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SONAT REPORTS THIRD QUARTER RESULTS, DECLARES DIVIDEND

 SONAT REPORTS THIRD QUARTER RESULTS,
 DECLARES DIVIDEND
 BIRMINGHAM, Ala., Oct. 22 /PRNewswire/ -- Ronald L. Kuehn, Jr., chairman, president and chief executive officer of Sonat Inc. (NYSE: SNT), announced today that the company's earnings from continuing operations for the three months ended Sept. 30, 1992, was $21.3 million, or $.49 per share. This compared with $8.5 million, or $.20 per share, for the same period in 1991. For the first nine months of 1992, the company's earnings from continuing operations were $60.0 million, or $1.40 per share, compared with $64.7 million, or $1.51 per share, for the first nine months of 1991.
 Kuehn also announced that a regular quarterly dividend of 50 cents per share has been declared for Sonat's common stock. The dividend, payable on Dec. 14, 1992, to stockholders of record on Nov. 30, 1992, is the 215th consecutive quarterly dividend paid on the company's common stock.
 Sonat, headquartered in Birmingham, is a worldwide energy company involved in natural gas transmission and marketing, oil and gas exploration and production, and offshore drilling.
 SONAT INC. AND SUBSIDIARIES
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME (1) (2)
 (Unaudited)
 3 Months 9 Months
 Periods Ended Sept. 30, 1992 1991 1992 1991
 (In Thousands, Except Per-Share Amounts)
 Revenues $299,662 $261,888 $1,015,225 $1,021,355
 Costs
 and Operating
 Expenses 248,137 238,903 869,754 864,756
 Operating Income 51,525 22,985 145,471 156,599
 Other Income, Net 5,488 5,433 14,265 12,015
 Interest Expense,
 Net (23,230) (24,281) (76,407) (78,833)
 Income (Loss) from Continuing Operations
 Before Income
 Taxes 33,783 4,137 83,329 89,781
 Income Taxes
 (Benefits) (3) 12,531 (4,365) 23,298 25,076
 Income (Loss) from Continuing
 Operations 21,252 8,502 60,031 64,705
 Discontinued
 Operations --- (4,729) 112,207 (3,411)
 Net
 Income (4) $ 21,252 $3,773 $172,238 $ 61,294
 Primary Earnings Per Share of Common Stock:
 Earnings (loss) from continuing
 operations $ .49 $ .20 $ 1.40 $ 1.51
 Earnings (loss) from discontinued
 operations --- (.11) 2.61 (.08)
 Earnings Per
 Share $ .49 $ .09 $ 4.01 $1.43
 Fully Diluted Earnings Per Share of Common Stock:
 Earnings (loss) from continuing
 operations $ .49 $ .20 $ 1.47 $ 1.51
 Earnings (loss) from discontinued
 operations --- (.11) 2.39 (.08)
 Earnings Per
 Share $ .49 $ .09 $ 3.86 $ 1.43
 Cash Dividends
 Paid Per

 Common Share $ .50 $ .50 $ 1.50 $ 1.50
 SONAT INC. AND SUBSIDIARIES
 BUSINESS SEGMENT DATA (1) (2)
 (Unaudited)
 3 Months 9 Months
 Periods Ended Sept. 30, 1992 1991 1992 1991
 (In Thousands)
 Revenues:
 Natural gas $190,635 $180,214 $701,542 $743,187
 Exploration
 and production 69,375 57,346 195,495 194,436
 Offshore drilling 55,386 36,797 159,982 132,553
 Other 2,890 2,118 9,843 5,685
 Intersegment revenue (18,624) (14,587) (51,637) (54,506)
 $299,662 $261,888 $1,015,225 $1,021,355
 Operating Income:
 Natural gas $29,062 $16,875 $111,168 $110,239
 Exploration and
 production 13,995 5,402 26,617 29,999
 Offshore drilling 8,895 1,559 9,324 18,522
 Other, net of
 corporate
 expenses (427) (851) (1,638) (2,161)
 Operating Income $51,525 $22,985 $145,471 $156,599
 (1) Discontinued operations includes the gain on
 the sale of Teleco Oilfield Services Inc. of
 $112.8 million or $2.63 per share for the nine
 months ended September 30, 1992.
 (2) The Company changed its method of accounting
 for its exploration and production activities
 from the full cost method to the successful
 efforts method during the fourth quarter of
 1991, and results for all periods reflect the
 change.
 (3) Income taxes for both 1991 periods include a
 favorable adjustment of $3 million relating to
 a state income tax issue.
 (4) Net income for both 1992 periods includes
 favorable adjustments of $6 million, or $.15
 per share, related to a settlement regarding
 Southern Energy Company's idle liquefied
 natural gas facilities. Also included in net
 income was a loss for the Company's share of
 Citrus' recognition of natural gas purchase
 contract settlement costs of $3 million or
 $.08 per share.
 -0- 10/22/92
 /CONTACT: Bruce L. Connery, 205-325-3898, or Thomas W. Barker, Jr., 205-325-3586, both of Sonat/
 (SNT) CO: Sonat Inc. ST: Alabama IN: OIL SU: ERN DIV


EA -- AT006 -- 3462 10/22/92 10:51 EDT
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Date:Oct 22, 1992
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