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<SEC-DOCUMENT>0000070145-01-000004.txt : 20010207
<SEC-HEADER>0000070145-01-000004.hdr.sgml : 20010207
ACCESSION NUMBER:		0000070145-01-000004
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20010126
ITEM INFORMATION:		
FILED AS OF DATE:		20010206

FILER:

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

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		
		SEC FILE NUMBER:	001-03880
		FILM NUMBER:		1526226

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

	MAIL ADDRESS:	
		STREET 1:		10 LAFAYETTE SQ
		STREET 2:		10 LAFAYETTE SQ
		CITY:			BUFFALO
		STATE:			NY
		ZIP:			14203
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k.txt
<DESCRIPTION>FORM 8-K 1/26/01
<TEXT>


<HTML>
<HEAD>
<TITLE> 8-K </TITLE>
</HEAD>

<BODY>


<P ALIGN=CENTER>                 SECURITIES AND EXCHANGE COMMISSION<br><br>

                                            Washington, D.C. 20549<br><br><br>


                                                FORM 8-K<br><br>

                                              CURRENT REPORT<br><br>

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

          Date of Report (Date of earliest event reported): January 26, 2001<br><br>

                                      NATIONAL FUEL GAS COMPANY<br>
                        (Exact name of registrant as specified in its charter)<br><br>
</P>
<PRE>
              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

</PRE>

ITEM 5.&nbsp;&nbsp;&nbsp;OTHER EVENTS

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
January 26, 2001, National Fuel Gas Company (the &#147;Company&#148;) and its
subsidiary, Seneca Resources Corporation, issued press releases regarding their
earnings for the first quarter ended December 31, 2000. Copies of these press
releases are hereby incorporated by reference and made a part of this Current
Report as Exhibits 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&#146;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&#146;s internet address is not part of this Current Report or any other
report filed by the Company with the Securities and Exchange Commission. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
disclosed in the attached press releases, the Company held a public conference
call regarding these results on January 29, 2001. During the course of that
call, the Company indicated that earnings for the Company&#146;s second quarter
ended March 30, 2001 are expected to be in the range of $1.90 to $2.00 per basic
common share. There is no assurance that this earnings projection will in fact
be achieved nor does this projection reflect any acquisitions or divestitures
that may occur during the second quarter. (The above earnings projection is a
&#147;forward-looking statement&#148; as defined by the Private Securities
Litigation Reform Act of 1995. While the Company&#146;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; changes in the availability or
price of natural gas and oil; significant changes from expectations in actual
capital expenditures and operating expenses and unanticipated project delays or
change in project costs; the nature and projected profitability of pending and
potential projects and other investments; ability to operate and integrate
existing and any subsequently acquired business properties; availability to
successfully identify, drill for and produce economically viable natural gas and
oil reserves; changes in the price of natural gas or oil and the related effect
given the accounting treatment or valuation of derivative financial instruments;
or significant changes in the Company&#146;s relationship with its employees and
the potential adverse effects if labor disputes or grievances were to occur.) </FONT></P>

ITEM 7.&nbsp;&nbsp;&nbsp;FINANCIAL STATEMENTS AND EXHIBITS.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        (c)&nbsp;&nbsp;&nbsp;Exhibits<br><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 99(a) - Press Release issued January 26, 2001
regarding National Fuel Gas Company<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;earnings for the first quarter<br><br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 99(b) - Press Release issued January 26, 2001 regarding Seneca
        Resources Corporation<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;earnings for the first quarter


</P>
<P ALIGN=CENTER>             SIGNATURES</P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;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. </FONT></P>

<PRE>
                                    By:<u>/s/ James R. Peterson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
                                       James R. Peterson
                                       Assistant Secretary
</PRE>
<br><br><br>




<PRE>
                               EXHIBIT INDEX

         Exhibit Number            Description

         99(a)                     Press Release issued January 26, 2001
                                   regarding National Fuel Gas Company earnings
                                   for the first quarter

         99(b)                     Press Release issued January 26, 2001
                                   regarding Seneca Resources Corporation
                                   earnings for the first quarter

</PRE>

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>ex99-a.txt
<DESCRIPTION>NFG PRESS RELEASE 1/26/01
<TEXT>




<HTML>
<HEAD>
<TITLE> ex99(a) </TITLE>
</HEAD>

<BODY>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NATIONAL
FUEL REPORTS FIRST QUARTER RESULTS</FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Buffalo, New York: National
Fuel Gas Company (&#147;National Fuel&#148; or the &#147;Company&#148;)
(NYSE:NFG) today reported earnings for the first quarter ended December 31, 2000
of $53.0 million, or $1.35 per share ($1.32 per share on a diluted basis). This
compares with earnings of $44.9 million, or $1.15 per share ($1.14 per share on
a diluted basis), for the quarter ended December 31, 1999. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The  increase in earnings of $8.1 million for the quarter as compared  with the prior  year's  quarter was
the result of higher  earnings in the  Exploration  and Production,  Timber and Energy  Marketing  segments.  These
higher  earnings  were offset in part by lower  earnings in the Utility,  Pipeline and Storage,  and  International
segments.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Utility  segment's  first quarter fiscal 2001 earnings were $18.3  million,  or $3.5 million less when
compared with the first quarter of fiscal 2000. A primary  factor in this  quarter's  lower  earnings was the $10.0
million  decrease  in rates  for the  Utility's  New York  customers  that  went  into  effect  October  1, 2000 in
connection  with  the  three  year  rate  settlement  agreement  reached  with the New York  State  Public  Service
Commission.  This rate  decrease is provided in the form of a bill credit  included in rates  during the November 1
through March 31 heating  season.  This  settlement  follows a period of rate  reductions  implemented  in 1998 and
1999,  saving  customers  approximately  1.1% on their  annual  bill each year.  Colder  weather  in the  Utility's
Pennsylvania  service  territory  and the  continuing  efforts to control  Operating and  Maintenance  expenses and
improve  efficiencies  offset  to a  certain  extent  the full  impact of the rate  reduction.  Earnings  were also
impacted by stock  appreciation  rights  ("SARs")  expense (see  discussion  below) and by the expense  incurred in
connection with an early  retirement  offer accepted by certain  employees in  Pennsylvania.  The early  retirement
benefit expense will be offset in the future by lower labor costs*.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bernard J. Kennedy,  Chairman and Chief  Executive  Officer,  stated:  "Nationwide,  the last three months
have  presented  utility  customers and their utility  companies with  considerable  challenges.  Locally,  we have
endured  both  weather  that  has been  significantly  colder  than in  recent  years,  and the  consequences  of a
marketplace  that,  for several  months,  has  sustained  unprecedented  prices for natural gas.  Fortunately,  the
increased energy needs of our customers have been met  consistently  and reliably as we have delivered  natural gas
to heat their homes and businesses during this difficult time."</FONT></P>

<P ALIGN=CENTER> <FONT FACE="Times New Roman, Times, Serif" SIZE=2>                - more -</FONT></P>


<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Page 2</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the  Exploration  and Production  segment,  earnings for the quarter ended December 31, 2000 were $23.0
million,  up $15.0  million  from the prior  year's  first  quarter.  An 82%  increase in oil  production,  largely
attributable  to  production  from the  Company's  Canadian  properties  acquired  last June,  combined with higher
commodity  prices were the main reasons for higher  earnings.  In addition,  a $3.8  million  (after tax)  positive
valuation  in the first  quarter of no cost  collars  used for  hedging  oil and gas prices  contributed  to higher
earnings.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Timber  segment's  first  quarter  earnings of $2.4 million  were $1.5 million  greater than the prior
year's  first  quarter.  This  increase  was  primarily  the  result  of the gains  realized  on the sale of timber
properties.  Increased sales of timber at prices higher than last year also contributed to greater profitability.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Energy  Marketing  segment had first  quarter  fiscal  2001  earnings of $1.3  million  compared  with
break-even  results  during the first quarter last year.  This primarily  reflects  higher sales margins during the
quarter.  There  was  also a  mark-to-market  gain on  certain  derivative  financial  instruments.  An  offsetting
position has been taken to eliminate  further  mark-to-market  adjustments.  This  segment's  remaining  derivative
financial instruments qualify for hedge accounting treatment*.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the Pipeline and Storage  segment,  earnings of $6.6 million for the quarter ended  December 31, 2000
were down $2.7 million  compared to the first  quarter of fiscal 2000.  Reasons for the decrease  included the SARs
expense,  early retirement  benefits and lower efficiency gas revenues compared to a year ago. These negatives were
offset in part by other income realized upon the buy-out by a customer of a long-term  transportation  contract and
by this segment's continuing efforts to control Operating and Maintenance expenses.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The  International  segment's  earnings  for the first  quarter of fiscal 2001 of $2.2  million  were $2.4
million  lower than the earnings in the prior year's  quarter.  The decrease can be attributed to a decline in heat
sales  because of warm  weather in the Czech  Republic and from a  non-recurring  income tax  adjustment  made last
year.  Decreases in Operating and Maintenance expenses were a partial offset.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The increase in the market price of National  Fuel's stock from $56.06 at September  30, 2000 to $62.94 at
December 31, 2000, while benefiting the Company's  shareholders,  carried with it the necessary recognition of $7.5
million  (after tax) of expense for SARs.  This expense was spread across all segments with the greatest  impact on
Pipeline and Storage.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.  Kennedy  added:  "We are pleased that our  continued  diversification  efforts have led to a positive
earnings  performance  for  this  quarter.  Our  investments  in  California  and  Canada  in our  Exploration  and
Production  segment provided the impetus behind this quarter's  earnings  increase.  The Exploration and Production
segment now  represents the Company's  largest net plant  investment.  The current  crisis in  California,  indeed,
makes us realize  that the need for energy is a  national  issue.  National  Fuel will  endeavor  to be part of the
solution to this country's  long-term  energy needs through the development of additional  supplies of oil and gas,
and the construction of new gas pipelines*."</FONT></P>


<P ALIGN=CENTER> <FONT FACE="Times New Roman, Times, Serif" SIZE=2> - more -</FONT></P>

<P> <FONT FACE="Times New Roman, Times, Serif" SIZE=2>Page 3</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company reaffirms its prior earnings estimates for Fiscal 2001 in the $4.25 to $4.35 per share
range.*  While oil and gas prices remain at favorable levels, production delays, primarily in the Gulf Coast
region, have occurred.  The postponement until the 2nd and 3rd fiscal quarters of new well completions, and
recompletions from non-operated wells, requires estimated production volumes for the year to be lowered from the
previous range of 95-100 Bcfe to 90-95 Bcfe.*</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The  Company  will host a  conference  call on Monday  January  29,  2001 at 9:00 a.m.  (Eastern  Time) to
discuss this  announcement.  There are two ways to access this call;  first you may go to the  Company's  home page
at its Internet Web site  <u>HTTP://WWW.NATIONALFUELGAS.COM</u>  and click on the words "Conference Call"; and second, for
those without  Internet  access, a toll free number may be used.  Please call  1-888-455-5419  and use the passcode
"National  Fuel" to listen to the live call.  For those  unable to listen to the live  broadcast,  a replay will be
available  at the  above-mentioned  Internet Web site  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 is completed at 1-800-944-2125.</FONT></P>



<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Fuel is an integrated  energy company with $3.5 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:
<u>HTTP://WWW.NATIONALFUELGAS.COM</u> or through its investor information service at 1-800-334-2188.</FONT></P>

<P>__________

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o</FONT></TD>
<TD WIDTH=95%><FONT SIZE=2>
This statement is a &#147;forward-looking statement&#148; as defined by the
Private Securities Litigation Reform Act of 1995. While National Fuel&#146;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 those expressed in the forward-looking
statements: changes in economic conditions, demographic patterns and weather
conditions; changes in the availability 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
and initiatives, including those affecting acquisitions, 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 or change in project costs; the nature and
projected profitability of pending and potential projects and other investments;
occurrences affecting the Company&#146;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 and integrate existing and any subsequently acquired business
properties; availability to successfully identify, drill for and produce
economically viable natural gas and oil reserves; changes in the availability or
price of derivative financial instruments; changes in the price of natural gas
or oil and the related effect given the accounting treatment or valuation of
derivative financial instruments; inability of the various counterparties to
meet their obligations with respect to the Company&#146;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 or in rates of inflation or
interest; significant changes in the Company&#146;s relationship with its
employees and the potential adverse effects if labor disputes or grievances were
to occur; or changes in accounting principles or the application of such
principles to the Company.</FONT></TD>
</TR>
</TABLE>
<BR>

<P ALIGN=CENTER>  <FONT FACE="Times New Roman, Times, Serif" SIZE=2>  -30- </FONT> </P>

<PRE>

Page 4

                            NATIONAL FUEL GAS COMPANY
                                AND SUBSIDIARIES

(Thousands of Dollars, except per share amounts)
                                                    Three Months Ended
                                                    December 31,
                                                    ------------------
                                                       (Unaudited)
SUMMARY OF OPERATIONS                                2000         1999
- ---------------------                                ----         ----
Operating Revenues                                 $559,504     $377,031
                                                   --------     --------

Operating Expenses:
  Purchased Gas                                     273,080      128,089
  Fuel Used in Heat and Electric Generation          16,064       17,780
  Operation and Maintenance                         101,291       82,679
  Property, Franchise and Other Taxes                21,453       22,792
  Depreciation, Depletion and Amortization           39,136       33,716
  Income Taxes - Current                             20,900        7,746
                         - Deferred                  12,459       13,992
                                                   --------     --------
                                                    484,383      306,794
                                                   --------     --------
Operating Income                                     75,121       70,237
Other Income                                          8,165        1,172
                                                   --------     --------

Income Before Interest Charges and Minority
  Interest in Foreign Subsidiaries                   83,286       71,409

Interest Charges                                     29,387       25,230
Minority Interest in Foreign Subsidiaries              (915)      (1,311)
                                                   --------     --------

Net Income Available for Common Stock              $ 52,984     $ 44,868
                                                   ========     ========

Earnings Per Common Share:
   Basic                                              $1.35        $1.15
                                                      =====        =====
   Diluted                                            $1.32        $1.14
                                                      =====        =====

Weighted Average Common Shares:
  Used in Basic Calculation                      39,380,113   38,923,141
                                                 ==========   ==========
  Used in Diluted Calculation                    40,173,174   39,413,008
                                                 ==========   ==========


Page 5

                           NATIONAL FUEL GAS COMPANY
                                AND SUBSIDIARIES



SEGMENT INFORMATION
(Thousands of Dollars)
                                       Three Months Ended
                                          December 31,
                                          (Unaudited)
                                       ------------------

                                                         Increase
                                2000           1999     (Decrease)
                                ----           ----      --------
Operating Revenues
Utility                       $354,168      $233,216     $120,952
Pipeline and Storage            42,665        43,165         (500)
Exploration and Production     101,254        50,018       51,236
International                   31,224        38,073       (6,849)
Energy Marketing                48,186        29,175       19,011
Timber                          10,937         8,740        2,197
                              --------      --------     --------
  Total Reportable Segment     588,434       402,387      186,047
All Other                        1,299         1,268           31
Intersegment Eliminations      (30,229)      (26,624)      (3,605)
                              --------      --------     --------
   Total Consolidated         $559,504      $377,031     $182,473
                              ========      ========     ========

Operating Income (Loss)
 Before Income Taxes
Utility                       $ 38,627       $42,510      $(3,883)
Pipeline and Storage            10,298        18,219       (7,921)
Exploration and Production      50,187        20,514       29,673
International                    6,640         8,973       (2,333)
Energy Marketing                 2,415           (55)       2,470
Timber                           2,899         2,510          389
                              --------       -------      -------
  Total Reportable Segment     111,066        92,671       18,395
All Other                       (1,024)         (126)        (898)
Corporate                       (1,562)         (570)        (992)
                              --------       -------      -------
   Total Consolidated         $108,480       $91,975      $16,505
                              ========       =======      =======

Net Income
Utility                        $18,287       $21,753      $(3,466)
Pipeline and Storage             6,595         9,282       (2,687)
Exploration and Production      23,001         8,005       14,996
International                    2,240         4,683       (2,443)
Energy Marketing                 1,344           (17)       1,361
Timber                           2,396           931        1,465
                               -------       -------       ------
  Total Reportable Segment      53,863        44,637        9,226
All Other                         (732)         (146)        (586)
Corporate                         (147)          377         (524)
                               -------       -------      -------
   Total Consolidated          $52,984       $44,868      $ 8,116
                               =======       =======      =======


Page 6

                           NATIONAL FUEL GAS COMPANY
                                AND SUBSIDIARIES



SEGMENT INFORMATION (Continued)
(Thousands of Dollars)
                                      Three Months Ended
                                         December 31,
                                         (Unaudited)

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

Depreciation, Depletion
 and Amortization:
Utility                        $ 9,225      $ 9,015       $  210
Pipeline and Storage             5,887        5,953          (66)
Exploration and Production      20,447       15,509        4,938
International                    2,703        2,889         (186)
Energy Marketing                    60           53            7
Timber                             781          273          508
                               -------      -------       ------
  Total Reportable Segment      39,103       33,692        5,411
All Other                           32           23            9
Corporate                            1            1            0
                               -------      -------       ------
   Total Consolidated          $39,136      $33,716       $5,420
                               =======      =======       ======

Expenditures for
 Long-Lived Assets
Utility                        $10,116      $16,327      $(6,211)
Pipeline and Storage             6,442        7,199         (757)
Exploration and Production      42,746       28,938       13,808
International                    9,447        3,020        6,427
Energy Marketing                     0            0            0
Timber                             589        3,438       (2,849)
                               -------      -------      -------
  Total Reportable Segment      69,340       58,922       10,418
All Other                            9        1,000         (991)
                               -------      -------      -------
   Total Consolidated          $69,349      $59,922      $ 9,427
                               =======      =======      =======



DEGREE DAYS

                                                         Percent Colder
                                                         (Warmer) Than:
Three Months Ended December 31    Normal  2000   1999   Normal  Last Year
- ------------------------------    ------  ----   ----   ------  ---------

  Buffalo, NY                     2,314   2,488  2,096    7.5     18.7
  Erie, PA                        2,030   2 332  1,854   14.9     25.8


Page 7

                            NATIONAL FUEL GAS COMPANY
                                AND SUBSIDIARIES

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


                                             Three Months Ended
                                                December 31,
                                             ------------------
                                                           Increase
                                        2000      1999    (Decrease)
                                        ----      ----     --------

Gas Production/Prices:
Production (MMcf)
  Gulf Coast                            6,429     7,946     (1,517)
  West Coast                            1,044     1,116        (72)
  Appalachia                            1,043     1,107        (64)
  Canada                                  122         0        122
                                        -----    ------      -----
                                        8,638    10,169     (1,531)
                                        =====    ======      =====
Average Prices (Per  Mcf)
  Gulf Coast                            $5.91     $2.57      $3.34
  West Coast                             9.36      2.90       6.46
  Appalachia                             4.18      2.90       1.28
  Canada                                 4.75      0.00       4.75
    Weighted Average                     6.10      2.64       3.46
    Weighted Average after Hedging       3.74      2.62       1.12

Oil Production/Prices:
Production (Thousands of Barrels)
  Gulf Coast                              356       322         34
  West Coast                              745       686         59
  Appalachia                                2         3         (1)
  Canada                                  741         0        741
                                        -----     -----        ---
                                        1,844     1,011        833
                                        =====     =====        ===

Average Prices (Per Barrel)
  Gulf Coast                           $31.80    $23.36     $ 8.44
  West Coast                            26.94     19.97       6.97
  Appalachia                            30.90     21.67       9.23
  Canada                                28.01      0.00      28.01
    Weighted Average                    28.31     21.06       7.25
    Weighted Average after Hedging      23.03     17.39       5.64


Page 8

                           NATIONAL FUEL GAS COMPANY
                                AND SUBSIDIARIES


Utility Throughput - (millions of cubic feet - MMcf)

                                           Three Months Ended
                                              December 31,
                                           ------------------
                                                           Increase
                                      2000       1999    (Decrease)
                                      ----       ----     --------

    Residential Sales                24,001     20,466      3,535
    Commercial Sales                  4,451      3,678        773
    Industrial Sales                  1,674        986        688
                                     30,126     25,130      4,996
     Off-System Sales                 3,181      2,760        421
    Transportation                   17,514     16,808        706
                                     ------     ------      -----
                                     50,821     44,698      6,123
                                     ======     ======      =====

Pipeline &amp; Storage Throughput- (MMcf)
                                          Three Months Ended
                                             December 31,
                                          ------------------
                                                              Increase
                                       2000        1999      (Decrease)
                                       ----        ----       --------
Firm Transportation - Affiliated      41,420      34,073       7,347
Firm Transportation - Non-Affiliated  48,122      48,557        (435)
Interruptible Transportation           5,950         241       5,709
                                      ------      ------      ------
                                      95,492      82,871      12,621

Energy Marketing Volumes
                                          Three Months Ended
                                              December 31,
                                          ------------------
                                                            Increase
                                       2000       1999     (Decrease)
                                       ----       ----      --------
    Natural Gas (MMcf)                 8,231      9,161      (930)
                                       =====      =====       ===

International Sales Volumes
                                          Three Months Ended
                                             December 31,
                                          ------------------
                                                         Increase
                                     2000       1999     (Decrease)
                                     ----       ----      --------
    Heating (Gigajoules)           3,365,555  3,967,768  (602,213)
                                   =========  =========   =======

    Electricity (Megawatt hours)    330,024    317,655     12,369
                                    =======    =======     ======

Timber Board Feet (Thousands)
                                          Three Months Ended
                                              December 31,
                                          ------------------
                                                         Increase
                                       2000     1999     (Decrease)
                                       ----     ----      --------
   Log Sales                           2,061    2,533      (472)
   Green Lumber Sales                  2,266    1,994       272
   Kiln Dry Lumber Sales               2,068    1,608       460
                                       -----    -----       ---
                                       6,395    6,135       260
                                       =====    =====       ===


Page 9

                            NATIONAL FUEL GAS COMPANY
                                AND SUBSIDIARIES


Quarter Ended December 31(unaudited)                2000             1999
- -----------------------------------                 ----             ----

  Operating Revenues                            $559,504,000      $377,031,000
                                                ============      ============

  Net Income Available for Common Stock          $52,984,000       $44,868,000
                                                 ===========       ===========

  Earnings Per Common Share:
     Basic                                             $1.35             $1.15
                                                       =====             =====
     Diluted                                           $1.32             $1.14
                                                       =====             =====

   Weighted Average Common Shares:
      Used in Basic Calculation                   39,380,113        38,923,141
                                                  ==========        ==========
      Used in Diluted Calculation                 40,173,174        39,413,008
                                                  ==========        ==========


Twelve Months Ended December 31 (unaudited)

  Operating Revenues                          $1,607,750,000    $1,299,883,000
                                              ==============    ==============

  Net Income Available for Common Stock         $135,322,000      $122,286,000
                                                ============      ============

  Earnings Per Common Share:
     Basic                                             $3.45             $3.15
                                                       =====             =====
     Diluted                                           $3.40             $3.12
                                                       =====             =====

   Weighted Average Common Shares:
      Used in Basic Calculation                   39,239,751        38,763,563
                                                  ==========        ==========
      Used in Diluted Calculation                 39,782,393        39,152,655
                                                  ==========        ==========


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<DESCRIPTION>SRC PRESS RELEASE 1/26/01
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  Seneca Resources Corporation<br>
                                      Announces Record First Quarter Results
</FONT></H1>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(January 26, 2001) Buffalo, New York:  Seneca Resources Corporation ("Seneca"), the exploration and
production subsidiary of National Fuel Gas Company (NYSE: NFG), today announced record results for its first
quarter of fiscal year 2001 which ended December 31, 2000.</font>
</P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Among the records set in the first quarter are total revenue of $101.3 million and net income of $23.0
million, or $0.58 per share.  Compared to first quarter of fiscal 2000, total revenues increased by $51.3
million, or 102%, and net income increased by $15.0 million, or 187%.  Higher commodity prices for oil and
natural gas contributed significantly to the record earnings.  Average oil prices (before hedging) rose 34% to
$28.31 per barrel (BBL) and natural gas prices (before hedging) rose 131% to $6.10 per thousand cubic feet (MCF).
</font></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;         Production for the quarter increased 21% from last year to 19.7 billion cubic feet equivalent (BCFE).
Production gains in both Canada and California were partially offset by a decline in Seneca's Gulf Coast gas
production.  Delays in placing new platforms on production until the end of the quarter accounted for most of the
unexpected decline in the Gulf Coast production.  However, as of January 15, 2001 three of these new platforms
had been placed on production and were producing at a rate of approximately 23 million cubic feet (MMCF) per day
and 630 BBL per day net to Seneca.  In addition, South Marsh Island 122 was placed on production on January 23,
2001, producing approximately 2,300 BBL of oil per day and 0.7 MMCF of gas per day.
</font></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative (G &amp; A) expenses per thousand cubic feet equivalent (MCFE) and lease operating
expenses (LOE) per MCFE have increased from last year by 100% and 56%, respectively.  Increased costs associated
with National Fuel Exploration Corp., higher natural gas and electric costs expense, and higher production taxes
resulted in higher LOE.  Production taxes in Canada alone accounted for $2.4 million or $0.12 MCFE of LOE.  A
management review of all expenses is currently underway.  We anticipate a reduction in these costs over the next
six months. *
</font></P>


    <P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  -more-</font></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Seneca Resources<br>
First Quarter FY2001 Results<br>
Page 2.</font></P>



<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;         Hedging expense for the quarter was $14.9 million or $12.5 million higher than during the first quarter
of fiscal 2000.  This included a credit for the accrued expense of $9.67 million
taken during the fiscal year that ended September 30, 2000.  There was also a $5.9 million mark-to-market credit
booked for the quarter.  This credit which represents Seneca's mark-to-market exposure for no cost collars is
required by Statement of Financial Accounting Standards (SFAS) 133.
</font></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seneca's exploration and development drilling programs posted positive results this quarter.  Seneca
drilled a total of 53 gross wells this quarter: 30 in the U.S. and 23 in Canada. Ten exploratory wells were
drilled, of which five were successful, and 43 development wells were drilled, of which 43 were successful,
providing a total success rate of 90% in the first quarter.
</font></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Results from Seneca's California properties continued to build upon increases experienced in previous
quarters.  Development at Midway-Sunset field included drilling 19 new wells.  California's monthly production
for the quarter increased to 306,400 barrels of oil equivalent (BOE) from 290,500 BOE in the first quarter of
last year.  The steam flood project being installed at the North Lost Hills property will begin operations this
month using natural gas produced from the lease. *  This will initiate production from 25 wells which were too
cold to produce. *
</font></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As previously announced on December 11, 2000, Seneca discontinued its steaming operations in the Midway
Sunset Field and sold the natural gas used in those operations on the open market.  To date, Seneca has noticed a
200 BBL per day decrease due to lack of steaming.  Management is reviewing the production loss versus the
steaming costs and will reinitiate steaming when the prices warrant. *
</font></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seneca's California production has not been significantly impacted by the California electric crisis.
While Seneca has lost only three days of gas production in January 2001, due to a processing plant shutdown
because of a lack of electrical power, all of the oil wells continue to produce.
</font></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seneca's Canadian subsidiary, National Fuel Exploration Corp., continued its drilling program in the
first quarter.  A total of 23 wells were drilled with a success rate of 83%.  The exploration and development
drilling program for 2001 is on schedule, and more than 70 wells are planned. *  National Fuel Exploration's
second exploratory well, drilled in the Seal area near our previously announced discovery, was successful.  The
well, identified as 8, 15, 81, 15W5M, encountered 34 of net pay from logs in the Slave Point formation and is
currently waiting on completion.  In addition, National Fuel Exploration had two new pool discoveries in the
Tilston Trend.
</font></P>

<P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>        -more-</font></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Seneca Resources<br>
First Quarter FY2001 Results<br>
Page 3.</font></P>



<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seneca's drilling plans for all of its properties remain on schedule.  Currently, Seneca operates four
drilling rigs in Canada, two each in California and the Gulf Coast, and one in the Appalachia area.  In addition,
Seneca has a non-operated interest in two wells currently being drilled in the Gulf Coast area.
</font></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seneca's hedging position for the remainder of fiscal 2001 is as follows: remaining oil hedges include
4.4 million barrels of oil (MMBBL) hedged at an average price of $21.43 per BBL; and gas hedges include 22.1
billion cubic feet (BCF) hedged at an average price of $3.82 per MCF.  This average gas price is higher than
previously reported because now the ceiling price for no-cost collars was used to compute the average price,
rather than the floor price.  This provides a more accurate representation of current market conditions. (See the
Hedging Summary on the last page of this release.)
</font></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company will host a conference call on Monday January 29, 2001 at 9:00 a.m. (Eastern Time) to
discuss this announcement.  There are two ways to access this call; first you may go to the Company's home page
at its Internet Web site http://www.nationalfuelgas.com and click on the words "Conference Call"; and second, for
those without Internet access, a toll free number may be used.  Please call 1-888-455-5419 and use the passcode
"National Fuel" to listen to the live call.  For those unable to listen to the live broadcast, a replay will be
available at the above-mentioned Internet Web site 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 is completed at 1-800-944-2125.
</font></P>



<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Fuel is an integrated energy company with $3.5 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.
</font></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Analyst Contact:&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Margaret M. Suto&nbsp;&nbsp;&nbsp;(716) 857-6987<br><br>
Media Contact:&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Julie Coppola Cox
&nbsp;&nbsp;&nbsp;(716) 857-7079
</font></P>


<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  -more-</font></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Seneca Resources<br>
First Quarter FY2001 Results<br>
Page 4.</font></P>



<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*&nbsp;&nbsp;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 from those expressed in the forward looking statements.
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 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; changes in the price of natural gas or oil and the related effect given the accounting
treatment or valuation of these financial interests; 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; significant changes in the
Company's relationship with its employees and the potential adverse effects if labor disputes or grievances were
to occur; or changes in accounting principles or application of such principles to the company.
</font></P>




<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-more-</font></P>


<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Seneca Resources<br>
First Quarter FY2001 Results<br>
Page 5.</font></P>

<PRE>

                                                             <u>1st Quarter Results</u>
                                                  2001              2000        % Change
Financial Results
 (in millions of dollars)
   Revenue                                       $101.3             $50.0           102%
   Operating Expenses                             $51.1             $29.5            73%
   EBITDA                                         $70.6             $36.0            96%
   Operating Income                               $50.2             $20.5           145%
   Net Income                                     $23.0              $8.0           187%

Operating Performance Statistics
   Production (Bcfe)                               19.7              16.2            21%


Operating Performance
   General &amp; Administrative
     Expense/Mcfe                                  $0.30             $0.15          100%
   Lease Operating
     Expense/Mcfe                                  $0.75             $0.48           56%
   Depreciation Depletion
     &amp; Amortization/Mcfe                           $1.04             $0.96            8%

</pre>


<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-more-</font></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Seneca Resources<br>
First Quarter FY2001 Results<br>
Page 6.</font></P>


<pre>


Commodity Prices (Before Hedging)
   Avg. Oil Price/barrel                          $28.31            $21.06           34%
   Avg. Gas Price/Mcf                              $6.10             $2.64          131%

Commodity Prices (After Hedging)
   Avg. Oil Price/barrel                          $23.03            $17.39           32%
   Avg. Gas Price/Mcf                              $3.74             $2.62           43%

Hedging Summary (remaining nine months of fiscal 2001)
   <u>SWAPs</u>                     <u>Volume</u>                    <u>Average Hedge Price</u>
   Oil                       2.83 MMBBL                $20.99/BBL
   Gas                       16.7 BCF                  $3.22/MCF

   <u>No-cost Collars</u>           <u>Volume</u>                    <u>Floor Price</u>           <u>Ceiling Price</u>
   Oil                       1.53 MMBBL                $22.26                $29.22
   Gas                       5.4 BCF                   $3.86                 $5.69


</PRE>






<P ALIGN=CENTER> <FONT FACE="Times New Roman, Times, Serif" SIZE=2> -30- </font></P>

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