70145--11/24/2010--NATIONAL_FUEL_GAS_CO

related topics
{gas, price, oil}
{cost, contract, operation}
{loss, insurance, financial}
{debt, indebtedness, cash}
{cost, regulation, environmental}
{operation, natural, condition}
The Company s need to comply with comprehensive, complex, and sometimes unpredictable government regulations may increase its costs and limit its revenue growth, which may result in reduced earnings. The Company s liquidity, and in certain circumstances, its earnings, could be adversely affected by the cost of purchasing natural gas during periods in which natural gas prices are rising significantly. Changes in interest rates may affect the Company s ability to finance capital expenditures and to refinance maturing debt. Fluctuations in oil and natural gas prices could adversely affect revenues, cash flows and profitability. The Company has significant transactions involving price hedging of its oil and natural gas production as well as its fixed price purchase and sale commitments. You should not place undue reliance on reserve information because such information represents estimates. The amount and timing of actual future oil and natural gas production and the cost of drilling are difficult to predict and may vary significantly from reserves and production estimates, which may reduce the Company s earnings. Financial accounting requirements regarding exploration and production activities may affect the Company s profitability. Environmental regulation significantly affects the Company s business. Increased regulation of exploration and production activities, including hydraulic fracturing, could adversely impact the Company. The nature of the Company s operations presents inherent risks of loss that could adversely affect its results of operations, financial condition and cash flows.

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