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EL PASO NATURAL GAS COMPANY REPORTS FIRST QUARTER RESULTS

 EL PASO NATURAL GAS COMPANY REPORTS FIRST QUARTER RESULTS
 EL PASO, Texas, April 8 /PRNewswire/ -- El Paso Natural Gas Company


(EPG) reported first quarter 1992 net income of $28 million, or $0.87 per share. For the same period last year, the company earned $29 million or $0.91 per share from continuing operations. In a March 1992 initial public offering, EPG issued 5,750,000 new shares representing approximately 15 percent of its outstanding common stock. The remaining 85 percent of common stock is held by Burlington Resources Inc. (BR).
 First quarter 1992 operating income was $57 million compared with $61 million a year ago. This decrease was partially due to a reduction in pipeline throughput which declined by six percent to 3.8 billion cubic feet per day primarily as a result of withdrawals of gas from storage in California.
 First quarter 1992 capital expenditures totaled $72 million compared to $27 million in 1991. The increase was due to EPG's pipeline expansion program.
 Cash flow from continuing operations was $175 million in the first quarter this year compared with $147 million during the first quarter 1991.
 EL PASO NATURAL GAS COMPANY
 Consolidated Statement Of Income
 (In Thousands, Except per Share Amounts)
 (Unaudited)
 First Quarter 1992 1991
 Revenues $174,410 $209,475
 Costs & Expenses 117,634 148,839
 Operating Income 56,776 60,636
 Interest Expense (17,686) (26,755)
 Other Income (Expense) - Net 6,725 11,850
 Income from Continuing
 Operations Before Income Taxes 45,815 45,731
 Income Taxes 17,393 17,033
 Income from Continuing
 Operations 28,422 28,698
 Discontinued Operations -
 Net of Income Taxes -- 34,534
 Net Income $28,422 $63,232
 Earnings per Common Share:
 Continuing Operations $0.87 $0.91
 Discontinued Operations -- 1.10
 Earnings per Common Share $0.87 $2.01
 Average Common Shares 32,647 31,422
 -0- 4/8/92
 /CONTACT: Norma F. Dunn of El Paso Natural Gas, 915-541-5443/ CO: El Paso Natural Gas Company ST: Texas IN: OIL SU: ERN


SM -- NY035 -- 6148 04/08/92 10:26 EDT
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Publication:PR Newswire
Date:Apr 8, 1992
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