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SONAT REPORTS FIRST QUARTER RESULTS,ELECTS DIRECTORS

 HOUSTON, April 22 /PRNewswire/ -- Ronald L. Kuehn, Jr., chairman, president and chief executive officer of Sonat Inc. (NYSE: SNT), today announced that the company's earnings from continuing operations for the first three months of 1993 were $65.1 million, or $1.51 per share. After adjusting for various non-recurring items, the company earned $48.0 million, or $1.11 per share. This compared with earnings from continuing operations of $42.9 million, or $1.00 per share, for the same period in 1992.
 Also at the annual meeting, the stockholders elected five directors for three-year terms. The directors are William O. Bourke, Roberto C. Goizueta, Ronald L. Kuehn, Jr., Robert J. Lanigan and Charles Marshall.
 In other business, the stockholders re-elected Ernst & Young as Sonat's independent auditor and approved a restricted stock plan for Sonat's outside directors.
 Sonat, headquartered in Birmingham, Ala., is a worldwide energy company involved in natural gas transmission and marketing, oil and gas exploration and production, and offshore drilling.
 SONAT INC. AND SUBSIDIARIES
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME (1)
 (Unaudited)
 3 Months
 Periods Ended March 31, 1993 1992
 (In Thousands, Except
 Per-Share Amounts)
 Revenues $496,913 $419,977
 Costs and Operating Expenses 413,811 341,540
 Operating Income 83,102 78,437
 Other Income, Net 4,110 3,599
 Interest Income (Expense), Net 2,395 (27,989)
 Income from Continuing Operations before
 Extraordinary Item
 and Income Taxes 89,607 54,047
 Income Taxes 20,684 11,103
 Income from Continuing Operations before
 Extraordinary Item 68,923 42,944
 Income from Discontinued Operations --- 292
 Extraordinary Item (2) (3,829) ---
 Net Income (3) $ 65,094 $ 43,236
 Earnings Per Share of Common Stock:
 Earnings from continuing
 operations $ 1.60 $ 1.00
 Earnings from discontinued
 operations --- .01
 Loss from extraordinary item (.09) ---
 Earnings Per Share $ 1.51 $ 1.01
 Cash Dividends Paid Per Common Share $ .50 $ .50
 SONAT INC. AND SUBSIDIARIES
 BUSINESS SEGMENT DATA (1)
 (Unaudited)
 3 Months
 Periods Ended March 31, 1993 1992
 (In Thousands)
 Revenues:
 Natural gas transmission
 and marketing $399,571 $326,631
 Exploration and production 78,934 63,874
 Offshore drilling 55,660 44,928
 Other 1,133 3,549
 Intersegment revenue (38,385) (19,005)
 $496,913 $419,977
 Operating Income:
 Natural gas transmission
 and marketing $ 61,571 $ 69,425
 Exploration and production 21,807 9,377
 Offshore drilling (1,200) 794
 Other, net of corporate
 expenses 924 (1,159)
 Operating Income $ 83,102 $ 78,437
 (1) Discontinued operations represents the
 operations of Teleco Oilfield Services which was
 sold in April 1992.
 (2) The Company recognized a $4 million loss or $.09
 per share, net of taxes of $2 million, on the
 redemption of the Company's 7-1/4 Percent Zero
 Coupon, Subordinated Convertible Notes which
 were due Sept. 6, 2005.
 (3) Net income for the 1993 period includes a gain
 of $26 million, or $.60 per share, related to
 the settlement of the Company's federal income
 tax returns for the years 1983 through 1985;
 c?ome also includes a charge of $5 million, or
 $.12 per share, relating to interest provided on
 certain other tax issues.
 -0- 4/22/93
 /CONTACT: Bruce L. Connery, 205-325-3898, or Thomas W. Barker, Jr., 205-325-3586, both of Sonat/
 (SNT)


CO: Sonat Inc. ST: Alabama IN: OIL SU: ERN

BN-ST -- AT007 -- 9321 04/22/93 10:50 EDT
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Publication:PR Newswire
Date:Apr 22, 1993
Words:549
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