National Fuel Gas Company · NYSE:NFG
National Fuel Gas — Investor Presentation (August 2008)
87 slides from National Fuel Gas's investor presentation, Aug 14, 2008
Slide 1: National Fuel Gas Company August 2008
National Fuel Gas Company August 2008
Slide 2: Forward-looking statements
This presentation may contain "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995, including statements regarding future prospects, plans, performance and capital structure, anticipated capital expenditures and completion of construction projects, as well
Slide 3: National Fuel Gas Company Major Business Segments
National Fuel Gas Company Major Business Segments
Slide 4: Net Plant by Segment
National Fuel Gas Company Net Plant by Segment $3.0 Billion At June 30, 2008 P&S Utility All Other E&P Net plant 0.77 1.1 0.1 1.047
Slide 5: Net Income by Segment
$259.2 Million 12 Months Ended June 30, 2008 P&S Utility Timber Energy Mkt. * Corp. & Other E&P NI 54.2 58.8 2.9 6.3 6.2 125.1 National Fuel Gas Company Net Income
Slide 6: Expenditures for Long-Lived Assets
2003 2004 2005 2006 2007 9 Mos. End 6/30/08 2008E 2009E Utility 49.9 55.5 50.1 54.4 54.2 38.8 59 62 P & S 199.4 23.2 21.1 26 43.2 106.2 146 70 E & P 75.8 77.7 122.45 208.3 146.7 140.5 177 231 Energy Mkt. 0.2 0.0102 0.06 $- 0.08 0 0 Timber 3.5 2.8 18.9 2.3 3.657 1.2 0 Corp & Others 50.1 5.7 1.1 3.2 0
Slide 7: 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 11
Slide 8: Our Prime Location
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 TransCanada Pendleton Niagara PA OH National Fuel Supply Corp. Empire Pipeline Bristoria Clarington Lamont TGP, DTI = Ex
Slide 9: Pipeline and storage expansion map
EMPIRE CONNECTOR = Appalachian Lateral = Original W2E - Overbeck to Corning = Original W2E - Clarington to Overbeck (including Bristoria to Waynesburg extension) = Proposed Storage Expansion REX MILLENNIUM CANADA Lake Ontario Lake Erie Leidy Ellisburg NY PA Corning Independence Tuscarora Storage PA
Slide 10: Exploration & Production Segment
Exploration & Production Segment National Fuel Gas Company
Slide 11: Exploration & Production Positioned for Growth
Large undeveloped shallow gas potential in Appalachia Major Appalachian upside from the Marcellus Shale Steady predictable oil production in California Recent exploration success in the Gulf of Mexico Exploration & Production Positioned for Growth
Slide 12: Exploration & Production Balanced Portfolio
East - Appalachia (Growth) 110 BCFE Proved Reserves 220 BCFE 3P (Prvd+Prob+Poss) 670 BCFE Upper Devonian Prospective Resources 700,000 Acres Prospective in the Marcellus Shale (Over 900,000 net acres total) West - California (Cash Flow) Producing over 50 MMCFED 347 BCFE Proved Reserves Gulf of Mexic
Slide 13: Changing Strategic Direction
Goals: Changing Strategic Direction Steady sustainable growth Replace production through drilling Improve Finding & Development Cost Strategies: Emphasize low-risk development drilling Focus our exploration program - leverage past success and internal expertise Exploit Appalachian land position
Slide 14: Changing Strategic Direction: Capital Expenditures
2006 2007 2008 Forecast 2009 Budget East 27 39.1 71 129 West 36 41.4 49 54 Gulf 103 66.2 57 48 Canada 42 29.1 0 Major shift in capital allocation More low-risk development Less high-risk exploration In 2006, 13% Appalachia In 2008, 40% Appalachia 2009 Budget, 56% Appalachia Finding & development cos
Slide 15: Annual Production by Division
U.S. Production up in fiscal 2007 and 2008 Expect 2009 similar to 2008 ~20% increase in East Down 10-15% in Gulf Flat in West 2006 2007 2008 Forecast 2009 Budget East 5.5 6.3 7.9 9.6 West 19.4 18.3 18.4 18.3 Gulf 13.2 14.7 14.9 13.2 Canada 9.3 7.7 Exploration & Production Annual Production by Divisi
Slide 16: Exploration & Production Appalachian Basin
Exploration & Production Appalachian Basin
Slide 17: Growing Importance of Appalachia
30% production growth in 2008 Over 300% reserve replacement in 2008 Over half of preliminary 2009 E&P Capital Over 60% of our projected '09 reserve additions At planned drilling pace, should overtake California as largest producing Division by 2012 Back to our Roots Growing Importance of Appalachia
Slide 18: Upper Devonian: Development Drilling
1998 1999 2000 2001 2002 2003 2004 '05 '06 '07 '08 Fcst '09 Fcst '10 Fcst Wells Drilled 5 2 7 41 40 52 42 82 152 233 270 325 370 Wells Comp 5 2 7 41 40 48 40 78 145 220 243 293 333 Gas Price 2.36 2.13 3.21 4.98 2.84 5.2 5.51 7.15 8.83 7.49 Fiscal Year Wells Drilled / Completed Average Gas Price E&P
Slide 19: Upper Devonian: Reserves per Well
Significantly improving reserves/well Fiscal Year 2004 2005 2006 2007 2008 Fcst MCFE/Well 80 57 71 97 110 Wells Completed 42 83 145 220 270 Reserves per well Wells Completed per Year PDP Reserves Added 2004: 3.7 BCFE 2005: 5.6 BCFE 2006: 11.2 BCFE 2007: 20.8 BCFE E&P Appalachian Basin Upper Devonian
Slide 20: E&P Appalachian Basin Marcellus Black Shale
E&P Appalachian Basin Marcellus Black Shale
Slide 21: Marcellus Shale Activity
Marcellus Shale: Basin edge Range Resources Marcellus Activity Seneca Resources Marcellus Activity Atlas Energy 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.
Slide 22: Seneca's Marcellus Shale Activity
Marcellus shale Fairway Seneca Resources Major Activity E&P Appalachian Basin Seneca's Marcellus Shale Activity SRC minerals in yellow EOG minerals in blue Seneca Marcellus position ~700,000 prospective acres
Slide 23: Prospect Exploration Phase I & II
Boxes indicated are for illustration, not actual locations Marcellus Shale Fairway 10,000 Acre Prospect Box 1st Phase EOG to Drill 10 "R&D" Wells 10 Prospects selected by end '08 Vertical wells earn 160 acres Horizontal 320 EOG earns option to continue development on each Prospect @ 50% W.I. 2nd Pha
Slide 24: Development Drilling 2007 - 2016
Wells Drilled 50/50 EOG and Seneca Minimum Drilling Pace for Development of Phase I Prospects: 2009: 10 Wells 2010: 20 Wells '11-'16: 30 Wells/year Total Phase I: 220 Wells (includes 10 R&D Wells completed by end of 2008) Phase II Prospects 10 R&D Wells complete by end of 2011 and development drilli
Slide 25: Marcellus Shale Activity
Activity to Date: Drilled 3 Horizontal wells and 3 vertical wells: 1st well averaged 350 mcfd over 1st 30 days 2nd well P&A'd due to mechanical problems 3rd well - 400 mcfd on 30-day flow test (1,500' lateral) New Rig drilling 4th horizontal - 4,000' lateral planned Fiscal 2009 Plans: Participate in
Slide 26: Exploration & Production Gulf of Mexico
Exploration & Production Gulf of Mexico
Slide 27: Gulf of Mexico Strategic Overview
Why the Gulf of Mexico? $1.5 billion operating income on $.9 billion investment IRR on overall GOM program 19% Very large seismic data base Strategic Plan: Focus on core areas Build off of Seneca's recent success in trends where we have a competitive advantage Divest properties and eliminate capital
Slide 28: Appalachia v. Gulf of Mexico Economics
High rate wells in Gulf have superior IRRs at same F&D Seneca FY 2008 Budget: 0.6 0.5 0.4 0.3 0.2 0.1 Appalachia 0.85 1.75 2.55 3.25 3.75 4.1 Gulf of Mexico 2.6 3.5 4.3 5 5.5 5.85 F&D IRR Appalachia $2.54 40% Gulf of Mexico $4.45 37% Economics @ $8/Mcf and $80/Bbl Exploration & Production Appalachia
Slide 29: Gulf of Mexico Core Areas
*Average Daily Production: 1st Q, FY08 Recent Discoveries: Prospect Inventory: WC 96 Disc (Q4, 07): Producing: 9 MMCFD WI: 11% Disc (Q2, 08): 106' Pay; WI: 29% First Production: Q2 '09 HI 24L North Disc. (Q3 '07): Producing: 35 MMCFD WI: 35% HI 23L Prospect (Q2, 08): 60' Pay WI: 55%; Paid 35% Tested
Slide 30: Exploration & Production California
Exploration & Production California
Slide 31: Seneca's California Properties
1,100 BOEPD 1,060 BOEPD 4,300 BOEPD 2,100 BOEPD Seneca's California Properties
Slide 32: E&P California Increasing Margins
Reserves R/P Ratio Production Revenue Lifting Cost Operating Income 2007 58 MMBOE (347 BCFE) 18.9 3.06 MMBOE (47% of Seneca) $148.9 M (30% of Seneca) $7.97 / BOE $88.3 M (52% of Seneca) 2008 Goal 2.83 - 3.17 MMBOE (~45% of Seneca) $180.4 M * (45% of Seneca) $8.19 / BOE $113.9 M * (52% of Seneca) Cru
Slide 33: E&P California Reserve Replacement Projects
Property Trade Exchanged Seneca's Upper Ojai assets plus $14.1mm for additional Sespe assets SRC gained 6.6 BCFE, 210 BOEPD, reserve replacement cost of $2.14/MCFE Significant upside potential at Sespe Marvic Sand Develop at MWSS Drill 11 wells in 2008 3.3 BCFE @ $1.58 F&D cost Additional wells in p
Slide 34: E&P Diluted Earnings per Share
Fiscal Year 2002 2003 2004 2005 2006 2007 9 Mo. End 6/30/08 Earnings 0.33 0.46 0.61 0.6 0.71 0.88 1.28 6 Mo. End 3/31/08 0.61 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
Slide 35: Exploration & Production Summary
Exploration & Production Summary Fiscal '08 Results to-date Production up substantially Exploration success in Gulf California production holding steady Appalachia growing fast Earnings more than double prior year Long term plan Increasing emphasis on Appalachia Establish significant Marcellus produ
Slide 36: APPENDIX
APPENDIX
Slide 37: National Fuel Gas Company NFG Key Facts
National Fuel Gas Company New York Stock Exchange NFG Shares Outstanding (Approx.) (As of 06/30/08) 81.5 Million Average Daily Trading Volume (12 Months Ended 06/30/08) 616,238 Market Capitalization (Approx.) (As of 06/30/08) $4.8 Billion $1.30 Annual Dividend Rate (At 6/30/08) September Fiscal Year
Slide 38: Share price history
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 39: 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 40: Earnings Guidance
National Fuel Gas Company Earnings Guidance (at August 7, 2008) FY 2008 Earnings Guidance $3.10-$3.20 per share. Includes: Exploration & Production Production between 38 and 44 Bcfe No new 2008 production from announced venture with EOG Resources Utility New York rate determination in effect as of J
Slide 41: EPS Guidance & Sensitivity
EPS Guidance & Sensitivity * The earnings guidance and sensitivity table are current as of August 7, 2008. The sensitivity table only considers revenue from the Exploration and Production segment's crude oil and natural gas sales. The sensitivities will become obsolete with the passage of time, chan
Slide 42: Net Plant by Segment
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 43: Capital Resources
Commercial Paper Program And Bilateral Credit Facilities - Aggregate Of $430.0 MM $0 borrowed at June 30, 2008 $300.0 MM Committed Credit Facility Through September 2010 $0 borrowed at June 30, 2008 The Company may issue debt or equity securities in a public offering or a private placement from time
Slide 44: Share Buyback
National Fuel Gas Company Share Buyback Date Authorized: December 8, 2005 Authorized Amount: Up to 8 Million Shares As of 06/30/08: 6,667,275 Shares Repurchased
Slide 45: Capitalization
* Long-term Debt includes Current Portion of Long-term Debt. ** Includes Discontinued Operations. National Fuel Gas Company Capitalization $2.55 Billion at June 30, 2007 ** Long-Term Debt Short-Term Debt Shareholder Equity Capitalization 1000 0 1552 Short-Term Debt N/A Shareholder Equity 61% Long-Te
Slide 46: Q3 FY 2008 Cap Ex
## national fuel 89 Q3 FY 2008 Maintenance Expansion Cap Ex 53 6
Slide 47: Maintenance vs Expansion Cap Ex
S ## national fuel 91 Q3 FY 2008 Maintenance Expansion Cap Ex 23 122.9 Expansion $122.9 MM 80.9% Maintenance $29.1 MM 19.1%
Slide 48: E&P Cap Ex by Division
13 East West Gulf Cap Ex 71 49 57 East $71 MM 40.1% Gulf $57 MM 32.2% West $49 MM 27.7% national fuel 93 AGA Financial Forum May 2008 * Excludes Acquisitions of $18 MM national fuel 93 Q3 FY 2008
Slide 49: Marcellus Shale Fairway
Marcellus Shale Fairway national fuel 95 Management Conference 2008 national fuel 95 Q3 FY 2008
Slide 50: national fuel Management Conference 2008 national fuel Q3 FY 2008
national fuel 97 Management Conference 2008 national fuel 97 Q3 FY 2008
Slide 51: Pipeline & Storage Segment
National Fuel Gas Supply Corporation Empire State Pipeline Pipeline & Storage Segment
Slide 52: 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 53: Storage Operating Statistics
31 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 54: Pipeline & Storage Diluted Earnings per Share
Fiscal Year 2002 2003 2004 2005 2006 2007 9 Mos End 6/30/08 Earnings 0.49 0.56 0.599 0.63 0.65 0.583 0.48 9 Mos End 6/30/07 0.43 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 prel
Slide 55: XX national fuel Q3 FY 2008
XX national fuel 107 Q3 FY 2008
Slide 56: Empire Connector
Construction Started September 2007 >18 miles Completed in Calendar 2007; Activities to Resume for the 2008 Construction Season 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
Slide 57: Our Prime Location
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 TransCanada Pendleton Niagara PA OH National Fuel Supply Corp. Empire Pipeline Bristoria Clarington Lamont TGP, DTI = Ex
Slide 58: 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 59: Tuscarora Extension 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 60: Tuscarora Extension
Phase I Pipeline Capacity 130,000 Dth/day 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 $49 Million Development Activities Contingent on Market Pipeline & Storage Tuscarora Exten
Slide 61: Storage Expansion 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 62: Storage Expansion Project
Incremental storage capacity of ~ 8.5 Bcf No additional base gas required East Branch and Galbraith Storage Fields in western Pennsylvania, Tuscarora Storage Field in central New York Assessment ongoing Pipeline & Storage Storage Expansion Project
Slide 63: Utility Segment
National Fuel Gas Distribution Corporation Utility Segment
Slide 64: 125
125
Slide 65: Utility Diluted Earnings per Share
Utility Diluted Earnings per Share a Excludes SFAS 88 settlement loss of -$0.03 b Excludes out-of-period adjustment to symmetrical sharing of $0.03 * Due to the seasonal nature of the heating business, earnings for the nine months ended June 30 should not be taken as a prediction of earnings for the
Slide 66: Utility Accounts Receivable - Customer
At 6/30/05 At 6/30/06 At 6/30/07 At 6/30/08 30-59 days 17.23 16.44 15.32 17.06 60-89 days 15.53 16.93 14.81 16.48 90-119 days 12.8 15.08 12.54 14.39 120 days & over 43.03 54.8 49.15 55.63 Reserve for Bad Debt 18.1 32.2 32.6 33.04 Utility Accounts Receivable - Customer
Slide 67: 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 68: Average Annual Use Per Residential Customer
Fiscal Year Utility Average Annual 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 '07 180.205 173.305 173.431 170.237 164.955 156.044 156.898 152.605 153.2
Slide 69: 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 Conservation Incentive Pro
Slide 70: 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 71: 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 72: Energy Marketing Diluted Earnings per Share
* Excludes resolution of a purchased gas contingency of +$0.03 Fiscal Year Energy Marketing Diluted Earnings per Share
Slide 73: Timber Diluted Earnings per Share
Fiscal Year Timber Diluted Earnings per Share a Excludes gain from timber sale of +$1.26 b Excludes adj. of gain on timber sale of -$0.01
Slide 74: Free Cash Flow per Diluted Share
2002 2003 2004 2005 2006 2007 9 Mo. End 6/30/08 CFPS 1.18 2.52 1.82 2.29 0.36 2.49 1.23 9 Mo. End 6/30/08 0.67 Fiscal Year National Fuel Gas Company Free Cash Flow per Diluted Share
Slide 75: NFG Debt Ratings at June 30, 2008
Standard & Poor's Moody's Fitch, Inc. Long-Term Debt BBB+ Baa1 A- Outlook Negative Stable Stable Commercial Paper A-2 P-2 F2 NFG Debt Ratings at June 30, 2008
Slide 76: Net Cash Provided by Operating Activities per Diluted Share
Fiscal Year National Fuel Gas Company Net Cash Provided by Operating Activities per Diluted Share
Slide 77: Pipeline & Storage O & M Expense
2002 2003 2004 2005 2006 2007 9 Mos End 6/30/08 61.3 60.7 65.1 65.4 66.3 61.2 50.9 * Excludes SFAS 88 settlement loss of -$3.0 million * Pipeline & Storage O & M Expense $ Millions Fiscal Year
Slide 78: Utility O & M Expense
2002 2003 2004 2005 2006 2007 9 Mos End. 6/30/08 Utility 169 179 191 211 204 203 157.9 * Excludes SFAS 88 settlement loss of -$3.4 million Fiscal Year $ Millions * Utility O & M Expense
Slide 79: 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 80: Net Income GAAP Reconciliation
$383.2 Million 12 Months Ended June 30, 2008 P&S Utility Timber Energy Mkt. * Corp. & Other E&P NI 54.2 58.8 2.9 6.3 6.8 254.1 National Fuel Gas Company Net Income GAAP Reconciliation Slide
Slide 81: Pipeline & Storage vs. Consolidated NFG Diluted EPS
2002 2003 2004 2005 2006 2007 9 Mos End 6/30/08 Pipeline & Storage 0.37 0.56 0.58 0.71 0.65 0.66 0.48 All Other Segments 1.09 1.64 1.43 1.52 0.96 3.3 2.17 $2.20 $2.01 $2.23 Fiscal Year Pipeline & Storage vs. Consolidated NFG Diluted Earnings per Share $1.61 $3.96 $2.65
Slide 82: Pipeline & Storage vs. Consolidated O & M Expense
2002 2003 2004 2005 2006 2007 9 Mos End 6/30/08 Pipeline & Storage 61 61 68 65 66 61 51 All Other Segments 333 269 306 323 329 335 275 Fiscal Year $ Millions Pipeline & Storage vs. Consolidated NFG O & M Expense from Continuing Operations $330 $374 $388 $395 $396 $326
Slide 83: Utility vs. Consolidated NFG Diluted EPS
2002 2003 2004 2005 2006 2007 9 Mos. End 6/30/08 Utility 0.62 0.7 0.56 0.46 0.58 0.6 0.73 All Other Segments 0.84 1.5 1.45 1.77 1.03 3.36 1.92 $2.20 $2.01 $2.23 Fiscal Year Utility vs. Consolidated NFG Diluted Earnings per Share $1.61 $3.96 $2.65
Slide 84: Utility vs. Consolidated NFG O & M Expense
2002 2003 2004 2005 2006 2007 9 Mos End 6/30/08 Utility 169 179 194 211 204 203 158 All Other Segments 225 151 180 177 191 193 168 Fiscal Year $ Millions Utility vs. Consolidated NFG O & M Expense from Continuing Operations $330 $374 $388 $395 $396 $326
Slide 85: Exploration & Production vs. Consolidated NFG Diluted EPS
2002 2003 2004 2005 2006 2007 9 Mos End 6/30/08 Exploration & Production 0.33 -0.39 0.66 0.6 0.24 2.47 1.28 All Other Segments 1.13 2.59 1.35 1.63 1.37 1.49 1.37 $2.20 $2.01 $2.23 Fiscal Year Exploration & Production vs. Consolidated NFG Diluted Earnings per Share $1.61 $3.96 $2.65
Slide 86: Energy Marketing vs. Consolidated NFG Diluted EPS
2002 2003 2004 2005 2006 2007 9 Mos. Ended 6/30/08 Energy Marketing 0.11 0.07 0.07 0.06 0.07 0.09 0.077 All Other Segments 1.35 2.13 1.94 2.17 1.54 3.87 2.57 Fiscal Year Energy Marketing vs. Consolidated NFG Diluted Earnings per Share $2.20 $2.01 $2.23 $1.61 $3.96 $2.65
Slide 87: Timber vs. Consolidated NFG Diluted EPS
2002 2003 2004 2005 2006 2007 9 Mos. Ended 6/30/08 Timber 0.12 1.38 0.06 0.06 0.07 0.04 0.03 All Other Segments 1.34 0.82 1.95 2.17 1.54 3.92 2.62 $2.20 $2.01 $2.23 Fiscal Year Timber vs. Consolidated NFG Diluted Earnings per Share $1.61 $3.96 $2.65 Reconciliation of Segment Net Income to Consolidat
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