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EL PASO NATURAL GAS COMPANY REPORTS 20 PERCENT INCREASE IN SECOND QUARTER EARNINGS

 EL PASO, Texas, July 14 /PRNewswire/ -- El Paso Natural Gas Company (NYSE: EPG) reported second quarter 1993 net income of $21 million, or $0.55 per share, up 20 percent from $17 million, or $0.46 per share, reported for the second quarter 1992.
 Second quarter 1993 operating income was $57 million compared with $44 million a year ago. The increase reflected higher net revenues from new rates, which became effective in 1993, and the consolidation of the Mojave Pipeline Company, which became wholly owned by EPG during the quarter. EPG mainline throughput totaled 3.2 billion cubic feet per day, down from 3.5 billion cubic feet per day in the year ago period due to increased hydroelectric generation in California.
 Six Months Results:
 Six months 1993 net income totaled $52 million, or $1.38 per share. For the first six months of 1992, the company reported net income of $46 million, or $1.31 per share. Assuming that the 5.75 million shares issued in EPG's March 1992 initial public offering were outstanding for the entire first half of 1992, last year's comparable earnings would have been $1.23 per share.
 Capital expenditures during the first half of 1993 totaled $54 million compared to $129 million in 1992. The decrease reflects the completion of EPG's mainline expansion in April 1992. First half cash flow from operations was $150 million compared with $221 million from continuing operations a year ago. Last year's cash flow from operations included $94 million from the sale of EPG's direct bill take-or-pay receivables.
 EL PASO NATURAL GAS COMPANY
 Consolidated Statement of Income
 (In Thousands, Except Per Share Amounts)
 (unaudited)
 Second Quarter Ended Six Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 Revenues $220,611 $188,424 $431,523 $362,834
 Costs and expenses 163,214 144,377 310,942 262,011
 Operating income 57,397 44,047 120,581 100,823
 Interest expense (18,621) (17,546) (35,290) (35,232)
 Interest income from
 former parent --- --- --- 1,602
 Other income (expense)
 net (5,367) 1,876 (2,044) 6,999
 Income before income
 taxes 33,409 28,377 83,247 74,192
 Income taxes 12,726 11,082 31,724 28,475
 Net income $20,683 $ 17,295 $51,523 $45,717
 Earnings per common
 share $ 0.55 $ 0.46 $ 1.38 $ 1.31
 Average common
 shares 37,325 37,304 37,252 34,948
 Equivalent earnings
 per common share --- --- --- $ 1.23
 Equivalent average
 common shares --- --- --- 37,177
 EL PASO NATURAL GAS COMPANY
 Consolidated Balance Sheet
 (In Thousands)
 (unaudited)
 Assets for periods ended June 30, December 31,
 1993(A) 1992
 Current assets
 Cash and temporary cash investments $ 80,336 $ 48,638
 Accounts and notes receivable, net of
 allowance 127,584 157,584
 Inventories 42,679 47,647
 Current portion of take-or-pay buy-outs,
 buy-downs and prepayments 48,013 49,711
 Deferred Income tax 56,662 35,180
 Other 28,321 25,562
 Total current assets 383,595 364,322
 Property, plant and equipment, net 1,719,424 1,450,328
 Take-or-pay buy-outs, buy-downs and
 prepayments 79,685 104,038
 Other regulatory assets 25,810 ---
 Other 88,611 132,041
 Total other assets 1,913,530 1,686,407
 Total assets $2,297,125 $2,050,729
 Liabilities and stockholders' equity
 Current liabilities
 Accounts payable $ 189,911 $ 240,486
 Take-or-pay financing liability 40,058 37,617
 Accrual for regulatory issues 75,009 33,582
 Current maturities of long-term debt 5,889 8
 Other current liabilities 55,151 61,508
 Total current liabilities 366,018 373,201
 Long-term debt 798,886 637,074
 Deferred income taxes,
 less current portion 313,383 201,997
 Take-or-pay financing liability, less
 current portion 56,149 78,204
 Other liabilities 30,919 29,432
 Deferred credits 26,517 61,829
 Total 1,225,854 1,008,536
 Stockholders' equity
 Common stock 112,042 111,913
 Additional paid-in capital 455,409 454,480
 Retained earnings 137,802 108,025
 Less: Treasury stock (at cost) --- (5,426)
 Total stockholders' equity 705,253 668,992
 Total liabilities and
 stockholders' equity $2,297,125 $2,050,729
 (A) Reflects consolidation of Mojave Pipeline Company, which became
 wholly owned by EPG during the quarter.
 EL PASO NATURAL GAS COMPANY
 Consolidated Statement of Cash Flows
 (In Thousands)
 (unaudited)
 Six months ended June 30, 1993 1992
 Cash flows from operating activities
 Net income $ 51,523 $ 45,717
 Adjustments to reconcile net income
 to cash provided by operating activities
 Depreciation and amortization 29,411 36,326
 Deferred income taxes 19,552 (29,261)
 Other 49,905 168,478
 Net cash provided by operating activities 150,391 221,260
 Cash flows from investing activities
 Capital expenditures (54,197) (128,709)
 Other (35,985) 9,639
 Net cash used in investing activities (90,182) (119,070)
 Net cash used in financing activities (28,511) (327,006)
 Increase (Decrease) in cash and temporary
 cash investments 31,698 (224,816)
 Cash and temporary cash investments
 Beginning of period 48,638 324,711
 End of period $ 80,336 $ 99,955
 -0- 7/14/93
 /CONTACT: Norma F. Dunn, director - media and investor relations of El Paso Natural Gas Company, 915-541-5443/
 (EPG)


CO: El Paso Natural Gas Company ST: Texas IN: OIL SU: ERN

MP -- NY037 -- 1336 07/14/93 11:13 EDT
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Date:Jul 14, 1993
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