National Fuel Gas Company · NYSE:NFG
National Fuel Gas — AGA Financial Forum May 2008
80 slides from National Fuel Gas's conference presentation, May 2, 2008
Slide 1: National Fuel Gas Company
National Fuel Gas Company David F. Smith President & Chief Executive Officer Ronald J. Tanski Treasurer & Principal Financial Officer Matthew D. Cabell, President Seneca Resources Corporation
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: Net Plant by Segment
National Fuel Gas Company Net Plant by Segment $2.9 Billion At March 31, 2008 P&S Utility All Other E&P Net plant 0.7 1.1 0.112 0.988
Slide 4: Expenditures for Long-Lived Assets
2001 2002 2003 2004 2005 2006 2007 6 Mos. End 3/31/08 2008E Utility 42.4 51.5 49.9 55.5 50.1 54.4 54.2 23.9 59 P & S 26 30.3 199.4 23.2 21.1 26 43.2 57.1 146 E & P 296.4 114.6 75.8 77.7 122.45 208.3 146.7 64.9 177 Energy Mkt. 0.116 0.1 0.2 0.0102 0.06 $- 0.08 0 0 Timber 3.7 25.6 3.5 2.8 18.9 2.3 3.6
Slide 5: Capital Expenditures: Maintenance
## national fuel 7 AGA Financial Forum May 2008 Maintenance Expansion Cap Ex 59 0 Maintenance $59.0 MM 100%
Slide 6: Capital Expenditures: Expansion vs Maintenance
S ## national fuel 9 AGA Financial Forum May 2008 Maintenance Expansion Cap Ex 23 122.9 Expansion $122.9 MM 80.9% Maintenance $29.1 MM 19.1%
Slide 7: Capital Expenditures 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 11 AGA Financial Forum May 2008 * Excludes Acquisitions of $18 MM
Slide 8: Marcellus Shale Fairway
13 national fuel 13 AGA Financial Forum May 2008 Marcellus Shale Fairway
Slide 9: AGA Financial Forum May 2008
14 national fuel 15 AGA Financial Forum May 2008
Slide 10: Projected Net Plant by Segment at 9/30/2008
National Fuel Gas Company Projected Net Plant by Segment at 9/30/2008 $3.1 Billion P&S Utility All Other E&P Net plant 0.8 1.1 0.1 1.1
Slide 11: Net Income
$235.7 Million 12 Months Ended March 31, 2008 P&S Utility Timber Energy Mkt. * Corp. & Other E&P NI 52.4 54.6 4.6 7.1 7.3 109.8 National Fuel Gas Company Net Income
Slide 12: 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 13: Shareholder Returns
Shareholder Returns National Fuel versus the S&P 400 MidCap Index & S&P 400 Utilities Index 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 2Q FY08 National Fuel 2.76 17.6 18.81 21.03 23.61 47.47 35.74 43.66 55.6 62.29 73.41 96
Slide 14: Capitalization
* Long-term Debt includes Current Portion of Long-term Debt. ** Includes Discontinued Operations. National Fuel Gas Company Capitalization $2.60 Billion at March 31, 2007 ** Long-Term Debt Short-Term Debt Shareholder Equity Capitalization 1095 0 1506 Short-Term Debt N/A Shareholder Equity 58% Long-T
Slide 15: Capital Resources
Commercial Paper Program And Bilateral Credit Facilities - Aggregate Of $455.0 MM $0 borrowed at March 31, 2008 $300.0 MM Committed Credit Facility Through September 2010 $0 borrowed at March 31, 2008 The Company may issue debt or equity securities in a public offering or a private placement from ti
Slide 16: Share Buyback
National Fuel Gas Company Share Buyback Date Authorized: December 8, 2005 Authorized Amount: Up to 8 Million Shares As of 03/31/08: 6,227,553 Shares Repurchased
Slide 17: Pipeline & Storage Segment
National Fuel Gas Supply Corporation Empire State Pipeline Pipeline & Storage Segment
Slide 18: Pipeline Connections
DAWN Hub: Canadian, Gulf & Mid-Continent FUTURE: Alaska Rockies Express Pipeline - REX East Gulf & Appalachian Production FUTURE: Cove Point Expansion & Gulf LNG 17
Slide 19: XX national fuel AGA Financial Forum May 2008
XX national fuel 35 AGA Financial Forum May 2008
Slide 20: 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 21: 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 22: Our Prime Location: Tuscarora Extension
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 23: Our Prime Location: West to East Project
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 24: Our Prime Location: Storage Expansion
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 25: Utility Segment
National Fuel Gas Distribution Corporation Utility Segment
Slide 26: 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 27: 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 28: Exploration & Production Segment
Exploration & Production Segment
Slide 29: Exploration & Production Positioned for Growth
Low-risk Appalachian shallow gas development program and significant upside in the Marcellus Shale Steady, predictable oil production in California Recent exploration success in the Gulf of Mexico Exploration & Production Positioned for Growth
Slide 30: Exploration & Production Balanced Portfolio
East - Appalachia (Growth) 110 BCFE Proved Reserves 220 BCFE 3P (Prvd+Prob+Poss) 670 BCFE Upper Devonian Prospective Resources Large acreage position in the Marcellus Shale West - California (Cash Flow) Producing over 50 MMCFED 347 BCFE Proved Reserves Gulf of Mexico (Short Cycle Upside) Producing o
Slide 31: E&P Capital Expenditures
2006 2007 2008 Forecast* East 27 39.1 71 West 36 41.4 49 Gulf 103 66.2 57 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 Finding & development costs will continue to improve with more emphasis on
Slide 32: Annual Production by Division
U.S. Production up in 2007 Expect a further increase in 2008 20-30% increase in East Slight increase in Gulf Slight increase in West 2006 2007 2008 Forecast East 5.5 6.3 8.1 West 19.4 18.3 18.5 Gulf 13.2 14.7 14.9 Canada 9.3 7.7 Exploration & Production Annual Production by Division
Slide 33: 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 82 152 233 280 330 370 Wells Comp 5 2 7 41 40 48 40 78 145 220 252 297 333 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 34: Appalachian Well Economics
Focused on maximizing returns of upsized program while continuing to: Maintain improved EUR / Well Minimize Production Delay Base Case Assumptions Incorporate 2007 Drilling Program Results: Well Cost $200,350 Estimated EUR: 97 MMCFE NRI 94% Upper Devonian Cases 4 5 6 7 8 Base Case 0.075 0.15 0.24 0.
Slide 35: 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 36: 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
Slide 37: Marcellus Shale Activity
EOG Joint Venture: Drilled 3 Horizontal wells and 3 vertical wells: 1st horizontal producing at restricted rate of 200+ mcfd 2nd horizontal P&A'd due to mechanical problems. Rig will return to drill a replacement well 3rd to be completed and fraced in June New Rig expected this summer Additional 5-1
Slide 38: Gulf of Mexico Strategic Overview
Why the Gulf of Mexico? $1.4 billion operating income on $0.9 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 capita
Slide 39: Appalachia v. Gulf of Mexico Economics
High rate wells in Gulf have superior IRRs at same F&D Seneca FY 2008 Basin Comparison: 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
Slide 40: Gulf of Mexico Core Areas
GOM: *Production: 41 mmcfepd *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: '09 2nd Well Drilling HI 24L Disc. (Q3, 07): Producing: 70 MMCFD WI: 35% HI 23L Prospect (Q2,
Slide 41: Gulf of Mexico 2008 Plan
Fiscal Year 2008 Plan: GOM FY08 capital forecast: $57MM (FY07: $66MM; FY06: $103MM) Drill 4 to 5 Exploration wells; 5 to 6 Recompletions Fiscal 2008 Targets: Increase Production F&D: $3.50 - $5.75 May Jun Jul Aug Sept Oct Nov Dec Jan Feb Ave. Daily Production 33 36.5 40.8 38.7 33.9 34.4 42.9 45.5 39
Slide 42: 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) $176.7 M * (46% of Seneca) $8.22 / BOE $107.1M * (53% of Seneca) Crud
Slide 43: California Reserve Replacement Projects
Property Trade Exchanged Seneca's Upper Ojai assets plus $14.1mm for additional Sespe assets SRC gains 6.6 BCFE of reserves, 210 BOEPD of production, reserve replacement cost of $2.14/MCFE Significant upside potential at Sespe Marvic Sand Development at MWSS Drill 11 wells in 2008 3.3 BCFE @ $1.58 F
Slide 44: Exploration & Production Summary
Exploration & Production Summary Fiscal '08 off to a good start Aggressive, but achievable goals 1st Half Production up substantially Exploration success in Gulf Appalachia growing fast Long term plan Increasing emphasis on Appalachia Establish significant Marcellus production Continue in Gulf as lo
Slide 45: Appendix
APPENDIX
Slide 46: Major Business Segments
National Fuel Gas Company Major Business Segments
Slide 47: 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 48: National Fuel Gas Company NYSE: NFG
National Fuel Gas Company New York Stock Exchange NFG Shares Outstanding (Approx.) (As of 04/30/08) 81.2 Million Average Daily Trading Volume (12 Months Ended 04/30/08) 602,008 Market Capitalization (Approx.) (As of 04/30/08) $4.2 Billion $1.24 Annual Dividend Rate (At 9/30/07) September Fiscal Year
Slide 49: 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 50: Earnings Guidance
National Fuel Gas Company Earnings Guidance (at May 1, 2008) FY 2008 Earnings Guidance $2.90-$3.00 per share. Includes: Exploration & Production Production between 38 and 44 Bcfe Pricing based on 7/24/07 NYMEX futures pricing strip for unhedged production No new 2008 production from announced ventur
Slide 51: EPS Guidance & Sensitivity
Natural Gas ($/MMBtu) Oil ($/Bbl) At 07/24/07 $72.34 $7.826 Average $72.09 $7.994 Sept-08 $72.19 $7.939 Aug-08 $72.29 $7.866 Jul-08 $72.39 $7.768 Jun-08 $72.48 $7.678 May-08 $72.59 $7.713 Apr-08 EPS Guidance & Sensitivity * Please refer to Safe Harbor for Forward-Looking Statements in National Fuel
Slide 52: Net Cash Provided by Operating Activities per Diluted Share
2002 2003 2004 2005 2006 2007 6 Mos. End 3/31/2008 CFPS 1.18 4 5.27 3.73 5.48 4.62 3.58 6 Mo. End 3/31/08 3.24 Fiscal Year National Fuel Gas Company Net Cash Provided by Operating Activities per Diluted Share
Slide 53: Free Cash Flow per Diluted Share
2002 2003 2004 2005 2006 2007 6 Mo. End 3/31/08 CFPS 1.18 2.52 1.82 2.29 0.36 2.49 1.58 6 Mo. End 3/31/08 0.7 Fiscal Year National Fuel Gas Company Free Cash Flow per Diluted Share
Slide 54: NFG Debt Ratings
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 March 31, 2008
Slide 55: Pipeline & Storage Diluted Earnings per Share
Fiscal Year 2002 2003 2004 2005 2006 2007 6 Mos End 3/31/08 Earnings 0.49 0.56 0.599 0.63 0.65 0.583 0.332 6 Mos End 3/31/07 0.31 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 pre
Slide 56: Pipeline & Storage O&M Expense
2002 2003 2004 2005 2006 2007 6 Mos End 3/31/08 61.3 60.7 65.1 65.4 66.3 61.2 34.4 * Excludes SFAS 88 settlement loss of -$3.0 million * Pipeline & Storage O & M Expense $ Millions Fiscal Year
Slide 57: 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 58: 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 59: 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 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 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 62: Utility Diluted Earnings per Share
Fiscal Year 2002 2003 2004 2005 2006 2007 6 Mo End 3/31/08 * Earnings 0.62 0.7 0.59 0.46 0.54 0.597 0.64 6 Mos End 3/31/07 0.596 a Excludes SFAS 88 settlement loss of -$0.03 b Excludes out-of-period adjustment to symmetrical sharing of $0.04 a Fiscal Year Utility Diluted Earnings per Share b * Due t
Slide 63: Utility O&M Expense
2002 2003 2004 2005 2006 2007 6 Mos End. 3/31/08 Utility 169 179 191 211 204 203 113.8 * Excludes SFAS 88 settlement loss of -$3.4 million Fiscal Year $ Millions * Utility O & M Expense
Slide 64: Utility Accounts Receivable - Customer
At 3/31/05 At 3/31/06 At 3/31/07 At 3/31/08 30-59 days 25.6 28.69 24.87 23.84 60-89 days 14.6 19.19 11.83 14.09 90-119 days 7.15 11.26 6.64 8.3 120 days & over 39.95 48.08 54.14 53.09 Reserve for Bad Debt 21.13 41.55 43 41.2 Utility Accounts Receivable - Customer
Slide 65: 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 66: Utility 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 67: E&P Diluted Earnings per Share
Fiscal Year 2002 2003 2004 2005 2006 2007 6 Mo. End 3/31/08 Earnings 0.33 0.46 0.61 0.6 0.71 0.88 0.801 6 Mo. End 3/31/08 0.4 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 68: Appalachian Basin 2007 Highlights
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 40%* Increased daily production from 16.6 M
Slide 69: Exploration & Production Results and Expectations
Fiscal 2007 Results Increased U.S. production to 39 BCFE Sold Canada Replaced over 500% of Appalachian Production Fiscal 2008 Plan Grow U.S. Production Accelerate Appalachia development Explore selectively in the Gulf Continue Development Drilling in California Exploration & Production Results and E
Slide 70: Appalachian Reserves & Potential Organic Growth
Increasing Upper Devonian Reserve Base Replaced 530% of production Quantified 3P Reserves Additional Prospective Resources - 670 BCFE Significant Marcellus Potential 9/30/2006 9/30/2007 PDP 83 99.6 PUD 0 10.4 Prob 0 36.5 Poss 73.8 Appalachian Reserves & Potential Organic Growth
Slide 71: Upper Devonian: Reserves per Well
Significantly improving reserves/well Fiscal Year 2004 2005 2006 2007 MCFE/Well 80 57 71 97 Wells Completed 42 83 145 220 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: Reserves per Wel
Slide 72: Seneca Resources Fiscal 2008 Production/Drilling Estimate
Production: 38 - 44 BCFE Number of Wells to be Drilled: 309 - 368 Seneca Resources Fiscal 2008 Production/Drilling Estimate
Slide 73: Seneca Resources Hedging Summary
Seneca Resources Hedging Summary SWAPS Volume Average Hedge Price Fiscal 2008 (6 Mos. Remaining) Oil 0.8 MMBBL $65.72 / BBL Gas 7.7 BCF $8.54 / MCF Fiscal 2009 Oil 0.9 MMBBL $72.39 / BBL Gas 9.4 BCF $9.30 / MCF Fiscal 2010 Oil 0.2 MMBBL $84.00 / BBL
Slide 74: Appalachia Stratigraphic Column
Appalachia Stratigraphic Column 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) Onondaga Lime (Senec
Slide 75: 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 76: Pipeline & Storage vs. Consolidated NFG Diluted EPS
2002 2003 2004 2005 2006 2007 6 Mos End 3/31/08 Pipeline & Storage 0.37 0.56 0.58 0.71 0.65 0.66 0.33 All Other Segments 1.09 1.64 1.43 1.52 0.96 3.3 1.603 $2.20 $2.01 $2.23 Fiscal Year Pipeline & Storage vs. Consolidated NFG Diluted Earnings per Share $1.61 $3.96 $1.93
Slide 77: Pipeline & Storage vs. Consolidated NFG O&M Expense
2002 2003 2004 2005 2006 2007 6 Mos End 3/31/08 Pipeline & Storage 61 61 68 65 66 61 34 All Other Segments 333 269 306 323 329 335 189 Fiscal Year $ Millions Pipeline & Storage vs. Consolidated NFG O & M Expense from Continuing Operations $330 $374 $388 $395 $396 $223
Slide 78: Utility vs. Consolidated NFG Diluted EPS
2002 2003 2004 2005 2006 2007 6 Mos. End 3/31/08 Utility 0.62 0.7 0.56 0.46 0.58 0.6 0.63 All Other Segments 0.84 1.5 1.45 1.77 1.03 3.36 1.3 $2.20 $2.01 $2.23 Fiscal Year Utility vs. Consolidated NFG Diluted Earnings per Share $1.61 $3.96 $1.93
Slide 79: Utility vs. Consolidated NFG O&M Expense
2002 2003 2004 2005 2006 2007 6 Mos End 3/31/08 Utility 169 179 194 211 204 203 114 All Other Segments 225 151 180 177 191 193 109 Fiscal Year $ Millions Utility vs. Consolidated NFG O & M Expense from Continuing Operations $330 $374 $388 $395 $396 $223
Slide 80: Exploration & Production vs. Consolidated NFG Diluted EPS
2002 2003 2004 2005 2006 2007 6 Mos End 3/31/08 Exploration & Production 0.33 -0.39 0.66 0.6 0.24 2.47 0.8 All Other Segments 1.13 2.59 1.35 1.63 1.37 1.49 1.13 $2.20 $2.01 $2.23 Fiscal Year Exploration & Production vs. Consolidated NFG Diluted Earnings per Share $1.61 $3.96 $1.93 Reconciliation of