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MCN CORPORATION REPORTS THIRD-QUARTER RESULTS

             MCN CORPORATION REPORTS THIRD-QUARTER RESULTS
    DETROIT, Nov. 4 /PRNewswire/ -- MCN Corporation (NYSE: MCN) today


reported a third-quarter loss of $21.4 million or $0.88 per share, closely matching the $21.1 million or $0.89 per share loss in the third quarter of 1990.
    According to MCN Corporation Chairman and Chief Executive Officer Alfred R. Glancy III, "We typically report a loss in the third quarter given the seasonal decline in natural gas sales."
    Earnings for the nine months ended Sept. 30, 1991, were $30.0 million or $1.24 per share, compared to $21.9 million or $0.94 per share for the same period in 1990.  Glancy said the increase in earnings for the nine-month period was primarily attributable to higher revenues from a January 1991 rate increase at Michigan Consolidated Gas Company (MichCon), MCN's principal utility subsidiary.
    Earnings for the 12 months ended Sept. 30, 1991, were $40.4 million or $1.68 per share vs. $38.1 million or $1.63 per share for the prior 12-month period.
    MCN Corporation is the holding company for Michigan Consolidated Gas Company, a natural gas distribution, transmission and storage company serving more than 1 million customers in 465 communities throughout Michigan; for Citizens Gas Fuel Company, a Michigan natural gas utility; and for MCN Investment Corporation, which owns subsidiaries in the energy services, computer processing services and natural gas technology businesses.
                    MCN CORPORATION AND SUBSIDIARIES
                  NEWS RELEASE STATISTICS (Unaudited)
                                                     Three Months Ended
                                                         Sept. 30,
                                                      1991      1990
                                                   (Thousands Except Per
                                                       Share Amounts)
    Operating Revenues............................  $152,404   $145,266
    Operating Expenses ...........................   164,156    157,849
    Operating Income (Loss).......................   (11,752)  (12,583)
    Other Income - Net............................     1,827       550
    Income Deductions.............................    11,493     9,018
    Net Income (Loss).............................  $(21,418) $(21,051)
    Earnings (Loss) Per Share.....................      (.88)     (.89)
    Average Common Shares Outstanding.............    24,441    23,698
    Dividends Declared Per Share..................  $    .41  $ .39375
    Gas Markets (MMcf) (1)
     Utility Operations:
       Gas Sales..................................    34,734    30,757
       Transportation.............................    28,943    26,449
         Total....................................    63,677    57,206
     Nonutility Operations:
       Gas Sales..................................     3,055     1,632
       Transportation.............................     5,823       ---
         Total....................................     8,878     1,632
     Total Utility and Nonutility.................    72,555    58,838
     Less Intercompany Transactions (2)...........     1,226       390
     Total........................................    71,329    58,448
    Effect of Weather
     Degree Days..................................       186       152
     Percent Colder (Warmer) Than Normal..........       N/A       N/A
     Increase (Decrease) From Normal In:
      Gas Markets (MMcf)..........................       486       199
      Net Income..................................  $    379  $    144
      Earnings Per Share..........................  $    .02  $    .01
    MMcf - million cubic feet
    Notes:  (1) Gas sales by MCN's marketing subsidiaries that are transported directly to customers by MichCon are included as both sales and transportation volumes.
    (2)  Represents intercompany transactions, which do not impact consolidated operating income.
                                                     Nine Months Ended
                                                         Sept. 30,
                                                      1991      1990
                                                   (Thousands Except Per
                                                       Share Amounts)
    Operating Revenues............................. $882,728  $820,140
    Operating Expenses ............................. 822,114   772,133
    Operating Income (Loss).......................... 60,614    48,007
    Other Income - Net...............................  3,029     3,020
    Income Deductions................................ 33,671    29,166
    Net Income (Loss)...............................$ 29,972  $ 21,861
    Earnings (Loss) Per Share.......................$   1.24  $    .94
    Average Common Shares Outstanding................ 24,142    23,377
    Dividends Declared Per Share....................$   1.23  $1.18125
    Gas Markets (MMcf) (1)
     Utility Operations:
       Gas Sales.....................................188,104   172,657
       Transportation................................ 98,370    98,242
         Total.......................................286,474   270,899
     Nonutility Operations:
       Gas Sales....................................  10,901     4,544
       Transportation................................ 19,163       ---
         Total....................................... 30,064     4,544
     Total Utility and Nonutility....................316,538   275,443
     Less Intercompany Transactions (2)..............  3,952     2,116
     Total...........................................312,586   273,327
    Effect of Weather
     Degree Days.....................................  3,821     3,833
     Percent Colder (Warmer) Than Normal............   (14.1)    (13.8)
     Increase (Decrease) From Normal In:
      Gas Markets (MMcf).............................(14,944)  (15,653)
      Net Income....................................$(11,503) $(11,433)
      Earnings Per Share............................$   (.48)   $ (.49)
                                                    Twelve Months Ended
                                                         Sept. 30,
                                                     1991        1990
                                                   (Thousands Except Per
                                                       Share Amounts)
    Operating Revenues.......................... $1,271,927  $1,216,832
    Operating Expenses ...........................1,191,671   1,146,932
    Operating Income (Loss).......................   80,256      69,900
    Other Income - Net............................    5,187       3,075
    Income Deductions.............................   44,996      34,851
    Net Income (Loss)............................$   40,447  $   38,124
    Earnings (Loss) Per Share....................$     1.68  $     1.63
    Average Common Shares Outstanding.............   24,088      23,340
    Dividends Declared Per Share.................$     1.64  $    1.575
    Gas Sales (MMcf) (1)
     Utility Operations:
       Gas Sales..................................  270,451     260,501
       Transportation.............................  134,222     138,545
         Total....................................  404,673     399,046
     Nonutility Operations:
       Gas Sales..................................   16,085       4,815
       Transportation.............................   19,163         ---
         Total....................................   35,248       4,815
     Total Utility and Nonutility.................  439,921     403,861
     Less Intercompany Transactions (2)...........    4,602       2,367
     Total........................................  435,319     401,494
    Effect of Weather
     Degree Days..................................    5,955       6,564
     Percent Colder (Warmer) Than Normal..........    (12.7)       (3.7)
     Increase (Decrease) From Normal In:
      Gas Markets (MMcf)...........................  (20,734)    (6,698)
      Net Income.................................$   (15,610) $  (5,080)
      Earnings Per Share.........................$      (.65) $    (.22)
    -0-                     11/4/91
    /CONTACT: (Media) Sally LePla, 313-256-5349, or (Analysts) Sebastian Coppola, 313-256-6324, both of MCN Corporation/
    (MCN) CO:  MCN Corporation ST:  Michigan IN:  UTI SU:  ERN JG -- DE011 -- 0692 11/04/91 11:26 EST
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

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