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Our Company National Fuel Corporation (NFC or the Company) is a privately owned independent natural gas producer and operator of wells located primarily in Utah (33 operated and 37 non-operated wells at fiscal year-end 2002) and Colorado (48 operated and 11 non-operated wells). The Company was incorporated in the state of Colorado in May, 1971. Over the ensuing years, it has grown through emphasizing operational efficiencies and acquiring producing properties and undeveloped leases. From a strategic perspective, NFC concentrates primarily on the acquisition of proven producing properties and close-in development projects. Exploration risk is mitigated by working with industry partners under standard farm-out arrangements. The Company has a majority interest in National Fuel Marketing (NFM), a limited liability wholesale natural gas marketing company that purchases, stores, transports and sells natural gas throughout the West. For the fiscal year ended 3/31/04, NFM contributed 42.6 percent of NFC’s pre-tax/pre-minority interest consolidated net income.
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