70145--11/26/2008--NATIONAL_FUEL_GAS

related topics

{gas, price, oil}

{capital, credit, financial}

{cost, contract, operation}

{loss, insurance, financial}

{cost, regulation, environmental}

{cost, operation, labor}

The increasing costs of certain employee and retiree benefits could adversely affect National Fuel s results. National Fuel s credit ratings may not reflect all the risks of an investment in its securities. National Fuel 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. National Fuel 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 National Fuel s ability to finance capital expenditures and to refinance maturing debt. Decreased oil and natural gas prices could adversely affect revenues, cash flows and profitability. National Fuel 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 National Fuel s earnings. Financial accounting requirements regarding exploration and production activities may affect National Fuel s profitability. Environmental regulation significantly affects National Fuel s business. The nature of National Fuel s operations presents inherent risks of loss that could adversely affect its results of operations, financial condition and cash flows. Significant shareholders or potential shareholders may attempt to effect changes at National Fuel or acquire control over National Fuel, which could adversely affect National Fuel s results of operations and financial condition.

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70145--11/26/2008--NATIONAL_FUEL_GAS_CO