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PEOPLES ENERGY REPORTS LOWER THIRD QUARTER RESULTS

 CHICAGO, July 30 /PRNewswire/ -- Peoples Energy Corp. (NYSE: PGL) today reported that its third quarter results showed a sharp decline from the comparable year-ago period that had benefited from the sale of a suburban land parcel and from much colder weather.
 The Chicago-based parent for two natural gas utilities said consolidated net income for the three months ended June 30 amounted to $4.9 million, or 14 cents per share. This compares with $10.5 million, or 30 cents a share, for last year's third quarter, which included a gain of 11 cents a share from the property sale.
 Richard E. Terry, chairman of Peoples Energy, said that contributing to the downturn was a decrease in gas deliveries, due in part to weather that was 8 per cent warmer than last year's uncommonly cold third quarter. The current quarter also was adversely affected by higher expenses for operation and maintenance, which included the accrual of post-retirement benefit costs for Peoples Gas.
 A Peoples Gas rate increase that went into effect near the start of the 1992-93 heating season partly offset these adverse factors, he said.
 Operating revenues for the current quarter rose 12 per cent to $224 million, primarily due to the effect of higher gas costs.
 Net income for the first nine months of fiscal 1993 amounted to $86.6 million, up slightly from the prior level of $85.4 million. Per- share earnings came to $2.49, compared to $2.51 in the year-ago period.
 For the current 12 months through June 30, net income was $71.6 million, down 4 per cent from the comparable year-ago figure of $74.2 million. Per-share earnings for the latest 12 months amounted to $2.06 against $2.20 for the year-ago period.
 Variation between the current nine and 12 months and the prior periods were affected by the gain realized from last year's land sale.
 Per-share earnings also were reduced by 6 cents a share in both the current periods as a result of the greater number of shares that are now outstanding from last year's stock offering.
 Current nine- and 12-month results benefited from rate increases put into effect over the last two heating seasons by Peoples Gas and another subsidiary, North Shore Gas. However, those gains were offset by the income effect of variations in gas deliveries for weather and other reasons and by higher expenses for operation and maintenance, including post-retirement benefit costs and uncollectible expenses.
 Revenues amounted to $1.1 billion for the current nine months and $1.2 billion for the 12 months, up 14 per cent and 13 per cent, respectively, from periods ended in 1992.
 PEOPLES ENERGY CORP. FINANCIAL HIGHLIGHTS
 (Unaudited)
 Third Quarter Three Months Ended June 30,
 1993 1992
 Revenues $ 224,303,000 $ 199,738,000
 Net Income $ 4,891,000 $ 10,514,000
 Earnings Per Share $0.14 $0.30
 Average Shares Outstanding 34,815,000 34,757,000
 Nine Months Nine Months Ended June 30,
 1993 1992
 Revenues $1,122,884,000 $ 982,481,000
 Net Income $ 86,593,000 $ 85,412,000
 Earnings Per Share $2.49 $2.51
 Average Shares Outstanding 34,805,000 33,965,000
 Twelve Months Twelve Months Ended June 30,
 1993 1992
 Revenues $1,237,156,000 $1,093,695,000
 Net Income $ 71,565,000 $ 74,168,000
 Earnings Per Share $2.06 $2.20
 Average Shares Outstanding 34,797,000 33,687,000
 -0- 7/30/93
 /CONTACT: Ed Joyce of Peoples Energy Corp., 312-431-4567/
 (PGL)


CO: Peoples Energy Corp. ST: Illinois IN: OIL SU: ERN

TM -- NY067 -- 7918 07/30/93 16:33 EDT
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Date:Jul 30, 1993
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