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CONSOLIDATED NATURAL GAS COMPANY REPORTS 1992 RESULTS

 PITTSBURGH, Feb. 17 /PRNewswire/ -- Consolidated Natural Gas Company (NYSE: CNG) reported today that net income for the year 1992 increased 16 percent to $195.0 million from $168.6 million. On a per share basis, earnings were $2.19 a share compared with the $1.94 a share earned in 1991.
 Net income for the fourth quarter was $97.1 million, or $1.05 a share, compared with $95.6 million, or $1.10 a share, recorded in the 1991 fourth quarter.
 Earnings per share in both 1992 periods reflect the sale of 4.6 million shares of common stock in September 1992.
 George A. Davidson Jr., Consolidated's chairman and chief executive officer, cited several reasons for the year's improved earnings. "Somewhat colder weather, a turnabout in gas wellhead prices, our various market expansions, cost containment efforts and lower financing costs all came together in 1992 to the company's benefit," he said.
 Mr. Davidson said that operating income improved in each of the three parts of the company's business in 1992.
 However, he noted that warm weather still affected the company's results. "Although 1992 was colder than 1991, temperatures were still warmer than normal. In our gas distribution business alone, warm weather cost us 16 cents a share in 1992," he added, noting further that 1993 has also started out warm. Yet the long-term prospects for the company remain favorable, Mr. Davidson emphasized, because of demand for natural gas as a clean-burning fuel.
 Gas demand nationwide reached a 12-year high in 1992, a trend reflected in increased volumes at CNG's interstate pipeline and local utility operations. Throughput of the company's interstate pipeline reached 639 billion cubic feet (Bcf) in the year, the highest in 20 years and a 17 percent increase over last year's 546 Bcf. The growth is also largely attributable to the continued expansion of CNG's interstate market area during 1992, as several components of a multi-year pipeline construction program were placed into service. The company's six gas distribution utilities had a total throughput of 437 billion cubic feet in the year, up 7 percent from 408 Bcf in 1991. Most of that improvement was due to colder weather in 1992 and an increase in deliveries to industrial customers.
 Gas production was down 4 percent in the year to 128 Bcf from 133 Bcf because of weak prices for gas at the wellhead through the first half of 1992, and the company's practice of temporarily shutting in production when prices fall too low.
 Consolidated is one of the country's largest producers, transporters and distributors of natural gas. Its primary marketing areas for natural gas are in Ohio, Pennsylvania, Virginia, West Virginia, New York and other states in the Northeast. The company explores for gas and oil throughout the United States and in Canada.
 CONSOLIDATED NATURAL GAS COMPANY
 Results
 Years ended Dec. 31, 1992 1991
 Total operating revenues $2,520,850,000 $2,607,006,000
 Net income $ 194,958,000 $ 168,613,000
 Earnings per share of common stock $2.19 $1.94
 Average common shares outstanding 89,128,000 $757,204,0


00
 Net income $ 97,025,000 $ 95,630,000
 Earnings per share of common stock $1.05 $1.10
 Average common shares outstanding 92,473,000 87,188,000
 -0- 2/17/93
 /CONTACT: Gary Pastorius of Consolidated Natural Gas, 412-227-1361/
 (CNG)


CO: Consolidated Natural Gas Company ST: Pennsylvania IN: OIL SU: ERN

WB -- NY061 -- 7304 02/17/93 11:51 EST
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Date:Feb 17, 1993
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