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MIDWEST RESOURCES ANNOUNCES SECOND QUARTER EARNINGS

 DES MOINES, Iowa, Aug. 2 /PRNewswire/ -- Midwest Resources Inc. (NYSE: MWR) today announced increased earnings for the second quarter.
 Earnings for the three months ended June 30, 1993 are $9.5 million, or 17 cents per average share, compared to $3.3 million, or 6 cents per average share, for the second quarter of 1992. Second quarter revenues are $249 million, compared to $223 million in 1992. The improved earnings reflect a strong performance by the company's natural gas and electric utilities.
 Earnings for the 12 months ended June 30 are $56.1 million, or $1.03 per average share, compared to $56.3 million, or $1.08 per average share for the comparable period one year ago.
 "The major reasons for the improvement in second quarter earnings were events which occurred in the second quarter of 1992," said Russell E. Christiansen, chairman and chief executive officer. "Those events included unusually cool weather and write-offs related to rate case activity."
 Although the weather in the second quarter of 1993 was cooler and wetter than normal, it was more favorable to our utility business than the weather of 1992. As a result, customer usage increased. Retail sales of electricity increased 3.9 percent and retail sales of natural gas improved 3.6 percent.
 In 1992, the company recorded an electric refund reserve and wrote- off previously deferred manufactured gas plant site remediation costs.
 Although the recent flooding which occurred in Des Moines was extensive, the company expects that the principal financial effect will be some reduction in third quarter revenues. Damage to company facilities is estimated at approximately $5 million which is substantially covered by insurance. Increased operating expenses related to flood damage should be less than $1 million.
 Electric service to Des Moines has been restored, with minor limitations due to the use of mobile substations.
 Midwest Resources is a utility holding company headquartered in Des Moines. The utility subsidiary, Midwest Power Systems Inc., has two operating divisions: Midwest Power and Midwest Gas. Midwest Power provides electric service to 417,000 customers in Iowa and South Dakota. Midwest Gas serves 370,000 customers in Iowa, Minnesota, Nebraska and South Dakota. Nonregulated investments are operated through Midwest Capital Group Inc.
 MIDWEST RESOURCES INC.
 (In thousands except earnings per share)
 Three Months Ended Twelve Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 Revenues(a) $249,001 $223,027 $1,110,614 $1,020,392
 Net income $9,483 $3,330 $56,145 $56,260
 Earnings/average common
 share-
 From continuing
 operations $0.15 $0.06 $1.06 $1.14
 From discontinued
 operations(b) 0.02 --- (0.03) (0.06)
 Net income $0.17 $0.06 $1.03 $1.08
 Average shares
 outstanding 54,635 54,351 54,635 52,315
 Electric sales - mWh
 Retail 2,204 2,122 9,219 9,005
 Sales for resale 802 1,167 4,546 4,971
 Gas sales - MMBtu
 Retail 9,355 9,026 66,325 61,432
 Transportation & other 3,526 2,799 15,085 11,545
 Capital expenditures(c) $32,952 $40,467 $125,065 $145,456
 Return on average
 common equity --- --- 8.4pct. 8.7pct.
 (a) 1992 revenues have been restated to exclude discontinued oil
 and gas exploration operations.
 (b) Discontinued operations were sold in the second quarter of
 1993, and the gain from that sale is reflected in the current
 three-month and twelve-month periods.
 (c) Includes Cooper Nuclear Station capital improvements and
 allowance for funds used during construction.
 -0- 8/2/93
 /CONTACT: John McCarroll of Midwest Resources, 515-281-2785/
 (MWR)


CO: Midwest Resources Inc. ST: Iowa IN: UTI SU: ERN

MC -- DV007 -- 8394 08/02/93 13:04 EDT
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Date:Aug 2, 1993
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