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CONSOLIDATED NATURAL GAS RAISES DIVIDEND; ANNOUNCES $344 MILLION CAPITAL BUDGET

 PITTSBURGH, Dec. 15 /PRNewswire/ -- Directors of Consolidated Natural Gas Company (NYSE: CNG)today increased the common stock dividend to an indicated annual rate of $1.92 a share from $1.90. At the same time, the board approved a $344 million capital budget for 1993.
 On a quarterly basis, the dividend would rise from 47.5 cents a share to 48 cents. The first dividend at the new rate is payable February 16, 1993, to shareholders of record on January 15, 1993. The dividend increase marks the 28th consecutive year in which Consolidated has raised its dividend.
 The planned 1993 expenditures include approximately $120 million for exploration and production activities, $112 million for gas transmission and $111 million for gas distribution. For 1992, the company's capital budget was $426 million. The lower level of capital spending planned for 1993 is due mainly to the completion in 1992 of major interstate pipeline construction projects by the company's CNG Transmission Corp. subsidiary.
 "With our multi-year expansion program in gas transmission now substantially in place, we're increasing considerably our participation in the growing market for natural gas in the Northeast and Middle Atlantic regions. In 1993, our capital budget will allow for more normal levels of new gas and oil drilling, with a stronger emphasis on exploration, as well as growth in investment base at our local gas utility subsidiaries," said George A. Davidson, Jr., Consolidated's chairman and chief executive officer.
 Consolidated is one of the nation's largest producers, transporters and distributors of natural gas. Its primary marketing areas for natural gas are in Ohio, Pennsylvania, West Virginia, 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.
 -0- 12/15/92
 /CONTACT: Gary Pastorius for Consolidated Natural Gas, 412-227-1361/
 (CNG)


CO: Consolidated Natural Gas Company ST: Pennsylvania IN: OIL SU: DIV

LR -- NY046 -- 7231 12/15/92 13:09 EST
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Publication:PR Newswire
Date:Dec 15, 1992
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