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MCN CORPORATION REPORTS HIGHER FIRST-QUARTER EARNINGS

 MCN CORPORATION REPORTS HIGHER FIRST-QUARTER EARNINGS
 DETROIT, April 30 /PRNewswire/ -- MCN Corporation (NYSE: MCN) today


reported 1992 first-quarter earnings of $57 million, up nearly 11 percent from the $51.6 million in the first quarter of 1991. Earnings per share were $2.16, compared to $2.15 per share for 1991's first quarter. The company had approximately 11 percent more shares outstanding in the 1992 period.
 According to MCN Chairman Alfred R. Glancy III, "The $5.4 million increase in quarterly earnings reflects better results in both our utility and nonutility operations. Utility operations contributed $3.1 million of the increase, primarily as a result of growth in gas markets.
 Glancy said the company's aggressive gas marketing programs and capital investments, combined with favorable low gas prices and improved economic conditions, are expanding its gas sales and transportation markets, as well as its earnings base.
 Glancy also noted that MCN's nonutility businesses made a solid contribution to income in the first quarter, reversing a slight loss in the same quarter last year. He explained, "Nonutility earnings improved as a result of higher profit margins in gas marketing activities and increased profitability in the computer processing services business."
 According to Glancy, while weather during the 1992 quarter was comparable to the 1991 quarter, it was still significantly warmer than normal, reducing earnings $.30 per share. However, he noted, the increase in utility gas markets, combined with a higher earning base from recent capital investments, should substantially mitigate the effect of this warmer-than-normal weather on 1992 earnings.
 MCN's earnings for the 12 months ended March 31, 1992 were $40.6 million, about the same as the comparable period in 1991. Earnings for both years were depressed by significantly warmer-than- normal weather. Earnings per share of $1.60 for the 12 months ended March 31, 1992, were down from $1.73 in the 1991 period mainly due to the higher number of shares outstanding.
 MCN Corporation is the holding company for Michigan Consolidated Gas Company, a natural gas distribution, transmission and storage company serving more than 1 million customers in 465 communities throughout Michigan; for Citizens Gas Fuel Company, a Michigan natural gas utility; and for MCN Investment Corporation, which owns subsidiaries in the energy services, computer processing services, and natural gas technology businesses.
 MCN CORPORATION AND SUBSIDIARIES
 NEWS RELEASE STATISTICS (Unaudited)
 Three Months Ended
 March 31,
 1992 1991
 (Thousands Except
 Per-Share Amounts)
 Operating Revenues ................... $534,852 $519,264
 Operating Expenses ................... 436,782 427,953
 Operating Income ..................... 98,070 91,311
 Other Income and (Deductions) ........ (10,249) (11,944)
 Income Before Income Taxes ........... 87,821 79,367
 Income Taxes ......................... 30,787 27,809
 Net Income ........................... $ 57,034 $ 51,558
 Earnings Per Share ................... $ 2.16 $ 2.15
 Average Common Shares Outstanding .... 26,457 23,930
 Dividends Declared Per Share ......... $ .41 $ .41
 Gas Markets (MMcf) (Note 1)
 Utility Operations:
 Gas Sales ........................... 120,033 104,648
 Transportation - End Users .......... 39,412 35,105
 Transportation - Other .............. 29,000 21,360
 Total ............................... 188,445 161,113
 Nonutility Operations:
 Gas Sales .......................... 3,402 5,588
 Transportation ...................... 6,145 6,222
 Total ............................... 9,547 11,810
 Total Utility and Nonutility ......... 197,992 172,923
 Less Intercompany Transactions ....... 5,915 2,289
 Total ................................ 192,077 170,634
 Effect of Weather
 Degree Days ......................... 3,107 3,052
 Percent Colder (Warmer) Than Normal . (10.0) pct (10.6) pct
 Increase (Decrease) From Normal In:
 Gas Markets (MMcf) .................. (9,424) (8,628)
 Net Income ........................... $ (7,947) $ (6,674)
 Earnings Per Share ................... $ (.30) $ (.28)
 MMcf -- million cubic feet
 Note (1): Gas sales by MCN's marketing subsidiaries transported
 directly to customers by MichCon are included as both sales and
 transportation volumes.
 MCN CORPORATION AND SUBSIDIARIES
 NEWS RELEASE STATISTICS (Unaudited)
 12 Months Ended
 March 31,
 1992 1991
 (Thousands Except
 Per-Share Amounts)
 Operating Revenues .................. $1,291,867 $1,257,570
 Operating Expenses .................. 1,186,467 1,157,926
 Operating Income .................... 105,400 99,644
 Other Income and (Deductions) ....... (42,790) (35,648)
 Income Before Income Taxes .......... 62,610 63,996
 Income Taxes ........................ 22,056 22,962
 Net Income .......................... $ 40,554 $ 41,034
 Earnings Per Share .................. $ 1.60 $ 1.73
 Average Common Shares Outstanding ... 25,319 23,692
 Dividends Declared Per Share ........ $ 1.64 $ 1.61
 Gas Markets (MMcf) (Note 1)
 Utility Operations:
 Gas Sales .......................... 290,649 262,808
 Transportation - End Users ......... 124,153 113,560
 Transportation - Other ............. 113,136 71,027
 Total .............................. 527,938 447,395
 Nonutility Operations:
 Gas Sales .......................... 12,066 13,898
 Transportation ..................... 25,258 6,222
 Total .............................. 37,324 20,120
 Total Utility and Nonutility ........ 565,262 467,515
 Less Intercompany Transactions ...... 10,913 3,366
 Total ............................... 554,349 464,149
 Effect of Weather
 Degree Days ........................ 6,147 6,197
 Percent Colder (Warmer) Than Normal. (10.3) pct (9.2) pct
 Increase (Decrease) From Normal In:
 Gas Markets (MMcf) ................. (17,906) (14,750)
 Net Income .......................... $ (14,537) $ (11,011)
 Earnings Per Share .................. $ (.57) $ (.46)
 MMcf -- million cubic feet
 Note (1): Gas sales by MCN's marketing subsidiaries transported
 directly to customers by MichCon are included as both sales and
 transportation volumes.
 -0- 4/30/92
 /CONTACT: (Media) Sally A. LePla, 313-256-5349, or (Analysts) Sebastian Coppola, 313-256-6324, both of MCN/
 (MCN) CO: MCN Corporation ST: Michigan IN: UTI OIL SU: ERN


JG -- DE012 -- 4911 04/30/92 12:06 EDT
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