Printer Friendly

CONSOLIDATED NATURAL GAS COMPANY REPORTS FIRST HALF AND SECOND QUARTER EARNINGS

 CONSOLIDATED NATURAL GAS COMPANY REPORTS
 FIRST HALF AND SECOND QUARTER EARNINGS
 PITTSBURGH, Aug. 5 /PRNewswire/ -- Consolidated Natural Gas Company reported today that net income for the first half of 1992 was $111.8 million, up 17 percent from the $95.9 million earned in the first half of 1991. On a per share basis, this equates to $1.28 a share compared with $1.11 a share.
 For the second quarter, net income was $564,000, or 1 cent a share, compared with a loss of $5.4 million, or a 6 cents a share loss, in the 1991 second quarter. The 1991 second quarter loss was due to the warmest weather the company had experienced in a second quarter since 1955.
 George A. Davidson, Jr., Consolidated's chairman and chief executive officer, attributed the earnings improvement to several factors. "The weather in the first half was colder than last year; prices received for gas at the wellhead improved this spring; we're moving larger volumes of gas through our expanded interstate gas transmission system; and our revenues for providing gas storage services are also up."
 He noted that operating results for all three of the main parts of the company's business improved in the second quarter, and that results for two improved in the half.
 CNG's gas distribution utilities, which are the part of the company's business most directly affected by the weather, showed a gain in operating income of 22 percent in the first half to $87.5 million. In the quarter, operating income was $4.7 million, compared to the year- earlier's weather-related loss of $1.2 million.
 Although it was still some 6 percent warmer than normal in CNG's utility service areas in the first half of 1992, it was 15 percent colder than in 1991. Distribution throughout, or the amount of gas delivered to customers of the utilities, was 251 billion cubic feet (Bcf) in the half, up 22 Bcf, and 78 Bcf in the quarter, up 13 Bcf.
 In CNG's interstate gas transmission business, operating income rose 21 percent in the half to $41.9 million, and 7 percent in the quarter to $13.8 million. Transmission throughput rose 74 Bcf in the half to 353 Bcf and 43 Bcf in the quarter to 129 Bcf.
 Weather and the continuing expansion of CNG's business in the Northeast were the key factors in the increases, along with higher storage service revenues. The income benefits of the throughput gains in the second quarter were partly offset by higher operating costs and a shift on July 1, 1991, to seasonal rates. This shift was in accordance with the company's last transmission rate case settlement. The new seasonal rates are lower in the summer and higher in the winter, rather than uniform year-round, and are designed to have a more positive effect in cold weather periods.
 Operating income in CNG's exploration and production business was off in the half to $17.9 million from $18.3 million a year earlier, and rose in the second quarter to $7.6 million from $5.3 million a year ago. CNG's average price for gas produced was $1.90 a thousand cubic feet in the 1992 first half compared to $1.91 in the 1991 period. For the quarter, the average price was $1.86 a thousand cubic feet, compared to $1.75 a year earlier. Gas production was down 8 percent in the half to 59 Bcf and was approximately even in the quarter at 29.4 Bcf.
 Consolidated is one of the country's largest producers, transporters and distributors of natural gas. Its primary marketing areas for natural gas are in Ohio, Pennsylvania, Virginia, West Virginia, New York, and other states in the Northeast. The company explores for and produces gas and oil throughout the United States and in Canada.
 CONSOLIDATED NATURAL GAS COMPANY
 Six months ended June 30, 1992 1991
 Total operating revenues $1,370,641,000 $1,481,823,000
 Net income $ 111,751,000 $95,862,000
 Earnings per share
 of common stock $1.28 $1.11
 Average common
 shares outstanding 87,407,000 86,603,000
 Three months ended June 30, 1992 1991
 Total operating revenues $448,113,000 $424,303,000
 Net income $564,000 $(5,431,000)
 Earnings per share
 of common stock $.01 $(.06)
 Average common
 shares outstanding 87,513,000 86,691,000
 -0- 8/5/92
 /CONTACT: John Conti of Consolidated Natural Gas, 412-227-1133/
 (CNG) CO: Consolidated Natural Gas Company ST: Pennsylvania IN: OIL SU: ERN


SM -- NY032 -- 7006 08/05/92 10:28 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 5, 1992
Words:762
Previous Article:PERSONAL DIAGNOSTICS REPORTS SHARP INCREASE IN NET INCOME TO $467,000 ($.09 PER SHARE) IN THIRD FISCAL QUARTER
Next Article:CORRECTION TO I.S.G. TECHNOLOGIES INC. ANNOUNCES RECORD REVENUES AND EARNINGS
Topics:


Related Articles
CONSOLIDATED NATURAL GAS REPORTS INCREASE IN FIRST QUARTER EARNINGS
CONSOLIDATED NATURAL GAS COMPANY REPORTS 1992 RESULTS
CONSOLIDATED NATURAL GAS COMPANY REPORTS FIRST QUARTER RESULTS
CONSOLIDATED NATURAL GAS COMPANY REPORTS RESULTS FOR FIRST SIX MONTHS
CORNERSTONE NATURAL GAS, INC. ANNOUNCES SECOND QUARTER FINANCIAL RESULTS
CONSOLIDATED NATURAL GAS REPORTS FIRST QUARTER RESULTS
CONSOLIDATED NATURAL GAS COMPANY REPORTS RESULTS FOR FIRST SIX MONTHS
ONEOK Inc. Reports Second-Quarter Earnings
Consolidated Natural Gas Reports Improved Results For Third Quarter
Consolidated Natural Gas Reports Second Quarter Earnings

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters