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ALBERTA NATURAL GAS CO. LTD. ANNOUNCES RESULTS

 CALGARY, Alberta, April 28 /PRNewswire/ -- Alberta Natural Gas Co. Ltd. (Toronto, Montreal, Vancouver, Calgary: ANG) (ANG) today announced net income of $5.0 million, or $0.20 per share, for the three months ended March 31, 1993. This compares to net income of $1.5 million, or $0.07 per share, for the same period of 1992. The 1992 results include losses on discontinued operations of $3.1 million relating to the fine chemicals business in Ireland which was sold in 1992.
 Income from continuing operations was $5.0 million, or $0.20 per share, for the first quarter of 1993, compared to $4.6 million, or $0.22 per share, for the first quarter of 1992. The increase in income from continuing operations relates to lower interest expense and improved results associated with other income. These gains were partially offset by a decline in operating income from the extraction and chemicals businesses. The decrease in earnings per share resulted from an increase in the number of shares outstanding.
 Operating income from the extraction business decreased by $1.4 million, mainly because of a decline in the revenue entitlement associated with lower income taxes and asset depreciation. In the chemicals business, operating income was reduced by $1.0 million as a result of the disposition of remaining inventory by a former competitor and a four week plant shutdown for maintenance purposes.
 On April 1, 1993, ANG announced that ANGUS Chemical Co. (ANGUS) had entered into an agreement under which IMC Fertilizer Group Inc. and IMC Fertilizer Inc. (IMC) would pay ANGUS approximately US $44 million over a three year period. Separately, ANGUS agreed to share a portion of this amount, approximately US $10 million, with its third party liability carriers. This settlement, which relates to the May 1, 1991, explosion at the ANGUS nitroparaffins plant, will be recorded in the second quarter of 1993, and will increase net income by approximately US $19 million.
 In addition to the cash settlement, IMC has dropped its claim seeking reimbursement from ANGUS for US $9.8 million paid by IMC to the U.S. Occupational Safety and Health Administration, plus other related expenses.
 The following is an unaudited condensed statement of income for the three months ended March 31, 1993, compared with the same period during 1992.
 ALBERTA NATURAL GAS CO. LTD.
 Financial Highlights
 (In thousands except earnings per share)
 Three months ended March 31,
 1993 1992
 (Restated)
 Operating revenue $141,406 $118,673
 Operating expenses 128,412 103,817
 Operating income 12,994 14,856
 Equity and other income 1,150 (537)
 Interest expense (3,816) (5,061)
 Provision for income taxes (5,302) (4,673)
 Income from continuing operations 5,026 4,585
 Discontinued operations --- (3,079)
 Net income $5,026 $1,506
 Earnings per share
 Continuing operations $0.20 $0.22
 Discontinued operations --- (0.15)
 Net income $0.20 $0.07
 Note: ANGUS Fine Chemicals Ltd. (AFCL) was sold in 1992. For comparison purposes, prior financial statements have been restated to reflect AFCL as a discontinued operation. As a result, income from continuing operations for the three months ended March 31, 1992, increased from $0.07, to $0.22 per share.
 The following is an unaudited summary of operating income by business area for the three months ended March 31, 1993, compared with the same period during 1992.
 ALBERTA NATURAL GAS CO. LTD.
 Financial Highlights
 (Thousands of dollars)
 Three months ended March 31,
 1993 1992
 (Restated)
 Pipelines $1,923 $1,513
 Extraction 6,320 7,715
 Marketing 6,075 5,954
 Chemicals 1,013 2,012
 Corporate expenses (2,337) (2,338)
 Operating income $12,994 $14,856
 Note: To conform with the presentation adopted for 1993, certain activities previously included with natural gas processing are now included with marketing.
 -0- 4/28/93
 /CONTACT: Paula Abbott, 403-691-7840, or Wayne Lunt, 403-691-7902, both of Alberta Natural Gas Co./
 (ANG.)


CO: Alberta Natural Gas Co. Ltd. ST: Alberta IN: OIL SU: ERN

BP-JB -- LA052 -- 2324 04/28/93 17:55 EDT
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Date:Apr 28, 1993
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