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 National Fuel Reports Fourth Quarter and Full Year Fiscal 2016 Earnings
   Thursday, November 03, 2016 5:05:05 PM ET

National Fuel Gas Company ("National Fuel" or the "Company") (NFG ) today announced consolidated results for the three months and fiscal year ended September 30, 2016. National Fuel had consolidated earnings for the quarter ended September 30, 2016, of $37.6 million or $0.44 per share, compared to the prior year’s fourth quarter consolidated loss of $187.7 million or $2.22 per share. For fiscal 2016, the Company had a consolidated net loss of $291.0 million or $3.43 per share, versus a consolidated net loss of $379.4 million or $4.50 per share in fiscal 2015.

FISCAL 2016 FOURTH QUARTER SUMMARY

-- Consolidated net income of $37.6 million or $0.44 per share



-- Operating Results (earnings before items impacting comparability) of $56.6 million or $0.66 per share (non-GAAP reconciliation on page 2)

-- Impairment of oil and gas properties of $32.8 million ($19.0 million after tax)

-- Adjusted EBITDA of $170.1 million, up from $153.6 million in the prior year (non-GAAP reconciliation on page 26)

-- Net production of 39.8 Bcfe, a 6% increase from prior year, resulting in record annual net production for fiscal 2016

-- Price-related production curtailments of 6.2 Bcf in Appalachia

-- Average natural gas prices after hedging of $3.09 per Mcf, down $0.26 per Mcf from the prior year

-- Average oil prices after hedging of $60.01 per Bbl, down $6.39 per Bbl from the prior year

-- Midstream businesses Adjusted EBITDA of $67.5 million, up from $56.7 million in the prior year (non-GAAP reconciliation on page 27)

MANAGEMENT COMMENTS

Ronald J. Tanski, President and Chief Executive Officer of National Fuel Gas Company, stated: "We are pleased to finish our 2016 fiscal year with a strong fourth quarter. Realized commodity prices that declined by more than 10% over the entire fiscal year had a negative effect on our financial performance, as did weather that was 16% warmer than normal. Nonetheless, we were able to improve on our overall results from the prior year. Our team’s continued focus on cost control and operational efficiencies across the Company’s entire value chain helped drive the improved results for the year.

"Already into the second month of our 2017 fiscal year, we continue to focus on executing our integrated plans and navigating the Company through an increasingly challenging environment in the domestic energy industry. We expect to continue the methodical development of our vast, industry-leading low cost natural gas resource in the Marcellus and Utica shales. At the same time, we will leverage our valuable pipeline footprint and over 100 years of operational experience to responsibly build out and maintain the infrastructure necessary to supply the clean-burning fuel that keeps our utility customers warm, and connect the new supply sources to demand centers across the region. I am confident that our asset base and unique integrated structure will continue to provide us with a competitive advantage and that our strategy will deliver increasing returns for our shareholders, and position National Fuel as a premier energy company for years to come."

OPERATING RESULTS

                                                                                                         Three Months Ended                                                                              Fiscal Year Ended
                                                                                                                                                                     September 30,                                                                                                     September 30,
(in thousands except per share amounts)                                                                                                      2016                                 2015                                                     2016                                   2015
                                                                                                                              -----------------------------------                     -----------------------------------                     -------------------------------------                     -------------------------------------
Reported GAAP earnings (loss)                                                                                                      $ 37,553                                              $ (187,703 )                                              $ (290,958 )                                              $ (379,427 )
 Items impacting comparability:
   Impairment of oil and gas properties (E&P)                                                                                        32,756                                                 417,197                                                   948,307                                                 1,126,257
   Tax impact of impairment of oil and gas properties                                                                               (13,757 )                                              (176,360 )                                                (398,287 )                                                (476,097 )
   Joint development agreement professional fees (E&P)                                                                                                                                                                                                  7,855
   Tax impact of joint development agreement professional fees                                                                                                                                                                                         (3,299 )
   Deferred income tax adjustments (E&P)                                                                                                                                                    (13,206 )                                                                                                           (13,206 )
   Reversal of stock-based compensation                                                                                                                                                      (7,776 )                                                                                                            (7,776 )
   Tax impact of reversal of stock-based compensation                                                                                                                      3,095                                                                         3,095  
                                                                                                                              -----------------------------------                     ----------------------------------                      -------------------------------------                     ------------------------------------
Operating Results                                                                                                                  $ 56,552                           $   35,247                             $  263,618                             $  252,846  
                                                                                                                              ====== ====== ====================                      ==== ======== ====================                      ====== ======== ====================                      ====== ======== ====================
                                                                                                                                                                                                                                                                                                         
Reported GAAP earnings (loss) per share                                                                                            $   0.44                                              $    (2.22 )                                              $    (3.43 )                                              $    (4.50 )
 Items impacting comparability:
   Impairment of oil and gas properties (E&P)                                                                                          0.38                                                    4.93                                                     11.18                                                     13.35
   Tax impact of impairment of oil and gas properties                                                                                 (0.16 )                                                 (2.09 )                                                   (4.69 )                                                   (5.64 )
   Joint development agreement professional fees (E&P)                                                                                                                                                                                                   0.09
   Tax impact of joint development agreement professional fees                                                                                                                                                                                          (0.04 )
   Deferred income tax adjustments (E&P)                                                                                                                                                      (0.15 )                                                                                                             (0.15 )
   Reversal of stock-based compensation                                                                                                                                                       (0.09 )                                                                                                             (0.09 )
   Tax impact of reversal of stock-based compensation                                                                                                                                          0.04                                                                                                                0.04
   Earnings per share impact of dilutive shares (All segments)                                                                                                             (0.01 )                                                   (0.02 )                                                   (0.04 )
                                                                                                                              -----------------------------------                     ----------------------------------                      ------------------------------------                      ------------------------------------
Operating Results per diluted share                                                                                                $   0.66                           $     0.41                             $     3.09                             $     2.97  
                                                                                                                              ====== ====== ====================                      ==== ======== ====================                      ====== ======== ====================                      ====== ======== ====================
                                                                                                                                                                                                                                                                                                                         

DISCUSSION OF RESULTS BY SEGMENT

The following discussion of the earnings of each segment is summarized in a tabular form on pages 9 through 12 of this report. It may be helpful to refer to those tables while reviewing this discussion. Note that management defines Operating Results as reported GAAP earnings before items impacting comparability, and Adjusted EBITDA as reported GAAP earnings before the following items: interest expense, depreciation and amortization, interest and other income, impairments, items impacting comparability, and income taxes.

Upstream Business

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, primarily in Pennsylvania and California.

                                                                                                                              
                                                                                                                                     Three Months Ended                                                                                              Fiscal Year Ended
                                                                                                                                        September 30,                                                                                                  September 30,
                                                                                                       -------------------------------------------------------------------------------                     ----------------------------------------------------------------------------------------------------
(in thousands except per share amounts)                                                                   2016         2015          Variance                            2016           2015                   Variance
                                                                                                       ------------------------------ --------------------------------- --------------                     --------------------------------- --------------------------------- --------------------------------
Net Income / (Loss)                                                                                    $ 16,744    $ (207,019 )    $ 223,763                         $ (452,842 )   $ (556,974 )    $ 104,132
Net Income / (Loss) Per Share (Diluted)                                                                $   0.20                       $    (2.45 )                       $    2.65                         $    (5.34 )                      $    (6.60 )                       $    1.26
Adjusted EBITDA                                                                                        $ 95,157                       $   97,582                         $  (2,425 )                       $  363,830                        $  422,289                         $ (58,459 )
                                                                                                                                                                                                                                                                                           

Net income in the Exploration and Production segment in the current year’s fourth quarter was $16.7 million or $0.20 per share, compared to a net loss of $207.0 million or $2.45 per share in the prior year’s fourth quarter, an increase of $223.7 million, or $2.65 per share. The increase in the Exploration and Production segment’s fourth quarter net income is mainly due to lower charges that were recorded to write down the value of Seneca’s oil and natural gas reserves under the full cost method of accounting. The non-cash, pre-tax impairment charge recorded in the current year’s fourth quarter was $32.8 million ($19.0 million after-tax) versus $417.2 million ($240.8 million after-tax) in the prior year. The full cost method of accounting 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 an unweighted arithmetic average of the first day of the month oil and gas prices for each month within the 12-month period prior to the end of the reporting period ("the ceiling") with the book value of those reserves at the balance sheet date. If the book value of the reserves exceeds the ceiling, a non-cash impairment charge must be recorded in order to reduce the book value of the reserves to the calculated ceiling. While possible, Seneca does not expect to incur an impairment charge in the first quarter of fiscal 2017 due to the improvement in oil and gas prices and lower lease operating expenses and development costs.

Excluding items impacting comparability, including the impairment charges discussed above, Operating Results in the Exploration and Production segment in the current year’s fourth quarter were $35.7 million, or $0.42 per share, compared to $19.0 million, or $0.22 per share, in the prior year’s fourth quarter, an increase of $16.7 million or $0.20 per share. The increase in Operating Results is mainly due to higher natural gas production, lower operating expenses and a lower effective tax rate, offset partially by lower realized natural gas and crude oil prices and lower oil production.

Seneca’s fourth quarter net production was 39.8 billion cubic feet equivalent ("Bcfe"), an increase of 2.2 Bcfe, or 6 percent, from the prior year, and a decrease of 4.1 Bcfe, or 9 percent, versus the third quarter of fiscal 2016. Net natural gas production increased 2.5 Bcf, or 8 percent, versus prior year due mainly to new incremental firm transportation capacity that became available to Seneca during the first quarter of fiscal 2016. Seneca voluntarily curtailed an estimated 6.2 Bcf of net natural gas production in the fourth quarter as a result of depressed local spot prices in Pennsylvania. Seneca’s crude oil production decreased 54 thousand barrels ("Mbbl"), or 7 percent, due mainly to the continuing impact of a disruption in steam flood operations that occurred during the first quarter in the North Midway Sunset field. Steam volumes increased at North Midway Sunset during the fourth quarter of fiscal 2016 and field production is expected to return to pre-disruption levels in the first half of fiscal 2017.

Seneca’s average realized natural gas price, after the impact of hedging, for the fourth quarter was $3.09 per thousand cubic feet ("Mcf"), a decrease of $0.26 per Mcf versus the prior year. Seneca’s average realized oil price, after the impact of hedging, was $60.01 per barrel ("Bbl"), a decrease of $6.39 per Bbl. Seneca’s average realized natural gas and oil prices benefited from an uplift of $0.82 per Mcf and $20.55 per Bbl, respectively, from financial hedges settled during the quarter.

The decrease in Seneca’s fourth quarter operating expenses was driven by lower lease operating and transportation expense ("LOE") and lower depreciation, depletion and amortization ("DD&A") expense. LOE decreased due to lower per unit operating costs, offset by the impact of higher natural gas production and the associated gathering costs. On a per unit of production basis, LOE decreased from $1.07 per Mcf equivalent ("Mcfe") to $0.97 per Mcfe. The $0.10 per Mcfe decrease is largely due to a reduction in well maintenance and steam fuel costs in Seneca’s California division and lower salt water disposal and maintenance costs in Seneca’s Appalachian division. DD&A expense decreased due to lower per unit DD&A, offset partially by the impact of higher production. Seneca’s per unit DD&A decreased $0.54 per Mcfe to $0.69 per Mcfe due to a lower depletable fixed asset balance resulting mainly from the ceiling test impairment charges recorded during the prior four quarters.

A lower effective income tax rate also benefited Seneca’s earnings. The lower effective rate was principally attributed to a tax credit related to a solar farm that went in service at Seneca’s California operations in the fourth quarter. Adjustments related to the intercompany tax sharing agreement in place amongst the Company’s subsidiaries also contributed to the lower effective rate.

The net loss in the Exploration and Production segment for fiscal 2016 was $452.8 million or $5.34 per share, compared to a net loss of $557.0 million, or $6.60 per share, in fiscal 2015, an improvement of $104.2 million or $1.26 per share. The decrease in the Exploration and Production segment’s fiscal 2016 net loss is mainly due to lower charges that were recorded to write down the value of Seneca’s oil and natural gas reserves under the full cost method of accounting. The total non-cash, pre-tax impairment charge recorded in fiscal 2016 was $948.3 million ($550.0 million after-tax) versus $1.1 billion ($650.2 million after-tax) in the prior fiscal year.

Excluding items impacting comparability, including the impairment charges discussed above, Operating Results in the Exploration and Production segment for fiscal 2016 were $101.7 million, or $1.19 per share, compared to $78.4 million, or $0.92 per share, in fiscal 2015, an increase of $23.3 million or $0.27 per share. The increase in Operating Results is mainly due to higher production, lower operating expenses and a lower effective tax rate, offset partially by lower realized natural gas and crude oil prices and higher interest expense.

Seneca generated record net production of 161.1 Bcfe in fiscal 2016, an increase of 3.3 Bcfe, or 2 percent, versus fiscal 2015. Seneca voluntarily curtailed an estimated 34.6 Bcf of net natural gas production in fiscal 2016. Seneca’s average realized natural gas and oil prices, after the impact of hedging, were $3.02 per Mcf and $57.91 per Bbl, respectively, a decrease of $0.36 per Mcf and $12.45 per Bbl, versus fiscal 2015.

LOE expense decreased primarily due to lower repairs and maintenance expenses and overall operating costs, which decreased Seneca’s average per unit LOE by $0.10 per Mcfe, offset slightly by the impact of higher production and the associated gathering costs. Property, franchise and other taxes decreased due to lower Pennsylvania impact fee payments and California assessments. DD&A expense decreased $0.65 per Mcfe to $0.87 per Mcfe as a result of lower depletable fixed asset balance following the ceiling test impairment charges.

Year End Proved Reserves

Seneca’s total proved crude oil and natural gas reserves were 1,849 Bcfe at September 30, 2016 versus 2,344 Bcfe at September 30, 2015. The 495 Bcfe decrease was due primarily to 262 Bcfe of mineral sales, another 262 Bcfe of net negative revisions, and 161 Bcfe of annual production, offset by a 190 Bcfe of extensions and discoveries. Seneca’s total proved undeveloped reserves ("PUDs") at the end of fiscal 2016 were 543 Bcfe, or 29 percent of proved reserves, which was down from 35 percent of proved reserves at the end of fiscal 2015.

As part of the joint development agreement ("JDA") entered into in November 2015 and extended in June 2016, Seneca conveyed approximately 246 Bcfe of natural gas reserves to the JDA partner in fiscal 2016. The Company expects to convey an additional 69 Bcfe of proved reserves to the JDA partner in fiscal 2017. In addition to the JDA, the Company sold approximately 16 Bcfe of Upper Devonian reserves in fiscal 2016.

Revisions to previous proved reserve estimates resulted in a net reduction of 262 Bcfe, with 227 Bcfe, or 87 percent, due to lower oil and gas pricing. Similar to the quarterly ceiling test calculation discussed above, Seneca is required under SEC accounting rules to use 12-month historical oil and gas pricing to estimate its proved reserves. Average natural gas and oil prices used to estimate the Company’s proved reserves decreased $0.75 per Mcf and $18.57 per Bbl, respectively, from 2015. The Company is able to record positive price related revisions to its proved reserves if oil and gas prices increase.

Adjusting for sales and revisions, Seneca replaced 117 percent of its production in fiscal 2016 versus 404 percent in fiscal 2015. The decrease was driven primarily by the JDA and an overall reduction in development activity in Appalachia, where the Company went from operating 3 rigs in fiscal 2015 to a single rig in the second quarter of fiscal 2016.

Midstream Businesses

Pipeline and Storage Segment

The Pipeline and Storage segment’s 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 Pennsylvania.

                                                                                                                          
                                                                                                                                   Three Months Ended                                                                                         Fiscal Year Ended
                                                                                                                                      September 30,                                                                                             September 30,
                                                                                                       ---------------------------------------------------------------------------                     -----------------------------------------------------------------------------------------------
(in thousands except per share amounts)                                                                   2016        2015       Variance                           2016         2015                 Variance
                                                                                                       ------------------------------ ------------------------------ -------------                     ------------------------------- ------------------------------- -------------------------------
Net Income / (Loss)                                                                                    $ 16,816    $ 18,485     $ (1,669 )                       $  76,610    $  80,354     $ (3,744 )
Net Income / (Loss) Per Share (Diluted)                                                                $   0.20                       $   0.22                        $  (0.02 )                       $    0.90                       $    0.95                        $  (0.05 )
Adjusted EBITDA                                                                                        $ 46,517                       $ 40,297                        $  6,220                         $ 199,446                       $ 188,042                        $ 11,404
                                                                                                                                                                                                                                                                                  

The Pipeline and Storage segment’s fourth quarter earnings decreased $1.7 million versus the prior year as the increase in the segment’s operating income was more than offset by lower other income and higher income taxes. Operating income increased $2.9 million, or 9 percent, as a result of the three expansion projects - Northern Access 2015, Westside Expansion & Modernization, and Tuscarora Lateral - that were placed in service during the first quarter of fiscal 2016. Other income decreased $1.4 million as the Company recorded lower allowance for funds used during construction ("AFUDC") following the in-service of the three expansion projects that were under construction during the prior year. The segment’s effective tax rate was higher in the fourth quarter due to adjustments related to the intercompany tax sharing agreement in place amongst the Company’s subsidiaries.

Similarly, the Pipeline and Storage segment’s fiscal 2016 earnings decreased $3.7 million versus the prior year as the increase in operating income was more than offset by higher interest expense and income taxes. Operating income increased $4.4 million, or 3 percent, as a result of the three expansion projects that were placed in service during the first quarter of fiscal 2016. The impact of the expansion projects were partially offset by a decrease in revenues from short-term seasonal contracts and a reduction in some of Supply Corporation’s and Empire’s tariff rates, as well as higher post-retirement benefit and executive compensation costs. The increase in interest expense was due to the full year impact of the long-term debt issuance that occurred at the end of the quarter ended June 30, 2015. The segment’s effective tax rate was higher in the fourth quarter due to changes in intercompany tax adjustments recorded in the current year.

Gathering Segment

The Gathering segment’s operations are carried out by National Fuel Gas Midstream Corporation’s subsidiary limited liability companies. The Gathering segment constructs, owns and operates natural gas gathering pipelines and compression facilities in the Appalachian region which currently delivers Seneca’s gross Appalachian production to the interstate pipeline system.

                                                                                                                       
                                                                                                                                  Three Months Ended                                                                                      Fiscal Year Ended
                                                                                                                                     September 30,                                                                                          September 30,
                                                                                                       ------------------------------------------------------------------------                     ---------------------------------------------------------------------------------------------
(in thousands except per share amounts)                                                                   2016        2015      Variance                         2016        2015                Variance
                                                                                                       ------------------------------ ------------------------------ ----------                     ------------------------------ ------------------------------ -------------------------------
Net Income / (Loss)                                                                                    $  8,537    $  7,594     $   943                       $ 30,499    $ 31,849     $ (1,350 )
Net Income / (Loss) Per Share (Diluted)                                                                $   0.10                       $   0.09                        $  0.01                       $   0.36                       $   0.38                        $  (0.02 )
Adjusted EBITDA                                                                                        $ 20,963                       $ 16,426                        $ 4,537                       $ 78,685                       $ 68,881                        $  9,804
                                                                                                                                                                                                                                                                             

The Gathering segment’s fourth quarter earnings increased 12 percent due to higher gathering revenues, offset partially by higher Operation and Maintenance ("O&M"), DD&A and interest expenses. Operating revenues increased $5.2 million, or 29 percent, as a result of the increase in Seneca’s gross production volumes during the quarter. O&M expense increased on higher costs associated with the operation of various compression facilities that were placed in service during the current fiscal year. DD&A expense increased due to higher gross plant in service during the quarter. Interest expense increased due to a decline in capitalized interest on lower construction work in progress during the current quarter.

The Gathering segment’s fiscal 2016 earnings declined 4 percent versus fiscal 2015 as the increase in operating income was more than offset by an increase in interest expense. Operating income increased $5.4 million, or 9 percent, as gathering revenues from higher system throughput more than offset higher O&M and DD&A expenses. Operating revenues increased $12.2 million, or 16 percent, due to the increase in Seneca’s gross production volumes in 2016. O&M expense increased on higher costs associated with the operation of various compression facilities that were placed in service during the current fiscal year. DD&A expense increased due to higher gross plant in service during the year. The increase in interest expense was due to the full year impact of the long-term debt issuance that occurred at the end of the quarter ended June 30, 2015, coupled with lower capitalized interest.

Downstream Businesses

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.

                                                                                                                         
                                                                                                                                   Three Months Ended                                                                                         Fiscal Year Ended
                                                                                                                                      September 30,                                                                                             September 30,
                                                                                                       --------------------------------------------------------------------------                     ------------------------------------------------------------------------------------------------
(in thousands except per share amounts)                                                                   2016         2015       Variance                         2016         2015                  Variance
                                                                                                       ------------------------------- ------------------------------- ----------                     ------------------------------- ------------------------------- --------------------------------
Net Income / (Loss)                                                                                    $ (1,784 )   $ (3,288 )    $ 1,504                       $  50,960    $  63,271     $ (12,311 )
Net Income / (Loss) Per Share (Diluted)                                                                $  (0.02 )                      $  (0.04 )                       $  0.02                       $    0.60                       $    0.75                        $   (0.15 )
Adjusted EBITDA                                                                                        $ 10,400                        $  3,311                         $ 7,089                       $ 148,683                       $ 164,037                        $ (15,354 )
                                                                                                                                                                                                                                                                                  

The $0.02 per share improvement in the Utility segment’s fourth quarter net loss was largely attributable to lower O&M expenses offset slightly by higher DD&A expense. O&M expense decreased $5.6 million versus the prior year due to lower maintenance, personnel, and post-retirement benefit costs.

The Utility segment’s fiscal 2016 earnings decreased 19 percent due to the warmer winter heating season and the impact of a regulatory true-up adjustment in fiscal 2015, offset partially by a reduction in O&M expenses. Warmer weather during the winter heating season had a negative impact on the segment’s margins, which contributed to a $0.15 per share decline in the Utility’s earnings. In New York, the impact of weather variations on earnings is largely mitigated by that jurisdiction’s weather normalization clause. O&M expense decreased $10.8 million in fiscal 2016 due to a decline in uncollectible customer accounts and lower maintenance, personnel, and post-retirement benefit costs.

Energy Marketing Segment

The Energy Marketing segment’s operations are carried out by National Fuel Resources, Inc. ("NFR"). 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.

                                                                                                                                                 
                                                                                                                                               Three Months Ended                                                                                                   Fiscal Year Ended
                                                                                                                                                  September 30,                                                                                                       September 30,
                                                                                                       --------------------------------------------------------------------------------------------------                     --------------------------------------------------------------------------------------------
(in thousands except per share amounts)                                                                       2016                2015               Variance                             2016        2015                Variance
                                                                                                       -------------------------------------- --------------------------------------- -------------------                     ----------------------------- ------------------------------ -------------------------------
Net Income / (Loss)                                                                                    $            231    $             34      $            197                       $ 4,348    $  7,766     $ (3,418 )
Net Income / (Loss) Per Share (Diluted)                                                                $ --                       $ --                         $ --                       $  0.05                       $   0.09                        $  (0.04 )
Adjusted EBITDA                                                                                        $             87                       $           (176 )                       $            263                       $ 6,655                       $ 12,237                        $ (5,582 )
                                                                                                                                                                                                                                                                                                      

The Energy Marketing segment’s fourth quarter earnings were relatively flat when compared to the prior year. For fiscal 2016, earnings declined $3.4 million due primarily to lower customer volumes and margins, which were negatively impacted by the warmer winter weather and stronger natural gas prices at local purchase points relative to NFR’s NYMEX-based customer sales contracts.

Corporate and All Other

The Corporate and All Other category net loss of $3.0 million for the quarter ended September 30, 2016, compares to a net loss of $3.5 million in the prior year’s fourth quarter. The $0.5 million decrease in the net loss impacted consolidated earnings by less than $0.01 per share.

The Corporate and All Other category net loss of $0.5 million for the year ended September 30, 2016, compares to a net loss of $5.7 million in the prior year. The $5.2 million decrease in the net loss was due to lower corporate-level expenses and lower income taxes.

EARNINGS GUIDANCE

The Company is reaffirming its earnings guidance for fiscal 2017 with a range of $2.85 to $3.15 per share. While the earnings guidance range remains unchanged, the Company is updating fiscal 2017 capital expenditure and production guidance and revising some of its Exploration & Production forecast assumptions.

                                                                          
                                                                                                         Updated FY 2017 Guidance                       Previous FY 2017 Guidance
                                                                                                         ------------------------                      -------------------------
Consolidated Earnings per Share                                                                               $2.85 to $3.15                                 $2.85 to $3.15
Capital Expenditures (Millions)
    Exploration & Production (1)                                                                                $180 - $220                                    $160 - $200
    Pipeline & Storage                                                                                          $390 - $440                                    $400 - $450
    Gathering                                                                                                    $65 - $75                                      $75 - $85
    Utility                                                                                                     $90 - $100                                     $90 - $100
    Consolidated Capital Expenditures                                                                           $725 - $835                                    $725 - $835
                                                                                                                                                        
Exploration & Production Segment Guidance
    NYMEX Natural Gas Price Assumption                                                                             $3.25                                          $3.00
    NYMEX Crude Oil Price Assumption                                                                              $53.00                                         $50.00
                                                                                                                                                        
    Production (Bcfe)
    East Division - Appalachia                                                                                  125 to 148                                     130 to 153
    West Division - California                                                                                   20 to 22                                       20 to 22
    Total Production                                                                                            145 to 170                                     150 to 175
                                                                                                                                                        
    E&P Operating Costs ($/Mcfe)
    LOE                                                                                                        $0.95 - $1.05                                  $0.95 - $1.05
    G&A                                                                                                        $0.35 - $0.40                                  $0.35 - $0.40
    DD&A                                                                                                       $0.65 - $0.75                                  $0.65 - $0.75
                                                                                                                                                        
(1)   Net of initial conveyance proceeds received from joint development
                         partner for working interest in joint development wells
                          

EARNINGS TELECONFERENCE

The Company will host a conference call on Friday, November 4, 2016, 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 NFG Investor Relations News & Events page at National Fuel’s website at investor.nationalfuelgas.com. For those without Internet access, audio access is also provided by dialing (toll-free) 844-742-4246, using conference ID number "97603563." For those unable to listen to the live conference call, an audio replay will be available approximately two hours following the teleconference at the same website link and by phone at (toll-free) 855-859-2056 or 404-537-3406, using conference ID number "97603563." Both the webcast and telephonic replay will be available until the close of business on Friday, November 11, 2016.

National Fuel is an integrated energy company reporting financial results for five operating segments: Exploration and Production, Pipeline and Storage, Gathering, Utility, and Energy Marketing. Additional information about National Fuel is available at www.nationalfuelgas.com.

Certain statements contained herein, including statements identified by the use of the words "anticipates," "estimates," "expects," "forecasts," "intends," "plans," "predicts," "projects," "believes," "seeks," "will," "may" and similar expressions, and statements which are other than statements of historical facts, 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: 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 rate cases (which address, among other things, target rates of return, rate design and retained natural gas), environmental/safety requirements, affiliate relationships, industry structure, and franchise renewal; impairments under the SEC’s full cost ceiling test for natural gas and oil reserves; changes in the price of natural gas or oil; 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; 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, title disputes, 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, regulations or judicial interpretations to which the Company is subject, including those involving derivatives, taxes, safety, employment, climate change, other environmental matters, real property, and exploration and production activities such as hydraulic fracturing; changes in price differentials between similar quantities of natural gas or oil sold at different geographic locations, and the effect of such changes on commodity production, revenues and demand for pipeline transportation capacity to or from such locations; other changes in price differentials between similar quantities of natural gas or oil having different quality, heating value, hydrocarbon mix or delivery date; the cost and effects of legal and administrative claims against the Company or activist shareholder campaigns to effect changes at the Company; uncertainty of oil and gas reserve estimates; significant differences between the Company’s projected and actual production levels for natural gas or oil; changes in demographic patterns and weather conditions; changes in the availability, price or accounting treatment of derivative financial instruments; 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 major accidents, fires, severe weather, natural disasters, terrorist activities, acts of war, cyber attacks or pest infestation; significant differences between the Company’s projected and actual capital expenditures and operating expenses; changes in laws, 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; 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.

                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                    NATIONAL FUEL GAS COMPANY
                                                                                                                                                                                                                     RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
                                                                                                                                                                                                                                QUARTER ENDED SEPTEMBER 30, 2016
                                                                                                                                                                                                                                     (Unaudited)
                                                                                                                                                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                                                                                                                                                                                            
                                                                                                                    Upstream                                                                       Midstream Businesses                                                                                              Downstream Businesses
                                                                                                       -----------------------------------                     ---------------------------------------------------------------------------------------------                     ---------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                            
                                                                                                                  Exploration &                                            Pipeline &                                                                                                                                                                   Energy                                                 Corporate /
(Thousands of Dollars)                                                                                             Production                             Storage                              Gathering                              Utility                              Marketing                             All Other                           Consolidated*
                                                                                                       ------------------------------------------------------- ------------------------------------------------------- --------------------------------------------------------- ------------------------------------------------------- --------------------------------------------------------- ------------------------------------------------------- -------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Fourth quarter 2015 GAAP earnings                                                                         $ (207,019 )                                              $ 18,485                                                 $   7,594                                                $ (3,288 )                                               $      34                                                $ (3,509 )                                              $ (187,703 )
Items impacting comparability:
Impairment of oil and gas producing properties                                                               417,197                                                                                                                                                                                                                                                                                                                                               417,197
Tax impact of impairment of oil and gas producing properties                                                (176,360 )                                                                                                                                                                                                                                                                                                                                            (176,360 )
Deferred income tax adjustments                                                                              (13,206 )                                                                                                                                                                                                                                                                                                                                             (13,206 )
Reversal of stock-based compensation                                                                          (2,767 )                                                (1,900 )                                          --                                                  (1,684 )                                          --                                                  (1,425 )                                                  (7,776 )
Tax impact of reversal of stock-based compensation                                                             1,170               754      --               649      --               522               3,095  
                                                                                                       ---------------------------------- -------------------- ---------------------------------- -------------------- ------------------------------------ -------------------- ---------------------------------- -------------------- ------------------------------------ -------------------- ---------------------------------- -------------------- ------------------------------------
Fourth quarter 2015 operating results                                                                         19,015                                                  17,339                                                     7,594                                                  (4,323 )                                                      34                                                  (4,412 )                                                  35,247
                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Drivers of operating results
Higher (lower) crude oil prices                                                                               (3,006 )                                                                                                                                                                                                                                                                                                                                              (3,006 )
Higher (lower) natural gas prices                                                                             (5,933 )                                                                                                                                                                                                                                                                                                                                              (5,933 )
Higher (lower) natural gas production                                                                          5,490                                                                                                                                                                                                                                                                                                                                                 5,490
Higher (lower) crude oil production                                                                           (2,358 )                                                                                                                                                                                                                                                                                                                                              (2,358 )
Lower (higher) lease operating and transportation expenses                                                     1,121                                                                                                                                                                                                                                                                                                                                                 1,121
Lower (higher) depreciation / depletion                                                                       12,286                                                    (912 )                                                    (697 )                                                  (957 )                                                                                                                                                                     9,720
                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Higher (lower) transportation revenues                                                                                                                                 3,946                                                                                                                                                                                                                                                                                         3,946
Higher (lower) gathering and processing revenues                                                                                                                                                                                 3,403                                                                                                                                                                                                                               3,403
Lower (higher) other operating expenses                                                                        2,547                                                   1,049                                                      (466 )                                                 4,723                                                                                                               287                                                     8,140
Lower (higher) property, franchise and other taxes                                                               814                                                                                                                                                                                                                                                                                                                                                   814
                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Higher (lower) margins                                                                                                                                                                                                                                                                                                                               166                                                     346                                                       512
                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Higher (lower) AFUDC**                                                                                                                                                (1,415 )                                                                                                                                                                                                                                                                                      (1,415 )
                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Lower (higher) interest expense                                                                                                                                                                                                   (441 )                                                                                                                                                                                                                              (441 )
                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Lower (higher) income tax expense / effective tax rate                                                         5,992                                                  (2,356 )                                                    (911 )                                                (1,244 )                                                                                                             373                                                     1,854
                                                                                                                                                                                                                                                                                                                                                                                                                                                            
All other / rounding                                                                                            (225 )                               (835 )                                   55                17                  31               415                (542 )
                                                                                                       ---------------------------------- -------------------- ---------------------------------- -------------------- ------------------------------------ -------------------- ---------------------------------- -------------------- ------------------------------------ -------------------- ---------------------------------- -------------------- ------------------------------------
Fourth quarter 2016 operating results                                                                         35,743                                                  16,816                                                     8,537                                                  (1,784 )                                                     231                                                  (2,991 )                                                  56,552
Items impacting comparability:
Impairment of oil and gas producing properties                                                               (32,756 )                                                                                                                                                                                                                                                                                                                                             (32,756 )
Tax impact of impairment of oil and gas producing properties                                                  13,757                                                                                                            13,757  
                                                                                                       ---------------------------------- -------------------- ------------------------------------------------------- --------------------------------------------------------- ------------------------------------------------------- --------------------------------------------------------- ------------------------------------------------------- ------------------------------------
Fourth quarter 2016 GAAP earnings                                                                         $   16,744          $ 16,816           $   8,537          $ (1,784 )                            $     231          $ (2,991 )                           $   37,553  
                                                                                                       ==== ======== ==================== ==================== ====== ====== ==================== ==================== ======= ======= ==================== ==================== ====== ====== ==================== ==================== ======= ======= ==================== ==================== ====== ====== ==================== ==================== ====== ======== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                            
* Amounts do not reflect intercompany eliminations
** AFUDC = Allowance for Funds Used During Construction
                                                                                                                                                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                 NATIONAL FUEL GAS COMPANY
                                                                                                                                                                                                             RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
                                                                                                                                                                                                                             QUARTER ENDED SEPTEMBER 30, 2016
                                                                                                                                                                                                                                     (Unaudited)
                                                                                                                                                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                                                                                                                                                                      
                                                                                                                   Upstream                                                                      Midstream Businesses                                                                                            Downstream Businesses
                                                                                                       --------------------------------                     -----------------------------------------------------------------------------------------------                     --------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                      
                                                                                                                 Exploration &                                           Pipeline &                                                                                                                                                          Energy                                                     Corporate /
                                                                                                                  Production                            Storage                               Gathering                       Utility                           Marketing                                 All Other                            Consolidated*
                                                                                                       ---------------------------------------------------- --------------------------------------------------------- --------------------------------------------------------- ----------------------------------------- ---------------------------------------------------------------- --------------------------------------------------------- -------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                      
Fourth quarter 2015 GAAP earnings                                                                         $ (2.45 )                                               $    0.22                                                 $    0.09                                                $  (0.04 )                                 $ --                                                 $   (0.04 )                                               $   (2.22 )
Items impacting comparability:
Impairment of oil and gas producing properties                                                               4.93                                                                                                                                                                                                                                                                                                                                               4.93
Tax impact of impairment of oil and gas producing properties                                                (2.09 )                                                                                                                                                                                                                                                                                                                                            (2.09 )
Deferred income tax adjustments                                                                             (0.15 )                                                                                                                                                                                                                                                                                                                                            (0.15 )
Reversal of stock-based compensation                                                                        (0.03 )                                                   (0.02 )                                          --                                                   (0.02 )                                   --                                                     (0.02 )                                                   (0.09 )
Tax impact of reversal of stock-based compensation                                                           0.01                                                      0.01                                            --                                                    0.01                                     --                                                      0.01                                                      0.04
Earnings per share impact of diluted shares                                                                 (0.01 )                                                                                                                                                                                                                                                                                                                                            (0.01 )
Rounding                                                                                                     0.01               (0.01 )                                                                                              --  
                                                                                                       ------------------------------- -------------------- ------------------------------------ -------------------- --------------------------------------------------------- ----------------------------------------- ---------------------------------------------------------------- --------------------------------------------------------- ------------------------------------
Fourth quarter 2015 operating results                                                                        0.22                                                      0.20                                                      0.09                                                   (0.05 )                                   --                                                     (0.05 )                                                    0.41
                                                                                                                                                                                                                                                                                                                                                                                                                                                      
Drivers of operating results
Higher (lower) crude oil prices                                                                             (0.04 )                                                                                                                                                                                                                                                                                                                                            (0.04 )
Higher (lower) natural gas prices                                                                           (0.07 )                                                                                                                                                                                                                                                                                                                                            (0.07 )
Higher (lower) natural gas production                                                                        0.06                                                                                                                                                                                                                                                                                                                                               0.06
Higher (lower) crude oil production                                                                         (0.03 )                                                                                                                                                                                                                                                                                                                                            (0.03 )
Lower (higher) lease operating and transportation expenses                                                   0.01                                                                                                                                                                                                                                                                                                                                               0.01
Lower (higher) depreciation / depletion                                                                      0.14                                                     (0.01 )                                                   (0.01 )                                                 (0.01 )                                                                                                                                                                 0.11
                                                                                                                                                                                                                                                                                                                                                                                                                                                      
Higher (lower) transportation revenues                                                                                                                                 0.05                                                                                                                                                                                                                                                                                     0.05
Higher (lower) gathering and processing revenues                                                                                                                                                                                 0.04                                                                                                                                                                                                                           0.04
Lower (higher) other operating expenses                                                                      0.03                                                      0.01                                                     (0.01 )                                                  0.06                                                                                               --                                                      0.09
Lower (higher) property, franchise and other taxes                                                           0.01                                                                                                                                                                                                                                                                                                                                               0.01
                                                                                                                                                                                                                                                                                                                                                                                                                                                      
Higher (lower) margins                                                                                                                                                                                                                                                                                                            --                                            --                                            --
                                                                                                                                                                                                                                                                                                                                                                                                                                                      
Higher (lower) AFUDC**                                                                                                                                                (0.02 )                                                                                                                                                                                                                                                                                  (0.02 )
                                                                                                                                                                                                                                                                                                                                                                                                                                                      
Lower (higher) interest expense                                                                                                                                                                                                 (0.01 )                                                                                                                                                                                                                        (0.01 )
                                                                                                                                                                                                                                                                                                                                                                                                                                                      
Lower (higher) income tax expense / effective tax rate                                                       0.07                                                     (0.03 )                                                   (0.01 )                                                 (0.01 )                                                                                             --                                                      0.02
                                                                                                                                                                                                                                                                                                                                                                                                                                                      
All other / rounding                                                                                         0.02      --                0.01             (0.01 )                --                0.01                0.03  
                                                                                                       ------------------------------- -------------------- ------------------------------------ -------------------- ------------------------------------ -------------------- -------------------- -------------------- ------------------------------------------- -------------------- ------------------------------------ -------------------- ------------------------------------
Fourth quarter 2016 operating results                                                                        0.42                                                      0.20                                                      0.10                                                   (0.02 )                                   --                                                     (0.04 )                                                    0.66
Items impacting comparability:
Impairment of oil and gas producing properties                                                              (0.38 )                                                                                                                                                                                                                                                                                                                                            (0.38 )
Tax impact of impairment of oil and gas producing properties                                                 0.16                                                                                                           0.16  
                                                                                                       ------------------------------- -------------------- --------------------------------------------------------- --------------------------------------------------------- ----------------------------------------- ---------------------------------------------------------------- --------------------------------------------------------- ------------------------------------
Fourth quarter 2016 GAAP earnings                                                                         $  0.20           $    0.20           $    0.10          $  (0.02 )              $ --           $   (0.04 )                            $    0.44  
                                                                                                       ==== ===== ==================== ==================== ======= ======= ==================== ==================== ======= ======= ==================== ==================== ====== ====== ====== ==================== ======= ============== ==================== ==================== ======= ======= ==================== ==================== ======= ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                      
* Amounts do not reflect intercompany eliminations
** AFUDC = Allowance for Funds Used During Construction
 
                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                    NATIONAL FUEL GAS COMPANY
                                                                                                                                                                                                                     RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
                                                                                                                                                                                                                             TWELVE MONTHS ENDED SEPTEMBER 30, 2016
                                                                                                                                                                                                                                     (Unaudited)
                                                                                                                                                                                                                                                                                                                                                                                                                                                            
                                                                                                                    Upstream                                                                       Midstream Businesses                                                                                              Downstream Businesses
                                                                                                       -----------------------------------                     ---------------------------------------------------------------------------------------------                     ---------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                            
                                                                                                                  Exploration &                                            Pipeline &                                                                                                                                                                   Energy                                                 Corporate /
(Thousands of Dollars)                                                                                             Production                             Storage                              Gathering                              Utility                              Marketing                             All Other                           Consolidated*
                                                                                                       ------------------------------------------------------- ------------------------------------------------------- --------------------------------------------------------- ------------------------------------------------------- --------------------------------------------------------- ------------------------------------------------------- -------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Fiscal 2015 GAAP earnings                                                                                 $ (556,974 )                                              $ 80,354                                                 $  31,849                                                $ 63,271                                                 $   7,766                                                $ (5,693 )                                              $ (379,427 )
Items impacting comparability:
Impairment of oil and gas producing properties                                                             1,126,257                                                                                                                                                                                                                                                                                                                                             1,126,257
Tax impact of impairment of oil and gas producing properties                                                (476,097 )                                                                                                                                                                                                                                                                                                                                            (476,097 )
Deferred income tax adjustments                                                                              (13,206 )                                                                                                                                                                                                                                                                                                                                             (13,206 )
Reversal of stock-based compensation                                                                          (2,767 )                                                (1,900 )                                          --                                                  (1,684 )                                          --                                                  (1,425 )                                                  (7,776 )
Tax impact of reversal of stock-based compensation                                                             1,170               754      --               649      --               522               3,095  
                                                                                                       ---------------------------------- -------------------- ---------------------------------- -------------------- ------------------------------------ -------------------- ---------------------------------- -------------------- ------------------------------------ -------------------- ---------------------------------- -------------------- ------------------------------------
Fiscal 2015 operating results                                                                                 78,383                                                  79,208                                                    31,849                                                  62,236                                                     7,766                                                  (6,596 )                                                 252,846
                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Drivers of operating results
Higher (lower) crude oil prices                                                                              (23,643 )                                                                                                                                                                                                                                                                                                                                             (23,643 )
Higher (lower) natural gas prices                                                                            (33,645 )                                                                                                                                                                                                                                                                                                                                             (33,645 )
Higher (lower) natural gas production                                                                          8,751                                                                                                                                                                                                                                                                                                                                                 8,751
Higher (lower) crude oil production                                                                           (5,103 )                                                                                                                                                                                                                                                                                                                                              (5,103 )
Derivative mark to market adjustments                                                                         (2,061 )                                                                                                                                                                                                                                                                                                                                              (2,061 )
Lower (higher) lease operating and transportation expenses                                                     9,026                                                                                                                                                                                                                                                                                                                                                 9,026
Lower (higher) depreciation / depletion                                                                       64,906                                                  (3,312 )                                                  (2,895 )                                                (1,951 )                                                                                                                                                                    56,748
                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Higher (lower) transportation revenues                                                                                                                                10,601                                                                                                                                                                                                                                                                                        10,601
Higher (lower) gathering and processing revenues                                                                                                                                                                                 7,956                                                                                                                                                                                                                               7,956
Lower (higher) other operating expenses                                                                        4,946                                                  (1,145 )                                                  (1,603 )                                                 6,592                                                                                                             1,447                                                    10,237
Lower (higher) property, franchise and other taxes                                                             4,142                                                    (870 )                                                                                                                                                                                                                                                                                       3,272
                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Regulatory true-up adjustments                                                                                                                                                                                                                                                          (3,389 )                                                                                                                                                                    (3,389 )
Warmer weather                                                                                                                                                                                                                                                                         (12,457 )                                                                                                                                                                   (12,457 )
                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Higher (lower) margins                                                                                                                                                                                                                                                                                                                            (3,589 )                                                   910                                                    (2,679 )
                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Higher (lower) AFUDC**                                                                                                                                                  (904 )                                                                                                                                                                                                                                                                                        (904 )
                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Higher (lower) interest income                                                                                (1,102 )                                                                                                                                                                                                                                                                                                                                              (1,102 )
                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Lower (higher) interest expense                                                                               (5,660 )                                                (3,685 )                                                  (4,709 )                                                                                                                                                                                                                           (14,054 )
                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Lower (higher) income tax expense / effective tax rate                                                         3,207                                                  (2,695 )                                                                                                                                                                                                                             1,620                                                     2,132
                                                                                                                                                                                                                                                                                                                                                                                                                                                            
All other / rounding                                                                                            (413 )                               (588 )                                  (99 )                                (71 )                                  171             2,086               1,086  
                                                                                                       ---------------------------------- -------------------- ---------------------------------- -------------------- ------------------------------------ -------------------- ---------------------------------- -------------------- ------------------------------------ -------------------- ---------------------------------- -------------------- ------------------------------------
Fiscal 2016 operating results                                                                                101,734                                                  76,610                                                    30,499                                                  50,960                                                     4,348                                                    (533 )                                                 263,618
Items impacting comparability:
Impairment of oil and gas producing properties                                                              (948,307 )                                                                                                                                                                                                                                                                                                                                            (948,307 )
Tax impact of impairment of oil and gas producing properties                                                 398,287                                                                                                                                                                                                                                                                                                                                               398,287
Joint development agreement professional fees                                                                 (7,855 )                                                                                                                                                                                                                                                                                                                                              (7,855 )
Tax impact of joint development agreement professional fees                                                    3,299                                                                                                             3,299  
                                                                                                       ---------------------------------- -------------------- ------------------------------------------------------- --------------------------------------------------------- ------------------------------------------------------- --------------------------------------------------------- ------------------------------------------------------- ------------------------------------
Fiscal 2016 GAAP earnings                                                                                 $ (452,842 )                           $ 76,610           $  30,499          $ 50,960           $   4,348          $   (533 )                           $ (290,958 )
                                                                                                       ==== ======== ==================== ==================== ====== ====== ==================== ==================== ======= ======= ==================== ==================== ====== ====== ==================== ==================== ======= ======= ==================== ==================== ====== ====== ==================== ==================== ====== ======== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                            
* Amounts do not reflect intercompany eliminations
** AFUDC = Allowance for Funds Used During Construction
 
                                                                                                                                                                                                                                                                                                         
                                                                                                                                                                                                                                     NATIONAL FUEL GAS COMPANY
                                                                                                                                                                                                                  RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
                                                                                                                                                                                                                               TWELVE MONTHS ENDED SEPTEMBER 30, 2016
                                                                                                                                                                                                                                     (Unaudited)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
                                                                                                                   Upstream                                                                     Midstream Businesses                                                                                               Downstream Businesses
                                                                                                       --------------------------------                     ---------------------------------------------------------------------------------------------                     -----------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
                                                                                                                 Exploration &                                          Pipeline &                                                                                                                                                                     Energy                                                     Corporate /
                                                                                                                  Production                           Storage                              Gathering                               Utility                               Marketing                                 All Other                              Consolidated*
                                                                                                       ---------------------------------------------------- ------------------------------------------------------- --------------------------------------------------------- --------------------------------------------------------- --------------------------------------------------------- --------------------------------------------------------------- -----------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
Fiscal 2015 GAAP earnings                                                                                 $ (6.60 )                                              $   0.95                                                 $    0.38                                                 $    0.75                                                 $    0.09                                                $          (0.07 )                                              $  (4.50 )
Items impacting comparability:
Impairment of oil and gas producing properties                                                              13.35                                                                                                                                                                                                                                                                                                                                                         13.35
Tax impact of impairment of oil and gas producing properties                                                (5.64 )                                                                                                                                                                                                                                                                                                                                                       (5.64 )
Deferred income tax adjustments                                                                             (0.15 )                                                                                                                                                                                                                                                                                                                                                       (0.15 )
Reversal of stock-based compensation                                                                        (0.03 )                                                 (0.02 )                                          --                                                     (0.02 )                                          --                                                           (0.02 )                                                 (0.09 )
Tax impact of reversal of stock-based compensation                                                           0.01                                                    0.01                                            --                                                      0.01                                            --                                                                                 0.01                               0.04
Earnings per share impact of diluted shares                                                                 (0.02 )                              (0.01 )                                                    (0.01 )                                                                            (0.04 )
                                                                                                       ------------------------------- -------------------- ---------------------------------- -------------------- --------------------------------------------------------- ------------------------------------ -------------------- --------------------------------------------------------- --------------------------------------------------------------- ----------------------------------
Fiscal 2015 operating results                                                                                0.92                                                    0.93                                                      0.38                                                      0.73                                                      0.09                                                           (0.08 )                                                  2.97
                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
Drivers of operating results
Higher (lower) crude oil prices                                                                             (0.28 )                                                                                                                                                                                                                                                                                                                                                       (0.28 )
Higher (lower) natural gas prices                                                                           (0.39 )                                                                                                                                                                                                                                                                                                                                                       (0.39 )
Higher (lower) natural gas production                                                                        0.10                                                                                                                                                                                                                                                                                                                                                          0.10
Higher (lower) crude oil production                                                                         (0.06 )                                                                                                                                                                                                                                                                                                                                                       (0.06 )
Derivative mark to market adjustments                                                                       (0.02 )                                                                                                                                                                                                                                                                                                                                                       (0.02 )
Lower (higher) lease operating and transportation expenses                                                   0.11                                                                                                                                                                                                                                                                                                                                                          0.11
Lower (higher) depreciation / depletion                                                                      0.76                                                   (0.04 )                                                   (0.03 )                                                   (0.02 )                                                                                                                                                                            0.67
                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
Higher (lower) transportation revenues                                                                                                                               0.12                                                                                                                                                                                                                                                                                                  0.12
Higher (lower) gathering and processing revenues                                                                                                                                                                               0.09                                                                                                                                                                                                                                        0.09
Lower (higher) other operating expenses                                                                      0.06                                                   (0.01 )                                                   (0.02 )                                                    0.08                                                                                                                      0.02                                                    0.13
Lower (higher) property, franchise and other taxes                                                           0.05                                                   (0.01 )                                                                                                                                                                                                                                                                                                0.04
                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
Regulatory true-up adjustments                                                                                                                                                                                                                                                          (0.04 )                                                                                                                                                                           (0.04 )
Warmer weather                                                                                                                                                                                                                                                                          (0.15 )                                                                                                                                                                           (0.15 )
                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
Higher (lower) margins                                                                                                                                                                                                                                                                                                                            (0.04 )                                                          0.01                                                   (0.03 )
                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
Higher (lower) AFUDC**                                                                                                                                              (0.01 )                                                                                                                                                                                                                                                                                               (0.01 )
                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
Higher (lower) interest income                                                                              (0.01 )                                                                                                                                                                                                                                                                                                                                                       (0.01 )
                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
Lower (higher) interest expense                                                                             (0.07 )                                                 (0.04 )                                                   (0.06 )                                                                                                                                                                                                                                     (0.17 )
                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
Lower (higher) income tax expense / effective tax rate                                                       0.04                                                   (0.03 )                                                                                                                                                                                                                                        0.02                                                    0.03
                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
All other / rounding                                                                                        (0.02 )                              (0.01 )                       --      --      --                      0.02             (0.01 )
                                                                                                       ------------------------------- -------------------- ---------------------------------- -------------------- ------------------------------------ -------------------- ------------------------------------ -------------------- ------------------------------------ -------------------- ------------------------------------------ -------------------- ----------------------------------
Fiscal 2016 operating results                                                                                1.19                                                    0.90                                                      0.36                                                      0.60                                                      0.05                                                           (0.01 )                                                  3.09
Items impacting comparability:
Impairment of oil and gas producing properties                                                             (11.18 )                                                                                                                                                                                                                                                                                                                                                      (11.18 )
Tax impact of impairment of oil and gas producing properties                                                 4.69                                                                                                                                                                                                                                                                                                                                                          4.69
Joint development agreement professional fees                                                               (0.09 )                                                                                                                                                                                                                                                                                                                                                       (0.09 )
Tax impact of joint development agreement professional fees                                                  0.04                                                                                                                                                                                                                                                                                                                                                          0.04
Earnings per share impact of diluted shares                                                                  0.01                                                                                                    0.01              0.02  
                                                                                                       ------------------------------- -------------------- ------------------------------------------------------- --------------------------------------------------------- --------------------------------------------------------- --------------------------------------------------------- ------------------------------------------ -------------------- ----------------------------------
Fiscal 2016 GAAP earnings                                                                                 $ (5.34 )                           $   0.90           $    0.36           $    0.60           $    0.05          $ --          $  (3.43 )
                                                                                                       ==== ===== ==================== ==================== ====== ====== ==================== ==================== ======= ======= ==================== ==================== ======= ======= ==================== ==================== ======= ======= ==================== ==================== ====== ============== ==================== ==================== ====== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
* Amounts do not reflect intercompany eliminations
** AFUDC = Allowance for Funds Used During Construction
 
                                                                                                                                                                
                                                                                                                                      NATIONAL FUEL GAS COMPANY
                                                                                                                                          AND SUBSIDIARIES
                                                                                                                                                                                                                                                                 
(Thousands of Dollars, except per share amounts)
                                                                                                                              Three Months Ended                                                                                             Twelve Months Ended
                                                                                                                                 September 30,                                                                                                  September 30,
                                                                                                                                  (Unaudited)                                                                                                    (Unaudited)
                                                                                           ----------------------------------------------------------------------------------------                     ---------------------------------------------------------------------------------------------
SUMMARY OF OPERATIONS                                                                                    2016                               2015                                                    2016                                  2015
------------------------------------------------                                           -----------------------------   -------------------- --------------------------------                        --------------------------------   -------------------- ----------------------------------
Operating Revenues:
 Utility and Energy Marketing Revenues                                                       $ 83,620                                              $   87,816                                              $  624,602                                                $  860,618
 Exploration and Production and Other Revenues                                                155,734                                                 164,537                                                 611,766                                                   696,709
 Pipeline and Storage and Gathering Revenues                                                   53,118                               48,709                              216,048                                203,586  
                                                                                           -------------------------------                      ----------------------------------                      ----------------------------------                      ------------------------------------
                                                                                              292,472                                                 301,062                                               1,452,416                                                 1,760,913
Operating Expenses:
 Purchased Gas                                                                                    814                                                   5,256                                                 147,982                                                   349,984
 Operation and Maintenance:
       Utility and Energy Marketing                                                            41,038                                                  46,525                                                 192,512                                                   203,249
       Exploration and Production and Other                                                    36,235                                                  43,460                                                 160,201                                                   184,024
       Pipeline and Storage and Gathering                                                      24,477                                                  23,493                                                  88,801                                                    82,730
 Property, Franchise and Other Taxes                                                           19,791                                                  21,002                                                  81,714                                                    89,564
 Depreciation, Depletion and Amortization                                                      56,117                                                  70,860                                                 249,417                                                   336,158
 Impairment of Oil and Gas Producing Properties                                                32,756                              417,197                              948,307                              1,126,257  
                                                                                           -------------------------------                      ----------------------------------                      ----------------------------------                      ------------------------------------
                                                                                              211,228                                                 627,793                                               1,868,934                                                 2,371,966
                                                                                                                                                                                                                                                                 
Operating Income (Loss)                                                                        81,244                                                (326,731 )                                              (416,518 )                                                (611,053 )
                                                                                                                                                                                                                                                                 
Other Income (Expense):
 Interest Income                                                                                1,595                                                   2,291                                                   4,235                                                     3,922
 Other Income                                                                                   2,647                                                   3,401                                                   9,820                                                     8,039
 Interest Expense on Long-Term Debt                                                           (29,083 )                                               (29,016 )                                              (117,347 )                                                 (95,916 )
 Other Interest Expense                                                                           241                                 (173 )                                                (3,697 )                                                  (3,555 )
                                                                                           -------------------------------                      ----------------------------------                      ----------------------------------                      ------------------------------------
                                                                                                                                                                                                                                                                 
Income (Loss) Before Income Taxes                                                              56,644                                                (350,228 )                                              (523,507 )                                                (698,563 )
                                                                                                                                                                                                                                                                 
Income Tax Expense (Benefit)                                                                   19,091                             (162,525 )                                              (232,549 )                                                (319,136 )
                                                                                           -------------------------------                      ----------------------------------                      ----------------------------------                      ------------------------------------
                                                                                                                                                                                                                                                                 
Net Income (Loss) Available for Common Stock                                                 $ 37,553                           $ (187,703 )                                            $ (290,958 )                                              $ (379,427 )
                                                                                           === ====== ====================                      ==== ======== ====================                      ==== ======== ====================                      ====== ======== ====================
                                                                                                                                                                                                                                                                 
Earnings (Loss) Per Common Share:
 Basic                                                                                       $   0.44                           $    (2.22 )                                            $    (3.43 )                                              $    (4.50 )
                                                                                           === ====== ====================                      ==== ======== ====================                      ==== ======== ====================                      ====== ======== ====================
 Diluted                                                                                     $   0.44                           $    (2.22 )                                            $    (3.43 )                                              $    (4.50 )
                                                                                           === ====== ====================                      ==== ======== ====================                      ==== ======== ====================                      ====== ======== ====================
                                                                                                                                                                                                                                                                 
Weighted Average Common Shares:
Used in Basic Calculation                                                                                       85,016,408                                              84,570,432                                              84,847,993                                                84,387,755
                                                                                           ================================                     ===================================                     ===================================                     =====================================
Used in Diluted Calculation                                                                                     85,629,858                                              84,570,432                                              84,847,993                                                84,387,755
                                                                                           ================================                     ===================================                     ===================================                     =====================================
                                                                                                                                                                                                                                                                 
 
                                                                                  NATIONAL FUEL GAS COMPANY
                                                                                      AND SUBSIDIARIES
                                                                                 CONSOLIDATED BALANCE SHEETS
                                                                                         (Unaudited)
                                                                       
                                                                                                                          September 30,                 September 30,
(Thousands of Dollars)                                                                  2016                          2015
------------------------------------------------------------------- -------------------- -------------------- -------------------------------------------------------- --------------------
                                                                                                                                                                        
ASSETS
Property, Plant and Equipment                                                                                     $9,539,581                                                     $9,261,323
Less - Accumulated Depreciation, Depletion and Amortization                  5,085,099                3,929,428
------------------------------------------------------------------- -------------------- -------------------- -------------- -------------------- -------------------- --------------------
   Net Property, Plant and Equipment                                         4,454,482                5,331,895
------------------------------------------------------------------- -------------------- -------------------- -------------- -------------------- -------------------- --------------------
                                                                                                                                                                        
Current Assets:
Cash and Temporary Cash Investments                                                                                  129,972                                                        113,596
Hedging Collateral Deposits                                                                                            1,484                                                         11,124
Receivables - Net                                                                                                    133,201                                                        105,004
Unbilled Revenue                                                                                                      18,382                                                         20,746
Gas Stored Underground                                                                                                34,332                                                         34,252
Materials and Supplies - at average cost                                                                              33,866                                                         30,414
Unrecovered Purchased Gas Costs                                                                                        2,440                                                 --
Other Current Assets                                                            59,354                   60,665
------------------------------------------------------------------- -------------------- -------------------- -------------- -------------------- -------------------- --------------------
   Total Current Assets                                                        413,031                  375,801
------------------------------------------------------------------- -------------------- -------------------- -------------- -------------------- -------------------- --------------------
                                                                                                                                                                        
Other Assets:
Recoverable Future Taxes                                                                                             177,261                                                        168,214
Unamortized Debt Expense                                                                                               1,688                                                          2,218
Other Regulatory Assets                                                                                              320,750                                                        278,227
Deferred Charges                                                                                                      20,978                                                         15,129
Other Investments                                                                                                    110,664                                                         92,990
Goodwill                                                                                                               5,476                                                          5,476
Prepaid Post-Retirement Benefit Costs                                                                                 17,649                                                         24,459
Fair Value of Derivative Financial Instruments                                                                       113,804                                                        270,363
Other                                                                              604                      167
------------------------------------------------------------------- -------------------- -------------------- -------------- -------------------- -------------------- --------------------
   Total Other Assets                                                          768,874                  857,243
------------------------------------------------------------------- -------------------- -------------------- -------------- -------------------- -------------------- --------------------
Total Assets                                                                $5,636,387               $6,564,939
------------------------------------------------------------------- -------------------- -------------------- -------------- -------------------- -------------------- --------------------
                                                                                                                                                                        
CAPITALIZATION AND LIABILITIES
Capitalization:
Comprehensive Shareholders’ Equity
Common Stock, $1 Par Value Authorized - 200,000,000
Shares; Issued and Outstanding - 85,118,886 Shares
and 84,594,383 Shares, Respectively                                                                                  $85,119                                                        $84,594
Paid in Capital                                                                                                      771,164                                                        744,274
Earnings Reinvested in the Business                                                                                  676,361                                                      1,103,200
Accumulated Other Comprehensive Income (Loss)                                   (5,640 )                                    93,372
------------------------------------------------------------------- -------------------- -------------------- -------------- -------------------- -------------------- --------------------
Total Comprehensive Shareholders’ Equity                                                                           1,527,004                                                      2,025,440
Long-Term Debt, Net of Unamortized Discount and Debt Issuance Costs          2,086,252                2,084,009
------------------------------------------------------------------- -------------------- -------------------- -------------- -------------------- -------------------- --------------------
   Total Capitalization                                                      3,613,256                4,109,449
------------------------------------------------------------------- -------------------- -------------------- -------------- -------------------- -------------------- --------------------
                                                                                                                                                                        
Current and Accrued Liabilities:
Notes Payable to Banks and Commercial Paper                                                                   --                                                 --
Current Portion of Long-Term Debt                                                                             --                                                 --
Accounts Payable                                                                                                     108,056                                                        180,388
Amounts Payable to Customers                                                                                          19,537                                                         56,778
Dividends Payable                                                                                                     34,473                                                         33,415
Interest Payable on Long-Term Debt                                                                                    34,900                                                         36,200
Customer Advances                                                                                                     14,762                                                         16,236
Customer Security Deposits                                                                                            16,019                                                         16,490
Other Accruals and Current Liabilities                                                                                74,430                                                         96,557
Fair Value of Derivative Financial Instruments                                   1,560                   10,076
------------------------------------------------------------------- -------------------- -------------------- -------------- -------------------- -------------------- --------------------
   Total Current and Accrued Liabilities                                       303,737                  446,140
------------------------------------------------------------------- -------------------- -------------------- -------------- -------------------- -------------------- --------------------
                                                                                                                                                                        
Deferred Credits:
Deferred Income Taxes                                                                                                823,795                                                      1,137,962
Taxes Refundable to Customers                                                                                         93,318                                                         89,448
Unamortized Investment Tax Credit                                                                                        383                                                            731
Cost of Removal Regulatory Liability                                                                                 193,424                                                        184,907
Other Regulatory Liabilities                                                                                          99,789                                                        108,617
Pension and Other Post-Retirement Liabilities                                                                        277,113                                                        202,807
Asset Retirement Obligations                                                                                         112,330                                                        156,805
Other Deferred Credits                                                         119,242                  128,073
------------------------------------------------------------------- -------------------- -------------------- -------------- -------------------- -------------------- --------------------
   Total Deferred Credits                                                    1,719,394                2,009,350
------------------------------------------------------------------- -------------------- -------------------- -------------- -------------------- -------------------- --------------------
Commitments and Contingencies                                           --           --
------------------------------------------------------------------- -------------------- -------------------- -------------- -------------------- -------------------- --------------------
Total Capitalization and Liabilities                                        $5,636,387               $6,564,939
------------------------------------------------------------------- -------------------- -------------------- -------------- -------------------- -------------------- --------------------
                                                                                                                                                                        
                                                                                                                          
                                                                                                           NATIONAL FUEL GAS COMPANY
                                                                                                               AND SUBSIDIARIES
                                                                                                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                                                                                  (Unaudited)
                                                                                                                                                                                 Twelve Months Ended
                                                                                                                                                                                    September 30,
(Thousands of Dollars)                                                                           2016                                        2015
---------------------------------------------------------------------- -------------------- -------------------- -------------------- ---------------------------------------------------------------- ----------------------------------------
                                                                                                                                                                                                        
Operating Activities:
Net Income (Loss) Available for Common Stock                                                                                                $       (290,958 )                                               $   (379,427 )
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by
Operating Activities:
   Impairment of Oil and Gas Producing Properties                                                                                                    948,307                                                    1,126,257
   Depreciation, Depletion and Amortization                                                                                                          249,417                                                      336,158
   Deferred Income Taxes                                                                                                                            (246,794 )                                                   (357,587 )
   Excess Tax Benefits Associated with Stock-Based Compensation Awards                                                                                (1,868 )                                                     (9,064 )
   Stock-Based Compensation                                                                                                                            5,755                                                        3,208
   Other                                                                                                                                              12,620                                                        9,823
 Change in:
   Hedging Collateral Deposits                                                                                                                         9,640                                                       (8,390 )
   Receivables and Unbilled Revenue                                                                                                                   (6,408 )                                                     51,638
   Gas Stored Underground and Materials and Supplies                                                                                                  (3,532 )                                                      3,438
   Unrecovered Purchased Gas Costs                                                                                                                    (2,440 )                                             --
   Other Current Assets                                                                                                                                3,179                                                        3,150
   Accounts Payable                                                                                                                                  (40,664 )                                                     34,687
   Amounts Payable to Customers                                                                                                                      (37,241 )                                                     23,033
   Customer Advances                                                                                                                                  (1,474 )                                                     (2,769 )
   Customer Security Deposits                                                                                                                           (471 )                                                        729
   Other Accruals and Current Liabilities                                                                                                              3,453                                                       (7,173 )
   Other Assets                                                                                                                                        1,941                                                        2,696
   Other Liabilities                                                                        (13,483 )                                  23,173  
---------------------------------------------------------------------- -------------------- -------------------- -------------------- ------------------------------------------- -------------------- ---------------------------------------
     Net Cash Provided by Operating Activities                                     $        588,979           $    853,580  
---------------------------------------------------------------------- -------------------- -------------------- -------------------- ------- -------------- -------------------- -------------------- ------- ---------- --------------------
                                                                                                                                                                                                        
Investing Activities:
Capital Expenditures                                                                                                                        $       (581,576 )                                               $ (1,018,179 )
Net Proceeds from Sale of Oil and Gas Producing Properties                                                                                           137,316                                               --
Other                                                                                        (9,236 )                                  (6,611 )
---------------------------------------------------------------------- -------------------- -------------------- -------------------- ------------------------------------------- -------------------- ---------------------------------------
     Net Cash Used in Investing Activities                                         $       (453,496 )                            $ (1,024,790 )
---------------------------------------------------------------------- -------------------- -------------------- -------------------- ------- -------------- -------------------- -------------------- ------- ---------- --------------------
                                                                                                                                                                                                        
Financing Activities:
Changes in Notes Payable to Banks and Commercial Paper                                                                                      $ --                                                 $    (85,600 )
Excess Tax Benefits Associated with Stock-Based Compensation Awards                                                                                    1,868                                                        9,064
Dividends Paid on Common Stock                                                                                                                      (134,824 )                                                   (130,719 )
Net Proceeds From Issuance of Long-Term Debt                                                                                                  --                                                      444,635
Net Proceeds From Issuance of Common Stock                                                   13,849                 10,540  
---------------------------------------------------------------------- -------------------- -------------------- -------------------- ------------------------------------------- -------------------- ---------------------------------------
     Net Cash (Used in) Provided by Financing Activities                           $       (119,107 )                            $    247,920  
---------------------------------------------------------------------- -------------------- -------------------- -------------------- ------- -------------- -------------------- -------------------- ------- ---------- --------------------
                                                                                                                                                                                                        
Net Increase in Cash and Temporary Cash Investments                                                                                                   16,376                                                       76,710
Cash and Temporary Cash Investments at Beginning of Period                                  113,596                 36,886  
---------------------------------------------------------------------- -------------------- -------------------- -------------------- ------------------------------------------- -------------------- ---------------------------------------
Cash and Temporary Cash Investments at September 30                                $        129,972           $    113,596  
---------------------------------------------------------------------- -------------------- -------------------- -------------------- ------- -------------- -------------------- -------------------- ------- ---------- --------------------
                                                                                                                                                                                                                           
                                                                                                                                                                
                                                                                                                                                                         NATIONAL FUEL GAS COMPANY
                                                                                                                                                                             AND SUBSIDIARIES
                                                                                                                                                                                                                                                                                                                                       
                                                                                                                                                                 SEGMENT OPERATING RESULTS AND STATISTICS
                                                                                                                                                                                (UNAUDITED)
                                                                                                                                                                                                                                                                                                                                       
                                                                                                                                                                             UPSTREAM BUSINESS
                                                                                                                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                                                                                                                       
                                                                                                                                                          Three Months Ended                                                                                                                                Twelve Months Ended
(Thousands of Dollars, except per share amounts)                                                                                                             September 30,                                                                                                                                     September 30,
                                                                                           ------------------------------------------------------------------------------------------------------------------------------------------------                     ----------------------------------------------------------------------------------------------------------
EXPLORATION AND PRODUCTION SEGMENT                                                                       2016                                2015                               Variance                                                 2016                               2015                              Variance
------------------------------------------------                                           ------------------------------   -------------------- --------------------------------   -------------------- -------------------------------                        --------------------------------   --------------------------------   ---------------------------------
Total Operating Revenues                                                                     $ 154,530        $  163,851        $  (9,321 )                                            $  607,113      $  693,441        $ (86,328 )
                                                                                           --- ------- -------------------- -------------------- ---- -------- -------------------- -------------------- ---- ------- --------------------                      ---- -------- -------------------- ---- -------- -------------------- ------ ------- --------------------
                                                                                                                                                                                                                                                                                                                                       
Operating Expenses:
 Operation and Maintenance:
  General and Administrative Expense                                                            14,928                                                  15,321                                                   (393 )                                                70,598                             66,114                               4,484
  Lease Operating and Transportation Expense                                                    38,463                                                  40,186                                                 (1,723 )                                               153,914                            167,800                             (13,886 )
  All Other Operation and Maintenance Expense                                                    2,429                                                   3,189                                                   (760 )                                                12,832                             14,304                              (1,472 )
 Property, Franchise and Other Taxes                                                             3,553                                                   4,806                                                 (1,253 )                                                13,794                             20,167                              (6,373 )
 Depreciation, Depletion and Amortization                                                       27,377                                                  46,277                                                (18,900 )                                               139,963                            239,818                             (99,855 )
 Impairment of Oil and Gas Producing Properties                                                 32,756           417,197         (384,441 )                                               948,307       1,126,257         (177,950 )
                                                                                           -------------------------------- -------------------- ---------------------------------- -------------------- ---------------------------------                      ---------------------------------- ---------------------------------- -----------------------------------
                                                                                               119,506           526,976         (407,470 )                                             1,339,408       1,634,460         (295,052 )
                                                                                           -------------------------------- -------------------- ---------------------------------- -------------------- ---------------------------------                      ---------------------------------- ---------------------------------- -----------------------------------
                                                                                                                                                                                                                                                                                                                                       
Operating Income (Loss)                                                                         35,024                                                                    (363,125)                           398,149                                                (732,295 )                                             (941,019)        208,724
                                                                                                                                                                                                                                                                                                                                       
Other Income (Expense):
 Interest Income                                                                                    78                                                     661                                                   (583 )                                                   858                              2,554                              (1,696 )
 Interest Expense                                                                              (13,552 )                            (14,176 )                               624                              (55,434 )                          (46,726 )                            (8,708 )
                                                                                           -------------------------------- -------------------- ---------------------------------- -------------------- ---------------------------------                      ---------------------------------- ---------------------------------- -----------------------------------
                                                                                                                                                                                                                                                                                                                                       
Income (Loss) Before Income Taxes                                                               21,550                                                (376,640 )                                              398,190                                                (786,871 )                         (985,191 )                           198,320
Income Tax Expense (Benefit)                                                                     4,806          (169,621 )                           174,427                             (334,029 )                         (428,217 )                            94,188  
                                                                                           -------------------------------- -------------------- ---------------------------------- -------------------- ---------------------------------                      ---------------------------------- ---------------------------------- -----------------------------------
Net Income (Loss)                                                                            $  16,744        $ (207,019 )                         $ 223,763                           $ (452,842 )                       $ (556,974 )                         $ 104,132  
                                                                                           === ======= ==================== ==================== ==== ======== ==================== ==================== ==== ======= ====================                      ==== ======== ==================== ==== ======== ==================== ====== ======= ====================
                                                                                                                                                                                                                                                                                                                                       
Net Income (Loss) Per Share (Diluted)                                                        $    0.20        $    (2.45 )                         $    2.65                           $    (5.34 )                       $    (6.60 )                         $    1.26  
                                                                                           === ======= ==================== ==================== ==== ======== ==================== ==================== ==== ======= ====================                      ==== ======== ==================== ==== ======== ==================== ====== ======= ====================
                                                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                               
                                                                                                                                                                       NATIONAL FUEL GAS COMPANY
                                                                                                                                                                           AND SUBSIDIARIES
                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                               SEGMENT OPERATING RESULTS AND STATISTICS
                                                                                                                                                                              (UNAUDITED)
                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                         MIDSTREAM BUSINESSES
                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                         Three Months Ended                                                                                                                              Twelve Months Ended
(Thousands of Dollars, except per share amounts)                                                                                                            September 30,                                                                                                                                   September 30,
                                                                                           -----------------------------------------------------------------------------------------------------------------------------------------------                     -------------------------------------------------------------------------------------------------------
PIPELINE AND STORAGE SEGMENT                                                                             2016                              2015                              Variance                                                  2016                             2015                             Variance
------------------------------------------------                                           -----------------------------   -------------------- -----------------------------   -------------------- ----------------------------------                        ------------------------------   ------------------------------   ----------------------------------
Revenues from External Customers                                                             $ 53,047                                             $ 48,573                                                 $   4,474                                             $ 215,674                        $ 203,089                            $  12,585
Intersegment Revenues                                                                          22,483         21,903                 580                             90,755        88,251             2,504  
                                                                                           ------------------------------- -------------------- ------------------------------- -------------------- ------------------------------------                      -------------------------------- -------------------------------- ------------------------------------
Total Operating Revenues                                                                       75,530         70,476               5,054                            306,429       291,340            15,089  
                                                                                           ------------------------------- -------------------- ------------------------------- -------------------- ------------------------------------                      -------------------------------- -------------------------------- ------------------------------------
                                                                                                                                                                                                                                                                                                                                  
Operating Expenses:
Purchased Gas                                                                                     (10 )                                                (32 )                                                      22                                                 1,048                              462                                  586
Operation and Maintenance                                                                      22,256                                               21,971                                                       285                                                79,402                           75,741                                3,661
Property, Franchise and Other Taxes                                                             6,767                                                6,340                                                       427                                                26,533                           25,195                                1,338
Depreciation, Depletion and Amortization                                                       11,128          9,726               1,402                             43,273        38,178             5,095  
                                                                                           ------------------------------- -------------------- ------------------------------- -------------------- ------------------------------------                      -------------------------------- -------------------------------- ------------------------------------
                                                                                               40,141         38,005               2,136                            150,256       139,576            10,680  
                                                                                           ------------------------------- -------------------- ------------------------------- -------------------- ------------------------------------                      -------------------------------- -------------------------------- ------------------------------------
                                                                                                                                                                                                                                                                                                                                  
Operating Income                                                                               35,389                                               32,471                                                     2,918                                               156,173                          151,764                                4,409
                                                                                                                                                                                                                                                                                                                                  
Other Income (Expense):
 Interest Income                                                                                  242                                                  124                                                       118                                                   770                              474                                  296
 Other Income                                                                                     583                                                1,999                                                    (1,416 )                                               3,235                            3,887                                 (652 )
 Interest Expense                                                                              (8,309 )                          (7,745 )                                 (564 )                                             (33,327 )                        (27,658 )                             (5,669 )
                                                                                           ------------------------------- -------------------- ------------------------------- -------------------- ------------------------------------                      -------------------------------- -------------------------------- ------------------------------------
                                                                                                                                                                                                                                                                                                                                  
Income Before Income Taxes                                                                     27,905                                               26,849                                                     1,056                                               126,851                          128,467                               (1,616 )
Income Tax Expense                                                                             11,089          8,364               2,725                             50,241        48,113             2,128  
                                                                                           ------------------------------- -------------------- ------------------------------- -------------------- ------------------------------------                      -------------------------------- -------------------------------- ------------------------------------
Net Income                                                                                   $ 16,816       $ 18,485           $  (1,669 )                                           $  76,610     $  80,354         $  (3,744 )
                                                                                           === ====== ==================== ==================== === ====== ==================== ==================== ======= ======= ====================                      === ======= ==================== === ======= ==================== ======= ======= ====================
                                                                                                                                                                                                                                                                                                                                  
Net Income Per Share (Diluted)                                                               $   0.20       $   0.22           $   (0.02 )                                           $    0.90     $    0.95         $   (0.05 )
                                                                                           === ====== ==================== ==================== === ====== ==================== ==================== ======= ======= ====================                      === ======= ==================== === ======= ==================== ======= ======= ====================
                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                         Three Months Ended                                                                                                                              Twelve Months Ended
                                                                                                                                                            September 30,                                                                                                                                   September 30,
                                                                                           -----------------------------------------------------------------------------------------------------------------------------------------------                     -------------------------------------------------------------------------------------------------------
GATHERING SEGMENT                                                                                        2016                              2015                              Variance                                                  2016                             2015                             Variance
------------------------------------------------                                           -----------------------------   -------------------- -----------------------------   -------------------- ----------------------------------                        ------------------------------   ------------------------------   ----------------------------------
Revenues from External Customers                                                             $     71                                             $    136                                                 $     (65 )                                           $     374                        $     497                            $    (123 )
Intersegment Revenues                                                                          23,471         18,169               5,302                             89,073        76,709            12,364  
                                                                                           ------------------------------- -------------------- ------------------------------- -------------------- ------------------------------------                      -------------------------------- -------------------------------- ------------------------------------
Total Operating Revenues                                                                       23,542         18,305               5,237                             89,447        77,206            12,241  
                                                                                           ------------------------------- -------------------- ------------------------------- -------------------- ------------------------------------                      -------------------------------- -------------------------------- ------------------------------------
                                                                                                                                                                                                                                                                                                                                  
Operating Expenses:
 Operation and Maintenance                                                                      2,547                                                1,831                                                       716                                                10,613                            8,147                                2,466
 Property, Franchise and Other Taxes                                                               32                                                   48                                                       (16 )                                                 149                              178                                  (29 )
 Depreciation, Depletion and Amortization                                                       3,876          2,804               1,072                             15,282        10,829             4,453  
                                                                                           ------------------------------- -------------------- ------------------------------- -------------------- ------------------------------------                      -------------------------------- -------------------------------- ------------------------------------
                                                                                                6,455          4,683               1,772                             26,044        19,154             6,890  
                                                                                           ------------------------------- -------------------- ------------------------------- -------------------- ------------------------------------                      -------------------------------- -------------------------------- ------------------------------------
                                                                                                                                                                                                                                                                                                                                  
Operating Income                                                                               17,087                                               13,622                                                     3,465                                                63,403                           58,052                                5,351
                                                                                                                                                                                                                                                                                                                                  
Other Income (Expense):
 Interest Income                                                                                  109                                                   46                                                        63                                                   297                              140                                  157
 Other Income                                                                                       1                                                    1                                            --                                                     5                                5                       --
 Interest Expense                                                                              (2,091 )                          (1,413 )                                 (678 )                                              (8,872 )                         (1,627 )                             (7,245 )
                                                                                           ------------------------------- -------------------- ------------------------------- -------------------- ------------------------------------                      -------------------------------- -------------------------------- ------------------------------------
                                                                                                                                                                                                                                                                                                                                  
Income Before Income Taxes                                                                     15,106                                               12,256                                                     2,850                                                54,833                           56,570                               (1,737 )
Income Tax Expense                                                                              6,569          4,662               1,907                             24,334        24,721              (387 )
                                                                                           ------------------------------- -------------------- ------------------------------- -------------------- ------------------------------------                      -------------------------------- -------------------------------- ------------------------------------
Net Income                                                                                   $  8,537       $  7,594           $     943                          $  30,499     $  31,849         $  (1,350 )
                                                                                           === ====== ==================== ==================== === ====== ==================== ==================== ======= ======= ====================                      === ======= ==================== === ======= ==================== ======= ======= ====================
                                                                                                                                                                                                                                                                                                                                  
Net Income Per Share (Diluted)                                                               $   0.10       $   0.09           $    0.01                          $    0.36     $    0.38         $   (0.02 )
                                                                                           === ====== ==================== ==================== === ====== ==================== ==================== ======= ======= ====================                      === ======= ==================== === ======= ==================== ======= ======= ====================
                                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                      
                                                                                                                                                                                  NATIONAL FUEL GAS COMPANY
                                                                                                                                                                                      AND SUBSIDIARIES
                                                                                                                                                                                                                                                                                                                                                         
                                                                                                                                                                          SEGMENT OPERATING RESULTS AND STATISTICS
                                                                                                                                                                                         (UNAUDITED)
                                                                                                                                                                                                                                                                                                                                                         
                                                                                                                                                                                    DOWNSTREAM BUSINESSES
                                                                                                                                                                                                                                                                                                                                                         
                                                                                                                                                                                                                                                                                                                                                         
                                                                                                                                                                     Three Months Ended                                                                                                                                         Twelve Months Ended
(Thousands of Dollars, except per share amounts)                                                                                                                        September 30,                                                                                                                                              September 30,
                                                                                           ----------------------------------------------------------------------------------------------------------------------------------------------------------------------                     -------------------------------------------------------------------------------------------------------
UTILITY SEGMENT                                                                                              2016                                      2015                                      Variance                                                     2016                             2015                             Variance
------------------------------------------------                                           -------------------------------------   -------------------- -------------------------------------   -------------------- -----------------------------------------                        ------------------------------   ------------------------------   ----------------------------------
Revenues from External Customers                                                             $         67,870                                             $         70,712                                                 $         (2,842 )                                           $ 531,024                        $ 700,761                           $ (169,737 )
Intersegment Revenues                                                                                   2,367                  1,836                        531                             13,123        15,506            (2,383 )
                                                                                           --------------------------------------- -------------------- --------------------------------------- -------------------- -------------------------------------------                      -------------------------------- -------------------------------- ------------------------------------
Total Operating Revenues                                                                               70,237                 72,548                     (2,311 )                                             544,147       716,267          (172,120 )
                                                                                           --------------------------------------- -------------------- --------------------------------------- -------------------- -------------------------------------------                      -------------------------------- -------------------------------- ------------------------------------
                                                                                                                                                                                                                                                                                                                                                         
Operating Expenses:
 Purchased Gas                                                                                         10,392                                                       12,164                                                           (1,772 )                                             166,155                          307,653                             (141,498 )
 Operation and Maintenance                                                                             40,294                                                       45,899                                                           (5,605 )                                             189,178                          200,023                              (10,845 )
 Property, Franchise and Other Taxes                                                                    9,151                                                        9,490                                                             (339 )                                              40,131                           42,870                               (2,739 )
 Depreciation, Depletion and Amortization                                                              13,107                 11,635                      1,472                             48,618        45,616             3,002  
                                                                                           --------------------------------------- -------------------- --------------------------------------- -------------------- -------------------------------------------                      -------------------------------- -------------------------------- ------------------------------------
                                                                                                       72,944                 79,188                     (6,244 )                                             444,082       596,162          (152,080 )
                                                                                           --------------------------------------- -------------------- --------------------------------------- -------------------- -------------------------------------------                      -------------------------------- -------------------------------- ------------------------------------
                                                                                                                                                                                                                                                                                                                                                         
Operating Income (Loss)                                                                                (2,707 )                                                     (6,640 )                                                          3,933                                               100,065                          120,105                              (20,040 )
                                                                                                                                                                                                                                                                                                                                                         
Other Income (Expense):
 Interest Income                                                                                        1,415                                                        2,178                                                             (763 )                                               1,737                            2,220                                 (483 )
 Other Income                                                                                             593                                                          662                                                              (69 )                                               2,342                            2,265                                   77
 Interest Expense                                                                                      (5,898 )                                  (7,030 )                                       1,132                            (27,582 )                        (28,176 )                                594  
                                                                                           --------------------------------------- -------------------- --------------------------------------- -------------------- -------------------------------------------                      -------------------------------- -------------------------------- ------------------------------------
                                                                                                                                                                                                                                                                                                                                                         
Income (Loss) Before Income Taxes                                                                      (6,597 )                                                    (10,830 )                                                          4,233                                                76,562                           96,414                              (19,852 )
Income Tax Expense (Benefit)                                                                           (4,813 )                                  (7,542 )                                       2,729                             25,602        33,143            (7,541 )
                                                                                           --------------------------------------- -------------------- --------------------------------------- -------------------- -------------------------------------------                      -------------------------------- -------------------------------- ------------------------------------
Net Income (Loss)                                                                            $         (1,784 )                        $         (3,288 )                            $          1,504                          $  50,960     $  63,271        $  (12,311 )
                                                                                           === ============== ==================== ==================== === ============== ==================== ==================== ======= ============== ====================                      === ======= ==================== === ======= ==================== ====== ======== ====================
                                                                                                                                                                                                                                                                                                                                                         
Net Income (Loss) Per Share (Diluted)                                                        $          (0.02 )                        $          (0.04 )                            $           0.02                          $    0.60     $    0.75        $    (0.15 )
                                                                                           === ============== ==================== ==================== === ============== ==================== ==================== ======= ============== ====================                      === ======= ==================== === ======= ==================== ====== ======== ====================
                                                                                                                                                                                                                                                                                                                                                         
                                                                                                                                                                                                                                                                                                                                                         
                                                                                                                                                                     Three Months Ended                                                                                                                                         Twelve Months Ended
                                                                                                                                                                        September 30,                                                                                                                                              September 30,
                                                                                           ----------------------------------------------------------------------------------------------------------------------------------------------------------------------                     -------------------------------------------------------------------------------------------------------
ENERGY MARKETING SEGMENT                                                                                     2016                                      2015                                      Variance                                                     2016                             2015                             Variance
------------------------------------------------                                           -------------------------------------   -------------------- -------------------------------------   -------------------- -----------------------------------------                        ------------------------------   ------------------------------   ----------------------------------
Revenues from External Customers                                                             $         15,750                                             $         17,104                                                 $         (1,354 )                                           $  93,578                        $ 159,857                           $  (66,279 )
Intersegment Revenues                                                                                      30                     53                        (23 )                                                 884           849                35  
                                                                                           --------------------------------------- -------------------- --------------------------------------- -------------------- -------------------------------------------                      -------------------------------- -------------------------------- ------------------------------------
Total Operating Revenues                                                                               15,780                 17,157                     (1,377 )                                              94,462       160,706           (66,244 )
                                                                                           --------------------------------------- -------------------- --------------------------------------- -------------------- -------------------------------------------                      -------------------------------- -------------------------------- ------------------------------------
                                                                                                                                                                                                                                                                                                                                                         
Operating Expenses:
 Purchased Gas                                                                                         14,111                                                       15,743                                                           (1,632 )                                              81,347                          142,068                              (60,721 )
 Operation and Maintenance                                                                              1,575                                                        1,583                                                               (8 )                                               6,447                            6,386                                   61
 Property, Franchise and Other Taxes                                                                        7                                                            7                                                   --                                                    13                               15                                   (2 )
 Depreciation, Depletion and Amortization                                                                  70                     57                         13                                278           209                69  
                                                                                           --------------------------------------- -------------------- --------------------------------------- -------------------- -------------------------------------------                      -------------------------------- -------------------------------- ------------------------------------
                                                                                                       15,763                 17,390                     (1,627 )                                              88,085       148,678           (60,593 )
                                                                                           --------------------------------------- -------------------- --------------------------------------- -------------------- -------------------------------------------                      -------------------------------- -------------------------------- ------------------------------------
                                                                                                                                                                                                                                                                                                                                                         
Operating Income (Loss)                                                                                    17                                                         (233 )                                                            250                                                 6,377                           12,028                               (5,651 )
                                                                                                                                                                                                                                                                                                                                                         
Other Income (Expense):
 Interest Income                                                                                          136                                                           54                                                               82                                                   422                              195                                  227
 Other Income                                                                                              15                                                           21                                                               (6 )                                                  58                              117                                  (59 )
 Interest Expense                                                                                         (13 )                                      (7 )                                          (6 )                                                 (49 )                            (27 )                                (22 )
                                                                                           --------------------------------------- -------------------- --------------------------------------- -------------------- -------------------------------------------                      -------------------------------- -------------------------------- ------------------------------------
                                                                                                                                                                                                                                                                                                                                                         
Income (Loss) Before Income Taxes                                                                         155                                                         (165 )                                                            320                                                 6,808                           12,313                               (5,505 )
Income Tax Expense (Benefit)                                                                              (76 )                                    (199 )                                         123                              2,460         4,547            (2,087 )
                                                                                           --------------------------------------- -------------------- --------------------------------------- -------------------- -------------------------------------------                      -------------------------------- -------------------------------- ------------------------------------
Net Income                                                                                   $            231       $             34           $            197                          $   4,348     $   7,766        $   (3,418 )
                                                                                           === ============== ==================== ==================== === ============== ==================== ==================== ======= ============== ====================                      === ======= ==================== === ======= ==================== ====== ======== ====================
                                                                                                                                                                                                                                                                                                                                                         
Net Income Per Share (Diluted)                                                               $ --       $ --           $ --                          $    0.05     $    0.09        $    (0.04 )
                                                                                           === ============== ==================== ==================== === ============== ==================== ==================== ======= ============== ====================                      === ======= ==================== === ======= ==================== ====== ======== ====================
                                                                                                                                                                                                                                                                                                                                                                         
 
                                                                                                                                                                                                     NATIONAL FUEL GAS COMPANY
                                                                                                                                                                                                         AND SUBSIDIARIES
                                                                                                                                                                                              
                                                                                                                                                                                             SEGMENT OPERATING RESULTS AND STATISTICS
                                                                                                                                                                                                            (UNAUDITED)
                                                                                                                                                                                                                                                                                                                                                                                       
                                                                                                                                                                         Three Months Ended                                                                                                                                                            Twelve Months Ended
(Thousands of Dollars, except per share amounts)                                                                                                                            September 30,                                                                                                                                                                 September 30,
                                                                                           ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                     ------------------------------------------------------------------------------------------------------------------------------------
ALL OTHER                                                                                                      2016                                          2015                                        Variance                                                           2016                                        2015                                      Variance
------------------------------------------------                                           -----------------------------------------   -------------------- -----------------------------------------   -------------------- -----------------------------------------                        -----------------------------------------   -----------------------------------------   -----------------------------------------
Total Operating Revenues                                                                         $            978           $            446           $            532                              $          3,753         $          2,352         $          1,401  
                                                                                           ------- -------------- -------------------- -------------------- ------- -------------- -------------------- -------------------- ------- -------------- --------------------                      ------- -------------- -------------------- ------- -------------- -------------------- ------- -------------- --------------------
Operating Expenses:
 Operation and Maintenance                                                                                    281                                                              226                                                               55                                                              776                                         936                                        (160 )
 Property, Franchise and Other Taxes                                                                          145                                                              182                                                              (37 )                                                            593                                         644                                         (51 )
 Depreciation, Depletion and Amortization                                                                     373                        187                        186                                         1,260                      832                      428  
                                                                                           ------------------------------------------- -------------------- ------------------------------------------- -------------------- -------------------------------------------                      ------------------------------------------- ------------------------------------------- -------------------------------------------
                                                                                                              799                        595                        204                                         2,629                    2,412                      217  
                                                                                           ------------------------------------------- -------------------- ------------------------------------------- -------------------- -------------------------------------------                      ------------------------------------------- ------------------------------------------- -------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                       
Operating Income (Loss)                                                                                       179                                                             (149 )                                                            328                                                            1,124                                         (60 )                                     1,184
                                                                                                                                                                                                                                                                                                                                                                                       
Other Income (Expense):
 Interest Income                                                                                               35                                                               18                                                               17                                                              117                                          66                                          51
 Other Income                                                                                                  98                          1                         97                                            98                        5                       93  
                                                                                           ------------------------------------------- -------------------- ------------------------------------------- -------------------- -------------------------------------------                      ------------------------------------------- ------------------------------------------- -------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                       
Income (Loss) Before Income Taxes                                                                             312                                                             (130 )                                                            442                                                            1,339                                          11                                       1,328
Income Tax Expense (Benefit)                                                                                  130                        (63 )                                         193                                           561                       13                      548  
                                                                                           ------------------------------------------- -------------------- ------------------------------------------- -------------------- -------------------------------------------                      ------------------------------------------- ------------------------------------------- -------------------------------------------
Net Income (Loss)                                                                                $            182           $            (67 )                            $            249                              $            778         $             (2 )                          $            780  
                                                                                           ======= ============== ==================== ==================== ======= ============== ==================== ==================== ======= ============== ====================                      ======= ============== ==================== ======= ============== ==================== ======= ============== ====================
                                                                                                                                                                                                                                                                                                                                                                                       
Net Income (Loss) Per Share (Diluted)                                                            $ --           $ --           $ --                              $           0.01         $ --         $           0.01  
                                                                                           ======= ============== ==================== ==================== ======= ============== ==================== ==================== ======= ============== ====================                      ======= ============== ==================== ======= ============== ==================== ======= ============== ====================
                                                                                                                                                                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                                                                                                                                                                       
                                                                                                                                                                         Three Months Ended                                                                                                                                                            Twelve Months Ended
                                                                                                                                                                            September 30,                                                                                                                                                                 September 30,
                                                                                           ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                     ------------------------------------------------------------------------------------------------------------------------------------
CORPORATE                                                                                                      2016                                          2015                                        Variance                                                           2016                                        2015                                      Variance
------------------------------------------------                                           -----------------------------------------   -------------------- -----------------------------------------   -------------------- -----------------------------------------                        -----------------------------------------   -----------------------------------------   -----------------------------------------
Revenues from External Customers                                                                 $            226                                                 $            240                                                 $            (14 )                                               $            900                            $            916                            $            (16 )
Intersegment Revenues                                                                                       1,091                      1,195                       (104 )                                                          3,991                    3,987                        4  
                                                                                           ------------------------------------------- -------------------- ------------------------------------------- -------------------- -------------------------------------------                      ------------------------------------------- ------------------------------------------- -------------------------------------------
Total Operating Revenues                                                                                    1,317                      1,435                       (118 )                                                          4,891                    4,903                      (12 )
                                                                                           ------------------------------------------- -------------------- ------------------------------------------- -------------------- -------------------------------------------                      ------------------------------------------- ------------------------------------------- -------------------------------------------
Operating Expenses:
 Operation and Maintenance                                                                                  4,740                                                            3,809                                                              931                                                           15,012                                      15,655                                        (643 )
 Property, Franchise and Other Taxes                                                                          136                                                              129                                                                7                                                              501                                         495                                           6
 Depreciation, Depletion and Amortization                                                                     186                        174                         12                                           743                      676                       67  
                                                                                           ------------------------------------------- -------------------- ------------------------------------------- -------------------- -------------------------------------------                      ------------------------------------------- ------------------------------------------- -------------------------------------------
                                                                                                            5,062                      4,112                        950                                        16,256                   16,826                     (570 )
                                                                                           ------------------------------------------- -------------------- ------------------------------------------- -------------------- -------------------------------------------                      ------------------------------------------- ------------------------------------------- -------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                       
Operating Loss                                                                                             (3,745 )                                                         (2,677 )                                                         (1,068 )                                                        (11,365 )                                   (11,923 )                                       558
                                                                                                                                                                                                                                                                                                                                                                                       
Other Income (Expense):
 Interest Income                                                                                           30,389                                                           29,999                                                              390                                                          123,156                                     104,477                                      18,679
 Other Income                                                                                               1,357                                                              717                                                              640                                                            4,082                                       1,760                                       2,322
 Interest Expense on Long-Term Debt                                                                       (29,083 )                                                        (29,016 )                                                            (67 )                                                       (117,347 )                                   (95,916 )                                   (21,431 )
 Other Interest Expense                                                                                      (705 )                                        (591 )                                        (114 )                                                         (1,555 )                                    (5,545 )                                     3,990  
                                                                                           ------------------------------------------- -------------------- ------------------------------------------- -------------------- -------------------------------------------                      ------------------------------------------- ------------------------------------------- -------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                       
Loss Before Income Taxes                                                                                   (1,787 )                                                         (1,568 )                                                           (219 )                                                         (3,029 )                                    (7,147 )                                     4,118
Income Tax Expense (Benefit)                                                                                1,386                      1,874                       (488 )                                                         (1,718 )                                    (1,456 )                                      (262 )
                                                                                           ------------------------------------------- -------------------- ------------------------------------------- -------------------- -------------------------------------------                      ------------------------------------------- ------------------------------------------- -------------------------------------------
Net Loss                                                                                         $         (3,173 )                            $         (3,442 )                            $            269                              $         (1,311 )                          $         (5,691 )                          $          4,380  
                                                                                                   ============== ==================== ==================== ======= ============== ==================== ==================== ======= ============== ====================                      ======= ============== ==================== ======= ============== ==================== ======= ============== ====================
                                                                                                                                                                                                                                                                                                                                                                                       
Net Loss Per Share (Diluted)                                                                     $          (0.04 )                            $          (0.04 )                            $ --                              $          (0.01 )                          $          (0.07 )                          $           0.06  
                                                                                           ======= ============== ==================== ==================== ======= ============== ==================== ==================== ======= ============== ====================                      ======= ============== ==================== ======= ============== ==================== ======= ============== ====================
                                                                                                                                                                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                                                                                                                                                                       
                                                                                                                                                                         Three Months Ended                                                                                                                                                            Twelve Months Ended
                                                                                                                                                                            September 30,                                                                                                                                                                 September 30,
                                                                                           ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                     ------------------------------------------------------------------------------------------------------------------------------------
INTERSEGMENT ELIMINATIONS                                                                                      2016                                          2015                                        Variance                                                           2016                                        2015                                      Variance
------------------------------------------------                                           -----------------------------------------   -------------------- -----------------------------------------   -------------------- -----------------------------------------                        -----------------------------------------   -----------------------------------------   -----------------------------------------
Intersegment Revenues                                                                            $        (49,442 )                            $        (43,156 )                            $         (6,286 )                                               $       (197,826 )                          $       (185,302 )                          $        (12,524 )
                                                                                           ------- -------------- -------------------- -------------------- ------- -------------- -------------------- -------------------- ------- -------------- --------------------                      ------- -------------- -------------------- ------- -------------- -------------------- ------- -------------- --------------------
Operating Expenses:
 Purchased Gas                                                                                            (23,679 )                                                        (22,619 )                                                         (1,060 )                                                       (100,568 )                                  (100,199 )                                      (369 )
 Operation and Maintenance                                                                                (25,763 )                                     (20,537 )                                      (5,226 )                                                        (97,258 )                                   (85,103 )                                   (12,155 )
                                                                                           ------------------------------------------- -------------------- ------------------------------------------- -------------------- -------------------------------------------                      ------------------------------------------- ------------------------------------------- -------------------------------------------
                                                                                                          (49,442 )                                     (43,156 )                                      (6,286 )                                                       (197,826 )                                  (185,302 )                                   (12,524 )
                                                                                           ------------------------------------------- -------------------- ------------------------------------------- -------------------- -------------------------------------------                      ------------------------------------------- ------------------------------------------- -------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                       
Operating Income                                                                                   --                                                   --                                                   --                                                   --                              --                              --
                                                                                                                                                                                                                                                                                                                                                                                       
Other Income (Expense):
 Interest Income                                                                                          (30,809 )                                                        (30,789 )                                                            (20 )                                                       (123,122 )                                  (106,204 )                                   (16,918 )
 Interest Expense                                                                                          30,809                     30,789                         20                                       123,122                  106,204                   16,918  
                                                                                           ------------------------------------------- -------------------- ------------------------------------------- -------------------- -------------------------------------------                      ------------------------------------------- ------------------------------------------- -------------------------------------------
Net Income                                                                                       $ --           $ --           $ --                              $ --         $ --         $ --  
                                                                                                   ============== ==================== ==================== ======= ============== ==================== ==================== ======= ============== ====================                              ============== ==================== ======= ============== ==================== ======= ============== ====================
                                                                                                                                                                                                                                                                                                                                                                                       
Net Income Per Share (Diluted)                                                                   $ --           $ --           $ --                              $ --         $ --         $ --  
                                                                                           ======= ============== ==================== ==================== ======= ============== ==================== ==================== ======= ============== ====================                      ======= ============== ==================== ======= ============== ==================== ======= ============== ====================
                                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                            
                                                                                                                                                            NATIONAL FUEL GAS COMPANY
                                                                                                                                                                AND SUBSIDIARIES
                                                                                                                                                                                                                                                                                                             
                                                                                                                                                         SEGMENT INFORMATION (Continued)
                                                                                                                                                             (Thousands of Dollars)
                                                                                                                                                                                                                                                                                                             
                                                                                                                                                                                                                                                                                                             
                                                                                                                            Three Months Ended                                                                                                                            Twelve Months Ended
                                                                                                                               September 30,                                                                                                                                 September 30,
                                                                                                                                (Unaudited)                                                                                                                                   (Unaudited)
                                                                         ------------------------------------------------------------------------------------------------------------------------                     ---------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                          Increase                                                                                                                                        Increase
                                                                                         2016                                     2015                                   (Decrease)                                                 2016                                       2015                                      (Decrease)
                                                                         -------------------------------------    -------------------------------------    --------------------------------------                     ---------------------------------       ---------------------------------------       -------------------------------------
                                                                                                                                                                                                                                                                                                             
Capital Expenditures:
------------------------------
Exploration and Production (4)                                                 $  41,181                      (1)       $ 119,863                      (2)       $  (78,682 )                                           $ 256,104                      (1)(2)       $   557,313                      (2)(3)      $ (301,209 )
Pipeline and Storage                                                              38,230                      (1)         115,528                      (2)          (77,298 )                                             114,250                      (1)(2)           230,192                      (2)(3)        (115,942 )
Gathering                                                                         10,578                      (1)          30,952                      (2)          (20,374 )                                              54,293                      (1)(2)           118,166                      (2)(3)         (63,873 )
Utility                                                                           25,719                      (1)          29,034                      (2)           (3,315 )                                              98,007                      (1)(2)            94,371                      (2)(3)           3,636
Energy Marketing                                                                       6                     4                      2                                 34                        128                      (94 )
                                                                         ------------------------------------     ------------------------------------     -------------------------------------                      --------------------------------        --------------------------------------        ------------------------------------
Total Reportable Segments                                                        115,714                                  295,381                                  (179,667 )                                             522,688                                     1,000,170                                    (477,482 )
All Other                                                                 --                           --                            --                                                    37                                --                                          37
Corporate                                                                            136                   205                    (69 )                                                 326                        339                      (13 )
                                                                         ------------------------------------     ------------------------------------     -------------------------------------                      --------------------------------        --------------------------------------        ------------------------------------
 Total Capital Expenditures                                                    $ 115,850             $ 295,586             $ (179,736 )                                           $ 523,051                $ 1,000,509               $ (477,458 )
                                                                         ======= ======= ====================     ======= ======= ====================     ======= ======== ====================                      === ======= ====================        ======= ========= ====================        ====== ======== ====================
                                                                                                                                                                                                                                                                                                                             
(1)   Capital expenditures for the quarter and year ended September 30,
                         2016, include accounts payable and accrued liabilities related to
                         capital expenditures of $25.2 million, $18.7 million, $5.3 million,
                         and $11.2 million in the Exploration and Production segment,
                         Pipeline and Storage segment, Gathering segment and Utility segment,
                         respectively. These amounts have been excluded from the Consolidated
                         Statement of Cash Flows at September 30, 2016, since they represent
                         non-cash investing activities at that date.
                          
(2)                      Capital expenditures for the year ended September 30, 2016, exclude
                         capital expenditures of $46.2 million, $33.9 million, $22.4 million
                         and $16.5 million in the Exploration and Production segment,
                         Pipeline and Storage segment, Gathering segment and Utility segment,
                         respectively. These amounts were in accounts payable and accrued
                         liabilities at September 30, 2015 and paid during the year ended
                         September 30, 2016. These amounts were excluded from the
                         Consolidated Statement of Cash Flows at September 30, 2015, since
                         they represented non-cash investing activities at that date. These
                         amounts have been included in the Consolidated Statement of Cash
                         Flows at September 30, 2016.
                          
(3)                      Capital expenditures for the year ended September 30, 2015, exclude
                         capital expenditures of $80.1 million, $28.1 million, $20.1 million
                         and $8.3 million in the Exploration and Production segment, Pipeline
                         and Storage segment, Gathering segment and Utility segment,
                         respectively. These amounts were in accounts payable and accrued
                         liabilities at September 30, 2014 and paid during the year ended
                         September 30, 2015. These amounts were excluded from the
                         Consolidated Statements of Cash Flows at September 30, 2014, since
                         they represented non-cash investing activities at that date. These
                         amounts have been included in the Consolidated Statement of Cash
                         Flows at September 30, 2015.
                          
(4)                      The capital expenditures for the Exploration and Production segment
                         do not include any proceeds from the sale of oil and gas assets.
                          
                                                                            
DEGREE DAYS
--------------------------------
                                                                                                                                                                                                                   
                                                                                                                                                                                                     Percent Colder
                                                                                                                                                                                                     (Warmer) Than:
Three Months Ended September 30                                                                 Normal                       2016                       2015                      Normal (1)                          Last Year (1)
--------------------------------                                                                ------                      -----                      -----                      ----------                      --------------------
                                                                                                                                                                                                                   
 Buffalo, NY                                                                                       162                         44                         70                          (72.8)                                    (37.1)
 Erie, PA                                                                                          124                         23                         51                          (81.5)                                    (54.9)
                                                                                                                                                                                                                   
Twelve Months Ended September 30
--------------------------------
                                                                                                                                                                                                                   
 Buffalo, NY                                                                                     6,653                      5,611                      6,968                          (15.7)                                    (19.5)
 Erie, PA                                                                                        6,181                      5,182                      6,586                          (16.2)                                    (21.3)
                                                                                                                                                                                                                   
(1)   Percents compare actual 2016 degree days to normal degree days and
                         actual 2016 degree days to actual 2015 degree days.
                          
                                                                                                                                                                                                                                     
                                                                                                                                                                                                    NATIONAL FUEL GAS COMPANY
                                                                                                                                                                                                        AND SUBSIDIARIES
                                                                                                                                                                                                                                                                                                                                                                                               
                                                                                                                                                                                             EXPLORATION AND PRODUCTION INFORMATION
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                               
                                                                                                                                                                                                                                                                                                                                                                                               
                                                                                                                                                                                    Three Months Ended                                                                                                                                            Twelve Months Ended
                                                                                                                                                                                       September 30,                                                                                                                                                 September 30,
                                                                                                                          ---------------------------------------------------------------------------------------------------------------------------------------                     -------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                             Increase                                                                                                                                                      Increase
                                                                                                                                       2016                                                2015                                             (Decrease)                                             2016                                                2015                                               (Decrease)
                                                                                                                          -------------------------------                     -------------------------------                     -------------------------------                     -------------------------------                     -------------------------------                     -----------------------------------
                                                                                                                                                                                                                                                                                                                                                                                               
Gas Production/Prices:
----------------------------------------------------------
Production (MMcf)
 Appalachia                                                                                                                  34,711                                              32,183                                               2,528                                             140,457                                             136,404                                                   4,053
 West Coast                                                                                                                     779                              785                               (6 )                                             3,090                            3,159                                  (69 )
                                                                                                                          ------------------------------                      ------------------------------                      ------------------------------                      ------------------------------                      ------------------------------                      ----------------------------------
Total Production                                                                                                             35,490                           32,968                            2,522                          143,547                          139,563                                3,984  
                                                                                                                          ==============================                      ==============================                      ==============================                      ==============================                      ==============================                      ==================================
                                                                                                                                                                                                                                                                                                                                                                                               
Average Prices (Per Mcf)
 Appalachia                                                                                                                 $  2.24                                             $  2.21                                             $  0.03                                             $  1.94                                             $  2.48                                                $  (0.54 )
 West Coast                                                                                                                    3.62                                                3.54                                                0.08                                                3.25                                                4.11                                                   (0.86 )
  Weighted Average                                                                                                             2.27                                                2.24                                                0.03                                                1.97                                                2.51                                                   (0.54 )
  Weighted Average after Hedging                                                                                               3.09                                                3.35                                               (0.26 )                                              3.02                                                3.38                                                   (0.36 )
                                                                                                                                                                                                                                                                                                                                                                                               
Oil Production/Prices:
----------------------------------------------------------
Production (Thousands of Barrels)
Appalachia                                                                                                                       12                                                   8                                                   4                                                  28                                                  30                                                      (2 )
West Coast                                                                                                                      712                              770                              (58 )                                             2,895                            3,004                                 (109 )
                                                                                                                          ------------------------------                      ------------------------------                      ------------------------------                      ------------------------------                      ------------------------------                      ----------------------------------
Total Production                                                                                                                724                              778                              (54 )                                             2,923                            3,034                                 (111 )
                                                                                                                          ==============================                      ==============================                      ==============================                      ==============================                      ==============================                      ==================================
                                                                                                                                                                                                                                                                                                                                                                                               
Average Prices (Per Barrel)
 Appalachia                                                                                                                 $ 63.46                                             $ 44.93                                             $ 18.53                                             $ 52.15                                             $ 57.44                                                $  (5.29 )
 West Coast                                                                                                                   39.06                                               42.33                                               (3.27 )                                             35.26                                               51.37                                                  (16.11 )
  Weighted Average                                                                                                            39.46                                               42.36                                               (2.90 )                                             35.42                                               51.43                                                  (16.01 )
  Weighted Average after Hedging                                                                                              60.01                                               66.40                                               (6.39 )                                             57.91                                               70.36                                                  (12.45 )
                                                                                                                                                                                                                                                                                                                                                                                               
Total Production (Mmcfe)                                                                                                     39,834                           37,636                            2,198                          161,085                          157,767                                3,318  
                                                                                                                          ==============================                      ==============================                      ==============================                      ==============================                      ==============================                      ==================================
                                                                                                                                                                                                                                                                                                                                                                                               
Selected Operating Performance Statistics:
----------------------------------------------------------
General & Administrative Expense per Mcfe (1)                                                                               $  0.37                                             $  0.41                                             $ (0.04 )                                           $  0.44                                             $  0.42                                                $   0.02
Lease Operating and Transportation Expense per Mcfe (1)(2)                                                                  $  0.97                                             $  1.07                                             $ (0.10 )                                           $  0.96                                             $  1.06                                                $  (0.10 )
Depreciation, Depletion & Amortization per Mcfe (1)                                                                         $  0.69                                             $  1.23                                             $ (0.54 )                                           $  0.87                                             $  1.52                                                $  (0.65 )
                                                                                                                                                                                                                                                                                                                                                                                                             
(1)   Refer to page 16 for the General and Administrative Expense, Lease
                         Operating Expense and Depreciation, Depletion, and Amortization
                         Expense for the Exploration and Production segment.
(2)                      Amounts include transportation expense of $0.52 and $0.52 per Mcfe
                         for the three months ended September 30, 2016 and September 30,
                         2015, respectively. Amounts include transportation expense of $0.52
                         and $0.52 per Mcfe for the twelve months ended September 30, 2016
                         and September 30, 2015, respectively.
                          
 
                                                         NATIONAL FUEL GAS COMPANY
                                                             AND SUBSIDIARIES
                                                       
                                                  EXPLORATION AND PRODUCTION INFORMATION
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                       
Hedging Summary for Fiscal 2017
                                                                           Volume                                     Average Hedge Price
                                                                 ------------------------                             --------------------
Oil Swaps
 Brent                                                               123,000          BBL                           $ 92.27 / BBL
 NYMEX                                                             1,185,000          BBL                           $ 61.34 / BBL
Total                                                              1,308,000          BBL                           $ 64.25 / BBL
                                                                                                                       
Gas Swaps
 NYMEX                                                            35,710,000          MMBTU                         $ 4.29 / MMBTU
 Dominion Transmission Appalachian (DOM)                           6,540,000          MMBTU                         $ 3.86 / MMBTU
 Michigan Consolidated City Gate (Mich Con)                        3,000,000          MMBTU                         $ 4.10 / MMBTU
 Dawn Ontario (DAWN)                                              19,100,000          MMBTU                         $ 3.70 / MMBTU
Fixed Price Physical Sales                                        56,150,079          MMBTU                         $ 2.60 / MMBTU
Total                                                            120,500,079          MMBTU                         $ 3.38 / MMBTU
                                                                                                                       
Hedging Summary for Fiscal 2018
                                                                           Volume                                     Average Hedge Price
                                                                 ------------------------                             --------------------
Oil Swaps
 Brent                                                                24,000          BBL                           $ 91.00 / BBL
 NYMEX                                                               663,000          BBL                           $ 55.19 / BBL
Total                                                                687,000          BBL                           $ 56.44 / BBL
                                                                                                                       
Gas Swaps
 NYMEX                                                            42,570,000          MMBTU                         $ 3.34 / MMBTU
 DAWN                                                              8,400,000          MMBTU                         $ 3.08 / MMBTU
Fixed Price Physical Sales                                        29,366,235          MMBTU                         $ 2.46 / MMBTU
Total                                                             80,336,235          MMBTU                         $ 2.99 / MMBTU
                                                                                                                       
Hedging Summary for Fiscal 2019
                                                                           Volume                                     Average Hedge Price
                                                                 ------------------------                             --------------------
Oil Swaps
 NYMEX                                                               300,000          BBL                           $ 53.00 / BBL
 Total                                                               300,000          BBL                           $ 53.00 / BBL
                                                                                                                       
Gas Swaps
 NYMEX                                                            27,060,000          MMBTU                         $ 3.17 / MMBTU
 DAWN                                                              7,200,000          MMBTU                         $ 3.00 / MMBTU
Fixed Price Physical Sales                                        11,947,289          MMBTU                         $ 3.09 / MMBTU
Total                                                             46,207,289          MMBTU                         $ 3.13 / MMBTU
                                                                                                                       
Hedging Summary for Fiscal 2020
                                                                           Volume                                     Average Hedge Price
                                                                 ------------------------                             --------------------
Gas Swaps
 NYMEX                                                            16,880,000          MMBTU                         $ 3.07 / MMBTU
 DAWN                                                              7,200,000          MMBTU                         $ 3.00 / MMBTU
Fixed Price Physical Sales                                         3,566,558          MMBTU                         $ 3.24 / MMBTU
Total                                                             27,646,558          MMBTU                         $ 3.07 / MMBTU
                                                                                                                       
Hedging Summary for Fiscal 2021
                                                                           Volume                                     Average Hedge Price
                                                                 ------------------------                             --------------------
Gas Swaps
 NYMEX                                                             4,840,000          MMBTU                         $ 3.01 / MMBTU
 DAWN                                                                600,000          MMBTU                         $ 3.00 / MMBTU
Total                                                              5,440,000          MMBTU                         $ 3.01 / MMBTU
                                                                                                                       
                                                                 
                                                                     NATIONAL FUEL GAS COMPANY
                                                                         AND SUBSIDIARIES
                                                                                                                                               
                                                              EXPLORATION AND PRODUCTION INFORMATION
----------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                               
Gross Wells in Process of Drilling
--------------------------------------
Twelve Months Ended September 30, 2016
--------------------------------------
                                                                                                                                                      Total
                                                                                                       East        West                              Company
                                                                                                      ------      ------                      --------------------
Wells in Process - Beginning of Period
 Exploratory                                                                                           4.000  (1)  0.000                                     4.000
 Developmental                                                                                        96.000  (1)  0.000                                    96.000
Wells Commenced
 Exploratory                                                                                           3.000       0.000                                     3.000
 Developmental                                                                                        43.000      25.000                                    68.000
Wells Completed
 Exploratory                                                                                           1.000       0.000                                     1.000
 Developmental                                                                                        51.000      25.000                                    76.000
Wells Plugged & Abandoned
 Exploratory                                                                                           0.000       0.000                                     0.000
 Developmental                                                                                         1.000       0.000                                     1.000
Wells in Process - End of Period
 Exploratory                                                                                           6.000       0.000                                     6.000
 Developmental                                                                                        87.000       0.000                                    87.000
                                                                                                                                               
(1)   Gross exploratory wells were increased by 4 and developmental wells
                         were decreased by 4.
                                                                
Net Wells in Process of Drilling
--------------------------------------
Twelve Months Ended September 30, 2016
--------------------------------------
                                                                                                                                                     Total
                                                                                                       East       West                              Company
                                                                                                      ------     ------                      --------------------
Wells in Process - Beginning of Period
 Exploratory                                                                                           4.000 (1)  0.000                                     4.000
 Developmental                                                                                        81.500 (1)  0.000                                    81.500
Wells Commenced
 Exploratory                                                                                           3.000      0.000                                     3.000
 Developmental                                                                                        43.000     25.000                                    68.000
Wells Completed
 Exploratory                                                                                           1.000      0.000                                     1.000
 Developmental                                                                                        31.800     25.000                                    56.800
Wells Plugged & Abandoned
 Exploratory                                                                                           0.000      0.000                                     0.000
 Developmental                                                                                         1.000      0.000                                     1.000
Well Interest Sold (2)
 Exploratory                                                                                           0.000      0.000                                     0.000
 Developmental                                                                                        28.800      0.000                                    28.800
Wells in Process - End of Period
 Exploratory                                                                                           6.000      0.000                                     6.000
 Developmental                                                                                        62.900 (2)  0.000                                    62.900
                                                                                                                                              
(1)   Net exploratory wells were increased by 4 and developmental wells
                         were decreased by 4.
(2)                      Seneca’s East Division sold an 80% working interest in 36 of the
                         existing developmental wells in process to IOG during the twelve
                         months ended September 30, 2016.
                          
                                                  
                                                                                                       NATIONAL FUEL GAS COMPANY
                                                                                                           AND SUBSIDIARIES
                                                                                                                                                                                                        
                                                                                                EXPLORATION AND PRODUCTION INFORMATION
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                        
                                                                                                     Reserve Quantity Information
                                                                                                              (Unaudited)
                                                                                                                                                                                                        
                                                                                                                                                                                                        
                                                                                                                                                                               Gas MMcf
                                                                                                                               --------------------------------------------------------------------------------------------------------
                                                                                                                                                                                 U.S.
                                                                                                                               --------------------------------------------------------------------------------------------------------
                                                                                                                                            Appalachian                         West Coast                           Total
                                                                                                                                              Region                              Region                            Company
                                                                                                                               --------------------------------------------------------------------------------------------------------
Proved Developed and Undeveloped Reserves:
September 30, 2015                                                                                                                  2,092,782                              49,346                       2,142,128
Extensions and Discoveries                                                                                                            185,347                      --                         185,347
Revisions of Previous Estimates                                                                                                      (245,029 )                            (3,132 )                      (248,161 )
Production                                                                                                                           (140,457 )                            (3,090 )                      (143,547 )
Sales of Minerals in Place                                                                                                           (261,192 )                    --     (261,192 )
                                                                                                                               -------------- -------------------- -------------- -------------------- ---------- --------------------
September 30, 2016                                                                                                                  1,631,451           43,124    1,674,575  
                                                                                                                               ============== ==================== ============== ==================== ========== ====================
                                                                                                                                                                                                        
Proved Developed Reserves:
                                                                                                                                                                                                        
September 30, 2015                                                                                                                  1,267,498                              49,346                       1,316,844
September 30, 2016                                                                                                                  1,089,492                              43,124                       1,132,616
                                                                                                                                                                                                        
                                                                                                                                                                                                        
                                                                                                                                                                               Oil Mbbl
                                                                                                                               --------------------------------------------------------------------------------------------------------
                                                                                                                                                                                 U.S.
                                                                                                                               --------------------------------------------------------------------------------------------------------
                                                                                                                                            Appalachian                         West Coast                           Total
                                                                                                                                              Region                              Region                            Company
                                                                                                                               --------------------------------------------------------------------------------------------------------
Proved Developed and Undeveloped Reserves:
September 30, 2015                                                                                                                        220                              33,502                          33,722
Extensions and Discoveries                                                                                                     --                                 530                             530
Revisions of Previous Estimates                                                                                                           (46 )                            (2,201 )                        (2,247 )
Production                                                                                                                                (28 )                            (2,895 )                        (2,923 )
Sales of Minerals in Place                                                                                                                (73 )                    --          (73 )
                                                                                                                               -------------- -------------------- -------------- -------------------- ---------- --------------------
September 30, 2016                                                                                                                         73           28,936       29,009  
                                                                                                                               ============== ==================== ============== ==================== ========== ====================
                                                                                                                                                                                                        
Proved Developed Reserves:
                                                                                                                                                                                                        
September 30, 2015                                                                                                                        220                              33,150                          33,370
September 30, 2016                                                                                                                         73                              28,698                          28,771
                                                                                                                                                                                                                   
                                                                                                                                                                                                                          
                                                                                                                                                                                             NATIONAL FUEL GAS COMPANY
                                                                                                                                                                                                 AND SUBSIDIARIES
                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                                                    
Pipeline & Storage Throughput - (millions of cubic feet - MMcf)
                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                      Three Months Ended                                                                                                                                                Twelve Months Ended
                                                                                                                                                                         September 30,                                                                                                                                                     September 30,
                                                                                                    ------------------------------------------------------------------------------------------------------------------------------------------------------                     ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                    Increase                                                                                                                                                   Increase
                                                                                                                    2016                                                     2015                                                  (Decrease)                                              2016                                              2015                                             (Decrease)
                                                                                                    ------------------------------------                     ------------------------------------                     ------------------------------------                     -----------------------------                     -----------------------------                     --------------------------------
Firm Transportation - Affiliated                                                                            13,468                                                   15,128                                                   (1,660 )                                         100,637                                           110,431                                               (9,794 )
Firm Transportation - Non-Affiliated                                                                       169,247                                                  149,626                                                   19,621                                           640,238                                           626,775                                               13,463
Interruptible Transportation                                                                                 5,079                                 4,040                                 1,039                         23,548                         12,874                            10,674  
                                                                                                    -------------- --------------------                      -------------- --------------------                      -------------- --------------------                      ------- --------------------                      ------- --------------------                      ---------- --------------------
                                                                                                           187,794                               168,794                                19,000                        764,423                        750,080                            14,343  
                                                                                                    ============== ====================                      ============== ====================                      ============== ====================                      ======= ====================                      ======= ====================                      ========== ====================
                                                                                                                                                                                                                                                                                                                                                                                    
Gathering Volume - (MMcf)
                                                                                                                                                                      Three Months Ended                                                                                                                                                Twelve Months Ended
                                                                                                                                                                         September 30,                                                                                                                                                     September 30,
                                                                                                    ------------------------------------------------------------------------------------------------------------------------------------------------------                     ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                    Increase                                                                                                                                                   Increase
                                                                                                                    2016                                                     2015                                                  (Decrease)                                              2016                                              2015                                             (Decrease)
                                                                                                    ------------------------------------                     ------------------------------------                     ------------------------------------                     -----------------------------                     -----------------------------                     --------------------------------
Gathered Volume - Affiliated                                                                                42,600                                32,934                                 9,666                        161,955                        139,629                            22,326  
                                                                                                    ============== ====================                      ============== ====================                      ============== ====================                      ======= ====================                      ======= ====================                      ========== ====================
                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                                                    
Utility Throughput - (MMcf)
                                                                                                                                                                      Three Months Ended                                                                                                                                                Twelve Months Ended
                                                                                                                                                                         September 30,                                                                                                                                                     September 30,
                                                                                                    ------------------------------------------------------------------------------------------------------------------------------------------------------                     ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                    Increase                                                                                                                                                   Increase
                                                                                                                    2016                                                     2015                                                  (Decrease)                                              2016                                              2015                                             (Decrease)
                                                                                                    ------------------------------------                     ------------------------------------                     ------------------------------------                     -----------------------------                     -----------------------------                     --------------------------------
Retail Sales:
 Residential Sales                                                                                           3,143                                                    3,285                                                     (142 )                                          49,971                                            59,600                                               (9,629 )
 Commercial Sales                                                                                              477                                                      471                                                        6                                             7,247                                             8,710                                               (1,463 )
 Industrial Sales                                                                                               11                                    21                                   (10 )                                             244                            337                               (93 )
                                                                                                    -------------- --------------------                      -------------- --------------------                      -------------- --------------------                      ------- --------------------                      ------- --------------------                      ---------- --------------------
                                                                                                             3,631                                                    3,777                                                     (146 )                                          57,462                                            68,647                                              (11,185 )
Off-System Sales                                                                                    --                                           --                                           --                                             1,243                                             3,787                                               (2,544 )
Transportation                                                                                              11,078                                10,240                                   838                         70,847                         78,749                            (7,902 )
                                                                                                    -------------- --------------------                      -------------- --------------------                      -------------- --------------------                      ------- --------------------                      ------- --------------------                      ---------- --------------------
                                                                                                            14,709                                14,017                                   692                        129,552                        151,183                           (21,631 )
                                                                                                    ============== ====================                      ============== ====================                      ============== ====================                      ======= ====================                      ======= ====================                      ========== ====================
                                                                                                                                                                                                                                                                                                                                                                                    
Energy Marketing Volume
                                                                                                                                                                      Three Months Ended                                                                                                                                                Twelve Months Ended
                                                                                                                                                                         September 30,                                                                                                                                                     September 30,
                                                                                                    ------------------------------------------------------------------------------------------------------------------------------------------------------                     ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                    Increase                                                                                                                                                   Increase
                                                                                                                    2016                                                     2015                                                  (Decrease)                                              2016                                              2015                                             (Decrease)
                                                                                                    ------------------------------------                     ------------------------------------                     ------------------------------------                     -----------------------------                     -----------------------------                     --------------------------------
Natural Gas (MMcf)                                                                                           6,048                                 6,537                                  (489 )                                          39,849                         46,752                            (6,903 )
                                                                                                    ============== ====================                      ============== ====================                      ============== ====================                      ======= ====================                      ======= ====================                      ========== ====================
                                                                                                                                                                                                                                                                                                                                                                                               

NATIONAL FUEL GAS COMPANY AND SUBSIDIARIES

NON-GAAP FINANCIAL MEASURES

In addition to financial measures calculated in accordance with generally accepted accounting principles (GAAP), this press release contains information regarding Operating Results and Adjusted EBITDA, which are non-GAAP financial measures. The Company believes that these non-GAAP financial measures are useful to investors because they provide an alternative method for assessing the Company’s ongoing operating results and for comparing the Company’s financial performance to other companies. The Company’s management uses these non-GAAP financial measures for the same purpose, and for planning and forecasting purposes. The presentation of non-GAAP financial measures is not meant to be a substitute for financial measures in accordance with GAAP.

Management defines Operating Results as reported GAAP earnings before items impacting comparability. The table at page 2 of this report reconciles National Fuel’s reported GAAP earnings to Operating Results for the three and twelve months ended September 30, 2016 and 2015.

Management defines Adjusted EBITDA as reported GAAP earnings before the following items: interest expense, depreciation, depletion and amortization, interest and other income, impairments, items impacting comparability and income taxes.

The following tables reconcile National Fuel’s reported GAAP earnings to Adjusted EBITDA for the three and twelve months ended September 30, 2016 and 2015:

                                                                                                                                                                       
                                                                                                                                                 Three Months Ended                                                                                                   Twelve Months Ended
                                                                                                                                                    September 30,                                                                                                        September 30,
                                                                                                          ------------------------------------------------------------------------------------------------                     -------------------------------------------------------------------------------------------------
                                                                                                                          2016                                                       2015                                                       2016                                                       2015
                                                                                                          -------------------------------------                     --------------------------------------                     --------------------------------------                     --------------------------------------
(in thousands)
Reported GAAP Earnings                                                                                          $  37,553                                                 $ (187,703 )                                               $ (290,958 )                                               $ (379,427 )
  Depreciation, Depletion and Amortization                                                                         56,117                                                     70,860                                                    249,417                                                    336,158
  Interest and Other Income                                                                                        (4,242 )                                                   (5,692 )                                                  (14,055 )                                                  (11,961 )
  Interest Expense                                                                                                 28,842                                                     29,189                                                    121,044                                                     99,471
  Income Taxes                                                                                                     19,091                                                   (162,525 )                                                 (232,549 )                                                 (319,136 )
  Impairment of Oil and Gas Producing                                                                              32,756                                                    417,197                                                    948,307                                                  1,126,257
  Properties
  Reversal of Stock-Based Compensation                                                                     --                                                     (7,776 )                                           --                                                     (7,776 )
  Joint Development Agreement Professional                                                                 --                          --                                   7,855                          --  
  Fees
                                                                                                          --------------  --------------------                      ---------------  --------------------                      ---------------  --------------------                      ---------------  --------------------
Adjusted EBITDA                                                                                                 $ 170,117                              $  153,550                              $  789,061                              $  843,586  
                                                                                                          ======= ======= ====================                      ======= ======== ====================                      ======= ======== ====================                      ======= ======== ====================
                                                                                                                                                                                                                                                                                           
Adjusted EBITDA by Segment
Pipeline and Storage Adjusted EBITDA                                                                            $  46,517                                                 $   40,297                                                 $  199,446                                                 $  188,042
Gathering Adjusted EBITDA                                                                                          20,963                                  16,426                                  78,685                                  68,881  
                                                                                                          ------------------------------------                      -------------------------------------                      -------------------------------------                      -------------------------------------
Total Midstream Businesses Adjusted EBITDA                                                                         67,480                                                     56,723                                                    278,131                                                    256,923
Exploration and Production Adjusted EBITDA                                                                         95,157                                                     97,582                                                    363,830                                                    422,289
Utility Adjusted EBITDA                                                                                            10,400                                                      3,311                                                    148,683                                                    164,037
Energy Marketing Adjusted EBITDA                                                                                       87                                                       (176 )                                                    6,655                                                     12,237
Corporate and All Other Adjusted EBITDA                                                                            (3,007 )                                                   (3,890 )                                                   (8,238 )                                                  (11,900 )
                                                                                                          ------------------------------------                      -------------------------------------                      -------------------------------------                      -------------------------------------
Total Adjusted EBITDA                                                                                           $ 170,117                              $  153,550                              $  789,061                              $  843,586  
                                                                                                          ======= ======= ====================                      ======= ======== ====================                      ======= ======== ====================                      ======= ======== ====================
                                                                                                                                                                                                                                                                                                            
 
                                                                                                                                                       NATIONAL FUEL GAS COMPANY
                                                                                                                                                           AND SUBSIDIARIES
                                                                                                                                                      NON-GAAP FINANCIAL MEASURES
                                                                                                                                                        SEGMENT ADJUSTED EBITDA
                                                                                                                                                        
                                                                                                                                                       Three Months Ended                                                                                                   Twelve Months Ended
                                                                                                                                                          September 30,                                                                                                        September 30,
                                                                                                                ------------------------------------------------------------------------------------------------                     -------------------------------------------------------------------------------------------------
(in thousands)                                                                                                                  2016                                    2015                                                       2016                                    2015
                                                                                                                -------------------------------------                     --------------------------------------                     --------------------------------------                     --------------------------------------
Exploration and Production Segment
------------------------------------------------
Reported GAAP Earnings                                                                                                $  16,744                                                 $ (207,019 )                                               $ (452,842 )                                               $ (556,974 )
  Depreciation, Depletion and Amortization                                                                               27,377                                                     46,277                                                    139,963                                                    239,818
  Interest and Other Income                                                                                                 (78 )                                                     (661 )                                                     (858 )                                                   (2,554 )
  Interest Expense                                                                                                       13,552                                                     14,176                                                     55,434                                                     46,726
  Income Taxes                                                                                                            4,806                                                   (169,621 )                                                 (334,029 )                                                 (428,217 )
  Impairment of Oil and Gas Producing Properties                                                                         32,756                                                    417,197                                                    948,307                                                  1,126,257
  Reversal of Stock-Based Compensation                                                                           --                                                     (2,767 )                                           --                                                     (2,767 )
  Joint Development Agreement Professional Fees                                                                  --                          --                                   7,855                          --  
                                                                                                                ------------------------------------                      -------------------------------------                      -------------------------------------                      -------------------------------------
Adjusted EBITDA                                                                                                       $  95,157                              $   97,582                              $  363,830                              $  422,289  
                                                                                                                ======= ======= ====================                      ======= ======== ====================                      ======= ======== ====================                      ======= ======== ====================
                                                                                                                                                                                                                                                                                                 
Pipeline and Storage Segment
------------------------------------------------
Reported GAAP Earnings                                                                                                $  16,816                                                 $   18,485                                                 $   76,610                                                 $   80,354
  Depreciation, Depletion and Amortization                                                                               11,128                                                      9,726                                                     43,273                                                     38,178
  Interest and Other Income                                                                                                (825 )                                                   (2,123 )                                                   (4,005 )                                                   (4,361 )
  Interest Expense                                                                                                        8,309                                                      7,745                                                     33,327                                                     27,658
  Income Taxes                                                                                                           11,089                                                      8,364                                                     50,241                                                     48,113
  Reversal of Stock-Based Compensation                                                                           --                                  (1,900 )                                           --                                  (1,900 )
                                                                                                                ------------------------------------                      -------------------------------------                      -------------------------------------                      -------------------------------------
Adjusted EBITDA                                                                                                       $  46,517                              $   40,297                              $  199,446                              $  188,042  
                                                                                                                ======= ======= ====================                      ======= ======== ====================                      ======= ======== ====================                      ======= ======== ====================
                                                                                                                                                                                                                                                                                                 
Gathering Segment
------------------------------------------------
Reported GAAP Earnings                                                                                                $   8,537                                                 $    7,594                                                 $   30,499                                                 $   31,849
  Depreciation, Depletion and Amortization                                                                                3,876                                                      2,804                                                     15,282                                                     10,829
  Interest and Other Income                                                                                                (110 )                                                      (47 )                                                     (302 )                                                     (145 )
  Interest Expense                                                                                                        2,091                                                      1,413                                                      8,872                                                      1,627
  Income Taxes                                                                                                            6,569                                   4,662                                  24,334                                  24,721  
                                                                                                                ------------------------------------                      -------------------------------------                      -------------------------------------                      -------------------------------------
Adjusted EBITDA                                                                                                       $  20,963                              $   16,426                              $   78,685                              $   68,881  
                                                                                                                ======= ======= ====================                      ======= ======== ====================                      ======= ======== ====================                      ======= ======== ====================
                                                                                                                                                                                                                                                                                                 
Utility Segment
------------------------------------------------
Reported GAAP Earnings                                                                                                $  (1,784 )                                               $   (3,288 )                                               $   50,960                                                 $   63,271
  Depreciation, Depletion and Amortization                                                                               13,107                                                     11,635                                                     48,618                                                     45,616
  Interest and Other Income                                                                                              (2,008 )                                                   (2,840 )                                                   (4,079 )                                                   (4,485 )
  Interest Expense                                                                                                        5,898                                                      7,030                                                     27,582                                                     28,176
  Income Taxes                                                                                                           (4,813 )                                                   (7,542 )                                                   25,602                                                     33,143
  Reversal of Stock-Based Compensation                                                                           --                                  (1,684 )                                           --                                  (1,684 )
                                                                                                                ------------------------------------                      -------------------------------------                      -------------------------------------                      -------------------------------------
Adjusted EBITDA                                                                                                       $  10,400                              $    3,311                              $  148,683                              $  164,037  
                                                                                                                ======= ======= ====================                      ======= ======== ====================                      ======= ======== ====================                      ======= ======== ====================
                                                                                                                                                                                                                                                                                                 
Energy Marketing Segment
------------------------------------------------
Reported GAAP Earnings                                                                                                $     231                                                 $       34                                                 $    4,348                                                 $    7,766
  Depreciation, Depletion and Amortization                                                                                   70                                                         57                                                        278                                                        209
  Interest and Other Income                                                                                                (151 )                                                      (75 )                                                     (480 )                                                     (312 )
  Interest Expense                                                                                                           13                                                          7                                                         49                                                         27
  Income Taxes                                                                                                              (76 )                                                     (199 )                                                    2,460                                   4,547  
                                                                                                                ------------------------------------                      -------------------------------------                      -------------------------------------                      -------------------------------------
Adjusted EBITDA                                                                                                       $      87                              $     (176 )                                               $    6,655                              $   12,237  
                                                                                                                ======= ======= ====================                      ======= ======== ====================                      ======= ======== ====================                      ======= ======== ====================
                                                                                                                                                                                                                                                                                                 
Corporate and All Other
------------------------------------------------
Reported GAAP Earnings                                                                                                $  (2,991 )                                               $   (3,509 )                                               $     (533 )                                               $   (5,693 )
  Depreciation, Depletion and Amortization                                                                                  559                                                        361                                                      2,003                                                      1,508
  Interest and Other Income                                                                                              (1,070 )                                                       54                                                     (4,331 )                                                     (104 )
  Interest Expense                                                                                                       (1,021 )                                                   (1,182 )                                                   (4,220 )                                                   (4,743 )
  Income Taxes                                                                                                            1,516                                                      1,811                                                     (1,157 )                                                   (1,443 )
  Reversal of Stock-Based Compensation                                                                           --                                  (1,425 )                                           --                                  (1,425 )
                                                                                                                ------------------------------------                      -------------------------------------                      -------------------------------------                      -------------------------------------
Adjusted EBITDA                                                                                                       $  (3,007 )                                               $   (3,890 )                                               $   (8,238 )                                               $  (11,900 )
                                                                                                                ======= ======= ====================                      ======= ======== ====================                      ======= ======== ====================                      ======= ======== ====================
                                                                                                                                                                                                                                                                                                                  
                                                                                              
                                                                                              NATIONAL FUEL GAS COMPANY
                                                                                                  AND SUBSIDIARIES
                                                                                                                                                                            
                                                                                                                                                                            
Quarter Ended September 30 (unaudited)                                                                                         2016                                                           2015
---------------------------------------------                                                                --------------------------------------                        ---------------------------------------
                                                                                                                                                                            
 Operating Revenues                                                                                              $   292,472,000                             $   301,062,000  
                                                                                                             ===== ============= ====================                      ====== ============= ====================
                                                                                                                                                                            
 Net Income (Loss) Available for Common Stock                                                                    $    37,553,000                             $  (187,703,000 )
                                                                                                             ===== ============= ====================                      ====== ============= ====================
                                                                                                                                                                            
 Earnings (Loss) Per Common Share:
  Basic                                                                                                          $          0.44                             $         (2.22 )
                                                                                                             ===== ============= ====================                      ====== ============= ====================
  Diluted                                                                                                        $          0.44                             $         (2.22 )
                                                                                                             ===== ============= ====================                      ====== ============= ====================
                                                                                                                                                                            
 Weighted Average Common Shares:
  Used in Basic Calculation                                                                                           85,016,408                                  84,570,432  
                                                                                                             ========================================                      =========================================
  Used in Diluted Calculation                                                                                         85,629,858                                  84,570,432  
                                                                                                             ========================================                      =========================================
                                                                                                                                                                            
Twelve Months Ended September 30
(unaudited)
---------------------------------------------
                                                                                                                                                                            
 Operating Revenues                                                                                              $ 1,452,416,000                             $ 1,760,913,000  
                                                                                                             ===== ============= ====================                      ====== ============= ====================
                                                                                                                                                                            
 Net Income (Loss) Available for Common Stock                                                                    $  (290,958,000 )                                              $  (379,427,000 )
                                                                                                             ===== ============= ====================                      ====== ============= ====================
                                                                                                                                                                            
 Earnings (Loss) Per Common Share:
  Basic                                                                                                          $         (3.43 )                                              $         (4.50 )
                                                                                                             ===== ============= ====================                      ====== ============= ====================
  Diluted                                                                                                        $         (3.43 )                                              $         (4.50 )
                                                                                                             ===== ============= ====================                      ====== ============= ====================
                                                                                                                                                                            
 Weighted Average Common Shares:
  Used in Basic Calculation                                                                                           84,847,993                                  84,387,755  
                                                                                                             ========================================                      =========================================
  Used in Diluted Calculation                                                                                         84,847,993                                  84,387,755  
                                                                                                             ========================================                      =========================================

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20161103006822r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20161103006822/en/

SOURCE: National Fuel Gas Company

National Fuel Gas Company 
Analyst: 
Brian M. Welsch, 716-857-7875 
or 
Media: 
Karen L. Merkel, 716-857-7654


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