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BROOKLYN UNION PROPOSES STOCK SPLIT

 NEW YORK, March 24 /PRNewswire/ -- Brooklyn Union President and Chief Executive Officer Robert B. Catell said today that the company's board of directors had approved a proposal for a three-for-two split of common shares. Proxy material for shareholder voting on this proposal will be distributed in May, with shareholder approval expected at a special shareholder meeting in June. Concurrently, the company will seek approval of the stock-split proposal from the New York State Public Service Commission.
 Mr. Craig G. Matthews, executive vice president and chief financial officer, said that all the company's financial indicators are strong, including earnings and return on equity. In addition, the company is in the second year of a three-year rate agreement, which will allow a further increase in the allowed rate of return in fiscal 1994. He also said that Brooklyn Union had substantially outperformed S&P Utilities Index and S&P 500 on a total annual return basis for the past five years. "Based on these positive results and the current market price of Brooklyn Union stock," he said, "we are recommending the stock-split proposal to shareholders in order to increase and maintain the marketability of the company's stock."
 Noting the significant opportunities in the gas industry today, Mr. Catell said that "expanding gas markets in Brooklyn Union's service area as well as throughout the Northeast reflect a growing national consensus that gas is the fuel of choice for improving air quality and reducing dependence on imported oil."
 Brooklyn Union Gas (NYSE: BU) is a growing energy company, providing gas service to 1.1 million customers in the New York City boroughs of Brooklyn, Queens and Staten Island. Its subsidiaries are involved in gas exploration, production, and marketing operations in the United States and Canada, and development of large-scale gas-cogeneration projects as well as pipeline projects in the Northeast.
 -0- 3/24/93
 /CONTACT: Jan C. Childress of Brooklyn Union Gas, 718-403-3382, or fax, 718-852-8221/
 (BU)


CO: Brooklyn Union Gas ST: New York IN: UTI SU:

AH-OS -- NY041 -- 9217 03/24/93 15:21 EST
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Publication:PR Newswire
Date:Mar 24, 1993
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