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MIDWEST RESOURCES ANNOUNCES EXPECTED SECOND QUARTER EARNINGS

 MIDWEST RESOURCES ANNOUNCES EXPECTED SECOND QUARTER EARNINGS
 DES MOINES, Iowa, July 3 /PRNewswire/ -- Midwest Resources Inc. (NYSE: MWR) today announced that it expects its second quarter earnings to be substantially below the $11.2 million level reported for the same period last year.
 "We had unusually mild weather throughout our utility service teritories during the second quarter of 1992 compared to the second quarter of 1991, and our gas and electric energy sales fell well below our expectations," said Mark Putney, chairman and CEO. Cooling degree days were 55 percent less than the comparable period in 1991.
 Second quarter earnings also will be reduced because of a recent Iowa Utilities Board (IUB) decision involving the company's natural gas distribution subsidiary, Midwest Gas Co. This will result in a one-time, non-recurring accounting adjustment of $3.6 million for manufactured gas plant clean-up costs.
 A request for rehearing is currently pending before the IUB in an IPS Electric rate proceeding. An adverse regulatory decision could result in an additional reduction in revenues, according to Putney.
 Although Midwest Resources does not normally announce publicly its earnings forecasts, it was felt that these circumstances affecting second quarter earnings ought to be disclosed at this time, Putney said. A complete second quarter earnings announcement will be made at the end of July.
 Midwest Resources is a utility holding company headquartered in Des Moines. The utility operations of Midwest Resources serve 412,000 electric customers in Iowa and South Dakota. Gas service is provided to 363,000 customers in Iowa, Minnesota, Nebraska and South Dakota. The non-utility operations of Midwest Resources are conducted through Midwest Capital Group Inc.
 -0- 7/3/92
 /CONTACT: J. Sue Rozema of Midwest Resources, 515-281-2250/
 (MWR) CO: Midwest Resources Inc. ST: Iowa IN: UTI SU: ERP


MM -- SF003 -- 6451 07/03/92 15:00 EDT
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Publication:PR Newswire
Date:Jul 3, 1992
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