UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
- --------------------------------------------
In the Matter of
NATIONAL FUEL GAS COMPANY EIGHTH
NATIONAL FUEL GAS DISTRIBUTION CORPORATION CERTIFICATE
NATIONAL FUEL GAS SUPPLY CORPORATION PURSUANT TO
SENECA RESOURCES CORPORATION RULE 24
UTILITY CONSTRUCTORS, INC.
HIGHLAND LAND & MINERALS, INC.
LEIDY HUB, INC.
DATA-TRACK ACCOUNT SERVICES, INC.
NATIONAL FUEL RESOURCES, INC.
HORIZON ENERGY DEVELOPMENT, INC.
File No. 70-8729
(Public Utility Holding Company Act of 1935)
- --------------------------------------------
THIS IS TO CERTIFY, pursuant to Rule 24, that certain
transactions proposed by National Fuel Gas Company ("National") and its
subsidiaries, National Fuel Gas Distribution Corporation ("Distribution
Corporation"), National Fuel Gas Supply Corporation ("Supply Corporation"),
Seneca Resources Corporation ("Seneca"), Utility Constructors, Inc. ("UCI"),
Highland Land & Minerals, Inc. ("Highland"), Leidy Hub, Inc. ("Leidy"),
Data-Track Account Services, Inc. ("Data-Track"), National Fuel Resources, Inc.
("NFR") and Horizon Energy Development, Inc. ("Horizon Energy") in Form U-1,
Application-Declaration, File No. 70-8729, as amended, have been carried out in
accordance with the terms and conditions, and for the purposes as represented by
said Application-Declaration, and the Order of the Securities and Exchange
Commission ("Commission") (HCAR No. 35-26443 dated December 28, 1995) with
respect thereto.
<PAGE>
During the quarter ended December 31, 1997 the following
borrowing transactions occurred:
1. Sales and resales of commercial paper for the quarter are
shown on the attached certificates of Merrill Lynch Money
Markets, Inc. and Chase Securities, Inc.
2. National increased its outstanding borrowings by issuing
short-term notes to banks or other financial institutions in the
amounts, on the dates and at the rates indicated below. The
proceeds from the sales of these notes were transferred by
National to the System Money Pool to be utilized by National's
subsidiaries. This schedule also reflects renewals at different
rates.
DATE AMOUNT RATE
10/01/97 $31,300,000 5.72%
10/02/97 31,800,000 5.68
10/03/97 31,200,000 5.56
10/06/97 20,600,000 5.62
10/07/97 10,400,000 5.62
10/07/97 10,000,000 5.65
10/08/97 8,000,000 5.68
10/09/97 9,900,000 5.60
10/10/97 8,100,000 5.51
10/14/97 8,500,000 5.67
10/15/97 14,300,000 5.73
10/15/97 5,000,000 5.65
10/15/97 5,000,000 5.65
10/16/97 16,500,000 5.60
10/17/97 20,300,000 5.54
10/20/97 20,300,000 5.62
10/21/97 17,500,000 5.62
10/22/97 5,000,000 5.69
10/22/97 9,700,000 5.81
10/23/97 8,500,000 5.62
10/24/97 2,400,000 5.62
10/27/97 15,000,000 5.66
10/27/97 12,100,000 5.65
10/28/97 12,000,000 5.68
10/29/97 9,500,000 5.60
10/30/97 11,900,000 5.68
<PAGE>
10/31/97 $11,500,000 5.80%
10/31/97 15,000,000 5.67
11/03/97 7,500,000 5.80
11/04/97 6,500,000 5.70
11/05/97 15,800,000 5.79
11/05/97 25,000,000 5.85
11/05/97 15,000,000 5.66
11/06/97 17,400,000 5.70
11/06/97 20,000,000 5.75
11/07/97 20,100,000 5.60
11/10/97 20,800,000 5.66
11/12/97 20,500,000 5.74
11/13/97 18,200,000 5.66
11/14/97 31,500,000 5.60
11/17/97 15,000,000 5.73
11/17/97 16,800,000 5.79
11/19/97 12,700,000 5.66
11/20/97 10,900,000 5.60
11/21/97 9,400,000 5.54
11/24/97 6,500,000 5.64
11/25/97 10,600,000 5.64
11/25/97 20,000,000 5.62
11/26/97 26,800,000 5.73
11/28/97 15,000,000 5.78
11/28/97 23,300,000 5.85
12/01/97 18,000,000 5.75
12/01/97 10,800,000 5.87
12/02/97 7,400,000 5.70
12/02/97 22,000,000 6.02
12/03/97 3,300,000 5.72
12/05/97 16,600,000 5.54
12/08/97 25,000,000 5.80
12/08/97 14,800,000 5.60
12/09/97 13,900,000 5.54
12/10/97 9,800,000 5.50
12/11/97 5,100,000 5.56
12/12/97 18,100,000 5.56
12/15/97 22,300,000 5.88
12/16/97 20,300,000 5.88
12/17/97 7,800,000 5.85
12/17/97 10,000,000 5.74
12/18/97 5,000,000 5.66
12/18/97 6,800,000 5.75
12/19/97 16,700,000 5.60
12/22/97 800,000 5.68
<PAGE>
12/22/97 $20,000,000 5.85%
12/23/97 18,200,000 5.62
12/24/97 15,000,000 6.09
12/24/97 15,000,000 6.00
12/24/97 2,200,000 5.60
12/26/97 7,600,000 5.50
12/29/97 7,300,000 6.08
12/29/97 15,000,000 5.96
12/30/97 3,100,000 5.82
12/30/97 11,900,000 5.90
12/31/97 12,000,000 5.96
12/31/97 3,800,000 6.90
3. National increased its outstanding borrowings to be used for
its own corporate purposes by issuing short-term notes to banks
or other financial institutions in the amounts on the dates and
at the rates indicated below:
None.
4. National transferred the following amounts to the System
Money Pool on the dates and at the rates indicated below. These
amounts were either used to decrease outstanding System
borrowings and/or commercial paper or utilized by National's
subsidiaries.
DATE AMOUNT RATE
10/03/97 $ 300,000 5.59%
10/10/97 400,000 5.60
10/22/97 300,000 5.63
11/03/97 2,000,000 5.64
11/06/97 500,000 5.65
12/01/97 1,300,000 5.69
12/03/97 800,000 5.72
<PAGE>
5. Supply Corporation transferred the following amounts to the
System Money Pool on the dates and at the rates indicated below.
These amounts were either used to decrease outstanding System
borrowings and/or commercial paper or utilized by National's
other subsidiaries.
None.
6. Supply Corporation borrowed the following amounts from the
System Money Pool on the dates and at the rates indicated below.
DATE AMOUNT RATE
10/02/97 $ 300,000 5.63%
10/03/97 200,000 5.59
10/06/97 100,000 5.60
10/07/97 200,000 5.61
10/08/97 300,000 5.61
10/09/97 800,000 5.60
10/10/97 300,000 5.60
10/15/97 7,200,000 5.62
10/16/97 1,300,000 5.61
10/17/97 600,000 5.60
10/20/97 700,000 5.61
10/22/97 300,000 5.63
10/24/97 1,500,000 5.61
10/29/97 100,000 5.62
10/30/97 1,600,000 5.62
10/31/97 2,100,000 5.64
11/03/97 2,000,000 5.64
11/04/97 200,000 5.63
11/05/97 25,700,000 5.68
11/06/97 100,000 5.65
11/07/97 100,000 5.64
11/10/97 200,000 5.64
11/12/97 500,000 5.65
11/14/97 300,000 5.64
11/17/97 400,000 5.67
11/18/97 200,000 5.66
11/19/97 100,000 5.66
11/21/97 300,000 5.65
11/28/97 1,800,000 5.69
12/03/97 200,000 5.72
<PAGE>
12/05/97 $ 100,000 5.72%
12/08/97 200,000 5.75
12/09/97 200,000 5.74
12/10/97 200,000 5.74
12/15/97 1,900,000 5.78
12/16/97 600,000 5.78
12/17/97 400,000 5.77
12/18/97 100,000 5.76
12/23/97 200,000 5.76
12/24/97 200,000 5.81
12/30/97 1,000,000 5.85
12/31/97 3,100,000 5.88
7. Distribution Corporation transferred the following amounts
to the System Money Pool on the dates and at the rates indicated
below. These amounts were either used to decrease outstanding
System borrowings and/or commercial paper or utilized by
National's other subsidiaries.
None.
8. Distribution Corporation borrowed the following amounts from
the System Money Pool on the dates and at the rates indicated
below:
DATE AMOUNT RATE
10/14/97 $ 400,000 5.61%
10/15/97 5,900,000 5.62
10/16/97 900,000 5.61
10/17/97 3,200,000 5.60
10/20/97 1,000,000 5.61
10/24/97 400,000 5.61
10/27/97 31,600,000 5.62
10/31/97 10,000,000 5.64
11/05/97 6,000,000 5.68
11/20/97 1,400,000 5.66
11/25/97 37,800,000 5.66
11/28/97 6,000,000 5.69
12/15/97 1,000,000 5.78
12/16/97 600,000 5.78
<PAGE>
12/18/97 $ 3,400,000 5.76
12/22/97 3,000,000 5.77
12/23/97 1,000,000 5.76
12/24/97 22,400,000 5.81
12/26/97 8,300,000 5.81
12/31/97 8,100,000 5.88
9. Seneca transferred the following amounts to the System Money
Pool on the dates and at the rates indicated below. These
amounts were either used to decrease outstanding System
borrowings and/or commercial paper or utilized by National's
other subsidiaries.
DATE AMOUNT RATE
10/09/97 $1,000,000 5.60%
11/07/97 1,000,000 5.64
12/05/97 1,500,000 5.72
10. Seneca borrowed the following amounts from the System Money
Pool on the dates and at the rates indicated below:
DATE AMOUNT RATE
10/06/97 $ 5,000,000 5.60%
10/07/97 1,900,000 5.61
10/09/97 2,700,000 5.60
10/14/97 1,300,000 5.61
10/23/97 400,000 5.61
10/28/97 1,700,000 5.62
10/29/97 100,000 5.62
10/30/97 2,500,000 5.62
10/31/97 2,400,000 5.64
11/03/97 1,500,000 5.64
11/04/97 300,000 5.63
11/05/97 17,600,000 5.68
11/07/97 500,000 5.64
11/10/97 3,100,000 5.64
11/12/97 1,000,000 5.65
11/17/97 1,000,000 5.67
11/19/97 1,500,000 5.66
11/26/97 500,000 5.67
<PAGE>
11/28/97 $3,700,000 5.69%
12/01/97 500,000 5.69
12/02/97 600,000 5.72
12/03/97 800,000 5.72
12/04/97 400,000 5.72
12/08/97 1,000,000 5.75
12/09/97 2,200,000 5.74
12/10/97 100,000 5.74
12/11/97 300,000 5.75
12/15/97 1,000,000 5.78
12/18/97 300,000 5.76
12/23/97 1,000,000 5.76
12/29/97 2,500,000 5.84
12/30/97 500,000 5.85
12/31/97 2,200,000 5.88
11. UCI transferred the following amounts to the System Money
Pool on the dates and at the rates indicated below. These
amounts were either used to decrease outstanding System
borrowings and/or commercial paper or utilized by National's
other subsidiaries.
None.
12. UCI borrowed the following amounts from the System Money
Pool on the dates and at the rates indicated below:
None.
13. Highland transferred the following amounts to the System
Money Pool on the dates and at the rates indicated below. These
amounts were either used to decrease outstanding System
borrowings and/or commercial paper or utilized by National's
other subsidiaries.
DATE AMOUNT RATE
10/21/97 $300,000 5.61%
<PAGE>
14. Highland borrowed the following amounts from the System
Money Pool on the dates and at the rates indicated below:
None.
15. Leidy transferred the following amounts to the System Money
Pool on the dates and at the rates indicated below. These
amounts were either used to decrease outstanding System
borrowings and/or commercial paper or utilized by National's
other subsidiaries.
None.
16. Leidy borrowed the following amounts from the System Money
Pool on the dates and at the rates indicated below:
None.
17. Data-Track transferred the following amounts to the System
Money Pool on the dates and at the rates indicated below. These
amounts were either used to decrease outstanding System
borrowings and/or commercial paper or utilized by National's
other subsidiaries.
None.
18. Data-Track borrowed the following amounts from the System
Money Pool on the dates and at the rates indicated below:
None.
19. NFR transferred the following amounts to the System Money
Pool on the dates and at the rates indicated below. These
amounts were either used to decrease outstanding System
borrowings and/or commercial paper or utilized by National's
other subsidiaries.
DATE AMOUNT RATE
10/03/97 $100,000 5.59%
10/07/97 600,000 5.61
10/08/97 100,000 5.61
<PAGE>
10/10/97 $ 700,000 5.60%
10/15/97 200,000 5.62
10/20/97 100,000 5.61
10/21/97 300,000 5.61
10/27/97 200,000 5.62
11/12/97 200,000 5.65
11/18/97 400,000 5.66
11/19/97 600,000 5.66
11/20/97 400,000 5.66
11/26/97 100,000 5.67
12/02/97 900,000 5.72
12/03/97 100,000 5.72
12/08/97 1,000,000 5.75
12/09/97 500,000 5.74
12/11/97 100,000 5.75
12/12/97 200,000 5.75
12/15/97 100,000 5.78
12/16/97 300,000 5.78
12/17/97 400,000 5.77
12/19/97 200,000 5.75
12/31/97 100,000 5.88
20. NFR borrowed the following amounts from the System Money
Pool on the dates and at the rates indicated below:
DATE AMOUNT RATE
12/26/97 $800,000 5.81%
21. Horizon Energy transferred the following amounts to the
System Money Pool on the dates and at the rates indicated below.
These amounts were either used to decrease outstanding System
borrowings and/or commercial paper or utilized by National's
other subsidiaries.
None.
<PAGE>
22. Horizon Energy borrowed the following amounts from the
System Money Pool on the dates and at the rates indicated below:
DATE AMOUNT RATE
10/02/97 $ 400,000 5.63%
11/03/97 200,000 5.64
11/06/97 100,000 5.65
11/18/97 100,000 5.66
12/02/97 22,000,000 5.72
12/03/97 100,000 5.72
12/23/97 100,000 5.76
Dated: February 12, 1998 NATIONAL FUEL GAS COMPANY
By: /s/ Gerald T. Wehrlin
---------------------------------
Gerald T. Wehrlin
Controller
Chase Securities, Inc.
270 Park Avenue
New York, New York 10017-2070
January 14, 1998
Ms. Donna Cambas
National Fuel Gas Company
10 Lafayette Square - Room 1100
Buffalo, New York 14203
Dear Ms. Cambas:
The is to advise you that in connection with the distribution of commercial
paper for the National Fuel Gas Company from October 1, 1997 to December 31,
1997 all sales and resales on your behalf by Chase Securities, Inc. were made
only to those customers included in the Confidential List retained by the
corporation of National Fuel Gas Company's commercial paper program. The
issuance of National Fuel Gas Company commercial paper and sales thereof were
made in accordance with the provisions of that program. A summary of all trade
activitiy for the quarter is attached.
Sincerely,
/s/ Anton J. Schubert
Anton J. Schubert
Vice President
<PAGE>
Chase Securities, Inc.
270 Park Avenue
New York, NY 10017-2070
NATIONAL FUEL GAS COMPANY
Fourth Quarter Performance Report
October 1, 1997 to December 31, 1997
PAR ISSUE MATURITY
AMOUNT DATE DATE RATE YIELD TERM TYPE
20,000,000 10/06/97 12/05/97 5.57 5.6248 63 Days Discounted
15,000,000 10/06/97 01/20/98 5.61 5.7042 106 Days Discounted
10,000,000 10/16/97 12/01/97 5.60 5.5896 46 Days Discounted
5,000,000 10/16/97 12/08/97 5.60 5.6466 53 Days Discounted
10,000,000 11/03/97 03/06/98 5.68 5.7924 123 Days Discounted
15,000,000 11/07/97 02/12/98 5.71 5.7992 97 Days Discounted
15,000,000 11/17/97 11/18/97 5.75 5.7509 1 Day Discounted
14,000,000 11/18/97 11/19/97 5.60 5.6008 1 Day Discounted
15,000,000 11/18/97 02/05/98 5.77 5.8147 48 Days Discounted
- ----------
119.
/s/Anton J. Schubert
Anton J. Schubert, Vice President
Global Money Markets
Corporate and Institutional
Client Group
World Financial Center
North Tower
New York, New York 10281-1311
212 449 1000
FAX 212 449 1786
Telex 671 6340
MERRILL LYNCH
January 29, 1998
Ms. Donna Cambas
National Fuel Gas Company
10 Lafayette Square - Room 1100
Buffalo, NY 14203
Dear Donna:
This is to advise you that in connection with the distribution of commercial
paper of National Fuel Gas Company from October 1, 1997 to December 31, 1997 no
sales or resales were made by Merrill Lynch Money Markets Inc. for National Fuel
Gas Company's commercial paper program. Verification of which is attached.
Sincerely,
/s/ Michael J. Maita
Michael J. Maita
Enclosure
<PAGE>
PROGRAM ISSUANCE TRADE DETAIL - CP
10/01/97 - 12/31/97
Pgm Fx/F1 Trade Dt Sett Dt MTY DTM PAR Rate Proceeds
TOTALS
------
Number of Trans: 0
Total Par 0
Total Proceeds 0
Dollar Weighted Averages
------------------------
Days to Mty: NaN
Rate: NaN
Programs:
N1 NATIONAL FUEL GAS CO.
1/29/98 Page 2
