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SONAT REPORTS SECOND QUARTER RESULTS, DECLARES DIVIDEND

 SONAT REPORTS SECOND QUARTER RESULTS, DECLARES DIVIDEND
 BIRMINGHAM, Ala., July 23 /PRNewswire/ -- Ronald L. Kuehn, Jr., chairman, president and chief executive officer of Sonat Inc. (NYSE: SNT), announced today that the company's consolidated net income for the three months ended June 30, 1992, was $107.8 million, or $2.51 per share, compared with $9.5 million, or $.22 per share, for the same period in 1991.
 Second quarter results included a $112.8 million, or $2.63 per share, gain on the sale of its discontinued operation, Teleco Oilfield Services Inc., to Baker Hughes Incorporated.
 After adjusting for certain administrative charges taken during the quarter, the company earned $.9 million, or $.02 per share, from continuing operations compared with $11.2 million, or $.26 per share, for the same 1991 period. Administrative charges taken during the quarter totaled $5.1 million, or $.12 per share, and related to staff reductions and an employee compensation program. For the first six months of 1992, the company's earnings from continuing operations were $38.8 million, or $.91 per share, compared with $56.2 million, or $1.31 per share for the first six months of 1991.
 Kuehn also announced that a regular quarterly dividend of 50 cents per share has been declared for Sonat's common stock. The dividend, payable on September 14, 1992, to stockholders of record on August 31, 1992, is the 214th consecutive quarterly dividend paid on the company's common stock.
 Sonat, headquartered in Birmingham, 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) (2)
 (Unaudited)
 3 Months 6 Months
 Periods Ended June 30, 1992 1991 1992 1991
 (In Thousands, Except Per-Share Amounts)
 Revenues $295,586 $273,954 $715,563 $759,467
 Costs and Operating
 Expenses 280,077 233,398 621,617 625,853
 Operating Income 15,509 40,556 93,946 133,614
 Other Income, Net 5,178 1,972 8,777 6,582
 Interest Expense,
 Net (25,188) (26,985) (53,177) (54,552)
 Income (Loss) from
 Continuing Operations
 Before Income Taxes (4,501) 15,543 49,546 85,644
 Income Taxes (Benefits) (336) 4,383 10,767 29,441
 Income (Loss) from
 Continuing Operations(4,165) 11,160 38,779 56,203
 Discontinued
 Operations 111,915 (1,628) 112,207 1,318
 Net Income $107,750 $ 9,532 $ 150,986 $ 57,521
 Primary Earnings Per Share of Common Stock:
 Earnings (loss)
 from continuing
 operations $ (.10) 6? $ .91 $ 1.31
 Earnings (loss)
 from discontinued
 operations 2.61 (.04) 2.61 .03
 Earnings Per
 Share $ 2.51 $ .22 $ 3.52 $ 1.34
 Fully Diluted Earnings Per Share of Common Stock:
 Earnings (loss)
 from continuing
 operations $ (.02) $ .26 $ .96 $ 1.31
 Earnings (loss)
 from discontinued
 operations 2.38 (.04) 2.39 .03
 Earnings Per
 Share $ 2.36 $ .22 $ 3.35 $ 1.34
 Cash Dividends
 Paid Per
 Common Share $ .50 $ .50 $ 1.00 $ 1.00
 SONAT INC. AND SUBSIDIARIES
 BUSINESS SEGMENT DATA (1) (2)
 (Unaudited)
 3 Months 6 Months
 Periods Ended June 30, 1992 1991 1992 1991
 (In Thousands)
 Revenues:
 Natural gas $184,276 $180,977 $ 510,907 $562,973
 Exploration
 and production 62,246 61,733 126,120 137,090
 Offshore drilling 59,668 47,822 104,596 95,756
 Other 3,404 1,765 6,953 3,567
 Intersegment
 revenue (14,008) (18,343) (33,013) (39,919)
 $295,586 $273,954 $715,563 $759,467
 Operating Income:
 Natural gas $ 12,681 $ 20,517 $ 82,106 $ 93,364
 Exploration and
 production 3,245 9,188 12,622 24,597
 Offshore drilling (365) 11,227 429 16,963
 Other, net of
 corporate expenses (52) (376) (1,211) (1,310)
 Operating
 Income $ 15,509 $ 40,556 $ 93,946 $133,614
(1) Discontinued operations includes the gain on the
 sale of Teleco Oilfield Services Inc. of $112.8
 million or $2.63 per share for both 1992 periods. (2) The Company changed its method of accounting for
 its exploration and production activities from the
 full cost method to the successful efforts method
 during the fourth quarter of 1991, and results for
 all periods reflect the change.
 -0- 7/23/92
 /CONTACT: Bruce L. Connery, 205-325-3898, or Thomas W. Barker Jr., 205-325-3586/
 (SNT) CO: Sonat Inc. ST: Alabama IN: OIL SU: ERN


EA-BR -- AT010 -- 2473 07/23/92 11:39 EDT
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