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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>/in/edgar/work/20001102/0000070145-00-500003/0000070145-00-500003.txt : 20001106
<SEC-HEADER>0000070145-00-500003.hdr.sgml : 20001106
ACCESSION NUMBER:		0000070145-00-500003
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20001025
ITEM INFORMATION:		
FILED AS OF DATE:		20001102

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NATIONAL FUEL GAS CO
		CENTRAL INDEX KEY:			0000070145
		STANDARD INDUSTRIAL CLASSIFICATION:	 [4924
]		IRS NUMBER:				131086010
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			0930
</COMPANY-DATA>

		FILING VALUES:
			FORM TYPE:		8-K
			SEC ACT:		
			SEC FILE NUMBER:	001-03880
			FILM NUMBER:		752032
</FILING-VALUES>

			BUSINESS ADDRESS:	
				STREET 1:		10 LAFAYETTE SQ
				CITY:			BUFFALO
				STATE:			NY
				ZIP:			14203
				BUSINESS PHONE:		7168576980
</BUSINESS-ADDRESS>

				MAIL ADDRESS:	
					STREET 1:		10 LAFAYETTE SQ
					STREET 2:		10 LAFAYETTE SQ
					CITY:			BUFFALO
					STATE:			NY
					ZIP:			14203
</MAIL-ADDRESS>
</FILER>
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k-11_2000.txt
<DESCRIPTION>NATIONAL FUEL GAS COMPANY FORM 8-K
<TEXT>

                        SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549


                                    FORM 8-K

                                 CURRENT REPORT

     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

       Date of Report (Date of earliest event reported): October 25, 2000

                            NATIONAL FUEL GAS COMPANY
             (Exact name of registrant as specified in its charter)

                 New Jersey                1-3880          13-1086010
     (State or other jurisdiction     (Commission File    (IRS Employer or
      incorporation)                   Number)             Identification No.)

                  10 Lafayette Square, Buffalo, New York        14203
                  (Address of principal executive offices)      (Zip Code)

       Registrant's telephone number, including area code: (716) 857-6980



ITEM 5.  OTHER EVENTS

         On October 25, 2000,  National Fuel Gas Company (the "Company") and its
subsidiary, Seneca Resources Corporation,  issued press releases regarding their
earnings for the fourth quarter and fiscal year ended September 30, 2000. Copies
of these press releases are hereby  incorporated by reference and made a part of
this Current Report as Exhibit 99(a) and 99(b), respectively. Neither the filing
of any press  release as an exhibit to this Current  Report nor the inclusion in
such press release of a reference to the Company's internet address shall, under
any  circumstances,  be deemed to incorporate the information  available at such
internet  address into this Current  Report.  The  information  available at the
Company's  internet  address  is not part of this  Current  Report  or any other
report filed by the Company with the Securities and Exchange Commission.

         As disclosed in the attached press releases,  the Company held a public
conference call regarding  these results on October 26, 2000.  During the course
of that call, the Company  indicated  that Seneca  Resourses Corporation's  spot
price  assumptions for fiscal 2001 were $3.50 per thousand cubic feet ("Mcf") of
natural  gas and $22.39 per barrel  ("bbl") of oil.  In fact,  Seneca  Resources
Corporation's  spot  price  assumptions  for  fiscal  2001 are $3.98 per Mcf for
natural gas and $25.51 per bbl for oil.

         (This previous sentence is a "forward-looking  statement" as defined by
the  Private  Securities  Litigation  Reform  Act of 1995.  While the  Company's
expectations,  beliefs  and  projections  are  expressed  in good  faith and are
believed to have a reasonable  basis,  actual results may differ materially from
those in the forward-looking statement.  Furthermore, such statement speaks only
as of the date on which it is made, and the Company  undertakes no obligation to
update the statement to reflect events or circumstances  after the date on which
it is made or to reflect the occurrence of unanticipated  events. In addition to
other  factors,  the  following  are  important  factors that could cause actual
results to differ materially from the statement: changes in economic conditions,
demographic  patterns and weather  conditions,  and changes in the  availability
and/or price of natural gas and oil.)

ITEM 7.    FINANCIAL STATEMENTS AND EXHIBITS.

           (c)    Exhibits

           Exhibit 99(a) - Press Release issued October 25, 2000 regarding
           National Fuel Gas Company earnings for the fourth quarter

           Exhibit 99(b) - Press Release issued October 25, 2000 regarding
           Seneca Resources Corporation earnings for the fourth quarter


                                   SIGNATURES

         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
the  registrant  has duly  caused  this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                   NATIONAL FUEL GAS COMPANY



                                   By: /s/James R. Peterson
                                       ------------------------
                                            James R. Peterson
                                            Assistant Secretary
<PAGE>

                                 EXHIBIT INDEX


         Exhibit Number               Description

         99(a)                        Press Release issued October 25, 2000
                                      regarding National Fuel Gas Company
                                      earnings for the fourth quarter

         99(b)                        Press Release issued October 25, 2000
                                      regarding Seneca Resources Corporation
                                      earnings for the fourth quarter


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.A
<SEQUENCE>2
<FILENAME>press1-10_2000.txt
<DESCRIPTION>NATIONAL FUEL GAS COMPANY 4TH QUARTER EARNINGS
<TEXT>




<PAGE>




                                                                EXHIBIT 99(a)


             National Fuel Achieves Record Earnings For Fiscal 2000
                       And Reports Fourth Quarter Results


(October 25, 2000) Buffalo, New York: National Fuel Gas Company ("National Fuel"
or the  "Company")  (NYSE:NFG)  today  reported  record annual  earnings for its
fiscal  year ended  September  30,  2000 of $127.2  million,  or $3.25 per share
($3.21 per share on a diluted  basis).  This  compares  with  earnings of $115.0
million,  or $2.98 per share ($2.95 per share on a diluted basis) for the fiscal
year ended September 30, 1999.

         Earnings for the quarter ended September 30, 2000 were $2.2 million, or
$0.06 per share  (basic  and  diluted).  This  compares  with  earnings  of $4.4
million, or $0.11 per share (basic and diluted), for the quarter ended September
30, 1999.

         Bernard J. Kennedy,  Chairman and Chief  Executive  Officer of National
Fuel,  remarked:  "We have known all along that  companies  with real assets can
deliver real  earnings,  thus  providing  real value for all. The success we see
here is testimony to that belief."

DISCUSSION OF FOURTH QUARTER EARNINGS

         The  decrease in  earnings of $2.2  million for the quarter as compared
with the prior  year's  quarter  was the result of a larger  loss in the Utility
segment (which typically incurs a loss in the summer quarter) and lower earnings
in the Pipeline and Storage,  Timber (which had a slight loss this quarter), and
Energy Marketing segments, and in Corporate operations. These decreased earnings
were offset in part by higher earnings in the Exploration and Production segment
and a lower loss in the  International  segment (which also  typically  incurs a
loss in the summer quarter).

         The  increase in the market  price of National  Fuel's stock during the
quarter ended September 30, 2000, while benefiting shareholders, carried with it
the  required  recognition  of $6.6  million  (after  tax) of expense  for stock
appreciation rights ("SARs").  This expense is spread across all segments,  with
the greatest impact on the larger segments.  On a fiscal year to date basis, the
expense  related to SARs was $9.2 million  (after  tax),  and reflects the stock
price increase from September 30, 1999 to September 30, 2000.

         The  Utility  segment's  fourth  quarter  fiscal  2000  loss was  $11.2
million, or $5.6 million greater when compared with the fourth quarter of fiscal
1999. The current  quarter's  higher loss resulted  mainly from various  true-up
adjustments  related to the September  30, 2000  conclusion of the two year rate
settlement with the New York State Public Service Commission ("NYPSC")

                                     -more-


<PAGE>



National Fuel, 4th Quarter Earnings
2000 Fiscal Year Results
Page 2.

and from the SARs  expense.  As  previously  announced,  a new  three  year rate
settlement agreement was recently approved by the NYPSC.

         In the Pipeline and Storage  segment,  earnings of $4.9 million for the
quarter ended  September 30, 2000 were down $4.8 million  compared to the fourth
quarter of fiscal 1999.  Reasons for the decrease  included the SARs expense and
the fact that the fourth quarter of fiscal 1999 included the recovery of certain
project costs that had been  previously  written-off,  and the recovery  through
insurance of a previously expensed base gas loss.

         The Timber  segment had a slight loss of $0.04  million for the quarter
ended  September  30, 2000,  or $0.4  million less in earnings  than last fiscal
year's fourth quarter. This decrease is the result of costs associated with this
segment's  timber  cruise (a study to  determine  the  estimated  board  feet of
standing  timber by tract and species) and costs  related to the start up of new
kilns and a new sawmill.

         The Energy  Marketing  segment's fourth quarter fiscal 2000 earnings of
$0.2  million  were $0.2 million  lower than the prior  year's  fourth  quarter.
Although this segment  recognized a $3.5 million after tax  mark-to-market  gain
from derivative  activities (compared with a $0.7 million after tax hedging gain
in the prior year's quarter), it also accrued a loss contingency of $1.6 million
after tax on the unhedged  portion of its fixed price sales  contracts for sales
of natural gas to  customers  in fiscal  2001.  In  addition,  greater  interest
expense on higher debt balances coupled with higher operating expenses and lower
sales margins during the quarter  contributed to lower  earnings.  With a higher
level of  residential  heating  customers  than in the past,  this  segment will
likely  show  seasonal  losses  during the summer  months  much like the Utility
segment.*

         Earnings of the Corporate  operations  for the fourth quarter of fiscal
2000 of $0.4  million  were down $1.2  million  when  compared  with the  fourth
quarter of fiscal 1999. The main reason is that the 1999 quarter included a gain
resulting from the  demutualization of an insurance company.  As a policyholder,
National  Fuel received  stock of the  insurance  company as part of its initial
public offering.

         In the  Exploration  and Production  segment,  earnings for the quarter
ended  September  30, 2000 were $13.0  million,  up $8.8  million from the prior
year's fourth quarter. Earnings from the recent Canadian acquisition of Tri Link
Resources,  Ltd.  (now known as  National  Fuel  Exploration  Corp.  ("NFE") and
significantly  higher oil and gas prices in the  current  quarter  were the main
reasons for higher earnings. NFE added $5.5 million to earnings this quarter.

                                     -more-


<PAGE>



National Fuel, 4th Quarter Earnings
2000 Fiscal Year Results
Page 3.

Weighted average prices (after hedging) for oil and gas production increased 72%
and 9%, respectively, for the quarter ended September 30, 2000 compared with the
same  quarter  of last year.  An 83%  increase  in oil  production  was  largely
attributable to production from NFE's Canadian wells.

         The International  segment's loss for the fourth quarter of fiscal 2000
of $4.3  million  was $1.4  million  lower  than the  loss in the  prior  year's
quarter. The improvement in the current year was caused mainly by higher margins
and the further  decline in the exchange rate of the Czech koruna (which reduced
the loss).

DISCUSSION OF ANNUAL RESULTS

         The  increase in  earnings  of $12.2  million for the fiscal year ended
September  30, 2000 as compared with the prior fiscal year was mainly the result
of higher earnings in the Exploration  and Production  segment as  significantly
higher oil and gas prices,  as well as earnings from the recently  acquired NFE,
drove up earnings. In addition,  the Utility segment's earnings were up a little
over 1% as various  factors  offset one  another.  The Timber and  International
segments also had higher  earnings.  The Timber  segment's  fiscal 2000 earnings
reflect a gain on the sale of land and standing  timber,  which  occurred in the
second quarter of fiscal 2000. The International segment's earnings increased as
a result of lower O&M and  additional  consideration  received  on the sale of a
previous project.

         Increased  earnings  of these  segments  were  offset  in part by lower
earnings  in the  Pipeline  and  Storage and Energy  Marketing  segments  and in
Corporate operations.  In the Pipeline and Storage segment,  higher SARs expense
was a significant  cause of lower earnings.  Also, this segment's  earnings were
negatively impacted in the current year by a new state income tax resulting from
recently  enacted  tax law  changes in New York State.  In  addition,  the prior
year's earnings  included  interest income and a reduction in income tax related
to the final settlement of Internal Revenue Service audits of years 1977 - 1994.
These items did not recur in the current year.  The Energy  Marketing  segment's
earnings are down due mainly to mark-to-market losses on derivative instruments,
lower margins on marketing  activities,  the accrual of a loss  contingency,  as
discussed in the quarter above, and higher expenses,  including interest.  Lower
earnings from Corporate  operations  mainly resulted from the gain recognized in
fiscal 1999 on the  demutualization of an insurance company, as discussed above,
offset  in part by higher  earnings  on  various  financial  investments  in the
current year.

                                     -more-


<PAGE>



National Fuel, 4th Quarter Earnings
2000 Fiscal Year Results
Page 4.

         Mr. Kennedy  added:  "We are pleased that our expansion in the Canadian
energy arena has provided  such strong  returns in a relatively  short period of
time. We expect the solid performance of our Exploration and Production  segment
to continue through fiscal 2001.* This performance,  together with the continued
strong  contributions  from our  regulated  segments,  supports  our outlook for
record earnings in fiscal 2001 in the $4.25 to $4.35 per share range.*"

         The Company will host a conference  call on Thursday,  October 26, 2000
at 11:00 a.m. (Eastern Time) to discuss this announcement.  To access this call,
please    go    to    the     Company's     home    page    at    its    website
http://www.nationalfuelgas.com  and click on the words  "Conference  Call".  For
those unable to listen to the live broadcast,  a replay will be available at the
same website beginning about one hour after the call. In addition, the call will
be recorded and a toll-free  replay will be available  for playback by telephone
approximately one hour after the call at 1-800-944-3033.

         National  Fuel is an  integrated  energy  company  with $3.2 billion in
assets comprised of the following six operating segments:  Utility, Pipeline and
Storage,  Exploration  and  Production,  International,  Energy  Marketing,  and
Timber.  Additional information about National Fuel is available on its Internet
Web site:  http://www.nationalfuelgas.com  or through its  investor  information
service at 1-800-334-2188.

- --------------------

  * This  statement is a  "forward-looking  statement" as defined by the Private
  Securities  Litigation Reform Act of 1995. While National Fuel's expectations,
  beliefs and projections are expressed in good faith and are believed to have a
  reasonable  basis,  actual  results  may differ  materially  from those in the
  forward-looking statement.  Furthermore,  such statement speaks only as of the
  date on which it is made, and National Fuel undertakes no obligation to update
  the statement to reflect events or circumstances after the date on which it is
  made or to reflect the  occurrence  of  unanticipated  events.  In addition to
  other  factors,  the following  are important  factors that could cause actual
  results  to  differ  materially  from  the  statement:   changes  in  economic
  conditions,  demographic  patterns  and  weather  conditions;  changes  in the
  availability  and/or  price of natural  gas and oil;  inability  to obtain new
  customers  or  retain  existing  ones;   significant  changes  in  competitive
  conditions affecting the Company; governmental/regulatory actions, initiatives
  and  proceedings,  including  those  affecting  financings,  allowed  rates of
  return,    industry   and   rate    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;  occurrences affecting the Company's ability to
  obtain  funds  from  operations,  debt or equity  to  finance  needed  capital
  expenditures  and  other  investments;  uncertainty  of oil and gas  reserves;
  ability to successfully identify and finance oil and gas property acquisitions
  and ability to operate  existing  and any  subsequently  acquired  properties;
  changes in the availability and/or price of derivative financial  instruments;
  inability of the various  counterparts to meet their  obligations with respect
  to the Company's financial instruments; regarding foreign operations - changes
  in foreign  trade and monetary  policies,  laws,  and  regulations  related to
  foreign operations, political and governmental changes, inflation and exchange
  rates,  taxes and operating  conditions;  significant  changes in tax rates or
  policies,  in rates of  inflation  or  interest;  significant  changes  in the
  Company's relationship with its employees and the potential adverse effects if
  labor  disputes or  grievances  were to occur;  and/or  changes in  accounting
  principles and/or the application of such principles to the Company.

Analyst Contact:  Margaret Suto (716) 857-6987
Media Contact:    Julie Coppola Cox (716) 857-7079


                                     -more-

<PAGE>
Page 5
<TABLE>
<CAPTION>

                            NATIONAL FUEL GAS COMPANY
                                AND SUBSIDIARIES

(Thousands of Dollars, except per share amounts)
                                                                    Three Months Ended                   Twelve Months Ended
                                                                      September 30,                         September 30,
                                                                       (Unaudited)
                                                              -------------------------------      --------------------------------
SUMMARY OF OPERATIONS                                             2000             1999                2000             1999
- ---------------------
                                                              --------------  ---------------      -------------   ----------------
<S>                                                            <C>             <C>                   <C>               <C>
Operating Revenues                                             $    249,278    $      190,791        $1,425,277        $ 1,263,274
                                                              --------------  ---------------      -------------   ----------------
Operating Expenses:
  Purchased Gas                                                      61,705           28,652            503,617            405,925
  Fuel Used in Heat and Electric Generation                           8,330            8,478             54,893             55,788
  Operation and Maintenance                                          91,932           79,144            350,383            328,800
  Property, Franchise and Other Taxes                                17,684           17,642             78,878             91,146
  Depreciation, Depletion and Amortization                           39,484           31,958            142,170            124,778
  Income Taxes - Current                                            (27,235)           3,418             35,210             50,798
               - Deferred                                            30,464            1,119             41,858             14,031
                                                              --------------  ---------------      -------------   ----------------
                                                                    222,364          170,411          1,207,009          1,071,266
                                                              --------------  ---------------      -------------   ----------------

Operating Income                                                     26,914           20,380            218,268            192,008
Other Income                                                          2,772            4,442             10,408             12,343
                                                              --------------  ---------------      -------------   ----------------

Income Before Interest Charges and Minority
  Interest in Foreign Subsidiaries                                   29,686           24,822            228,676            204,351

Interest Charges                                                     28,339           21,313            100,085             87,698
Minority Interest in Foreign Subsidiaries                               871              924             (1,384)            (1,616)
                                                              --------------  ---------------      -------------   ----------------

Net Income Available for Common Stock                          $      2,218    $       4,433        $   127,207     $      115,037
                                                              ==============  ===============      =============   ================

Earnings Per Common Share:
   Basic                                                             $ 0.06           $ 0.11             $ 3.25             $ 2.98
                                                               ==============  ===============      =============   ================
   Diluted                                                           $ 0.06           $ 0.11             $ 3.21             $ 2.95
                                                               ==============  ===============      =============   ================

Weighted Average Common Shares:
  Used in Basic Calculation                                      39,290,766       38,805,534         39,116,921         38,663,981
                                                              ==============  ===============      =============   ================
  Used in Diluted Calculation                                    39,930,180       39,246,318         39,583,100         39,041,728
                                                              ==============  ===============      =============   ================
</TABLE>



<PAGE>
Page 6
<TABLE>
<CAPTION>

                            NATIONAL FUEL GAS COMPANY
                                AND SUBSIDIARIES



SEGMENT INFORMATION
(Thousands of Dollars)
                                             Three Months Ended                            Twelve Months Ended
                                                September 30,                                  September 30,
                                                 (Unaudited)
                               ---------------------------------------------  ---------------------------------------------

                                                                Increase                                       Increase
                                   2000            1999        (Decrease)         2000            1999        (Decrease)
                               --------------  -------------- --------------  --------------  -------------  --------------
<S>                                <C>              <C>             <C>           <C>            <C>              <C>
Operating Revenues
- ------------------
Utility                            $ 102,419        $ 96,505        $ 5,914       $ 846,459      $ 807,355        $ 39,104
Pipeline and Storage                  41,459          42,108           (649)        169,659        168,783             876
Exploration and Production            84,255          41,544         42,711         238,070        146,994          91,076
International                         11,751           9,880          1,871         104,736        107,045          (2,309)
Energy Marketing                      25,368          16,835          8,533         133,929         99,088          34,841
Timber                                 8,239           7,007          1,232          39,172         31,117           8,055
                               --------------  -------------- --------------  --------------  -------------  --------------
   Total Reportable Segments         273,491         213,879         59,612       1,532,025      1,360,382         171,643
All Other                                 39             229           (190)          5,345          1,765           3,580
Intersegment Eliminations            (24,252)        (23,317)          (935)       (112,093)       (98,873)        (13,220)
                               --------------  -------------- --------------  --------------  -------------  --------------
   Total Consolidated              $ 249,278       $ 190,791       $ 58,487     $ 1,425,277    $ 1,263,274       $ 162,003
                               ==============  ============== ==============  ==============  =============  ==============

Operating Income (Loss)
 Before Income Taxes
- -----------------------
Utility                            $ (11,429)         $ (840)     $ (10,589)      $ 126,157      $ 120,283         $ 5,874
Pipeline and Storage                  11,224          18,471         (7,247)         65,155         72,104          (6,949)
Exploration and Production            35,571          12,418         23,153          94,908         42,215          52,693
International                         (5,016)         (5,814)           798          12,938         12,861              77
Energy Marketing                         420             336             84         (12,000)         3,036         (15,036)
Timber                                   866           1,587           (721)         11,220          9,745           1,475
                               --------------  -------------- --------------  --------------  -------------  --------------
   Total Reportable Segments          31,636          26,158          5,478         298,378        260,244          38,134
All Other                               (870)           (444)          (426)           (425)          (857)            432
Corporate                               (623)           (797)           174          (2,617)        (2,550)            (67)
                               --------------  -------------- --------------  --------------  -------------  --------------
   Total Consolidated               $ 30,143        $ 24,917        $ 5,226       $ 295,336      $ 256,837        $ 38,499
                               ==============  ============== ==============  ==============  =============  ==============
Net Income
- ----------
Utility                            $ (11,182)       $ (5,562)      $ (5,620)       $ 57,662       $ 56,875           $ 787
Pipeline and Storage                   4,852           9,671         (4,819)         31,614         39,765          (8,151)
Exploration and Production            12,967           4,145          8,822          34,877          7,127          27,750
International                         (4,324)         (5,720)         1,396           3,282          2,276           1,006
Energy Marketing                         152             324           (172)         (7,790)         2,054          (9,844)
Timber                                   (42)            323           (365)          6,133          4,769           1,364
                               --------------  -------------- --------------  --------------  -------------  --------------
   Total Reportable Segments           2,423           3,181           (758)        125,778        112,866          12,912
All Other                               (582)           (323)          (259)           (371)          (162)           (209)
Corporate                                377           1,575         (1,198)          1,800          2,333            (533)
                               --------------  -------------- --------------  --------------  -------------  --------------
   Total Consolidated                $ 2,218         $ 4,433       $ (2,215)      $ 127,207      $ 115,037        $ 12,170
                               ==============  ============== ==============  ==============  =============  ==============
</TABLE>


<PAGE>
Page 7
<TABLE>
<CAPTION>
                            NATIONAL FUEL GAS COMPANY
                                AND SUBSIDIARIES



SEGMENT INFORMATION (Continued)
(Thousands of Dollars)
                                          Three Months Ended                            Twelve Months Ended
                                             September 30,                                  September 30,
                                               (Unaudited)
                              -------------------------------------------    ----------------------------------------------

                                                              Increase                                         Increase
                                  2000           1999        (Decrease)          2000             1999        (Decrease)
                              -------------  -------------  -------------    -------------    -------------- --------------

<S>                                <C>            <C>              <C>           <C>               <C>             <C>
Depreciation, Depletion
 and Amortization:
- -----------------------
Utility                            $ 8,927        $ 8,213          $ 714         $ 35,842          $ 34,215        $ 1,627
Pipeline and Storage                 5,765          5,653            112           23,379            22,690            689
Exploration and Production          21,526         15,209          6,317           69,583            55,750         13,833
International                        2,799          2,573            226           11,110            10,473            637
Energy Marketing                        59             50              9              209               165             44
Timber                                 376            256            120            1,948             1,476            472
                              -------------  -------------  -------------    -------------    -------------- --------------
   Total Reportable Segments        39,452         31,954          7,498          142,071           124,769         17,302
All Other                               31              3             28               97                 7             90
Corporate                                1              1              -                2                 2              -
                              -------------  -------------  -------------    -------------    -------------- --------------
   Total Consolidated             $ 39,484       $ 31,958        $ 7,526        $ 142,170         $ 124,778       $ 17,392
                              =============  =============  =============    =============    ============== ==============

Expenditures for
 Long-Lived Assets
- ------------------
Utility                           $ 12,698       $ 16,376       $ (3,678)        $ 55,799          $ 46,974        $ 8,825
Pipeline and Storage                 6,266         11,773         (5,507)          35,806  (1)       34,873            933
Exploration and Production          59,836         17,106         42,730          280,049            97,586        182,463
International                        3,460          9,830         (6,370)           9,767            33,412        (23,645)
Energy Marketing                        70             41             29               89               302           (213)
Timber                               2,128            902          1,226           13,542            52,314        (38,772)
                              -------------  -------------  -------------    -------------    -------------- --------------
   Total Reportable Segments        84,458         56,028         28,430          395,052           265,461        129,591
All Other                              118              9            109            3,725                69          3,656
                              -------------  -------------  -------------    -------------    -------------- --------------
   Total Consolidated             $ 84,576       $ 56,037       $ 28,539        $ 398,777         $ 265,530      $ 133,247
                              =============  =============  =============    =============    ============== ==============
</TABLE>

(1) Includes $1.2 million in a stock-for-asset swap.


<TABLE>
<CAPTION>

DEGREE DAYS

                                                                                                     Percent Colder
                                                                                                     (Warmer) Than:
Three Months Ended September 30                 Normal          2000             1999             Normal       Last Year
- -------------------------------
                                             -------------  -------------    -------------    -------------- --------------

<S>                                                   <C>            <C>              <C>              <C>            <C>
  Buffalo, NY                                         199            222              114              11.6           94.7
  Erie, PA                                            100            179               94              79.0           90.4

Twelve  Months Ended September 30

  Buffalo, NY                                       6,932          6,312            6,180              (8.9)           2.1
  Erie, PA                                          6,230          5,657            5,607              (9.2)           0.9

</TABLE>

<PAGE>
Page 8
<TABLE>
<CAPTION>
                            NATIONAL FUEL GAS COMPANY
                                AND SUBSIDIARIES


Utility Throughput - (millions of cubic feet - MMcf)
                                                 Three Months Ended                         Twelve Months Ended
                                                    September 30,                              September 30,
                                        --------------------------------------    -----------------------------------------
                                                                    Increase                                    Increase
                                           2000         1999       (Decrease)        2000          1999        (Decrease)
                                        -----------   ----------   -----------    ------------  ------------   ------------
<S>                                          <C>          <C>             <C>          <C>           <C>            <C>
    Residential Sales                        5,430        4,979           451          68,196        71,177         (2,981)
    Commercial Sales                           887          830            57          12,312        13,885         (1,573)
    Industrial Sales                         1,347        1,166           181           4,276         4,144            132
                                        -----------   ----------   -----------    ------------  ------------   ------------
                                             7,664        6,975           689          84,784        89,206         (4,422)
                                        -----------   ----------   -----------    ------------  ------------   ------------
     Off-System Sales                        1,917        2,275          (358)         12,833        12,469            364
    Transportation                          11,119       10,621           498          71,862        64,086          7,776
                                        -----------   ----------   -----------    ------------  ------------   ------------
                                            20,700       19,871           829         169,479       165,761          3,718
                                        ===========   ==========   ===========    ============  ============   ============
</TABLE>
<TABLE>
<CAPTION>

Pipeline & Storage Throughput- (MMcf)
                                                 Three Months Ended                         Twelve Months Ended
                                                    September 30,                              September 30,
                                        --------------------------------------    -----------------------------------------
                                                                    Increase                                    Increase
                                           2000         1999       (Decrease)        2000          1999        (Decrease)
                                        -----------   ----------   -----------    ------------  ------------   ------------
<S>                                         <C>          <C>           <C>            <C>           <C>              <C>
    Firm Transportation - Affiliated        13,095       13,090             5         113,241       108,250          4,991
    Firm Transportation - Non-Affiliated    41,149       46,757        (5,608)        178,577       191,992        (13,415)
    Interruptible Transportation            14,531        3,962        10,569          21,730         8,061         13,669
                                        -----------   ----------   -----------    ------------  ------------   ------------
                                            68,775       63,809         4,966         313,548       308,303          5,245
                                        ===========   ==========   ===========    ============  ============   ============
</TABLE>
<TABLE>
<CAPTION>

Energy Marketing Volumes
                                                 Three Months Ended                         Twelve Months Ended
                                                    September 30,                              September 30,
                                        --------------------------------------    -----------------------------------------
                                                                    Increase                                    Increase
                                           2000         1999       (Decrease)        2000          1999        (Decrease)
                                        -----------   ----------   -----------    ------------  ------------   ------------
<S>                                          <C>          <C>          <C>             <C>           <C>             <C>
    Natural Gas (MMcf)                       3,969        5,223        (1,254)         35,465        34,454          1,011
                                        ===========   ==========   ===========    ============  ============   ============
</TABLE>
<TABLE>
<CAPTION>

International Sales Volumes
                                                 Three Months Ended                         Twelve Months Ended
                                                    September 30,                              September 30,
                                        --------------------------------------    -----------------------------------------
                                                                    Increase                                    Increase
                                           2000         1999       (Decrease)        2000          1999        (Decrease)
                                        -----------   ----------   -----------    ------------  ------------   ------------
<S>                                        <C>          <C>           <C>          <C>           <C>               <C>
    Heating (Gigajoules)                   757,717      544,628       213,089      10,222,024    10,047,042        174,982
                                        ===========   ==========   ===========    ============  ============   ============

    Electricity (Megawatt hours)           235,783      241,151        (5,368)      1,147,303     1,138,980          8,323
                                        ===========   ==========   ===========    ============  ============   ============
</TABLE>
<TABLE>
<CAPTION>

Timber Board Feet (Thousands)
                                                 Three Months Ended                         Twelve Months Ended
                                                    September 30,                              September 30,
                                        --------------------------------------    -----------------------------------------
                                                                    Increase                                    Increase
                                           2000         1999       (Decrease)        2000          1999        (Decrease)
                                        -----------   ----------   -----------    ------------  ------------   ------------
<S>                                          <C>          <C>             <C>           <C>           <C>            <C>
   Log Sales                                 1,931        1,677           254           9,370         6,902          2,468
   Green Lumber Sales                        1,788        1,774            14           8,193         8,541           (348)
   Kiln Dry Lumber Sales                     1,644        1,589            55           6,987         5,711          1,276
                                        -----------   ----------   -----------    ------------  ------------   ------------
                                             5,363        5,040           323          24,550        21,154          3,396
                                        ===========   ==========   ===========    ============  ============   ============
</TABLE>

<PAGE>
Page 9
<TABLE>
<CAPTION>

                            NATIONAL FUEL GAS COMPANY
                                AND SUBSIDIARIES

                     EXPLORATION AND PRODUCTION INFORMATION
                     --------------------------------------


                                                           Three Months Ended                         Twelve Months Ended
                                                              September 30,                              September 30,
                                                 ----------------------------------------    --------------------------------------
                                                                              Increase                                  Increase
                                                    2000          1999       (Decrease)         2000        1999       (Decrease)
                                                 -----------   -----------  -------------    -----------  ----------  -------------
<S>                                                   <C>           <C>              <C>         <C>         <C>             <C>
Gas Production/Prices:
- ---------------------
Production (MMcf)
  Gulf Coast                                          7,813         7,285            528         32,760      28,758          4,002
  West Coast                                          1,072         1,138            (66)         4,374       3,977            397
  Appalachia                                          1,092         1,050             42          4,344       4,431            (87)
  Canada                                                175             -            175            192           -            192
                                                 -----------   -----------  -------------    -----------  ----------  -------------
                                                     10,152         9,473            679         41,670      37,166          4,504
                                                 ===========   ===========  =============    ===========  ==========  =============
Average Prices (Per  Mcf)
  Gulf Coast                                         $ 4.43        $ 2.62         $ 1.81         $ 3.29      $ 2.15         $ 1.14
  West Coast                                           5.48          2.56           2.92           3.62        2.28           1.34
  Appalachia                                           3.81          2.49           1.32           3.16        2.44           0.72
  Canada                                               2.51             -           2.51           2.52           -           2.52
    Weighted Average                                   4.44          2.60           1.84           3.31        2.20           1.11
    Weighted Average after Hedging                     2.49          2.29           0.20           2.61        2.24           0.37

Oil Production/Prices:
- ---------------------
Production (Thousands of Barrels)
  Gulf Coast                                            389           351             38          1,415       1,373             42
  West Coast                                            718           676             42          2,824       2,633            191
  Appalachia                                              2             3             (1)             9          10             (1)
  Canada                                                771             -            771            899           -            899
                                                 -----------   -----------  -------------    -----------  ----------  -------------
                                                      1,880         1,030            850          5,147       4,016          1,131
                                                 ===========   ===========  =============    ===========  ==========  =============

Average Prices (Per Barrel)
  Gulf Coast                                        $ 31.44       $ 20.32        $ 11.12        $ 28.27     $ 15.18        $ 13.09
  West Coast                                          27.31         15.76          11.55          23.87       11.62          12.25
  Appalachia                                          28.49         18.86           9.63          25.12       14.73          10.39
  Canada                                              29.40             -          29.40          29.28           -          29.28
    Weighted Average                                  29.02         17.33          11.69          26.03       12.85          13.18
    Weighted Average after Hedging                    27.41         15.98          11.43          22.85       12.96           9.89
</TABLE>

<TABLE>
<CAPTION>

PROVED DEVELOPED AND UNDEVELOPED RESERVES:
                                                                     Oil (Thousands                    Total
                                           Gas (MMcf)                 of Barrels)              (MMcf Equivalents)
                                   -------------------------------------------------------  -------------------------

<S>                                         <C>                         <C>                        <C>
Beginning of Year                           320,792                      75,819                      775,706
Extensions and Discoveries                   34,641                      3,932                        58,233
Revisions of Previous Estimates              (8,001)                     4,000                        15,999
Production                                  (41,670)                    (5,147)                      (72,552)
Purchase of Minerals in Place                 3,349                     41,320                       251,269
Sales of Minerals in Place                   (7,444)                      (227)                       (8,806)
                                         -----------                -----------                 -------------
End of Year                                 301,667                    119,697                     1,019,849
                                         ===========                ===========                 =============
</TABLE>

<PAGE>
Page 10
<TABLE>
<CAPTION>
                            NATIONAL FUEL GAS COMPANY
                                AND SUBSIDIARIES




Quarter Ended September 30 (unaudited)                     2000                     1999
- -------------------------------------              ---------------------    ---------------------

<S>                                                       <C>                      <C>
  Operating Revenues                                      $ 249,278,000            $ 190,791,000
                                                   =====================    =====================

  Net Income Available for Common Stock                     $ 2,218,000              $ 4,433,000
                                                   =====================    =====================

  Earnings Per Common Share:
     Basic                                                       $ 0.06                   $ 0.11
                                                   =====================    =====================
     Diluted                                                     $ 0.06                   $ 0.11
                                                   =====================    =====================

   Weighted Average Common Shares:
      Used in Basic Calculation                              39,290,766               38,805,534
                                                   =====================    =====================
      Used in Diluted Calculation                            39,930,180               39,246,318
                                                   =====================    =====================



Twelve Months Ended September 30

  Operating Revenues                                    $ 1,425,277,000          $ 1,263,274,000
                                                   =====================    =====================

  Net Income Available for Common Stock                   $ 127,207,000            $ 115,037,000
                                                   =====================    =====================

  Earnings Per Common Share:
     Basic                                                $ 3.25                   $ 2.98.25
                                                   =====================    =====================
     Diluted                                              $ 3.21                   $ 2.95.21
                                                   =====================    =====================

   Weighted Average Common Shares:
      Used in Basic Calculation                              39,116,921               38,663,981
                                                   =====================    =====================
      Used in Diluted Calculation                            39,583,100               39,041,728
                                                   =====================    =====================
</TABLE>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.B
<SEQUENCE>3
<FILENAME>press2-10_2000.txt
<DESCRIPTION>SENECA RESOURCES 4TH QUARTER EARNINGS
<TEXT>




                                                                   Exhibit 99(b)


                          Seneca Resources Corporation
              Announces Record Fourth Quarter and Year End Results

         (October 25, 2000)  Buffalo,  New York:  Seneca  Resources  Corporation
("Seneca"),  the  exploration  and  production  subsidiary  of National Fuel Gas
Company  ("National  Fuel") (NYSE:  NFG), today announced record results for its
fourth quarter and fiscal year ended September 30, 2000.

         Among the records set for earnings in the fourth quarter are production
at 21.4 billion cubic feet  equivalent  (BCFE),  total revenue of $84.3 million,
and net income of $13.0 million, or $0.33 per share.  Compared to fourth quarter
of fiscal 1999,  production  increased by 37%, total revenues increased by $42.7
million, and net income increased by $8.8 million.

         For the fiscal year ended September 30, 2000, Seneca's revenues totaled
$238.1  million with a net income of $34.9  million,  or $0.89 per share.  These
record results show a revenue  increase of $91.1 million and net income increase
of $27.7  million from the prior year.  Total  reserves as of September 30, 2000
were 1.02 trillion cubic feet  equivalent  (TCFE),  of which 70% was oil and 30%
was natural gas, the highest reserve level in Seneca's history.

         General and Administrative  Expenses (G&A) and Lease Operating Expenses
(LOE) for the quarter and the year  increased.  Costs  associated  with Seneca's
Canadian  acquisition of Tri Link Resources  Ltd.,  higher  production  taxes in
Canada,  and aggressive  development  of marginal wells to maximize  returns all
contributed  to the increase in LOE  expenses.  G&A expenses  increased due to a
general  increase  in costs and a higher  increase  in payroll  associated  with
retention of quality employees.

         At September 30, 2000,  Seneca had an accrued  balance of $9.67 million
for  mark-to-market  derivative  contracts  which will  expire  during the first
quarter of fiscal 2001. This liability is down $1.4 million from June 30, 2000.

         Seneca's  exploration and development drilling programs posted positive
results this quarter. Seneca drilled a total of 73 wells this quarter: 41 in the
U.S.  and 32 in Canada.  There were six  exploratory  wells,  of which four were
successful,  and 67 development  wells,  of which 64 were  successful.  Seneca's
success rate was 93% in the fourth  quarter.  For the year ended  September  30,
2000, Seneca drilled a total of 147 wells with a 91% success rate.

         As indicated in Seneca's third quarter  earnings report (dated July 27,
2000),  Seneca had nine offshore  blocks in various stages of completion.  As of
the end of the fourth  quarter,  four of these had been placed on production and
five blocks, with a total production capacity of over 1.2 BCFE per month,

                                     -more-


<PAGE>



Seneca Resources Corporation Announces
Record Fourth Quarter and Year End Results
Page 2


were still waiting on completion.  Strained supplies in the workover rig and the
service  equipment  market  has  delayed  many of these  completions.  Seneca is
currently participating in the drilling of two additional offshore wells.

         Results from  Seneca's  California  properties  continued to build upon
increases  experienced in previous quarters.  Development at Midway-Sunset field
included drilling 26 new wells.  Monthly production for the quarter increased to
298,900  barrels of oil  equivalent  (BOE) from 288,500 BOE last year. The steam
flood projects being  installed at the North Lost Hills property are expected to
begin operations in November 2000.*

         Seneca's  Canadian   subsidiary,   National  Fuel  Exploration   Corp.,
implemented an aggressive  drilling program in the fourth quarter. A total of 32
wells were drilled with a success rate of 84%. Approximately half of those wells
have been  completed  and the rest will be  completed  in the first  quarter  of
fiscal 2001.* An exploration and development  drilling  program is scheduled for
2001 with a total of over 70 wells planned.*

         The outlook for fiscal 2001 remains positive.*  Seneca's  production is
anticipated to be in the range of 95 to 100 BCFE, or a 33% improvement over 2000
production  levels.*  Anticipated  delays in  offshore  completions  required  a
revision  to  previous  estimates  for fiscal  2001  production.  Production  is
expected  to be 54% oil and 46%  natural  gas for fiscal year 2001.* The capital
budget of $165 million  remains  unchanged and includes the drilling of over 250
wells.*  Seneca has maintained  its policy of hedging  approximately  60% of its
production.* Currently for fiscal 2001, 28.0 BCF is hedged at $3.03 per thousand
cubic feet (MCF) and 5.9 million  barrels  (MMBL) of oil is hedged at $21.69 per
barrel (BBL).* These hedges include both swaps and no-cost collars.

         Seneca's  long term  growth  plan is to achieve a 15% growth  rate.* To
facilitate this plan for fiscal 2002,  Seneca has hedged 25.3 billion cubic feet
(BCF) of its gas  production at $3.75 per MCF, and 6.2 MMBL of its oil at $22.75
per barrel.  These  hedged  prices  represent a 12%  improvement  over  Seneca's
current  fiscal 2001 hedging  program.  This,  combined with  Seneca's  expected
growth in production, establishes the foundation for achieving future growth.*



                                     -more-


<PAGE>



Seneca Resources Corporation Announces
Record Fourth Quarter and Year End Results
Page 3

         National Fuel will host a conference call on Thursday, October 26, 2000
at 11:00 a.m. (Eastern Time) to discuss this announcement.  To access this call,
please go to its home  page at its  website  http://www.nationalfuelgas.com  and
click on the words  "Conference  Call".  For those  unable to listen to the live
broadcast,  a replay will be available at the same website  beginning  about one
hour after the call.  In  addition,  the call will be  recorded  and a toll-free
replay will be available for playback by telephone  approximately one hour after
the call at 1-800-944-3033.

         National  Fuel is an  integrated  energy  company  with $3.2 billion in
assets comprised of the following six operating segments:  Utility, Pipeline and
Storage, Exploration and Production, International, Energy Marketing and Timber.
Seneca Resources Corporation,  headquartered in Houston, Texas, explores for and
produces  natural gas and oil in the lower 48 States,  the Gulf of Mexico and in
Canada.   Additional   information   about   National   Fuel  is   available  at
http://www.nationalfuelgas.com  or through its investor  information  service at
1-800-334-2188.

Analyst Contact:              Margaret M. Suto (716) 857-6987
Media Contact:               Julie Coppola Cox (716) 857-7079


- --------------------

  *    This  sentence  contains  forward-looking  statements  as  defined by the
       Private   Securities   Litigation   Reform   Act  of  1995.   While  such
       expectations, beliefs and projections are expressed in good faith and are
       believed  to  have  a  reasonable   basis,   actual  results  may  differ
       materially.  Furthermore,  such  statements  speak only as of the date on
       which they are made,  and  neither  National  Fuel Gas Company nor Seneca
       undertakes any obligation to update such  statements to reflect events or
       circumstances  after the date on which  they are made or to  reflect  the
       occurrence of  unanticipated  events.  In addition to other factors,  the
       following are important factors that could cause actual results to differ
       materially  from  those in the  forward-looking  statements:  Changes  in
       economic conditions, demographic patterns and weather conditions; changes
       in the  availability  and/or  price of natural  gas and oil;  significant
       changes in competitive factors affecting the Company; significant changes
       from expectations in actual capital  expenditures and operating  expenses
       and  unanticipated  project delays;  occurrences  affecting the Company's
       ability to obtain funds from operations, debt or equity to finance needed
       capital  expenditures and other  investments;  uncertainty of oil and gas
       reserve estimates;  ability to successfully  identify and finance oil and
       gas  property  acquisitions  and  ability  to  operate  existing  and any
       subsequently acquired properties; ability to successfully identify, drill
       for and produce economically viable natural gas and oil reserves; changes
       in the  availability  and/or price of derivative  financial  instruments;
       inability of the various  counterparties  to meet their  obligations with
       respect to the Company's financial instruments;  and/or regarding foreign
       operations  - changes in foreign  trade and monetary  policies,  laws and
       regulations  related to foreign  operations,  political and  governmental
       conditions, inflation and exchange rates, taxes and operating conditions.


                                     -more-


<PAGE>


<TABLE>
<CAPTION>

Seneca Resources Corporation Announces
Record Fourth Quarter and Year End Results
Page 4

                                    4th Quarter Results                  Year End Results
                                    -------------------                  ----------------

                                 2000    1999     % Change          2000    1999     % Change
<S>                              <C>     <C>          <C>          <C>      <C>           <C>
Financial Results
 (in millions of dollars)
   Revenue                       $84.3   $41.5        103%         $238.1   $147.0        62%
   Operating Expenses            $48.7   $29.1         67%         $143.2   $104.8        37%
   EBITDA                        $57.1   $27.6        107%         $164.5    $98.0        68%
   Operating Income              $35.6   $12.4        187%          $94.9    $42.2       125%
   Net Income                    $13.0    $4.1        217%          $34.9     $7.1       392%

Operating Performance Statistics
   Production (Bcfe)              21.4    15.7         37%           72.6     61.3        18%

Operating Performance
   General & Administrative
     Expense/Mcfe                $0.25    $0.13        92%          $0.20    $0.15        33%
   Lease Operating
     Expense/Mcfe                $0.74    $0.53        40%          $0.58    $0.46        26%
   Depreciation Depletion
     & Amortization/Mcfe         $1.00    $0.97         3%          $0.96    $0.91         5%

Commodity Prices (Before Hedging)
   Avg. Oil Price/barrel      $29.02     $17.33        67%          $26.03   $12.85      103%
   Avg. Gas Price/Mcf          $4.44      $2.60        71%           $3.31    $2.20       50%

Commodity Prices (After Hedging)
   Avg. Oil Price/barrel      $27.41     $15.98        72%          $22.85   $12.96       76%
   Avg. Gas Price/Mcf          $2.49      $2.29         9%           $2.61    $2.24       17%

</TABLE>

                                      -30-
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
