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KCS ENERGY SECOND QUARTER NET 52 CENTS VS. 9 CENTS

 EDISON, N.J., April 29 /PRNewswire/ -- KCS Energy, Inc. (NYSE: KCS), today reported net income of $2,962,000, or 52 cents per share, compared to $487,000, or 9 cents per share, for the same quarter in fiscal 1992.
 Operating revenues increased 68 percent to $52,274,000 compared to $31,208,000 in the 1992 fiscal quarter.
 For the six months ended March 31, 1993, KCS Energy reported net income of $4,248,000 or 74 cents per share, compared to $1,098,000, or 20 cents per share, a year ago.
 "Our performance for the first six months of our fiscal year was most encouraging and the rest of the fiscal year is expected to show continuing progress," James W. Christmas, president of KCS Energy, said.
 He said oil and gas production, particularly from the Bob West/ Falcon Field in Zapata County, Texas, was the major factor in the earnings increase. Production from this field is sold under an above- market price contract expiring in January 1999. The decision of a Texas court in June 1992 upholding the contract is currently under appeal by Tennessee Gas Pipeline Company. Christmas said KCS Energy is continuing an active development drilling program in the field and "this should result in additional production coming on line during the rest of the year."
 Christmas said KCS had completed the acquisition of an additional 22 percent interest to the Bay Springs oil field in Mississippi and expected to complete a previously announced acquisition of varying interests in 80 oil and gas wells in the Texas Gulf Coast region shortly.
 The company's other operations in natural gas transportation, natural gas marketing and energy services are also contributing to the upturn in revenues and earnings, Christmas said.
 KCS Energy is engaged in oil and gas exploration and production, natural gas transportation, natural gas marketing and energy services with operations in Texas, Louisiana, Mississippi, New York, New Jersey, Virginia and Pennsylvania.
 KCS ENERGY, INC.
 Comparative Table
 (Thousands of dollars, except per share)
 Three months ended March 31 1993 1992
 Operating revenues $ 52,274 $ 31,208
 Operating income 4,681 820
 Interest and other income, net (120) 209
 Interest expense (406) (322)
 Income before income taxes 4,155 707
 Federal and state income taxes 1,193 220
 Net income $ 2,962 $ 487
 Earnings per share of common stock
 and common stock equivalents $0.52 $0.09
 Average shares of common stock and
 common stock equivalents outstanding 5,742,051 5,517,334
 Earnings per share assuming full
 dilution $0.51 $0.09
 Average shares of common stock
 and common stock equivalents
 assuming full dilution 5,752,370 5,535,355
 Six months ended March 31 1993 1992
 Operating revenues $104,852 $ 73,158
 Operating income 6,673 1,895
 Interest and other income, net -- 354
 Interest expense (732) (650)
 Income before income taxes 5,941 1,599
 Federal and state income taxes 1,693 501
 Net income $ 4,248 $ 1,098
 Earnings per share of common stock
 and common stock equivalents $0.74 $0.20
 Average shares of common stock and
 common stock equivalents outstanding 5,707,224 5,450,833
 Earnings per share assuming full
 dilution $0.74 $0.20
 Average shares of common stock
 and common stock equivalents
 assuming full dilution 5,741,072 5,521,109
 -0- 4/29/93
 /CONTACT: Henry A. Jurand of KCS Energy, 908-632-1770/
 (KCS)


CO: KCS Energy, Inc. ST: New Jersey IN: OIL SU: ERN

GK-OS -- NY051 -- 2623 04/29/93 11:39 EDT
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Date:Apr 29, 1993
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