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UTILICORP ANNOUNCES PRELIMINARY 1991 RESULTS, GAS MARKETING AGREEMENT IN UNITED KINGDOM, DIVISION RATE CASE SETTLEMENT AND BOND REFINANCING

UTILICORP ANNOUNCES PRELIMINARY 1991 RESULTS, GAS MARKETING AGREEMENT IN
 UNITED KINGDOM, DIVISION RATE CASE SETTLEMENT AND BOND REFINANCING
 HOUSTON, Jan. 30 /PRNewswire/ -- UtiliCorp United (NYSE: UCU) today announced it achieved record financial results in 1991. The unaudited results were released today in a presentation to Houston area shareholders and members of the financial community.
 The company also announced a gas marketing agreement in the United Kingdom and a separate rate increase settlement of approximately $1 million at its Peoples Natural Gas division.
 UtiliCorp Chairman and President Richard C. Green Jr., said at the Houston meetings, "Our 1991 performance further demonstrates the soundness of UtiliCorp's growth strategy which calls for reducing risk through expansion in varying climates and regulatory jurisdictions."
 UtiliCorp's net income in 1991 increased 25 percent to $73.5 million, compared to $58.9 million in 1990. Primary earnings per common share were $2.23, versus $2.13 in 1990. Revenues in 1991 were $1.1 billion compared with $894 million in 1990, a 20 percent gain. The 1991 results are preliminary and subject to completion of the annual audit.
 For the fourth quarter of 1991 the company recorded net income of $26.2 million compared to $21 million in the 1990 quarter. Primary earnings per common share were $.75 versus $.74 in the prior year's fourth quarter. Revenues were $375 million compared with $269 million in the 1990 quarter.
 Average common shares outstanding increased to 29 million in 1991 from 24 million in 1990. The increase was due primarily to public offerings of four million common shares in late 1990 and 5.1 million common shares in late 1991.
 Included in the fourth quarter and annual figures are the results from WestPlains Energy, UtiliCorp's newest electric utility. The acquisition of WestPlains from Centel Corp. was finalized on Sept. 30, 1991.
 Also, in September 1991, UtiliCorp's Aquila Energy subsidiary increased its ownership of gas pipeline and processing facilities by acquiring the remaining ownership interest in Clajon Holdings, LP for approximately $39 million. It is now the sole owner. Based in San Antonio, Clajon consists of a 1,300-mile intrastate gas transmission and gathering network.
 Aquila continued its growth in 1991. Its net income was $15.4 million compared to $12.3 million in 1990. Aquila continues its strategic acquisition of reserves, pipeline and gathering systems and processing facilities. Total investments by Aquila during 1991 were $150 million compared to $245 million in 1990.
 Aquila Energy purchased natural gas reserves from Shell Western E&P in late 1991. The reserves are located at the Mocane-Lavern Field and the Fort Cobb/Rally Field in the Anadarko Basin in Oklahoma. The proved reserves total approximately 64 billion cubic feet equivalent of natural gas. The value of the purchase was $54.8 million.
 The improved quarterly and yearly results for UtiliCorp are also attributed to rate relief at Missouri Public Service, Michigan Gas Utilities, Kansas Public Service, West Kootenay Power, Peoples Natural Gas and to Aquila's investments in late 1990 and in 1991.
 Recently, UtiliCorp's Peoples Natural Gas division reached a rate increase agreement with an executive committee representing 33 Nebraska communities. The agreement will result in a revenue increase totaling $1.02 million and was billed subject to refund beginning with the fourth quarter of 1991.
 UtiliCorp announced today the company has completed the issuance of $130 million in senior notes, priced at par to yield 8.20 percent. The non-callable notes were priced at a spread of 115 basis points above the Treasury's 10-year note. The funds were used to refinance higher rate indebtedness.
 Green also noted that the company continues to research other acquisition opportunities domestically and internationally.
 UtiliCorp has concluded four gas marketing and supply agreements in the past six months with United Kingdom electricity companies. The latest agreement is a joint venture partnership with Seeboard plc to market and supply gas to commercial and industrial customers in the south of England.
 Southern Gas, a company formed under the partnership agreement, will purchase gas from another UtiliCorp affiliate, United Gas. UtiliCorp will own a 25 percent stake in Southern Gas and Seeboard will own the remainder.
 Earlier in January, UtiliCorp signed a joint venture agreement with Scottish Power plc to supply gas to commercial and industrial customers in Scotland.
 "Our strategy continues to work well for us, both here in the United States and abroad," Green said. In November 1991, UtiliCorp announced interest in the purchase of Citizens Gas & Coke Utiliity, Indianapolis, for $250 million to $350 million. UtiliCorp continues to look for growth opportunities in the United Kingdom, Portugal and New Zealand.
 Based in Kansas City, Mo., UtiliCorp provides gas and electric service to nearly one million customers in eight states and the province of British Columbia. The company also is engaged in various non- regulated energy and utility related enterprises.
 -0- 1/30/92
 /CONTACT: Phil Hermanson of Utilicorp, 816-691-3541/
 (UCU) CO: UtiliCorp United ST: Missouri IN: OIL SU: ERN


AL -- MN005 -- 5256 01/30/92 12:50 EST
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Date:Jan 30, 1992
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