Table of Contents Table of Contents 2 List of Tables 4 List of Figures 5 Company Snapshot 7 Key Information 7 Company Overview 7 National Fuel Gas Company, Valuation and Financial Data, 2011-2015 8 National Fuel Gas Company, Share Price Performance, 2011-2015 8 Share Price Performance, 2011-2015 8 Key Valuation Metrics, 2011-2015 9 National Fuel Gas Company, Production and Reserves Trends 10 Total Oil and Gas, Reserves and Production 10 Total Crude Oil and Natural Gas Production and Reserves Trend, 2011-2015 10 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2011-2015 12 Total Crude Oil and Natural Gas Reserve Changes, 2011-2015 14 Crude Oil/Liquids Production and Reserve 15 Crude Oil/Liquids Production and Reserve Trend, 2011-2015 15 Crude Oil Production and Reserves By Country/Region, 2011-2015 16 Crude Oil/Liquids Reserve Changes, 2011-2015 18 Natural Gas Production and Reserve 19 Natural Gas Production and Reserve Trend, 2011-2015 19 Natural Gas Production and Reserves, By Country/Region, 2011-2015 20 Natural Gas Reserve Changes, 2011-2015 22 Total Crude Oil and Natural Gas Reserves Life Index 23 Total Crude Oil and Natural Gas Reserves Life Index, 2011-2015 23 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2011-2015 24 National Fuel Gas Company, E&P Costs Trends 26 Allocation of the Upstream Capital Expenditure 26 Upstream Capital Expenditure, 2011-2015 26 Acquisition Costs By Country/Region, 2011-2015 27 Exploration and Development Costs, By Country/Region, 2011-2015 29 Oil and Gas Cost Per boe, US$/boe 31 Oil and Gas Cost Per boe, US$/boe, 2011-2015 31 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2011-2015 33 National Fuel Gas Company, Reserve Replacement Ratio 35 Oil and Gas Production Replacement Ratio 35 Oil and Gas Production Replacement Ratio, 2011-2015 35 Oil and Gas Production Replacement Ratio, By Country/Region, 2011-2015 37 National Fuel Gas Company, Results of Oil & Gas Operations Trend 41 Oil and Gas Revenue and Expenses 41 Oil and Gas Revenue and Expenses, 2011-2015 41 Oil and Gas Revenue and Expenses, By Country/Region, 2011-2015 42 Oil and Gas Revenue and Expenses, Per boe 47 Oil and Gas Revenue and Expenses, By boe, 2011-2015 47 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2011-2015 48 Oil and Gas Performance Metrics 52 National Fuel Gas Company, Land Holdings and Well Data 53 Developed and Undeveloped Acreage 53 Gross and Net Developed and Undeveloped Acreage, 2011-2015 53 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2011-2015 54 Well Statistics 57 Producible Oil and Gas Well, 2011-2015 57 Producible Oil and Gas Well, By Country/Region, 2011-2015 58 Exploration and Development Wells Drilled, 2011-2015 62 Recent Developments 63 National Fuel Gas Company - Recent Developments 63 Feb 04, 2016: National Fuel Reports First Quarter Earnings And Provides Appalachian Operations Update 63 Jan 25, 2016: National Fuel Announces Executive Management Changes 67 Dec 02, 2015: National Fuel Announces Marcellus Shale Drilling Joint Development Agreement 69 Nov 05, 2015: National Fuel Reports 2015 Earnings 71 Nov 05, 2015: National Fuel Announces Management Change 77 Aug 06, 2015: National Fuel Reports Third Quarter Earnings 77 Jun 11, 2015: National Fuel Elects New Director For Corporate Board 82 Apr 30, 2015: National Fuel Reports Second Quarter Earnings: Update April 30, 2015 82 Apr 23, 2015: FERC Staff Issues Energy Infrastructure Update For March 2015 88 Mar 05, 2015: National Fuel Announces Utica Shale Well Results In Tioga County, Pa. 89 Appendix 90 Methodology 90 Coverage 90 Secondary Research 90 Primary Research 90 Data Information Sources 91 Company Source 91 SEC/Other Regulatory Filings 91 Other Sources 91 Expert Panel Validation 91 Data Definition 91 Oil and Gas Reserves 91 Units of Measure 92 About GlobalData 92 Disclosure 92 Disclaimer 92

List of Tables Table 1: National Fuel Gas Company, Key Facts 7 Table 2: National Fuel Gas Company, Share Price Performance, 2011-2015 8 Table 3: National Fuel Gas Company, Key Valuation Metrics, 2011-2015 9 Table 4: National Fuel Gas Company, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 11 Table 5: National Fuel Gas Company, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2011-2015 13 Table 6: National Fuel Gas Company, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2011-2015 14 Table 7: National Fuel Gas Company, Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 15 Table 8: National Fuel Gas Company, Crude Oil Production and Reserves, By Country/Region, mmbbl, 2011-2015 17 Table 9: National Fuel Gas Company, Crude Oil Reserve Changes, mmbbl, 2011-2015 18 Table 10: National Fuel Gas Company, Natural Gas Production and Reserves Metrics, bcf, 2011-2015 19 Table 11: National Fuel Gas Company, Natural Gas Production and Reserves, By Country/Region, bcf, 2011-2015 21 Table 12: National Fuel Gas Company, Natural Gas Reserve Changes, bcf, 2011-2015 22 Table 13: National Fuel Gas Company, Oil and Gas Reserves Life Index, Years, 2011-2015 23 Table 14: National Fuel Gas Company, Oil and Gas Reserves Life Index, By Country/Region, Years, 2011-2015 25 Table 15: National Fuel Gas Company, Upstream Capital Expenditure, US$ mil, 2011-2015 26 Table 16: National Fuel Gas Company, Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 28 Table 17: National Fuel Gas Company, Exploration and Development Costs, By Country/Region, US$ mil, 2011-2015 30 Table 18: National Fuel Gas Company, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 31 Table 19: National Fuel Gas Company, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2011-2015 34 Table 20: National Fuel Gas Company, Oil and Gas Production Replacement Ratio, %, 2011-2015 35 Table 21: National Fuel Gas Company, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2011-2015 40 Table 22: National Fuel Gas Company, Revenue and Expenses, US$ mil, 2011-2015 41 Table 23: National Fuel Gas Company, Revenue and Expenses, By Country/Region, US$ mil, 2011-2015 46 Table 24: National Fuel Gas Company, Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 47 Table 25: National Fuel Gas Company, Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2011-2015 51 Table 26: National Fuel Gas Company, Oil and Gas Performance Metrics, 2011-2015 52 Table 27: National Fuel Gas Company, Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 53 Table 28: National Fuel Gas Company, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2011-2015 56 Table 29: National Fuel Gas Company, Producible Oil and Gas Wells, 2011-2015 57 Table 30: National Fuel Gas Company, Producible Oil and Gas Wells, By Country/Region, 2011-2015 61 Table 31: National Fuel Gas Company, Exploratory and Developed Wells, 2011-2015 62 List of Figures Figure 1: National Fuel Gas Company, Share Price Performance, USD/Share, 2011-2015 8 Figure 2: National Fuel Gas Company, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2011-2015 9 Figure 3: National Fuel Gas Company, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 10 Figure 4: National Fuel Gas Company, Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2011-2015 12 Figure 5: National Fuel Gas Company, Total Oil & Gas Production, By Country/Region, mmboe, 2011-2015 12 Figure 6: National Fuel Gas Company, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2015 14 Figure 7: National Fuel Gas Company, Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 15 Figure 8: National Fuel Gas Company, Oil Reserves, End of Period, By Country/Region, mmbbl, 2011-2015 16 Figure 9: National Fuel Gas Company, Oil Production, By Country/Region, mmbbl, 2011-2015 16 Figure 10: National Fuel Gas Company, Crude Oil Reserve Changes, mmbbl, 2015 18 Figure 11: National Fuel Gas Company, Natural Gas Production and Reserves Metrics, bcf, 2011-2015 19 Figure 12: National Fuel Gas Company, Gas Reserves, End of Period, By Country/Region, bcf, 2011-2015 20 Figure 13: National Fuel Gas Company, Gas Production, By Country/Region, bcf, 2011-2015 20 Figure 14: National Fuel Gas Company, Natural Gas Reserve Changes, bcf, 2015 22 Figure 15: National Fuel Gas Company, Oil and Gas Reserves Life Index, Years, 2011-2015 23 Figure 16: National Fuel Gas Company, Gas Reserve Life Index, By Country/Region, Years, 2011-2015 24 Figure 17: National Fuel Gas Company, Oil & Gas Reserve Life Index, By Country/Region, Years, 2011-2015 24 Figure 18: National Fuel Gas Company, Oil Reserve Life Index, By Country/Region, Years, 2011-2015 25 Figure 19: National Fuel Gas Company, Upstream Capital Expenditure, US$ mil, 2011-2015 26 Figure 20: National Fuel Gas Company, Proved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 27 Figure 21: National Fuel Gas Company, Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 27 Figure 22: National Fuel Gas Company, Development Costs, By Country/Region, US$ mil, 2011-2015 29 Figure 23: National Fuel Gas Company, Exploration Costs, By Country/Region, US$ mil, 2011-2015 29 Figure 24: National Fuel Gas Company, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 31 Figure 25: National Fuel Gas Company, Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 33 Figure 26: National Fuel Gas Company, Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 33 Figure 27: National Fuel Gas Company, Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 34 Figure 28: National Fuel Gas Company, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2011-2015 35 Figure 29: National Fuel Gas Company, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2011-2015 37 Figure 30: National Fuel Gas Company, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2011-2015 37 Figure 31: National Fuel Gas Company, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2011-2015 38 Figure 32: National Fuel Gas Company, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2011-2015 38 Figure 33: National Fuel Gas Company, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2011-2015 39 Figure 34: National Fuel Gas Company, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2011-2015 39 Figure 35: National Fuel Gas Company, Revenue and Expenses, US$ mil, 2011-2015 41 Figure 36: National Fuel Gas Company, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 42 Figure 37: National Fuel Gas Company, Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 42 Figure 38: National Fuel Gas Company, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 43 Figure 39: National Fuel Gas Company, Oil & Gas Revenue, By Country/Region, US$ mil, 2011-2015 43 Figure 40: National Fuel Gas Company, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 44 Figure 41: National Fuel Gas Company, Production Costs, By Country/Region, US$ mil, 2011-2015 44 Figure 42: National Fuel Gas Company, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 45 Figure 43: National Fuel Gas Company, Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 47 Figure 44: National Fuel Gas Company, Income Tax/(Benefit) per boe, By Country/Region, US$/boe, 2011-2015 48 Figure 45: National Fuel Gas Company, Lifting Cost per boe, By Country/Region, US$/boe, 2011-2015 48 Figure 46: National Fuel Gas Company, Annual Net Income per boe, By Country/Region, US$/boe, 2011-2015 49 Figure 47: National Fuel Gas Company, Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2011-2015 49 Figure 48: National Fuel Gas Company, Total DD&A per boe, By Country/Region, US$/boe, 2011-2015 50 Figure 49: National Fuel Gas Company, Total Revenue per boe, By Country/Region, US$/boe, 2011-2015 50 Figure 50: National Fuel Gas Company, Oil and Gas Performance Metrics, 2011-2015 52 Figure 51: National Fuel Gas Company, Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 53 Figure 52: National Fuel Gas Company, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2011-2015 54 Figure 53: National Fuel Gas Company, Total Net Undeveloped Acreage, By Country/Region, Acres, 2011-2015 54 Figure 54: National Fuel Gas Company, Total Gross Developed Acreage, By Country/Region, Acres, 2011-2015 55 Figure 55: National Fuel Gas Company, Total Net Developed Acreage, By Country/Region, Acres, 2011-2015 55 Figure 56: National Fuel Gas Company, Producible Oil and Gas Wells, 2011-2015 57 Figure 57: National Fuel Gas Company, Gross Productive Gas Wells, By Country/Region, Number, 2011-2015 58 Figure 58: National Fuel Gas Company, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 58 Figure 59: National Fuel Gas Company, Gross Productive Oil Wells, By Country/Region, Number, 2011-2015 59 Figure 60: National Fuel Gas Company, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2011-2015 59 Figure 61: National Fuel Gas Company, Net Productive Gas Wells, By Country/Region, Number, 2011-2015 60 Figure 62: National Fuel Gas Company, Net Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 60 Figure 63: National Fuel Gas Company, Net Productive Oil Wells, By Country/Region, Number, 2011-2015 61 Figure 64: National Fuel Gas Company, Exploratory and Developed Wells, 2011-2015 62