higher) operating expenses							(2,150	)			4,253				182								2,285
Lower (higher) depreciation / depletion			(3,976	)																			(3,976	)
Lower (higher) property, franchise and other taxes							(1,032	)															(1,032	)
Usage											(2,180	)											(2,180	)
Colder weather in Pennsylvania																							—
Regulatory true-up adjustments																							—
Higher (lower) margins															547				2,940				3,487
Lower AFUDC *							(2,780	)															(2,780	)
Higher (lower) interest income			(1,013	)			(225	)											3,210				1,972
Lower (higher) interest expense			1,166				(3,199	)			(3,226	)							(3,836	)			(9,095	)
(Higher) lower income tax expense											3,506								(2,462	)			1,044
All other / rounding			(205	)			(174	)			(974	)			154				181				(1,018	)
Six months ended March 31, 2010 GAAP earnings		$	57,163			$	22,802			$	56,286			$	7,061			$	1,615			$	144,927

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NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
SIX MONTHS ENDED MARCH 31, 2010

		Exploration &				Pipeline &								Energy				Corporate /
		Production				Storage				Utility				Marketing				All Other				Consolidated
Six months ended March 31, 2009 GAAP earnings		$	(0.82	)		$	0.40			$	0.68			$	0.08			$	0.04			$	0.38
Items impacting comparability:
Gain on life insurance policies																			(0.03	)			(0.03	)
Impairment of investment in partnership																			0.01				0.01
Impairment of oil and gas properties			1.35																				1.35
Six months ended March 31, 2009 operating results			0.53				0.40				0.68				0.08				0.02				1.71
Drivers of operating results
Higher (lower) crude oil prices			0.20																				0.20
Higher (lower) natural gas prices			(0.19	)																			(0.19	)
Higher (lower) natural gas production			0.25																				0.25
Higher (lower) crude oil production			(0.01	)																			(0.01	)
Lower (higher) lease operating expenses			(0.02	)																			(0.02	)
Lower (higher) operating expenses							(0.03	)			0.05				—								0.02
Lower (higher) depreciation / depletion			(0.05	)																			(0.05	)
Lower (higher) property, franchise and other taxes							(0.01	)															(0.01	)
Usage											(0.03	)											(0.03	)
Colder weather in Pennsylvania																							—
Regulatory true-up adjustments																							—
Higher (lower) margins															0.01				0.04				0.05
Lower AFUDC *							(0.03	)															(0.03	)
Higher (lower) interest income			(0.01	)			—												0.04				0.03
Lower (higher) interest expense			0.01				(0.04	)			(0.04	)							(0.05	)			(0.12	)
(Higher) lower income tax expense											0.04								(0.03	)			0.01
All other / rounding			(0.02	)			(0.01	)			(0.02	)			—				—				(0.05	)
Six months ended March 31, 2010 GAAP earnings		$	0.69			$	0.28			$	0.68			$	0.09			$	0.02			$	1.76

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NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

		Three Months Ended								Six Months Ended
		March 31,								March 31,
		(Unaudited)								(Unaudited)
(Thousands of Dollars, except per share amounts)		2010				2009				2010				2009
SUMMARY OF OPERATIONS
Operating Revenues		$	671,380			$	804,645			$	1,128,392			$	1,411,808
Operating Expenses:
Purchased Gas			334,430				485,468				507,217				814,201
Operation and Maintenance			117,019				118,928				211,516				219,816
Property, Franchise and Other Taxes			20,454				20,372				39,113				39,134
Depreciation, Depletion and Amortization			46,891				41,714				91,846				84,056
Impairment of Oil and Gas Producing Properties			—				—				—				182,811
			518,794				666,482				849,692				1,340,018
Operating Income			152,586				138,163				278,700				71,790
Other Income (Expense):
Income from Unconsolidated Subsidiaries			672				974				1,073				2,092
Impairment of Investment in Partnership			—				—				—				(1,804	)
Other Income			1,266				947				1,622				5,827
Interest Income			326				1,005				1,480				2,898
Interest Expense on Long-Term Debt			(22,061	)			(17,545	)			(44,124	)			(35,601	)
Other Interest Expense			(2,006	)			(2,849	)			(3,390	)			(2,474	)
Income Before Income Taxes			130,783				120,695				235,361				42,728
Income Tax Expense			50,355				47,211				90,434				11,922
Net Income Available for Common Stock		$	80,428			$	73,484			$	144,927			$	30,806
Earnings Per Common Share:
Basic		$	0.99			$	0.92			$	1.79			$	0.39
Diluted		$	0.97			$	0.92			$	1.76			$	0.38
Weighted Average Common Shares:
Used in Basic Calculation			81,175,261				79,514,793				80,866,311				79,400,660
Used in Diluted Calculation			82,569,323				80,129,743				82,347,254				80,156,407

Page 15

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

		March 31,				September 30,
(Thousands of Dollars)		2010				2009
ASSETS
Property, Plant and Equipment		$	5,413,119			$	5,184,844
Less – Accumulated Depreciation, Depletion and Amortization			2,118,594				2,051,482
Net Property, Plant and Equipment			3,294,525				3,133,362
Current Assets:
Cash and Temporary Cash Investments			426,804				408,053
Cash Held in Escrow			2,000				2,000
Hedging Collateral Deposits			13,657				848
Receivables – Net			226,566				144,466
Unbilled Utility Revenue			38,634				18,884
Gas Stored Underground			14,696				55,862
Materials and Supplies – at average cost			27,754				24,520
Other Current Assets			50,593				68,474
Deferred Income Taxes			40,600				53,863
Total Current Assets			841,304				776,970
Other Assets:
Recoverable Future Taxes			138,435				138,435
Unamortized Debt Expense			13,683				14,815
Other Regulatory Assets			521,917				530,913
Deferred Charges			4,876				2,737
Other Investments			79,219				78,503
Investments in Unconsolidated Subsidiaries			13,713				14,940
Goodwill			5,476				5,476
Intangible Assets			20,637				21,536
Fair Value of Derivative Financial Instruments			48,850				44,817
Other			3,153				6,625
Total Other Assets			849,959				858,797
Total Assets		$	4,985,788			$	4,769,129
CAPITALIZATION AND LIABILITIES
Capitalization:
Comprehensive Shareholders’ Equity
Common Stock, $1 Par Value Authorized – 200,000,000 Shares; Issued and Outstanding – 81,258,186 Shares and 80,499,915 Shares, Respectively		$	81,258			$	80,500
Paid in Capital			627,871				602,839
Earnings Reinvested in the Business			1,038,869				948,293
Total Common Shareholders’ Equity Before Items of Other Comprehensive Loss			1,747,998				1,631,632
Accumulated Other Comprehensive Loss			(38,902	)			(42,396	)
Total Comprehensive Shareholders’ Equity			1,709,096				1,589,236
Long-Term Debt, Net of Current Portion			1,049,000				1,249,000
Total Capitalization			2,758,096				2,838,236
Current and Accrued Liabilities:
Notes Payable to Banks and Commercial Paper			—				—
Current Portion of Long-Term Debt			200,000				—
Accounts Payable			109,145				90,723
Amounts Payable to Customers			64,336				105,778
Dividends Payable			27,222				26,967
Interest Payable on Long-Term Debt			30,512				32,031
Customer Advances			2,715				24,555
Customer Security Deposits			19,426				17,430
Other Accruals and Current Liabilities			110,174				18,875
Fair Value of Derivative Financial Instruments			16,632				2,148
Total Current and Accrued Liabilities			580,162				318,507
Deferred Credits:
Deferred Income Taxes			720,584				663,876
Taxes Refundable to Customers			67,053				67,046
Unamortized Investment Tax Credit			3,638				3,989
Cost of Removal Regulatory Liability			121,954				105,546
Other Regulatory Liabilities			87,215				120,229
Pension and Other Post-Retirement Liabilities			414,479				415,888
Asset Retirement Obligations			92,461				91,373
Other Deferred Credits			140,146				144,439
Total Deferred Credits			1,647,530				1,612,386
Commitments and Contingencies			—				—
Total Capitalization and Liabilities		$	4,985,788			$	4,769,129

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

		Six Months Ended
		March 31,
(Thousands of Dollars)		2010				2009
Operating Activities:
Net Income Available for Common Stock		$	144,927			$	30,806
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Impairment of Oil and Gas Producing Properties			—				182,811
Depreciation, Depletion and Amortization			91,846				84,056
Deferred Income Taxes			41,796				(80,857	)
Income from Unconsolidated Subsidiaries, Net of Cash Distributions			1,228				808
Impairment of Investment in Partnership			—				1,804
Excess Tax Benefits Associated with Stock-Based Compensation Awards			(13,437	)			(5,927	)
Other			6,270				8,997
Change in:
Hedging Collateral Deposits			(12,809	)			(22,194	)
Receivables and Unbilled Utility Revenue			(101,881	)			(149,895	)
Gas Stored Underground and Materials and Supplies			37,932				79,128
Unrecovered Purchased Gas Costs			—				34,782
Prepayments and Other Current Assets			31,318				16,954
Accounts Payable			12,179				(45,186	)
Amounts Payable to Customers			(41,442	)			18,897
Customer Advances			(21,840	)			(31,189	)
Customer Security Deposits			1,996				968
Other Accruals and Current Liabilities			90,498				215,281
Other Assets			11,285				2,399
Other Liabilities			(535	)			(4,301	)
Net Cash Provided by Operating Activities		$	279,331			$	338,142
Investing Activities:
Capital Expenditures			($230,530	)			($181,158	)
Net Proceeds from Sale of Oil and Gas Producing Properties			—				60
Other			(115	)			(595	)
Net Cash Used in Investing Activities			($230,645	)			($181,693	)
Financing Activities:
Excess Tax Benefits Associated with Stock-Based Compensation Awards		$	13,437			$	5,927
Reduction of Long-Term Debt			—				(100,000	)
Dividends Paid on Common Stock			(54,096	)			(51,556	)
Proceeds From Issuance of Common Stock			10,724				6,989
Net Cash Used In Financing Activities			($29,935	)			($138,640	)
Net Increase in Cash and Temporary Cash Investments			18,751				17,809
Cash and Temporary Cash Investments at Beginning of Period			408,053				68,239
Cash and Temporary Cash Investments at March 31		$	426,804			$	86,048

Page 17

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)

		Three Months Ended												Six Months Ended
		March 31,												March 31,
(Thousands of Dollars, except per share amounts)		2010				2009				Variance				2010				2009				Variance
EXPLORATION AND PRODUCTION SEGMENT
Operating Revenues		$	109,158			$	87,077			$	22,081			$	215,511			$	183,790			$	31,721
Operating Expenses:
Operation and Maintenance:
General and Administrative Expense			8,858				8,525				333				17,347				15,617				1,730
Lease Operating Expense			15,688				12,555				3,133				27,932				25,169				2,763
All Other Operation and Maintenance Expense			2,149				3,644				(1,495	)			4,333				6,274				(1,941	)
Property, Franchise and Other Taxes (Lease Operating Expense)			2,652				2,426				226				5,004				5,381				(377	)
Depreciation, Depletion and Amortization			25,891				20,543				5,348				49,803				43,687				6,116
Impairment of Oil and Gas Producing Properties			—				—				—				—				182,811				(182,811	)
			55,238				47,693				7,545				104,419				278,939				(174,520	)
Operating Income (Loss)			53,920				39,384				14,536				111,092				(95,149	)			206,241
Other Income (Expense):
Interest Income			156				479				(323	)			309				1,868				(1,559	)
Other Interest Expense			(7,885	)			(8,733	)			848				(15,753	)			(17,547	)			1,794
Income (Loss) Before Income Taxes			46,191				31,130				15,061				95,648				(110,828	)			206,476
Income Tax Expense (Benefit)			18,808				13,023				5,785				38,485				(45,378	)			83,863
Net Income (Loss)		$	27,383			$	18,107			$	9,276			$	57,163			$	(65,450	)		$	122,613
Net Income (Loss) Per Share (Diluted)		$	0.33			$	0.23			$	0.10			$	0.69			$	(0.82	)		$	1.51

		Three Months Ended												Six Months Ended
		March 31,												March 31,
		2010				2009				Variance				2010				2009				Variance
PIPELINE AND STORAGE SEGMENT
Revenues from External Customers		$	40,971			$	39,846			$	1,125			$	75,475			$	75,113			$	362
Intersegment Revenues			20,565				21,156				(591	)			40,822				41,993				(1,171	)
Total Operating Revenues			61,536				61,002				534				116,297				117,106				(809	)
Operating Expenses:
Purchased Gas			135				115				20				72				129				(57	)
Operation and Maintenance			20,130				17,708				2,422				37,162				33,855				3,307
Property, Franchise and Other Taxes			4,988				4,269				719				10,096				8,509				1,587
Depreciation, Depletion and Amortization			8,883				9,813				(930	)			17,722				17,666				56
			34,136				31,905				2,231				65,052				60,159				4,893
Operating Income			27,400				29,097				(1,697	)			51,245				56,947				(5,702	)
Other Income (Expense):
Interest Income			21				384				(363	)			52				398				(346	)
Other Income			147				230				(83	)			245				3,017				(2,772	)
Other Interest Expense			(6,581	)			(4,588	)			(1,993	)			(13,177	)			(8,255	)			(4,922	)
Income Before Income Taxes			20,987				25,123				(4,136	)			38,365				52,107				(13,742	)
Income Tax Expense			8,539				9,937				(1,398	)			15,563				19,745				(4,182	)
Net Income		$	12,448			$	15,186			$	(2,738	)		$	22,802			$	32,362			$	(9,560	)
Net Income Per Share (Diluted)		$	0.15			$	0.19			$	(0.04	)		$	0.28			$	0.40			$	(0.12	)