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EL PASO NATURAL GAS COMPANY DECLARES INCREASED QUARTERLY DIVIDEND AND REPORTS 1992 EARNINGS

 EL PASO, Jan. 12 /PRNewswire/ -- The directors of El Paso Natural Gas Company (NYSE: EPG) today declared a quarterly dividend of 27.5 cents per share on the company's outstanding common stock. This represents a 10 percent increase from the former quarterly dividend of 25 cents per share. The increased dividend will be payable April 1, 1993 to shareholders of record March 12, 1993. Outstanding common stock as of Dec. 31, 1992 was 37,119,916 shares.
 FULL YEAR RESULTS
 El Paso Natural Gas Company reported full year 1992 net income of $76 million, or $2.12 per share, based on 36.0 million shares outstanding. In 1991, when the company was a wholly owned subsidiary of Burlington Resources Inc., EPG reported income from continuing operations of $89 million, or $2.82 per share, based on 31.4 million shares then outstanding. On a pro forma basis, giving effect to EPG's debt refinancing and March 1992 initial public offering, the company's 1991 income from continuing operations totaled $72 million, or $1.97 per share. Excluding $0.23 per share of non-recurring AFUDC income related to the company's 50 percent owned Mojave Pipeline, pro forma results for 1991 were $1.74 per share.
 The improvement in earnings per share over 1991 pro forma results reflected higher net revenues from new rates which became effective in January 1992. Pipeline throughput for the year totaled 3.7 billion cubic feet per day, down 4 percent from 3.9 billion cubic feet per day in 1991, due to the addition of over one billion cubic feet per day of competing pipeline capacity to the California market in 1992.
 Capital expenditures during 1992 totaled $246 million compared with $308 million for continuing operations in 1991. The decrease reflects the mainline expansion program started in 1991 and completed in April of this year. Cash flow from operations was $334 million compared with $249 million from continuing operations in 1991. The increase in cash flow reflects the sale of the company's take-or-pay receivables in January 1992.
 FOURTH QUARTER RESULTS
 Net income for the fourth quarter of 1992 was $17 million, or $0.45 per share, based on 37.0 million shares outstanding. In 1991, the company reported earnings of $20 million, or $0.63 per share, based on 31.4 million shares then outstanding. On a pro forma basis, giving effect to EPG's debt refinancing and March 1992 initial public offering, the company's 1991 fourth quarter income totaled $15 million, or $0.42 per share. Pro forma results for the year-ago quarter excluding $0.07 per share of Mojave AFUDC income was $0.35 per share.
 EL PASO NATURAL GAS COMPANY
 Consolidated Statement of Income
 (in thousands, except per share amounts -- unaudited)
 Fourth Quarter
 Pro Forma
 1992 1991 1991
 Revenues $ 222,775 $ 183,118 $ 184,442
 Costs and expenses 178,349 144,920 144,920
 Operating income 44,426 38,198 39,522
 Interest expense (16,225) (19,163) (18,003)
 Other income (expense) - net (1,780) 4,585 8,702
 Inc. from cont. operations
 before income taxes 26,421 23,620 30,221
 Income taxes 9,821 8,148 10,591
 Inc. from cont. operations 16,600 15,472 19,630
 Discontinued operations - net
 of income taxes -- -- --
 Net income $ 16,600 $ 15,472 $ 19,630
 Earnings per common share:
 Continuing operations $ 0.45 $ 0.42 $ 0.63
 Discontinued operations -- -- --
 Earnings per common share $ 0.45 $ 0.42 $ 0.63
 Average common shares 36,976 36,422 31,422
 Twelve Months
 Pro Forma
 1992 1991 1991
 Revenues $ 802,812 $ 729,899 $ 735,196
 Costs and expenses 617,902 550,277 550,277
 Operating income 184,910 179,622 184,919
 Interest expense (68,075) (102,541) (97,900)
 Other income (expense) - net 6,454 37,011 53,481
 Inc. from cont. operations
 before income taxes 123,289 114,092 140,500
 Income taxes 46,963 42,185 51,956
 Inc. from continuing operations 76,326 71,907 88,544
 Discont. operations - net
 of income taxes -- -- 54,131
 Net income $ 76,326 $ 71,907 $ 142,675
 Earnings per common share:
 Continuing operations $ 2.12 $ 1.97 $ 2.82
 Discontinued operations -- -- 1.72
 Earnings per common share $ 2.12 $ 1.97 $ 4.54
 Average common shares 36,049 36,422 31,422
 NOTE: The Pro Forma 1991 Income Statement data presented above reflect the adjustments as reported on page 12 of EPG's March 12, 1992 Prospectus. The adjustments are amortized evenly over the year to arrive at the fourth quarter and 12 month figures shown.
 EL PASO NATURAL GAS COMPANY
 Consolidated Balance Sheet
 (in thousands -- unaudited)
 Pro Forma
 Dec. 31, Dec. 31, Dec. 31,
 1992 1991 1991
 ASSETS
 Current Assets
 Cash and temporary cash
 investments $ 48,638 $ 170,160 $ 324,771
 Accounts and notes receivable 157,584 162,951 162,951
 Inventories 47,647 51,347 51,347
 Current portion of take-or-pay
 buy-outs, buy-downs and
 prepayments 49,711 211,491 305,472
 Other 60,742 9,951 9,951
 Total current assets 364,322 605,900 854,492
 Property, plant and equipment, net
 of accumulated depreciation and
 amortization 1,450,328 1,283,796 1,283,796
 Take-or-pay buy-outs, buy-downs
 and prepayments 104,038 62,025 62,025
 Other 132,041 142,619 101,619
 Total assets $2,050,729 $2,094,340 $2,301,932
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current Liabilities
 Accounts payable and accrued
 liabilities $ 361,632 $ 272,767 $ 303,412
 Payable to BR -- -- 250,793
 Other current liabilities 11,569 195,914 5,000
 Total current liabilities 373,201 468,681 559,205
 Payable to BR, less current portion -- -- 374,011
 Long-term debt 637,074 638,533 249,942
 Deferred income taxes 201,997 221,575 221,575
 Other liabilities 107,636 71,312 20,960
 Deferred credits 61,829 61,361 61,361
 TOTAL 1,008,536 992,781 927,849
 Stockholders' equity, including
 retained earnings of $108,025,
 $68,353 and $338,353 668,992 632,878 814,878
 Total liabilities and
 stockholders' equity $2,050,729 $2,094,340 $2,301,932
 NOTE: The Pro Forma Balance Sheet presented above reflects the adjustments as reported on page 13 of EPG's March 12, 1992 Prospectus.
 EL PASO NATURAL GAS COMPANY
 Consolidated Cash Flow
 (in thousands -- unaudited)
 Periods ended Twelve months
 Dec. 31, 1992 1991
 Cash flows from operating activities
 Net income $ 76,326 $ 88,544
 Adjustments to reconcile net income
 to cash
 Depreciation and amortization 73,229 61,300
 Deferred income taxes (54,468) (96,944)
 Other 238,451 196,217
 Net cash provided by operating
 activities 333,538 249,117
 Cash flows from investing activities
 Capital expenditures (245,799) (308,103)
 Other 2,701 (16,370)
 Net cash used in investing
 activities (243,098) (324,473)
 Net cash used in financing activities (366,573) (224,681)
 Change in cash and temporary cash
 investments (276,133) (300,037)
 Cash and temporary cash investments
 Beginning of period 324,771 624,808
 End of period $ 48,638 $324,771
 -0- 1/12/93
 /CONTACT: Norma F. Dunn, director - media and investor relations of El Paso Natural Gas Company, 915-541-5443/
 (EPG)


CO: El Paso Natural Gas Company ST: Texas IN: OIL SU: ERN DIV

SH -- NY105 -- 4140 01/12/93 15:10 EST
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