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CONSOLIDATED NATURAL GAS COMPANY REPORTS NINE MONTH RESULTS

 CONSOLIDATED NATURAL GAS COMPANY REPORTS NINE MONTH RESULTS
 PITTSBURGH, Nov. 5 /PRNewswire/ -- Consolidated Natural Gas Company (NYSE: CNG) reported today that net income for the first nine months of 1992 was $97.9 million, up 34 percent from the $73 million earned in the first nine months of 1991. On a per-share basis, this equates to $1.11 a share compared with 84 cents a share last year.
 For the third quarter, the company reported a loss of $13.9 million, or 15 cents a share, compared with a loss of $22.9 million, or 26 cents a share, in the same period of 1991. The company normally experiences a loss in the third quarter due to the low demand for gas in the summer months.
 The improvement in both periods was due to colder weather, higher wellhead prices for gas and continuing expansion of the company's interstate gas transmission business.
 "In our exploration and production business, we benefited from higher gas prices and production in the third quarter, as well as lower operation and maintenance expenses," said George A. Davidson Jr., Consolidated's chairman and chief executive officer.
 "We also had substantial gains in our interstate gas transmission business, due in large part to our expanded services to both new and existing customers in the Northeast," he added.
 Operating income from CNG's interstate gas transmission business rose 25 percent in the nine months to $59.4 million, and 36 percent in the third quarter to $17.5 million. Nine-month transmission throughput, or the total volumes of gas delivered, rose 76 billion cubic feet (Bcf) to 455 Bcf and was up slightly in the quarter to 102 Bcf.
 CNG's gas distribution utilities posted an increase in operating income of 24 percent in the first nine months to $71.7 million. The improvement is mainly a reflection of weather that, although warmer than normal, was colder in the first nine months of this year than it was in 1991. Gas distribution operations, the most weather-sensitive component of the company's business, showed an operating loss of $15.8 million in the third quarter due to seasonally lower gas demand, versus a loss of $13.9 million in the third quarter of last year. Throughput was up 22 Bcf in the nine months to 302 Bcf. Third quarter throughput was unchanged from a year ago at 52 Bcf.
 Operating income in CNG's exploration and production business rose in the nine months to $30.6 million from $23.7 million a year earlier. Third quarter operating income was up also, increasing to $12.7 million from $5.4 million a year ago. CNG's average price for gas produced was $1.91 a thousand cubic fee in the 1992 first nine months compared to $1.86 in the 1991 period.
 For the quarter, the average price was $1.93 a thousand cubic feet, compared to $1.72 a year earlier. Nine-month gas production was 89 Bcf, approximately even with last year. Gas production of 30 Bcf in the third quarter compares with 25 Bcf in the 1991 third period.
 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, New York and other states in the Northeast. The company explores for gas and oil throughout the United States and in Canada.
 CONSOLIDATED NATURAL GAS COMPANY
 Nine months ended Sept. 30 1992 1991
 Total operating revenues $1,730,531,000 $1,849,802,000
 Net income 97,933,000 72,983,000
 Earnings per share of common stock $1.11 $ .84
 Average common shares outstanding 88,005,000 86,719,000
 Three months ended Sept. 30 1992 1991
 Total operating revenues $359,890,000 $367,979,000
 Net income (13,818,000) (22,879,000)
 Earnings per share of common stock $(.15) $(.26)
 Average common shares outstanding 89,188,000 86,946,000
 -0- 11/5/92
 /CONTACT: Gary Pastorius of Consolidated Natural Gas Company, 412-227-1361/
 (CNG) CO: Consolidated Natural Gas Company ST: Pennsylvania IN: OIL SU: ERN


CK -- NY045 -- 2982 11/05/92 10:32 EST
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Date:Nov 5, 1992
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