1. National Fuel Infrastructure Plans
2010 NGA Regional Market Trends Forum
Moving the Marcellus:
National Fuel Infrastructure Plans
Jeffrey Schauger
GENERAL MANAGER
INTERSTATE MARKETING
NATIONAL FUEL GAS SUPPLY CORPORATION

2. Safe Harbor for Forward Looking Statements
This presentation may contain “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995, including statements regarding future prospects, plans, performance and capital structure, anticipated capital expenditures and completion of construction projects, as well as statements that are identified by the use of the words “anticipates,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “predicts,” “projects,” “believes,” “seeks,” “will,” “may,” and similar expressions. Forward-looking statements involve risks and uncertainties, which could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. The Company’s expectations, beliefs and projections contained herein are expressed in good faith and are believed to have a reasonable basis, but there can be no assurance that such expectations, beliefs or projections will result or be achieved or accomplished.
In addition to other factors, the following are important factors that could cause actual results to differ materially from results referred to in the forward-looking statements: changes in economic conditions, including economic disruptions caused by terrorist activities, acts of war or major accidents, and downturns in economic activity including national or regional recessions; changes in demographic patterns and weather conditions, including the occurrence of severe weather such as hurricanes; changes in the availability and/or price of natural gas or oil and the effect of such changes on the accounting treatment of derivative financial instruments or the valuation of the Company’s natural gas and oil reserves; uncertainty of oil and gas reserve estimates; ability to successfully identify, drill for and produce economically viable natural gas and oil reserves, including shortages, delays or unavailability of equipment and services required in drilling operations; significant changes from expectations in the Company’s actual production levels for natural gas or oil; changes in the availability and/or price of derivative financial instruments; changes in the price differentials between various types of oil; inability to obtain new customers or retain existing ones; significant changes in competitive factors affecting the Company; changes in laws and regulations to which the Company is subject, including changes in tax, environmental, safety and employment laws and regulations; 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; unanticipated impacts of restructuring initiatives in the natural gas and electric industries; significant changes from expectations in actual capital expenditures and operating expenses and unanticipated project delays or changes in project costs or plans; the nature and projected profitability of pending and potential projects and other investments, and the ability to obtain necessary governmental approvals and permits; occurrences affecting the Company’s ability to obtain funds from operations, from borrowings under our credit lines or other credit facilities or from issuances of other short-term notes or debt or equity securities to finance needed capital expenditures and other investments, including any downgrades in the Company’s credit ratings; ability to successfully identify and finance acquisitions or other investments and ability to operate and integrate existing and any subsequently acquired business or properties; impairments under the SEC’s full cost ceiling test for natural gas and oil reserves; changes in the market price of timber and the impact such changes might have on the types and quantity of timber harvested by the Company; significant changes in tax rates or policies or in rates of inflation or interest; 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; changes in accounting principles or the application of such principles to the Company; the cost and effects of legal and administrative claims against the Company or activist shareholder campaigns to effect changes at the Company; changes in actuarial assumptions and the return on assets with respect to the Company’s retirement plan and post-retirement benefit plans; increasing health care costs and the resulting effect on health insurance premiums and on the obligation to provide post-retirement benefits; or increasing costs of insurance, changes in coverage and the ability to obtain insurance.
For a discussion of these risks and other factors that could cause actual results to differ materially from results referred to in the forward-looking statements, see “Risk Factors” in the Company’s Form 10-K for the fiscal year ended September 30, 2009 and and the Company’s Form 10-Q for the quarter ended December 31, The Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Basically says any forward-looking statements I might make today are opinions and not guarantees

3. National Fuel Gas Company Principal Businesses
E&P
Seneca Resources Corporation
National Fuel Gas Company
Timber
Highland Forest Resources, Inc. and NE Division of Seneca Resources Corp.
Energy Mktg
National Fuel Resources, Inc.
Utility
National Fuel Gas Distribution Corporation
P&S
National Fuel Gas Supply Corporation
&
Empire Pipeline
Midstream
National Fuel Gas Midstream Corporation

4. PL&S: ~3,000 Miles of Pipeline, 60,000+ hp
LDC: ~725,000 Customers
NY and PA
PL&S: ~3,000 Miles of Pipeline, 60,000+ hp
Own/Operate 27 Fields; Co-Own/Operate 4 Fields
Storage Capacity ~78 bcf

5. ~1,000,000 Acres of Development Rights Owned by NE Division of Seneca Resources

6. Ellisburg Interconnects: Bristoria Interconnect:
Niagara
CANADA
Lake Ontario
Lake
Erie
Ellisburg NY PA OH
Chippawa
Corning A -
5 Line
Independence
Millennium
Tuscarora
Storage
TCPL Interconnects:
Niagara, Chippawa
Leidy Interconnects:
Transco, TETCO, DTI
National Fuel Gas Company
NFGSC System Storages
NFGSC System Pipelines
Empire State Pipeline
Interconnects
Empire Pipeline
Leidy
National Fuel’s Strategic Location
Ellisburg Interconnects:
TGP, DTI
Empire Connector
Bristoria Interconnect:
TETCO – M2
Corning Interconnects:
Empire, Millennium

7. Shows how our system overlays the Marcellus; good lead-in to the discussion of our projects. Illustrates why we’re doing what we’re doing…
Just to answer the ONE question everyone has on their mind. Although our pipeline grid is decades old, we most certainly DID know all along bout the potential of the Marcellus and we’re just now reaping the benefits

8. Marcellus Shale –What We Know
Recoverable portion > 95,000 sq mi
Depth 5,000 ft +
Thickness 50 ft – 250 ft
Potentially the largest natural gas field in the U.S. with recoverable reserves estimated in the 100’s of TCFs
BTU – Varies based on location

9. Marcellus Shale Overview
The Key- Advances in directional drilling maximizes surface area for gas to escape formation
Close to the Market
Low breakeven costs
Marcellus Shale play is vast – and it’s still early
Estimates on reserves for both up to TCF
Fayetteville northern AK and adjoining states
Hayesville Ark, TX, LA
Barnett texas5,000 sq miles Fayetteville also 5,000 sq miles both generated a lot of infrastructure

10. Marcellus Shale Increasing Production Activity
= estimate based on total YTD requests
And I’m sure other pipelines have very similar data trends, as would permitting agencies

11. Trends & Observations…
“Pipeline Geology” key driver in current drilling locations
Significant gas supply being added to large long-haul pipes: - TGP, TETCO, TCO, DTI, NFG
The Interstate Pipeline System Downstream of Storage (Ellisburg/Leidy and Oakford) is at Capacity
Market will grow (subject to many factors), but won’t match increase in gas supply in market area
Shift in flows due not only to Marcellus, but effects of REX, LNG, and other shale plays
What large players are saying:
“…We continue to ramp up our activities in the Marcellus…”
“…accelerate sharply our development of the Marcellus.. “
“…able to utilize new drilling techniques that allows (us) to affordably reach gas supplies in the Marcellus…that previously had been too expensive to tap.’
Producers taking on firm capacity positions to ensure production flows: Range, EQT, Chesapeake, Statoil, Cabot, East Resources, Fortuna
Majors and investors jumping into the Marcellus fray
JV’s
Pittsburgh area exploding - experienced labor at a premium
Big Players: Range, Anadarko, Cabot, Chesapeake, East, Atlas,
Seneca Resources
Anadarko
Anschutz
Atlas Energy, Inc.
CNX
Cabot Oil & Gas
Chesapeake Energy
Chief Oil & Gas
Dominion Resources
EOG
Equitable
EXCO Resources, Inc.
East Resources
Linn Energy
Range Resources
Talisman

12. National Fuel Gas PL&S Infrastructure Expansion Plans
Horsepower Expansions
Lamont
Line N/Holbrook
West to East (“W2E”) Pipeline
Phases I and II
Storage Expansion
Empire’s Tioga County Extension
All of these very much driven by the changing gas supply picture – Marcellus
Represents over $500 million in infrastructure investment
Northern Access Expansion

13. PIPELINE & STORAGE EXPANSION INITIATIVES
WEST TO EAST EXPANSION
HORIZONTAL DRILLING ACTIVITY
VERTICAL DRILLING ACTIVITY
LAMONT
COMPRESSOR
STATION
TIOGA
COUNTY
EXTENSION
EAST BRANCH STORAGE
GALBRAITH STORAGE
New 1,150 HP Compressor Station in Elk County, PA. Additional bi-directional measurement also. Puts gas into TGP 300 line from producing area in counties:
Capacity: 40,000 Dth/d
Delivery Point of TGP at Lamont
SA’s executed fpr 1st 40,000 construction under way
Expandable w/ 2nd Unit to 80,000 Dth/d + - early 2011
Lamont Compressor Station
Planned Capacity
40,000 Dth/d
Planned Compression
1,150 HP
Anticipated In-Service Date
June 2010
Estimated CAPEX Investment
~$6 MM
Construction under FERC Blanket Certificate
WEST TO EAST PHASE 1 &
PHASE 2
LINE “N”
EXPANSION
APPALACHIAN
LATERAL 13
Howard Weil Energy Conference – March 23, 2010 13

14. EXPANSION INITIATIVES Preparing FERC Application for April Filing
PIPELINE & STORAGE
EXPANSION INITIATIVES
WEST TO EAST EXPANSION
HORIZONTAL DRILLING ACTIVITY
VERTICAL DRILLING ACTIVITY
LAMONT
COMPRESSOR
STATION
TIOGA
COUNTY
EXTENSION
EAST BRANCH STORAGE
GALBRAITH STORAGE
New 4,700 HP Compressor Station in Washington County, PA near I70
2 Miles of 20” Line N Replacement North of I-70
Capacity of 150,000 Dth/d
Delivery Point of TETCO at Ryerson (Holbrook) Station (M2)
Estimated Cost: $23 Million Involves some pipeline replacement to get away from Mining areas-approx 20 miles of 20” pipe
Timeline:
FERC NEPA Pre-filing October 20, 2009
Planned FERC 7(c): April 2010
Planned Construction: November 2010
Planned In-Service: November 2011
Precedent Agreements with Range Resources for 150,000 Dth/d for 11 Years
Looking and 2nd phase
Phase II
Increase Capacity to 300,000 Dth/d
Facilities:
7,000 HP Expansion of Proposed Buffalo Compressor Station
Possible 6-mile Pipeline Replacement Suction Side of Station
Estimated Cost: $20-31 Million
Service Available: November 2012 or 2013
Open Season Closed on February 26, 2010
Line “N” Expansion
Planned Capacity
150,000 Dth/d
Planned Compression
4,700 HP
Anticipated In-Service Date
November 2011
Estimated CAPEX Investment
$23 MM
Preparing FERC Application for April Filing
WEST TO EAST PHASE 1 &
PHASE 2
LINE “N”
EXPANSION
APPALACHIAN
LATERAL 14
Howard Weil Energy Conference – March 23, 2010 14

15. PIPELINE & STORAGE EXPANSION INITIATIVES
WEST TO EAST EXPANSION
HORIZONTAL DRILLING ACTIVITY
VERTICAL DRILLING ACTIVITY
LAMONT
COMPRESSOR
STATION
TIOGA
COUNTY
EXTENSION
EAST BRANCH STORAGE
GALBRAITH STORAGE
Facilities Phase I:
39 Miles of 24” 1,440 psig Pipeline
4,000 to 7,000 Station in Moshannon State Forest
Interconnections at Leidy
Facilities Phase II:
43 Miles of 24” 1,440 psig Pipeline
18,000 to 21,000 Station at Heath Station
Minimum Combined Capacity of 425,000 Dth/d
Delivery Points of Transco, TETCO, and Leidy
Estimated Combined Cost of $260 Million
2007 – Primary gas supply was expected to come from REX at Clarington, OH
Early 2008 – Interest from local producers shifted focus to Appalachian gas supply
July ‘08 - Development of Appalachian Lateral to complement W2E’s plan for facilities east of Overbeck
September ’09 – Launched binding Open Season for Phases I and II with transportation to Leidy
Provides Transportation Capacity to Leidy
Production Access from Elk, Jefferson, Clearfield, Cameron, Clinton, Clarion, Forest, McKean, and Potter Counties
Critical Infrastructure for SRC Legacy Acreage Development
Project may be Constructed in 2 Phases as Production Ramps-up
Utilized Existing Infrastructure and ROW’s to Minimize New Facilities
Timeline:
FERC NEPA Pre-filing March 2010
Planned FERC 7(c): September 2010
Planned Construction: March 2011
Planned In-Service Phase I: November 2011
Planned In-Service Phase II: November 2012
Precedent Agreements:
Seneca Resources 100,000 Dth/d for 15 Years
2 Producers for 75,000 Dth/d for 15 Years (Credit Open)
Ongoing Post-open Season Negotiations
Annual Revenue of $51 Million at Full Subscription
West to East – Phases I & II
Planned Combined Capacity
425,000 Dth/d
Anticipated In-Service (Phase I)
November 2011
Anticipated In-Service (Phase II)
November 2012
Estimated CAPEX Investment
$260 MM
Ongoing post-open season negotiations
WEST TO EAST PHASE 1 &
PHASE 2
LINE “N”
EXPANSION
APPALACHIAN
LATERAL 15
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17. PIPELINE & STORAGE EXPANSION INITIATIVES
WEST TO EAST EXPANSION
HORIZONTAL DRILLING ACTIVITY
VERTICAL DRILLING ACTIVITY
LAMONT
COMPRESSOR
STATION
TIOGA
COUNTY
EXTENSION
EAST BRANCH STORAGE
GALBRAITH STORAGE
Total Expansion:
7,900,000 Dth of 90-day Service
Delivered via West to East Phase I & II to Leidy
Estimated Cost: $64 Million
East Branch & Galbraith Storage Expansion
Planned Capacity
7.9 Bcf
Planned Compression
11,245 HP
Anticipated In-Service Date
April 2013
Estimated CAPEX Investment
$64 MM
35 New Wells & 12.4 Miles of Pipe
WEST TO EAST PHASE 1 &
PHASE 2
LINE “N”
EXPANSION
APPALACHIAN
LATERAL 17
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18. Basis Differential Shift
Dominion South Point - Niagara Basis Differential
Avg.
0.254
Estimates Derived from Forward Basis Numbers
Avg.
0.122
Avg.
0.119
Avg.
0.092
Avg.
(0.07)
Drivers of this: Inc supply (Marcellus) Dec supply out of Canada Inc load in Canada
Sum10
Feb/Mar10
Sum11
Feb-06
May-06
Aug-06
Nov-06
Feb-07
May-07
Aug-07
Nov-07
Feb-08
May-08
Win10/11

19. EXPANSION INITIATIVES Tioga County Extension
PIPELINE & STORAGE
EXPANSION INITIATIVES
WEST TO EAST EXPANSION
HORIZONTAL DRILLING ACTIVITY
VERTICAL DRILLING ACTIVITY
LAMONT
COMPRESSOR
STATION
TIOGA
COUNTY
EXTENSION
EAST BRANCH STORAGE
GALBRAITH STORAGE
All contacted volumes - Transport back to TCPL at Chippawa, w/ access to TGP 200 line
Tioga Cty production
MENTION PHASE II
Key Points
Provides critical infrastructure to support developing Appalachian production
Enhances market access to areas such as Leidy, Ellisburg, plus other NFGSC interconnects
Third party access to TETCO, DTI, Empire, Millennium, Transco, TGP, and TCPL (Niagara)
Readily expands as Marcellus shale and other production grows
Access to all NFGSC on-system and off-system points creates diverse market access
16 miles of 24” pipe extending from Corning, NY to Tioga County, PA
Provides at least 200,000 dth/d of incremental transportation capacity from the Marcellus fairway
Deliveries include Millennium (Corning), TCPL (Chippawa), and other “on path points” on Empire, plus proposed new interconnect with TGP
Open Season ended October 23, 2009; Negotiating PAs
Phase II
Project Expansion Further South to TGP 300 Line
Facilities:
Approximately 20 Miles of 24” Pipeline
Compression in Tioga County, PA to TGP
Mainline Compression in Ontario County, NY
Combined Capacity of 550,000 to 600,000 Dth/d Without Looping
Open Season Envisioned for 3Q FY 2010
Potential In-service 2013
WEST TO EAST PHASE 1 &
PHASE 2
Tioga County Extension
Planned Capacity
>300,000 Dth/d
Anticipated In-Service Date
September 2011
Estimated CAPEX Investment
$45 MM
2 Producer Commitments
LINE “N”
EXPANSION
APPALACHIAN
LATERAL 19
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20. Tioga County Extension Phase II
Tioga County Expansion
Tioga County Extension Phase II
TGP 300 Line

21. “Northern Access” Expansion Project
Compression at Ellisburg and East Aurora
Modifications to Niagara Spur Pipeline System
South-to-North Transportation Path
Creates a South to North path on the existing system
Enables Marcellus shale and traditional production gas to reach liquid markets at Niagara and Dawn
Niagara Production to TGP 200 Line and TransCanada Niagara
Sources: TGP 300 Line, Transco-Leidy, and Potter County
Target In-service: 2012
Open Season Closed February 17, 2010
Service Requests for 1.6 Bcf/d
Awarding 320,000 Dth/d
Evaluating Additional Capacity up to 450,000 Dth/d

22. Marcellus Shale Key Transportation Challenges
Gas Quality/Interchangeability
Creditworthiness of Producers to Support New Facilities
Matching Project timelines with drilling timelines
Shifting Pipeline Grid Dynamics & Valuation
Varying producer risk tolerances
Keeping up with IC requests
Varying producer risk tolerances (ie,willingness to take capacity before they know what their production numbers really are)
In many cases very understandable in light of the challenges they face, such as:
Drilling techniques
Commodity prices
Regulatory environment
Water permits; disposal permits
Taxes & fees
Processing; pipeline quality gas
Getting gas to market

23. On the Horizon…. New supply areas will crowd out traditional ones
All bets off with regard to traditional flows, basis, and commodity pricing
Certain oversupplied producing areas/pipes could see price bloodletting
Canadian markets will soon gain access to Marcellus supply
Utilities: encouraged by proliferation of Marcellus gas and beginning to adjust portfolios
Large need for midstream/gathering infrastructure
Eventually downstream expansion projects will be built – expensive - but starting to see some of this
A pretty interesting and exciting time for those of us involved in this new play…..and lots more to come

24. Please visit us at www.nationalfuelgas.com
Thank You
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