Disclosures Regarding Forward-Looking Statements

National Fuel Gas Company is including the following cautionary statement in this corporate web site to make applicable and take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for any forward-looking statements made by, or on behalf of, the Company. Forward-looking statements include statements concerning plans, objectives, goals, projections, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. From time to time, the Company may publish or otherwise make available forward-looking statements of this nature. All such subsequent forward-looking statements, whether written or oral and whether made by or on behalf of the Company, are also expressly qualified by these cautionary statements. Certain statements contained herein, including, without limitation, those which are designated with an asterisk ("*") and those which are identified by the use of the words “anticipates”, “estimates”, “expects”, “intends”, “plans”, “predicts”, “projects”, and similar expressions, are “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995 and accordingly involve risks and uncertainties which could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. The forward-looking statements contained herein are based on various assumptions, many of which are based, in turn, upon further assumptions. The Company’s expectations, beliefs and projections are expressed in good faith and are believed by the Company to have a reasonable basis, including, without limitation, management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties, but there can be no assurance that management’s expectations, beliefs or projections will result or be achieved or accomplished. In addition to other factors and matters discussed elsewhere herein, the following are important factors that, in the view of the Company, could cause actual results to differ materially from those discussed in the forward-looking statements:

1. Changes in laws and regulations to which the Company is subject, including changes in tax, environmental, safety and employment laws and regulations;

2. Changes in economic conditions, including economic disruptions caused by terrorist activities, acts of war or major accidents;

3. Changes in demographic patterns and weather conditions, including the occurrence of severe weather, such as hurricanes;

4. Changes in the availability and/or price of natural gas or oil and the effect of such changes on the accounting treatment or valuation of derivative financial instruments or the Company’s natural gas and oil reserves;

5. Impairments under the SEC’s full cost ceiling test for natural gas and oil reserves;

6. Changes in the availability and/or price of derivative financial instruments;

7. Changes in the price differentials between various types of oil;

8. Inability to obtain new customers or retain existing ones;

9. Significant changes in competitive factors affecting the Company;

10. Governmental/regulatory actions, initiatives and proceedings, including those involving acquisitions, financings, rate cases (which address, among other things, allowed rates of return, rate design and retained gas), affiliate relationships, industry structure, franchise renewal, and environmental/safety requirements;

11. Unanticipated impacts of restructuring initiatives in the natural gas and electric industries;

12. Significant changes from expectations in actual capital expenditures and operating expenses and unanticipated project delays or changes in project costs or plans, including changes in the plans of the sponsors of the proposed Millennium Pipeline with respect to that project;

13. The nature and projected profitability of pending and potential projects and other investments;

14. Occurrences affecting the Company’s ability to obtain funds from operations or from issuances of debt or equity securities to finance needed capital expenditures and other investments, including any downgrades in the Company’s credit ratings;

15. Uncertainty of oil and gas reserve estimates;

16. Ability to successfully identify and finance acquisitions or other investments and ability to operate and integrate existing and any subsequently acquired business or properties;

17. Ability to successfully identify, drill for and produce economically viable natural gas and oil reserves;

18. Significant changes from expectations in the Company’s actual production levels for natural gas or oil;

19. Regarding foreign operations, changes in trade and monetary policies, inflation and exchange rates, taxes, operating conditions, laws and regulations related to foreign operations, and political and governmental changes;

20. Significant changes in tax rates or policies or in rates of inflation or interest;

21. Significant changes in the Company’s relationship with its employees or contractors and the potential adverse effects if labor disputes, grievances or shortages were to occur;

22. Changes in accounting principles or the application of such principles to the Company;

23. The cost and effects of legal and administrative claims against the Company;

24. Changes in actuarial assumptions and the return on assets with respect to the Company’s retirement plan and post-retirement benefit plans;

25. Increasing health care costs and the resulting effect on health insurance premiums and on the obligation to provide post-retirement benefits; or

26. Increasing costs of insurance, changes in coverage and the ability to obtain insurance.

The Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.