Exhibit 99

		6363 Main Street/Williamsville, NY 14221
		Timothy J. Silverstein
		Investor Relations
		716-857-6987
Release Date: Immediate May 5, 2011
		David P. Bauer
		Treasurer
		716-857-7318

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 2011 and for the six months ended March 31, 2011.

HIGHLIGHTS

•

Earnings for the second quarter were $115.6 million, or $1.38 per share, an increase of $35.2 million, or $0.41 per share, compared to the prior year’s second quarter earnings of $80.4 million, or $0.97 per share. The increased earnings are primarily due to a $31.4 million, or $0.38 per share, gain on the sale of Horizon Power Inc’s interest in certain entities that owned landfill gas electric generation assets. Higher earnings in the Exploration and Production and Energy Marketing segments also contributed to the increase.

•

Compared to the prior year’s second quarter, total production of crude oil and natural gas increased approximately 6.4 billion cubic feet equivalent (“Bcfe”), or 54.7%, to 18.2 Bcfe. Appalachian production was 10.9 Bcfe for the quarter, an increase of 7.3 Bcfe or 203.5%. Production from the Marcellus Shale was 9.0 Bcfe for the quarter. The Company’s production forecast for the entire 2011 fiscal year has been narrowed to a range between 66 and 71 Bcfe. The previous forecast range had been between 64 and 71 Bcfe.

•

On April 27, 2011, Seneca Resources Corporation (“Seneca”) completed the $70 million sale of its offshore Gulf of Mexico oil and natural gas properties. The sale had an effective date of January 1, 2011. The sale proceeds were applied against Seneca’s full cost pool and reduced capitalized costs. No gain or loss resulted from the transaction.

•

The Company is updating its GAAP earnings guidance range for fiscal 2011 to a range of $2.83 to $2.98 per share. The previous earnings guidance had been a range between $2.70 to $2.95 per share. This guidance assumes flat NYMEX pricing of $4.00 per Million British Thermal Units (“MMBtu”) for natural gas and $80.00 per barrel (“Bbl”) for crude oil for unhedged production for the remainder of the fiscal year.

•

A conference call is scheduled for Friday, May 6, 2011, at 11 a.m. Eastern Time.

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MANAGEMENT COMMENTS

     David F. Smith, Chairman and Chief Executive Officer of National Fuel Gas Company, stated: “With a terrific first half of the fiscal year complete, our results continue to demonstrate the financial and operational strength of our core assets. The consistent performance of the regulated businesses, combined with strong production growth within the Exploration and Production segment, more than made up for the challenging natural gas price environment.

     “Seneca’s ongoing success resulted in remarkable production growth of more than 50 percent over the prior year. In the Marcellus Shale, we crossed a milestone of 100 MMcf per day of natural gas production in March, more than doubling our daily production rate from the end of fiscal year 2010. As we move along with the testing and development of new areas and strata in the basin, we look for future production growth to exceed our initial conservative projections.

     “Also, during the quarter we announced the sale of Seneca’s Gulf of Mexico offshore properties and we completed the sale of assets from our Horizon Power, Inc. subsidiary, the last of our non-core businesses. Moving forward, we will be directing our resources and capital to our core assets and significant growth opportunities. With the ongoing build out of Appalachian pipeline infrastructure, significant production growth at Seneca, and dedication to safely and reliably serving our Utility customers, we will maintain our focus on the diversified, yet integrated business model and the value it creates for our shareholders.”

SUMMARY OF RESULTS

     National Fuel had consolidated earnings for the quarter ended March 31, 2011, of $115.6 million or $1.38 per share, compared to the prior year’s second quarter earnings of $80.4 million, or $0.97 per share, an increase of $35.2 million or $0.41 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, 2011, of $174.2 million, or $2.08 per share, increased $29.2 million, or $0.32 per share, from the same period in the prior year, where earnings were $144.9 million or $1.76 per share.

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		Three Months								Six Months
		Ended March 31,								Ended March 31,
(in thousands except per share amounts)		2011				2010				2011				2010
Reported GAAP earnings		$	115,611			$	80,428			$	174,154			$	144,927
Items impacting comparability1:
Gain on sale of landfill gas electric generation investments			(31,418	)							(31,418	)
Income from discontinued operations							(554	)							(828	)
Operating Results		$	84,193			$	79,874			$	142,736			$	144,099
Reported GAAP earnings per share		$	1.38			$	0.97			$	2.08			$	1.76
Items impacting comparability1:
Gain on sale of landfill gas electric generation investments			(0.38	)							(0.38	)
Income from discontinued operations							(0.01	)							(0.01	)
Operating Results		$	1.00			$	0.96			$	1.70			$	1.75

     As outlined in the table above, certain items included in GAAP earnings impacted the comparability of the Company’s financial results when comparing the quarter and six months ended March 31, 2011, to the comparable periods in fiscal 2010. Excluding these items, Operating Results for the current quarter of $84.2 million, or $1.00 per share, increased $4.3 million, or $0.04 per share, from the prior year’s second quarter where Operating Results were $79.9 million or $0.96 per share. Excluding these items, Operating Results for the six months ended March 31, 2011, of $142.7 million, or $1.70 per share, decreased $1.4 million, or $0.05 per share, from the same period in the prior year, where Operating Results were $144.1 million or $1.75 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 produces natural gas and oil reserves in California and Appalachia. Seneca completed the sale of its Gulf of Mexico assets in April 2011.

     The Exploration and Production segment’s earnings in the second quarter of fiscal 2011 of $33.3 million, or $0.40 per share, increased $5.9 million, or $0.07 per share, when compared

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with the prior year’s second quarter. The increase was mainly due to natural gas production that was 6.6 Bcf higher than the second quarter of fiscal 2010.

     Overall production of natural gas and crude oil for the current quarter of 18.2 Bcfe increased approximately 6.4 Bcfe, or 54.7 percent, compared to the prior year’s second quarter. Production increased 7.3 Bcfe, or 203.5 percent, in Appalachia due to higher production, mainly from Marcellus wells. Marcellus production was 9.0 Bcfe for the current quarter compared to 1.3 Bcfe in the second quarter of the prior year. In the Gulf of Mexico and California, production decreased approximately 20.9 percent and 3.7 percent, respectively. Both decreases were consistent with the normal decline rates expected in each region.

     Changes in commodity prices realized after hedging also impacted earnings. The weighted average natural gas price received by Seneca (after hedging) for the quarter ended March 31, 2011, was $5.32 per thousand cubic feet (“Mcf”), a decrease of $1.22 per Mcf. Higher crude oil prices realized after hedging contributed to the increase in earnings. The weighted average crude oil price received by Seneca (after hedging) for the quarter ended March 31, 2011, was $82.28 per Bbl, an increase of $4.99 per Bbl.

     Depletion, lease operating and general and administrative (“G&A”) expenses for the current year’s second quarter increased due to the higher production activity discussed above. However, on a per unit basis, lease operating and G&A expenses were down by $0.29 per thousand cubic feet equivalent (“Mcfe”) and $0.05 per Mcfe, respectively. Depletion was unchanged from last year’s quarter.

     The Exploration and Production segment’s earnings of $60.7 million, or $0.73 per share, for the six months ended March 31, 2011, increased $3.5 million, or $0.04 per share, when compared with the six months ended March 31, 2010. The increase was primarily due to natural gas production that was 11.2 Bcf higher than the prior year’s six-month period.

     Overall production for the six months ended March 31, 2011, increased approximately 45.3 percent to 33.9 Bcfe, an increase of 10.6 Bcfe, compared to the prior year’s six-month period. Production in Appalachia increased 194.8 percent to 19.1 Bcfe mainly due to the growth in production from the Marcellus which reached 14.9 Bcfe for the six-month period. In the Gulf of Mexico and California, production decreased approximately 23.5 percent and 4.2 percent, respectively. Both decreases were consistent with the normal decline rates expected in each region.

     Changes in commodity prices realized after hedging also impacted earnings. The weighted average natural gas price received by Seneca (after hedging) for the six-month period ended March 31, 2011, was $5.30 per Mcf, a decrease of $1.12 per Mcf. Higher crude oil prices realized after hedging contributed to the increase in earnings. The weighted average crude oil price received by Seneca (after hedging) for the six-month period ended March 31, 2011, was $79.21 per Bbl, an increase of $3.35 per Bbl.

     Depletion, lease operating and G&A expenses for the six months ended March 31, 2011 increased compared to the prior year’s six-month period due to the higher production activity discussed above. However, on a per unit basis, lease operating and G&A expenses were down

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by $0.13 per Mcfe and $0.03 per Mcfe, respectively. Depletion increased $0.03 per Mcfe from last year’s six-month period.

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 $11.0 million, or $0.13 per share, for the quarter ended March 31, 2011, decreased $1.5 million, or $0.02 per share, when compared with the same period in the prior fiscal year. The decrease was mostly due to increased operating expenses. Although more volumes of natural gas were transported for shippers under their firm transportation contracts, transportation revenues for both Supply Corporation and Empire were lower in the current quarter compared to the second quarter of 2010. Persistent strong Niagara/Chippawa basis prices have caused shippers to evaluate lower cost supply sources, and certain shippers have reduced their imports of natural gas from Canada. This has resulted in some contract terminations on Supply Corporation from Niagara. In order to 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.

     The Pipeline and Storage segment’s earnings of $19.5 million, or $0.23 per share, for the six months ended March 31, 2011, decreased $3.3 million, or $0.05 per share, when compared with the six months ended March 31, 2010. The decrease in earnings for the current six-month period was due to higher operating expenses. Again, even though volumes shipped under customers’ firm contracts were higher, transportation revenues for both Supply Corporation and Empire were lower in the current six-month period compared to the same period in the prior fiscal year for the same reasons as described above.

Utility Segment

     The Utility segment operations are carried out by National Fuel Gas Distribution Corporation, which sells or transports natural gas to customers located in western New York and northwestern Pennsylvania.

     The Utility segment’s earnings of $33.1 million, or $0.40 per share, for the quarter ended March 31, 2011, decreased $0.2 million, or less than $0.01 per share, when compared with the same period in the prior fiscal year. The positive impact on earnings of colder weather and higher customer usage in Pennsylvania was more than offset by a New York regulatory adjustment regarding the timing of collection of certain regulatory expenses. In New York, colder weather did not have a significant impact on earnings for the quarter. The impact of weather variations on earnings in New York is mitigated by that jurisdiction’s weather normalization clause. Higher property taxes in both New York and Pennsylvania and higher income taxes in Pennsylvania also reduced earnings for the current second quarter.

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     The Utility segment’s earnings of $56.1 million, or $0.67 per share, for the six months ended March 31, 2011, decreased from earnings of $56.3 million, or $0.68 per share, for the six months ended March 31, 2010. Colder weather and higher customer usage in Pennsylvania was more than offset by the impact of the New York regulatory adjustment, higher property taxes and income taxes discussed above. In addition, higher operating expenses and depreciation expense during the current six month period decreased earnings.

Energy Marketing Segment

     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, 2011, of $6.3 million increased $0.3 million compared to the second quarter of the prior year due to higher volumes sold to retail customers and improved average margins per Mcf. Earnings for the six months ended March 31, 2011 of $7.2 million increased $0.2 million compared to the prior year’s six-month period. The increase in earnings is due to higher volumes sold to retail customers and improved average margins per Mcf, partially offset by higher operating expenses.

Corporate and All Other

     The Corporate and All Other category includes the following active, wholly owned subsidiaries of the Company: National Fuel Gas Midstream Corporation (“Midstream”), formed to build, own and operate natural gas processing and pipeline gathering facilities in the Appalachian region; and Highland Forest Resources, Inc., a corporation that markets high quality hardwoods from Appalachian land holdings.

     Earnings in the Corporate and All Other category for the quarter ended March 31, 2011, were $32.0 million, an increase of $30.6 million compared to the prior year’s second quarter earnings of $1.4 million. The comparability of the results for the quarters ended March 31, 2011 and March 31, 2010, is impacted by the following items. In February 2011, Horizon Power, Inc. completed the sale of its interest in certain entities that owned landfill gas electric generation assets and recorded a gain of $31.4 million. On September 1, 2010, the Company completed the sale of its landfill gas operations. As a result of this transaction, the Company is presenting the landfill gas operations as discontinued operations. Earnings in the second quarter of fiscal 2010 include earnings from discontinued operations of $0.6 million.

     Excluding the items above, Operating Results in the Corporate and All Other category of $0.6 million in the current year second quarter decreased from Operating Results of $0.8 million in the prior year’s second quarter. Lower earnings from timber sales as a result of the sale of the sawmill operations and higher corporate operating expenses more than offset higher earnings from Midstream’s pipeline gathering and natural gas processing operations.

     Earnings in the Corporate and All Other category for the six months ended March 31, 2011, were $30.6 million, an increase of $29.0 million when compared to the earnings for the six

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months ended March 31, 2010, of $1.6 million. The comparability of the results for the six months ended March 31, 2011, and the prior year’s Six Month period was impacted by the $31.4 million gain on the Horizon Power Inc. sale of its landfill gas electric generations assets and $0.8 million of income from discontinued operations as a result of the sale of the Company’s landfill gas operations as described above.

     Excluding these items, Operating Results of $0.8 million for the six-month period ended March 31, 2010, compared to a loss of $0.8 million in the current year six-month period. Lower income from unconsolidated subsidiaries (due to the sale of landfill gas electric generation assets described above) and lower earnings from timber sales more than offset higher earnings from Midstream’s pipeline gathering and natural gas processing operations.

Discontinued Operations

     Earnings from discontinued operations for the quarter and six months ended March 31, 2011, decreased $0.6 million and $0.8 million, respectively. The decrease is the result of the Company’s September 1, 2010, sale of its landfill gas operations.

EARNINGS GUIDANCE

     The Company is updating its earnings guidance for fiscal 2011 to reflect actual results for the six months ended March 31, 2011. The revised GAAP earnings range is $2.83 to $2.98 per share. The previous guidance range had been $2.70 to $2.95 per share. This includes oil and gas production for fiscal 2011 for the Exploration and Production segment in a range between 66 and 71 Bcfe, hedges currently in place, and NYMEX equivalent flat commodity pricing on non-hedged volumes exclusive of basis differential, of $4.00 per MMBtu for natural gas and $80.00 per Bbl for crude oil.

EARNINGS TELECONFERENCE

     The Company will host a conference call on Friday, May 6, 2011, 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) 866-788-0547, and using the passcode “95290094.” 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 “37028042.” Both the webcast and telephonic replay will be available until the close of business on Friday, May 13, 2011.

     National Fuel is an integrated energy company with $5.2 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 website: http://www.nationalfuelgas.com or through its investor information service at 1-800-334-2188.

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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 occurrences affecting the Company’s ability to obtain financing on acceptable terms for working capital, capital expenditures and other investments, 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; 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, the need to obtain governmental approvals and permits, and compliance with environmental laws and regulations; changes in laws and regulations to which the Company is subject, including those involving derivatives, taxes, safety, employment, climate change, other environmental matters, and exploration and production activities such as hydraulic fracturing; uncertainty of oil and gas reserve estimates; significant differences between the Company’s projected and actual production levels for natural gas or oil; significant changes in market dynamics or competitive factors affecting the Company’s ability to retain existing customers or obtain new customers; 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; impairments under the SEC’s full cost ceiling test for natural gas and oil reserves; changes in the availability and/or cost of derivative financial instruments; changes in the price differential between similar quantities of natural gas at different geographic locations, and the effect of such changes on the demand for pipeline transportation capacity to or from such locations; other changes in price differentials between similar quantities of oil or natural gas having different quality, heating value or geographic location; changes in the projected profitability of pending or potential projects, investments or transactions; significant differences between the Company’s projected and actual capital expenditures and operating expenses; delays or changes in costs or plans with respect to Company projects or related projects of other companies, including difficulties or delays in obtaining necessary governmental approvals, permits or orders or in obtaining the cooperation of interconnecting facility operators; governmental/regulatory actions, initiatives and proceedings, including those involving derivatives, acquisitions, financings, rate cases (which address, among other things, allowed rates of return, rate design and retained natural gas), affiliate relationships, industry structure, franchise renewal, and environmental/safety requirements; unanticipated impacts of restructuring initiatives in the natural gas and electric industries; ability to successfully identify and finance acquisitions or other investments and ability to operate and integrate existing and any subsequently acquired business or properties; changes in actuarial assumptions, the interest rate environment and the return on plan/trust assets related to the Company’s pension and other post-retirement benefits, which can affect future funding obligations and costs and plan liabilities; significant

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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 thereof.

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NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
QUARTER ENDED MARCH 31, 2011

		Exploration &				Pipeline &								Energy				Corporate /
(Thousands of Dollars)		Production				Storage				Utility				Marketing				All Other **				Consolidated***
Second quarter 2010 GAAP earnings		$	27,383			$	12,448			$	33,273			$	5,969			$	1,355			$	80,428
Items impacting comparability:
Income from discontinued operations																			(554	)			(554	)
Second quarter 2010 operating results			27,383				12,448				33,273				5,969				801				79,874
Drivers of operating results
Higher (lower) crude oil prices			2,414																				2,414
Higher (lower) natural gas prices			(10,845	)																			(10,845	)
Higher (lower) natural gas production			28,229																				28,229
Higher (lower) crude oil production			(1,685	)																			(1,685	)
Lower (higher) lease operating expenses			(2,131	)																			(2,131	)
Lower (higher) depreciation / depletion			(9,160	)			(233	)											955				(8,438	)
Higher (lower) processing plant revenues			310																				310
Higher (lower) transportation revenues							(731	)															(731	)
Higher (lower) gathering and processing revenues																			1,385				1,385
Lower (higher) operating expenses			(2,396	)			(865	)											(291	)			(3,552	)
Lower (higher) property, franchise and other taxes			(1,325	)			(267	)															(1,592	)
Usage											1,019												1,019
Colder weather in Pennsylvania											541												541
Regulatory true-up adjustments											(1,652	)											(1,652	)
Higher (lower) margins															328				(2,205	)			(1,877	)
Higher AFUDC *							301																301
Higher (lower) interest income																			(2,329	)			(2,329	)
(Higher) lower interest expense			2,490																2,411				4,901
All other / rounding			15				302				(100	)			2				(168	)			51
Second quarter 2011 operating results			33,299				10,955				33,081				6,299				559				84,193
Items impacting comparability:
Gain on sale of unconsolidated subsidiaries																			31,418				31,418
Second quarter 2011 GAAP earnings		$	33,299			$	10,955			$	33,081			$	6,299			$	31,977			$	115,611

NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
QUARTER ENDED MARCH 31, 2011

		Exploration &				Pipeline &								Energy				Corporate /
		Production				Storage				Utility				Marketing				All Other **				Consolidated***
Second quarter 2010 GAAP earnings		$	0.33			$	0.15			$	0.40			$	0.07			$	0.02			$	0.97
Items impacting comparability:
Income from discontinued operations																			(0.01	)			(0.01	)
Second quarter 2010 operating results			0.33				0.15				0.40				0.07				0.01				0.96
Drivers of operating results
Higher (lower) crude oil prices			0.03																				0.03
Higher (lower) natural gas prices			(0.13	)																			(0.13	)
Higher (lower) natural gas production			0.34																				0.34
Higher (lower) crude oil production			(0.02	)																			(0.02	)
Lower (higher) lease operating expenses			(0.03	)																			(0.03	)
Lower (higher) depreciation / depletion			(0.11	)			—												0.01				(0.10	)
Higher (lower) processing plant revenues			—																				—
Higher (lower) transportation revenues							(0.01	)															(0.01	)
Higher (lower) gathering and processing revenues																			0.02				0.02
Lower (higher) operating expenses			(0.03	)			(0.01	)											—				(0.04	)
Lower (higher) property, franchise and other taxes			(0.02	)			—																(0.02	)
Usage											0.01												0.01
Colder weather in Pennsylvania											0.01												0.01
Regulatory true-up adjustments											(0.02	)											(0.02	)
Higher (lower) margins															—				(0.03	)			(0.03	)
Higher AFUDC *							—																—
Higher (lower) interest income																			(0.03	)			(0.03	)
(Higher) lower interest expense			0.03																0.03				0.06
All other / rounding			0.01				—				—				—				(0.01	)			—
Second quarter 2011 operating results			0.40				0.13				0.40				0.07				—				1.00
Items impacting comparability:
Gain on sale of unconsolidated subsidiaries																			0.38				0.38
Second quarter 2011 GAAP earnings		$	0.40			$	0.13			$	0.40			$	0.07			$	0.38			$	1.38

NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
SIX MONTHS ENDED MARCH 31, 2011

		Exploration &				Pipeline &								Energy				Corporate /
(Thousands of Dollars)		Production				Storage				Utility				Marketing				All Other **				Consolidated***
Six months ended March 31, 2010 GAAP earnings		$	57,163			$	22,802			$	56,286			$	7,061			$	1,615			$	144,927
Items impacting comparability:
Income from discontinued operations																			(828	)			(828	)
Six months ended March 31, 2010 operating results			57,163				22,802				56,286				7,061				787				144,099
Drivers of operating results
Higher (lower) crude oil prices			3,303																				3,303
Higher (lower) natural gas prices			(18,183	)																			(18,183	)
Higher (lower) natural gas production			46,708																				46,708
Higher (lower) crude oil production			(5,175	)																			(5,175	)
Lower (higher) lease operating expenses			(5,450	)																			(5,450	)
Lower (higher) depreciation / depletion			(15,501	)			(330	)			(408	)							2,060				(14,179	)
Higher (lower) processing plant revenues			855																				855
Higher (lower) transportation revenues							(1,685	)															(1,685	)
Higher (lower) gathering and processing revenues																			2,623				2,623
Lower (higher) operating expenses			(4,060	)			(1,833	)			(410	)			(172	)			(697	)			(7,172	)
Lower (higher) property, franchise and other taxes			(1,636	)			(332	)			(534	)											(2,502	)
Usage											1,500												1,500
Colder weather in Pennsylvania											1,010												1,010
Regulatory true-up adjustments											(1,438	)											(1,438	)
Higher (lower) income from unconsolidated subsidiaries																			(1,101	)			(1,101	)
Higher (lower) margins															303				(5,104	)			(4,801	)
Higher AFUDC *							471																471
Higher (lower) interest income																			(3,346	)			(3,346	)
Lower (higher) interest expense			3,595								304								3,513				7,412
(Higher) lower income tax expense			(732	)			405				(664	)											(991	)
All other / rounding			(215	)			35				425				39				494				778
Six months ended March 31, 2011 operating results			60,672				19,533				56,071				7,231				(771	)			142,736
Items impacting comparability:
Gain on sale of unconsolidated subsidiaries																			31,418				31,418
Six months ended March 31, 2011 GAAP earnings		$	60,672			$	19,533			$	56,071			$	7,231			$	30,647			$	174,154

NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
SIX MONTHS ENDED MARCH 31, 2011

		Exploration &				Pipeline &								Energy				Corporate /
		Production				Storage				Utility				Marketing				All Other **				Consolidated***
Six months ended March 31, 2010 GAAP earnings		$	0.69			$	0.28			$	0.68			$	0.09			$	0.02			$	1.76
Items impacting comparability:
Income from discontinued operations																			(0.01	)			(0.01	)
Six months ended March 31, 2010 operating results			0.69				0.28				0.68				0.09				0.01				1.75
Drivers of operating results
Higher (lower) crude oil prices			0.04																				0.04
Higher (lower) natural gas prices			(0.22	)																			(0.22	)
Higher (lower) natural gas production			0.56																				0.56
Higher (lower) crude oil production			(0.06	)																			(0.06	)
Lower (higher) lease operating expenses			(0.07	)																			(0.07	)
Lower (higher) depreciation / depletion			(0.19	)			—				—								0.02				(0.17	)
Higher (lower) processing plant revenues			0.01																				0.01
Higher (lower) transportation revenues							(0.02	)															(0.02	)
Higher (lower) gathering and processing revenues																			0.03				0.03
Lower (higher) operating expenses			(0.05	)			(0.02	)			—				—				(0.01	)			(0.08	)
Lower (higher) property, franchise and other taxes			(0.02	)			—				(0.01	)											(0.03	)
Usage											0.02												0.02
Colder weather in Pennsylvania											0.01												0.01
Regulatory true-up adjustments											(0.02	)											(0.02	)
Higher (lower) income from unconsolidated subsidiaries																			(0.01	)			(0.01	)
Higher (lower) margins															—				(0.06	)			(0.06	)
Higher AFUDC *							0.01																0.01
Higher (lower) interest income																			(0.04	)			(0.04	)
Lower (higher) interest expense			0.04								—								0.04				0.08
(Higher) lower income tax expense			(0.01	)			—				(0.01	)											(0.02	)
All other / rounding			0.01				(0.02	)			—				—				—				(0.01	)
Six months ended March 31, 2011 operating results			0.73				0.23				0.67				0.09				(0.02	)			1.70
Items impacting comparability:
Gain on sale of unconsolidated subsidiaries																			0.38				0.38
Six months ended March 31, 2011 GAAP earnings		$	0.73			$	0.23			$	0.67			$	0.09			$	0.36			$	2.08

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

(Thousands of Dollars, except per share amounts)

		Three Months Ended								Six Months Ended
		March 31,								March 31,
		(Unaudited)								(Unaudited)
SUMMARY OF OPERATIONS		2011				2010				2011				2010
Operating Revenues		$	660,881			$	667,980			$	1,111,829			$	1,122,115
Operating Expenses:
Purchased Gas			306,595				332,923				469,633				504,213
Operation and Maintenance			116,721				116,261				214,171				210,031
Property, Franchise and Other Taxes			23,798				20,440				43,534				39,090
Depreciation, Depletion and Amortization			60,011				46,725				113,324				91,513
			507,125				516,349				840,662				844,847
Operating Income			153,756				151,631				271,167				277,268
Other Income (Expense):
Income (Loss) from Unconsolidated Subsidiaries			479				672				(621	)			1,073
Gain on Sale of Unconsolidated Subsidiaries			50,879				—				50,879				—
Other Income			1,945				1,266				2,938				1,622
Interest Income			68				326				951				1,480
Interest Expense on Long-Term Debt			(17,926	)			(22,061	)			(38,118	)			(44,124	)
Other Interest Expense			(1,454	)			(2,002	)			(2,855	)			(3,379	)
Income from Continuing Operations Before Income Taxes			187,747				129,832				284,341				233,940
Income Tax Expense			72,136				49,958				110,187				89,841
Income from Continuing Operations			115,611				79,874				174,154				144,099
Income from Discontinued Operations, Net of Tax			—				554				—				828
Net Income Available for Common Stock		$	115,611			$	80,428			$	174,154			$	144,927
Earnings Per Common Share:
Basic:
Income from Continuing Operations		$	1.40			$	0.98			$	2.12			$	1.78
Income from Discontinued Operations			—				0.01				—				0.01
Net Income Available for Common Stock		$	1.40			$	0.99			$	2.12			$	1.79
Diluted:
Income from Continuing Operations		$	1.38			$	0.96			$	2.08			$	1.75
Income from Discontinued Operations			—				0.01				—				0.01
Net Income Available for Common Stock		$	1.38			$	0.97			$	2.08			$	1.76
Weighted Average Common Shares:
Used in Basic Calculation			82,400,851				81,175,261				82,311,162				80,866,311
Used in Diluted Calculation			83,673,977				82,569,323				83,561,775				82,347,254

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

		March 31,				September 30,
(Thousands of Dollars)		2011				2010
ASSETS
Property, Plant and Equipment		$	6,019,453			$	5,637,498
Less — Accumulated Depreciation, Depletion and Amortization			2,285,313				2,187,269
Net Property, Plant and Equipment			3,734,140				3,450,229
Current Assets:
Cash and Temporary Cash Investments			144,767				397,171
Hedging Collateral Deposits			61,826				11,134
Receivables — Net			227,898				132,136
Unbilled Utility Revenue			48,551				20,920
Gas Stored Underground			11,927				48,584
Materials and Supplies — at average cost			31,707				24,987
Other Current Assets			58,522				115,969
Deferred Income Taxes			34,917				24,476
Total Current Assets			620,115				775,377
Other Assets:
Recoverable Future Taxes			152,017				149,712
Unamortized Debt Expense			11,547				12,550
Other Regulatory Assets			529,420				542,801
Deferred Charges			5,960				9,646
Other Investments			83,744				77,839
Investments in Unconsolidated Subsidiaries			1,443				14,828
Goodwill			5,476				5,476
Fair Value of Derivative Financial Instruments			37,708				65,184
Other			1,747				1,983
Total Other Assets			829,062				880,019
Total Assets		$	5,183,317			$	5,105,625
CAPITALIZATION AND LIABILITIES
Capitalization:
Comprehensive Shareholders’ Equity
Common Stock, $1 Par Value Authorized — 200,000,000 Shares; Issued and Outstanding — 82,544,193 Shares and 82,075,470 Shares, Respectively		$	82,544			$	82,075
Paid in Capital			645,961				645,619
Earnings Reinvested in the Business			1,180,531				1,063,262
Total Common Shareholders’ Equity Before Items of Other Comprehensive Loss			1,909,036				1,790,956
Accumulated Other Comprehensive Loss			(92,521	)			(44,985	)
Total Comprehensive Shareholders’ Equity			1,816,515				1,745,971
Long-Term Debt, Net of Current Portion			899,000				1,049,000
Total Capitalization			2,715,515				2,794,971
Current and Accrued Liabilities:
Notes Payable to Banks and Commercial Paper			—				—
Current Portion of Long-Term Debt			150,000				200,000
Accounts Payable			122,911				89,677
Amounts Payable to Customers			25,475				38,109
Dividends Payable			28,478				28,316
Interest Payable on Long-Term Debt			25,512				30,512
Customer Advances			2,700				27,638
Customer Security Deposits			18,064				18,320
Other Accruals and Current Liabilities			160,363				71,592
Fair Value of Derivative Financial Instruments			70,115				20,160
Total Current and Accrued Liabilities			603,618				524,324
Deferred Credits:
Deferred Income Taxes			886,824				800,758
Taxes Refundable to Customers			69,592				69,585
Unamortized Investment Tax Credit			2,937				3,288
Cost of Removal Regulatory Liability			131,958				124,032
Other Regulatory Liabilities			88,825				89,334
Pension and Other Post-Retirement Liabilities			434,488				446,082
Asset Retirement Obligations			102,094				101,618
Other Deferred Credits			147,466				151,633
Total Deferred Credits			1,864,184				1,786,330
Commitments and Contingencies			—				—
Total Capitalization and Liabilities		$	5,183,317			$	5,105,625

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

		Six Months Ended
		March 31,
(Thousands of Dollars)		2011				2010
Operating Activities:
Net Income Available for Common Stock		$	174,154			$	144,927
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Gain on Sale of Unconsolidated Subsidiaries			(50,879	)			—
Depreciation, Depletion and Amortization			113,324				91,846
Deferred Income Taxes			106,510				41,795
(Income) Loss from Unconsolidated Subsidiaries, Net of Cash Distributions			4,899				1,228
Excess Tax Benefits Associated with Stock-Based Compensation Awards			—				(13,437	)
Other			804				6,271
Change in:
Hedging Collateral Deposits			(50,692	)			(12,809	)
Receivables and Unbilled Utility Revenue			(123,393	)			(101,881	)
Gas Stored Underground and Materials and Supplies			30,144				37,932
Prepayments and Other Current Assets			57,447				31,318
Accounts Payable			33,234				12,178
Amounts Payable to Customers			(12,634	)			(41,442	)
Customer Advances			(24,938	)			(21,840	)
Customer Security Deposits			(256	)			1,996
Other Accruals and Current Liabilities			93,473				90,499
Other Assets			15,710				11,285
Other Liabilities			(23,685	)			(535	)
Net Cash Provided by Operating Activities		$	343,222			$	279,331
Investing Activities:
Capital Expenditures			($392,338	)			($230,530	)
Net Proceeds from Sale of Unconsolidated Subsidiaries			59,365				—
Other			(3,097	)			(115	)
Net Cash Used in Investing Activities			($336,070	)			($230,645	)
Financing Activities:
Excess Tax Benefits Associated with Stock-Based Compensation Awards		$	—			$	13,437
Reduction of Long-Term Debt			(200,000	)			—
Dividends Paid on Common Stock			(56,723	)			(54,096	)
Net Proceeds From Issuance (Repurchase) of Common Stock			(2,833	)			10,724
Net Cash Used In Financing Activities			($259,556	)			($29,935	)
Net Increase (Decrease) in Cash and Temporary Cash Investments			(252,404	)			18,751
Cash and Temporary Cash Investments at Beginning of Period			397,171				410,053
Cash and Temporary Cash Investments at March 31		$	144,767			$	428,804

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)

		Three Months Ended												Six Months Ended
(Thousands of Dollars, except per share amounts)		March 31,												March 31,
EXPLORATION AND PRODUCTION SEGMENT		2011				2010				Variance				2011				2010				Variance
Operating Revenues		$	137,430			$	109,158			$	28,272			$	257,598			$	215,511			$	42,087
Operating Expenses:
Operation and Maintenance:
General and Administrative Expense			12,798				8,858				3,940				23,988				17,347				6,641
Lease Operating Expense			18,966				15,688				3,278				36,315				27,932				8,383
All Other Operation and Maintenance Expense			1,900				2,149				(249	)			3,942				4,333				(391	)
Property, Franchise and Other Taxes (Lease Operating Expense)			4,690				2,652				2,038				7,520				5,004				2,516
Depreciation, Depletion and Amortization			39,984				25,891				14,093				73,652				49,803				23,849
			78,338				55,238				23,100				145,417				104,419				40,998
Operating Income			59,092				53,920				5,172				112,181				111,092				1,089
Other Income (Expense):
Interest Income			(51	)			156				(207	)			(1	)			309				(310	)
Other Interest Expense			(3,906	)			(7,885	)			3,979				(10,008	)			(15,753	)			5,745
Income Before Income Taxes			55,135				46,191				8,944				102,172				95,648				6,524
Income Tax Expense			21,836				18,808				3,028				41,500				38,485				3,015
Net Income		$	33,299			$	27,383			$	5,916			$	60,672			$	57,163			$	3,509
Net Income Per Share (Diluted)		$	0.40			$	0.33			$	0.07			$	0.73			$	0.69			$	0.04