National Fuel Gas Company · NYSE:NFG
National Fuel Gas — Berenson & Company and Wall Street Access Northeast Seminar, Boston 2008
87 slides from National Fuel Gas's conference presentation, Feb 28, 2008
Slide 1: National Fuel Gas Company Northeast Seminar, Boston
National Fuel Gas Company Berenson & Company and Wall Street Access Northeast Seminar, Boston Feb 28-29, 2008
Slide 2: Corporate Objective
Grow shareholder value through timely investment in the energy industry. National Fuel Gas Company Corporate Objective
Slide 3: Net Plant by Segment (in Billions)
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008E $3.1 B At Fiscal Year End Net Plant by Segment (in Billions)
Slide 4: Net Plant by Segment $2.9 Billion
National Fuel Gas Company Net Plant by Segment $2.9 Billion At December 31, 2007 P&S Utility All Other E&P Net plant 0.7 1.1 0.112 0.988
Slide 5: Net Income
$214.4 Million 12 Months Ended December 31, 2007 P&S Utility Timber Energy Mkt. * Corp. & Other E&P NI 50.7 53.9 3.9 5.8 8.1 92 National Fuel Gas Company Net Income
Slide 6: Shareholder Returns versus S&P 500 and S&P 400 Utilities
Shareholder Returns National Fuel versus the S&P 500 & S&P 400 Utilities Index 2Q FY03 3Q FY03 4Q FY03 1Q FY04 2Q FY04 3Q FY04 4Q FY04 1Q FY05 2Q FY05 3Q FY05 4Q FY05 1Q FY06 2Q FY06 3Q FY06 4Q FY06 1Q FY07 2Q FY07 3Q FY07 4Q FY07 1Q FY08 National Fuel 6.75 28.48 14.02 23.31 25.48 28.94 47.56 49.07
Slide 7: Dividend Growth
70 0.19 71 0.2 72 0.205 73 0.215 74 0.225 75 0.235 76 0.245 77 0.255 78 0.27 79 0.2875 80 0.3075 81 0.33 82 0.36 83 0.39 84 0.47 85 0.52 86 0.57 87 0.6 88 0.63 89 0.67 90 0.71 91 0.73 92 0.75 93 0.77 94 0.79 95 0.81 96 0.84 97 0.87 98 0.9 99 0.93 '00 0.96 '01 1.01 '02 1.04 '03 1.08 '04 1.12 '05 1.16
Slide 8: Earnings vs. Dividends Paid
Earnings * Dividends Paid 85 0.95 0.48 86 0.88 0.53 87 0.88 0.58 88 0.83 0.61 89 0.97 0.64 90 0.92 0.68 91 0.82 0.72 92 0.97 0.74 93 1.08 0.76 94 1.16 0.78 95 1.02 0.8 96 1.39 0.82 97 1.49 0.85 98 1.44 0.88 99 1.47 0.91 '00 1.61 0.94 '01 2.11 0.97 '02 1.58 1.02 '03 1.89 1.05 '04 1.98 1.09 '05 2.15 1
Slide 9: Major Business Segments
National Fuel Gas Company Major Business Segments
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Slide 11: National Fuel Gas Distribution Corporation Service Territory
f,) National Fuel Gas NATIONAL FUEL GAS DISTRIBUTION. (CORPORATION SERVICE TERRITORY 10
Slide 12: National Fuel Pipeline Map
() National Fuel Gas NATIONAL FUEL PIPet
Slide 13: National Fuel Gas Supply Corporation Storage Map
fs) National Fuel Gas [NATIONAL FUEL GAS SUPPLY ‘CORPORATION STORAGES n
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Slide 16: Pipeline & Storage Segment
National Fuel Gas Supply Corporation Empire State Pipeline Pipeline & Storage Segment
Slide 17: Pipeline Operating Statistics
2,495 Miles of System Pipeline 15 Compressor Stations Totaling 39,929 Horsepower Transportation Volume for Fiscal 2007: 356.1 Bcf $122.9 MM in Revenues for Fiscal 2007 Pipeline & Storage Pipeline Operating Statistics
Slide 18: Storage Operating Statistics
32 Underground Natural Gas Storage Fields (4 Co-owned with Nonaffiliated Companies) 15 Compressor Stations Totaling 35,475 Horsepower 78.3 Bcf of Working Storage Capacity $67.1 MM in Revenues for Fiscal 2007 Pipeline & Storage Storage Operating Statistics
Slide 19: Pipeline & Storage Diluted Earnings per Share
Fiscal Year 2002 2003 2004 2005 2006 2007 1Q FY08 Earnings 0.49 0.56 0.599 0.63 0.65 0.583 0.15 1Q FY07 0.14 a Excludes SFAS 88 settlement loss of -$0.02 b Excludes base gas sale of $0.03 and gain associated with insurance proceeds of $0.05 c Excludes reversal of reserve for preliminary project cost
Slide 20: Empire Connector
+78 MILES OF 26" + 20,620 HP COMPRESSION + S177 MILLION
Slide 21: Empire Connector
Construction Started September 2007 >18 miles Completed; Construction to Resume as Weather Permits Initial Capacity 250,000 Dth/day - KeySpan 150,750 Dth/day Target In-Service Date November 1, 2008 78 Miles of 24" Pipe - 1,440 psig 20,620 HP of Compression Receipts from TransCanada Pipeline @ Chippa
Slide 22: Our Prime Location
DAWN Hub: Canadian, Gulf & Mid-Continent FUTURE: Alaska Rockies Express Pipeline - REX East Gulf & Appalachian Production FUTURE: Cove Point Expansion & Gulf LNG 21
Slide 23: Our Prime Location Map
ROCKIES EXPRESS (REX) MILLENNIUM (NOV 2008) 525 MDth/day EMPIRE CONNECTOR (NOV 2008) 250 MDth/day CANADA Lake Ontario Lake Erie Leidy Ellisburg NY PA Chippawa Corning Independence Tuscarora Storage TransCanada Pendleton Niagara PA OH National Fuel Supply Corp. Empire Pipeline Bristoria Clarington La
Slide 24: West to East Project
Open Season Conducted May 2007 Initial Interest Strong 324-mile pipeline from Rockies Express (REX) terminus at Clarington, OH to Millennium Pipeline in Corning, NY Receipts from REX (~555,000 to 750,000 dth/d), Local Production, Cove Point Gas at Leidy and Corning Deliveries to Millennium and Empir
Slide 25: Tuscarora Extension
Phase I Pipeline Capacity 130,000 Dth/day Estimated In-Service Date Late Calendar 2009/Early Calendar 2010 23 Miles of 24" Pipe 800 HP of Compression Receipts from NFGSC and Other Storages and Upstream Pipelines Deliveries to Millennium and Empire Capital Cost Approximately $39 Million Development A
Slide 26: Storage Expansion Project
Incremental storage capacity of ~ 7 Bcf No additional base gas required East Branch and Galbraith Storage Fields in western Pennsylvania Assessment ongoing Pipeline & Storage Storage Expansion Project
Slide 27: Utility Segment
National Fuel Gas Distribution Corporation Utility Segment
Slide 28: Utility Territory
IS N Z National Fuel Gas rg Utility Territory — —_———_ RATNER CAS DSTRRTON wenn SSUSKAtoNSennCeTERTORY "mene
Slide 29: Utility Diluted Earnings per Share
Fiscal Year 2002 2003 2004 2005 2006 2007 1Q FY08 Earnings 0.62 0.7 0.59 0.46 0.55 0.597 0.24 1Q FY08 0.2 a Excludes SFAS 88 settlement loss of -$0.03 b Excludes out-of-period adjustment to symmetrical sharing of $0.03 a Fiscal Year Utility Diluted Earnings per Share b
Slide 30: Utility Accounts Receivable - Customer
At 12/31/04 At 12/31/05 At 12/31/06 At 12/31/07 30-59 days 11.9 16.6 11.9 11.4 60-89 days 5.5 6.4 6 5.4 90-119 days 3.7 4 4.4 3.9 120 days & over 46.2 52.6 64.3 56.7 Reserve for Bad Debt 15.1 31.5 34.2 32.7 Utility Accounts Receivable - Customer
Slide 31: Utility Bad Debt Tracking
New York Merchant Function Charge Varies with Cost of Gas Rates from the 2007 Adjudicated Case Continues Allowance Attributable to Uncollectible Expense Residential Non-Residential 2.832% .402% Multiplied by Gas Supply Cost Rate Utility Bad Debt Tracking
Slide 32: Utility Average Use Per Residential Customer
Fiscal Year TME Utility Average Use Per Residential Customer Normalized Mcf Per Account '73 '74 '75 '76 '77 '78 '79 '80 '81 '82 '83 '84 '85 '86 '87 '88 '89 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 180.205 173.305 173.431 170.237 164.955 156.044 156.898 152.605 153.207
Slide 33: Utility Rate Cases
Utility Rate Cases * Represents the approximate range of rate base filed for in this case. ** Black-box settlement in Pennsylvania. Pennsylvania New York Settled Adjudicated Approximate Rate Base $280-$290 MM* $699 MM Approximate Base Rate Revenue Increase $14.3 MM $1.8 MM Effective Date 1/1/2007 12
Slide 34: Utility Rate Case Activity
Utility Rate Case Activity 11/30/06: The Pennsylvania PUC Approved the Settlement Agreement Reached in the Delivery Service Charge Rate Case Effective Date: 1/1/07 Revenue Increase: $14.3 MM Revenue Decoupling: Initially Proposed by The Utility in This Case. Will Instead be Pursued Via Active Partic
Slide 35: Exploration & Production Segment
Exploration & Production Segment
Slide 36: Seneca Resources Diluted Earnings per Share
Fiscal Year 2002 2003 2004 2005 2006 2007 1Q FY08 Earnings 0.33 0.46 0.61 0.6 0.71 0.88 0.39 1Q FY07 0.2 a b a Excludes oil & gas impairment, loss on sale and cum. effect of change in acctg of - $0.85 b Excludes SFAS 88 settlement loss of -$0.01 and Adjustment of loss on sale of oil and gas assets o
Slide 37: Seneca Resources Positioned for Growth in 2008
Fiscal 2007 Results: Increased U.S. Production to 39 BCFE Sold Canada operations for $232 million ($4.75/MCFE) Replaced over 500% of Appalachian production Fiscal 2008 Expectations: Continue U.S. Production Growth Appalachia up 15-20% Gulf up 5-10% California flat Accelerate drilling in Appalachia -
Slide 38: Seneca Resources Reserves by Region
NY PA Gulf Coast - 7% 34 BCFE West - 71% 58 MMBOE (347 BCFE) Total: 491 BCFE Oil: 58% Gas: 42% East - 22% 110 BCFE At 09/30/2007 Seneca Resources Reserves by Region
Slide 39: Seneca Resources Average Daily Production
NY PA Gulf Coast - 35% 41 MMCFED West - 45% 8,660 BOED (52 MMCFED) Total: 116 MMCFED 1Q FY 2008 East - 20% 23 MMCFED Seneca Resources Average Daily Production
Slide 40: Seneca Resources Annual Production by Division
2006 2007 2008 Fcst East 5.5 6.3 7 West 19.4 18.3 18 Gulf 13.2 14.7 16.5 Canada 9.3 7.7 BCFE Fiscal Year 47.0 47.4 Approx. 38 - 44 Seneca Resources Annual Production by Division
Slide 41: Seneca Resources Capital Expenditures by Division
2006 2007 2008 East 27 39.1 58.6 West 36 41.4 45.7 Gulf 103 66.2 50.1 Canada 42 29.1 0 $176 Fiscal Year $US Millions Approx. $151-$159 $208 13% 22% 38% 50% 38% 32% 30% 24% 17% 20% 16% Seneca Resources Capital Expenditures by Division
Slide 42: Seneca Resources Appalachian Position
940,000 Total Net Acres Seneca Resources Appalachian Position
Slide 43: Seneca Resources Fiscal '07 Drilling Results
Upper Devonian/Silurian Drilled 233 Wells (53% increase over '06), while also improving EUR per well Replaced 530% of 2007 Appalachian production Increased Proved Developed reserves by ~20% Increased total Proved reserves by ~32% 2007 drilling program had an estimated IRR of over 30%* Increased dail
Slide 44: Development & Exploration Drilling
Fiscal Year Shallow Gas Program 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Development 31 38 49 48 78 144 215 250 Exploration 5 2 6 10 2 2 3 4 8 18 30 Gas Price 2.36 2.13 3.21 4.98 2.84 5.2 5.51 7.15 8.83 6.758 Wells Drilled per Year 5 2 6 10 2 2 3 4 8 18 30 Seneca Resources Development
Slide 45: Appalachian Reserve Statistics
2004 2005 2006 2007 BCFE 3.7 5.6 11.2 20.8 Wells 42 83 146 220 Fiscal Year Reserves Added by Drilling Wells Drilled per Year (Reserves Added by Drilling - excludes PUDS) Seneca Resources Appalachian Reserve Statistics
Slide 46: Marcellus Shale Activity
SRC minerals in yellow (860,000 Acres contributed to AMI) EOG minerals in blue (145,000 Acres contributed to AMI) Seneca Resources Marcellus Shale Activity
Slide 47: Appalachian Basin Black Shales
Cratonic Basin Stratigraphic Cross-section Ohio Pennsylvania Transgressive Black Shales Regressive Shales Clastic Sediments (Sands & Silts) Marcellus Geneseo Middlesex Rhinestreet Dunkirk Huron Ohio Shale Sunbury Foreland Basin West East * Modified Cross Section from "The Atlas of Major Appalachian
Slide 48: Marcellus Shale Activity
Marcellus Shale: Basin edge Marcellus Shale: > 100' thick Range Resources Marcellus Activity Seneca/EOG Marcellus Activity * Marcellus Isopach from "The Atlas of Major Appalachian Gas Plays", West Virginia Geological & Economic Survey, Mont Chateau Research Center, Morgantown, WV 26507-0879. Seneca
Slide 49: Seneca Resources California Properties
1,000 BOEPD 230 BOEPD 640 BOEPD 4,700 BOEPD 2,200 BOEPD Seneca Resources California Properties
Slide 50: Seneca Resources California
FY 2008 Forecast Operating Cash Flow: $132 MM FY 2008 Forecast CAPEX: $44-47 MM Net Cash Flow: $86 MM FY 2008 average hedge price at MWSS $65.72/BOE Seneca is a low-cost producer ~ $8/boe Long-lived reserves (R/P > 19 years) Efficient, profitable, and well-run operation Seneca Resources California
Slide 51: Seneca Resources Gulf of Mexico
Why the Gulf of Mexico? Historic IRR for GOM program: 19% Cumulative $1.3 billion cash flow on $960 million investment Very large 3D seismic data base HI24L discovery in 2006/2007 Subsequently built a core acreage position along trend with similar opportunities New program is focused and selective S
Slide 52: Gulf of Mexico Fiscal 2008 Performance Targets
Fiscal Year 2008 Performance Targets F&D costs of no more than $5.75 per mcfe Program IRR of no less than 15% Seneca Resources Gulf of Mexico
Slide 53: Seneca Resources Summary
Achieved our goals in 2007: Increased U.S. Production Sold Canada for $232 million Focused Gulf of Mexico program Continued to accelerate Appalachian drilling program Expect Growth in 2008: Forecast 5% production increase Further accelerate Appalachia drilling Drill up to 10 horizontal wells in the
Slide 54: Seneca Resources Summary (cont'd.)
Well-positioned for continued success: Major competitive advantage in Appalachia First rate E&P Team Proprietary database and knowledge Outstanding acreage position Long-lived production and positive cash flow from California Focused and successful program in the Gulf Seneca Resources Summary (cont'
Slide 55: Share Buyback
National Fuel Gas Company Share Buyback Date Authorized: December 8, 2005 Authorized Amount: Up to 8 Million Shares As of 12/31/07: 3,834,878 Shares Repurchased
Slide 56: Earnings Guidance FY 2008
National Fuel Gas Company Earnings Guidance FY 2008 (Sept 30 fiscal year end) Earnings Guidance $2.60-$2.80 per share. Includes: Exploration & Production Production between 38 and 44 Bcfe Pricing based on 7/24/07 NYMEX futures pricing strip for unhedged production No new 2008 production from announc
Slide 57: National Fuel Gas Company As a Value Company
National Fuel Gas Company As a Value Company Financially Strong Diversified Asset Base Prime Location: Proximity to Canada Undeveloped Storage Pipeline Corridor to East Coast Appalachian Acreage Potential Strong Dividend Record
Slide 58: Appendix
APPENDIX
Slide 59: Energy Marketing Customers & Marketing Area
Energy Marketing Customers & Marketing Area Customers @ FYE 2004 2005 2006 2007 Residential 15,983 14,902 14,963 15,357 Commercial/Industrial 4,345 4,265 4,605 5,219
Slide 60: Energy Marketing Diluted Earnings per Share
Energy Marketing Diluted Earnings per Share Fiscal Year 2002 2003 2004 2005 2006 2007 1Q FY08 Earnings 0.11 0.07 0.07 0.06 0.07 0.062 0.01 1Q FY07 0.01 Fiscal Year * * Excludes resolution of a purchased gas contingency of +$.03.
Slide 61: Timber Diluted Earnings per Share
Fiscal Year 2002 2003 2004 2005 2006 2007 Earnings 0.12 0.12 0.07 0.06 0.07 0.044 a Excludes gain from timber sale of +$1.26 b Excludes adj. of gain on timber sale of -$0.01 a b Fiscal Year Timber Diluted Earnings per Share
Slide 62: National Fuel Gas Company NYSE: NFG
National Fuel Gas Company New York Stock Exchange NFG Fiscal Year End September Shares Outstanding (As of 01/31/08) ~83.5 Million Average Daily Trading Volume (12 Mo Ended 01/31/08) ~590,545 Market Capitalization (As of 02/22/08) $4.0 Billion Annual Dividend Rate (As of 12/31/07) $1.24 Years in Busi
Slide 63: 1/1/1992 2/1/1992 3/1/1992 4/1/1992 5/1/1992 6/1/1992 7/1/1992 8/1/1992 9/1/1992 10/1/1992 11/1/1992 12/1/1992 1/1/19…
1/1/1992 2/1/1992 3/1/1992 4/1/1992 5/1/1992 6/1/1992 7/1/1992 8/1/1992 9/1/1992 10/1/1992 11/1/1992 12/1/1992 1/1/1993 2/1/1993 3/1/1993 4/1/1993 5/1/1993 6/1/1993 7/1/1993 8/1/1993 9/1/1993 10/1/1993 11/1/1993 12/1/1993 1/1/1994 2/1/1994 3/1/1994 4/1/1994 5/1/1994 6/1/1994 7/1/1994 8/1/1994 9/1/19
Slide 64: NFG Debt Ratings at December 31, 2007
Standard & Poor's Moody's Fitch, Inc. Long-Term Debt BBB+ Baa1 A- Outlook Stable Stable Stable Commercial Paper A-2 P-2 F2 NFG Debt Ratings at December 31, 2007
Slide 65: Capital Resources
National Fuel Gas Company Capital Resources Commercial Paper Program And Bilateral Credit Facilities - Aggregate Of $755 MM $0 borrowed at December 31, 2007 $300.0 MM Committed Credit Facility Through September 2010 $0 borrowed at December 31, 2007 Universal Shelf Registration on File - Additional $
Slide 66: Capitalization
* Long-term Debt includes Current Portion of Long-term Debt. ** Includes Discontinued Operations. National Fuel Gas Company Capitalization $2.62 Billion at December 31, 2006 ** Long-Term Debt Short-Term Debt Shareholder Equity Capitalization 1096 72 1455 Short-Term Debt 3% Shareholder Equity 55% Lon
Slide 67: Free Cash Flow per Diluted Share
2002 2003 2004 2005 2006 2007 1Q FY08 CFPS 1.18 2.52 1.82 2.29 0.36 2.49 1.04 1Q FY07 0.29 Fiscal Year National Fuel Gas Company Free Cash Flow per Diluted Share
Slide 68: Expenditures for Long-Lived Assets
2001 2002 2003 2004 2005 2006 2007 1Q FY08 2008E Utility 42.4 51.5 49.9 55.5 50.1 54.4 54.2 12.7 59 P & S 26 30.3 199.4 23.2 21.1 26 43.2 25.4 146 E & P 296.4 114.6 75.8 77.7 122.45 208.3 146.7 30.7 154 Energy Mkt. 0.116 0.1 0.2 0.0102 0.06 $- 0.08 0.009 0 Timber 3.7 25.6 3.5 2.8 18.9 2.3 3.657 0.98
Slide 69: Utility O & M Expense
2002 2003 2004 2005 2006 2007 1Q FY08 Utility 169 179 191 211 204 203 51 * Excludes SFAS 88 settlement loss of -$3.4 million Fiscal Year $ Millions * Utility O & M Expense
Slide 70: Pipeline & Storage O & M Expense
2002 2003 2004 2005 2006 2007 1Q FY08 61.3 60.7 65.1 65.4 66.3 61.2 16 * Excludes SFAS 88 settlement loss of -$3.0 million * Pipeline & Storage O & M Expense $ Millions Fiscal Year
Slide 71: Seneca Resources 2007 Year End Results
Production: 39.3 BCFE Operating Revenue $324.0 MM Net Income $ 74.9 MM Expenses/Mcfe 4th Quarter Fiscal Year DD&A $2.19 $1.99 LOE $1.28 $1.23 G&A $0.63 $0.51 * Excludes discontinued operations of Canada. Seneca Resources 2007 Year End Results *
Slide 72: Appalachia Stratigraphic Column
Appalachia Stratigraphic Column national fuel 71 Exploration & Production Devonian Shales (EOG JointVenture) Depth: 4,500' - 8,000' (PA) Bass Island, Lockport, Medina, Whirlpool Depth: 2,000' - 6,000' (NY Target zones) Upper Devonian Sandstones (Primary Drilling Target) Depth: 800' - 4,500' (PA) Ono
Slide 73: Seneca Resources Forecast Data for Fiscal 2008
Production: 38 - 44 BCFE Number of Wells to be Drilled: 309 - 368 Expenses/Mcfe Estimated Range DD&A $2.20 - $2.30 LOE $1.10 - $1.25 Other Taxes (% of Revenue) $0.20 - $0.25 Other Operating Expenses $ 6 MM - $ 7 MM General and Administrative $20 MM - $22 MM Seneca Resources Forecast Data for Fiscal
Slide 74: Seneca Resources Hedging Summary
Volume Highest Ceiling Price $17.81 / MCF 9 Months Remaining Fiscal 2008 $ 8.48 / MCF 0.7 BCF Gas Lowest Floor Price No-cost Collars $ 8.45 / MCF 8.9 BCF Gas $65.72 / BBL 1.2 MMBBL Oil Average Hedge Price Volume Swaps Fiscal 2009 $68.35 / BBL 0.7 MMBBL Oil Average Hedge Price Volume Swaps $ 8.95 / M
Slide 75: Forward-looking statements
Certain statements contained herein, including those regarding future earnings, developments and operational results, and those which use words such as "anticipates," "estimates," "expects," "intends," "plans," "predicts," "projects," and similar expressions, are "forward-looking statements" as defi
Slide 76: Non-GAAP financial measures
This presentation contains certain non-GAAP financial measures. For pages that contain non-GAAP financial measures, pages containing the most directly comparable GAAP financial measures and reconciliations are provided in the slides that follow. The Company believes that its non-GAAP financial measu
Slide 77: Net Income $353.5 Million, 12 Months Ended December 31, 2007
P&S Utility Timber Energy Mkt. Corp. & Other E&P NI 55.5 53.9 3.9 8.1 8.1 224 National Fuel Gas Company Net Income $353.5 Million 12 Months Ended December 31, 2007
Slide 78: Earnings vs. Dividends Paid
Earnings Dividends Paid 85 0.95 0.48 86 0.88 0.53 87 0.88 0.58 88 0.83 0.61 89 0.97 0.64 90 0.92 0.68 91 0.82 0.72 92 0.97 0.74 93 1.08 0.76 94 1.16 0.78 95 1.02 0.8 96 1.39 0.82 97 1.49 0.85 98 0.3 0.88 99 1.47 0.91 '00 1.61 0.94 '01 0.82 0.97 '02 1.46 1.02 '03 2.2 1.04 '04 2.01 1.09 '05 2.23 1.13
Slide 79: Pipeline & Storage vs. Consolidated NFG Diluted EPS
2002 2003 2004 2005 2006 2007 1Q FY08 Pipeline & Storage 0.37 0.56 0.58 0.71 0.65 0.66 0.15 All Other Segments 1.09 1.64 1.43 1.52 0.96 3.3 0.67 $2.20 $2.01 $2.23 Fiscal Year Pipeline & Storage vs. Consolidated NFG Diluted Earnings per Share $1.61 $3.96 $0.82
Slide 80: Utility vs. Consolidated NFG Diluted EPS
2002 2003 2004 2005 2006 2007 1Q FY08 Utility 0.62 0.7 0.56 0.46 0.58 0.6 0.24 All Other Segments 0.84 1.5 1.45 1.77 1.03 3.36 0.58 $2.20 $2.01 $2.23 Fiscal Year Utility vs. Consolidated NFG Diluted Earnings per Share $1.61 $3.96 $0.82
Slide 81: Exploration & Production vs. Consolidated NFG Diluted EPS
2002 2003 2004 2005 2006 2007 1Q FY08 Exploration & Production 0.33 -0.39 0.66 0.6 0.24 2.47 0.39 All Other Segments 1.13 2.59 1.35 1.63 1.37 1.49 0.43 $2.20 $2.01 $2.23 Fiscal Year Exploration & Production vs. Consolidated NFG Diluted Earnings per Share $1.61 $3.96 $0.82
Slide 82: Energy Marketing vs. Consolidated NFG Diluted EPS
2002 2003 2004 2005 2006 2007 1Q FY08 Energy Marketing 0.11 0.07 0.07 0.06 0.07 0.09 0.01 All Other Segments 1.35 2.13 1.94 2.17 1.54 3.87 0.81 Fiscal Year Energy Marketing vs. Consolidated NFG Diluted Earnings per Share $2.20 $2.01 $2.23 $1.61 $3.96 $0.82
Slide 83: Timber vs. Consolidated NFG Diluted EPS
2002 2003 2004 2005 2006 2007 1Q FY08 Timber 0.12 1.38 0.06 0.06 0.07 0.04 0 All Other Segments 1.34 0.82 1.95 2.17 1.54 3.92 0.82 $2.20 $2.01 $2.23 Fiscal Year Timber vs. Consolidated NFG Diluted Earnings per Share $1.61 $3.96 $0.82
Slide 84: Net Cash Provided by Operating Activities per Diluted Share
2002 2003 2004 2005 2006 2007 1Q FY08 4.29 4 5.27 3.73 5.48 4.62 0.88 Fiscal Year National Fuel Gas Company Net Cash Provided by Operating Activities per Diluted Share
Slide 85: Consolidated Net Cash Used in Investing Activities
2001 2002 2003 2004 2005 2006 2007 1Q FY08 387.9 205.8 104.8 163.2 103.3 297.4 101.8 10.6 Fiscal Year National Fuel Gas Company Consolidated Net Cash Used in Investing Activities $ Millions
Slide 86: Utility vs. Consolidated NFG O & M Expense
2002 2003 2004 2005 2006 2007 1Q FY08 Utility 169 179 194 211 204 203 51 All Other Segments 225 151 180 177 191 193 51.5 Fiscal Year $ Millions Utility vs. Consolidated NFG O & M Expense from Continuing Operations $330 $374 $388 $395 $396 $102.5
Slide 87: Pipeline & Storage vs. Consolidated NFG O & M Expense
2002 2003 2004 2005 2006 2007 1Q FY08 Pipeline & Storage 61 61 68 65 66 61 16 All Other Segments 333 269 306 323 329 335 86.5 Fiscal Year $ Millions Pipeline & Storage vs. Consolidated NFG O & M Expense from Continuing Operations $330 $374 $388 $395 $396 $102.5 Reconciliation of Segment Net Income t
National Fuel Gas — Berenson & Company and Wall Street Access Northeast Seminar, Boston 2008 on 6ix