National Fuel Gas Company · NYSE:NFG
National Fuel Gas — Investor Presentation (November 2007)
84 slides from National Fuel Gas's investor presentation, Nov 9, 2007
Slide 1: National Fuel Gas Company Presentation Book November 2007
National Fuel Gas Company Presentation Book November 2007
Slide 2: Important Information Regarding 2008 Proxy Statement
Important Information Regarding 2008 Proxy Statement National Fuel Gas Company (the "Company") and its directors and executive officers may be deemed to be participants in the solicitation of proxies from stockholders in connection with the Company's 2008 Annual Meeting of Stockholders (the "Annual
Slide 3: Corporate Objective
Grow shareholder value through timely investment in the energy industry. National Fuel Gas Company Corporate Objective
Slide 4: Shareholder Returns: National Fuel versus the S&P 500
Shareholder Returns National Fuel versus the S&P 500 1Q FY03 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 National Fuel 5.64 12.77 35.72 20.45 30.26 32.55 36.21 55.88 57.48 60.42 63.85 95.47 79
Slide 5: Shareholder Returns: National Fuel versus the Alerian Index
Shareholder Returns National Fuel versus the Alerian Index 1Q FY03 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 National Fuel 5.64 12.77 35.72 20.45 30.26 32.55 36.21 55.88 57.48 60.42 63.85 95
Slide 6: 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 7: Net Plant by Segment
National Fuel Gas Company Net Plant by Segment $2.9 Billion At September 30, 2007 P&S Utility All Other E&P Net plant 0.682 1.1 0.114 0.983
Slide 8: Net Income
$192.7 Million 12 Months Ended September 30, 2007 P&S Utility Timber Energy Mkt. * Corp. & Other E&P NI 49.7 50.9 3.7 5.3 8.1 74.9 National Fuel Gas Company Net Income
Slide 9: 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 10: 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 11: Major Business Segments
National Fuel Gas Company Energy Mktg. Timber E&P P&S Utility National Fuel Gas Distribution Corporation National Fuel Gas Supply Corporation and Empire State Pipeline Seneca Resources Corporation Highland Forest Resources, Inc. and NE Div. Of Seneca Resources Corporation National Fuel Resources, In
Slide 12: National Fuel Gas
GY National Fuel Gas
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Slide 14: Transmission Pipeline Map
@ National Fuel Gas NATIONAL FUEL "TRANSMISSION PIPELINE
Slide 15: National Fuel Gas Supply Corporation Storage
f,) National Fuel Gas NATIONAL FUEL GAS SUPPLY ‘CORPORATION STORAGES. 4
Slide 16: Mineral Rights Map
NATIONAL FUEL (MINERAL RIGHTS. 3 : i @
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Slide 18: 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 19: 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 20: Pipeline & Storage Diluted Earnings per Share
Fiscal Year 2002 2003 2004 2005 2006 2007 Earnings 0.49 0.56 0.599 0.63 0.65 0.583 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 costs of $0.06, and Discontinu
Slide 21: Empire Connector Map
@)_empire pipetine EMPIRE CONNECTOR +78 MILES OF 24" + 20,620 HP COMPRESSION PENNSYLVANIA
Slide 22: Empire Connector
Construction Started September 2007 20 miles of 24" by mid December 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 @ Chippawa, Ontario; Deliveries to Mill
Slide 23: Gas Supply Sources and Future Pipelines
DAWN Hub: Canadian, Gulf & Mid-Continent FUTURE: Alaska Rockies Express Pipeline - REX East Gulf & Appalachian Production FUTURE: Cove Point Expansion & Gulf LNG I 21
Slide 24: 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 25: 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
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Slide 27: Utility Diluted Earnings per Share
Fiscal Year 2002 2003 2004 2005 2006 2007 Earnings 0.62 0.7 0.59 0.46 0.55 0.597 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 28: Utility Accounts Receivable - Customer
At 09/30/04 At 9/30/05 At 09/30/06 At 9/30/07 30-59 days 8.3 9 9.2 8.7 60-89 days 5.9 6.5 7.1 6.2 90-119 days 5.4 6.3 6.8 6 120 days & over 48.4 54.5 66.7 60.7 Reserve for Bad Debt 12.9 25.1 29.7 27.2 Utility Accounts Receivable - Customer
Slide 29: Utility Bad Debt Tracking
New York Merchant Function Charge Varies with Cost of Gas Rates from 2005 Settlement Include Allowance Attributable to Uncollectible Expense Residential Non-Residential 2.742% .304% Multiplied by Gas Supply Cost Rate Utility Bad Debt Tracking
Slide 30: 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 31: Utility Rate Case Settlements
Utility Rate Case Settlements * Represents the approximate range of rate base filed for in this case. ** Black-box settlement in both states. Previous Settlements Previous Settlements Current Case New York Pennsylvania New York Approximate Rate Base $640-$650 MM $280-$290 MM* $711 MM Approximate Bas
Slide 32: 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: $14.3 MM Revenue Decoupling: Initially Proposed by The Utility in This Case. Will Instead be Pursued Via Active Partic
Slide 33: Energy Marketing Customers & Marketing Area
Energy Marketing Customers & Marketing Area Customers @ FYE 2004 2005 2006 2007 Residential 15,983 14,902 14,963 15,357 Commercial/Industrial 4,345 4,265 4,605 5,219
Slide 34: Energy Marketing Diluted Earnings per Share
Energy Marketing Diluted Earnings per Share Fiscal Year 2002 2003 2004 2005 2006 2007 Earnings 0.11 0.07 0.07 0.06 0.07 0.062 Fiscal Year * * Excludes resolution of a purchased gas contingency of +$.03.
Slide 35: Seneca Resources Diluted Earnings per Share
Fiscal Year 2002 2003 2004 2005 2006 2007 Earnings 0.33 0.46 0.61 0.6 0.71 0.88 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 of +$0.06 c Excludes loss
Slide 36: 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 37: 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 38: Seneca Resources Average Daily Production
NY PA Gulf Coast - 38% 44 MMCFED West - 44% 8,300 BOED (50 MMCFED) Total: 114 MMCFED 2008 Forecast East - 18% 20 MMCFED Seneca Resources Average Daily Production
Slide 39: 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 40: Seneca Resources Capital Expenditures by Division
2006 2007 2008 East 27 39.1 58.6 West 36 41.4 45.7 Canada 42 29.1 0 Gulf 103 66.2 50.1 $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 41: Seneca Resources Appalachian Position
940,000 Total Net Acres Seneca Resources Appalachian Position
Slide 42: 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 43: Development & Exploration Drilling Target
Fiscal Year 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 Shallow Gas Program Wells Drilled per Year 5 2 6 10 2 2 3 4 8 18 30 Increasing number of exploration wells will allow for a more rapid evaluation of prospect
Slide 44: 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 45: 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 46: 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 47: 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 48: Seneca Resources California Properties
1,000 BOEPD 230 BOEPD 640 BOEPD 4,700 BOEPD 2,200 BOEPD Seneca Resources California Properties
Slide 49: 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 $58.78/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 50: 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 51: Gulf of Mexico - High Island 24L
North Lease - Drilled March '07 Discovery Well - Tested November '06 14,000 14,100 13,900 14,300 14,500 Building on Success HI 24-L Well Net Pay Test SRC W.I. HI24L-1S 200' 47 mmcfd 35% HI24L-1N 100' 50 mmcfd 35% Seneca Resources Gulf of Mexico - High Island 24L
Slide 52: Fiscal 2008 Gulf of Mexico Plan
Total GOM Exploration & Development program projected to deliver: > 30% IRR < $4.00 F&D GOM FY08 capital forecast: $50-$52MM (FY07: $66MM; FY06: $103MM) Drill 4 to 5 Exploration wells; 5 to 6 Recompletions Grow production Evaluate Results at fiscal year-end Seneca Resources Fiscal 2008 Gulf of Mexic
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: Earnings Guidance
National Fuel Gas Company Earnings Guidance FY 2008 Earnings Guidance $2.50-$2.70 per share, includes: Exploration & Production Production between 38 and 44 Bcfe Pricing based on 7/24/07 NYMEX futures pricing strip No new 2008 production from announced venture with EOG Resources Utility New York rat
Slide 56: Share Buyback
National Fuel Gas Company Share Buyback Date Authorized: December 8, 2005 Authorized Amount: Up to 8 Million Shares As of 9/30/07: 3,834,878 Shares Repurchased
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: National Fuel Gas Company Facts
National Fuel Gas Company New York Stock Exchange NFG Shares Outstanding (Approx.) (As of 09/30/07) 83.5 Million Average Daily Trading Volume (12 Months Ended 09/30/07) 589,666 Market Capitalization (Approx.) (As of 11/7/07) $3.9 Billion $1.24 Annual Dividend Rate September Fiscal Year End
Slide 60: 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 61: NFG Debt Ratings at September 30, 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 September 30, 2007
Slide 62: Capital Resources
National Fuel Gas Company Capital Resources Commercial Paper Program And Bilateral Credit Facilities - Aggregate Of $755 MM $0 borrowed at September 30, 2007 $300.0 MM Committed Credit Facility Through September 2010 $0 borrowed at September 30, 2007 Universal Shelf Registration on File - Additional
Slide 63: Capitalization
* Long-term Debt includes Current Portion of Long-term Debt. ** Includes Discontinued Operations. National Fuel Gas Company Capitalization $2.56 Billion at September 30, 2006 ** Long-Term Debt Short-Term Debt Shareholder Equity Capitalization 1119 0 1444 Short-Term Debt 0% Shareholder Equity 56% Lon
Slide 64: Free Cash Flow per Diluted Share
2002 2003 2004 2005 2006 2007 CFPS 1.18 2.52 1.82 2.29 0.36 2.49 Fiscal Year National Fuel Gas Company Free Cash Flow per Diluted Share
Slide 65: Expenditures for Long-Lived Assets
2001 2002 2003 2004 2005 2006 2007 2008E Utility 42.4 51.5 49.9 55.5 50.1 54.4 54.2 59 P & S 26 30.3 199.4 23.2 21.1 26 43.2 146 E & P 296.4 114.6 75.8 77.7 121.2 208.3 146.7 154 Energy Mkt. 0.116 0.1 0.2 0.0102 0 $- 0.08 0 Timber 3.7 25.6 3.5 2.8 18.9 2.3 3.657 0 Corp & Others 0.937 6.6 50.1 5.7 1.
Slide 66: Utility O & M Expense
2002 2003 2004 2005 2006 2007 Utility 169 179 191 211 204 203 * Excludes SFAS 88 settlement loss of -$3.4 million Fiscal Year $ Millions * Utility O & M Expense
Slide 67: Pipeline & Storage O & M Expense
2002 2003 2004 2005 2006 2007 61.3 60.7 65.1 65.4 66.3 61.2 * Excludes SFAS 88 settlement loss of -$3.0 million * Pipeline & Storage O & M Expense $ Millions Fiscal Year
Slide 68: 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 69: Appalachia Stratigraphic Column
Appalachia Stratigraphic Column national fuel 68 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 70: 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 Exploration & Production Seneca Resources
Slide 71: Seneca Resources Hedging Summary
$17.81 / MCF Fiscal 2008 $ 7.42 / MCF 1.4 BCF Gas Highest Ceiling Price Lowest Floor Price Volume No-cost Collars $ 8.47 / MCF 10.8 BCF Gas $58.78 / BBL 1.4 MMBBL Oil Average Hedge Price Volume Swaps Fiscal 2009 $62.00 / BBL 0.4 MMBBL Oil Average Hedge Price Volume Swaps $ 8.83 / MCF 4.0 BCF Gas Sen
Slide 72: 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 73: 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 74: Consolidated Net Cash Used in Investing Activities
2001 2002 2003 2004 2005 2006 2007 387.9 205.8 104.8 163.2 103.3 297.4 101.8 Fiscal Year National Fuel Gas Company Consolidated Net Cash Used in Investing Activities $ Millions
Slide 75: Net Income, 12 Months Ended September 30, 2007
P&S Utility Timber Energy Mkt. Corp. & Other E&P NI 56.4 50.9 3.7 7.7 8.1 210.7 National Fuel Gas Company Net Income $337.5 Million 12 Months Ended September 30, 2007
Slide 76: 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 77: Pipeline & Storage vs. Consolidated NFG Diluted EPS
2002 2003 2004 2005 2006 2007 Pipeline & Storage 0.37 0.56 0.58 0.71 0.65 0.66 All Other Segments 1.09 1.64 1.43 1.52 0.96 3.3 $2.20 $2.01 $2.23 Fiscal Year Pipeline & Storage vs. Consolidated NFG Diluted Earnings per Share $1.61 $3.96
Slide 78: Timber vs. Consolidated NFG Diluted EPS
2002 2003 2004 2005 2006 2007 Timber 0.12 1.38 0.06 0.06 0.07 0.04 All Other Segments 1.34 0.82 1.95 2.17 1.54 3.92 $2.20 $2.01 $2.23 Fiscal Year Timber vs. Consolidated NFG Diluted Earnings per Share $1.61 $3.96
Slide 79: Energy Marketing vs. Consolidated NFG Diluted EPS
2002 2003 2004 2005 2006 2007 Energy Marketing 0.11 0.07 0.07 0.06 0.07 0.09 All Other Segments 1.35 2.13 1.94 2.17 1.54 3.87 Fiscal Year Energy Marketing vs. Consolidated NFG Diluted Earnings per Share $2.20 $2.01 $2.23 $1.61 $3.96
Slide 80: Net Cash Provided by Operating Activities per Diluted Share
2002 2003 2004 2005 2006 2007 4.29 4 5.27 3.73 5.48 4.62 Fiscal Year National Fuel Gas Company Net Cash Provided by Operating Activities per Diluted Share
Slide 81: Utility vs. Consolidated NFG Diluted EPS
2002 2003 2004 2005 2006 2007 Utility 0.62 0.7 0.56 0.46 0.55 0.6 All Other Segments 0.84 1.5 1.45 1.77 1.06 3.36 $2.20 $2.01 $2.23 Fiscal Year Utility vs. Consolidated NFG Diluted Earnings per Share $1.61 $3.96
Slide 82: Utility vs. Consolidated NFG O & M Expense
2002 2003 2004 2005 2006 2007 Utility 169 179 194 211 204 203 All Other Segments 225 207 220 193 210 193 Fiscal Year $ Millions Utility vs. Consolidated NFG O & M Expense $386 $414 $404 $414 $396
Slide 83: Pipeline & Storage vs. Consolidated NFG O & M Expense
2002 2003 2004 2005 2006 2007 Pipeline & Storage 61 61 68 65 66 61 All Other Segments 333 325 346 339 348 335 Fiscal Year $ Millions Pipeline & Storage vs. Consolidated NFG O & M Expense $386 $414 $404 $414 $396
Slide 84: Exploration & Production vs. Consolidated NFG Diluted EPS; Reconciliation to Reported Earnings
2002 2003 2004 2005 2006 2007 Exploration & Production 0.33 -0.39 0.66 0.6 0.24 2.47 All Other Segments 1.13 2.59 1.35 1.63 1.37 1.49 $2.20 $2.01 $2.23 Fiscal Year Exploration & Production vs. Consolidated NFG Diluted Earnings per Share $1.61 $3.96 Energy Marketing Timber Reconciliation of Segment N
National Fuel Gas — Investor Presentation (November 2007) on 6ix