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KCS ENERGY 3RD QUARTER NET 71 CENTS VS. 12 CENTS

 EDISON, N.J., July 29 /PRNewswire/ -- KCS Energy, Inc. (NYSE: KCS) today reported record revenues and earnings for the third quarter and nine months ended June 30, 1993.
 Net income in the quarter was $4,101,000, or 71 cents per share, a sixfold increase over the $682,000, or 12 cents per share, for the same quarter in fiscal 1992. KCS earned 61 cents per share in all of fiscal 1992.
 Operating revenues increased 127 percent to $77,279,000 compared to $34,003,000 in the 1992 fiscal quarter.
 For the nine months ended June 30, 1993, KCS Energy reported net income of $8,349,000 or $1.46 per share, compared to $1,780,000, or 32 cents per share, a year ago. Operating revenues in the nine months were $182,131,000, an increase of 70 percent from the $107,161,000 during the same period last year.
 James W. Christmas, KCS Energy president and chief executive officer, said that given the Company's continued drilling success, he expects fourth quarter earnings to be higher than third quarter earnings.
 He also noted that oil and gas production continues to be the driving factor behind the Company's earnings performance. "Our aggressive development drilling program on our 100 percent owned acreage in the Bob West/Falcon Field in Zapata County, Texas, has resulted in three new producing wells, another being tested currently and a fifth new well now drilling," Christmas said. He said development drilling will continue in this field.
 Christmas also reported that seven wells are now producing, one well is being completed and two additional wells are now being drilled on adjoining acreage in the Bob West/Falcon Field where KCS has a 12 1/2 percent interest.
 KCS production from this field is being sold under an above market price contract expiring in January, 1999. The decision of a Texas court in June, 1992, upholding the contract, is currently under appeal by Tennessee Gas Pipeline Company.
 Operations in natural gas transportation, natural gas marketing and energy services are also contributing to the increased earnings, Christmas said.
 KCS Energy is engaged in oil and gas exploration and production, natural gas transportation, natural gas marketing and energy services with operations in Texas, Louisiana, Mississippi, New York, New Jersey, Virginia and Pennsylvania.
 KCS ENERGY, INC. COMPARATIVE TABLE
 Three Months Ended June 30,
 1993 1992
 (Thousands of Dollars, Except Per Share)
 Operating revenues $77,279 $34,003
 Operating income 5,743 1,042
 Interest and other income, net 475 221
 Interest expense (482) (337)
 Income before income taxes 5,736 926
 Federal and state income taxes 1,635 244
 Net income $4,101 $682
 Earnings per share of common
 stock and common stock
 equivalents $0.71 $0.12
 Average shares of common stock
 and common stock equivalents
 outstanding 5,765,932 5,531,058
 Operating cash flow (A) $6,988 $1,587
 Nine Months Ended June 30,
 1993 1992
 (Thousands of Dollars, Except Per Share)
 Operating revenues $182,131 $107,161
 Operating income 12,416 2,937
 Interest and other income, net 475 575
 Interest expense (1,214) (987)
 Income before income taxes 11,677 2,525
 Federal and state income taxes 3,328 745
 Net income $8,349 $1,780
 Earnings per share of common
 stock and common stock
 equivalents $1.46 $0.32
 Average shares of common stock
 and common stock equivalents
 outstanding 5,726,793 5,477,574
 Operating cash flow (A) $14,834 $4,757
 (A) Net income adjusted for depreciation, deferred taxes and other non-cash items.
 -0- 7/29/93
 /CONTACT: Henry A. Jurand of KCS Energy, Inc., 908-632-1770; or Cindy Knoebel of Financial Relations Board, 212-661-8030/
 (KCS)


CO: KCS Energy, Inc. ST: New Jersey IN: OIL UTI SU: ERN

JG-KE -- DE007 -- 7438 07/29/93 11:04 EDT
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Publication:PR Newswire
Date:Jul 29, 1993
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