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ENSERCH REPORTS RESULTS

 DALLAS, Feb. 10 /PRNewswire/ -- ENSERCH Corporation (NYSE: ENS) had a 1992 loss applicable to common stock of $41 million, or $.62 per share, after several unusual and extraordinary charges, compared with 1991 earnings applicable to common stock of $4.8 million, or $.07 per share.
 Before unusual and extraordinary items in both years, earnings for 1992 were $11 million, or $.17 per share, versus a loss of $5.2 million, or $.08 per share, for 1991.
 The unusual and extraordinary items that reduced 1992 earnings by $52 million, or $.79 per share, were:
 -- $11 million after-tax write-off of an idle pipeline and shallow- water production facility from an abandoned offshore project;
 -- $10 million after-tax litigation reserve;
 -- $7.1 million after-tax charge associated with the 1992 disposition of engineering and construction operations in the United Kingdom;
 -- $8.4 million after-tax charge relating to London and Houston real estate, formerly utilized by discontinued businesses; and
 -- $15 million after-tax extraordinary charge related to debt restructuring to reduce future interest expense.
 Results for 1991 included $10 million of after-tax gains on sales of properties.
 The current year's results were impacted by warm weather and poor natural-gas prices early in the year, while Ebasco, the Corporation's principal engineering and construction company, recorded significantly higher results. Operating income for 1992 was $130 million versus $133 million for 1991. Revenues for the year were $2.8 billion, level with the year earlier.
 Cash generated for the year was adequate to meet capital spending and dividends, to reduce debt by $12 million and to provide funds for temporary cash investments of $31 million.
 For the fourth quarter of 1992, the loss applicable to common stock was $33 million, or $.49 per share. All the unusual items and extraordinary charges mentioned earlier occurred in the fourth quarter except for $5 million of the extraordinary charge from debt restructuring. Operating income was $39 million versus $35 million for the year-ago period. Fourth-quarter revenues were $874 million, compared with $796 million for the 1991 period.
 The following table indicates contributions to operating income by each of the corporation's business segments:
 ENSERCH CORPORATION
 Operating Income (Loss) of Major Business Segments
 (Excludes general corporate expenses)
 (In thousands)
 Periods ended Three months Year
 Dec. 31 1992 1991 1992 1991
 Natural gas transmission
 and distribution $ 38,296 $35,458 $105,599 $115,516
 Petroleum exploration
 and production $(10,534)(A) $10,541 $ 6,917(A) $ 32,121
 Engineering and
 construction
 Ebasco $ 7,752 $ (525) $ 32,005 $ 8,194
 Enserch Development 12,537 114 9,776 2,072
 H&G(B) (2,951) (6,524) (7,516) (9,306)
 Total E&C $ 17,338 $(6,935) $ 34,265 $ 960
 (A) -- Includes $16.5 million pre-tax write-off of abandoned offshore facilities.
 (B) -- Sale completed on 12/31/92 for approximately $41 million cash in 1992.
 For the year 1992, the natural gas transmission and distribution segment's total system throughput was 528 billion cubic feet (Bcf), up 36 Bcf from 1991. This and other volume comparisons adjust for volumes of Enserch Gas Transmission, now partially owned. Residential and commercial sales volumes of 121 Bcf, 6 percent lower than in 1991, were impacted by heating degree days for 1992 being 9 percent below the year earlier and 18 percent below normal. Volumes sold to industrial customers of 63 Bcf were 3 percent below the year earlier. Electric- generation sales volumes of 67 Bcf declined 21 percent, primarily the result of the poor heating weather in the first quarter, followed by an unusually cool summer. Volumes sold to pipelines and others of 99 Bcf were 58 percent ahead of 1991 sales. Gas transportation volumes of 307 Bcf were 8 percent higher than the 1991 level.
 In the petroleum exploration and production segment, the average natural-gas sales price in 1992 of $1.82 per thousand cubic feet (Mcf) was up from the 1991 average level of $1.76 per Mcf, while sales volumes decreased 7 percent. The average price per barrel of oil sold was $19.20, 5 percent lower than 1991, and volumes decreased 16 percent versus the year earlier, partially due to the sale of properties. Natural gas liquids sales volumes rose 3 percent, while the average sales price per barrel fell 5 percent to $13.57.
 ENSERCH reserves at Jan. 1, 1993, were 1.10 trillion cubic feet (Tcf) of gas, slightly below the 1.17 Tcf for the year earlier. Sharply reduced capital expenditures in 1992 reduced drilling activity. Oil and condensate reserves, including natural gas liquids attributable to leasehold interests, decreased 2 percent to 39 million barrels (MMBbls) from the year-ago level of 40 MMBbls. Natural gas liquids reserves associated with processing natural gas remained essentially the same at 28 MMBbls. All reserves are estimated by DeGolyer and MacNaughton, independent petroleum consultants.
 Estimated future net cash flows, before income taxes, from ENSERCH's proved owned oil and gas reserves at Jan. 1, 1993, were $2.0 billion, compared with $2.1 billion for the year earlier. Higher gas prices were offset by lower reserves and increased future development costs. The net present value of such cash flows, before taxes and discounted at 10 percent, was $1.1 billion, about the same as the year-ago period. The margin between the cost-center ceiling under the full-cost method of accounting as prescribed by the Securities and Exchange Commission and the unamortized capitalized cost of U.S. oil and gas properties was $104 million at Dec. 31, 1992.
 Ebasco produced vastly improved results for 1992, as the company continued to show a higher load factor in the energy, environment and infrastructure markets. At yearend, Ebasco's backlog was $1.6 billion, compared with $1.2 billion at yearend 1991. Enserch Development Corporation's operating income included development fees on a new 160-megawatt cogeneration plant being built in Washington.
 Fourth-quarter results for the natural gas transmission and distribution segment were affected by 8 percent fewer heating degree days than in the year-ago period and 4 percent fewer than the normal level. In the petroleum exploration and production segment, gas prices were improved, but prices for oil and natural gas liquids declined from the year-ago quarter. Gas and oil sales volumes also were down, while those for NGLs were flat with the year-ago period. In addition, the $16.5 million pre-tax write-off of an idle offshore pipeline and shallow-water facility reduced this segment's income. In the engineering and construction segment, Ebasco showed substantially improved results and Enserch Development Corporation earned sizable income on a cogeneration plant in Washington.
 ENSERCH CORPORATION AND SUBSIDIARY COMPANIES
 Summary of Operations
 (In thousands except per share amounts)
 Three Months Ended Dec. 31 1992 1991
 Revenues $ 874,482 $ 795,568
 Operating income 38,815 34,860
 Income (loss) before extraordinary item (19,022) 3,914
 Extraordinary loss on
 extinguishment of debt ( 10,430) --
 Net income (loss) (29,452) 3,914
 Earnings (loss) applicable
 to common stock (32,649) 507
 Earnings (loss) per share of common stock:
 Before extraordinary item $ (.33) $ .01
 Extraordinary loss (.16) --
 Earnings (loss) applicable to
 common stock $ (.49) $ .01
 Average common and dilutive common
 equivalent shares outstanding 65,976 65,223
 Summary of Operations
 (In thousands except per share amounts)
 Twelve months ended Dec. 31 1992 1991
 Revenues $2,825,455 $2,834,673
 Operating income 129,909 133,054
 Income (loss) before extraordinary items (12,648) 19,065
 Extraordinary loss on
 extinguishment of debt (15,358) --
 Net income (loss) (28,006) 19,065
 Earnings (loss) applicable to common
 stock (40,958) 4,765
 Earnings (loss) per share of common stock:
 Before extraordinary items $ (.39) $ .07
 Extraordinary loss (.23) --
 Earnings (loss) applicable to
 common stock $ (.62) $ .07
 Average common and dilutive common
 equivalent shares outstanding 65,695 65,074
 -0- 2/10/93
 /NOTE TO EDITORS: Correct styles are ENSERCH Corporation and Enserch Exploration, Inc./
 /CONTACT: Crystal C. Bell, director, financial communications, 214-670-2528, or (investors) Benjamin A. Brown, vice president, financial relations, 214-670-2204, both of ENSERCH Corporation/
 (ENS)


CO: ENSERCH Corporation ST: Texas IN: OIL SU: ERN

TS -- NY024 -- 5042 02/10/93 09:50 EST
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