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SEAGULL ENERGY REPORTS FINANCIAL RESULTS

 SEAGULL ENERGY REPORTS FINANCIAL RESULTS
 HOUSTON, July 27 /PRNewswire/ -- Seagull Energy Corporation


(NYSE: SGO) today reported earnings applicable to common stock of $2.6 million, or 20 cents per share, for the second quarter of 1992. The company had revenues of $49.2 million and operating profit of $4.9 million for the quarter.
 Although revenues declined, operating profit and earnings for the 1992 quarter were improved over the prior-year period. In 1991's second quarter, Seagull had revenues of $55.3 million, operating profit of $3.5 million and a net loss of $1.6 million, or 14 cents per share.
 Cash flow (net cash provided by operating activities before changes in operating assets and liabilities) increased from $10.7 million in the 1991 period to $19.1 million for the three months ended June 30, 1992.
 For the six months ended June 30, 1992, Seagull had revenues of $116.7 million, operating profit of $11.8 million and earnings applicable to common stock of $5.5 million, or 43 cents per share. During the first half of 1991, the company had revenues of $128.4 million, operating profit of $16.2 million and earnings applicable to common stock of $4.6 million, or 41 cents per share.
 Cash flow improved from $30.3 million in the first half of 1991 to $39.5 million for the first six months of 1992.
 Two contributors to the improved 1992 results were the second quarter out-of-court settlement of a lawsuit and Seagull's first quarter recognition of two changes in accounting principles.
 The previously announced settlement, which involved litigation concerning seismic data Seagull acquired with its 1988 purchase of Houston Oil & Minerals Corporation, contributed $2.9 million, or 23 cents per share, to net earnings for 1992's second quarter. The cumulative effect of the two changes in accounting principles contributed $2.3 million, or 18 cents per share, to net earnings for 1992's first quarter.
 "We had favorable year-to-year comparisons in operating profit for the quarter in all three of our business segments and for the six months in our pipeline and Alaska distribution operations," noted Chairman Barry J. Galt. "At the consolidated level, we also benefited from lower second quarter interest expense.
 "Capital expenditures were lower in both of this year's periods. Nevertheless, we are maintaining an active exploration program and expect full-year capital spending to reach our previously anticipated level of approximately $60 million," he added.
 Galt said the company is encouraged by the firmer market for natural gas that has existed since early summer. "If demand and prices hold for the next few months, then improve as we move into the winter heating season, we are prepared to increase our gas production substantially," he declared. "A combination of higher production and better prices could lead to a material improvement in our E&P financial results for the second half of 1992.
 "While we were understandably pessimistic when first quarter results were announced three months ago, the current potential for improvement in second-half E&P results, coupled with the actual results we have compiled in 1992's first half, leads us to believe that it is now likely that the company will be profitable for the full year," Galt added. "Moreover, we believe the year's net cash provided by operating activities before changes in operating assets and liabilities should exceed the $65.9 million we achieved in 1991."
 SEAGULL ENERGY CORPORATION
 (Dollars in thousands except share
 and per-share amounts - Unaudited)
 Three months ended June 30, 1992 1991
 Revenues $49,216 $55,294
 Operating Profit 4,902 3,475
 Net Cash Provided by Operating Activities
 Before Changes in Operating Assets and
 Liabilities 19,050 10,729
 Net Cash Provided by Operating Activities 23,693 10,598
 Net Earnings (Loss) Before Cumulative Effect
 of Changes in Accounting Principles 2,603 (1,589)
 Earnings (Loss) Applicable to Common Stock 2,603 (1,589)
 Per Share:
 Earnings (Loss) Before Cumulative Effect
 of Changes in Accounting Principles 0.20 (0.14)
 Earnings (Loss) Applicable to Common Stock 0.20 (0.14)
 Weighted Average Common Shares
 Outstanding 12,788,935 11,239,449
 Six months ended June 30, 1992 1991
 Revenues $116,749 $128,414
 Operating Profit 11,756 16,222
 Net Cash Provided by Operating Activities
 Before Changes in Operating Assets and
 Liabilities 39,462 30,341
 Net Cash Provided by Operating Activities 28,459 29,390
 Net Earnings (Loss) Before Cumulative Effect
 of Changes in Accounting Principles 3,272 4,583
 Earnings (Loss) Applicable to Common Stock 5,545 4,583
 Per Share:
 Earnings (Loss) Before Cumulative Effect
 of Changes in Accounting Principles 0.25 0.41
 Earnings (Loss) Applicable to Common Stock 0.43 0.41
 Weighted Average Common Shares
 Outstanding 12,783,621 11,228,070
 SEAGULL ENERGY CORPORATION
 Business Segment Information (Unaudited)
 Three months ended June 30, 1992 1991
 FINANCIAL DATA (Dollars in Thousands)
 Revenues:
 Exploration and Production 19,904 20,870
 Pipeline Operations 9,161 8,053
 Alaska Transmission and Distribution 20,151 26,371
 Operating Profit (Loss):
 Exploration and Production 215 134
 Pipeline Operations 2,131 1,309
 Alaska Transmission and Distribution 2,556 2,032
 OPERATIONS DATA
 Exploration and Production
 Net Daily Production:
 Natural Gas (Mcf) 95,800 91,113
 Oil and Condensate (Bbl) 2,783 3,666
 Natural Gas Liquids (Bbl) 683 624
 Average Sales Prices:
 Natural Gas ($ per Mcf) 1.66 1.62
 Oil and Condensate ($ per Bbl) 18.90 19.08
 Natural Gas Liquids ($ per Bbl) 9.83 11.32
 Pipeline Operations
 Pipeline Margins (Dollars in Thousands):
 Gathering Sales Margin 118 140
 Transportation Fees 1,627 1,656
 Marketing Sales (A) 530 453
 Pipeline Margins 2,275 2,249
 Average Daily Pipeline Volumes (MMcf):
 Gas Gathering 177 202
 Gas Marketing 306 297
 Partnership Systems (net) 94 81
 Matagorda Gas Processing Plant:
 Average Daily Inlet Volumes (MMcf) 255 242
 Average Daily Net Production (Bbl) 3,548 3,153
 Average NGL Sales Price (cents per gallon) 30.1 27.6
 Alaska Transmission and Distribution
 Degree Days 1,739 1,648
 Volume of Gas Delivered (MMcf) 7,682 7,699
 Six months ended June 30, 1992 1991
 FINANCIAL DATA (Dollars in Thousands)
 Revenues:
 Exploration and Production 41,329 36,254
 Pipeline Operations 17,813 18,269
 Alaska Transmission and Distribution 57,607 73,891
 Operating Profit (Loss):
 Exploration and Production (3,957) 1,541
 Pipeline Operations 3,792 3,347
 Alaska Transmission and Distribution 11,921 11,334
 OPERATIONS DATA
 Exploration and Production
 Net Daily Production:
 Natural Gas (Mcf) 104,903 79,750
 Oil and Condensate (Bbl) 2,952 2,877
 Natural Gas Liquids (Bbl) 725 488
 Average Sales Prices:
 Natural Gas ($ per Mcf) 1.60 1.66
 Oil and Condensate ($ per Bbl) 17.89 20.51
 Natural Gas Liquids ($ per Bbl) 8.94 10.96
 Pipeline Operations
 Pipeline Margins (Dollars in Thousands):
 Gathering Sales Margin 235 310
 Transportation Fees 3,087 3,355
 Marketing Sales (A) 1,108 987
 Pipeline Margins 4,430 4,652
 Average Daily Pipeline Volumes (MMcf):
 Gas Gathering 175 213
 Gas Marketing 284 256
 Partnership Systems (net) 95 90
 Matagorda Gas Processing Plant:
 Average Daily Inlet Volumes (MMcf) 249 251
 Average Daily Net Production (Bbl) 3,477 3,327
 Average NGL Sales Price (cents per gallon) 28.7 28.2
 Alaska Transmission and Distribution
 Degree Days 5,795 5,701
 Volume of Gas Delivered (MMcf) 21,070 21,329
 (A) Gas marketing sales net of gas costs and transportation expenses.
 -0- 7/27/92
 /CONTACT: Alan Payne of Seagull Energy, 713-951-4700/
 (SGO) CO: Seagull Energy Corporation ST: Texas IN: OIL SU: ERN


SM -- NY069 -- 3510 07/27/92 12:07 EDT
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