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NATIONAL FUEL REPORTS FIRST QUARTER RESULTS

 NATIONAL FUEL REPORTS FIRST QUARTER RESULTS
 NEW YORK Jan. 31 /PRNewswire/ -- National Fuel Gas Company


(NYSE: NFG) today announced earnings of $26,981,000 or 87 cents per share for the first quarter of fiscal 1992. The quarter ended Dec. 31, 1991. This compares to $21,163,000 or 74 cents per share for the first quarter of fiscal 1991. Revenues for the quarter were $272,317,000 this year compared to $262,522,000 last year. The share amounts reflect a greater number of shares outstanding in the current quarter resulting mainly from the sale of 2 million shares of new common stock in February 1991.
 Compared to the first quarter of last year, earnings improved in each of the company's business segments.
 Colder weather, coupled with general rate increases in its New York and Pennsylvania rate jurisdictions resulted in improved financial performance in the Utility segment. The colder weather produced a 1.6 billion cubic feet (Bcf) increase in weather sensitive retail sales. Also, the Utility transported an additional .9 Bcf of gas for end-users.
 Earnings in the Supply, Transmission and Storage segment were up mainly because of an 11 Bcf increase in the pipeline subsidiary's total throughput. Contributing to the increase in transportation throughput was the transportation of additional Canadian gas supplies in connection with the company's Canadian gas transportation project.
 Although improved overall, financial performance of the company's nonregulated activities showed mixed results. Earnings from the company's pipe line construction subsidiary were up considerably as a result of a greater number of construction projects in progress, while earnings from exploration and production operations were down primarily as a result of a dramatic decline in prices received for oil production. Last year's first quarter reflected oil prices driven up by the crisis in the Middle East.
 Bernard J. Kennedy, chairman, president and chief executive officer of National Fuel said, "While earnings for the first quarter represent a new record, we remain cautious. Locally, the weather through January continues to be considerably warmer than normal across our operating area and nationally, warm weather and the surplus of energy supplies continue to cause the prices we receive for our oil and gas production to tumble. Recently, prices received for Gulf Coast gas have fallen to levels not seen since 1978. However, this report is encouraging in that it reflects the positive effects of our strategies under taken over the past decade to minimize the impact that unusually warm weather has had on past performance. We continue to realize the results of our efforts to expand our business beyond the boundaries of our utility operating territory. We continue to exploit our unique geographic location in order to be increasingly involved in the transportation and storage of Canadian natural gas and our plans include expansion of our gas storage capacity. Also, our recently announced joint venture with Citizens Gas Supply Corporation will provide us with additional marketing opportunities up and down the east coast."
 National Fuel's earnings report represents the total performance of National Fuel Gas Company and its subsidiaries including National Fuel Gas Supply Corporation (natural gas sales, transportation, storage and production), National Fuel Gas Distribution Corporation (utility), Penn-York Energy Corporation (natural gas storage), Seneca Resources Corporation (exploration and production), Empire Exploration, Inc. (exploration and production), National Fuel Resources, Inc. (marketing of natural gas to end-users) and Utility Constructors, Inc. (pipeline construction and well drilling and service).
 NATIONAL FUEL GAS COMPANY AND SUBSIDIARIES
 Quarter ended Dec. 31, 1991 1990
 Operating revenues $272,317,000 $262,522,000
 Net income available for
 Common stock $26,981,000 $21,163,000
 Earnings per common share $.87 $.74
 Weighted average shares 31,009,443 28,589,103
 Twelve months ended Dec. 31, 1991 1990
 Operating revenues $874,926,000 $863,470,000
 Net income available for
 common stock $54,807,000 $48,764,000
 Earnings per common share $1.79 $1.71
 Weighted average shares 30,605,936 28,479,438
 -0- 1/31/92
 /CONTACT: Arthur K. Coon, 716-857-7925, or (investors) Deborah K. Kullander, 716-857-7706, both of National Fuel Gas/
 (NFG) CO: National Fuel Gas Company ST: New York IN: OIL SU: ERN


TS -- NY024 -- 5548 01/31/92 10:57 EST
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Date:Jan 31, 1992
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