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COASTAL REPORTS INCREASED NET EARNINGS FOR THIRD QUARTER

 COASTAL REPORTS INCREASED NET EARNINGS FOR THIRD QUARTER
 HOUSTON, Oct. 27 /PRNewswire -- The Coastal Corporation (NYSE: CGP)


reported today increased third-quarter net earnings of $16.2 million, equal to 15 cents per common share. This compares with net earnings in the 1991 third quarter of $3.4 million or 3 cents per common share.
 Coastal's operating profit for the third quarter climbed to $142.3 million compared with $123.9 million for 1991. For the nine-month period, operating profit was $470.6 million compared with $472.3 million in 1991.
 For the first nine months, net earnings of the diversified energy holding company amounted to $74.2 million or 71 cents per common share. This compares to net earnings of $83.9 million or 80 cents per common share in the 1991 period.
 "Coastal's natural gas and exploration and production segments posted strong gains over the prior period," said James R. Paul, president and chief executive officer. "This reflects, in large part, the continuation of the improvement we have been expecting in natural gas markets.
 "Our refining and marketing margins continue to be affected by soft demand for petroleum products caused by the sluggish economy and relatively high crude oil prices. As a result, this segment is performing well below its potential.
 "However, we are confident that each of our businesses is well positioned to take advantage of increases in demand which will come as the economy improves."
 On a segment basis, third-quarter operating profit for natural gas increased to $101.1 million from $85.4 million last year. For the nine-month period, operating profit climbed to $348.4 million from $317.9 million for the like period in 1991, and throughput volumes for Coastal's natural gas pipelines increased to 1,444 billion cubit feet, up from 1,401 billion cubic feet for the same period last year.
 Exploration and production operations posted a $15.5 million third-quarter operating profit, up from $6.8 million for the same quarter in 1991. Nine-month operating profit was $25.9 million, up from $17.3 million for the comparable period in 1991. Average production of natural gas for the nine months increased to 131.5 million cubic feet per day compared with 108.7 million cubic feet per day in 1991, as the company took advantage of recent price improvements by resuming production which was previously shut-in. Net production of crude oil and condensate during the nine months averaged 11,485 barrels per day, up from 10,628 barrels per day a year ago.
 Refining and marketing's operating profit for the third quarter was $8.1 million compared with $10.1 million a year ago and for the nine months was $43.2 million, compared with $69.8 million a year ago. For the nine months, sales of refined products averaged 851,400 barrels per day compared with 758,000 barrels per day in 1991.
 The coal segment's third-quarter operating profit increased for the 15th consecutive quarter to $21.8 million compared with $21.3 million for the same period a year earlier. The nine months operating profit increased to $67.5 million compared with $65.1 million a year earlier. Coal sales for the nine-month period from the company's own mines were 11.2 million tons compared with 11.5 million tons for the period a year earlier.
 The Coastal Corporation is a Houston-based energy holding company. Coastal has consolidated assets of more than $9 billion and subsidiary operations in natural gas transmission and storage, refining and marketing, oil and gas exploration and production, coal, chemicals, trucking and independent power production.
 THE COASTAL CORPORATION AND SUBSIDIARIES
 (millions except per share)
 Periods ended Three months Nine months
 Sept. 30: 1992 1991 1992 1991
 Operating revenues $2,594.0 $2,207.2 $7,528.7 $6,960.9
 Operating costs & expenses
 Purchases 1,928.4 1,571.3 5,506.3 4,987.5
 Operating expenses 435.6 434.2 1,302.1 1,269.5
 Depreciation, depletion &
 amortization 87.7 77.8 249.7 231.6
 Total $2,451.7 $2,083.3 $7,058.1 $6,488.6
 Operating profit $ 142.3 $ 123.9 $ 470.6 $ 472.3
 Other income - net 20.9 9.1 49.9 38.2
 Other expenses
 General & Administrative 11.8 12.6 36.2 37.5
 Interest & debt expense 122.7 111.0 360.5 333.4
 Taxes on income 12.5 6.0 49.6 55.7
 Total $ 147.0 $ 129.6 $ 446.3 $ 426.6
 Net earnings $ 16.2 $ 3.4 $ 74.2 $ 83.9
 Dividends on preferred stock .1 .2 .3 .4
 Net earnings available to
 common stockholders 16.1 3.2 73.9 83.5
 Earnings per share .15 .03 .71 .80
 Average common & common
 equivalent shares 104.6 104.7 104.5 104.7
 Operating profit (loss) by segment
 Natural gas $101.1 $ 85.4 $ 348.4 $ 317.9
 Refining & marketing 8.1 10.1 43.2 69.8
 Exploration & production 15.5 6.8 25.9 17.3
 Coal 21.8 21.3 67.5 65.1
 Other (4.2) .3 (14.4) 2.2
 Total $ 142.3 $ 123.9 $ 470.6 $ 472.3
 -0- 10/27/92
 /CONTACT: Dave Scott, 713-877-3839, or Steve Eames, 713-877-6733, both of Coastal Corp./
 (CGP) CO: Coastal Corporation ST: Texas IN: OIL SU: ERN


TS-EE -- NY032 -- 5304 10/27/92 10:42 EST
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Date:Oct 27, 1992
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