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Fiscal 2010 Year End Analyst Day – National Fuel Gas Co.

National Fuel Gas Co. · Nov 9, 2010 · 84 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 1
    Fiscal 2010 Y YearEnd Analyst Day E dA l tD November 9, 2010
  2. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 2
    National Fuel Gas Company Business Segment Reporting Publicly Traded y National Fuel Gas Company Holding Company NYSE symbol NFG Reporting i Exploration & Pipeline & Energy Utility Segments Production Storage Marketing…
  3. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 3
    National Fuel Gas Company Our Businesses Utility Pipeline & Storage Exploration & Production p 9 Appalachia, California, Gulf of Mexico Energy Marketing gy g Midstream Timber Landfill Gas Gas Fired Generation GasFired…
  4. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 4
    National Fuel Gas Company Net Plant by Segment 5,000 Utility P&S E&P Mktg, Corp & All Other 4,000 3,906 3,450 3,154 , 3,133 ( Millions)) 2,878 2,878 1,656 3,000 1,339 1,096 1,042 1,002 983 2,000 952 858 827 839 674…
  5. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 5
    National Fuel Gas Company Net Income from Continuing Operations Excluding Items Impacting Comparability (1) 300 266 3 266.3 P&S 210.5 36.7 MM 200 192.2 16.7% 146.6 E&P Millions) 98.0 Utility 112.5 MM 74.9 51.4% 62.5…
  6. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 6
    National Fuel Gas Company A Balanced Business Model Net Income from Continuing Operations(1) Excluding Items Impacting Comparability 300 266.3 210.5 200 192 2 192.2 43% Regulated Millions) 50% 45% Unregulated 52% (…
  7. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 7
    National Fuel Gas Company Seneca Resources Corporation Oil and Gas Revenues Oil Gas G 500 Millions) 453 426 evenues ( M 400 374 311 45% 43% 300 41% Total Oiil and Gas Re 46% 200 55% 57% 100 59% 54% 0…
  8. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 8
    National Fuel Gas Company Peer Group Comparisons 1Year 1 Year Total Return Total Return 3Year 3 Year Total Return Total Return 5Year 5 Year Total Return Total Return Peer Group Total Return Peer Group Total Return Peer Group…
  9. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 9
    National Fuel Gas Company Capital Expenditures(1) An Appalachian Focus (2) (3) 1,000 Appalachian Growth E&P Appalchian Growth Infrastructure Other Spending Millions) 750 605740 pital Expenditures ( M 130 501 195 500…
  10. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 10
    Seneca Resources Evaluation of JV Opportunities Seneca has engaged Jefferies & Company to explore jointventure opportunities across a broad portion of its acreage with the following goals: opportunities across a broad portion of its…
  11. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 11
    National Fuel Gas Company Independent Directors A Wealth of Industry Experience Former Director, President & CEO of Northwest Natural Gas Co. Vice Chairman of DTE Energy Director of Northern Border Pipeline Co. Former Chairman and…
  12. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 12
    Utility Segment N i National Fuel Gas Distribution Corporation l F l G Di ib i C i 13 Analyst Day November 9, 2010
  13. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 13
    14 Analyst Day November 9, 2010
  14. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 14
    Utility Keys to Continued Success Provide Stable Earnings Excellent Strong Operate Safe Control Costs Customer Regulatory System Service Strategy 15 Analyst Day November 9, 2010
  15. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 15
    Utility Diluted Earnings per Share (Before Items Impacting Comparability) 1.00 0.80 0.76 0.73 0.73 0.60 0.60 0.55(1) 0.40 0.20 0.00 2006 2007 2008 2009 2010 (1) Excludes outofperiod adjustment to symmetrical sharing…
  16. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 16
    Utility Capital Spending 75 NY PA Millions) 57.5 58.0 60 54.4 54.2 56.2 ending ( M 18.3 18 0 18.0 16.0 18.4 45 18.1 30 Capital Spe 38.4 39.2 37.8 40.0 36.1 15 C 0 2006 2007 2008 2009 2010 Fiscal…
  17. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 17
    Utility O&M Expense 250 NY PA 204.3 203.0 202.7 200 191.2 O&M Expeense ( Millions) 181.3 63 8 63.8 63 8 63.8 62 1 62.1 60.7 150 56.3 100 140.5 139.2 140.6 130.5 125.0 50 0 2006 2007 2008 2009 2010 Fiscal Year…
  18. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 18
    Utility Excellent Customer Service NY NY PA C Customer Service Performance S i P f G l Goal A l(1) Actual A l(1) Actual Telephone Response (within 30 seconds) 74.0% 89.1% 92.3% Customer Satisfaction: Residential 85.1% 92.4%…
  19. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 19
    Utility Rate Mechanisms New York y Pennsylvania Revenue Decoupling Low Income Rates Customer Choice / POR Customer Choice / POR Merchant Function Charge Merchant Function Charge 90/10 Sharing (large volume users) Under…
  20. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 20
    Utility Return on Equity (1) 20.0 NY PA uity (%) 14.7 15.0 14.0 13.2 urn on Equ 11.8 10.9 10.6 10.3 9.8 10.0 9.1 Retu 6.3 5.0 0.0 FY 2006 FY 2006 FY 2007 FY 2007 FY 2008 FY 2008 FY 2009 FY 2009 FY…
  21. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 21
    Utility Challenges 22 Analyst Day November 9, 2010
  22. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 22
    Utility Average Use per Residential Customer 250 200 Normalized Mcf/Account 150 98.824 100 50 0 12 Months Ended September (Fiscal Year) 23 Analyst Day November 9, 2010
  23. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 23
    Utility Accounts Receivable Customer (1) 3059 Days 6089 Days 90119 Days 120 Days & Over 125 Millions) 102.4 99.7 100 91.4 86 6 86.6 eivable ( M 75 72.5 75.2 78 9 78.9 Acccounts Rece 67.9 64.4 50…
  24. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 24
    Utility HEAP/LIHEAP 75 g y NY Basic & Emergency g PA Regular & Crisis 58.0 57.1 nding ( Millions) 50 41.9 39.2 35.8 Fun 25 14.6 14.0 7.7 6.8 6 8 6.8 0 2006 2007 2008 2009 2010 Program Year (1) (1) Program…
  25. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 25
    Utility 2011 Provide Stable Earnings Excellent Strong Operate Safe Control Costs Customer Regulatory System Service Strategy 26 Analyst Day November 9, 2010
  26. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 26
    Exploration & Production S Seneca Resources Corporation R C i 27 Analyst Day November 9, 2010
  27. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 27
    Seneca Resources Fiscal 2010 Highlights Production Increased annual production by 17% to 49.7 BCFE Increased annual production by 17% to 49 7 BCFE Reserve Replacement Replaced 445% of production Finding & Development Cost F&D…
  28. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 28
    Exploration & Production Fiscal 2010 Year End Proved Reserves East Appalachia Reserves: 333 Bcfe (48%) FY 10 Production: 16.5 Bcfe (33%) Proved Reserves 9/30 503 Bcfe 503 Bcfe 528 Bcfe 528 Bcfe 700 Bcfe 700 Bcfe 61% 55%…
  29. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 29
    Exploration & Production Probable and Proved Reserves Possible Reserves, plus at 9/30/10 Resource Potential Marcellus Shale Accelerate development; Convert resource potential to reserves 202 Bcfe f 8 15 Tcfe Appalachian…
  30. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 30
    Exploration & Production Capital Expenditures by Region 500 West Upper Devonian Gulf of Mexico Marcellus 425500 Millions) 398 400 nditures ( M 300 380425 332 192 192 Capital Expen 200 188 188 147 64…
  31. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 31
    Exploration & Production Annual Production by Region 75 West Upper Devonian Gulf of Mexico Marcellus 6070 30% 60 17% duction (Bcffe) 49.7 25 30 2530 45 40.8 42.5 7.2 39.3 13.7 13.4 14.1 Prod 14 7 14.7 9 11…
  32. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 32
    Exploration & Production Finding & Development Cost (1) 8.00 NFG All E&P Companies All E&P Companies MidSized Independents 6.00 5.98 (2) 4 95 4.95 4.27 /Mcfe 4.00 3.10 2.00 (3) 1.80 0.00 2006 2007 2008 2009 2010…
  33. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 33
    Exploration & Production C lif i California 34 Analyst Day November 9, 2010
  34. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 34
    Senecas California Properties North Lost Hills 1,200 BOEPD South Lost Hills Tulare & Etchegoin Formation Tulare & Etchegoin Formation 1,900 BOEPD Primary & Steamflood Monterey Shale 221 Active Wells Primary 216 Active Wells…
  35. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 35
    California Average Daily Production 10,000 0,000 9,500 Modest capital spending to maintain production 9,000 Pursue additional bolton BOE/Day acquisitions 8,500 2011 Plans: 8,000 CapEx 40 MM 50 Development wells…
  36. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 36
    Exploration & Production G lf f M i Gulf of Mexico 37 Analyst Day November 9, 2010
  37. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 37
    Gulf of Mexico Average Daily Production 60 50 40 Minimal capital spending Mi i l i l di MMcfe/Day 30 Expect production decline M 20 in 2011 10 0 38 Analyst Day November 9, 2010
  38. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 38
    Exploration & Production E Di i i East Division 39 Analyst Day November 9, 2010
  39. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 39
    East Division Average Daily Production 70 Upper Devonian Marcellus Mcfe/Day) 60 Rapid growth in the East 50 Division as Marcellus is erage Daily Prroduction (MM ramping up 40 30 Expect significant production…
  40. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 40
    Marcellus Shale Senecas Pennsylvania Acreage Seneca Resource Acreage Position 9 745,000 Net Acres in the heart of the PA Marcellus fairwayy 9 160,000 Net Acres included in EOG JV 9 80% Fee Seneca owns the minerals No lease…
  41. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 41
    Marcellus Shale Recent Well Results Validate Senecas Position Tioga County McKean County Seneca Resources Lycoming County y g y SM Energy SM E Avg. IP: 7.9 MMCFD Seneca Resources IP: IP: 7+ MMCFD 15.8 MMCFD Elk County Seneca…
  42. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 42
    Marcellus Shale Approx. Outline of JV Acreage Recent Activity Seneca Operated Tioga 9 3 Rigs Drilling 9 200,000 Gross Acres 9 12 Wells Producing 9 Seneca 50% W.I. (Avg. 58% NRI) 9 Average IP: 7.9 MMcf per Day Seneca Operated…
  43. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 43
    Marcellus Shale Eastern Development Area Tioga/Lycoming/Potter Covington Area Full Development 9 55,000 Acres Initial Test Wells 9 Seneca Operated Seneca Operated 9 Resource Potential: 2 Tcf 9 Drilling / Fracing 9 24 Wells…
  44. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 44
    Marcellus Shale Western Development Area Seneca Operated Mt. Jewett Area 9 Seneca Operated EOG Operated 9 2011: 3 Wells Planned Beechwood Area Owls Nest Area 9 Seneca Operated 9 Seneca Operated 9 2011: 3 Wells Planned 9…
  45. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 45
    Tioga County Decline Curves Longer Lateral Wells Outpacing Original Decline Curve Tioga Production per Well(1) Avg. Tioga Production per Well Avg 6.3 Bcf Typecurve (1) Chart data represents horizontal well production from…
  46. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 46
    Marcellus Shale Pennsylvania Average Daily Gas Production per Horizontal Well (Companies with at least 5 horizontal wells producing) 5.0 n per Well 4.0 (Avg. MMcfdd) Gas Production 3.0 2.0 Daily G 1.0 00…
  47. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 47
    Marcellus Shale 60 Marcellus Net Production Marcellus net production at 50 September 30, 2010 was: 53 MMcfe per day MMcfe) 40 Production (M Seneca 30 Operated Daily Net P 20 10 EOG JV 48…
  48. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 48
    Marcellus Shale Centralized Water System Recovering water discharged from an abandoned coal mine which was adversely b d d l i hi h d l impacting a local trout stream Authorized by SRBC to withdraw approximately 500,000 gallons…
  49. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 49
    Marcellus Shale Wells Drilled per Year 125 EOG JV Wells Seneca Vertical Wells Seneca Horizontal Wells 100130 100 ells Drilled 6080 75 65 We 50 29 5 7 24 25 3545 10 29 4 6 11 0 Fiscal 2007 Fiscal 2007 Fiscal…
  50. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 50
    Marcellus Shale PreTax IRR Comparison PreTax IRR (NYMEX /MMBtu) Net Net Well Cost Working Revenue D Description i ti EUR ( MM) ( MM) I t Interest t Interest I t t 4 00 4.00 5 00 5.00 6 00 6.00 Seneca Tioga County 6…
  51. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 51
    Marcellus Shale Breakeven Pricing at PV10 6.00 On November 1, 2011, NYMEX Strip(1) for Fiscal PV10 Breakeven Price (/Mcfe) 5.00 Year 2011 was 4.03 4 00 4.00 3.00 2.21 2.21 2.32 1.93 2.00 1.00 EUR: 4 Bcf…
  52. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 52
    Seneca Resources Marcellus Shale Summary Continuing to achieve high IP rates and showing slow decline Continuing to achieve high IP rates and showing slow decline Fourth horizontal rig is on location 9 Will have 3 rigs in East and 1…
  53. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 53
    Pipeline & Storage / Midstream National Fuel Gas Supply Corporation Empire Pipeline, Inc. National Fuel Gas Midstream Corporation 54 Analyst Day November 9, 2010
  54. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 54
    5555 Analyst Day November 9, 2010
  55. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 55
    5656 Analyst Day November 9, 2010
  56. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 56
    5757 Analyst Day November 9, 2010
  57. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 57
    5858 Analyst Day November 9, 2010
  58. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 58
    PIPELINE & STORAGE / MIDSTREAM EXPANSION INITIATIVES NORTHERN ACCESS TIOGA COUNTY EXTENSION LAMONT COMPRESSOR STATION COVINGTON PHASE I & II GATHERING SYSTEM TROUT RUN LINE N GATHERING EXPANSION SYSTEM PHASE I &…
  59. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 59
    Pipeline & Storage/Midstream Expansion Initiatives Capacity Est. InService Project Name Project Name Status (Dth/D) CapEx Date Covington Gathering System 145,000 16 MM 11/17/09 Completed Flowing into TGP 300 Line Lamont…
  60. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 60
    Midstream Corporation Covington Gathering System Tioga County TGP 300 Tennessee Gas Pipeline Capacity: 146,000 Dth/d C i 146 000 D h/d Interconnects with Tennessee Gas Pipeline in Tioga County Gas Pipeline in Tioga County…
  61. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 61
    Midstream Corporation Trout Run Gathering System Lycoming County Capacity: 250,000 Dth/d Will Will Interconnect with Transco Interconnect with Transco Pipeline in Lycoming County Seneca Resources will be the primary shipper…
  62. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 62
    Pipeline & Storage Challenges & Opportunities Challenges Opportunities NFGSC Contract Turnbacks Expansion Projects Supply has received capacity Both Supply and Empire have turnbacks on expiring contracts, on expiring contracts…
  63. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 63
    Energy Marketing National Fuel Resources 64 Analyst Day November 9, 2010
  64. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 64
    National Fuel Resources National Fuel Resources Fiscal 2010 Highlights Recently launched a residential marketing campaign on RG&E and y g p g NYSEG 9 Further diversify customer pool in areas where commercial, industrial and…
  65. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 65
    National Fuel Resources National Fuel Resources Fiscal 2011 Expectations Strong focus on growth of new residential and small commercial g g customer pools on RG&E and NYSEG using POR programs Expand residential customer program in…
  66. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 66
    National Fuel Gas Company Corporate & Financial Highlights Corporate & Financial Highlights 67 Analyst Day November 9, 2010
  67. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 67
    National Fuel Gas Company 2011 EPS Guidance & Sensitivity NFG & Subsidiaries NFG & Subsidiaries On November 4, 2010, the Fiscal 2011 Company updated its fiscal 2011 Preliminary Earnings per Share (Diluted) Guidance y g p ( ) (1)…
  68. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 68
    National Fuel Gas Company Fiscal Year 2011 Earnings Guidance Key Drivers Exploration & Production Production P d i 30% DD&A: 2.05 to 2.15 per Mcfe LOE: 1.10 to 1.35 per Mcfe G&A: 38 41 Million FY2010 FY2010 FY 2011 EPS FY…
  69. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 69
    National Fuel Gas Company Looking Beyond Fiscal 2011 Exploration & Production p 9 Marcellus = Substantial growth engine 9 West = Stable production and cash flows 9 Gulf = Produce out assets Gulf = Produce out assets Pipeline &…
  70. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 70
    National Fuel Gas Company Capital Expenditures(1) from Continuing Operations 1,000 Exploration & Production Pipeline & Storage Utility All Other Millions) 750 605740 pital Expenditures ( M 5560 501 100 500 417 150 58…
  71. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 71
    National Fuel Gas Company Sources and Uses of Cash 1,400 2010 Actual 2011 Forecast 1,050 989 989 Debt Maturities 58 Uses Uses 200 Dividend Millions of Cash 333 CapEx 700 115 566 566 New Financing 77 Cash on Hand 113…
  72. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 72
    National Fuel Gas Company Seneca Oil and Gas Hedge Positions Natural Gas Volume Average Volume Average Swaps (Bcf) Hedge Price Oil Swaps (MMBbl) Hedge Price Fiscal 2011 Fiscal 2011 19 9 19.9 6 76 / Mcf 6.76 / Mcf Fiscal 2011…
  73. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 73
    National Fuel Gas Company Capital Structure ShortTerm Debt 2% LongTerm LongTerm Shareholders Shareholders Debt Shareholders Sh h ld Debt Equity 42% Equity 35% 58% 63% 2.995 Billion(1) Forecasted Capital at September…
  74. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 74
    National Fuel Gas Company Capital Resources & Credit Ratings Capital Resources 300.0 MM Commercial Paper CURRENT CREDIT RATINGS CURRENT CREDIT RATINGS Program and 405 MM in RATING AGENCY RATING Uncommitted Credit Facilities…
  75. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 75
    National Fuel Gas Company Debt Maturity Schedule 300 300 250 250 Millions) 200 200 Debt Maaturity ( M 150 100 49 50 7 500% 7.500% 6 700% 6.700% 5 250% 5.250% 6 500% 6.500% 8 750% 8.750% 7 395% 7.395% 7 375%…
  76. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 76
    National Fuel Gas Company Dividend Growth National Fuel has had 108 uninterrupted 1.38 f di id d dh i d years of dividend payments and has increased its dividend for 40 consecutive years Compound Annual Growth Rate 5.1% %…
  77. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 77
    National Fuel Gas Company Key Takeaways HighQuality Marcellus Acreage Position g Q y g 9 745,000 net acres with a resource potential of 815 Tcfe 9 Recent well results validate the quality of our acreage 9 Fee ownership results…
  78. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 78
    79 Analyst Day November 9, 2010
  79. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 79
    Marcellus Shale Recent Activity SRC Fee Acreage SRC Lease Acreage SRC Contributed JV Acreage EOG Contributed JV Acreage 80 Analyst Day November 9, 2010
  80. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 80
    National Fuel Gas Company Comparable GAAP Financial Measure bl l Slides and Reconciliations This presentation contains certain nonGAAP financial measures. For pages that contain nonGAAP financial measures, pages containing the most…
  81. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 81
    82 Analyst Day November 9, 2010
  82. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 82
    Reconciliation of GAAP Net Income to Income From Continuing Operations Excluding Items Impacting Comparability ( Thousands) FY 2007 FY 2008 FY 2009 FY 2010 GAAP Net Income E&P Segment GAAP Net Income 210,669 146,612 (10,238)…
  83. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 83
    Reconciliation of Segment Capital Expenditures to Consolidated Capital Expenditures ( Thousands) FY 2011 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 Forecast Capital Expenditures from Continuing Operations Exploration & Production…
  84. Fiscal 2010 Year End Analyst Day – National Fuel Gas Co. – slide 84
    Reconciliation of Appalachian Growth Capital Expenditures to Consolidated Capital Expenditures ( Millions) FY 2011 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 Forecast Appalachian Growth Capital Expenditures from Continuing Operations1…

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