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MCN CORPORATION REPORTS LOWER THIRD QUARTER SEASONAL LOSS

 MCN CORPORATION REPORTS LOWER THIRD QUARTER SEASONAL LOSS
 DETROIT, Oct. 28 /PRNewswire/ -- MCN Corporation (NYSE: MCN) today reported a 1992 third quarter loss of $15.2 million or $.57 per share, compared to a loss of $21.4 million or $.88 per share in the third quarter of 1991.
 According to MCN Chairman, President and Chief Executive Officer Alfred R. Glancy III, "We typically experience a third quarter loss, given the lower level in natural gas sales during the summer months. This year the continued expansion of our gas transportation markets and residential and commercial customer sales growth helped to reduce the seasonal loss."
 Earnings for the nine months ended Sept. 30, 1992, were $43.4 million or $1.63 per share, compared to $30 million or $1.24 per share for the same period in 1991.
 Earnings for the 12 months ended Sept. 30, 1992, were $48.5 million or $1.83 per share versus $40.4 million or $1.68 per share for the prior 12-month period. Glancy said the increase in earnings for the nine- and 12-month periods was primarily attributable to colder weather than the prior period, strong growth in utility gas markets, and improved profitability in MCN's nonutility operations.
 "We continue to be pleased with MCN's 1992 performance," stated Glancy. "Although colder than last year, the weather so far this year has still been warmer-than-normal. However, the increase in gas markets thus far in 1992 has completely offset the warm weather's financial impact on our utility operations," he added.
 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 operations services and natural gas technology businesses.
 MCN CORPORATION AND SUBSIDIARIES
 NEWS RELEASE STATISTICS (Unaudited)
 Three Months Ended
 Sept. 30,
 1992 1991
 (Thousands Except
 Per Share Amounts)
 Operating Revenues ...................... $184,938 $152,404
 Operating Expenses ...................... 200,495 172,708
 Operating Income (Loss)
 Utility ............................... (18,301) (23,318)
 Nonutility
 Computer Operations Services ........ 801 1,133
 Energy Services ..................... 2,612 2,613
 Other ............................... (669) (732)
 Total ............................. (15,557) (20,304)
 Other Income and (Deductions) ........... (9,008) (10,950)
 Income (Loss) Before Income Taxes........ (24,565) (31,254)
 Income Tax Provision (Benefit) .......... (9,406) (9,836)
 Net Income (Loss) ....................... $(15,159) $(21,418)
 Earnings (Loss) Per Share
 Utility ............................... $ (.58) $ (.88)
 Nonutility ............................ .01 --
 Total ............................... $ (.57) $ (.88)
 Average Common Shares Outstanding ....... 26,764 24,441
 Dividends Paid Per Share ................ $ .41 $ .41
 Gas Markets (MMcf) (1)
 Utility Operations:
 Gas Sales ............................ 38,422 34,734
 End User Transportation .............. 25,934 24,843
 Intermediate Transportation (2) ...... 54,293 33,403
 Total .............................. 118,649 92,980
 Nonutility Operations:
 Gas Sales ............................ 730 3,055
 Transportation ....................... 6,481 5,823
 Total .............................. 7,211 8,878
 Total Utility and Nonutility ........... 125,860 101,858
 Less Intercompany Transactions ......... 937 1,226
 Total .................................. 124,923 100,632
 Effect of Weather
 Degree Days ............................ 251 186
 Percent Colder (Warmer) than Normal .... N/A N/A
 Increase (Decrease) from Normal in:
 Gas Markets (MMcf) .................... 528 486
 Net Income ............................ $ 435 $ 379
 Earnings Per Share .................... $ .02 $ .02
 MMcf - million cubic feet
 Notes: (1) Gas sales by MCN's marketing subsidiaries transported directly to customers by MichCon are included as both sales and transportation volumes.
 (2) Intermediate Transportation represents gas delivery service for Michigan gas producers, brokerage companies and other gas companies who own the natural gas but are not the ultimate consumers.
 MCN CORPORATION AND SUBSIDIARIES
 NEWS RELEASE STATISTICS (Unaudited)
 Nine Months Ended
 Sept. 30,
 1992 1991
 (Thousands Except
 Per Share Amounts)
 Operating Revenues ...................... $988,284 $882,728
 Operating Expenses ...................... 893,942 805,049
 Operating Income (Loss)
 Utility ............................... 82,681 74,526
 Nonutility
 Computer Operations Services ........ 3,973 856
 Energy Services ..................... 9,809 6,378
 Other ............................... (2,121) (4,081)
 Total ............................. 94,342 77,679
 Other Income and (Deductions) ........... (27,539) (32,205)
 Income (Loss) Before Income Taxes ....... 66,803 45,474
 Income Tax Provision (Benefit) .......... 23,394 15,502
 Net Income (Loss) ....................... $ 43,409 $ 29,972
 Earnings (Loss) Per Share
 Utility ............................... $ 1.49 1.38
 Nonutility ............................ .14 (.14)
 Total ............................... $ 1.63 $ 1.24
 Average Common Shares Outstanding ....... 26,612 24,142
 Dividends Paid Per Share ................ $ 1.23 $ 1.23
 Gas Markets (MMcf) (1)
 Utility Operations:
 Gas Sales ............................ 215,565 188,104
 End User Transportation .............. 94,581 85,290
 Intermediate Transportation (2) ...... 123,815 72,797
 Total .............................. 433,961 346,191
 Nonutility Operations:
 Gas Sales ............................. 6,165 10,901
 Transportation ........................ 19,440 19,163
 Total ............................... 25,605 30,064
 Total Utility and Nonutility ............ 459,566 376,255
 Less Intercompany Transactions .......... 7,930 3,952
 Total ................................... 451,636 372,303
 Effect of Weather
 Degree Days ............................. 4,291 3,821
 Percent Colder (Warmer) than Normal (pct) (4.3) (14.1)
 Increase (Decrease) from Normal in:
 Gas Markets (MMcf) ..................... (8,238) (14,944)
 Net Income ............................. $ (7,021) $(11,503)
 Earnings Per Share ..................... $ (.26) $ (.48)
 MMcf - million cubic feet
 Notes: (1) Gas sales by MCN's marketing subsidiaries transported directly to customers by MichCon are included as both sales and transportation volumes.
 (2) Intermediate Transportation represents gas delivery service for Michigan gas producers, brokerage companies and other gas companies who own the natural gas but are not the ultimate consumers.
 MCN CORPORATION AND SUBSIDIARIES
 NEWS RELEASE STATISTICS (Unaudited)
 Twelve Months Ended
 Sept. 30,
 1992 1991
 (Thousands Except
 Per Share Amounts)
 Operating Revenues ...................... $1,381,835 $1,271,927
 Operating Expenses ...................... 1,266,531 1,172,128
 Operating Income (Loss)
 Utility ............................... 100,840 94,578
 Nonutility
 Computer Operations Services ........ 5,004 1,081
 Energy Services ..................... 12,427 9,376
 Other ............................... (2,967) (5,236)
 Total ............................. 115,304 99,799
 Other Income and (Deductions) ........... (39,819) (40,257)
 Income (Loss) Before Income Taxes ....... 75,485 59,542
 Income Tax Provision (Benefit) .......... 26,970 19,095
 Net Income (Loss) ....................... $ 48,515 $ 40,447
 Earnings (Loss) Per Share
 Utility ............................... $ 1.64 $ 1.66
 Nonutility ............................ .19 .02
 Total ............................... $ 1.83 $ 1.68
 Average Common Shares Outstanding ....... 26,541 24,088
 Dividends Paid Per Share ................ $ 1.64 $ 1.64
 Gas Markets (MMcf) (1)
 Utility Operations:
 Gas Sales ............................ 302,725 270,451
 End User Transportation .............. 129,137 116,660
 Intermediate Transportation (2) ...... 156,514 90,772
 Total .............................. 588,376 477,883
 Nonutility Operations:
 Gas Sales ............................ 9,516 16,085
 Transportation ....................... 25,612 19,163
 Total .............................. 35,128 35,248
 Total Utility and Nonutility ........... 623,504 513,131
 Less Intercompany Transactions ......... 11,265 4,210
 Total .................................. 612,239 508,921
 Effect of Weather
 Degree Days ............................ 6,562 5,955
 Percent Colder (Warmer) than Normal (pct) (4.3) (12.7)
 Increase (Decrease) from Normal in:
 Gas Markets (MMcf) .................... (10,404) (20,734)
 Net Income ............................ $ (8,782) $ (15,610)
 Earnings Per Share .................... $ (.33) $ (.65)
 MMcf - million cubic feet
 Notes: (1) Gas sales by MCN's marketing subsidiaries transported directly to customers by MichCon are included as both sales and transportation volumes.
 (2) Intermediate Transportation represents gas delivery service for Michigan gas producers, brokerage companies and other gas companies who own the natural gas but are not the ultimate consumers.
 -0- 10/28/92
 /CONTACT: (Media) Sally LePla, 313-256-5349, or (Analysts) Sebastian Coppola, 313-256-6324, both of MCN Corporation/
 (MCN) CO: MCN Corporation ST: Michigan IN: UTI OIL SU: ERN


JG -- DE021 -- 5943 10/28/92 11:34 EST
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