<PAGE> 1
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
FORM U5S
ANNUAL REPORT
For the Year Ended December 31, 1993
Filed pursuant to the
Public Utility Holding Company Act of 1935
THE COLUMBIA GAS SYSTEM, INC.
(Name of registered holding company)
20 Montchanin Road
Wilmington, Delaware 19807
ON JULY 31, 1991, THE COLUMBIA GAS SYSTEM, INC. AND ITS WHOLLY-OWNED SUBSIDIARY
COLUMBIA GAS TRANSMISSION CORPORATION FILED SEPARATE PETITIONS SEEKING
PROTECTION UNDER CHAPTER 11 OF THE FEDERAL BANKRUPTCY CODE.
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Page 1
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
FORM U5S
ANNUAL REPORT
For the Year Ended December 31, 1993
Filed pursuant to the
Public Utility Holding Company Act of 1935
THE COLUMBIA GAS SYSTEM, INC.
(Name of registered holding company)
20 Montchanin Road
Wilmington, Delaware 19807
On July 31, 1991, The Columbia Gas System, Inc. and its wholly-owned subsidiary
Columbia Gas Transmission Corporation filed separate petitions seeking
protection under Chapter 11 of the Federal Bankruptcy Code.
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<PAGE> 3
Page 2
TABLE OF CONTENTS
<TABLE>
<CAPTION>
NO. OF
PAGE OR
ITEM EXHIBIT
- ---- ----------
<S> <C> <C>
1 System Companies and Investment Therein as of December 31,
1993 ...................................................... 3-7
2 Acquisitions or Sales of Utility Assets .................... 7
3 Issue, Sale, Pledge, Guarantee or Assumption of System
Securities ................................................ 7
4 Acquisition, Redemption or Retirement of System Securities . 8-9
5 Investments in Securities of Nonsystem Companies ........... 9
6 Officers and Directors ..................................... 10-49
7 Contributions and Public Relations ......................... 49
8 Service, Sales and Construction Contracts .................. 50-51
9 Wholesale Generators and Foreign Utility Companies ......... 52
10 Financial Statements and Exhibits .......................... 52
Consolidating Financial Statements (F-1 to F-6) .......... 53-79
Exhibits:
SEC Act of 1934 Reports ................................ A
Index to Corporate Organization & By-Laws Exhibits ..... B
Indentures or Contracts ................................ C
Tax Allocation Agreement for 1993 ...................... D
Other Documents Prescribed by Rule or Order ............ E
Schedules Supporting Items in the Report ............... F
Report of Independent Public Accountants ............... 1-F
Signature of Registrant's Officer .......................... 80
</TABLE>
<PAGE> 4
Page 3
ITEM 1. SYSTEM COMPANIES AND INVESTMENT THEREIN AS OF DECEMBER 31, 1993
<TABLE>
<CAPTION>
Issuer Owner
% 0f Book Book
Number of Common Voting Value Value
Name of Company (Company Abbreviation) Shares Owned Power ($000) ($000)
- --------------------------------------------------- ---------------- ------ -------- --------
<S> <C> <C> <C> <C>
THE COLUMBIA GAS SYSTEM, INC. (Registrant, CG) (a)
Columbia Atlantic Trading Corporation (CAT) ..... 82,000 100.0 (763) (763)
Columbia Coal Gasification Corporation (CGC) .... 1,939,000 100.0 (4,714) (4,714)
Unsecured Debt ................................ - - 17,953 17,953
Columbia Gas Development Corporation (CGD) ...... 5,676,477 100.0 42,133 42,133
Unsecured Debt ................................ - - 149,607 149,607
Columbia Gas of Kentucky, Inc. (CKY) ............ 632,248 100.0 46,552 46,552
Unsecured Debt ................................ - - 42,277 42,277
Columbia Gas of Maryland, Inc. (CMD) ............ 283,686 100.0 16,008 16,008
Unsecured Debt ................................ - - 14,784 14,784
Columbia Gas of Ohio, Inc. (COH) ................ 4,769,585 100.0 347,642 347,642
Unsecured Debt ................................ - - 276,613 276,613
Columbia Gas of Pennsylvania, Inc. (CPA) ........ 2,745,112 100.0 170,261 170,261
Unsecured Debt ................................ - - 138,099 138,099
Columbia Gas System Service Corporation (CS) .... 130,000 100.0 13,155 13,155
Unsecured Debt ................................ - - 19,853 19,853
Columbia Gas Transmission Corporation (TCO) (a).. 9,671,354 100.0 (517,221) (517,221)
Unsecured Debt ................................ - - 343,888 343,888
Secured Debt .................................. - - 930,448 930,448
Subsidiary:
Columbia Transmission Investment
Corporation (CTIC) (b) ................... 2,358 100.0 1,213,201 1,213,201
Columbia Gulf Transmission Company (CGT) ........ 5,977,951 100.0 156,110 156,110
Unsecured Debt ................................ - - 8,257 8,257
Unconsolidated Affiliates:
Overthrust Pipeline Company (c) ............. - 18.0 3,720 3,720
Ozark Gas Transmission System (d) ........... - 25.0 11,052 11,052
Trailblazer Pipeline Company (e) ............ - 33.3 25,996 25,996
Valuation Reserve (f)........................ - - (5,397) (5,397)
Columbia LNG Corporation (CLG) (g) .............. 2,963,730 90.8 (35,691) (35,691)
Unsecured Debt ................................ - - 21,344 21,344
CLNG Corporation (CLNG)........................ 1 100.0 1 1
Unconsolidated Affiliate:
Cove Point LNG Limited Partnership (h) - 50.0 - -
Columbia Natural Resources, Inc. (CNR) .......... 5,028,628 100.0 171,749 171,749
Unsecured Debt ................................ - - 40,466 40,466
Columbia Propane Corporation (CPC) .............. 156,000 100.0 3,614 3,614
Unsecured Debt ................................ - - 3,310 3,310
Commonwealth Gas Services, Inc. (COS) ........... 486,106 100.0 64,901 65,185
Unsecured Debt ................................ - - 82,425 82,425
</TABLE>
<PAGE> 5
Page 4
ITEM 1. Continued
<TABLE>
<CAPTION>
Issuer Owner
% 0f Book Book
Number of Common Voting Value Value
Name of Company (Company Abbreviation) Shares Owned Power ($000) ($000)
- --------------------------------------------------- ---------------- ------ -------- --------
<S> <C> <C> <C> <C>
Commonwealth Propane, Inc. (CPI) ................. 40,000 100.0 8,199 8,703
Unsecured Debt ................................. - - 6,500 6,500
Unconsolidated Affiliate:
Atlantic Energy, Inc. (AEI) (i) .............. 4,500 50.0 1,246 1,246
Columbia Energy Services Corporation (CES) (j).... 417,157 100.0 11,332 11,332
TriStar Capital Corporation (TCC) ................ 40,000 100.0 1,332 1,332
Subsidiary:
TriStar Gas Technologies, Inc. ................. 40,000 100.0 1,215 1,215
Unconsolidated Affiliate:
Enertek Partners, L.P. (k) ................. - 16.6 1,215 1,215
TriStar Ventures Corporation (TVC) ............... 611,704 100.0 34,854 34,854
Unsecured Debt ................................. - - - -
Subsidiaries:
TriStar Pedrick General Corporation .......... 3,000 100.0 1,046 1,046
Unsecured Debt ............................. - - 753 753
Unconsolidated Affiliate:
Pedricktown Cogeneration Limited
Partnership (l) ......................... - 15.0 3,038 3,038
TriStar Pedrick Limited Corporation .......... 42 100.0 2,384 2,384
Unsecured Debt ............................. - - 1,758 1,758
Unconsolidated Affiliate:
Pedricktown Cogeneration Limited
Partnership (l) ......................... - 35.0 7,088 7,088
TriStar Fuel Cells Corporation ............... 3,000 100.0 (886) (886)
Unsecured Debt ............................. - - 786 786
TriStar Binghamton General Corporation ....... 18 100.0 2,798 2,798
Unconsolidated Affiliate:
Binghamton Cogeneration Limited
Partnership (m) ......................... - 10.0 2,216 2,216
TriStar Binghamton Limited Corporation ....... 42 100.0 6,505 6,505
Unconsolidated Affiliate:
Binghamton Cogeneration Limited
Partnership (m) ......................... - 23.3 5,170 5,170
TriStar Georgetown General Corporation ....... 401 100.0 (95) (95)
Unconsolidated Affiliate:
Georgetown Cogeneration Limited
Partnership (n) ......................... - 1.0 96 -
</TABLE>
<PAGE> 6
Page 5
ITEM 1. Continued
<TABLE>
<CAPTION>
Issuer Owner
% 0f Book Book
Number of Common Voting Value Value
Name of Company (Company Abbreviation) Shares Owned Power ($000) ($000)
- --------------------------------------------------- ----------- ------ -------- --------
<S> <C> <C> <C> <C>
TriStar Georgetown Limited Corporation ...... 3,000 100.0 (4,732) (4,732)
Unsecured Debt ............................ - - 393 393
Unconsolidated Affiliate:
Georgetown Cogeneration Limited
Partnership (n) ........................ - 49.0 4,696 4,696
TriStar Vineland General Corporation ........ 2,704 100.0 766 766
Unconsolidated Affiliate:
Vineland Cogeneration Limited
Partnership (o) ....................... - 5.0 694 694
TriStar Vineland Limited Corporation ........ 2,385 100.0 6,791 6,791
Unconsolidated Affiliate:
Vineland Cogeneration Limited
Partnership (o) .......................... - 45.0 6,243 6,243
TriStar Rumford Limited Corporation ......... 1 100.0 95 95
Unsecured Debt ............................ - - 4,529 4,529
Unconsolidated Affiliate:
Rumford Cogeneration Company (p) ........ - 10.2 5,290 5,290
* TriStar Nine Corporation ...................... 1 100.0 - -
* TriStar Ten Corporation ....................... 1 100.0 - -
Unconsolidated Affiliate:
Cogeneration Partners of America (q) ........ - 50.0 - -
Unsecured Debt ............................ - - - -
</TABLE>
* Inactive companies.
(a) On July 31, 1991, The Columbia Gas System, Inc. and its wholly-owned
subsidiary Columbia Gas Transmission Corporation filed separate
petitions seeking protection under Chapter 11 of the Federal Bankruptcy
Code.
(b) Columbia Transmission Investment Corporation (CTIC), a wholly-owned
subsidiary of Columbia Gas Transmission Corporation, was organized on
March 18, 1992 under the laws of the State of Delaware. CTIC was formed
to assume the responsibility for investing the excess cash of Columbia
Gas Transmission Corporation.
(c) Partnership interest in the Overthrust Pipeline Company. Partners each
owning an eighteen percent (18%) interest are Columbia Gulf Transmission
Company, Questar Pipeline Company, Inc., NGPL - Overthrust Inc.,
Northern Overthrust Pipeline Company and Tennessee Overthrust Company.
CIG Overthrust Inc. holds the remaining ten percent (10%).
(d) Partnership interest in the Ozark Gas Transmission System. Partners
each owning a twenty-five percent (25%) interest are Columbia Gulf
Transmission Company, Tennessee Ozark Gas Company, Ozark Gas Pipeline
Corporation and Caney River Transmission Company.
<PAGE> 7
Page 6
ITEM 1. Continued
(e) Partnership interest in the Trailblazer Pipeline Company. Partners each
owning a thirty-three and one- third percent (33-1/3%) interest are
Columbia Gulf Transmission Company, Enron Trailblazer Pipeline Company
and NGPL - Trailblazer, Inc.
(f) The partnership valuation reserve was established in 1993 as a result of
several firm shippers on the partnership system planning to exit their
agreements under Federal Energy Regulatory Commission Order No. 636,
thus potentially impairing CGT's investment.
(g) In two sales in 1989 and 1991, a total of 301,270 out of 3,265,000
shares, held by CG, were sold to the Shell LNG Company ("Shell LNG"), a
subsidiary of Shell Oil Company ("Shell"). The termination of the
agreement with Shell resulted in litigation involving CG, CLG, Shell
LNG, Shell and certain CLG Directors appointed by Shell LNG, which was
settled pursuant to a Settlement Agreement dated as of September 17,
1992. The Settlement Agreement, which is subject to Commission approval
in a currently pending filing, provides Shell LNG with the right to
require in certain instances, CG or CLG, as the case may be, to buy back
Shell LNG's holdings in CLG in the event that CG and/or CLG enter into
future transactions with unaffiliated third parties for the sale or
issuance of CLG stock or the sale of CLG's assets. The purchase price
for such buy back would be determined based on the value of the asset or
stock sale.
(h) As of January 27, 1994, Columbia LNG Corporation ("CLG"), together with
its wholly-owned subsidiary, CLNG Corporation ("CLNG"), entered into an
Amended and Restated Agreement of Limited Partnership ( the "L.P.
Agreement") to form Cove Point LNG Limited Partnership ("the partner-
ship"), with Cove Point Energy Company, Inc. ("COPE") and PEPCO Energy
Company, Inc. ("PENCO"). Under the L.P. Agreement, CLNG and COPE are
each general partners of the Partnership. Each of the general partners
has a one (1%) percent ownership interest and fifty (50%) percent of
the Partnership's voting power. CLG and PENCO each are limited partners
of the Partnership, holding, respectively, forty-nine (49%) percent
ownership interests in the Partnership. The limited partners have no
voting power (except in certain extraordinary situations).
(i) Atlantic Energy, Inc. is an unconsolidated subsidiary of Commonwealth
Propane, Inc., accounted for as an investment using the equity method.
Commonwealth Propane, Inc. and Petrolane, Inc. each have a fifty percent
(50%) ownership interest in the propane storage facility. Additional
disclosure is provided for AEI in Item 6 (Officers and Directors) and
Item 9 Exhibits (Articles of Incorporation and By-Laws).
(j) On July 1, 1993 The Inland Gas Company, Inc. was reorganized into a
marketing company named Columbia Energy Services Corporation to provide
a broad range of nonregulated marketing and supply activities to
affiliated and nonaffiliated customers.
(k) Partnership interest in Enertek L.P. (EnerTek), EnerTek is a gas
industry fund that invests in companies developing new technologies to
enhance the supply, transportation and utilization of natural gas. The
limited partners and their ownership interest include Battelle Memorial
Institute (8.3%); Brooklyn Union Gas Company (16.5%), CNG Technologies,
Inc. (16.5%); Enron Venture Capital Company (16.5%); Equitable
Resources, Inc. (8.3%); Southern California Gas Company (16.5%); and
TriStar Gas Technologies, Inc. (16.5%). Scientific Advances, Inc. is
the general partner owning 0.9%.
(l) Partnership interest in Pedricktown Cogeneration Limited Partnership.
The general partners are Pedrick General, Inc. and TriStar Pedrick
General Corporation, each of which owns one-half of the thirty percent
(30%) general partnership interest. The limited partners are Pedrick
Limited, Inc. and TriStar Pedrick Limited Corporation, each of which
owns one-half of the seventy percent (70%) limited partnership interest.
Pedrick General, Inc. and Pedrick Limited, Inc. are subsidiaries of
Atlantic Generation, Inc.
(m) Partnership interest in Binghamton Cogeneration Limited Partnership.
The general partners are Binghamton General, Inc.; S.N.W. Binghamton I,
L.P.; and TriStar Binghamton General Corporation, each of which owns
one-third of the thirty percent (30%) general partnership interest. The
limited partners
<PAGE> 8
Page 7
ITEM 1. Continued
are Binghamton Limited, Inc.; S.N.W. Binghamton II, L.P.; and TriStar
Binghamton Limited Corporation, each of which owns one-third of the
seventy percent (70%) limited partnership interest. Binghamton General,
Inc. and Binghamton Limited, Inc. are subsidiaries of Atlantic
Generation, Inc. and S.N.W. Binghamton I, L.P. and S.N.W. Binghamton II,
L.P. are subsidiaries of Stone & Webster Development Corp.
(n) Partnership interest in Georgetown Cogeneration Limited Partnership.
The general partners are Georgetown General, Inc. and TriStar Georgetown
General Corporation, each of which owns one-half of the two percent (2%)
general partnership interest. The limited partners are Georgetown
Limited, Inc. and TriStar Georgetown Limited Corporation, each of which
owns one-half of the ninety eight percent (98%) limited partnership
interest. Georgetown General, Inc. and Georgetown Limited, Inc. are
subsidiaries of Atlantic Generation, Inc.
(o) Partnership interest in Vineland Cogeneration Limited Partnership. The
general partners are Vineland General, Inc. and TriStar Vineland General
Corporation, each of which owns one-half of the ten percent (10%)
general partnership interest. The limited partners are Vineland
Limited, Inc. and TriStar Vineland Limited Corporation, each of which
owns one-half of the ninety percent (90%) limited partnership interest.
Vineland General, Inc. and Vineland Limited, Inc. are subsidiaries of
Atlantic Generation, Inc.
(p) Partnership interest in Rumford Cogeneration Company. The limited
partners and the percent of ownership interest of each include: TriStar
Rumford Limited Corporation (10.2%), UtilCo Group, Inc. (24.3%),
Nichimen America, Inc. (10.2%), Dominion Energy, Inc. (10.2%), and
Rumford Regulus Power Partners, a California Limited Partnership
(15.1%). Rumford Cogeneration, Inc. is the general partner owning
30.0%.
(q) Partnership interest in Cogeneration Partners of America. TriStar
Ventures Corporation and Atlantic Generation, Inc. each own 50%.
ITEM 2. ACQUISITIONS OR SALES OF UTILITY ASSETS
None.
ITEM 3. ISSUE, SALE, PLEDGE, GUARANTEE OR ASSUMPTION OF SYSTEM SECURITIES
None.
<PAGE> 9
Page 8
ITEM 4. ACQUISITION, REDEMPTION OR RETIREMENT OF SYSTEM SECURITIES DURING 1993
<TABLE>
<CAPTION>
Number of Shares or
Name of Company Principal Amount
Acquiring, --------------------------------------
Name of Issuer Redeeming or Redeemed
and Retiring Acquired and Retired Consideration Commission
Title of Issue Securities ($000) ($000) ($000) Authorization
- ----------------- --------------- ------------------ ------------------ ----------------- --------------
<S> <C> <C> <C> <C> <C>
CGC
Unsecured Debt CGC - 8,386 8,386 Exempt Rule 42
CGD
Unsecured Debt CG 10,000 - 10,000 File #70-7910
Unsecured Debt CGD - 28,168 28,168 Exempt Rule 42
CKY
Unsecured Debt CG 20,600 - 20,600 File #70-8219
Unsecured Debt CKY - 9,783 9,783 Exempt Rule 42
CMD
Unsecured Debt CG 8,500 - 8,500 File #70-8219
Unsecured Debt CMD - 3,596 3,596 Exempt Rule 42
COH
Unsecured Debt CG 140,900 - 140,900 File #70-8219
Unsecured Debt COH - 87,426 87,426 Exempt Rule 42
CPA
Unsecured Debt CG 60,200 - 60,200 File #70-8219
Unsecured Debt CPA - 21,450 21,450 Exempt Rule 42
CS
Unsecured Debt CG 5,000 - 5,000 File #70-7910
Unsecured Debt CG 5,400 - 5,400 File #70-8219
Unsecured Debt CS - 3,018 3,018 Exempt Rule 42
CGT
Unsecured Debt CGT - 3,464 3,464 Exempt Rule 42
CLG
Unsecured Debt CLG - 3,250 3,250 Exempt Rule 42
CNR
Unsecured Debt CNR - 4,209 4,209 Exempt Rule 42
CPC
Unsecured Debt CPC - 434 434 Exempt Rule 42
COS
Unsecured Debt CG 33,000 - 33,000 File #70-8219
Unsecured Debt COS - 15,793 15,793 Exempt Rule 42
</TABLE>
<PAGE> 10
Page 9
ITEM 4. Continued
<TABLE>
<CAPTION>
Number of Shares or
Name of Company Principal Amount
Acquiring, --------------------------------------
Name of Issuer Redeeming or Redeemed
and Retiring Acquired and Retired Consideration Commission
Title of Issue Securities ($000) ($000) ($000) Authorization
- ----------------- --------------- ------------------ ------------------ ----------------- --------------
<S> <C> <C> <C> <C> <C>
CPI
Unsecured Debt CPI - 1,140 1,140 Exempt Rule 42
TCC
Common Stock CG 0 shares* - 575* File #70-7910
Unsecured Debt TCC - 75 75 Exempt Rule 42
TVC
Common Stock CG 0 shares** - 30,142** File #70-8235
Unsecured Debt CG 40,525 shares - 11,752 File #70-8012
Unsecured Debt TVC - 1,059 1,059 Exempt Rule 42
Unsecured Debt TVC - 30,142 30,142** File #70-8235
TriStar Binghamton
General Corp.
Common Stock TVC 100 shares - 3,000 File #70-8012
TriStar Binghamton
Limited Corp.
Common Stock TVC 100 shares - 7,000 File #70-8012
</TABLE>
*Represents capital contribution for investment in Enertek Partners, L.P.
**Recapitalization of TVC. Installment promissory notes previously issued by
TVC to CG were retired. The retirement of these notes represents a capital
contribution.
ITEM 5. INVESTMENTS IN SECURITIES OF NONSYSTEM COMPANIES
None.
<PAGE> 11
Page 10
ITEM 6. OFFICERS AND DIRECTORS
PART I. Name and principal business address as of December 31, 1993
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
CG AEI CAT CGC CGD CKY CMD COH CPA CS CTIC
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
James T. Alexander
20 Montchanin Road
Wilmington, Delaware 19807
--------------------------------------------------------------------------------------------------------------------------
Anthony W. Amurgis VP VP VP VP
200 Civic Center Drive
Columbus, Ohio 43215
--------------------------------------------------------------------------------------------------------------------------
John P. Anderson
20 Montchanin Road
Wilmington, Delaware 19807
--------------------------------------------------------------------------------------------------------------------------
Larry J. Bainter T VP VP VP VP VP VP VP VP VP
20 Montchanin Road T T
Wilmington, Delaware 19807 D
--------------------------------------------------------------------------------------------------------------------------
Richard W. Beardsley
900 Pennsylvania Avenue
Charleston, West Virginia 25302
--------------------------------------------------------------------------------------------------------------------------
Robert H. Beeby D D
77 Beachside Avenue
Green Farms, CT 06436
--------------------------------------------------------------------------------------------------------------------------
Daniel L. Bell, Jr. S D D SVP
20 Montchanin Road SVP D
Wilmington, Delaware 19807 CLO CLO
S
--------------------------------------------------------------------------------------------------------------------------
Napoleon A. Bell D
180 E. Broad St., Suite 1716
Columbus, Ohio 43215
--------------------------------------------------------------------------------------------------------------------------
George H. Billings VP
336-338 14th Street D
Ashland, Kentucky 41101 COO
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 12
Page 11
ITEM 6. Continued
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------
TCO CGT CPC CLG CNR COS CPI CES TVC TCC
(a) (b)
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
James T. Alexander VP
20 Montchanin Road
Wilmington, Delaware 19807
--------------------------------------------------------------------------------------------------------------------
Anthony W. Amurgis VP
200 Civic Center Drive
Columbus, Ohio 43215
--------------------------------------------------------------------------------------------------------------------
John P. Anderson S S
20 Montchanin Road
Wilmington, Delaware 19807
--------------------------------------------------------------------------------------------------------------------
Larry J. Bainter VP VP VP VP VP VP VP VP VP VP
20 Montchanin Road
Wilmington, Delaware 19807
--------------------------------------------------------------------------------------------------------------------
Richard W. Beardsley VP
900 Pennsylvania Avenue
Charleston, West Virginia 25302
--------------------------------------------------------------------------------------------------------------------
Robert H. Beeby
77 Beachside Avenue
Green Farms, CT 06436
--------------------------------------------------------------------------------------------------------------------
Daniel L. Bell, Jr. D D D D D D D
20 Montchanin Road
Wilmington, Delaware 19807
--------------------------------------------------------------------------------------------------------------------
Napoleon A. Bell
180 E. Broad St., Suite 1716
Columbus, Ohio 43215
--------------------------------------------------------------------------------------------------------------------
George H. Billings
336-338 14th Street
Ashland, Kentucky 41101
--------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 13
Page 12
ITEM 6. Continued
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
CG AEI CAT CGC CGD CKY CMD COH CPA CS CTIC
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Tejinder S. Bindra S
20 Montchanin Road
Wilmington, Delaware 19807
-----------------------------------------------------------------------------------------------------------------------------
Thomas S. Blair D D
Blair Strip Steel Company
P. O. Box 7159
New Castle, Pennsylvania 16107
-----------------------------------------------------------------------------------------------------------------------------
Walter F. Bohn VP
One Riverway, 1st Floor
Houston, Texas 77056
-----------------------------------------------------------------------------------------------------------------------------
John P. Bornman, Jr. P
One Riverway, 1st Floor D
Houston, Texas 77056
-----------------------------------------------------------------------------------------------------------------------------
Alan P. Bowman VP VP VP VP
200 Civic Center Drive
Columbus, Ohio 43215
-----------------------------------------------------------------------------------------------------------------------------
G. N. Brammer
1700 MacCorkle Avenue, S.E.
Charleston, West Virginia 25314
-----------------------------------------------------------------------------------------------------------------------------
A. Mason Brent CB
800 Moorefield Park Drive D
Richmond, Virginia 23236
-----------------------------------------------------------------------------------------------------------------------------
L. Michael Bridges P
20 Montchanin Road D
Wilmington, Delaware 19807
-----------------------------------------------------------------------------------------------------------------------------
Donald A. Brooks
1700 MacCorkle Avenue, S.E.
Charleston, West Virginia 25314
-----------------------------------------------------------------------------------------------------------------------------
Daniel E. Brown VP VP VP VP
200 Civic Center Drive
Columbus, Ohio 43215
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 14
Page 13
ITEM 6. Continued
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------
TCO CGT CPC CLG CNR COS CPI CES TVC TCC
(a) (b)
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Tejinder S. Bindra S S S
20 Montchanin Road
Wilmington, Delaware 19807
--------------------------------------------------------------------------------------------------------------------
Thomas S. Blair
Blair Strip Steel Company
P. O. Box 7159
New Castle, Pennsylvania 16107
--------------------------------------------------------------------------------------------------------------------
Walter F. Bohn
One Riverway, 1st Floor
Houston, Texas 77056
--------------------------------------------------------------------------------------------------------------------
John P. Bornman, Jr.
One Riverway, 1st Floor
Houston, Texas 77056
--------------------------------------------------------------------------------------------------------------------
Alan P. Bowman VP
200 Civic Center Drive
Columbus, Ohio 43215
--------------------------------------------------------------------------------------------------------------------
G. N. Brammer SVP SVP
1700 MacCorkle Avenue, S.E.
Charleston, West Virginia 25314
--------------------------------------------------------------------------------------------------------------------
A. Mason Brent P P
800 Moorefield Park Drive D D
Richmond, Virginia 23236
--------------------------------------------------------------------------------------------------------------------
L. Michael Bridges P
20 Montchanin Road D
Wilmington, Delaware 19807 CE0
--------------------------------------------------------------------------------------------------------------------
Donald A. Brooks VP
1700 MacCorkle Avenue, S.E.
Charleston, West Virginia 25314
--------------------------------------------------------------------------------------------------------------------
Daniel E. Brown VP
200 Civic Center Drive
Columbus, Ohio 43215
--------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 15
Page 14
ITEM 6. Continued
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------
CG AEI CAT CGC CGD CKY CMD COH CPA CS CTIC
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Frank L. Buczek
P. O. Box 496, Manifold Rd., Rt. 19
Washington, Pennsylvania 15301
----------------------------------------------------------------------------------------------------------------------------
Edward A. Bush, Jr. VP
One Riverway, 1st Floor
Houston, Texas 77056
----------------------------------------------------------------------------------------------------------------------------
Wilson K. Cadman D D
3147 Keywest Court
Wichita, KA 67204
----------------------------------------------------------------------------------------------------------------------------
Joseph E. Campbell
900 Pennsylvania Avenue
Charleston, West Virginia 25302
----------------------------------------------------------------------------------------------------------------------------
Richard A. Casali VP VP
700 13th St., N.W., Suite 900
Washington, DC 20005
----------------------------------------------------------------------------------------------------------------------------
Michael W. Casdorph
1700 MacCorkle Avenue, S.E.
Charleston, West Virginia 25314
----------------------------------------------------------------------------------------------------------------------------
Sheila A. Castellarin VP VP VP VP
200 Civic Center Drive
Columbus, Ohio 43215
----------------------------------------------------------------------------------------------------------------------------
H. William Chaddock SVP
20 Montchanin Road D
Wilmington, Delaware 19807
----------------------------------------------------------------------------------------------------------------------------
Arnold T. Chonko VP VP VP VP
200 Civic Center Drive
Columbus, Ohio 43215
----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 16
Page 15
ITEM 6. Continued
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
TCO CGT CPC CLG CNR COS CPI CES TVC TCC
(a) (b)
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Frank L. Buczek VP
P. O. Box 496, Manifold Rd., Rt. 19
Washington, Pennsylvania 15301
-----------------------------------------------------------------------------------------------------------------------------
Edward A. Bush, Jr.
One Riverway, 1st Floor
Houston, Texas 77056
-----------------------------------------------------------------------------------------------------------------------------
Wilson K. Cadman
3147 Keywest Court
Wichita, KA 67204
-----------------------------------------------------------------------------------------------------------------------------
Joseph E. Campbell VP
900 Pennsylvania Avenue
Charleston, West Virginia 25302
-----------------------------------------------------------------------------------------------------------------------------
Richard A. Casali
700 13th St., N.W., Suite 900
Washington, DC 20005
-----------------------------------------------------------------------------------------------------------------------------
Michael W. Casdorph SVP SVP
1700 MacCorkle Avenue, S.E.
Charleston, West Virginia 25314
-----------------------------------------------------------------------------------------------------------------------------
Sheila A. Castellarin VP
200 Civic Center Drive
Columbus, Ohio 43215
-----------------------------------------------------------------------------------------------------------------------------
H. William Chaddock
20 Montchanin Road
Wilmington, Delaware 19807
-----------------------------------------------------------------------------------------------------------------------------
Arnold T. Chonko VP
200 Civic Center Drive
Columbus, Ohio 43215
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 17
Page 16
ITEM 6. Continued
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
CG AEI CAT CGC CGD CKY CMD COH CPA CS CTIC
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Jack A. Conrad
1700 MacCorkle Avenue, S.E.
Charleston, West Virginia 25314
----------------------------------------------------------------------------------------------------------------------------------
Bartholomew F. Cranston
20 Montchanin Road
Wilmington, Delaware 19807
----------------------------------------------------------------------------------------------------------------------------------
John H. Croom, III CB D D D D D CB
20 Montchanin Road P CEO
Wilmington, Delaware 19807 CEO D
D P
----------------------------------------------------------------------------------------------------------------------------------
John D. Daly D
20 Montchanin Road
Wilmington, Delaware 19807
----------------------------------------------------------------------------------------------------------------------------------
Dennis P. Detar
20 Montchanin Road
Wilmington, Delaware 19807
----------------------------------------------------------------------------------------------------------------------------------
Thomas F. Devers SVP SVP SVP SVP
200 Civic Center Drive
Columbus, Ohio 43215
----------------------------------------------------------------------------------------------------------------------------------
David R. Dodrill
2603 Augusta
Houston, Texas 77057-5618
----------------------------------------------------------------------------------------------------------------------------------
Stephen E. Eads
900 Pennsylvania Avenue
Charleston, West Virginia 25302
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 18
Page 17
ITEM 6. Continued
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------
TCO CGT CPC CLG CNR COS CPI CES TVC TCC
(a) (b)
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Jack A. Conrad VP VP
1700 MacCorkle Avenue, S.E.
Charleston, West Virginia 25314
----------------------------------------------------------------------------------------------------------------------------
Bartholomew F. Cranston P
20 Montchanin Road D
Wilmington, Delaware 19807
----------------------------------------------------------------------------------------------------------------------------
John H. Croom, III D D D D D D D D D D
20 Montchanin Road
Wilmington, Delaware 19807
----------------------------------------------------------------------------------------------------------------------------
John D. Daly
20 Montchanin Road
Wilmington, Delaware 19807
----------------------------------------------------------------------------------------------------------------------------
Dennis P. Detar T T
20 Montchanin Road
Wilmington, DE 19807
----------------------------------------------------------------------------------------------------------------------------
Thomas F. Devers SVP
200 Civic Center Drive
Columbus, Ohio 43215
----------------------------------------------------------------------------------------------------------------------------
David R. Dodrill VP VP
2603 Augusta
Houston, Texas 77057-5618
----------------------------------------------------------------------------------------------------------------------------
Stephen E. Eads VP
900 Pennsylvania Avenue
Charleston, West Virginia 25302
----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 19
Page 18
ITEM 6. Continued
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
CG AEI CAT CGC CGD CKY CMD COH CPA CS CTIC
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Dr. Sherwood L. Fawcett D D
2820 Margate Road
Columbus, Ohio 43221
----------------------------------------------------------------------------------------------------------------------------------
John T. Fay VP
20 Montchanin Road
Wilmington, Delaware 19807
----------------------------------------------------------------------------------------------------------------------------------
Dan R. Fields
1700 MacCorkle Avenue, S.E.
Charleston, West Virginia 25314
----------------------------------------------------------------------------------------------------------------------------------
S. H. Finch
1700 MacCorkle Avenue, S.E.
Charleston, West Virginia 25314
----------------------------------------------------------------------------------------------------------------------------------
James L. Flenniken
1700 MacCorkle Avenue, S.E.
Charleston, West Virginia 25314
----------------------------------------------------------------------------------------------------------------------------------
William J. Forsythe VP
20 Montchanin Road GA
Wilmington, Delaware 19807
- -----------------------------------------------------------------------------------------------------------------------------------
Donato Furlano C
1600 Dublin Road
Columbus, OH 43215
----------------------------------------------------------------------------------------------------------------------------------
David L. Gelbaugh VP VP VP VP
200 Civic Center Drive
Columbus, Ohio 43215
----------------------------------------------------------------------------------------------------------------------------------
Dennis P. Geran VP
20 Montchanin Road D
Wilmington, Delaware 19807
----------------------------------------------------------------------------------------------------------------------------------
Richard J. Gordon P P
200 Civic Center Drive D D
Columbus, Ohio 43215 COO COO
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 20
Page 19
ITEM 6. Continued
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
TCO CGT CPC CLG CNR COS CPI CES TVC TCC
(a) (b)
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Dr. Sherwood L. Fawcett
2820 Margate Road
Columbus, Ohio 43221
-----------------------------------------------------------------------------------------------------------------------------
John T. Fay
20 Montchanin Road
Wilmington, Delaware 19807
-----------------------------------------------------------------------------------------------------------------------------
Dan R. Fields VP VP
1700 MacCorkle Avenue, S.E.
Charleston, West Virginia 25314
-----------------------------------------------------------------------------------------------------------------------------
S. H. Finch VP VP
1700 MacCorkle Avenue, S.E.
Charleston, West Virginia 25314
-----------------------------------------------------------------------------------------------------------------------------
James L. Flenniken VP VP
1700 MacCorkle Avenue, S.E.
Charleston, West Virginia 25314
-----------------------------------------------------------------------------------------------------------------------------
William J. Forsythe
20 Montchanin Road
Wilmington, Delaware 19807
-----------------------------------------------------------------------------------------------------------------------------
Donato Furlano
1600 Dublin Road
Columbus, OH 43215
-----------------------------------------------------------------------------------------------------------------------------
David L. Gelbaugh VP
200 Civic Center Drive
Columbus, Ohio 43215
-----------------------------------------------------------------------------------------------------------------------------
Dennis P. Geran
20 Montchanin Road
Wilmington, Delaware 19807
-----------------------------------------------------------------------------------------------------------------------------
Richard J. Gordon
200 Civic Center Drive
Columbus, Ohio 43215
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 21
Page 20
ITEM 6. Continued
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
CG AEI CAT CGC CGD CKY CMD COH CPA CS CTIC
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
L. R. Greenberg D
P.O. Box 858
Valley Forge, PA 19482
----------------------------------------------------------------------------------------------------------------------------------
Stephen E. Greene
1700 MacCorkle Ave. S.E.
Charleston, W.V. 25314
----------------------------------------------------------------------------------------------------------------------------------
Jeffrey W. Grossman T
20 Montchanin Road
Wilmington, Delaware 19807
----------------------------------------------------------------------------------------------------------------------------------
R. S. Gustafson
2581 Washington Rd. #201
Pittsburgh, PA 15241
----------------------------------------------------------------------------------------------------------------------------------
William H. Harmon T
900 Pennsylvania Avenue
Charleston, West Virginia 25302
----------------------------------------------------------------------------------------------------------------------------------
Thomas E. Harris
800 Moorefield Park Drive
Richmond, Virginia 23236
----------------------------------------------------------------------------------------------------------------------------------
H. Foster Hayes T
800 Moorefield Park Drive S
Richmond, Virginia 23236 D
----------------------------------------------------------------------------------------------------------------------------------
J. K. Hayes D
20 Montchanin Road
Wilmington, Delaware 19807
----------------------------------------------------------------------------------------------------------------------------------
James P. Heffernan D D
767 Third Avenue
New York, NY 10017-2023
----------------------------------------------------------------------------------------------------------------------------------
John R. Henning P
900 Pennsylvania Avenue D
Charleston, West Virginia 25302 CEO
----------------------------------------------------------------------------------------------------------------------------------
Wayne C. Hildreth
P. O. Box 228
Strasburg, Virginia 22657
----------------------------------------------------------------------------------------------------------------------------------
Robert H. Hillenmeyer D D
120 E. Fairway Drive
Lexington, Kentucky 40502
----------------------------------------------------------------------------------------------------------------------------------
J. P. Holland D P
1700 MacCorkle Avenue, S.E. D
Charleston, West Virginia 25314
----------------------------------------------------------------------------------------------------------------------------------
Malcolm T. Hopkins D D
14 Brookside Rd., Biltmore Forest
Asheville, North Carolina 28803
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 22
Page 21
ITEM 6. Continued
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------------
TCO CGT CPC CLG CNR COS CPI CES TVC TCC
(a) (b)
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
L. R. Greenberg
P.O. Box 858
Valley Forge, PA 19482
---------------------------------------------------------------------------------------------------------------------------------
Stephen E. Greene VP VP
1700 MacCorkle Ave. S.E.
Charleston, WV 25314
---------------------------------------------------------------------------------------------------------------------------------
Jeffrey W. Grossman T
20 Montchanin Road
Wilmington, Delaware 19807
---------------------------------------------------------------------------------------------------------------------------------
R. S. Gustafson C
2581 Washington Rd. #201
Pittsburgh, PA 15241
---------------------------------------------------------------------------------------------------------------------------------
William H. Harmon T
900 Pennsylvania Avenue C
Charleston, West Virginia 25302
---------------------------------------------------------------------------------------------------------------------------------
Thomas E. Harris P
800 Moorefield Park Drive COO
Richmond, Virginia 23236 D
---------------------------------------------------------------------------------------------------------------------------------
H. Foster Hayes VP T
800 Moorefield Park Drive T D
Richmond, Virginia 23236 D VP
---------------------------------------------------------------------------------------------------------------------------------
J. K. Hayes
20 Montchanin Road
Wilmington, Delaware 19807
---------------------------------------------------------------------------------------------------------------------------------
James P. Heffernan
767 Third Avenue
New York, NY 10017-2023
---------------------------------------------------------------------------------------------------------------------------------
John R. Henning P
900 Pennsylvania Avenue CEO
Charleston, West Virginia 25302 D
---------------------------------------------------------------------------------------------------------------------------------
Wayne C. Hildreth VP
P. O. Box 228
Strasburg, Virginia 22657
---------------------------------------------------------------------------------------------------------------------------------
Robert H. Hillenmeyer
120 E. Fairway Drive
Lexington, Kentucky 40502
---------------------------------------------------------------------------------------------------------------------------------
J. P. Holland CB CB
1700 MacCorkle Avenue, S.E. CEO CEO
Charleston, West Virginia 25314 D D
---------------------------------------------------------------------------------------------------------------------------------
Malcolm T. Hopkins
14 Brookside Rd., Biltmore Forest
Asheville, North Carolina 28803
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 23
Page 22
ITEM 6. Continued
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
CG AEI CAT CGC CGD CKY CMD COH CPA CS CTIC
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Arthur W. Iler
20 Montchanin Road
Wilmington, DE 19807
----------------------------------------------------------------------------------------------------------------------------------
Richard F. James VP VP VP VP
200 Civic Center Drive
Columbus OH, 43215
----------------------------------------------------------------------------------------------------------------------------------
R. Joe Johnson
900 Pennsylvania Avenue
Charleston, West Virginia 25302
----------------------------------------------------------------------------------------------------------------------------------
Charlotte P. Kessler D
212 Park Drive
Columbus, Ohio 43209
----------------------------------------------------------------------------------------------------------------------------------
Glen L. Kettering
1700 MacCorkle Avenue, S.E.
Charleston, West Virginia 25314
----------------------------------------------------------------------------------------------------------------------------------
Peter J. Kinsella
1700 MacCorkle Avenue, S.E.
Charleston, West Virginia 25314
----------------------------------------------------------------------------------------------------------------------------------
W. Frederick Laird D D
20 Montchanin Road
Wilmington, Delaware 19807
----------------------------------------------------------------------------------------------------------------------------------
William J. Lavelle C C C C
200 Civic Center Drive VP VP VP VP
Columbus, Ohio 43215
---------------------------------------------------------------------------------------------------------------------------------
Dr. William E. Lavery D
Virginia Polytechnic Institute
and State University
Blacksburg, Virginia 24061-0220
---------------------------------------------------------------------------------------------------------------------------------
Wilbur B. Lawrence
800 Moorefield Park Drive
Richmond, Virginia 23236
---------------------------------------------------------------------------------------------------------------------------------
Harry Lee
1700 MacCorkle Avenue, S.E.
Charleston, West Virginia 25314
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 24
Page 23
ITEM 6. Continued
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------------
TCO CGT CPC CLG CNR COS CPI CES TVC TCC
(a) (b)
--------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Arthur W. Iler S
20 Montchanin Road
Wilmington, DE 19807
--------------------------------------------------------------------------------------------------------------------------------
Richard F. James VP
200 Civic Center Drive
Columbus, OH 43215
--------------------------------------------------------------------------------------------------------------------------------
R. Joe Johnson VP VP
900 Pennsylvania Avenue
Charleston, West Virginia 25302
--------------------------------------------------------------------------------------------------------------------------------
Charlotte P. Kessler
212 Park Drive
Columbus, Ohio 43209
--------------------------------------------------------------------------------------------------------------------------------
Glen L. Kettering SVP SVP
1700 MacCorkle Avenue, S.E.
Charleston, West Virginia 25314
--------------------------------------------------------------------------------------------------------------------------------
Peter J. Kinsella VP VP
1700 MacCorkle Avenue, S.E.
Charleston, West Virginia 25314
--------------------------------------------------------------------------------------------------------------------------------
W. Frederick Laird
20 Montchanin Road
Wilmington, Delaware 19807
--------------------------------------------------------------------------------------------------------------------------------
William J. Lavelle C
200 Civic Center Drive VP
Columbus, Ohio 43215
--------------------------------------------------------------------------------------------------------------------------------
Dr. William E. Lavery D
Virginia Polytechnic Institute
and State University
Blacksburg, Virginia 24061-0220
--------------------------------------------------------------------------------------------------------------------------------
Wilbur B. Lawrence VP VP
800 Moorefield Park Drive
Richmond, Virginia 23236
--------------------------------------------------------------------------------------------------------------------------------
Harry Lee VP
1700 MacCorkle Avenue, S.E.
Charleston, West Virginia 25314
--------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 25
Page 24
ITEM 6. Continued
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
CG AEI CAT CGC CGD CKY CMD COH CPA CS CTIC
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
James R. Lee EVP EVP EVP EVP
200 Civic Center Drive
Columbus, Ohio 43215
----------------------------------------------------------------------------------------------------------------------------------
J. Richard Lisenby T
One Riverway, 1st Floor
Houston, Texas 77056
----------------------------------------------------------------------------------------------------------------------------------
Richard E. Lowe VP VP VP
20 Montchanin Road C C
Wilmington, Delaware 19807 D
----------------------------------------------------------------------------------------------------------------------------------
Thomas C. Luffy T T T T
200 Civic Center Drive
Columbus, Ohio 43215
----------------------------------------------------------------------------------------------------------------------------------
George P. MacNichol, III D D
P. O. Box 366
Perrysburg, Ohio 43551
----------------------------------------------------------------------------------------------------------------------------------
Philip L. Magley SVP
20 Montchanin Road D
Wilmington, Delaware 19807
----------------------------------------------------------------------------------------------------------------------------------
R. C. Mauch P
P.O. Box 965 D
Valley Forge, PA 19482
----------------------------------------------------------------------------------------------------------------------------------
Gilbert A. Martin
700 13th Street, N.W., Suite 900
Washington, D.C. 20005
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 26
Page 25
ITEM 6. Continued
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------------
TCO CGT CPC CLG CNR COS CPI CES TVC TCC
(a) (b)
--------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
James R. Lee EVP
200 Civic Center Drive
Columbus, Ohio 43215
--------------------------------------------------------------------------------------------------------------------------------
J. Richard Lisenby
One Riverway, 1st Floor
Houston, Texas 77056
--------------------------------------------------------------------------------------------------------------------------------
Richard E. Lowe
20 Montchanin Road
Wilmington, Delaware 19807
--------------------------------------------------------------------------------------------------------------------------------
Thomas C. Luffy T
200 Civic Center Drive
Columbus, Ohio 43215
--------------------------------------------------------------------------------------------------------------------------------
George P. MacNichol, III
P. O. Box 366
Perrysburg, Ohio 43551
--------------------------------------------------------------------------------------------------------------------------------
Philip L. Magley
20 Montchanin Road
Wilmington, Delaware 19807
--------------------------------------------------------------------------------------------------------------------------------
R. C. Mauch
P.O. Box 965
Valley Forge, PA 19482
--------------------------------------------------------------------------------------------------------------------------------
Gilbert A. Martin VP VP
700 13th Street, N.W., Suite 900
Washington, D.C. 20005
--------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 27
Page 26
ITEM 6. Continued
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
CG AEI CAT CGC CGD CKY CMD COH CPA CS CTIC
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Gerald E. Mayo D
250 Broad Street
Columbus, OH 43215
----------------------------------------------------------------------------------------------------------------------------------
Dennis W. McFarland VP VP VP VP
20 Montchanin Road
Wilmington, Delaware 19807
----------------------------------------------------------------------------------------------------------------------------------
James A. McGehee, Jr.
800 Moorefield Park Drive
Richmond, Virginia 23236
----------------------------------------------------------------------------------------------------------------------------------
H. M. Melton, Jr.
1700 MacCorkle Avenue, S.E.
Charleston, West Virginia 25314
----------------------------------------------------------------------------------------------------------------------------------
Leslie M. Moor, Jr. VP
One Riverway, 1st Floor D
Houston, Texas 77056
----------------------------------------------------------------------------------------------------------------------------------
William F. Morse VP VP VP VP
1600 Dublin Road
Columbus, Ohio 43215
----------------------------------------------------------------------------------------------------------------------------------
Terrence J. Murphy VP
212 Locust Street
Suite 204
Harrisburg, Pennsylvania 17101
----------------------------------------------------------------------------------------------------------------------------------
Michael W. O'Donnell SVP D D D D D D SVP
20 Montchanin Road CFO CFO
Wilmington, Delaware 19807 D
----------------------------------------------------------------------------------------------------------------------------------
Mark P. O'Flynn D
1700 MacCorkle Avenue, S.E.
Charleston, West Virginia 25314
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 28
Page 27
ITEM 6. Continued
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------------
TCO CGT CPC CLG CNR COS CPI CES TVC TCC
(a) (b)
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Gerald E. Mayo
250 Broad Street
Columbus, OH 43215
---------------------------------------------------------------------------------------------------------------------------------
Dennis W. McFarland VP
20 Montchanin Road
Wilmington, Delaware 19807
---------------------------------------------------------------------------------------------------------------------------------
James A. McGehee, Jr. VP VP
800 Moorefield Park Drive D D
Richmond, Virginia 23236
---------------------------------------------------------------------------------------------------------------------------------
H. M. Melton, Jr. VP VP
1700 MacCorkle Avenue, S.E.
Charleston, West Virginia 25314
---------------------------------------------------------------------------------------------------------------------------------
Leslie M. Moor, Jr.
One Riverway, 1st Floor
Houston, Texas 77056
---------------------------------------------------------------------------------------------------------------------------------
William F. Morse VP P
1600 Dublin Road D
Columbus, Ohio 43215
---------------------------------------------------------------------------------------------------------------------------------
Terrence J. Murphy
212 Locust Street
Suite 204
Harrisburg, Pennsylvania 17101
---------------------------------------------------------------------------------------------------------------------------------
Michael W. O'Donnell D D D D D D D
20 Montchanin Road
Wilmington, Delaware 19807
---------------------------------------------------------------------------------------------------------------------------------
Mark P. O'Flynn SVP SVP
1700 MacCorkle Avenue, S.E. CFO CFO
Charleston, West Virginia 25314 D D
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 29
Page 28
ITEM 6. Continued
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
CG AEI CAT CGC CGD CKY CMD COH CPA CS CTIC
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Edward R. O'Leary
1700 MacCorkle Avenue, S.E.
Charleston, West Virginia 25314
----------------------------------------------------------------------------------------------------------------------------------
James M. O'Sullivan VP VP VP VP
200 Civic Center Drive
Columbus, Ohio 43215
----------------------------------------------------------------------------------------------------------------------------------
John W. Partridge, Jr. VP VP VP VP
200 Civic Center Drive
Columbus, Ohio 43215
----------------------------------------------------------------------------------------------------------------------------------
Benjamin D. Perine
2603 Augusta
Houston, Texas 77057-5618
----------------------------------------------------------------------------------------------------------------------------------
John K. Pfahl D
2610 Chariny Road
Columbus, Ohio 43221
----------------------------------------------------------------------------------------------------------------------------------
R. Neal Pierce, Jr. S
900 Pennsylvania Avenue
Charleston, West Virginia 25302
----------------------------------------------------------------------------------------------------------------------------------
Paul H. Pieri
2603 Augusta
Houston, Texas 77057-5618
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 30
Page 29
ITEM 6. Continued
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------------
TCO CGT CPC CLG CNR COS CPI CES TVC TCC
(a) (b)
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Edward R. O'Leary T T
1700 MacCorkle Avenue, S.E.
Charleston, West Virginia 25314
---------------------------------------------------------------------------------------------------------------------------------
James M. O'Sullivan VP
200 Civic Center Drive
Columbus, Ohio 43215
---------------------------------------------------------------------------------------------------------------------------------
John W. Partridge, Jr. VP
200 Civic Center Drive
Columbus, Ohio 43215
---------------------------------------------------------------------------------------------------------------------------------
Benjamin D. Perine SVP SVP
2603 Augusta
Houston, Texas 77057-5618
---------------------------------------------------------------------------------------------------------------------------------
John K. Pfahl
2610 Chariny Road
Columbus, Ohio 43221
---------------------------------------------------------------------------------------------------------------------------------
R. Neal Pierce, Jr. S
900 Pennsylvania Avenue
Charleston, West Virginia 25302
---------------------------------------------------------------------------------------------------------------------------------
Paul H. Pieri VP
2603 Augusta
Houston, Texas 77057-5618
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 31
Page 30
ITEM 6. Continued
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
CG AEI CAT CGC CGD CKY CMD COH CPA CS CTIC
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Ernesta G. Procope D
2-18 Parsons Boulevard
Malba, Long Island, New York 11357
----------------------------------------------------------------------------------------------------------------------------------
Edward A. Reid, Jr. VP VP VP VP
200 Civic Center Drive
Columbus, OH 43215
----------------------------------------------------------------------------------------------------------------------------------
Gary J. Robinson P P
200 Civic Center Drive COO COO
Columbus, Ohio 43215 D D
----------------------------------------------------------------------------------------------------------------------------------
R. Larry Robinson
1700 MacCorkle Avenue, S.E.
Charleston, West Virginia 25314
----------------------------------------------------------------------------------------------------------------------------------
Ellwood I. Shoemaker VP VP VP VP
200 Civic Center Drive
Columbus, Ohio 43215
----------------------------------------------------------------------------------------------------------------------------------
Kathryn I. Shroyer VP VP VP VP
200 Civic Center Drive
Columbus, Ohio 43215
----------------------------------------------------------------------------------------------------------------------------------
Robert C. Skaggs, Jr. EVP EVP EVP EVP
200 Civic Center Drive D D D
Columbus, Ohio 43215
----------------------------------------------------------------------------------------------------------------------------------
Giles D. H. Snyder S
1700 MacCorkle Avenue, S.E.
Charleston, West Virginia 25314
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 32
Page 31
ITEM 6. Continued
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------------
TCO CGT CPC CLG CNR COS CPI CES TVC TCC
(a) (b)
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Ernesta G. Procope D
2-18 Parsons Boulevard
Malba, Long Island, New York 11357
---------------------------------------------------------------------------------------------------------------------------------
Edward A. Reid, Jr. VP
200 Civic Center Drive
Columbus, Ohio 43215
---------------------------------------------------------------------------------------------------------------------------------
Gary J. Robinson
200 Civic Center Drive
Columbus, Ohio 43215
---------------------------------------------------------------------------------------------------------------------------------
R. Larry Robinson P P
1700 MacCorkle Avenue, S.E. D D
Charleston, West Virginia 25314
---------------------------------------------------------------------------------------------------------------------------------
Ellwood I. Shoemaker VP
200 Civic Center Drive
Columbus, Ohio 43215
---------------------------------------------------------------------------------------------------------------------------------
Kathryn I. Shroyer VP
200 Civic Center Drive
Columbus, Ohio 43215
---------------------------------------------------------------------------------------------------------------------------------
Robert C. Skaggs, Jr. EVP
200 Civic Center Drive D
Columbus, Ohio 43215
---------------------------------------------------------------------------------------------------------------------------------
Giles D. H. Snyder S S
1700 MacCorkle Avenue, S.E. GC GC
Charleston, West Virginia 25314
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 33
Page 32
ITEM 6. Continued
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
CG AEI CAT CGC CGD CKY CMD COH CPA CS CTIC
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Andrew J. Sonderman S S S S
200 Civic Center Drive GC GC GC GC
Columbus, Ohio 43215
---------------------------------------------------------------------------------------------------------------------------------
J. W. Stancik
1102 Memorial Boulevard
Huntington, West Virginia 25701
---------------------------------------------------------------------------------------------------------------------------------
Leslie Strand
1700 MacCorkle Avenue, S.E.
Charleston, West Virginia 25314
---------------------------------------------------------------------------------------------------------------------------------
James R. Thomas II D
910 Newton Road
Charleston, West Virginia 25314
---------------------------------------------------------------------------------------------------------------------------------
C. Ronald Tilley CB CB CB CB D
200 Civic Center Drive CEO CEO CEO CEO
Columbus, Ohio 43215 D D D D
---------------------------------------------------------------------------------------------------------------------------------
Jerry A. Tischer
800 Moorefield Park Drive
Richmond, VA 23236
---------------------------------------------------------------------------------------------------------------------------------
James W. Trost VP
20 Montchanin Road
Wilmington, Delaware 19807
---------------------------------------------------------------------------------------------------------------------------------
Anthony Trubisz, Jr.
2581 Washington Road
Bldg. 200, Suite 201
Upper St. Clair, Pennsylvania 15241
---------------------------------------------------------------------------------------------------------------------------------
John Van Dyke
2603 Augusta
Houston, Texas 77057-5618
---------------------------------------------------------------------------------------------------------------------------------
Logan W. Wallingford D D D SVP
20 Montchanin Road D
Wilmington, Delaware 19807
---------------------------------------------------------------------------------------------------------------------------------
Bernard T. Walsh
4111 Executive Parkway
Westerville, Ohio 43081
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 34
Page 33
ITEM 6. Continued
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------------
TCO CGT CPC CLG CNR COS CPI CES TVC TCC
(a) (b)
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Andrew J. Sonderman S
200 Civic Center Drive GC
Columbus, Ohio 43215
---------------------------------------------------------------------------------------------------------------------------------
J. W. Stancik VP
1102 Memorial Boulevard
Huntington, West Virginia 25701
---------------------------------------------------------------------------------------------------------------------------------
Leslie Strand VP
1700 MacCorkle Avenue, S.E.
Charleston, West Virginia 25314
---------------------------------------------------------------------------------------------------------------------------------
James R. Thomas II D
910 Newton Road
Charleston, West Virginia 25314
---------------------------------------------------------------------------------------------------------------------------------
C. Ronald Tilley CB
200 Civic Center Drive CEO
Columbus, Ohio 43215 D
---------------------------------------------------------------------------------------------------------------------------------
Jerry A. Tischer VP
800 Moorefield Park Drive
Richmond, VA 23236
---------------------------------------------------------------------------------------------------------------------------------
James W. Trost
20 Montchanin Road
Wilmington, Delaware 19807
---------------------------------------------------------------------------------------------------------------------------------
Anthony Trubisz, Jr. P
2581 Washington Road D
Bldg. 200, Suite 201
Upper St. Clair, Pennsylvania 15241
---------------------------------------------------------------------------------------------------------------------------------
John Van Dyke VP
2603 Augusta
Houston, Texas 77057-5618
---------------------------------------------------------------------------------------------------------------------------------
Logan W. Wallingford D D D D D D
20 Montchanin Road
Wilmington, Delaware 19807
---------------------------------------------------------------------------------------------------------------------------------
Bernard T. Walsh VP
4111 Executive Parkway
Westerville, Ohio 43081
--------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 35
Page 34
ITEM 6. Continued
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
CG AEI CAT CGC CGD CKY CMD COH CPA CS CTIC
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Stephen M. Warnick
1700 MacCorkle Avenue, S.E.
Charleston, West Virginia 25314
----------------------------------------------------------------------------------------------------------------------------------
Charles E. Weinkauf, Jr. VP
1600 Dublin Road
Columbus, Ohio 43215
----------------------------------------------------------------------------------------------------------------------------------
Robert W. Welch, Jr. VP
20 Montchanin Road
Wilmington, Delaware 19807
----------------------------------------------------------------------------------------------------------------------------------
Robert B. Wemyss, Jr.
800 Moorefield Park Drive
Richmond, Virginia 23236
----------------------------------------------------------------------------------------------------------------------------------
Larry L. Willeke
1700 MacCorkle Avenue, S.E.
Charleston, West Virginia 25314
----------------------------------------------------------------------------------------------------------------------------------
Lowell E. Williams S
One Riverway, 1st Floor
Houston, Texas 77056
----------------------------------------------------------------------------------------------------------------------------------
William R. Wilson D D
Oaklands Business Parks, Inc.
600 W. Lincoln Highway
Exton, Pennsylvania 19341-2572
----------------------------------------------------------------------------------------------------------------------------------
K. Fredrick Wrenn, Jr.
1700 MacCorkle Avenue, S.E.
Charleston, West Virginia 25314
----------------------------------------------------------------------------------------------------------------------------------
J. V. Yandoli VP
20 Montchanin Road
Wilmington, Delaware 19807
----------------------------------------------------------------------------------------------------------------------------------
Nazzi Cameo Zola
1700 MacCorkle Avenue, S.E.
Charleston, West Virginia 25314
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 36
Page 35
ITEM 6. Continued
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------------
TCO CGT CPC CLG CNR COS CPI CES TVC TCC
(a) (b)
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Stephen M. Warnick VP VP
1700 MacCorkle Avenue, S.E.
Charleston, West Virginia 25314
---------------------------------------------------------------------------------------------------------------------------------
Charles E. Weinkauf, Jr.
1600 Dublin Road
Columbus, Ohio 43215
---------------------------------------------------------------------------------------------------------------------------------
Robert W. Welch, Jr.
20 Montchanin Road
Wilmington, Delaware 19807
---------------------------------------------------------------------------------------------------------------------------------
Robert B. Wemyss, Jr. VP
800 Moorefield Park Drive
Richmond, Virginia 23236
---------------------------------------------------------------------------------------------------------------------------------
Larry L. Willeke VP VP
1700 MacCorkle Avenue, S.E.
Charleston, West Virginia 25314
---------------------------------------------------------------------------------------------------------------------------------
Lowell E. Williams
One Riverway, 1st Floor
Houston, Texas 77056
---------------------------------------------------------------------------------------------------------------------------------
William R. Wilson
Oaklands Business Parks, Inc.
600 W. Lincoln Highway
Exton, Pennsylvania 19341-2572
---------------------------------------------------------------------------------------------------------------------------------
K. Fredrick Wrenn, Jr. VP VP
1700 MacCorkle Avenue, S.E.
Charleston, West Virginia 25314
---------------------------------------------------------------------------------------------------------------------------------
J. V. Yandoli
20 Montchanin Road
Wilmington, Delaware 19807
---------------------------------------------------------------------------------------------------------------------------------
Nazzi Cameo Zola C C
1700 MacCorkle Avenue, S.E. VP VP
Charleston, West Virginia 25314
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 37
Page 36
ITEM 6. Continued
<TABLE>
<S> <C> <C> <C>
KEY CB - Chairman of the Board ACFO - Assistant Chief Financial Officer C - Controller
VC - Vice Chairman EVP - Executive Vice President GA - General Auditor
CEO - Chief Executive Officer SVP - Senior Vice President GC - General Counsel
COO - Chief Operating Officer VP - Vice President S - Secretary
P - President T - Treasurer D - Director
CFO - Chief Financial Officer CLO - Chief Legal Officer
</TABLE>
(a) The officers and directors of each of the twelve subsidiaries of TVC
listed in Item 1 are identical to the officers and directors of TVC.
(b) The officers and directors of the subsidiary of TCC listed in Item 1 are
identical to the officers and directors of TCC.
<PAGE> 38
Page 37
ITEM 6. Continued
Part II. Financial connections as of December 31, 1993*.
<TABLE>
<CAPTION>
Position
Held In Applicable
Name of Officer Name and Location of Financial Exemption
or Director Financial Institution Institution Rule
(1) (2) (3) (4)
- ------------------ --------------------------- -------------- ---------------
<S> <C> <C> <C>
W. Frederick Laird Wilmington Trust Company Director 70(b) & 70(d)
Wilmington, Delaware
William E. Lavery First Union Director 70(a) & 70(c)
Corporation of Virginia,
Roanoke, Virginia
Gerald E. Mayo Huntington Bancshares Director 70(a) & 70(c)
Incorporated, Columbus, OH
C. Ronald Tilley National City Bank, Director 70(c)
Columbus, Ohio
James R. Thomas One Valley Bank, N.A. Director 70(b) & 70(d)
Charleston, West Virginia
</TABLE>
* Since such information rests peculiarly within the knowledge of the
respective officers and directors, the Registrant disclaims responsibility
for the accuracy and completeness of such information.
<PAGE> 39
Page 38
ITEM 6. Continued
Part III(a). Compensation of officers and directors.
EXECUTIVE COMPENSATION
COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS
EXECUTIVE COMPENSATION REPORT TO STOCKHOLDERS
GENERAL - Through its Compensation Committee ("Committee"), the Board
of Directors has developed an executive compensation philosophy and
programs to implement that philosophy. These programs combine to form
the basis of the Corporation's total compensation plan for senior
management.
COMPENSATION PHILOSOPHY - The Board of Directors believes that total
compensation is not only payment for services rendered to the
Corporation but also a means to provide a strong motivational vehicle
for the achievement of key financial and strategic goals. The
Corporation provides executives with the opportunity to increase their
total compensation above base salary through annual and longer-term
incentive compensation programs. Incentive compensation goals are
established such that their achievement will result in added value to
the Corporation over reasonable periods of time. This is how
compensation is linked to corporate performance. The Corporation's
executive compensation program is designed to:
-- provide annual cash compensation and benefit levels that
target the median of the marketplace in similar- sized
utility and industrial companies;
-- maintain equitable relationships among the compensation
levels established for all jobs within the Corporation;
-- provide for the recognition of performance delivered
year-to-year and over the long term; and
-- ensure that appropriate controls are in place for
compensation to be fully earned.
Because of the Corporation's size and integrated nature, a number of
well-known utility and industrial executive compensation surveys are
utilized to determine competitive remuneration for executives. Most
of the companies in the S&P Natural Gas Utility Index are included in
one or more of these surveys. However, no single executive
compensation survey covers all of the companies in the S&P Natural Gas
Utility Index.
The Corporation's incentive compensation programs were suspended in
1991 due to the reduction in the dividend on Common Stock and the
filing for bankruptcy protection by the Corporation. This suspension
has been continued through 1993 for stock-based incentive programs.
<PAGE> 40
Page 39
IMPLEMENTATION OF PHILOSOPHY - The Corporation's executive
compensation program is administered by the Committee. The Committee
is composed of nine independent, nonemployee Directors. The
Corporation's executive "total compensation" program consists of the
following:
(1) Base Salary Program,
(2) Annual Incentive Compensation Plan,
(3) Long-Term Incentive Plan,
(4) Performance Share Program,
(5) Benefit Plans, and
(6) Other Arrangements.
(1) Base Salary - A base salary range is established for each
executive position based on an overall evaluation of the
position's content and a comparison of compensation levels of
similar positions in the external market. Competitive base
salary levels are needed to attract and retain competent
executives. Individual performance reviews are conducted at
least annually and are used, along with the relative position
of the individual's salary within the salary range, to
determine if any increase to base salary is warranted.
Increases are based on individual performance and are not
automatic. Based on the utility and industrial compensation
surveys referred to above, the base salary levels for the
named executive officers as a group approximates the median
for similar executives with corporations of similar size and
complexity. A range of merit opportunities is
pre-established on a uniform basis and the level of increase
within that range is based on an assessment of an
individual's management skills and achievement against a
variety of pre-established corporate and operating company
goals. These goals include specific Return on Invested
Capital ("ROIC") and Earnings Before Interest and Taxes
("EBIT") performance measures as well as other organizational
goals pertaining to their individual business unit. Each of
the goals is weighted and assigned to each individual
according to its importance and impact on the business unit.
The achievement of financial measures is given high priority
but the percentage will vary based on the individual's
position within the organization.
(2) Annual Incentive Compensation Plan - This Plan, which was
adopted in 1987, provides the opportunity for payment of cash
awards to key employees for attainment of specific goals
which contribute directly to the present and future financial
health of the Corporation. The Committee determines
eligibility and individual award opportunity levels and
establishes annual corporate and subsidiary company
performance targets. These targets include return on
invested capital and other measures for improving stockholder
value. Additionally, individual performance goals are
established each year in accordance with business plans.
Award opportunity levels may range from 15 percent to a
maximum of 60 percent of base salary. The Plan provisions
state that no award will be paid for any year in which the
Corporation's dividend level is reduced. This Plan was
suspended in mid-1991 and continued in suspension throughout
1992 and 1993. An interim cash performance award program was
authorized by the Compensation Committee in 1992.
Eligibility for consideration in the Interim Cash Performance
Award Program is based on the individual's level of
responsibility within the organization and ability to
contribute to the financial performance of the company. The
award opportunities in 1993 range from zero to 15 percent of
an individual's annual salary based on performance against
pre-set goals. The higher the achievement and contribution
to the
<PAGE> 41
Page 40
company, the larger the potential award could be. Performance
measures include specific EBIT and ROIC financial targets as
reflected in the company's strategic business plan and other
organizational goals which can contribute to the success of
the company. The award for 1992 performance was awarded
in 1992. The award for 1993 performance will not be
determined nor awarded until 1994. The funding for the
interim 1992 and 1993 program is approximately 33% of the
level of the Annual Incentive Plan funding prior to
bankruptcy.
(3) Long-Term Incentive Plan - The Long-Term Incentive Plan,
which was adopted in 1986, provides additional incentives to
officers and other key employees of System companies through
the granting of incentive stock options, nonqualified stock
options, stock appreciation rights and/or contingent stock
awards. The Plan is administered by the Committee, no member
of which is eligible to participate in the Plan. The
Committee considers both organizational level and individual
performance in determining eligibility and the number of
shares to be awarded. This Plan was suspended in mid-1991
and continued in suspension throughout 1992 and 1993.
(4) Performance Share Program - This Program, which was adopted
in 1990, provides for the payment of contingent stock awards
to senior executives if specific predetermined financial
targets are attained in future years. The objective of this
Program is to focus executive attention on longer-term
strategic performance. Two separate performance measures are
used for this Plan. They are return on equity and total
stockholder return equal to or better than the median of a
peer group of companies in each of the three subsequent
years. This program was suspended in mid-1991 and continued
in suspension throughout 1992 and 1993.
(5) Benefit Plans - The Corporation maintains Thrift, Retirement,
Medical, Dental, Long-Term Disability, Life Insurance and
other benefit plans of general applicability. Federal
regulations establish limits on the benefits which may be
paid under Thrift and Retirement Plans qualified under the
Internal Revenue Code. To maintain compliance, the
Corporation caps benefits under the qualified plans at the
required levels. To provide comparable benefits to more
highly-compensated employees, the Corporation has established
a Thrift Restoration Plan and a Pension Restoration Plan,
both of which are nonqualified and unfunded. The Pension
Restoration Plan may be funded through a trust arrangement at
the election of the beneficiary. The Compensation Committee
views these supplemental plans as part of base compensation.
The Corporation suspended the Thrift Restoration Plan in
June, 1991. Due to changes in the Internal Revenue Code, a
larger number of executives would become subject to the cap
on the qualified plan benefits and eligible for participation
in the Thrift Restoration Plan. Therefore, in June, 1993,
the Compensation Committee authorized the resumption of the
Thrift Restoration Plan retroactive to January 1, 1993.
(6) Other Arrangements - When circumstances warrant, the
Corporation can enter into agreements seeking to retain the
services of experienced management during periods of
financial uncertainty. Such agreements were entered into in
July, 1991 and expired in 1993. In order to retain
experienced management, the Compensation Committee authorized
the execution of new agreements upon approval by the
Bankruptcy Court. For a more detailed
<PAGE> 42
Page 41
description of the agreements, please see "Employment and
Retention Agreements" below on page 46.
EVALUATION PROCESS - Each year, the Board of Directors of the
Corporation reviews and approves Strategic Business and Financial
Plans for the Corporation and each of its subsidiaries. In addition
to various business strategies, these plans include specific financial
targets such as ROIC or other measures to evaluate whether stockholder
value has increased.
The goals set forth in these Strategic Plans are the bases for
performance of the CEO of the Corporation and other senior executives
whose compensation falls under the direct purview of the Committee.
Attainment of meaningful strategic objectives over reasonable time
periods increase value to stockholders, and the increased compensation
opportunities for executives are directly linked to the attainment of
these objectives.
At their December 15, 1992 meeting, the Committee evaluated Corporate
financial performance on the basis of ten months' actual and two
months' projected for 1992 in ascertaining the performance of the CEO,
John H. Croom. Since ROIC targets were achieved, in aggregate, and
significant progress was made towards resolving the bankruptcy status
of the Corporation, the Committee authorized an increase to Mr.
Croom's base salary of five percent to $652,000 per year, effective
January 1, 1993. No other compensation or incentive awards were
granted to Mr. Croom.
At the October 20, 1993 Compensation Committee meeting, it was decided
that performance evaluations for the 1993 calendar year would be
determined in March of 1994. This change was taken to enhance the
Committee's ability to determine actual results of performance against
calendar-year goals and to more closely coordinate the timing of merit
and incentive plan reviews. As a result of this decision, no
performance-based compensation actions for the named executives have
been made since December, 1992.*
COMPENSATION COMMITTEE:
<TABLE>
<S> <C>
William R. Wilson, Chairman James P. Heffernan
Robert H. Beeby Malcolm T. Hopkins
Thomas S. Blair George P. MacNichol, III
Wilson K. Cadman Ernesta G. Procope
Sherwood L. Fawcett
</TABLE>
*For recent developments please see Footnote 3 to the Summary
Compensation Table on pages 42-43.
<PAGE> 43
Page 42
The compensation for services in all capacities paid during the year
1993 to the executive officers of the Corporation was as follows:
S U M M A R Y C O M P E N S A T I O N T A B L E
<TABLE>
<CAPTION>
Long-Term Compensation
ANNUAL COMPENSATION -----------------------------------
Awards Payouts
- ------------------------------------------------------------------------------------------------------------
(a) (b) (c) (d) (f) (g) (h) (i)
- ------------------------------------------------------------------------------------------------------------
Name and
Principal Restricted Options - LTIP All Other
Position (1) Year Salary Bonus Stock SARs Payouts Comp. (2)
Awards
- ------------------------------------------------------------------------------------------------------------
$ $ $ # $ $
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
J. H. CROOM 1993 652,000 50,000(3) -0- -0- -0- 39,432
Chairman, CEO 1992 615,725 -0- -0- -0- -0- 13,732
& President
1991 589,375 -0- -0- -0- -0- 23,003
- ------------------------------------------------------------------------------------------------------------
C. R. TILLEY 1993 331,900 30,000(3) -0- -0- -0- 19,882
Chairman & CEO 1992 302,099 -0- -0- -0- -0- 13,732
Corporation's Gas
Distribution
Segment 1991 279,096 -0- -0- -0- -0- 14,899
- ------------------------------------------------------------------------------------------------------------
D. L. BELL, JR. 1993 292,600 29,300(3) -0- -0- -0- 17,584
Senior Vice 1992 283,218 -0- -0- -0- -0- 13,732
President, Chief
Legal Officer & 1991 262,392 -0- 184,950(4) -0- -0- 14,617
Secretary
- ------------------------------------------------------------------------------------------------------------
J. P. HOLLAND 1993 273,180 32,000(3) -0- -0- -0- 12,271
Chairman & CEO of 1992 256,900 -0- -0- -0- -0- 10,299
Corporation's Gas
Transmission 1991 239,200 -0- -0- -0- -0- 10,500
Segment
- ------------------------------------------------------------------------------------------------------------
L.W. 1993 238,700 28,600(3) -0- -0- -0- 10,733
WALLINGFORD
Senior Vice 1992 223,432 22,590(5) -0- -0- -0- 9,966
President of
Columbia Gas
System Serv. Corp. 1991 203,262 -0- -0- -0- -0- 9,211
- ------------------------------------------------------------------------------------------------------------
J. D. DALY 1993 338,296 -0-(3) -0- -0- -0- 56,452(6)
Retired Executive 1992 351,921 -0- -0- -0- -0- 13,732
Vice President 1991 336,854 -0- -0- -0- -0- 16,497
- ------------------------------------------------------------------------------------------------------------
R. A. OSWALD 1993 274,973 16,738(3) -0- -0- -0- 93,419(7)
Former Executive 1992 317,706 -0- -0- -0- -0- 13,159
Vice President &
Chief Financial 1991 304,079 -0- -0- -0- -0- 11,715
Officer
- ------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Includes CEO and four most highly-compensated executives whose salary and
bonus exceed $100,000 ("Named Executive Officers"), and Mr. Oswald and
Mr. Daly who otherwise would have been included in the table had they been
executive officers at December 31, 1993. The compensation to all officers
as a group, namely those listed in Part I, totaled $14,159,483.
<PAGE> 44
Page 43
(2) Unless otherwise stated, reflects company contributions to the Employees'
Thrift Plan which is qualified under the Internal Revenue Code and the
Thrift Restoration Plan, a nonqualified plan. The contributions to all
other officers, namely those listed in Part I, totaled $601,100.
(3) Amounts, if any, earned with respect to 1993 performance were not
determined prior to the distribution of the Proxy Statement and will be
reported in the next Proxy Statement.
(4) On February 21, 1991 Mr. Bell was granted 4,110 shares of Common Stock
contingent upon his continued employment through September 30, 1994.
Based on the average high-and-low- market value for that date, the value
for those shares, if issued, would have been $184,950. The market value
for these shares as of December 31, 1993 would have been $91,961 @
$22.375. No dividends are associated with this award.
(5) Received pursuant to the 1992 Interim Cash Performance Award Program (see
"Compensation Committee of the Board of Directors Executive Compensation
Report to Stockholders") when Mr. Wallingford was not a Named Executive
Officer.
(6) Consists of $20,376 in contributions to thrift plans and $36,076 received,
in lieu of vacation, upon Mr. Daly's retirement effective December 1,
1993.
(7) During 1993, Mr. Oswald received $59,777 pursuant to his employment
agreement approved by the Compensation Committee and Bankruptcy Court
(reflected in Column (i)). This amount is equivalent to his base salary
from the date of termination to December 31, 1993. The agreement is
described in more detail under "Employment and Retention Agreements". Mr.
Oswald also received, in lieu of vacation, $13,519 which is included in
Column (i).
<PAGE> 45
Page 44
<TABLE>
<CAPTION>
OPTION/SAR GRANTS IN LAST FISCAL YEAR
- -----------------------------------------------------------------------------------------------------------------------------------
Individual Grants Potential Realizable Value at
Assumed Annual Rates of Stock Price
Appreciation for Option Term
- -----------------------------------------------------------------------------------------------------------------------------------
(a) (b) (c) (d) (e) (f) (g)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Name Options/SARs % of Total Options/SARs Exercise or Expiration 5% ($) 10% ($)
Granted Granted to Employees in Base Price Date
Fiscal Year ($/Sh)
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
---NO STOCK OPTION GRANTS WERE MADE BY THE CORPORATION DURING 1993---
<TABLE>
<CAPTION>
AGGREGATED OPTION/SAR EXERCISES IN LAST FISCAL YEAR
AND YEAR-END OPTION/SAR VALUES
- ----------------------------------------------------------------------------------------------------------------------------------
(a) (b) (c) (d) (e)
- ----------------------------------------------------------------------------------------------------------------------------------
Number of Unexercised Value of Unexercised
Options/SARs at In-the-Money Options/SARs
Year-End at Year-End ($)
- -----------------------------------------------------------------------------------------------------------------------------------
Number of Value Realized Exercisable/ Exercisable/
Name Shares Acquired ($) (1) Unexercisable Unexercisable (1)
on Exercise
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
J. H. Croom -0- -0- 83,100/12,500 0/0
C. R. Tilley -0- -0- 13,500/3,000 0/0
D. L. Bell, Jr. -0- -0- 21,350/2,050 0/0
J. P. Holland -0- -0- 7,960/3,000 0/0
L. W. Wallingford -0- -0- 12,440/2,050 0/0
J. D. Daly -0- -0- 10,500/0 0/0
R. A. Oswald -0- -0- 14,935/3,750 0/0
All Other Officers (Part I) -0- -0- 38,720/39,120 0/0
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Market value of underlying securities at exercise or year-end, minus the
exercise or base price.
<PAGE> 46
Page 45
PERFORMANCE TABLE
The following table demonstrates a five-year comparison of cumulative
total returns for the Corporation, the S&P 500, and the S&P Natural
Gas Utility Index.
FIVE-YEAR COMPARISON OF CUMULATIVE TOTAL RETURN(1)
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------
1988 1989 1990 1991 1992 1993
$ $ $ $ $ $
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Columbia Gas 100 158.22 149.15 56.12 62.55 73.18
S&P 500 Index 100 131.69 127.60 166.47 179.15 197.21
S&P Natural Gas 100 155.51 136.12 118.34 131.93 156.63
Utility Index
------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Assumes $100 invested on December 31, 1988 and reinvestment of
dividends.
RETIREMENT INCOME PLAN - A noncontributory defined benefit pension
plan is maintained for all employees of the Corporation's
participating subsidiaries who are at least 21 years of age. The
annual benefit (payable monthly) under the pension plan is based upon
final average annual compensation and years of credited service.
Final average annual compensation is calculated using base
compensation (shown in the "Summary Compensation Table" as "Salary")
paid to the employee for the highest 36 months of the last 60 months
prior to retirement.
Estimated annual benefits payable upon retirement are as follows with
respect to the specified remuneration and years of credited service.
Estimated Annual Benefits as of January 1, 1993 from Retirement Income
Plan(1):
<TABLE>
<CAPTION>
Representative Years of Credited Service (2)
Final Average ---------------------------------------------------
Annual Compensation 20 25 30 35 40
- ------------------- ------- ------- ------- ------- -------
$ $ $ $ $ $
<S> <C> <C> <C> <C> <C>
200,000 57,879 72,349 86,818 91,818 96,818
300,000 87,879 109,849 131,818 139,318 146,818
400,000 117,879 147,349 176,818 186,818 196,818
500,000 147,879 184,849 221,818 234,318 246,818
600,000 177,879 222,349 266,818 281,818 296,818
700,000 207,879 259,849 311,818 329,318 346,818
</TABLE>
(1) Estimates are based upon a straight-life annuity and the assumptions that
(a) the Corporation's present retirement plan will be maintained and (b)
retirement will not occur before age 65. These benefits are not subject
to deduction for social security or other charges. Should an annual
benefit exceed limitations imposed by federal law, the excess will be
paid by the participating subsidiary as a supplemental pension under the
Pension Restoration Plan. If the supplemental pension liability exceeds
$100,000, then this liability may be either unfunded or funded through a
trust arrangement at the option of the individual. The following
executive officers have elected to have their accrued supplemental
pension funded through a trust arrangement. Contributions made in 1993
were as follows: Mr. Croom - $114,700; Mr. Daly - $132,800; Mr. Oswald
- $65,300; Mr. Tilley - $83,000; Mr. Bell - $14,700 and Mr. Wallingford -
$42,700. Mr. Holland's liability has not yet reached $100,000 so no
contributions have been made on his behalf. Such supplemental pensions
are not available to these executives until retirement or termination of
employment. Upon Mr. Daly's
<PAGE> 47
Page 46
retirement on December 1, 1993, he elected a lump-sum settlement from the
Retirement Income Plan and the Pension Restoration Plan. In addition, a
final payment of $460,178 was made in January, 1994 to discharge all
remaining pension liabilities to Mr. Daly pursuant to the Pension
Restoration Plan. Mr. Daly has executed a secured note in the amount of
$67,464 to protect the Columbia Gas System Service Corporation from
certain potential state tax liabilities related to the distribution.
(2) As of January 1, 1994, the credited years of service for the individuals
named in the Summary Compensation Table were as follows: Mr. Croom, 39
years; Mr. Tilley, 36 years; Mr. Bell, 35 years; Mr. Holland, 18 years;
Mr. Wallingford, 38 years; Mr. Daly, 36 years; and Mr. Oswald, 24 years.
EMPLOYMENT AND RETENTION AGREEMENTS
Employment Agreements which were effective July 19, 1991, for Messrs. J.
H. Croom; J. D. Daly; R. A. Oswald; D. L. Bell, Jr.; C. R. Tilley; and
J. P. Holland, expired on July 18, 1993. The Compensation Committee, in
order to retain incumbent management through the ongoing Bankruptcy
process, authorized the execution of modified Employment Agreements with
the aforementioned six executives and Mr. R. L. Robinson, President of
Columbia Gas Transmission Corporation, effective July 19, 1993. These
contracts were approved by the Bankruptcy Court on October 20, 1993.
The Employment Agreements, executed in 1993 by the Corporation and
Messrs. J. H. Croom, J. D. Daly, D. L. Bell, Jr. and R. A. Oswald, each
provide for retention payments equivalent to one year's base salary if
the individual remains employed at the date of confirmation of the
Corporation's reorganization plan by the Bankruptcy Court. The
Employment Agreements with Messrs. J. P. Holland and R. L. Robinson
provide for retention payments equivalent to one year's base salary if
the individual is still in the employ of Columbia Gas Transmission
Corporation or the Corporation at the date of confirmation by the
Bankruptcy Court of a Plan of Reorganization for Columbia Gas
Transmission Corporation. The Employment Agreement for Mr. C. R. Tilley,
Chairman and CEO of the distribution companies, is a two- year agreement
which expires July 19, 1995 and provides for the payment of an amount
equivalent to one year's base pay on July 19, 1994, if Mr. Tilley has
continued in his position with the distribution companies until that
date.
Each Employment Agreement also states that the employee may treat his
employment as terminated without cause if one of the following occurs:
(1) a reduction in the employee's fixed salary or other benefits to which
such employee is entitled (other than a reduction affecting all employees
generally); (2) a liquidation, dissolution, consolidation or merger, or
transfer of all or substantially all of the Corporation's assets (other
than a transaction in which the successor corporation has a net worth
equal to or greater than that of the Corporation and assumes the
agreement and all its obligations and undertakings); or (3) a change in
control of the Corporation (as defined in the agreement) or a material
reduction of the employee's rank or responsibilities. In the event of
such an election by an employee to treat the agreement as terminated or
in the event of a termination by the Corporation not permitted by the
agreement, the employee is entitled to continue to receive his fixed
salary and specified fringe benefits for a period of 12 months but is not
entitled to a retention award. If such a termination occurs during
<PAGE> 48
Page 47
the 180-day period immediately following a change in control, the
employee is entitled to receive, in lieu of the retention payments just
described, a lump-sum termination payment equal to the present value of
all amounts otherwise payable under the agreement (except certain fringe
benefits), discounted by the interest rate specified in the agreement.
In addition, if their employment is terminated other than for cause,
Messrs. R. A. Oswald, J. P. Holland and R. L. Robinson each would be
entitled to receive supplemental income payments and medical/dental
benefits from the first anniversary of the termination to the attainment
of age 55, the earliest date under which they could qualify for
retirement benefits under the Corporation's retirement program. These
supplemental income payments approximate 60% of the annual pension income
earned as of the date of execution of the employment agreements and
payable at age 55.
As of January 1, 1994, annual salaries for the named executives with
Employment Agreements are as follows: Mr. Croom - $652,000; Mr. Tilley
- $331,900; Mr. Bell - $292,600; Mr. Holland - $273,180; and Mr.
Robinson -$222,645. Mr. Daly retired effective December 1, 1993;
therefore his Employment Agreement is no longer in effect. Mr. Oswald's
employment terminated effective October 27, 1993 and payments pursuant to
his agreement are shown in the "All Other Comp" column of the Summary
Compensation Table.
On July 19, 1991, the Corporation entered into 31 Retention Agreements
with key management employees of various subsidiary companies. These
agreements provided for specified individual awards. Mr. L. W.
Wallingford is a holder of such a Retention Agreement providing for the
payment of an award in the amount of $94,445 on July 19, 1994, if he has
continued to be in the employ of Columbia Gas System Service Corporation
or the Corporation until that date.
DIRECTORS' COMPENSATION
<TABLE>
<CAPTION>
1993 Directors' Compensation for Board and Committee Meetings:
--------------------------------------------------------------------------------------
Retainer Meeting Fee Chairman's Fee
$ $ $
--------------------------------------------------------------------------------------
<S> <C> <C> <C>
Board 22,000 1,000 -
--------------------------------------------------------------------------------------
Audit - 1,000 2,000
--------------------------------------------------------------------------------------
Compensation - 1,000 2,000
--------------------------------------------------------------------------------------
Executive 6,000 800 -
--------------------------------------------------------------------------------------
Finance - 1,000 2,000
--------------------------------------------------------------------------------------
Corporate - 1,000 2,000
--------------------------------------------------------------------------------------
Governance
--------------------------------------------------------------------------------------
Ad Hoc Committees - 1,000 -
--------------------------------------------------------------------------------------
</TABLE>
No officer received any compensation for services as a Director while
also serving as an officer of the Corporation. The Board held twelve
meetings during 1993. Each incumbent Director attended at least 75
percent of the total number of meetings of the Board and Board Committees
on which he or she served.
The Corporation offers medical coverage to nonemployee Directors and pays
the premium associated with their participation. The
<PAGE> 49
Page 48
Corporation also reimburses them for the cost of Medicare Part B, if
applicable. Nonemployee Directors may elect to defer compensation for
distribution at a later date. Deferred amounts will accrue interest at
the rate for six-month Treasury bills and may be paid in a lump sum or in
annual installments over ten years. Deferred amounts will be
automatically paid in a lump sum following certain specified changes in
control of the Corporation.
Each nonemployee Director with a minimum of five years' service on the
Board who retires after attaining age 70 or becomes disabled will receive
annual retirement payments equal to the amount of the annual retainer at
the time of retirement. These payments will cease at the death of the
Director. In the event of certain specified changes in control of the
Corporation, a Director (regardless of years of service on the Board) may
elect a lump-sum payment equal to the present value of the retainer at
the time of the election times the number of years of Board service, with
a minimum of ten years.
The directors' compensation amounted to $610,927.
ITEM 6. Part III(b). Securities ownership
The following table sets forth the beneficial ownership of Common Stock by
stockholders who own greater than 5% of the outstanding shares, as
of February 24, 1994, by those of the five most highly-compensated current
executive officers who are not Directors (see "Information Regarding
Directors" for security ownership by Directors), and by all Directors and
executive officers of the Corporation as a group. Except as otherwise
noted, the persons named in the table below have sole voting and
investment power with respect to all shares shown as beneficially owned by
them.
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
(1) (2) (3) (4)
Title Name and Address Percent
of Amount and Nature of of Class
Class Beneficial Ownership
--------------------------------------------------------------------
Shared Sole Shared Sole
Voting Voting Investment Investment Total
Power Power Power Power Owned
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Common Prudential Insurance
Corp. of America
Prudential Plaza 2,590,604 21,000 2,598,304 21,000 2,619,000 5.44%
Newark, NJ 07102-3777
- ----------------------------------------------------------------------------------------------------------------------------------
Common FMR
82 Devonshire Street 0 108,785 2,752,452 0 2,752,452 5.2%
Boston, MA 02109
- ----------------------------------------------------------------------------------------------------------------------------------
Common C. R. Tilley 6,947(1) *
- ----------------------------------------------------------------------------------------------------------------------------------
Common D. L. Bell, Jr. 8,551(1) *
- ----------------------------------------------------------------------------------------------------------------------------------
Common J. P. Holland 2,556(1) *
- ----------------------------------------------------------------------------------------------------------------------------------
Common L. W. Wallingford 6,359(1) *
- ----------------------------------------------------------------------------------------------------------------------------------
Common All Executive Officers
and
Directors (22 Persons) 126,174 *
as a Group
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Includes an allocation of shares held by the Trustee of the Employees'
Thrift Plan. Does not include shares of Common Stock covered by exercisable
options. This information is shown on the stock option table on page 13.
* Stock ownership (including exercisable options) as a percentage of class is
less than 1%.
Part III(c). Contracts and transactions.
None.
Part III(d). Indebtedness.
None.
<PAGE> 50
Page 49
Part III(e). Participation in bonus and profit sharing arrangement.
See Item 6 Part III(a) above.
Part III(f). Directors and officers rights to indemnity.
Provisions for indemnification of directors and officers are included
in the Certificate of Incorporation or By-Laws in accordance with
applicable laws.
DIRECTORS AND OFFICERS' LIABILITY INSURANCE - Insurance is purchased for
all of the Registrant's directors and officers, plus the directors and
officers of the subsidiary companies. This insurance also indemnifies the
Registrant and its subsidiary companies against any amounts paid by them as
allowed by Corporate law or By-Laws of the Registrant to covered directors
and officers. The annual cost thereof to the Registrant and its subsidiary
companies was $1,504,868.
ITEM 7. CONTRIBUTIONS AND PUBLIC RELATIONS
Part I. Expenditures for any political party, candidate for public
office or holder of such office, or any committee or agent
therefor.
None.
Part II. Expenditures for any citizens group or public relations
counsel.
Calendar Year 1993
<TABLE>
<CAPTION>
Name of Company and Name
or Number of Recipients
or Beneficiaries Purpose Accounts Charged Amount
- ---------------------------------------- ------- ---------------- -------
($)
<S> <C> <C> <C>
CGD
Davis & Hartman A Admin & General 45,465
CKY
20 Recipients B Admin & General 10,242
CMD
6 Recipients B Admin & General 2,205
COH
Ohio Chamber of Commerce B Admin & General 15,041
126 Recipients B Admin & General 43,908
CPA
51 Recipients B Admin & General 27,870
TCO
The Dilenschneider Group, Inc. A Admin & General 45,151
5 Recipients A Admin & General 11,368
CGT
1 Recipient A Admin & General 150
COS
28 Recipients B Admin & General 13,420
CS
The Dilenschneider Group, Inc. A Admin & General 119,813
</TABLE>
A - Information and Education
B - Economic Development
<PAGE> 51
Page 50
ITEM 8. SERVICE, SALES AND CONSTRUCTION CONTRACTS
Part I. Intercompany Contracts.
Calendar Year 1993
<TABLE>
<CAPTION>
In Effect
Serving Receiving Date of On Dec. 31
Company Company Transaction Compensation* Contract (Yes or No)
- ------- --------- --------------------------- ------------- -------- -----------
<S> <C> <C> <C> <C> <C>
TCO CLG Pipeline operation, $236,244 02/16/77 Yes
maintenance and relocation
CNR TCO Operation and maintenance $384,862 12/22/87 Yes
of gathering properties
and accounting, legal,
lease and land rights,
geological, geophysical
and well drilling services
TCO CNR Miscellaneous administra- $768,037 12/22/87 Yes
tion and field services (same con-
and the use of certain tract as
equipment and facilities above)
CGD CLG Marketing Services $153,528 04/23/93 Yes
CES CLG Marketing of Peaking
Service $ 52,032 03/25/93 Yes
COH CS Printing Services $ 47,561 11/22/93 Yes
</TABLE>
* All services are rendered at cost.
Part II. System contracts to purchase goods or services from any
affiliate (other than a System company) or a company in
which any officer or director is a partner or owns 5% or
more of any class of equity securities.
None
<PAGE> 52
Page 51
Part III. System contracts with others on a continuing basis for
management, supervisory, or financial advisory review.
(a) Due to the Chapter 11 Filing, the Registrant and TCO
have contracted with various firms to provide services
for all parties involved in the bankruptcy proceedings.
The table below details the relevant firms contracted:
Calendar Year 1993
<TABLE>
<CAPTION>
Date of
Name Scope of Services Compensation Court Approval
- ----------------------- ------------------------- ------------ --------------
<S> <C> <C> <C>
Barr, Beatty, & Devlin Financial Advisor and $ 1,484,000 12/18/91
Investment Banker to the
Official Committee of
Unsecured Creditors of CG
The Dilenschneider Communication Consultant $ 0 3/18/92
Group, Inc. to CG.
Shearson Lehman Brothers Financial Advisor and $ 1,098,000 1/29/92
Investment Banker to the
Official Committee of
Unsecured Creditors to TCO.
Salomon Brothers, Inc. Financial Advisor and $ 1,900,000 10/22/91
Investment Banker to CG
and TCO.
Smith Barney, Harris Financial Advisor and $ 1,015,000 1/05/92
Upham & Co. Investment Banker to the
Official Equity Committee
of CG.
</TABLE>
(b) The Registrant's distribution companies contracted
with the Dilenschneider Group, Inc. to provide
professional communications consultant services.
<TABLE>
<CAPTION>
Name Scope of Services Compensation
- ----------------------- ------------------------- ------------
<S> <C> <C>
The Dilenschneider Communication Consultant $ 68,274
Group, Inc. to COH
The Dilenschneider Communication Consultant $ 23,560
Group, Inc. to CPA
The Dilenschneider Communication Consultant $ 7,817
Group, Inc. to CKY
The Dilenschneider Communication Consultant $ 2,042
Group, Inc. to CMD
The Dilenschneider Communication Consultant $ 8,711
Group, Inc. to COS
</TABLE>
<PAGE> 53
Page 52
ITEM 9. WHOLESALE GENERATORS AND FOREIGN UTILITY COMPANIES
None.
ITEM 10. FINANCIAL STATEMENTS AND EXHIBITS
Financial Statements included in Form U5S:
Consolidating Balance Sheet as of December 31, 1993 ..... F-1
Summary of Consolidating Balance Sheet Entries as of
December 31, 1993 .................................... F-2
Consolidating Statement of Income for the year ended
December 31, 1993 ..................................... F-3
Summary of Consolidating Statement of Income Entries for
the year ended December 31, 1993 ...................... F-4
Consolidating Statement of Common Stock Equity for the
year ended December 31, 1993 .......................... F-5
Consolidating Statement of Cash Flows
for the year ended December 31, 1993 .................. F-6
Exhibits filed as a part of this Report:
A - SEC Act of 1934 Reports incorporated by reference
B - Index to Corporate Organization & By-Laws Exhibits in the
Report filed herewith and/or filed under cover of Form SE
C - Indentures or Contracts incorporated by reference
D - Tax Allocation Agreement for 1993 filed herewith
E - Other Documents Prescribed by Rule or Order
F - Index to Schedules Supporting Items in the Report filed under
cover of Form SE
1-F - Report of Independent Public Accountants filed herewith
<PAGE> 54
Page 53
F-1 (1 of 8) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
<TABLE>
<CAPTION>
Consolidated Balance Sheet as of December 31, 1993
(Not covered by Report of Independent Public Accountants)
($ Thousands)
Consoli-
F-1 F-1 F-1 dating Consoli-
Page 2 Page 3 Page 4 Combined Entries dated
------------ ------------ ------------ ------------ ------------ ------------
ASSETS
<S> <C> <C> <C> <C> <C> <C>
Property, Plant and Equipment
Gas utility and other plant, at original cost .... 5,521,580 784,206 52,703 6,358,489 (28,667) 6,329,822
Accumulated depreciation and depletion ........... (2,791,756) (239,487) (17,205) (3,048,448) - (3,048,448)
------------ ------------ ------------ ------------ ------------ ------------
Net Gas Utility and Other Plant .................. 2,729,824 544,719 35,498 3,310,041 (28,667) 3,281,374
------------ ------------ ------------ ------------ ------------ ------------
Oil and gas producing properties, full cost method 1,208,717 - - 1,208,717 - 1,208,717
Accumulated depletion ............................ (792,001) - - (792,001) 192,049 (599,952)
------------ ------------ ------------ ------------ ------------ ------------
Net Oil and Gas Producing Properties ............. 416,716 - - 416,716 192,049 608,765
------------ ------------ ------------ ------------ ------------ ------------
Net Property, Plant, and Equipment ................. 3,146,540 544,719 35,498 3,726,757 163,382 3,890,139
------------ ------------ ------------ ------------ ------------ ------------
Investments and Other Assets
Accounts receivable - noncurrent ................. 212,597 25,444 - 238,041 (19,130) 218,911
Unconsolidated affiliates ........................ 35,371 - 32,310 67,681 - 67,681
Investment in Columbia LNG Corporation ........... - 10,057 - 10,057 - 10,057
Gas supply prepayments ........................... 567 - - 567 - 567
Other ............................................ 19,550 - 6,399 25,949 1,998 27,947
------------ ------------ ------------ ------------ ------------ ------------
Total Investments and Other Assets ................. 268,085 35,501 38,709 342,295 (17,132) 325,163
------------ ------------ ------------ ------------ ------------ ------------
Investments in Subsidiaries
Capital stock .................................... - 1,160,907 - 1,160,907 (1,160,907) -
Equity in undistributed earnings of
subsidiaries .................................... - (500,634) - (500,634) 500,634 -
Notes receivable ................................. - 871,978 - 871,978 (871,978) -
Other investments................................. - 470,000 - 470,000 (470,000) -
Other receivables - TCO........................... - 1,431,734 - 1,431,734 (1,431,734) -
------------ ------------ ------------ ------------ ------------ ------------
Total Investments in Subsidiaries .................. - 3,433,985 - 3,433,985 (3,433,985) -
------------ ------------ ------------ ------------ ------------ ------------
Current Assets
Cash and temporary cash investments .............. 1,210,681 129,475 229 1,340,385 - 1,340,385
Accounts receivable, net
Customers ...................................... 455,402 120,573 7,353 583,328 5,410 588,738
Intercompany ................................... 115,603 185,720 8,102 309,425 (309,425) -
Other .......................................... 133,603 19,847 6,461 159,911 (27,185) 132,726
Gas inventory .................................... 143,665 54,150 - 197,815 - 197,815
Other inventories, at average cost ............... 32,755 5,126 2,232 40,113 - 40,113
Prepayments ...................................... 118,522 5,300 724 124,546 - 124,546
Other ............................................ 50,812 23,135 2,064 76,011 (13,038) 62,973
------------ ------------ ------------ ------------ ------------ ------------
Total Current Assets ............................... 2,261,043 543,326 27,165 2,831,534 (344,238) 2,487,296
------------ ------------ ------------ ------------ ------------ ------------
Deferred Charges ................................... 440,796 119,517 1,726 562,039 (306,690) 255,349
------------ ------------ ------------ ------------ ------------ ------------
TOTAL ASSETS ....................................... 6,116,464 4,677,048 103,098 10,896,610 (3,938,663) 6,957,947
============ ============ ============ ============ ============ ============
</TABLE>
<PAGE> 55
Page 54
F-1 (2 of 8) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
<TABLE>
<CAPTION>
Consolidated Balance Sheet as of December 31, 1993
(Not covered by Report of Independent Public Accountants)
($ Thousands)
CNR CGD TCO(a) CGT CKY
------------ ------------ ------------ ------------ ------------
ASSETS
<S> <C> <C> <C> <C> <C>
Property, Plant and Equipment
Gas utility and other plant, at original cost ..... - 4,518 3,127,192 1,161,537 152,714
Accumulated depreciation and depletion ............ - (1,925) (1,313,745) (976,109) (58,510)
------------ ------------ ------------ ------------ ------------
Net Gas Utility and Other Plant ................... - 2,593 1,813,447 185,428 94,204
------------ ------------ ------------ ------------ ------------
Oil and gas producing properties, full cost
method........................................... 487,484 721,233 - - -
Accumulated depletion ............................. (255,542) (536,459) - - -
------------ ------------ ------------ ------------ ------------
Net Oil and Gas Producing Properties .............. 231,942 184,774 - - -
------------ ------------ ------------ ------------ ------------
Net Property, Plant, and Equipment .................. 231,942 187,367 1,813,447 185,428 94,204
------------ ------------ ------------ ------------ ------------
Investments and Other Assets
Accounts receivable - noncurrent .................. - - 212,597 - -
Unconsolidated affiliates ......................... - - - 35,371 -
Investment in Columbia LNG Corporation ............ - - - - -
Gas supply prepayments ............................ - - 567 - -
Other ............................................. - 19,550 - - -
------------ ------------ ------------ ------------ ------------
Total Investments and Other Assets .................. - 19,550 213,164 35,371 -
------------ ------------ ------------ ------------ ------------
Investments in Subsidiaries
Capital stock ..................................... - - - - -
Equity in undistributed earnings of
subsidiaries ..................................... - - - - -
Notes receivable .................................. - - - - -
Other investments.................................. - - - - -
Other receivables - TCO............................ - - - - -
------------ ------------ ------------ ------------ ------------
Total Investments in Subsidiaries ................... - - - - -
------------ ------------ ------------ ------------ ------------
Current Assets
Cash and temporary cash investments ............... 805 519 1,209,172 16 11
Accounts receivable, net
Customers ....................................... 5,692 8,171 268,069 10,373 14,798
Intercompany .................................... 15,081 21,854 41,507 20,115 185
Other ........................................... 3,120 10,679 96,473 12,714 1,142
Gas inventory ..................................... - - - - 14,467
Other inventories, at average cost ................ 427 760 18,604 5,555 1,170
Prepayments ....................................... 2,198 2,970 26,011 2,238 963
Other ............................................. 1,664 2,122 11,184 6,499 3,593
------------ ------------ ------------ ------------ ------------
Total Current Assets ................................ 28,987 47,075 1,671,020 57,510 36,329
------------ ------------ ------------ ------------ ------------
Deferred Charges .................................... 58,581 1,608 242,783 660 10,540
------------ ------------ ------------ ------------ ------------
TOTAL ASSETS ........................................ 319,510 255,600 3,940,414 278,969 141,073
============ ============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
F-1 Page 2
COH Total
------------ ------------
ASSETS
<S> <C> <C>
Property, Plant and Equipment
Gas utility and other plant, at original cost ..... 1,075,619 5,521,580
Accumulated depreciation and depletion ............ (441,467) (2,791,756)
------------ ------------
Net Gas Utility and Other Plant ................... 634,152 2,729,824
------------ ------------
Oil and gas producing properties, full cost
method........................................... - 1,208,717
Accumulated depletion ............................. - (792,001)
------------ ------------
Net Oil and Gas Producing Properties .............. - 416,716
------------ ------------
Net Property, Plant, and Equipment .................. 634,152 3,146,540
------------ ------------
Investments and Other Assets
Accounts receivable - noncurrent .................. - 212,597
Unconsolidated affiliates ......................... - 35,371
Investment in Columbia LNG Corporation ............ - -
Gas supply prepayments ............................ - 567
Other ............................................. - 19,550
------------ ------------
Total Investments and Other Assets .................. - 268,085
------------ ------------
Investments in Subsidiaries
Capital stock ..................................... - -
Equity in undistributed earnings of
subsidiaries ..................................... - -
Notes receivable .................................. - -
Other investments.................................. - -
Other receivables - TCO............................ - -
------------ ------------
Total Investments in Subsidiaries ................... - -
------------ ------------
Current Assets
Cash and temporary cash investments ............... 158 1,210,681
Accounts receivable, net
Customers ....................................... 148,299 455,402
Intercompany .................................... 16,861 115,603
Other ........................................... 9,475 133,603
Gas inventory ..................................... 129,198 143,665
Other inventories, at average cost ................ 6,239 32,755
Prepayments ....................................... 84,142 118,522
Other ............................................. 25,750 50,812
------------ ------------
Total Current Assets ................................ 420,122 2,261,043
------------ ------------
Deferred Charges .................................... 126,624 440,796
------------ ------------
TOTAL ASSETS ........................................ 1,180,898 6,116,464
============ ============
</TABLE>
(a) TCO includes one subsidiary as noted in Item 1. The financial
statements presented here are the consolidated financial statements
of TCO. Disclosure related to the subsidiary of TCO is provided in
Item 1 and Item 9 Exhibit B.
<PAGE> 56
Page 55
F-1 (3 of 8) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
<TABLE>
<CAPTION>
Consolidated Balance Sheet as of December 31, 1993
(Not covered by Report of Independent Public Accountants)
($ Thousands)
CMD CPA COS CES CG
------------ ------------ ------------ ------------ ------------
ASSETS
<S> <C> <C> <C> <C> <C>
Property, Plant and Equipment
Gas utility and other plant, at original cost ..... 53,135 459,513 228,551 231 -
Accumulated depreciation and depletion ............ (20,583) (139,918) (60,062) (54) -
------------ ------------ ------------ ------------ ------------
Net Gas Utility and Other Plant ................... 32,552 319,595 168,489 177 -
------------ ------------ ------------ ------------ ------------
Oil and gas producing properties, full cost method. - - - - -
Accumulated depletion ............................. - - - - -
------------ ------------ ------------ ------------ ------------
Net Oil and Gas Producing Properties .............. - - - - -
------------ ------------ ------------ ------------ ------------
Net Property, Plant, and Equipment .................. 32,552 319,595 168,489 177 -
------------ ------------ ------------ ------------ ------------
Investments and Other Assets
Accounts receivable - noncurrent .................. - - - - 25,444
Unconsolidated affiliates ......................... - - - - -
Investment in Columbia LNG Corporation ............ - - - - 13,612
Gas supply prepayments ............................ - - - - -
Other ............................................. - - - - -
------------ ------------ ------------ ------------ ------------
Total Investments and Other Assets .................. - - - - 39,056
------------ ------------ ------------ ------------ ------------
Investments in Subsidiaries
Capital stock ..................................... - - - - 1,160,907
Equity in undistributed earnings of
subsidiaries ..................................... - - - - (500,634)
Notes receivable .................................. - - - 871,978
Other investments.................................. - - - - 470,000
Other receivables - TCO............................ - - - - 1,431,734
------------ ------------ ------------ ------------ ------------
Total Investments in Subsidiaries ................... - - - - 3,433,985
------------ ------------ ------------ ------------ ------------
Current Assets
Cash and temporary cash investments ............... 27 386 81 249 128,688
Accounts receivable, net
Customers ....................................... 4,044 62,708 24,076 29,745 -
Intercompany .................................... 1,966 1,250 580 12,574 153,051
Other ........................................... 164 3,793 415 149 14,370
Gas inventory ..................................... 2,563 43,924 7,663 - -
Other inventories, at average cost ................ 295 2,488 2,343 - -
Prepayments ....................................... 1,087 941 1,133 1,490 28
Other ............................................. 181 17,654 2,449 212 1,288
------------ ------------ ------------ ------------ ------------
Total Current Assets ................................ 10,327 133,144 38,740 44,419 297,425
------------ ------------ ------------ ------------ ------------
Deferred Charges .................................... 4,756 77,951 9,116 (6) 3,319
------------ ------------ ------------ ------------ ------------
TOTAL ASSETS ........................................ 47,635 530,690 216,345 44,590 3,773,785
============ ============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
F-1 Page 3
CS Total
------------ ------------
ASSETS
<S> <C> <C>
Property, Plant and Equipment
Gas utility and other plant, at original cost ..... 42,776 784,206
Accumulated depreciation and depletion ............ (18,870) (239,487)
------------ ------------
Net Gas Utility and Other Plant ................... 23,906 544,719
------------ ------------
Oil and gas producing properties, full cost method. - -
Accumulated depletion ............................. - -
------------ ------------
Net Oil and Gas Producing Properties .............. - -
------------ ------------
Net Property, Plant, and Equipment .................. 23,906 544,719
------------ ------------
Investments and Other Assets
Accounts receivable - noncurrent .................. - 25,444
Unconsolidated affiliates ......................... - -
Investment in Columbia LNG Corporation ............ (3,555)* 10,057
Gas supply prepayments ............................ - -
Other ............................................. - -
------------ ------------
Total Investments and Other Assets .................. (3,555) 35,501
------------ ------------
Investments in Subsidiaries
Capital stock ..................................... - 1,160,907
Equity in undistributed earnings of
subsidiaries ..................................... - (500,634)
Notes receivable .................................. - 871,978
Other investments.................................. - 470,000
Other receivables - TCO............................ - 1,431,734
------------ ------------
Total Investments in Subsidiaries ................... - 3,433,985
------------ ------------
Current Assets
Cash and temporary cash investments ............... 44 129,475
Accounts receivable, net
Customers ....................................... - 120,573
Intercompany .................................... 16,299 185,720
Other ........................................... 956 19,847
Gas inventory ..................................... - 54,150
Other inventories, at average cost ................ - 5,126
Prepayments ....................................... 621 5,300
Other ............................................. 1,351 23,135
------------ ------------
Total Current Assets ................................ 19,271 543,326
------------ ------------
Deferred Charges .................................... 24,381 119,517
------------ ------------
TOTAL ASSETS ........................................ 64,003 4,677,048
============ ============
</TABLE>
* Represents net Money Pool activity
<PAGE> 57
Page 56
F-1 (4 of 8) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
<TABLE>
<CAPTION>
Consolidated Balance Sheet as of December 31, 1993
(Not covered by Report of Independent Public Accountants)
($ Thousands)
CGC CPC CPI TVC(a) TCC(a)
------------ ------------ ------------ ------------ ------------
ASSETS
<S> <C> <C> <C> <C> <C>
Property, Plant and Equipment
Gas utility and other plant, at original cost ..... 12,347 12,029 28,327 - -
Accumulated depreciation and depletion ............ (185) (4,242) (12,778) - -
------------ ------------ ------------ ------------ ------------
Net Gas Utility and Other Plant ................... 12,162 7,787 15,549 - -
------------ ------------ ------------ ------------ ------------
Oil and gas producing properties, full cost method. - - - - -
Accumulated depletion ............................. - - - - -
------------ ------------ ------------ ------------ ------------
Net Oil and Gas Producing Properties .............. - - - - -
------------ ------------ ------------ ------------ ------------
Net Property, Plant, and Equipment .................. 12,162 7,787 15,549 - -
------------ ------------ ------------ ------------ ------------
Investments and Other Assets
Accounts receivable - noncurrent .................. - - - - -
Unconsolidated affiliates ......................... - - 1,246 29,849 1,215
Investment in Columbia LNG Corporation ............ - - - - -
Gas supply prepayments ............................ - - - - -
Other ............................................. 6,399 - - - -
------------ ------------ ------------ ------------ ------------
Total Investments and Other Assets .................. 6,399 - 1,246 29,849 1,215
------------ ------------ ------------ ------------ ------------
Investments in Subsidiaries
Capital stock ..................................... - - - - -
Equity in undistributed earnings of
subsidiaries ..................................... - - - - -
Notes receivable .................................. - - - - -
Other investments.................................. - - - - -
Other receivables - TCO............................ - - - - -
------------ ------------ ------------ ------------ ------------
Total Investments in Subsidiaries ................... - - - - -
------------ ------------ ------------ ------------ ------------
Current Assets
Cash and temporary cash investments ............... 54 23 127 24 -
Accounts receivable, net
Customers ....................................... (86) 1,237 6,202 - -
Intercompany .................................... 198 117 626 6,419 38
Other ........................................... 4,265 316 696 634 -
Gas inventory ..................................... - - - - -
Other inventories, at average cost ................ - 568 1,664 - -
Prepayments ....................................... 27 80 517 100 -
Other ............................................. - 145 1,430 20 -
------------ ------------ ------------ ------------ ------------
Total Current Assets ................................ 4,458 2,486 11,262 7,197 38
------------ ------------ ------------ ------------ ------------
Deferred Charges .................................... 141 1,010 575 3 (2)
------------ ------------ ------------ ------------ ------------
TOTAL ASSETS ........................................ 23,160 11,283 28,632 37,049 1,251
============ ============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
F-1 Page 4
CAT Total
------------ ------------
ASSETS
<S> <C> <C>
Property, Plant and Equipment
Gas utility and other plant, at original cost ..... - 52,703
Accumulated depreciation and depletion ............ - (17,205)
------------ ------------
Net Gas Utility and Other Plant ................... - 35,498
------------ ------------
Oil and gas producing properties, full cost method. - -
Accumulated depletion ............................. - -
------------ ------------
Net Oil and Gas Producing Properties .............. - -
------------ ------------
Net Property, Plant, and Equipment .................. - 35,498
------------ ------------
Investments and Other Assets
Accounts receivable - noncurrent .................. - -
Unconsolidated affiliates ......................... - 32,310
Investment in Columbia LNG Corporation ............ - -
Gas supply prepayments ............................ - -
Other ............................................. - 6,399
------------ ------------
Total Investments and Other Assets .................. - 38,709
------------ ------------
Investments in Subsidiaries
Capital stock ..................................... - -
Equity in undistributed earnings of
subsidiaries ..................................... - -
Notes receivable .................................. - -
Other investments.................................. - -
Other receivables - TCO............................ - -
------------ ------------
Total Investments in Subsidiaries ................... - -
------------ ------------
Current Assets
Cash and temporary cash investments ............... 1 229
Accounts receivable, net
Customers ....................................... - 7,353
Intercompany .................................... 704 8,102
Other ........................................... 550 6,461
Gas inventory ..................................... - -
Other inventories, at average cost ................ - 2,232
Prepayments ....................................... - 724
Other ............................................. 469 2,064
------------ ------------
Total Current Assets ................................ 1,724 27,165
------------ ------------
Deferred Charges .................................... (1) 1,726
------------ ------------
TOTAL ASSETS ........................................ 1,723 103,098
============ ============
</TABLE>
(a) TVC includes twelve subsidiaries and TCC includes one subsidiary as
noted in Item 1. The financial statements presented here are the
consolidated financial statements of TVC and TCC, respectively.
Disclosure related to the subsidiaries of TVC and TCC is provided in
Item 1 and Item 9 Exhibit B.
<PAGE> 58
Page 57
F-1 (5 of 8) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
<TABLE>
<CAPTION>
Consolidating Balance Sheet as of December 31, 1993
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
F-1 F-1 F-1
CAPITALIZATION AND LIABILITIES Page 6 Page 7 Page 8 Combined
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Capitalization
Common Stock Equity
The Columbia Gas System, Inc. - common stock,
$10 par value (50,559,225 shares outstanding) .. - 505,592 - 505,592
Subsidiaries - common stock ..................... 793,907 117,197 71,325 982,429
Additional paid in capital ...................... 98,013 606,089 43,200 747,302
Retained earnings ............................... (644,955) 344,079 (72,003) (372,879)
Unearned employee compensation .................. - (69,966) - (69,966)
------------ ------------ ------------ ------------
Total common stock equity ......................... 246,965 1,502,991 42,522 1,792,478
Long-term debt .................................... 1,907 2,700 186 4,793
Installment promissory notes payable .............. 471,761 239,313 24,548 735,622
Other intercompany notes and loans ................ - - - -
------------ ------------ ------------ ------------
Total Capitalization ................................ 720,633 1,745,004 67,256 2,532,893
------------ ------------ ------------ ------------
Current Liabilities
Debtor-in-possession financing .................... - - - -
Debt obligations .................................. 906 289 99 1,294
Accounts and drafts payable ....................... 122,334 59,865 2,208 184,407
Intercompany notes and loans - current maturities.. 45,459 15,848 3,215 64,522
Intercompany short-term loans ..................... 78,826 40,880 7,750 127,456
Intercompany accounts payable ..................... 49,903 43,874 1,206 94,983
Accrued taxes ..................................... 140,869 7,367 1,381 149,617
Estimated rate refunds ............................ 258,585 19,253 - 277,838
Estimated supplier obligations .................... 146,254 - - 146,254
Transportation and exchange gas payable ........... 61,231 5,759 - 66,990
Deferred income taxes ............................. 21,059 4,117 586 25,762
Other ............................................. 265,859 48,432 5,718 320,009
------------ ------------ ------------ ------------
Total Current Liabilities ........................... 1,191,285 245,684 22,163 1,459,132
------------ ------------ ------------ ------------
Liabilities Subject To Chapter 11 Proceedings
Unaffiliated ...................................... 1,542,422 2,377,297 - 3,919,719
Intercompany ...................................... 2,107,022 4,919 - 2,111,941
------------ ------------ ------------ ------------
Total Liabilities Subject To Chapter 11 Proceedings . 3,649,444 2,382,216 - 6,031,660
------------ ------------ ------------ ------------
Other Liabilities and Deferred Credits
Income taxes, noncurrent .......................... 206,051 210,064 6,433 422,548
Investment tax credits ............................ 24,412 15,586 - 39,998
Postretirement benefits other than pensions ....... 167,289 56,672 6,056 230,017
Other ............................................. 157,350 21,822 1,190 180,362
------------ ------------ ------------ ------------
Total Other Liabilities and Deferred Credits ........ 555,102 304,144 13,679 872,925
------------ ------------ ------------ ------------
TOTAL CAPITALIZATION AND LIABILITIES ................ 6,116,464 4,677,048 103,098 10,896,610
============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
Consoli-
dating Consoli-
CAPITALIZATION AND LIABILITIES Entries dated
------------ ------------
<S> <C> <C>
Capitalization
Common Stock Equity
The Columbia Gas System, Inc. - common stock,
$10 par value (50,559,225 shares outstanding) .. - 505,592
Subsidiaries - common stock ..................... (982,429) -
Additional paid in capital ...................... (145,543) 601,759
Retained earnings ............................... 562,828 189,949
Unearned employee compensation .................. - (69,966)
------------ ------------
Total common stock equity ......................... (565,144) 1,227,334
Long-term debt .................................... - 4,793
Installment promissory notes payable .............. (735,622) -
Other intercompany notes and loans ................ - -
------------ ------------
Total Capitalization ................................ (1,300,766) 1,232,127
------------ ------------
Current Liabilities
Debtor-in-possession financing .................... - -
Debt obligations .................................. - 1,294
Accounts and drafts payable ....................... - 184,407
Intercompany notes and loans - current maturities.. (64,522) -
Intercompany short-term loans ..................... (127,456) -
Intercompany accounts payable ..................... (94,983) -
Accrued taxes ..................................... (20,098) 129,519
Estimated rate refunds ............................ - 277,838
Estimated supplier obligations .................... - 146,254
Transportation and exchange gas payable ........... (218) 66,772
Deferred income taxes ............................. (25,762) -
Other ............................................. (32,273) 287,736
------------ ------------
Total Current Liabilities ........................... (365,312) 1,093,820
------------ ------------
Liabilities Subject To Chapter 11 Proceedings
Unaffiliated ...................................... 8,058 3,927,777
Intercompany ...................................... (2,111,941) -
------------ ------------
Total Liabilities Subject To Chapter 11 Proceedings . (2,103,883) 3,927,777
------------ ------------
Other Liabilities and Deferred Credits
Income taxes, noncurrent .......................... (168,702) 253,846
Investment tax credits ............................ - 39,998
Postretirement benefits other than pensions ....... - 230,017
Other ............................................. - 180,362
------------ ------------
Total Other Liabilities and Deferred Credits ........ (168,702) 704,223
------------ ------------
TOTAL CAPITALIZATION AND LIABILITIES ................ (3,938,663) 6,957,947
============ ============
</TABLE>
<PAGE> 59
Page 58
F-1 (6 of 8) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
<TABLE>
<CAPTION>
Consolidating Balance Sheet as of December 31, 1993
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
CAPITALIZATION AND LIABILITIES CNR CGD TCO(a) CGT CKY
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Capitalization
Common Stock Equity
The Columbia Gas System, Inc. - common stock,
$10 par value (50,559,225 shares outstanding) .. - - - - -
Subsidiaries - common stock ..................... 125,716 141,912 241,784 149,449 15,806
Additional paid in capital ...................... - 27,550 70,289 - 174
Retained earnings ............................... 46,033 (127,329) (829,294) 6,661 30,572
Unearned employee compensation .................. - - - - -
------------ ------------ ------------ ------------ ------------
Total common stock equity ......................... 171,749 42,133 (517,221) 156,110 46,552
Long-term debt .................................... - - - - 351
Installment promissory notes payable .............. 36,257 128,867 - 5,053 40,200
Other intercompany notes and loans ................ - - - - -
------------ ------------ ------------ ------------ ------------
Total Capitalization ................................ 208,006 171,000 (517,221) 161,163 87,103
------------ ------------ ------------ ------------ ------------
Current Liabilities
Debtor-in-possession financing .................... - - - - -
Debt obligations .................................. - - 688 - 28
Accounts and drafts payable ....................... 5,051 13,990 24,189 1,878 7,864
Intercompany notes and loans - current maturities.. 4,209 20,740 - 3,204 2,077
Intercompany short-term loans ..................... - - - - 464
Intercompany accounts payable ..................... 1,597 5,322 2,048 4,692 6,509
Accrued taxes ..................................... 12,122 (9,395) 50,061 7,278 877
Estimated rate refunds ............................ - - 207,881 5,988 4,893
Estimated supplier obligations .................... - - 146,254 - -
Transportation and exchange gas payable ........... - - 27,376 14,463 2,858
Deferred income taxes ............................. - - - - 1,334
Other ............................................. 9,756 21,197 171,095 19,910 5,419
------------ ------------ ------------ ------------ ------------
Total Current Liabilities ........................... 32,735 51,854 629,592 57,413 32,323
------------ ------------ ------------ ------------ ------------
Liabilities Subject To Chapter 11 Proceedings
Unaffiliated ...................................... - - 1,542,422 - -
Intercompany ...................................... - - 2,107,022 - -
------------ ------------ ------------ ------------ ------------
Total Liabilities Subject To Chapter 11 Proceedings . - - 3,649,444 - -
------------ ------------ ------------ ------------ ------------
Other Liabilities and Deferred Credits
Income taxes, noncurrent .......................... 74,097 25,026 - 52,512 1,899
Investment tax credits ............................ - - - - 2,290
Postretirement benefits other than pensions ....... 4,198 2,137 58,025 7,144 7,635
Other ............................................. 474 5,583 120,574 737 9,823
------------ ------------ ------------ ------------ ------------
Total Other Liabilities and Deferred Credits ........ 78,769 32,746 178,599 60,393 21,647
------------ ------------ ------------ ------------ ------------
TOTAL CAPITALIZATION AND LIABILITIES ................ 319,510 255,600 3,940,414 278,969 141,073
============ ============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
F-1 Page 6
CAPITALIZATION AND LIABILITIES COH Total
------------ ------------
<S> <C> <C>
Capitalization
Common Stock Equity
The Columbia Gas System, Inc. - common stock,
$10 par value (50,559,225 shares outstanding) .. - -
Subsidiaries - common stock ..................... 119,240 793,907
Additional paid in capital ...................... - 98,013
Retained earnings ............................... 228,402 (644,955)
Unearned employee compensation .................. - -
------------ ------------
Total common stock equity ......................... 347,642 246,965
Long-term debt .................................... 1,556 1,907
Installment promissory notes payable .............. 261,384 471,761
Other intercompany notes and loans ................ - -
------------ ------------
Total Capitalization ................................ 610,582 720,633
------------ ------------
Current Liabilities
Debtor-in-possession financing .................... - -
Debt obligations .................................. 190 906
Accounts and drafts payable ....................... 69,362 122,334
Intercompany notes and loans - current maturities.. 15,229 45,459
Intercompany short-term loans ..................... 78,362 78,826
Intercompany accounts payable ..................... 29,735 49,903
Accrued taxes ..................................... 79,926 140,869
Estimated rate refunds ............................ 39,823 258,585
Estimated supplier obligations .................... - 146,254
Transportation and exchange gas payable ........... 16,534 61,231
Deferred income taxes ............................. 19,725 21,059
Other ............................................. 38,482 265,859
------------ ------------
Total Current Liabilities ........................... 387,368 1,191,285
------------ ------------
Liabilities Subject To Chapter 11 Proceedings
Unaffiliated ...................................... - 1,542,422
Intercompany ...................................... - 2,107,022
------------ ------------
Total Liabilities Subject To Chapter 11 Proceedings . - 3,649,444
------------ ------------
Other Liabilities and Deferred Credits
Income taxes, noncurrent .......................... 52,517 206,051
Investment tax credits ............................ 22,122 24,412
Postretirement benefits other than pensions ....... 88,150 167,289
Other ............................................. 20,159 157,350
------------ ------------
Total Other Liabilities and Deferred Credits ........ 182,948 555,102
------------ ------------
TOTAL CAPITALIZATION AND LIABILITIES ................ 1,180,898 6,116,464
============ ============
</TABLE>
(a) TCO includes one subsidiary as noted in Item 1. The financial
statements presented here are the consolidated financial statements
of TCO. Disclosure related to the subsidiary of TCO is provided in
Item 1 and Item 9 Exhibit B.
<PAGE> 60
Page 59
F-1 (7 of 8) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
<TABLE>
<CAPTION>
Consolidating Balance Sheet as of December 31, 1993
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
CAPITALIZATION AND LIABILITIES CMD CPA COS CES CG
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Capitalization
Common Stock Equity
The Columbia Gas System, Inc. - common stock,
$10 par value (50,559,225 shares outstanding) .. - - - - 505,592
Subsidiaries - common stock ..................... 7,092 68,628 24,305 4,172 -
Additional paid in capital ...................... - - 2,969 1,361 601,759
Retained earnings ............................... 8,916 101,633 37,627 5,799 189,949
Unearned employee compensation .................. - - - - (69,966)
------------ ------------ ------------ ------------ ------------
Total common stock equity ......................... 16,008 170,261 64,901 11,332 1,227,334
Long-term debt .................................... 98 592 2,010 - -
Installment promissory notes payable .............. 14,061 129,535 77,477 - -
Other intercompany notes and loans ................ - - - - -
------------ ------------ ------------ ------------ ------------
Total Capitalization ................................ 30,167 300,388 144,388 11,332 1,227,334
------------ ------------ ------------ ------------ ------------
Current Liabilities
Debtor-in-possession financing .................... - - - - -
Debt obligations .................................. 11 33 245 - -
Accounts and drafts payable ....................... 2,633 20,400 13,012 20,387 1,803
Intercompany notes and loans - current maturities.. 723 8,564 4,948 - -
Intercompany short-term loans ..................... - 35,619 5,261 - -
Intercompany accounts payable ..................... 2,544 17,333 7,635 10,025 7,300
Accrued taxes ..................................... (45) 4,970 1,531 485 30
Estimated rate refunds ............................ 1,100 14,461 3,692 - -
Estimated supplier obligations .................... - - - - -
Transportation and exchange gas payable ........... 190 4,124 1,445 - -
Deferred income taxes ............................. - 2,711 1,406 - -
Other ............................................. 2,896 12,574 9,180 1,313 10,043
------------ ------------ ------------ ------------ ------------
Total Current Liabilities ........................... 10,052 120,789 48,355 32,210 19,176
------------ ------------ ------------ ------------ ------------
Liabilities Subject To Chapter 11 Proceedings
Unaffiliated ...................................... - - - - 2,377,297
Intercompany ...................................... - - - - 4,919
------------ ------------ ------------ ------------ ------------
Total Liabilities Subject To Chapter 11 Proceedings . - - - - 2,382,216
------------ ------------ ------------ ------------ ------------
Other Liabilities and Deferred Credits
Income taxes, noncurrent .......................... 1,766 56,911 8,321 1,129 138,845
Investment tax credits ............................ 1,220 10,947 3,419 - -
Postretirement benefits other than pensions ....... 2,643 27,285 8,363 - 6,214
Other ............................................. 1,787 14,370 3,499 (81) -
------------ ------------ ------------ ------------ ------------
Total Other Liabilities and Deferred Credits ........ 7,416 109,513 23,602 1,048 145,059
------------ ------------ ------------ ------------ ------------
TOTAL CAPITALIZATION AND LIABILITIES ................ 47,635 530,690 216,345 44,590 3,773,785
============ ============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
F-1 Page 7
CAPITALIZATION AND LIABILITIES CS Total
------------ ------------
<S> <C> <C>
Capitalization
Common Stock Equity
The Columbia Gas System, Inc. - common stock,
$10 par value (50,559,225 shares outstanding) .. - 505,592
Subsidiaries - common stock ..................... 13,000 117,197
Additional paid in capital ...................... - 606,089
Retained earnings ............................... 155 344,079
Unearned employee compensation .................. - (69,966)
------------ ------------
Total common stock equity ......................... 13,155 1,502,991
Long-term debt .................................... - 2,700
Installment promissory notes payable .............. 18,240 239,313
Other intercompany notes and loans ................ - -
------------ ------------
Total Capitalization ................................ 31,395 1,745,004
------------ ------------
Current Liabilities
Debtor-in-possession financing .................... - -
Debt obligations .................................. - 289
Accounts and drafts payable ....................... 1,630 59,865
Intercompany notes and loans - current maturities.. 1,613 15,848
Intercompany short-term loans ..................... - 40,880
Intercompany accounts payable ..................... (963) 43,874
Accrued taxes ..................................... 396 7,367
Estimated rate refunds ............................ - 19,253
Estimated supplier obligations .................... - -
Transportation and exchange gas payable ........... - 5,759
Deferred income taxes ............................. - 4,117
Other ............................................. 12,426 48,432
------------ ------------
Total Current Liabilities ........................... 15,102 245,684
------------ ------------
Liabilities Subject To Chapter 11 Proceedings
Unaffiliated ...................................... - 2,377,297
Intercompany ...................................... - 4,919
------------ ------------
Total Liabilities Subject To Chapter 11 Proceedings . - 2,382,216
------------ ------------
Other Liabilities and Deferred Credits
Income taxes, noncurrent .......................... 3,092 210,064
Investment tax credits ............................ - 15,586
Postretirement benefits other than pensions ....... 12,167 56,672
Other ............................................. 2,247 21,822
------------ ------------
Total Other Liabilities and Deferred Credits ........ 17,506 304,144
------------ ------------
TOTAL CAPITALIZATION AND LIABILITIES ................ 64,003 4,677,048
============ ============
</TABLE>
<PAGE> 61
Page 60
F-1 (8 of 8) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
<TABLE>
<CAPTION>
Consolidating Balance Sheet as of December 31, 1993
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
CAPITALIZATION AND LIABILITIES CGC CPC CPI TVC(a) TCC(a)
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Capitalization
Common Stock Equity
The Columbia Gas System, Inc. - common stock,
$10 par value (50,559,225 shares outstanding) .. - - - - -
Subsidiaries - common stock ..................... 48,475 3,900 2,000 15,293 1,575
Additional paid in capital ...................... - - 398 42,802 -
Retained earnings ............................... (53,189) (286) 5,801 (23,241) (243)
Unearned employee compensation .................. - - - - -
------------ ------------ ------------ ------------ ------------
Total common stock equity ......................... (4,714) 3,614 8,199 34,854 1,332
Long-term debt .................................... - - 186 - -
Installment promissory notes payable .............. 15,912 2,876 5,760 - -
Other intercompany notes and loans ................ - - - - -
------------ ------------ ------------ ------------ ------------
Total Capitalization ................................ 11,198 6,490 14,145 34,854 1,332
------------ ------------ ------------ ------------ ------------
Current Liabilities
Debtor-in-possession financing .................... - - - - -
Debt obligations .................................. - - 99 - -
Accounts and drafts payable ....................... 1 364 1,567 276 -
Intercompany notes and loans - current maturities.. 2,041 434 740 - -
Intercompany short-term loans ..................... 5,230 78 2,442 - -
Intercompany accounts payable ..................... 638 199 360 9 -
Accrued taxes ..................................... 610 129 378 (255) (62)
Estimated rate refunds ............................ - - - - -
Estimated supplier obligations .................... - - - - -
Transportation and exchange gas payable ........... - - - - -
Deferred income taxes ............................. 422 - - 164 -
Other ............................................. 454 554 2,555 263 -
------------ ------------ ------------ ------------ ------------
Total Current Liabilities ........................... 9,396 1,758 8,141 457 (62)
------------ ------------ ------------ ------------ ------------
Liabilities Subject To Chapter 11 Proceedings
Unaffiliated ...................................... - - - - -
Intercompany ...................................... - - - - -
------------ ------------ ------------ ------------ ------------
Total Liabilities Subject To Chapter 11 Proceedings . - - - - -
------------ ------------ ------------ ------------ ------------
Other Liabilities and Deferred Credits
Income taxes, noncurrent .......................... 2,235 1,781 1,612 811 (19)
Investment tax credits ............................ - - - - -
Postretirement benefits other than pensions ....... 230 1,104 4,684 38 -
Other ............................................. 101 150 50 889 -
------------ ------------ ------------ ------------ ------------
Total Other Liabilities and Deferred Credits ........ 2,566 3,035 6,346 1,738 (19)
------------ ------------ ------------ ------------ ------------
TOTAL CAPITALIZATION AND LIABILITIES ................ 23,160 11,283 28,632 37,049 1,251
============ ============ ============ ============ ===========
</TABLE>
<TABLE>
<CAPTION>
F-1 Page 8
CAPITALIZATION AND LIABILITIES CAT Total
------------ ------------
<S> <C> <C>
Capitalization
Common Stock Equity
The Columbia Gas System, Inc. - common stock,
$10 par value (50,559,225 shares outstanding) .. - -
Subsidiaries - common stock ..................... 82 71,325
Additional paid in capital ...................... - 43,200
Retained earnings ............................... (845) (72,003)
Unearned employee compensation .................. - -
------------ ------------
Total common stock equity ......................... (763) 42,522
Long-term debt .................................... - 186
Installment promissory notes payable .............. - 24,548
Other intercompany notes and loans ................ - -
------------ ------------
Total Capitalization ................................ (763) 67,256
------------ ------------
Current Liabilities
Debtor-in-possession financing .................... - -
Debt obligations .................................. - 99
Accounts and drafts payable ....................... - 2,208
Intercompany notes and loans - current maturities.. - 3,215
Intercompany short-term loans ..................... - 7,750
Intercompany accounts payable ..................... - 1,206
Accrued taxes ..................................... 581 1,381
Estimated rate refunds ............................ - -
Estimated supplier obligations .................... - -
Transportation and exchange gas payable ........... - -
Deferred income taxes ............................. - 586
Other ............................................. 1,892 5,718
------------ ------------
Total Current Liabilities ........................... 2,473 22,163
------------ ------------
Liabilities Subject To Chapter 11 Proceedings
Unaffiliated ...................................... - -
Intercompany ...................................... - -
------------ ------------
Total Liabilities Subject To Chapter 11 Proceedings . - -
------------ ------------
Other Liabilities and Deferred Credits
Income taxes, noncurrent .......................... 13 6,433
Investment tax credits ............................ - -
Postretirement benefits other than pensions ....... - 6,056
Other ............................................. - 1,190
------------ ------------
Total Other Liabilities and Deferred Credits ........ 13 13,679
------------ ------------
TOTAL CAPITALIZATION AND LIABILITIES ................ 1,723 103,098
============ ============
</TABLE>
(a) TVC includes twelve subsidiaries and TCC includes one subsidiary as
noted in Item 1. The financial statements presented here are the
consolidated financial statements of TVC and TCC, respectively.
Disclosure related to the subsidiaries of TVC and TCC is provided in
Item 1 and Item 9 Exhibit B.
<PAGE> 62
Page 61
F-2 (1 of 2) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
<TABLE>
<CAPTION>
Consolidated Balance Sheet as of December 31, 1993
(Not covered by Report of Independent Public Accountants)
($ Thousands)
Entry No. 3
Entry No. 1 Entry No. 2 Adjust to
Eliminate Eliminate Consoli- Entry No. 4
Intercompany Subsidiary dated Full Elimination/
Total Transactions Equity Cost Pool Adjustments
------------ ------------ ------------ ------------- ------------
ASSETS
<S> <C> <C> <C> <C> <C>
Property, Plant and Equipment
Gas utility and other plant, at original cost ..... (28,667) (3,604) - - (25,063)
Accumulated depreciation and depletion ............ - - - - -
Net Gas Utility and Other Plant ................... (28,667) (3,604) 0 0 (25,063)
------------ ------------ ------------- ------------- ------------
Oil and gas producing properties, full cost method. - - - - -
Accumulated depletion ............................. 192,049 - - 192,049 -
------------ ------------ ------------- ------------- ------------
Net Oil and Gas Producing Properties .............. 192,049 - - 192,049 -
------------ ------------ ------------- ------------- ------------
Net Property, Plant, and Equipment .................. 163,382 (3,604) 0 192,049 (25,063)
------------ ------------ ------------- ------------- ------------
Investments and Other Assets
Accounts receivable - noncurrent .................. (19,130) - - - (19,130)
Unconsolidated affiliates ......................... - - - - -
Investment in Columbia LNG Corporation ............ - - - - -
Gas supply prepayments ............................ - - - - -
Other ............................................. 1,998 - 1,998 - -
------------ ------------ ------------- ------------- -------------
Total Investments and Other Assets .................. (17,132) - 1,998 - (19,130)
------------ ------------ ------------- ------------- -------------
Investments in Subsidiaries
Capital stock ..................................... (1,160,907) - (1,160,907) - -
Equity in undistributed earnings of
subsidiaries ..................................... 500,634 - 500,634 - -
Notes receivable .................................. (871,978) (871,978) - - -
Other investments.................................. (470,000) (470,000) - - -
Other receivables - TCO............................ (1,431,734) (1,431,734) - - -
------------ ------------ ------------- ------------- -------------
Total Investments in Subsidiaries ................... (3,433,985) (2,773,712) (660,273) - -
------------ ------------ ------------- ------------- -------------
Current Assets
Cash and temporary cash investments ............... - - - - -
Accounts receivable, net
Customers ....................................... 5,410 5,410 - - -
Intercompany .................................... (309,425) (309,425) - - -
Other ........................................... (27,185) (1,076) - - (26,109)
Gas inventory ..................................... - - - - -
Other inventories, at average cost ................ - - - - -
Prepayments ....................................... - - - - -
Other ............................................. (13,038) - - - (13,038)
------------ ------------ ------------- ------------- -------------
Total Current Assets ................................ (344,238) (305,091) - - (39,147)
------------ ------------ ------------- ------------- -------------
Deferred Charges .................................... (306,690) (56,389) - - (250,301)
------------ ------------ ------------- ------------- -------------
TOTAL ASSETS ........................................ (3,938,663) (3,138,796) (658,275) 192,049 (333,641)
============ ============ ============= ============= =============
</TABLE>
<PAGE> 63
Page 62
F-2 (2 of 2) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
<TABLE>
<CAPTION>
Consolidated Balance Sheet as of December 31, 1993
(Not covered by Report of Independent Public Accountants)
($ Thousands)
Entry No. 3
Entry No. 1 Entry No. 2 Adjust to
Eliminate Eliminate Consoli- Entry No. 4
Intercompany Subsidiary dated Full Elimination/
Total Transactions Equity Cost Pool Adjustments
----------- ------------ ------------ ------------- -------------
CAPITALIZATION AND LIABILITIES
<S> <C> <C> <C> <C> <C>
Capitalization
Common Stock Equity
The Columbia Gas System, Inc. - common stock,
$10 par value (50,559,225 shares outstanding) ....... - - - - -
Subsidiaries - common stock .......................... (982,429) - (982,429) - -
Additional paid in capital ........................... (145,543) - (145,543) - -
Retained earnings .................................... 562,828 (3,170) 469,697 124,832 (28,531)
Unearned employee compensation ....................... - - - - -
Total common stock equity .............................. (565,144) (3,170) (658,275) 124,832 (28,531)
Long-term debt ......................................... - - - - -
Installment promissory notes payable ................... (735,622) (735,622) - - -
Other intercompany notes and loans ..................... - - - - -
----------- ----------- ------------ ------------ ------------
Total Capitalization ..................................... (1,300,766) (738,792) (658,275) 124,832 (28,531)
----------- ----------- ------------ ------------ ------------
Current Liabilities
Debtor-in-possession financing ......................... - - - - -
Debt obligations ....................................... - - - - -
Accounts and drafts payable ............................ - - - - -
Intercompany notes and loans - current maturities....... (64,522) (64,522) - - -
Intercompany short-term loans .......................... (127,456) (127,456) - - -
Intercompany accounts payable .......................... (94,983) (94,983) - - -
Accrued taxes .......................................... (20,098) - - - (20,098)
Estimated rate refunds ................................. - - - - -
Estimated supplier obligations ......................... - - - - -
Transportation and exchange gas payable ................ (218) (218) - - -
Deferred income taxes .................................. (25,762) (1,810) - - (23,952)
Other .................................................. (32,273) (7,132) - - (25,141)
----------- ----------- ------------ ------------ ------------
Total Current Liabilities ................................ (365,312) (296,121) - - (69,191)
----------- ----------- ------------ ------------ ------------
Liabilities Subject To Chapter 11 Proceedings
Unaffiliated ........................................... 8,058 8,058 - - -
Intercompany ........................................... (2,111,941) (2,111,941) - - -
------------ ------------ ------------ ------------ ------------
Total Liabilities Subject To Chapter 11 Proceedings ...... (2,103,883) (2,103,883) - - -
------------ ------------ ------------ ------------ ------------
Other Liabilities and Deferred Credits
Income taxes, noncurrent ............................... (168,702) - - 67,217 (235,919)
Investment tax credits ................................. - - - - -
Postretirement benefits other than pensions ............ - - - - -
Other .................................................. - - - - -
------------ ------------ ------------ ------------ ------------
Total Other Liabilities and Deferred Credits ............. (168,702) - - 67,217 (235,919)
------------ ------------ ------------ ------------ ------------
TOTAL CAPITALIZATION AND LIABILITIES ..................... (3,938,663) (3,138,796) (658,275) 192,049 (333,641)
============ ============ ============ ============ ============
</TABLE>
<PAGE> 64
Page 63
F-3 (1 of 4) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
<TABLE>
<CAPTION>
Consolidating Statement of Income
Year Ended December 31, 1993
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
Consoli-
F-3 F-3 F-3 dating Consoli-
Page 2 Page 3 Page 4 Combined Entries dated
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Operating Revenues
Gas sales ......................................... 2,450,937 648,553 - 3,099,490 (533,366) 2,566,124
Transportation .................................... 749,109 28,492 - 777,601 (175,760) 601,841
Other ............................................. 205,480 80,581 60,827 346,888 (123,667) 223,221
------------ ------------ ------------ ------------ ------------ ------------
Total Operating Revenues ............................ 3,405,526 757,626 60,827 4,223,979 (832,793) 3,391,186
------------ ------------ ------------ ------------ ------------ ------------
Operating Expenses
Products purchased ................................ 1,868,555 427,478 29,655 2,325,688 (751,151) 1,574,537
Provision for gas supply charges .................. - - - - - -
Operation ......................................... 648,341 189,862 20,353 858,556 (76,020) 782,536
Maintenance ....................................... 145,427 18,545 1,474 165,446 - 165,446
Depreciation and depletion ........................ 218,401 24,958 2,124 245,483 (5,663) 239,820
Other taxes ....................................... 161,713 34,347 1,883 197,943 - 197,943
Writedown of inv. in Columbia LNG Corp............. - - - - 57,472 57,472
------------ ------------ ------------ ------------ ------------ ------------
Total Operating Expenses ............................ 3,042,437 695,190 55,489 3,793,116 (775,362) 3,017,754
------------ ------------ ------------ ------------ ------------ ------------
Operating Income (Loss) ............................. 363,089 62,436 5,338 430,863 (57,431) 373,432
------------ ------------ ------------ ------------ ------------ ------------
Other Income (Deductions)
Interest income and other, net .................... 7,957 227,600 3,450 239,007 (231,702) 7,305
Interest expense and related charges .............. (268,715) (23,456) (6,002) (298,173) 196,587 (101,586)
Reorganization items, net ......................... 12,760 (3,835) - 8,925 - 8,925
------------ ------------ ------------ ------------ ------------ ------------
Total Other Income (Deductions) ..................... (247,998) 200,309 (2,552) (50,241) (35,115) (85,356)
------------ ------------ ------------ ------------ ------------ ------------
Income (Loss) before Income Taxes ................... 115,091 262,745 2,786 380,622 (92,546) 288,076
Income Taxes ........................................ 73,950 82,142 1,552 157,644 (21,767) 135,877
------------ ------------ ------------ ------------ ------------ ------------
Net Income (Loss) ................................... 41,141 180,603 1,234 222,978 (70,779) 152,199
============ ============ ============ ============ ============ ============
</TABLE>
<PAGE> 65
Page 64
F-3 (2 of 4) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
<TABLE>
<CAPTION>
Consolidating Statement of Income
Year Ended December 31, 1993
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
CNR CGD TCO(a) CGT CKY
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Operating Revenues
Gas sales ......................................... 90,894 139,269 1,004,146 - 115,020
Transportation .................................... - - 505,934 189,874 5,636
Other ............................................. 4,598 54,686 144,404 701 (285)
------------ ------------ ------------ ------------ ------------
Total Operating Revenues ............................ 95,492 193,955 1,654,484 190,575 120,371
------------ ------------ ------------ ------------ ------------
Operating Expenses
Products purchased ................................ - 67,232 960,121 45,282 73,922
Provision for gas supply charges .................. - - - - -
Operation ......................................... 35,961 47,806 259,512 71,957 24,643
Maintenance ....................................... 42 50 98,248 21,714 2,822
Depreciation and depletion ........................ 16,962 62,505 67,441 30,342 5,115
Other taxes ....................................... 6,980 4,243 48,308 7,872 1,711
Writedown of inv. in Columbia LNG Corp............. - - - - -
------------ ------------ ------------ ------------ ------------
Total Operating Expenses ............................ 59,945 181,836 1,433,630 177,167 108,213
------------ ------------ ------------ ------------ ------------
Operating Income (Loss) ............................. 35,547 12,119 220,854 13,408 12,158
------------ ------------ ------------ ------------ ------------
Other Income (Deductions)
Interest income and other, net .................... 1,825 2,604 864 (1,928) 838
Interest expense and related charges .............. (3,305) (15,398) (229,832) (2,814) (3,279)
Reorganization items, net ......................... - - 12,760 - -
------------ ------------ ------------ ------------ ------------
Total Other Income (Deductions) ..................... (1,480) (12,794) (216,208) (4,742) (2,441)
------------ ------------ ------------ ------------ ------------
Income (Loss) before Income Taxes ................... 34,067 (675) 4,646 8,666 9,717
Income Taxes ........................................ 18,402 (3,173) 22,821 7,897 3,953
------------ ------------ ------------ ------------ ------------
Net Income (Loss) ................................... 15,665 2,498 (18,175) 769 5,764
============ ============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
F-3 Page 2
COH Total
------------ -----------
<S> <C> <C>
Operating Revenues
Gas sales ......................................... 1,101,608 2,450,937
Transportation .................................... 47,665 749,109
Other ............................................. 1,376 205,480
------------ ------------
Total Operating Revenues ............................ 1,150,649 3,405,526
------------ ------------
Operating Expenses
Products purchased ................................ 721,998 1,868,555
Provision for gas supply charges .................. - -
Operation ......................................... 208,462 648,341
Maintenance ....................................... 22,551 145,427
Depreciation and depletion ........................ 36,036 218,401
Other taxes ....................................... 92,599 161,713
Writedown of inv. in Columbia LNG Corp............. - -
------------ ------------
Total Operating Expenses ............................ 1,081,646 3,042,437
------------ ------------
Operating Income (Loss) ............................. 69,003 363,089
------------ ------------
Other Income (Deductions)
Interest income and other, net .................... 3,754 7,957
Interest expense and related charges .............. (14,087) (268,715)
Reorganization items, net ......................... - 12,760
------------ ------------
Total Other Income (Deductions) ..................... (10,333) (247,998)
------------ ------------
Income (Loss) before Income Taxes ................... 58,670 115,091
Income Taxes ........................................ 24,050 73,950
------------ ------------
Net Income (Loss) ................................... 34,620 41,141
============ ============
</TABLE>
(a) TCO includes one subsidiary as noted in Item 1. The financial
statements presented here are the consolidated financial statements
of TCO. Disclosure related to the subsidiary of TCO is provided in
Item 1 and Item 9 Exhibit B.
<PAGE> 66
Page 65
F-3 (3 of 4) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
<TABLE>
<CAPTION>
Consolidating Statement of Income
Year Ended December 31, 1993
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
CMD CPA COS CES CG
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Operating Revenues
Gas sales ......................................... 31,820 359,135 148,645 108,953 -
Transportation .................................... 1,594 20,301 6,495 102 -
Other ............................................. (15) 2,823 529 - -
------------ ------------ ------------ ------------ ------------
Total Operating Revenues ............................ 33,399 382,259 155,669 109,055 -
------------ ------------ ------------ ------------ ------------
Operating Expenses
Products purchased ................................ 18,567 215,124 86,755 107,032 -
Provision for gas supply charges .................. - - - - -
Operation ......................................... 7,561 78,033 31,899 2,003 6,930
Maintenance ....................................... 1,139 9,359 5,052 17 -
Depreciation and depletion ........................ 1,877 12,411 6,846 24 -
Other taxes ....................................... 1,788 23,022 6,621 94 167
Writedown of inv. in Columbia LNG Corp............. - - - - -
------------ ------------ ------------ ------------ ------------
Total Operating Expenses ............................ 30,932 337,949 137,173 109,170 7,097
------------ ------------ ------------ ------------ ------------
Operating Income (Loss) ............................. 2,467 44,310 18,496 (115) (7,097)
------------ ------------ ------------ ------------ ------------
Other Income (Deductions)
Interest income and other, net .................... 30 1,383 152 142 225,265
Interest expense and related charges .............. (843) (12,083) (6,321) 332 (2,452)
Reorganization items, net ......................... - - - - (3,835)
------------ ------------ ------------ ------------ ------------
Total Other Income (Deductions) ..................... (813) (10,700) (6,169) 474 218,978
------------ ------------ ------------ ------------ ------------
Income (Loss) before Income Taxes ................... 1,654 33,610 12,327 359 211,881
Income Taxes ........................................ 565 16,324 4,180 289 59,682
------------ ------------ ------------ ------------ ------------
Net Income (Loss) ................................... 1,089 17,286 8,147 70 152,199
============ ============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
F-3 Page 3
CS Total
------------ -----------
<S> <C> <C>
Operating Revenues
Gas sales ......................................... - 648,553
Transportation .................................... - 28,492
Other ............................................. 77,244 80,581
------------ ------------
Total Operating Revenues ............................ 77,244 757,626
------------ ------------
Operating Expenses
Products purchased ................................ - 427,478
Provision for gas supply charges .................. - -
Operation ......................................... 63,436 189,862
Maintenance ....................................... 2,978 18,545
Depreciation and depletion ........................ 3,800 24,958
Other taxes ....................................... 2,655 34,347
Writedown of inv. in Columbia LNG Corp............. - -
------------ ------------
Total Operating Expenses ............................ 72,869 695,190
------------ ------------
Operating Income (Loss) ............................. 4,375 62,436
------------ ------------
Other Income (Deductions)
Interest income and other, net .................... 628 227,600
Interest expense and related charges .............. (2,089) (23,456)
Reorganization items, net ......................... - (3,835)
------------ ------------
Total Other Income (Deductions) ..................... (1,461) 200,309
------------ ------------
Income (Loss) before Income Taxes ................... 2,914 262,745
Income Taxes ........................................ 1,102 82,142
------------ ------------
Net Income (Loss) ................................... 1,812 180,603
============ ============
</TABLE>
<PAGE> 67
Page 66
F-3 (4 of 4) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
<TABLE>
<CAPTION>
Consolidating Statement of Income
Year Ended December 31, 1993
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
CGC CPC CPI TVC(a) TCC(a)
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Operating Revenues
Gas sales ......................................... - - - - -
Transportation .................................... - - - - -
Other ............................................. 4,357 9,828 46,642 - -
------------ ------------ ------------ ------------ ------------
Total Operating Revenues ............................ 4,357 9,828 46,642 - -
------------ ------------ ------------ ------------ ------------
Operating Expenses
Products purchased ................................ - 5,292 24,363 - -
Provision for gas supply charges .................. - - - - -
Operation ......................................... 867 2,734 15,094 1,553 22
Maintenance ....................................... - 165 1,309 - -
Depreciation and depletion ........................ 40 819 1,265 - -
Other taxes ....................................... 515 290 1,025 47 4
Writedown of inv. in Columbia LNG Corp............. - - - - -
------------ ------------ ------------ ------------ ------------
Total Operating Expenses ............................ 1,422 9,300 43,056 1,600 26
------------ ------------ ------------ ------------ ------------
Operating Income (Loss) ............................. 2,935 528 3,586 (1,600) (26)
------------ ------------ ------------ ------------ ------------
Other Income (Deductions)
Interest income and other, net .................... 1,090 8 291 2,222 (161)
Interest expense and related charges .............. (2,160) (396) (738) (2,580) -
Reorganization items, net ......................... - - - - -
------------ ------------ ------------ ------------ ------------
Total Other Income (Deductions) ..................... (1,070) (388) (447) (358) (161)
------------ ------------ ------------ ------------ ------------
Income (Loss) before Income Taxes ................... 1,865 140 3,139 (1,958) (187)
Income Taxes ........................................ 678 317 1,219 (527) (62)
------------ ------------ ------------ ------------ ------------
Net Income (Loss) ................................... 1,187 (177) 1,920 (1,431) (125)
============ ============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
F-3 Page 4
CAT Total
------------ ------------
<S> <C> <C>
Operating Revenues
Gas sales ......................................... - -
Transportation .................................... - -
Other ............................................. - 60,827
------------ ------------
Total Operating Revenues ............................ - 60,827
------------ ------------
Operating Expenses
Products purchased ................................ - 29,655
Provision for gas supply charges .................. - -
Operation ......................................... 83 20,353
Maintenance ....................................... - 1,474
Depreciation and depletion ........................ - 2,124
Other taxes ....................................... 2 1,883
Writedown of inv. in Columbia LNG Corp............. - -
------------ ------------
Total Operating Expenses ............................ 85 55,489
------------ ------------
Operating Income (Loss) ............................. (85) 5,338
------------ ------------
Other Income (Deductions)
Interest income and other, net .................... - 3,450
Interest expense and related charges .............. (128) (6,002)
Reorganization items, net ......................... - -
------------ ------------
Total Other Income (Deductions) ..................... (128) (2,552)
------------ ------------
Income (Loss) before Income Taxes ................... (213) 2,786
Income Taxes ........................................ (73) 1,552
------------ ------------
Net Income (Loss) ................................... (140) 1,234
============ ============
</TABLE>
(a) TVC includes twelve subsidiaries and TCC includes one subsidiary as
noted in Item 1. The financial statements presented here are the
consolidated financial statements of TVC and TCC, respectively.
Disclosure related to the subsidiaries of TVC and TCC is provided in
Item 1 and Item 9 Exhibit B.
<PAGE> 68
Page 67
F-4 (1 of 1) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
<TABLE>
<CAPTION>
Consolidating Statement of Income
Year Ended December 31, 1993
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
Entry No. 3
Entry No. 1 Entry No. 2 Adjust to
Eliminate Eliminate Consoli- Entry No. 4
Intercompany Subsidiary dated Full Elimination/
Total Transactions Equity Cost Pool Adjustments
------------ ------------ ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Operating Revenues
Gas sales .............................................. (533,366) (532,214) - - (1,152)
Transportation ......................................... (175,760) (176,912) - - 1,152
Other .................................................. (123,667) (117,703) - - (5,964)
------------ ------------ ------------- ------------- -------------
Total Operating Revenues ................................. (832,793) (826,829) - - (5,964)
------------ ------------ ------------- ------------- -------------
Operating Expenses
Products purchased ..................................... (751,151) (751,151) - - -
Provision for gas supply charges ....................... - - - - -
Operation .............................................. (76,020) (77,636) - - 1,616
Maintenance ............................................ - - - - -
Depreciation and depletion ............................. (5,663) - - (5,663) -
Other taxes ............................................ - - - - -
Writedown of inv. in Columbia LNG Corp.................. 57,472 - - - 57,472
------------ ------------ ------------- ------------- -------------
Total Operating Expenses ................................. (775,362) (828,787) - (5,663) 59,088
------------ ------------ ------------- ------------- -------------
Operating Income (Loss) .................................. (57,431) 1,958 - 5,663 (65,052)
------------ ------------ ------------- ------------- -------------
Other Income (Deductions)
Interest income and other, net ......................... (231,702) (209,081) (60,553) - 37,932
Interest expense and related charges ................... 196,587 209,081 - - (12,494)
Reorganization items, net .............................. - - - - -
------------ ------------ ------------- ------------- -------------
Total Other Income (Deductions) .......................... (35,115) - (60,553) - 25,438
------------ ------------ ------------- ------------- -------------
Income (Loss) before Income Taxes ........................ (92,546) 1,958 (60,553) 5,663 (39,614)
Income Taxes ............................................. (21,767) 630 - 3,846 (26,243)
------------ ------------ ------------- ------------- -------------
Net Income (Loss) ........................................ (70,779) 1,328 (60,553) 1,817 (13,371)
============ ============ ============= ============= =============
</TABLE>
<PAGE> 69
Page 68
F-5 (1 of 4) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
<TABLE>
<CAPTION>
Consolidating Statement of Common Stock Equity
Year Ended December 31, 1993
(Not covered by Report of Independent Public Accountants)
($ Thousands)
Consoli-
F-5 F-5 F-5 dating Consoli-
Page 2 Page 3 Page 4 Combined Entries dated
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Common Stock
Balance at beginning of year ...................... 793,907 622,789 69,736 1,486,432 (980,840) 505,592
Common stock issued -
Subsidiaries .................................... - - 1,014 1,014 (1,014) -
Leveraged employee stock
ownership plan (LESOP) ........................ - - - - - -
Dividend reinvestment plan ...................... - - - - - -
Long-term incentive plan ........................ - - - - - -
Public offering ................................. - - - - - -
------------ ------------ ------------ ------------ ------------ ------------
Balance at end of year ............................ 793,907 622,789 70,750 1,487,446 (981,854) 505,592
------------ ------------ ------------ ------------ ------------ ------------
Additional Paid in Capital
Balance at beginning of year ...................... 98,013 606,089 2,318 706,420 (104,661) 601,759
Common stock issued -
Subsidiaries .................................... - - 10,740 10,740 (10,740) -
Leveraged employee stock
ownership plan (LESOP) ........................ - - - - - -
Dividend reinvestment plan ...................... - - - - - -
Long-term incentive plan ........................ - - - - - -
Public offering ................................. - - - - - -
Other ........................................... - - 30,717 30,717 (30,717) -
------------ ------------ ------------ ------------ ------------ ------------
Balance at end of year ............................ 98,013 606,089 43,775 747,877 (146,118) 601,759
------------ ------------ ------------ ------------ ------------ ------------
Retained Earnings
Balance at beginning of year ...................... (651,288) 165,355 (71,687) (557,620) 595,370 37,750
Net income ........................................ 41,141 180,603 1,234 222,978 (70,779) 152,199
Common stock dividends -
CG .............................................. - - - - - -
Subsidiaries (to CG) ............................ 34,808 1,879 1,551 38,238 (38,238) -
Other ............................................. - - 1 1 (1) -
------------ ------------ ------------ ------------ ------------ ------------
Balance at end of year ............................ (644,955) 344,079 (72,003) (372,879) 562,828 189,949
------------ ------------ ------------ ------------ ------------ ------------
Unearned Employee Compensation
Balance at beginning of year ...................... - (69,966) - (69,966) - (69,966)
Adjustment ........................................ - - - - - -
Balance at end of year ............................ - (69,966) - (69,966) - (69,966)
------------ ------------ ------------ ------------ ------------ ------------
TOTAL COMMON STOCK EQUITY ........................... 246,965 1,502,991 42,522 1,792,478 (565,144) 1,227,334
============ ============ ============ ============ ============ ============
</TABLE>
<PAGE> 70
Page 69
F-5 (2 of 4) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
<TABLE>
<CAPTION>
Consolidating Statement of Common Stock Equity
Year Ended December 31, 1993
(Not covered by Report of Independent Public Accountants)
($ Thousands)
CNR CGD TCO(a) CGT CKY
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Common Stock
Balance at beginning of year ...................... 125,716 141,912 241,784 149,449 15,806
Common stock issued -
Subsidiaries .................................... - - - - -
Leveraged employee stock
ownership plan (LESOP) ........................ - - - - -
Dividend reinvestment plan ...................... - - - - -
Long-term incentive plan ........................ - - - - -
Public offering ................................. - - - - -
------------ ------------ ------------ ------------ ------------
Balance at end of year ............................ 125,716 141,912 241,784 149,449 15,806
------------ ------------ ------------ ------------ ------------
Additional Paid in Capital
Balance at beginning of year ...................... - 27,550 70,289 - 174
Common stock issued -
Subsidiaries .................................... - - - - -
Leveraged employee stock
ownership plan (LESOP) ........................ - - - - -
Dividend reinvestment plan ...................... - - - - -
Long-term incentive plan ........................ - - - - -
Public offering ................................. - - - - -
Other ........................................... - - - - -
------------ ------------ ------------ ------------ ------------
Balance at end of year ............................ - 27,550 70,289 - 174
------------ ------------ ------------ ------------ ------------
Retained Earnings
Balance at beginning of year ...................... 50,232 (129,826) (811,119) 20,836 24,807
Net income ........................................ 15,665 2,498 (18,175) 769 5,764
Common stock dividends -
CG .............................................. - - - - -
Subsidiaries (to CG) ............................ 19,863 - - 14,945 -
Other ............................................. (1) (1) - 1 1
Balance at end of year................................. ------------ ------------ ------------ ------------ ------------
46,033 (127,329) (829,294) 6,661 30,572
------------ ------------ ------------ ------------ ------------
Unearned Employee Compensation
Balance at beginning of year ...................... - - - - -
Adjustment ........................................ - - - - -
Balance at end of year ............................ - - - - -
----------- ----------- ------------ ------------ ------------
TOTAL COMMON STOCK EQUITY 171,749 42,133 (517,221) 156,110 46,552
=========== =========== ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
F-5 Page 2
COH Total
------------ ------------
<S> <C> <C>
Common Stock
Balance at beginning of year ...................... 119,240 793,907
Common stock issued -
Subsidiaries .................................... - -
Leveraged employee stock
ownership plan (LESOP) ........................ - -
Dividend reinvestment plan ...................... - -
Long-term incentive plan ........................ - -
Public offering ................................. - -
------------ ------------
Balance at end of year ............................ 119,240 793,907
------------ ------------
Additional Paid in Capital
Balance at beginning of year ...................... - 98,013
Common stock issued -
Subsidiaries .................................... - -
Leveraged employee stock
ownership plan (LESOP) ........................ - -
Dividend reinvestment plan ...................... - -
Long-term incentive plan ........................ - -
Public offering ................................. - -
Other ........................................... - -
------------ ------------
Balance at end of year ............................ - 98,013
------------ ------------
Retained Earnings
Balance at beginning of year ...................... 193,782 (651,288)
Net income ........................................ 34,620 41,141
Common stock dividends -
CG .............................................. - -
Subsidiaries (to CG) ............................ - 34,808
Other ............................................. - -
Balance at end of year................................. ------------ ------------
228,402 (644,955)
------------ ------------
Unearned Employee Compensation
Balance at beginning of year ...................... - -
Adjustment ........................................ - -
Balance at end of year ............................ - -
------------ -----------
TOTAL COMMON STOCK EQUITY 347,642 246,965
============ ============
</TABLE>
(a) TCO includes one subsidiary as noted in Item 1. The financial
statements presented here are the consolidated financial statements
of TCO. Disclosure related to the subsidiary of TCO is provided in
Item 1 and Item 9 Exhibit B.
<PAGE> 71
Page 70
F-5 (3 of 4) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
<TABLE>
<CAPTION>
Consolidating Statement of Common Stock Equity
Year Ended December 31, 1993
(Not covered by Report of Independent Public Accountants)
($ Thousands)
CMD CPA COS CES CG
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Common Stock
Balance at beginning of year ...................... 7,092 68,628 24,305 4,172 505,592
Common stock issued -
Subsidiaries .................................... - - - - -
Leveraged employee stock
ownership plan (LESOP) ........................ - - - - -
Dividend reinvestment plan ...................... - - - - -
Long-term incentive plan ........................ - - - - -
Public offering ................................. - - - - -
------------ ------------ ------------ ------------ ------------
Balance at end of year ............................ 7,092 68,628 24,305 4,172 505,592
------------ ------------ ------------ ------------ ------------
Additional Paid in Capital
Balance at beginning of year ...................... - - 2,969 1,361 601,759
Common stock issued -
Subsidiaries .................................... - - - - -
Leveraged employee stock
ownership plan (LESOP) ........................ - - - - -
Dividend reinvestment plan ...................... - - - - -
Long-term incentive plan ........................ - - - - -
Public offering ................................. - - - - -
Other ........................................... - - - - -
------------ ------------ ------------ ------------ ------------
Balance at end of year ............................ - - 2,969 1,361 601,759
------------ ------------ ------------ ------------ ------------
Retained Earnings
Balance at beginning of year ...................... 7,826 84,347 29,480 5,730 37,750
Net income ........................................ 1,089 17,286 8,147 70 152,199
Common stock dividends -
CG .............................................. - - - - -
Subsidiaries (to CG) ............................ - - - - -
Other ............................................. 1 - - (1) -
------------ ------------ ------------ ------------ ------------
Balance at end of year ............................ 8,916 101,633 37,627 5,799 189,949
------------ ------------ ------------ ------------ ------------
Unearned Employee Compensation
Balance at beginning of year ...................... - - - - (69,966)
Adjustment ........................................ - - - - -
Balance at end of year ............................ - - - - (69,966)
------------ ------------ ------------ ------------ ------------
TOTAL COMMON STOCK EQUITY ........................... 16,008 170,261 64,901 11,332 1,227,334
============ ============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
F-5 Page 3
CS Total
------------ ------------
<S> <C> <C>
Common Stock
Balance at beginning of year ...................... 13,000 622,789
Common stock issued -
Subsidiaries .................................... - -
Leveraged employee stock
ownership plan (LESOP) ........................ - -
Dividend reinvestment plan ...................... - -
Long-term incentive plan ........................ - -
Public offering ................................. - -
------------ ------------
Balance at end of year ............................ 13,000 622,789
------------ ------------
Additional Paid in Capital
Balance at beginning of year ...................... - 606,089
Common stock issued -
Subsidiaries .................................... - -
Leveraged employee stock
ownership plan (LESOP) ........................ - -
Dividend reinvestment plan ...................... - -
Long-term incentive plan ........................ - -
Public offering ................................. - -
Other ........................................... - -
------------ ------------
Balance at end of year ............................ - 606,089
------------ ------------
Retained Earnings
Balance at beginning of year ...................... 222 165,355
Net income ........................................ 1,812 180,603
Common stock dividends -
CG .............................................. - -
Subsidiaries (to CG) ............................ 1,879 1,879
Other ............................................. - -
------------ ------------
Balance at end of year ............................ 155 344,079
------------ ------------
Unearned Employee Compensation
Balance at beginning of year ...................... - (69,966)
Adjustment ........................................ - -
Balance at end of year ............................ - (69,966)
------------ ------------
TOTAL COMMON STOCK EQUITY ........................... 13,155 1,502,991
============ ============
</TABLE>
<PAGE> 72
Page 71
F-5 (4 of 4) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
<TABLE>
<CAPTION>
Consolidating Statement of Common Stock Equity
Year Ended December 31, 1993
(Not covered by Report of Independent Public Accountants)
($ Thousands)
CGC CPC CPI TVC(a) TCC(a)
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Common Stock
Balance at beginning of year ...................... 48,475 3,900 2,000 14,279 1,000
Common stock issued -
Subsidiaries .................................... - - - 1,014 -
Leveraged employee stock
ownership plan (LESOP) ........................ - - - - -
Dividend reinvestment plan ...................... - - - - -
Long-term incentive plan ........................ - - - - -
Public offering ................................. - - - - -
------------ ------------ ------------ ------------ ------------
Balance at end of year ............................ 48,475 3,900 2,000 15,293 1,000
------------ ------------ ------------ ------------ ------------
Additional Paid in Capital
Balance at beginning of year ...................... - - 398 1,920 -
Common stock issued -
Subsidiaries .................................... - - - 10,740 -
Leveraged employee stock
ownership plan (LESOP) ........................ - - - - -
Dividend reinvestment plan ...................... - - - - -
Long-term incentive plan ........................ - - - - -
Public offering ................................. - - - - -
Other ........................................... - - - 30,142 575
------------ ------------ ------------ ------------ ------------
Balance at end of year ............................ - - 398 42,802 575
------------ ------------ ------------ ------------ ------------
Retained Earnings
Balance at beginning of year ...................... (54,376) (109) 5,431 (21,810) (119)
Net income ........................................ 1,187 (177) 1,920 (1,431) (125)
Common stock dividends -
CG .............................................. - - - - -
Subsidiaries (to CG) ............................ - - 1,551 - -
Other ............................................. - - 1 - 1
------------ ------------ ------------ ------------ ------------
Balance at end of year ............................ (53,189) (286) 5,801 (23,241) (243)
------------ ------------ ------------ ------------ ------------
Unearned Employee Compensation
Balance at beginning of year ...................... - - - - -
Adjustment ........................................ - - - - -
------------ ------------ ------------ ------------ ------------
Balance at end of year ............................ - - - - -
------------ ------------ ------------ ------------ ------------
TOTAL COMMON STOCK EQUITY ........................... (4,714) 3,614 8,199 34,854 1,332
============ ============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
F-5 Page 4
CAT Total
------------ ------------
<S> <C> <C>
Common Stock
Balance at beginning of year ...................... 82 69,736
Common stock issued -
Subsidiaries .................................... - 1,014
Leveraged employee stock
ownership plan (LESOP) ........................ - -
Dividend reinvestment plan ...................... - -
Long-term incentive plan ........................ - -
Public offering ................................. - -
------------ ------------
Balance at end of year ............................ 82 70,750
------------ ------------
Additional Paid in Capital
Balance at beginning of year ...................... - 2,318
Common stock issued -
Subsidiaries .................................... - 10,740
Leveraged employee stock
ownership plan (LESOP) ........................ - -
Dividend reinvestment plan ...................... - -
Long-term incentive plan ........................ - -
Public offering ................................. - -
Other ........................................... - 30,717
------------ ------------
Balance at end of year ............................ - 43,775
------------ ------------
Retained Earnings
Balance at beginning of year ...................... (704) (71,687)
Net income ........................................ (140) 1,234
Common stock dividends -
CG .............................................. - -
Subsidiaries (to CG) ............................ - 1,551
Other ............................................. (1) 1
------------ ------------
Balance at end of year ............................ (845) (72,003)
------------ ------------
Unearned Employee Compensation
Balance at beginning of year ...................... - -
Adjustment ........................................ - -
------------ ------------
Balance at end of year ............................ - -
------------ ------------
TOTAL COMMON STOCK EQUITY ........................... (763) 42,522
============ ============
</TABLE>
(a) TVC includes twelve subsidiaries and TCC includes one subsidiary as
noted in Item 1. The financial statements presented here are the
consolidated financial statements of TVC and TCC, respectively.
Disclosure related to the subsidiaries of TVC and TCC is provided in
Item 1 and Item 9 Exhibit B.
<PAGE> 73
Page 72
F-6 (1 of 8) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
<TABLE>
<CAPTION>
Consolidating Statement of Cash Flows
Year Ended December 31, 1993
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
Consoli-
F-6 F-6 F-6 dating Consoli-
Page 2 Page 3 Page 4 Combined Entries dated
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Operations
Cash received from customers ..................... 3,378,875 650,274 61,956 4,091,105 (799,002) 3,292,103
Other operating cash receipts .................... 289,663 409,372 16,890 715,925 (510,953) 204,972
Cash paid to suppliers ........................... (1,654,638) (448,077) (23,763) (2,126,478) 796,985 (1,329,493)
Interest paid .................................... (46,847) (20,793) (6,825) (74,465) 73,931 (534)
Income taxes paid ................................ (77,344) (15,265) 3,899 (88,710) 53 (88,657)
Other tax payments ............................... (172,446) (33,748) (2,853) (209,047) - (209,047)
Cash paid to employees and for other
employee benefits .............................. (276,047) (238,892) (21) (514,960) - (514,960)
Other operating cash payments .................... (711,798) (195,174) (40,580) (947,552) 438,466 (509,086)
Reorganization items, net ........................ 16,123 (11,074) - 5,049 - 5,049
------------ ------------ ------------ ------------ ------------ ------------
Net Cash From Operations ........................... 745,541 96,623 8,703 850,867 (520) 850,347
------------ ------------ ------------ ------------ ------------ ------------
Investment Activities
Capital expenditures (a) ......................... (284,577) (52,022) (9,115) (345,714) - (345,714)
Gas supply prepayments - net ..................... - (355) - (355) - (355)
Other investments - net .......................... 3,865 (1,395) 1,787 4,257 - 4,257
------------ ------------ ------------ ------------ ------------ ------------
Net Investment Activities .......................... (280,712) (53,772) (7,328) (341,812) - (341,812)
------------ ------------ ------------ ------------ ------------ ------------
Financing Activities
Dividends paid ................................... (34,808) 36,359 (1,551) - - -
Issuance (retirement) of revolving credit
agreement ....................................... - - - - - -
Retirement of long-term debt ..................... (80,286) 163,697 (11,804) 71,607 (72,444) (837)
Issuance of common stock -
Issued by Registrant ........................... - - - - - -
Issued by Subsidiary to Registrant ............. - (12,347) 11,752 (595) 595 -
Issuance of long-term debt -
Issued by Registrant ........................... - - - - - -
Issued by Subsidiary to Registrant ............. 118,300 (190,670) - (72,370) 72,370 -
Net short-term intrasystem financing ............. (97,599) 92,730 4,870 1 (1) -
Increase (decrease) in short-term debt
and other financing activities ................ 11,577 1,010 (538) 12,049 - 12,049
Debtor-In-Possession financing ................... - - - - - -
------------ ------------ ------------ ------------ ------------ ------------
Net Financing Activities ........................... (82,816) 90,779 2,729 10,692 520 11,212
------------ ------------ ------------ ------------ ------------ ------------
Increase in cash and temporary cash investments .... 382,013 133,630 4,104 519,747 - 519,747
Cash and temporary cash investments at
beginning of year ................................. 853,255 (35,626) 3,009 820,638 - 820,638
------------ ------------ ------------ ------------ ------------ ------------
Cash and Temporary Cash Investments at
End of Year (b) ................................... 1,235,268 98,004 7,113 1,340,385 - 1,340,385
============ ============ ============ =========== ============ ============
</TABLE>
(a) Includes amounts transferred from interest paid, cash paid to
employees and for other employee benefits and other operating cash
payments.
(b) The Corporation considers all highly liquid debt instruments
purchased with a maturity of three months or less to be cash
equivalents. Balance includes intercompany money pool balances, which
are reported as intercompany accounts receivable on the balance sheet.
<PAGE> 74
Page 73
F-6 (2 of 8) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
<TABLE>
<CAPTION>
Consolidating Statement of Cash Flows
Year Ended December 31, 1993
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
CNR CGD TCO(c) CGT CKY
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Operations
Cash received from customers ........................... 109,963 213,727 1,582,217 190,945 128,704
Other operating cash receipts .......................... 5,494 2,346 149,427 17,580 7,570
Cash paid to suppliers ................................. (751) (86,198) (681,138) (45,790) (73,492)
Interest paid .......................................... (4,553) (16,488) (29) (896) (2,981)
Income taxes paid ...................................... (2,906) 13,142 (29,877) (17,792) (5,403)
Other tax payments ..................................... (7,021) (1,809) (53,211) (7,784) (1,603)
Cash paid to employees and for other employee benefits . 128 6 (114,045) (22,536) (14,941)
Other operating cash payments .......................... (52,214) (51,125) (367,430) (86,324) (21,939)
Reorganization items, net .............................. - - 16,123 - -
------------ ------------ ------------ ------------ ------------
Net Cash From Operations ................................. 48,140 73,601 502,037 27,403 15,915
------------ ------------ ------------ ------------ ------------
Investment Activities
Capital expenditures (a)................................ (23,985) (68,269) (101,235) (18,243) (12,212)
Gas supply prepayments - net ........................... - - - - -
Other investments - net ................................ - 530 - 3,335 -
------------ ------------ ------------ ------------ ------------
Net Investment Activities ................................ (23,985) (67,739) (101,235) (14,908) (12,212)
------------ ------------ ------------ ------------ ------------
Financing Activities
Dividends paid ......................................... (19,863) - - (14,945) -
Issuance (retirement) of revolving credit agreement .... - - - - -
Retirement of long-term debt ........................... (4,209) (28,168) (98) (3,464) (477)
Issuance of common stock -
Issued by Registrant ................................. - - - - -
Issued by Subsidiary to Registrant ................... - - - - -
Issuance of long-term debt -
Issued by Registrant ................................. - - - - -
Issued by Subsidiary to Registrant ................... - 10,000 - - 11,200
Net short-term intrasystem financing ................... - - - - (15,973)
Increase (decrease) in short-term debt and other
financing activities .................................. - - 3,892 (1,187) 1,073
Debtor-In-Possession financing ......................... - - - - -
------------ ------------ ------------ ------------ ------------
Net Financing Activities ................................. (24,072) (18,168) 3,794 (19,596) (4,177)
------------ ------------ ------------ ------------ ------------
Increase in cash and temporary cash investments .......... 83 (12,306) 404,596 (7,101) (474)
Cash and temporary cash investments at
beginning of year ....................................... 9,956 22,381 804,576 12,914 485
------------ ------------ ------------ ------------ ------------
Cash and Temporary Cash Investments at
End of Year (b)......................................... 10,039 10,075 1,209,172 5,813 11
============ ============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
F-6 Page 2
COH Total
------------ ------------
<S> <C> <C>
Operations
Cash received from customers ........................... 1,153,319 3,378,875
Other operating cash receipts .......................... 107,246 289,663
Cash paid to suppliers ................................. (767,269) (1,654,638)
Interest paid .......................................... (21,900) (46,847)
Income taxes paid ...................................... (34,508) (77,344)
Other tax payments ..................................... (101,018) (172,446)
Cash paid to employees and for other employee benefits . (124,659) (276,047)
Other operating cash payments .......................... (132,766) (711,798)
Reorganization items, net .............................. - 16,123
------------ ------------
Net Cash From Operations ................................. 78,445 745,541
------------ ------------
Investment Activities
Capital expenditures (a)................................ (60,633) (284,577)
Gas supply prepayments - net ........................... - -
Other investments - net ................................ - 3,865
------------ ------------
Net Investment Activities ................................ (60,633) (280,712)
------------ ------------
Financing Activities
Dividends paid ......................................... - (34,808)
Issuance (retirement) of revolving credit agreement .... - -
Retirement of long-term debt ........................... (43,870) (80,286)
Issuance of common stock -
Issued by Registrant ................................. - -
Issued by Subsidiary to Registrant ................... - -
Issuance of long-term debt -
Issued by Registrant ................................. - -
Issued by Subsidiary to Registrant ................... 97,100 118,300
Net short-term intrasystem financing ................... (81,626) (97,599)
Increase (decrease) in short-term debt and other
financing activities .................................. 7,799 11,577
Debtor-In-Possession financing ......................... - -
------------ ------------
Net Financing Activities ................................. (20,597) (82,816)
------------ ------------
Increase in cash and temporary cash investments .......... (2,785) 382,013
Cash and temporary cash investments at
beginning of year ....................................... 2,943 853,255
------------ ------------
Cash and Temporary Cash Investments at
End of Year (b)......................................... 158 1,235,268
============ ============
</TABLE>
(a) Includes amounts transferred from interest paid, cash paid to
employees and for other employee benefits and other operating cash
payments.
(b) The Corporation considers all highly liquid debt instruments
purchased with a maturity of three months or less to be cash
equivalents. Balance includes intercompany money pool balances,
which are reported as intercompany accounts receivable on the
balance sheet.
(c) TCO includes one subsidiary as noted in Item 1. The financial
statements presented here are the consolidated financial statements
of TCO. Disclosure related to the subsidiary of TCO is provided in
Item 1 and Item 9 Exhibit B.
<PAGE> 75
Page 74
F-6 (3 of 8) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
<TABLE>
<CAPTION>
Consolidating Statement of Cash Flows
Year Ended December 31, 1993
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
CMD CPA COS CES CG
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Operations
Cash received from customers ........................... 33,638 375,941 161,530 79,165 -
Other operating cash receipts .......................... 3,679 23,581 9,855 12,978 80,187
Cash paid to suppliers ................................. (19,688) (257,508) (90,573) (80,308) -
Interest paid .......................................... (910) (10,242) (6,110) (17) -
Income taxes paid ...................................... (706) (14,606) (3,350) (739) 4,937
Other tax payments ..................................... (1,735) (23,039) (6,365) (107) (173)
Cash paid to employees and for other employee benefits . (2,312) (33,799) (16,948) - -
Other operating cash payments .......................... (9,853) (60,660) (33,767) (18) (9,095)
Reorganization items, net .............................. - - - - (11,074)
------------ ------------ ------------ ------------ ------------
Net Cash From Operations ................................. 2,113 (332) 14,272 10,954 64,782
------------ ------------ ------------ ------------ ------------
Investment Activities
Capital expenditures (a)................................ (3,901) (20,823) (22,555) (39) -
Gas supply prepayments - net ........................... - - - (355) -
Other investments - net ................................ - - - - (11,448)
------------ ------------ ------------ ------------ ------------
Net Investment Activities ................................ (3,901) (20,823) (22,555) (394) (11,448)
------------ ------------ ------------ ------------ ------------
Financing Activities
Dividends paid ......................................... - - - - 38,238
Issuance (retirement) of revolving credit agreement .... - - - - -
Retirement of long-term debt ........................... (308) (21,537) (123) (43) 188,724
Issuance of common stock -
Issued by Registrant ................................. - - - - -
Issued by Subsidiary to Registrant ................... - - - - (12,347)
Issuance of long-term debt -
Issued by Registrant ................................. - - - - -
Issued by Subsidiary to Registrant ................... 5,200 60,200 17,205 - (283,675)
Net short-term intrasystem financing ................... (2,307) (18,917) (11,706) - 136,360
Increase (decrease) in short-term debt and other
financing activities .................................. 764 990 2,081 (3,428) -
Debtor-In-Possession financing ......................... - - - - -
------------ ------------ ------------ ------------ ------------
Net Financing Activities ................................. 3,349 20,736 7,457 (3,471) 67,300
------------ ------------ ------------ ------------ ------------
Increase in cash and temporary cash investments .......... 1,561 (419) (826) 7,089 120,634
Cash and temporary cash investments at
beginning of year ....................................... 141 805 907 5,644 8,054
------------ ------------ ------------ ------------ ------------
Cash and Temporary Cash Investments at
End of Year (b)......................................... 1,702 386 81 12,733 128,688
============ ============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
F-6 Page 3
CS Total
------------ ------------
<S> <C> <C>
Operations
Cash received from customers ........................... - 650,274
Other operating cash receipts .......................... 279,092 409,372
Cash paid to suppliers ................................. - (448,077)
Interest paid .......................................... (3,514) (20,793)
Income taxes paid ...................................... (801) (15,265)
Other tax payments ..................................... (2,329) (33,748)
Cash paid to employees and for other employee benefits . (185,833) (238,892)
Other operating cash payments .......................... (81,781) (195,174)
Reorganization items, net .............................. - (11,074)
------------ ------------
Net Cash From Operations ................................. 4,834 96,623
------------ ------------
Investment Activities
Capital expenditures (a)................................ (4,704) (52,022)
Gas supply prepayments - net ........................... - (355)
Other investments - net ................................ 10,053 (1,395)
------------ ------------
Net Investment Activities ................................ 5,349 (53,772)
------------ ------------
Financing Activities
Dividends paid ......................................... (1,879) 36,359
Issuance (retirement) of revolving credit agreement .... - -
Retirement of long-term debt ........................... (3,016) 163,697
Issuance of common stock -
Issued by Registrant ................................. - -
Issued by Subsidiary to Registrant ................... - (12,347)
Issuance of long-term debt -
Issued by Registrant ................................. - -
Issued by Subsidiary to Registrant ................... 10,400 (190,670)
Net short-term intrasystem financing ................... (10,700) 92,730
Increase (decrease) in short-term debt and other
financing activities .................................. 603 1,010
Debtor-In-Possession financing ......................... - -
------------ ------------
Net Financing Activities ................................. (4,592) 90,779
------------ ------------
Increase in cash and temporary cash investments .......... 5,591 133,630
Cash and temporary cash investments at
beginning of year ....................................... (51,177) (35,626)
------------ ------------
Cash and Temporary Cash Investments at
End of Year (b)......................................... (45,586) 98,004
============ ============
</TABLE>
(a) Includes amounts transferred from interest paid, cash paid to
employees and for other employee benefits and other operating cash
payments.
(b) The Corporation considers all highly liquid debt
instruments purchased with a maturity of three months or less to be
cash equivalents. Balance includes intercompany money pool balances,
which are reported as intercompany accounts receivable on the balance
sheet.
<PAGE> 76
Page 75
F-6 (4 of 8) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
<TABLE>
<CAPTION>
Consolidating Statement of Cash Flows
Year Ended December 31, 1993
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
CGC CPC CPI TVC(c) TCC(c)
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Operations
Cash received from customers ........................... 4,250 1,567 56,139 - -
Other operating cash receipts .......................... 3,425 9,616 3,325 502 2
Cash paid to suppliers ................................. - (4,523) (19,240) - -
Interest paid .......................................... (2,639) (387) (714) (3,080) (5)
Income taxes paid ...................................... 583 (248) (1,288) 4,767 26
Other tax payments ..................................... (927) (528) (1,158) (238) -
Cash paid to employees and for other employee benefits . (21) - - - -
Other operating cash payments .......................... (849) (4,132) (32,803) (2,654) (60)
Reorganization items, net .............................. - - - - -
------------ ------------ ------------ ------------ ------------
Net Cash From Operations ................................. 3,822 1,365 4,261 (703) (37)
------------ ------------ ------------ ------------ ------------
Investment Activities
Capital expenditures (a)................................ - (370) (2,389) (6,356) -
Gas supply prepayments - net ........................... - - - - -
Other investments - net ................................ 279 - - 1,508 -
------------ ------------ ------------ ------------ ------------
Net Investment Activities ................................ 279 (370) (2,389) (4,848) -
------------ ------------ ------------ ------------ ------------
Financing Activities
Dividends paid ......................................... - - (1,551) - -
Issuance (retirement) of revolving credit agreement .... - - - - -
Retirement of long-term debt ........................... (8,386) (434) (1,276) (1,783) 75
Issuance of common stock -
Issued by Registrant ................................. - - - - -
Issued by Subsidiary to Registrant ................... - - - 11,752 -
Issuance of long-term debt -
Issued by Registrant ................................. - - - - -
Issued by Subsidiary to Registrant ................... - - - - -
Net short-term intrasystem financing ................... 4,162 (387) 1,095 - -
Increase (decrease) in short-term debt and other
financing activities .................................. - (168) (370) - -
Debtor-In-Possession financing ......................... - - - - -
------------ ------------ ------------ ------------ ------------
Net Financing Activities ................................. (4,224) (989) (2,102) 9,969 75
------------ ------------ ------------ ------------ ------------
Increase in cash and temporary cash investments .......... (123) 6 (230) 4,418 38
Cash and temporary cash investments at
beginning of year ....................................... 177 17 357 1,760 -
------------ ------------ ------------ ------------ ------------
Cash and Temporary Cash Investments at
End of Year (b)......................................... 54 23 127 6,178 38
============ ============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
F-6 Page 4
CAT Total
------------ ------------
<S> <C> <C>
Operations
Cash received from customers ........................... - 61,956
Other operating cash receipts .......................... 20 16,890
Cash paid to suppliers ................................. - (23,763)
Interest paid .......................................... - (6,825)
Income taxes paid ...................................... 59 3,899
Other tax payments ..................................... (2) (2,853)
Cash paid to employees and for other employee benefits . - (21)
Other operating cash payments .......................... (82) (40,580)
Reorganization items, net .............................. - -
------------ ------------
Net Cash From Operations ................................. (5) 8,703
------------ ------------
Investment Activities
Capital expenditures (a)................................ - (9,115)
Gas supply prepayments - net ........................... - -
Other investments - net ................................ - 1,787
------------ ------------
Net Investment Activities ................................ - (7,328)
------------ ------------
Financing Activities
Dividends paid ......................................... - (1,551)
Issuance (retirement) of revolving credit agreement .... - -
Retirement of long-term debt ........................... - (11,804)
Issuance of common stock -
Issued by Registrant ................................. - -
Issued by Subsidiary to Registrant ................... - 11,752
Issuance of long-term debt -
Issued by Registrant ................................. - -
Issued by Subsidiary to Registrant ................... - -
Net short-term intrasystem financing ................... - 4,870
Increase (decrease) in short-term debt and other
financing activities .................................. - (538)
Debtor-In-Possession financing ......................... - -
------------ ------------
Net Financing Activities ................................. - 2,729
------------ ------------
Increase in cash and temporary cash investments .......... (5) 4,104
Cash and temporary cash investments at
beginning of year ....................................... 698 3,009
------------ ------------
Cash and Temporary Cash Investments at
End of Year (b)......................................... 693 7,113
============ ============
</TABLE>
(a) Includes amounts transferred from interest paid, cash
paid to employees and for other employee benefits and other operating
cash payments.
(b) The Corporation considers all highly liquid debt
instruments purchased with a maturity of three months or less to be
cash equivalents. Balance includes intercompany money pool balances,
which are reported as intercompany accounts receivable on the balance
sheet.
(c) TVC includes twelve subsidiaries and TCC includes one subsidiary as
noted in Item 1. The financial statements presented here are the
consolidated financial statements of TVC and TCC, respectively.
Disclosure related to the subsidiaries of TVC and TCC is provided in
Item 1 and Item 9 Exhibit B.
<PAGE> 77
Page 76
F-6 (5 of 8) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
<TABLE>
<CAPTION>
Consolidating Statement of Cash Flows
Year Ended December 31, 1993
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
Consoli-
F-6 F-6 F-6 dating Consoli-
Page 6 Page 7 Page 8 Combined Entries dated
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Net Income Reconciliation
Net income ....................................... 41,141 180,603 1,234 222,978 (70,779) 152,199
Items not requiring (providing) cash:
Equity in undistributed earnings of
subsidiaries ................................. - (70,779) - (70,779) 70,779 -
Depreciation and depletion ..................... 218,401 24,958 2,124 245,483 (5,663) 239,820
Deferred income taxes .......................... (24,594) 63,174 270 38,850 (19,739) 19,111
Amortization of prepayments for producer
contract modifications ........................ 19,329 - - 19,329 - 19,329
Provision for gas supply charges ............... - - - - - -
Extraordinary Item ............................. - - - - - -
Change in accounting for income taxes .......... - - - - - -
Change in accounting for postretirement
benefits ..................................... - - - - - -
Other - net .................................... 51,162 (334,715) 10,485 (273,068) 464,849 191,781
Net change in working capital .................... 440,102 233,382 (5,410) 668,074 (439,967) 228,107
------------ ------------ ------------ ------------ ------------ ------------
Net Cash From Operations ........................... 745,541 96,623 8,703 850,867 (520) 850,347
============ ============ ============ ============ ============ ============
</TABLE>
<PAGE> 78
Page 77
F-6 (6 of 8) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
<TABLE>
<CAPTION>
Consolidating Statement of Cash Flows
Year Ended December 31, 1993
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
CNR CGD TCO(a) CGT CKY
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Net Income Reconciliation
Net income ............................................. 15,665 2,498 (18,175) 769 5,764
Items not requiring (providing) cash:
Equity in undistributed earnings of subsidiaries ..... - - - - -
Depreciation and depletion ........................... 16,962 62,505 67,441 30,342 5,115
Deferred income taxes ................................ 4,720 2,266 (9,374) (11,638) (1,915)
Amortization of prepayments for producer
contract modifications .............................. - - 19,329 - -
Provision for gas supply charges ..................... - - - - -
Extraordinary Item ................................... - - - - -
Change in accounting for income taxes ................ - - - - -
Change in accounting for postretirement benefits ..... - - - - -
Other - net .......................................... (5,230) (11,290) 86,689 (1,516) (373)
Net change in working capital .......................... 16,023 17,622 356,127 9,446 7,324
------------ ------------ ------------ ------------ ------------
Net Cash From Operations ................................. 48,140 73,601 502,037 27,403 15,915
============ ============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
F-6 Page 6
COH Total
------------ ------------
<S> <C> <C>
Net Income Reconciliation
Net income ............................................ 34,620 41,141
Items not requiring (providing) cash:
Equity in undistributed earnings of subsidiaries .... - -
Depreciation and depletion .......................... 36,036 218,401
Deferred income taxes ............................... (8,653) (24,594)
Amortization of prepayments for producer
contract modifications ............................. - 19,329
Provision for gas supply charges .................... - -
Extraordinary Item .................................. - -
Change in accounting for income taxes ............... - -
Change in accounting for postretirement benefits .... - -
Other - net ......................................... (17,118) 51,162
Net change in working capital ......................... 33,560 440,102
------------ ------------
Net Cash From Operations ................................ 78,445 745,541
============ ============
</TABLE>
(a) TCO includes one subsidiary as noted in Item 1. The financial
statements presented here are the consolidated financial statements
of TCO. Disclosure related to the subsidiary of TCO is provided in
Item 1 and Item 9 Exhibit B.
<PAGE> 79
Page 78
F-6 (7 of 8) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
<TABLE>
<CAPTION>
Consolidating Statement of Cash Flow
Year Ended December 31, 1993
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
CMD CPA COS CES CG
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Net Income Reconciliation
Net income ............................................. 1,089 17,286 8,147 70 152,199
Items not requiring (providing) cash:
Equity in undistributed earnings of subsidiaries ..... - - - - (70,779)
Depreciation and depletion ........................... 1,877 12,411 6,846 24 -
Deferred income taxes ................................ (36) 3,867 1,537 49 61,276
Amortization of prepayments for producer
contract modifications .............................. - - - - -
Provision for gas supply charges ..................... - - - - -
Extraordinary Item ................................... - - - - -
Change in accounting for income taxes ................ - - - - -
Change in accounting for postretirement benefits ..... - - - - -
Other - net .......................................... (873) (11,509) (6,974) 9,719 (340,686)
Net change in working capital .......................... 56 (22,387) 4,716 1,092 262,772
------------ ------------ ------------ ------------ ------------
Net Cash From Operations ................................. 2,113 (332) 14,272 10,954 64,782
------------ ------------ ------------ ------------ ------------
</TABLE>
<TABLE>
<CAPTION>
F-6 Page 7
CS Total
------------ ------------
<S> <C> <C>
Net Income Reconciliation
Net income ............................................. 1,812 180,603
Items not requiring (providing) cash:
Equity in undistributed earnings of subsidiaries ..... - (70,779)
Depreciation and depletion ........................... 3,800 24,958
Deferred income taxes ................................ (3,519) 63,174
Amortization of prepayments for producer
contract modifications .............................. - -
Provision for gas supply charges ..................... - -
Extraordinary Item ................................... - -
Change in accounting for income taxes ................ - -
Change in accounting for postretirement benefits ..... - -
Other - net .......................................... 15,608 (334,715)
Net change in working capital .......................... (12,867) 233,382
------------ ------------
Net Cash From Operations ................................. 4,834 96,623
------------ ------------
</TABLE>
<PAGE> 80
Page 79
F-6 (8 of 8) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
<TABLE>
<CAPTION>
Consolidating Statement of Cash Flows
Year Ended December 31, 1993
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
CGC CPC CPI TVC(a) TCC(a)
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Net Income Reconciliation
Net income ............................................. 1,187 (177) 1,920 (1,431) (125)
Items not requiring (providing) cash:
Equity in undistributed earnings of subsidiaries ..... - - - - -
Depreciation and depletion ........................... 40 819 1,265 - -
Deferred income taxes ................................ 115 (143) (16) 391 (26)
Amortization of prepayments for producer
contract modifications .............................. - - - - -
Provision for gas supply charges ..................... - - - - -
Extraordinary Item ................................... - - - - -
Change in accounting for income taxes ................ - - - - -
Change in accounting for postretirement benefits ..... - - - - -
Other - net .......................................... 3,731 442 899 5,155 200
Net change in working capital .......................... (1,251) 424 193 (4,818) (86)
------------ ------------ ------------ ------------ ------------
Net Cash From Operations ................................. 3,822 1,365 4,261 (703) (37)
============ ============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
F-6 Page 8
CAT Total
------------ ------------
<S> <C> <C>
Net Income Reconciliation
Net income ............................................ (140) 1,234
Items not requiring (providing) cash:
Equity in undistributed earnings of subsidiaries .... - -
Depreciation and depletion .......................... - 2,124
Deferred income taxes ............................... (51) 270
Amortization of prepayments for producer
contract modifications ............................. - -
Provision for gas supply charges .................... - -
Extraordinary Item .................................. - -
Change in accounting for income taxes ............... - -
Change in accounting for postretirement benefits .... - -
Other - net ......................................... 58 10,485
Net change in working capital ......................... 128 (5,410)
------------ ------------
Net Cash From Operations ................................ (5) 8,703
============ ============
</TABLE>
(a) TVC includes twelve subsidiaries and TCC includes one subsidiary as
noted in Item 1. The financial statements presented here are the
consolidated financial statements of TVC and TCC, respectively.
Disclosure related to the subsidiaries of TVC and TCC is provided in
Item 1 and Item 9 Exhibit B.
<PAGE> 81
Page 80
SIGNATURE
The registrant has duly caused this annual report to be
signed on its behalf by the undersigned thereunto duly authorized
pursuant to the requirements of the Public Utility Holding Company
Act of 1935, such company being a registered holding company.
THE COLUMBIA GAS SYSTEM, INC.
/s/ R. E. Lowe
By:
----------------------------------
R. E. Lowe
Vice President and Controller
Date: April 29, 1994
<PAGE> 82
Page 1
EXHIBIT A
The financial statements listed below included in The Columbia Gas
System, Inc.'s 1993 Form 10-K filed with the Commission on March 11,
1994 (File No. 1-1098) are incorporated herein by reference. The
report of Arthur Andersen & Co., independent public accountants,
dated February 10, 1994 regarding such financial statements is
included on Exhibit 1-F filed herewith. The Corporation's 1993
Annual Report to Shareholders is filed under cover of Form SE.
Financial Statements:
<TABLE>
<CAPTION>
Annual
Report
Page
No.
------
<S> <C>
Statement of Consolidated Income for the year ended
December 31, 1993 ................................... 47
Consolidated Balance Sheet as of December 31, 1993 .... 48-49
Consolidated Statement of Cash Flows
for the year ended December 31, 1993 ................ 50
Statement of Consolidated Common Stock Equity for the
year ended December 31, 1993 ........................ 51
Notes to Consolidated Financial Statements ............ 52-77
</TABLE>
<PAGE> 83
Page 1
EXHIBIT B
Exhibit B. Index to corporate organization and by-laws exhibits filed
pursuant to the Public Utility Holding Company Act of 1935.
<TABLE>
<CAPTION>
Exhibit B Notes
----------------------------------
Articles of By-Laws or
Incorporation Regulations
-------------- --------------
<S> <C> <C>
The Columbia Gas System, Inc. .................... (1) (2)
Atlantic Energy, Inc. ............................ (3) (4)
Columbia Atlantic Trading Corporation ............ (5) (6)
Columbia Coal Gasification Corporation ........... (7) (8)
Columbia Gas Development Corporation ............. (9) (10)
Columbia Gas of Kentucky, Inc. ................... (11) (12)
Columbia Gas of Maryland, Inc. ................... (13) (14)
Columbia Gas of Ohio, Inc. ....................... (15) (16)
Columbia Gas of Pennsylvania, Inc. ............... (17) (18)
Columbia Gas System Service Corporation .......... (19) (20)
Columbia Gas Transmission Corporation ............ (21) (22)
Columbia Transmission Investment Corporation ... (23) (24)
Columbia Gulf Transmission Company ............... (25) (26)
Columbia LNG Corporation ......................... (27) (28)
Columbia Natural Resources, Inc. ................. (29) (30)
Columbia Propane Corporation ..................... (31) (32)
Commonwealth Gas Services, Inc. .................. (33) (34)
Commonwealth Propane, Inc. ....................... (35) (36)
Inland Gas Company, Inc., The .................... (37) (38)
TriStar Capital Corporation ...................... (39) (40)
TriStar Gas Technologies, Inc. ................. (41) (42)
TriStar Trading Inc. ............................. (43) (44)
TriStar Ventures Corporation ..................... (45) (46)
TriStar Pedrick General Corporation ............ (47) (48)
TriStar Pedrick Limited Corporation ............ (49) (50)
TriStar Fuel Cells Corporation ................. (51) (52)
TriStar Binghamton General Corporation ......... (53) (54)
TriStar Binghamton Limited Corporation ......... (55) (56)
TriStar Georgetown General Corporation ......... (57) (58)
TriStar Georgetown Limited Corporation ......... (59) (60)
TriStar Vineland General Corporation ........... (61) (62)
TriStar Vineland Limited Corporation ........... (63) (64)
TriStar Rumford Limited Corporation ............ (65) (66)
TVC Nine Corporation ........................... (67) (68)
TVC Ten Corporation ............................ (69) (70)
Columbia Energy Services Corporation ............. 1-B (71) 2 B (72)
</TABLE>
Because of the burdensome number of exhibit pages listed above, copies are
included in the filing under cover of Form SE, but not in distributed copies.
NOTES:
(1) Restated Certificate of Incorporation as adopted by action of
the Board of Directors on October 19, 1988, filed as Exhibit
1-A to Form U5S (1988); corrected copy as of July 15, 1991,
filed as Exhibit 1-A to Form U5S (1991).
(2) By-Laws as of May 28, 1986, filed as Exhibit 1-B to Form U5S
(1986); amendments dated May 13, 1987 and November 18, 1987,
filed as Exhibit B, pages 13-15, to Form U5S (1987).
<PAGE> 84
Page 2
EXHIBIT B (Continued)
NOTES: (Continued)
(3) Certificate of Incorporation of Atlantic Energy,
Inc. as amended through April 28, 1972, filed as Exhibit 1-A
to Form U5S (1981).
(4) By-Laws of Atlantic Energy, Inc. as amended
through January 20, 1982, filed as Exhibit 1-B to Form U5S
(1981).
(5) CAT Restated Certificate of Incorporation as
filed on February 27, 1989, filed as Exhibit 2-A to Form U5S
(1988).
(6) CAT By-Laws as amended effective February 27, 1989,
filed as Exhibit 1-B to Form U5S (1988).
(7) Certificate of Incorporation, as amended through July
2, 1991, filed as Exhibit 2-A to Form U5S (1991).
(8) By-Laws, as amended to November 6, 1970, filed as Exhibit
2-B to Form U5S (1970).
(9) Certificate of Incorporation as amended, filed as Exhibit 2-A
to Form U5S (1970). Certificate of Merger of The Preston Oil
Company into Columbia Gas Development Corporation dated
January 13, 1970, filed as Exhibit 3-A to Form U5S (1970);
amendment dated May 18, 1972, filed as Exhibit 1-A to Form
U5S (1972); amendment dated June 26, 1972, filed as Exhibit
2-A to Form U5S (1972); amendment dated October 11, 1972,
filed as Exhibit 3-A to Form U5S (1972); amendment dated
January 16, 1973, filed as Exhibit 1-A to Form U5S (1973);
amendment dated February 20, 1974, filed as Exhibit 4-A to
Form U5S (1974); amendment dated May 20, 1975, filed as
Exhibit 1-A to Form U5S (1975). Certificate of Merger of
Commonwealth Energy Company into Columbia Gas Development
Corporation dated November 19, 1981, filed as Exhibit 2-A to
Form U5S (1981); amendment dated October 24, 1983, filed as
Exhibit 2-A to Form U5S (1983).
(10) By-Laws, as amended to January 13, 1970, filed as Exhibit 3-B
to Form U5S (1970); amendment dated August 14, 1973, filed as
Exhibit 1-B to Form U5S (1973); amendment dated September 13,
1983, filed as Exhibit 1-B to Form U5S (1983); amendment
dated May 16, 1986, filed as Exhibit 2-B to Form U5S (1986);
amendment dated December 1, 1988, filed as Exhibit 2-B to
Form U5S (1988).
(11) Articles of Incorporation, as amended to January 1, 1958,
filed as Exhibit 2-A to Form U5S (1957); amendment dated
December 21, 1981, filed as Exhibit 3-A to Form U5S (1981);
amendment dated November 15, 1988, filed as Exhibit 3-A to
Form U5S (1988).
(12) By-Laws, as amended to September 1, 1968, filed as Exhibit
4-B to Form U5S (1968); amendment dated June 16, 1970, filed
as Exhibit 4-B to Form U5S (1970); amendment dated September
24, 1975, filed as Exhibit 1-B to Form U5S (1975); amendment
dated May 4, 1977, filed as Exhibit 3-B to Form U5S (1977);
amendment dated May 1, 1985, filed as Exhibit 2-B to Form U5S
(1985); amendment dated December 8, 1988, filed as Exhibit
3-B to Form U5S (1988); amendment dated June 15, 1989, filed
as Exhibit 1-B to Form U5S (1989).
<PAGE> 85
Page 3
EXHIBIT B (Continued)
NOTES: (Continued)
(13) Certificate of Incorporation as adopted July 1, 1958, filed
as Exhibit 1-A to Form U5S (1961); amendment dated January
17, 1980, filed as Exhibit 1-A to Form U5S (1979).
(14) By-Laws, as amended to May 2, 1972, filed as Exhibit 4-B to
Form U5S (1972); amendment dated May 1, 1985, filed as
Exhibit 3-B to Form U5S (1985); amendment dated December 8,
1988, filed as Exhibit 4-B to Form U5S (1988); amendment
dated June 15, 1989, filed as Exhibit 2-B to Form U5S (1989).
(15) Articles of Incorporation as adopted October 6, 1961, filed
as Exhibit 1-A to Form U5S (1964); amendment dated December
27, 1963, filed as Exhibit 2-A to Form U5S (1964); amendment
dated February 21, 1964, filed as Exhibit 3-A to Form U5S
(1964); Certificate of Merger of Columbia Gas of Ohio, Inc.
and The Ohio Valley Gas Company effective December 31, 1974,
filed as Exhibit 5-A to Form U5S (1974); amendment dated
January 8, 1982, filed as Exhibit 2-A to Form U5S (1982).
(16) Regulations as adopted October 16, 1961, filed as Exhibit 2-B
to Form U5S (1964); amendment dated August 19, 1968, filed as
Exhibit 5-B to Form U5S (1968); amendment dated May 1, 1985,
filed as Exhibit 5-B to Form U5S (1985); amendment dated
December 9, 1985, filed as Exhibit 6-B to Form U5S (1985);
amendment dated December 8, 1988, filed as Exhibit 6-B to
Form U5S (1988); amendment dated June 15, 1989, filed as
Exhibit 4-B to Form U5S (1989).
(17) Articles of Incorporation as adopted during the year 1960,
filed as Exhibit 1-A to Form U5S (1962); amendment dated
December 21, 1981, filed as Exhibit 4-A to Form U5S (1981).
(18) By-Laws, as amended to May 2, 1972, filed as Exhibit 6-B to
Form U5S (1972); amendment dated May 1, 1985, filed as
Exhibit 7-B to Form U5S (1985); amendment dated December 8,
1988, filed as Exhibit 7-B to Form U5S (1988); amendment
dated June 15, 1989, filed as Exhibit 5-B to Form U5S (1989).
(19) Certificate of Incorporation, as amended through
May 17, 1991, filed as Exhibit 3-A to Form U5S (1991).
(20) By-Laws, as amended February 10, 1988, filed as
Exhibit 8-B to Form U5S (1988).
(21) Restated Certificate of Incorporation of Columbia Gas
Transmission Corporation dated March 3, 1982, filed as
Exhibit 3-A to Form U5S (1982); amendment dated October 22,
1984, filed as Exhibit 3-A to Form U5S (1984); Certificate of
Merger of Commonwealth Gas Pipeline Corp. into Columbia Gas
Transmission Corp. dated October 26, 1990, filed as Exhibit
1-A to Form U5S (1990).
<PAGE> 86
Page 4
EXHIBIT B (Continued)
NOTES: (Continued)
(22) By-Laws of Columbia Gas Transmission Corporation
as amended through May 9, 1991, filed as Exhibit 1-B to Form
U5S (1991).
(23) Certificate of Incorporation as adopted March
18, 1992, filed as Exhibit 4-A to Form U5S (1991).
(24) By-Laws as of March 18, 1992, filed as Exhibit
4-B to Form U5S (1991).
(25) Certificate of Incorporation as adopted May 26, 1958, filed
as Exhibit 3-A to Form U5S (1958); amendment dated November
10, 1981, filed as Exhibit 6-A to Form U5S (1981).
(26) By-Laws of Columbia Gulf Transmission Company as
amended through May 9, 1991, filed as Exhibit 2-B to Form U5S
(1991).
(27) Certificate of Incorporation as amended to
December 15, 1989, filed as Exhibit 18-A to Form U5S (1989).
(28) By-Laws of Columbia LNG Corporation as amended through
October 10, 1990, filed as Exhibit 1-B to Form U5S (1990);
amendment dated July 27, 1992, filed as Exhibit 1-B to Form
U5S (1992).
(29) Certificate of Incorporation of Columbia Natural Resources,
Inc. adopted on November 21, 1984, filed as Exhibit 4-A to
Form U5S (1984).
(30) By-Laws as of November 26, 1984, filed as
Exhibit 2-B to Form U5S (1984).
(31) Certificate of Incorporation as adopted August 19, 1957,
filed as Exhibit 3-A to Form U5S (1959); amendment dated
December 18, 1989, filed as Exhibit 1-A to Form U5S (1989).
(32) By-Laws, as amended to December 4, 1957, filed as Exhibit 4-B
to Form U5S (1959); amendment dated May 31, 1966, filed as
Exhibit 2-B to Form U5S (1966); amendment dated August 3,
1967, filed as Exhibit 4-B to Form U5S (1967); amendment
dated October 3, 1968, filed as Exhibit 6-B to Form U5S
(1968); amendment dated February 4, 1971, filed as Exhibit
4-B to Form U5S (1971); amendment dated March 11, 1981, filed
as Exhibit 2-B to Form U5S (1981); amendment dated June 14,
1989, filed as Exhibit 8-B to Form U5S (1989).
(33) Certificate of Incorporation of Commonwealth Gas Services,
Inc. as amended through December 19, 1958, and including the
Certificate of Merger dated December 18, 1979, filed as
Exhibit 8-A to Form U5S (1981); amendment dated December 30,
1987, filed as Exhibit B, page 17, to Form U5S (1987).
<PAGE> 87
Page 5
EXHIBIT B (Continued)
NOTES: (Continued)
(34) By-Laws of Commonwealth Gas Services, Inc. as amended through
March 5, 1985, filed as Exhibit 9-B to Form U5S (1985);
amendment dated April 21, 1986, filed as Exhibit 6-B to Form
U5S (1986); amendment dated April 20, 1987, filed as Exhibit
B, page 18, to Form U5S (1987); amendment dated January 1,
1989, filed as Exhibit 9-B to Form U5S (1988); amendment
dated June 15, 1989, filed as Exhibit 9-B to Form U5S (1989);
amendment dated May 6, 1991, filed as Exhibit 3-B to Form U5S
(1991); amendment dated December 7, 1992, filed as Exhibit
2-B to Form U5S (1992).
(35) Certificate of Incorporation of Commonwealth Propane, Inc. as
amended through October 3, 1981, and including the
Certificate of Merger dated December 31, 1980, filed as
Exhibit 9-A to Form U5S (1981); amendments dated July 1,
1988, filed as Exhibits 5-A and 6-A to Form U5S (1988);
amendment dated January 6, 1989, filed as Exhibit 7-A to Form
U5S (1988).
(36) By-Laws of Commonwealth Propane, Inc. as amended
through July 16, 1990, filed as Exhibit 2-B to Form U5S
(1990).
(37) Articles of Incorporation as adopted June 3,
1960, filed as Exhibit 3-A to Form U5S (1965).
(38) By-Laws of Inland Gas Company, Inc. as amended
through May 8, 1990, filed as Exhibit 3-B to Form U5S (1990).
(39) Certificate of Incorporation of TriStar Capital
Corporation dated August 2, 1990, filed as Exhibit 2-A to Form
U5S (1990).
(40) By-Laws of TriStar Capital Corporation dated
August 2, 1990, filed as Exhibit 4-B to Form U5S (1990).
(41) Certificate of Incorporation of TriStar Gas Technologies,
Inc. dated August 2, 1990, filed as Exhibit 3-A to Form U5S
(1990).
(42) By-Laws of TriStar Gas Technologies, Inc. dated
August 2, 1990, filed as Exhibit 5-B to Form U5S (1990).
(43) Certificate of Incorporation of TriStar Trading Inc. dated
April 27, 1990, filed as Exhibit 4-A to Form U5S (1990).
(44) By-Laws of TriStar Trading Inc. dated April 27,
1990, filed as Exhibit 6-B to Form U5S (1990).
(45) Restated Certificate of Incorporation of TriStar Ventures
Corporation as of July 22, 1986, filed as Exhibit 2-A to Form
U5S (1986).
(46) By-Laws as of March 22, 1984, filed as Exhibit 1-B to Form
U5S (1984); amended to change the name from Columbia Gas
Brokerage Corporation to TriStar Ventures Corporation by the
Consent to Action in Lieu of a Special Meeting of the Board
of Directors dated July 11, 1986, filed as Exhibit 10-B to
Form U5S (1986).
(47) Certificate of Incorporation of TriStar CPA Corporation dated
April 29, 1988, filed as Exhibit 2-A to Form U5S (1989);
amendment changing name to TriStar Pedrick General
Corporation, dated August 2, 1989, filed as Exhibit 3-A to
Form U5S (1989).
<PAGE> 88
Page 6
EXHIBIT B (Continued)
NOTES: (Continued)
(48) By-Laws of TriStar CPA Corporation (name later changed to
TriStar Pedrick General Corporation) dated April 29, 1988,
filed as Exhibit 14-B to Form U5S (1989).
(49) Certificate of Incorporation of TriStar Rumford Corporation
dated April 29, 1988, filed as Exhibit 4-A to Form U5S
(1989); amendment changing name to TriStar Pedrick Limited
Corporation, dated August 2, 1989, filed as Exhibit 5-A to
Form U5S (1989).
(50) By-Laws of TriStar Rumford Corporation (name later changed to
TriStar Pedrick Limited Corporation) dated April 29, 1988,
filed as Exhibit 15-B to Form U5S (1989).
(51) Certificate of Incorporation of TVC One Corporation dated
December 28, 1989, filed as Exhibit 6-A to Form U5S (1989);
amendment changing name to TriStar Fuel Cells Corporation,
dated May 8, 1990, filed as Exhibit 5-A to Form U5S (1990).
(52) By-Laws of TVC One Corporation (name later changed to TriStar
Fuel Cells Corporation) dated December 28, 1989, filed as
Exhibit 16-B to Form U5S (1989).
(53) Certificate of Incorporation of TVC Two Corporation dated
December 28, 1989, filed as Exhibit 7-A to Form U5S (1989);
amendment changing name to TriStar Binghamton General
Corporation, dated May 8, 1990, filed as Exhibit 6-A to Form
U5S (1990).
(54) By-Laws of TVC Two Corporation (name later changed to TriStar
Binghamton General Corporation) dated December 28, 1989,
filed as Exhibit 17-B to Form U5S (1989).
(55) Certificate of Incorporation of TVC Three Corporation dated
December 28, 1989, filed as Exhibit 8-A to Form U5S (1989);
amendment changing name to TriStar Binghamton Limited
Corporation, dated May 8, 1990, filed as Exhibit 7-A to Form
U5S (1990).
(56) By-Laws of TVC Three Corporation (name later changed to
TriStar Binghamton Limited Corporation) dated December 28,
1989, filed as Exhibit 18-B to Form U5S (1989).
(57) Certificate of Incorporation of TVC Four Corporation dated
December 28, 1989, filed as Exhibit 9-A to Form U5S (1989);
amendment changing name to TriStar Georgetown General
Corporation, dated May 8, 1990, filed as Exhibit 8-A to Form
U5S (1990).
(58) By-Laws of TVC Four Corporation (name later changed to
TriStar Georgetown General Corporation) dated December 28,
1989, filed as Exhibit 19-B to Form U5S (1989).
(59) Certificate of Incorporation of TVC Five Corporation dated
December 28, 1989, filed as Exhibit 10-A to Form U5S (1989);
amendment changing name to TriStar Georgetown Limited
Corporation, dated May 8, 1990, filed as Exhibit 9-A to Form
U5S (1990).
<PAGE> 89
Page 7
EXHIBIT B (Continued)
NOTES: (Continued)
(60) By-Laws of TVC Five Corporation (name later changed to
TriStar Georgetown Limited Corporation) dated December 28,
1989, filed as Exhibit 20-B to Form U5S (1989).
(61) Certificate of Incorporation of TVC Six Corporation dated
December 28, 1989, filed as Exhibit 11-A to Form U5S (1989);
amendment changing name to TriStar Vineland General
Corporation, dated May 8, 1990, filed as Exhibit 10-A to Form
U5S (1990).
(62) By-Laws of TVC Six Corporation (name later changed to TriStar
Vineland General Corporation) dated December 28, 1989, filed
as Exhibit 21-B to Form U5S (1989).
(63) Certificate of Incorporation of TVC Seven Corporation dated
December 28, 1989, filed as Exhibit 12-A to Form U5S (1989);
amendment changing name to TriStar Vineland Limited
Corporation, dated May 8, 1990, filed as Exhibit 11-A to Form
U5S (1990).
(64) By-Laws of TVC Seven Corporation (name later changed to
TriStar Vineland Limited Corporation) dated December 28,
1989, filed as Exhibit 22-B to Form U5S (1989).
(65) Certificate of Incorporation of TVC Eight Corporation dated
December 28, 1989, filed as Exhibit 13-A to Form U5S (1989);
amendment changing name to TriStar Rumford Limited
Corporation, dated September 26, 1990, filed as Exhibit 12-A
to Form U5S (1990).
(66) By-Laws of TVC Eight Corporation (name later changed to
TriStar Rumford Limited Corporation) dated December 28, 1989,
filed as Exhibit 23-B to Form U5S (1989).
(67) Certificate of Incorporation of TVC Nine
Corporation dated December 28, 1989, filed as Exhibit 14-A to
Form U5S (1989).
(68) By-Laws of TVC Nine Corporation dated December
28, 1989, filed as Exhibit 24-B to Form U5S (1989).
(69) Certificate of Incorporation of TVC Ten
Corporation dated December 28, 1989, filed as Exhibit 15-A to
Form U5S (1989).
(70) By-Laws of TVC Ten Corporation dated December
28, 1989, filed as Exhibit 25-B to Form U5S (1989).
(71) Certificate of Incorporation of Columbia Energy Services
Corporation (formerly The Inland Gas Company, Inc.) dated
June 25, 1993 filed under cover of Form SE as Exhibit 1-B to
Form U5S (1993).
(72) By-Laws of Columbia Energy Services Corporation
dated May 28, 1993 filed herewith as Exhibit 2-B to Form U5S
(1993).
<PAGE> 90
Page 1
EXHIBIT C
(a) *Reference is made to The Columbia Gas System, Inc.'s 1993
Form 10- K, pages 116 through 120, filed with the Commission
on March 11, 1994 (File No. 1-1098), for the indentures and
other fundamental documents defining the rights of security
holders.
*Incorporated herein by reference.
<PAGE> 91
Page 1
EXHIBIT D
A copy of the System Tax Allocation Agreement
(Agreement) is filed herewith as Exhibit D to Form U5S (1993).
Except for additions and deletions in subsidiary
companies, the Agreement has not been amended since 1987.
The System Tax Allocation Agreement has been neither rejected
nor assumed in The Columbia Gas System, Inc. and Columbia Gas
Transmission Corporation bankruptcy proceedings. Orders of
the Bankruptcy Court have been issued allowing allocations
and payments of 1991, 1992, 1993 and 1994 taxes in accordance
with the Agreement.
<PAGE> 1
Exhibit 2-B
COLUMBIA ENERGY SERVICES CORPORATION
*****
BY-LAWS
*****
ARTICLE I
OFFICES
Section 1. The registered office shall be in the City of Louisville,
County of Jefferson, Commonwealth of Kentucky.
Section 2. The corporation may also have offices at such other
places both within and without the Commonwealth of Kentucky as the Board of
Directors may from time to time determine or the business of the corporation
may require.
ARTICLE II
MEETINGS OF STOCKHOLDERS
Section 1. All meetings of the stockholders for the
election of directors shall be held in the County of Jefferson, Commonwealth of
Kentucky, at such place as may be fixed from time to time by the Board of
Directors, or at such other place either within or without the Commonwealth of
Kentucky as shall be designated from time to time by the Board of Directors and
stated in the notice of the meeting. Meetings of stockholders for any other
purpose may be held at such time and place, within or without the Commonwealth
of Kentucky, as shall be stated in the notice of the meeting or in a duly
executed waiver of notice thereof.
Section 2. Annual meetings of stockholders shall be held on the
first Monday of June if not a legal holiday, and if a legal holiday, then on
the next secular day following, at 10:00 A.M., or at such other date and time
as shall be designated from time to time by the Board of Directors and stated
in the notice of the meeting, at which they shall elect by a plurality vote a
Board of Directors, and transact such other business as may properly be brought
before the meeting.
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Section 3. Written notice of the annual meeting stating the place,
date and hour of the meeting shall be given to each stockholder entitled to
vote at such meeting not less than ten nor more than sixty days before the date
of the meeting.
Section 4. The officer who has charge of the stock ledger of the
corporation shall prepare and make, at least ten days before every meeting of
stockholders, a complete list of the stockholders entitled to vote at the
meeting, arranged in alphabetical order, and showing the address of each
stockholder and the number of shares registered in the name of each
stockholder. Such list shall be open to the examination of any stockholder,
for any purpose germane to the meeting, during ordinary business hours, for a
period of at least ten days prior to the meeting, either at a place within the
city where the meeting is to be held, which place shall be specified in the
notice of the meeting, or, if not so specified, at the place where the meeting
is to be held. The list shall also be produced and kept at the time and place
of the meeting during the whole time thereof, and may be inspected by any
stockholder who is present.
Section 5. Special meetings of the stockholders, for any purpose or
purposes, unless otherwise prescribed by statute or by the articles of
incorporation, may be called by the president and shall be called by the
president or secretary at the request in writing of a majority of the Board of
Directors, or at the request in writing of stockholders owning a majority in
amount of the entire capital stock of the corporation issued and outstanding
and entitled to vote. Such request shall state the purpose or purposes of the
proposed meeting.
Section 6. Written notice of a special meeting stating the place,
date and hour of the meeting and the purpose or purposes for which the meeting
is called, shall be given not less than ten nor more than sixty days before the
date of the meeting, to each stockholder entitled to vote at such meeting.
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Section 7. Business transacted at any special meeting of the
stockholders shall be limited to the purposes stated in the notice.
Section 8. The holders of a majority of the stock issued and
outstanding and entitled to vote thereat, present in person or represented by
proxy, shall constitute a quorum at all meetings of the stockholders for the
transaction of business except as otherwise provided by statute or by the
articles of incorporation. If, however, such quorum shall not be present or
represented at any meeting of the stockholders, the stockholders entitled to
vote thereat, present in person or represented by proxy, shall have power to
adjourn the meeting from time to time, without notice other than announcement
at the meeting, until a quorum shall be present or represented. At such
adjourned meeting, at which a quorum shall be present or represented, any
business may be transacted which might have been transacted at the meeting as
originally notified. If the adjournment is for more than thirty days, or if
after the adjournment a new record date is fixed for the adjourned meeting, a
notice of the adjourned meeting shall be given to each stockholder of record
entitled to vote at the meeting.
Section 9. When a quorum is present at any meeting, the vote of the
holders of a majority of the stock having voting power present in person or
represented by proxy shall decide any question brought before such meeting,
unless the question is one upon which by express provision of statute or of the
articles of incorporation, a different vote is required in which case such
express provision shall govern and control the decision of such question.
Section 10. Unless otherwise provided in the articles of
incorporation, each stockholder shall at every meeting of the stockholders be
entitled to one vote in person or by proxy for each share of the capital stock
having voting power held by such stockholder, but no proxy shall be voted on
after eleven months from its date, unless the proxy provides for a longer
period.
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ARTICLE III
DIRECTORS
Section 1. The number of directors which shall constitute the whole
Board shall be not less than three nor more than nine. The number of directors
shall be determined by resolution of the Board of Directors or by the
stockholders at the annual meeting. The directors shall be elected at the
annual meeting of the stockholders, except as provided in Section 2 of this
Article, and each director elected shall hold office until his successor is
elected and qualified. Directors need not be stockholders.
Section 2. Vacancies and newly created directorships resulting from
any increase in the authorized number of directors may be filled by a majority
of the directors then in office, though less than a quorum, or by a sole
remaining director, and the directors so chosen shall hold office until the
next annual election and until their successors are duly elected and shall
qualify, unless sooner displaced. If there are no directors in office, then an
election of directors may be held in the manner provided by statute.
Section 3. The business of the corporation shall be managed by its
Board of Directors which may exercise all such powers of the corporation and do
all such lawful acts and things as are not by statute or by the articles of
incorporation or by these by-laws directed or required to be exercised or done
by the stockholders.
MEETINGS OF THE BOARD OF DIRECTORS
Section 4. The Board of Directors of the corporation may hold
meetings, both regular and special, either within or without the Commonwealth
of Kentucky.
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Section 5. The first meeting of each newly elected Board of
Directors shall be held at such time and place as shall be fixed by the vote of
the stockholders at the annual meeting and no notice of such meeting shall be
necessary to the newly elected directors in order legally to constitute the
meeting, provided a quorum shall be present. In the event of the failure of
the stockholders to fix the time or place of such first meeting of the newly
elected Board of Directors, or in the event such meeting is not held at the
time and place so fixed by the stockholders, the meeting may be held at such
time and place as shall be specified in a notice given as hereinafter provided
for special meetings of the Board of Directors, or as shall be specified in a
written waiver signed by all of the Directors.
Section 6. Regular meetings of the Board of Directors may be held
without notice at such time and at such place as shall from time to time be
determined by the Board.
Section 7. Special meetings of the Board may be called by the
president, the secretary or any assistant secretary on six hours' notice to
each director, either personally or by mail or by telegram; special meetings
shall be called by the president, the secretary or an assistant secretary in
like manner and on like notice on the written request of two directors.
Section 8. At all meetings of the Board, a majority of the directors
shall constitute a quorum for the transaction of business, and the act of a
majority of the directors present at any meeting at which there is a quorum
shall be the act of the Board of Directors, except as may be otherwise
specifically provided by statute or by the articles of incorporation. If a
quorum shall not be present at any meeting of the Board of Directors, the
directors present thereat may adjourn the meeting from time to time, without
notice other than announcement at the meeting, until a quorum shall be present.
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Section 9. Unless otherwise restricted by the articles of
incorporation or these by-laws, any action required or permitted to be taken at
any meeting of the Board of Directors or of any committee thereof may be taken
without a meeting, if all members of the Board or committee, as the case may
be, consent thereto in writing, and the writing or writings are filed with the
minutes of proceedings of the Board or committee.
Section 10. Unless otherwise restricted by the articles of
incorporation or these by-laws, members of the Board of Directors, or any
committee designated by the Board of Directors, may participate in a meeting of
the Board of Directors, or any committee, by means of conference telephone or
similar communications equipment by means of which all persons participating in
the meeting can hear each other, and such participation in a meeting shall
constitute presence in person at the meeting.
COMMITTEES OF DIRECTORS
Section 11. The Board of Directors may, by resolution passed by a
majority of the whole Board, designate one or more committees, each committee
to consist of one or more of the directors of the corporation. The Board may
designate one or more directors as alternate members of any committee, who may
replace any absent or disqualified member at any meeting of the committee. In
the absence or disqualification of a member of a committee, the member or
members thereof present at any meeting and not disqualified from voting,
whether or not he or they constitute a quorum, may unanimously appoint another
member of the Board of Directors to act at the meeting in the place of any such
absent or disqualified member. Any such committee, to the extent provided in
the resolution of the Board of Directors, shall have and may exercise all the
powers and authority of the Board of Directors in the management of the
business and affairs of the corporation, and may authorize the seal of the
corporation to be affixed to all papers which may require it; but no such
committee shall have the power or authority in reference to
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<PAGE> 7
amending the articles of incorporation, adopting an agreement of merger or
consolidation, recommending to the stockholders the sale, lease or exchange of
all or substantially all of the corporation's property and assets, recommending
to the stockholders a dissolution of the corporation or a revocation of a
dissolution, or amending the by-laws of the corporation, declare a dividend,
to authorize the issuance of stock or fill vacancies on the Board of Directors
or any committee. Such committee or committees shall have such name or names
as may be determined from time to time by resolution adopted by the Board of
Directors.
Section 12. Each committee shall keep regular minutes of its
meetings and report the same to the Board of Directors.
COMPENSATION OF DIRECTORS
Section 13. Unless otherwise restricted by the articles of
incorporation or these by-laws, the Board of Directors shall have the authority
to fix the compensation of directors. The directors may be paid their
expenses, if any, of attendance at each meeting of the Board of Directors and
may be paid a fixed sum for attendance at each meeting of the Board of
Directors or a stated salary as director. No such payment shall preclude any
director from serving the corporation in any other capacity and receiving
compensation therefor. Members of special or standing committees may be
allowed like compensation for attending committee meetings.
ARTICLE IV
NOTICES
Section 1. Whenever, under the provisions of applicable statute or
of the articles of incorporation or of these by-laws, notice is required to be
given to any director or stockholder, it shall not be construed to mean
personal notice, but such notice may be given in writing, by mail, addressed
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to such director or stockholder, at his address as it appears on the records of
the corporation, with postage thereon prepaid, and such notice shall be deemed
to be given at the time when the same shall be deposited in the United States
mail. Notice to directors may also be given by telegram, data fax, or other
similar method of transmitting a written communication.
Section 2. Whenever any notice is required to be given under the
provisions of applicable statute or of the articles of incorporation or of
these by-laws, a waiver thereof in writing, signed by the person or persons
entitled to said notice, whether before or after the time stated therein, shall
be deemed equivalent thereto.
ARTICLE V
OFFICERS
Section 1. The officers of the corporation shall be chosen by the
Board of Directors and shall be a president and a secretary. The Board of
Directors may also choose vice-presidents, a treasurer, a controller, and one
or more assistant secretaries, assistant treasurers, and assistant controllers
and such other officers as it deemed necessary from time to time. Any number
of offices may be held by the same person, unless the articles of incorporation
or these by-laws otherwise provide.
Section 2. The Board of Directors at its first meeting after each
annual meeting of stockholders shall choose a president, a secretary and a
controller.
Section 3. The Board of Directors may appoint such other officers
and agents as it shall deem necessary who shall hold their offices for such
terms and shall exercise such powers and perform such duties as shall be
determined from time to time by the Board.
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Section 4. The salaries of all officers and agents of the
corporation shall be fixed by the Board of Directors.
Section 5. The officers of the corporation shall hold office until
their successors are chosen and qualify. Any officer elected or appointed by
the Board of Directors may be removed at any time by the affirmative vote of a
majority of the Board of Directors. Any vacancy occurring in any office of the
corporation shall be filled by the Board of Directors.
THE PRESIDENT AND VICE PRESIDENTS
Section 6. The president shall be the chief executive officer of the
corporation, shall preside at all meetings of the stockholders and the Board of
Directors, shall have general and active management of the business of the
corporation and shall see that all orders and resolutions of the Board of
Directors are carried into effect.
Section 7. The president shall execute bonds, mortgages and other
contracts requiring a seal, under the seal of the corporation, except where
required or permitted by law to be otherwise signed and executed and except
where the signing and execution thereof shall be expressly delegated by the
Board of Directors to some other officer or agent of the corporation.
Section 8. The vice president, or if there be more than one, the
vice presidents in the order determined by the Board of Directors (or if there
be no such determination, then in the order of their election), shall perform
such duties and exercise such powers as the Board of Directors may from time to
time prescribe.
THE SECRETARY AND ASSISTANT SECRETARIES
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Section 9. The secretary shall attend all meetings of the Board of
Directors and all meetings of the stockholders and record all the proceedings
of the meetings of the corporation and of the Board of Directors in a book to
be kept for that purpose and shall perform like duties for the standing
committees when required. He shall give, or cause to be given, notice of all
meetings of the stockholders and special meetings of the Board of Directors,
and shall perform such other duties as may be prescribed by the Board of
Directors or president, under whose supervision he shall be. He shall have
custody of the corporate seal of the corporation and he, or an assistant
secretary, shall have authority to affix the same to any instrument requiring
it and when so affixed, it may be attested by his signature or by the signature
of such assistant secretary. The Board of Directors may give general authority
to any other officer to affix the seal of the corporation and to attest the
affixing by his signature.
Section 10. An assistant secretary, or if there be more than one,
the assistant secretaries in the order determined by the Board of Directors (or
if there be no such determination, then in the order of their election), shall,
in the absence of the secretary or in the event of his inability or refusal to
act, perform the duties and exercise the powers of the secretary and shall
perform such other duties and have such other powers as the Board of Directors
may from time to time prescribe.
THE TREASURER AND ASSISTANT TREASURERS
Section 11. The treasurer or, as directed by the Board of Directors,
one or more assistant treasurers shall have the custody of the corporate funds
and securities and shall keep full and accurate accounts of receipts and
disbursements in books belonging to the corporation and shall deposit all
moneys and other valuable effects in the name and to the credit of the
corporation in such depositaries as may be designated by the Board of
Directors.
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Section 12. The treasurer or, as directed by the Board of Directors,
one or more assistant treasurers, shall disburse the funds of the corporation
as may be ordered by the Board of Directors, taking proper vouchers for such
disbursements, and shall render to the president and the Board of Directors, at
its regular meetings, or when the Board of Directors so requires, an account of
all his/their transactions as treasurer/assistant treasurer.
Section 13. If required by the Board of Directors, the treasurer or
an assistant treasurer shall give the corporation a bond (which shall be
renewed every six years) in such sum and with such surety or sureties as shall
be satisfactory to the Board of Directors for the faithful performance of the
duties of their offices and for the restoration to the corporation, in case of
their death, resignation, retirement or removal from office, of all books,
papers, vouchers, money and other property of whatever kind in their possession
or under their control belonging to the corporation.
Section 14. The assistant treasurer, or if there shall be more than
one, the assistant treasurers in the order determined by the Board of Directors
(or if there be no such determination, then in the order of their election),
shall, in the absence of the treasurer or in the event of his inability or
refusal to act, perform the duties and exercise the powers of the treasurer and
shall perform such other duties and have such other powers as the Board of
Directors may from time to time prescribe.
THE CONTROLLER AND ASSISTANT CONTROLLERS
Section 15. The controller, or as directed by the Board of
Directors, one or more assistant controllers, shall maintain adequate records
of all assets, liabilities, and transactions of the corporation, ensure that
the financial results of operations are properly recorded and that adequate
audits thereof are currently and regularly made; and, in conjunction with
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other officers, initiate and enforce measures and procedures whereby the
business of the corporation shall be conducted with the maximum safety,
efficiency, and economy. The controller or an assistant controller shall
report to the president and/or the Board of Directors at its regular meetings
on the financial results of the Corporation's operations. The controller
shall have such other duties as the Board of Directors may designate from time
to time.
ARTICLE VI
CERTIFICATES OF STOCK
Section 1. Every holder of stock in the corporation shall be
entitled to have a certificate, signed by, or in the name of the corporation,
by the president or the vice president, or the secretary or an assistant
secretary of the corporation, certifying the number of shares owned by him in
the corporation.
Section 2. Any of or all the signatures on the certificate may be
facsimile. In case any officer, transfer agent or registrar who has signed or
whose facsimile signature has been placed upon a certificate shall have ceased
to be such officer, transfer agent or registrar before such certificate is
issued, it may be issued by the corporation with the same effect as if he were
such officer, transfer agent or registrar at the date of issue.
LOST CERTIFICATES
Section 3. The Board of Directors may direct a new certificate or
certificates to be issued in place of any certificate or certificates
theretofore issued by the corporation alleged to have been lost, stolen or
destroyed, upon the making of an affidavit of that fact by the person claiming
the certificate of stock to be lost, stolen or destroyed. When authorizing
such issue of a new certificate or certificates, the Board of Directors may,
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in its discretion and as a condition precedent to the issuance thereof, require
the owner of such lost, stolen or destroyed certificate or certificates, or his
legal representative, to advertise the same in such manner as it shall require
and/or to give the corporation a bond in such sum as it may direct as indemnity
against any claim that may be made against the corporation with respect to the
certificate alleged to have been lost, stolen or destroyed.
TRANSFERS OF STOCK
Section 4. Upon surrender to the corporation or the transfer agent
of the corporation of a certificate for shares duly endorsed or accompanied by
proper evidence of succession, assignment or authority to transfer, it shall be
the duty of the corporation to issue a new certificate to the person entitled
thereto, cancel the old certificate and record the transaction upon its books.
FIXING RECORD DATE
Section 5. In order that the corporation may determine the
stockholders entitled to notice of or to vote at any meeting of stockholders or
any adjournment thereof, or to express consent to corporate action in writing
without a meeting, or entitled to receive payment of any dividend or other
distribution or allotment of any rights, or entitled to exercise any rights in
respect of any change, conversion or exchange of stock or for the purpose of
any other lawful action, the Board of Directors may fix, in advance, a record
date, which shall not be more than sixty nor less than ten days before the date
of such meeting, nor more than sixty days prior to any other action. A
determination of stockholders of record entitled to notice of or to vote at a
meeting of stockholders shall apply to any adjournment of the meeting;
provided, however, that the Board of Directors may fix a new record date for
the adjourned meeting.
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REGISTERED STOCKHOLDERS
Section 6. The corporation shall be entitled to recognize the
exclusive right of a person registered on its books as the owner of shares to
receive dividends, and to vote as such owner, and to hold liable for calls and
assessments a person registered on its books as the owner of shares, and shall
not be bound to recognize any equitable or other claim to or interest in such
share or shares on the part of any other person, whether or not it shall have
express or other notice thereof, except as otherwise provided by the laws of
the Commonwealth of Kentucky.
GENERAL PROVISIONS
DIVIDENDS
Section 1. Dividends upon the capital stock of the corporation,
subject to the provisions of the articles of incorporation, if any, may be
declared by the Board of Directors at any regular or special meeting, pursuant
to law. Dividends may be paid in cash, in property, or in shares of the
capital stock, subject to the provisions of the articles of incorporation.
Section 2. Before payment of any dividend, there may be set aside
out of any funds of the corporation available for dividends such sum or sums as
the directors from time to time, in their absolute discretion, think proper as
a reserve or reserves to meet contingencies, or for equalizing dividends, or
for repairing or maintaining any property of the corporation, or for such other
purpose as the directors shall think conducive to the interest of the
corporation, and the directors may modify or abolish any such reserve in the
manner in which it was created.
CHECKS
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Section 3. All checks, drafts, notes, bills of exchange and orders
for the payment of money (including orders for repetitive or non-repetitive
electronic funds transfers) shall, unless otherwise directed by the Board of
Directors, or unless required by law, be signed by any two of the following
officers: the President, any Vice President, the Secretary or any Assistant
Secretary; provided that in every case at least one such officer shall be the
President, a Vice President or the Secretary. The Board of Directors may,
however, notwithstanding the foregoing provision, by resolution adopted at any
meeting, authorize any of said officers or any employee of the Corporation so
designated by the Board of Directors of the Corporation to sign checks, drafts
and such orders for the payment of money singly and without necessity of
countersignature, and may designate officers of the Corporation other than
those named above or any employee of the Corporation so designated by the Board
of Directors of the Corporation, or different combinations of such officers or
any employee of the Corporation so designated by the Board of Directors of the
Corporation, who may, in the name of the Corporation, execute checks, drafts,
and such orders for the payment of money on its behalf. Further, the President
is authorized to designate to the Corporation's banks, in writing, individuals
employed in the Columbia Gas System Service Corporation Cash Management
Department, who need not be officers or employees of the Corporation to give in
the name of the Corporation telephonic, telegraphic, or electronic transfer
instructions for the payment of money, which may, with respect to routine
items, include instructions as to the amount to be transferred, to any bank,
pursuant to previously issued written orders, signed by officers of the
Corporation or by any employee of the Corporation so designated by the Board of
Directors of the Corporation in any manner provided above, which designate the
recipients of such amounts and which identify what shall be treated as routine
items.
FISCAL YEAR
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Section 4. The fiscal year of the corporation begins on the first
day of January and ends on the thirty-first day of December in each year.
SEAL
Section 5. The corporate seal shall have inscribed thereon the name
of the corporation, and the words "Corporate Seal 1960 Kentucky." The seal may
be used by causing it or a facsimile thereof to be impressed or affixed or
reproduced or otherwise.
ARTICLE VIII
INDEMNIFICATION
(a) Right to Indemnification. The Corporation shall to the
fullest extent permitted by applicable law as then in effect indemnify any
person (the "Indemnitee") who was or is involved in any manner (including,
without limitation, as a party or a witness) or is threatened to be made so
involved in any threatened, pending or completed investigation, claim, action,
suit or proceeding, whether civil, criminal, administrative or investigative
(including without limitation, any action, suit or proceeding by or in the
right of the Corporation to procure a judgment in its favor) (a "Proceeding")
by reason of the fact that such person is or was a director, officer, employee
or agent of the Corporation, or is or was serving at the request of the
Corporation as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise (including, without
limitation, any employee benefit plan) against all expenses (including
attorneys' fees), judgments, fines and amounts paid in settlement actually and
reasonably incurred by such person in connection with such Proceeding. Such
indemnification shall be a contract right and shall include the right to
receive payment of any expenses incurred by the Indemnitee in connection with
such Proceeding in advance of its final disposition, consistent with the
provisions of applicable law as then in effect.
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(b) Insurance, Contracts and Funding. The Corporation may
purchase and maintain insurance to protect itself and any indemnitee against
any expenses, judgments, fines and amounts paid in settlement as specified in
Section (a) of this Article VIII or incurred by an Indemnitee in connection
with any proceeding referred to in Section (a) of this Article VIII, to the
fullest extent permitted by applicable law as then in effect. The Corporation
may enter into contracts with any director, officer, employee or agent of the
Corporation or use other means in furtherance of the provisions of this Article
VIII to ensure the payment of such amounts as may be necessary to effect
indemnification as provided in this Article VIII.
(c) Indemnification; Not Exclusive Right. The right of
indemnification provided in this Article VIII shall not be exclusive of any
other rights to which those seeking indemnification may otherwise be entitled,
and the provisions of this Article VIII shall inure to the benefit of the heirs
and legal representatives of any person entitled to indemnity under this
Article VIII and shall be applicable to Proceedings commenced or continuing
after the adoption of this Article VIII, whether arising from acts or omissions
occurring before or after such adoption.
(d) Advancement of Expenses; Procedures; Presumptions and
Effect of Certain Proceedings; Remedies. In furtherance but not in limitation
of the foregoing provisions, the following procedures, presumptions and
remedies shall apply with respect to advancement of expenses and the right to
indemnification under this Article VIII:
(1) Advance of Expenses. All reasonable expenses incurred
by or on behalf of the Indemnitee in connection with any Proceeding shall be
advanced to the Indemnitee by the Corporation within 20 days after the receipt
by the Corporation of a statement or statements from the Indemnitee requesting
such advance or advances from time to time, whether prior to or after final
disposition of such Proceeding. Such statement or statements shall reasonably
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<PAGE> 18
evidence the expenses incurred by the Indemnitee and, if required by law at the
time of such advance, shall include or be accompanied by an undertaking by or
on behalf of the Indemnitee to repay the amounts advanced if it should
ultimately be determined that the Indemnitee is not entitled to be indemnified
against such expenses pursuant to this Article VIII.
(2) Procedure for Determination of Entitlement to
Indemnification.
(i) To obtain indemnification under this Article VIII, an
Indemnitee shall submit to the Secretary of the Corporation a written request,
including such documentation and information as is reasonably available to the
Indemnitee and reasonably necessary to determine whether and to what extent the
Indemnitee is entitled to indemnification (the "Supporting Documentation").
The determination of the Indemnitee's entitlement to indemnification shall be
made not later than 60 days after receipt by the Corporation of the written
request for indemnification together with Supporting Documentation. The
Secretary of the Corporation shall advise the Board of Directors in writing,
promptly upon receipt of such a request for indemnification, that the
Indemnitee has requested indemnification.
(ii) The Indemnitee's entitlement to indemnification under
this Article VIII shall be determined in one of the following ways: (A) by a
majority vote of the Disinterested Directors (as hereinafter defined), if they
constitute a quorum of the Board of Directors; (B) by a written opinion of
Independent Counsel (as hereinafter defined) if (x) a Change of Control (as
hereinafter defined) shall have occurred and the Indemnitee so requests or (y)
a quorum of the Board of Directors consisting of Disinterested Directors is not
obtainable or, even if obtainable, a majority of such Disinterested Directors
so directs; (C) by the stockholders of the Corporation (but only if a majority
of the Disinterested Directors, if they constitute a quorum of the Board of
Directors, present the issue of entitlement to indemnification to the
stockholders for their determination); or (D) as provided in Section (d)(3).
-18-
<PAGE> 19
(iii) In the event the determination of entitlement to
indemnification is to be made by Independent Counsel pursuant to Section
(d)(2)(ii), a majority of the Board of Directors shall select the Independent
Counsel, but only an Independent Counsel to which the Indemnitee does not
reasonably object; provided, however, that if a Change of Control shall have
occurred, the Indemnitee shall select such Independent Counsel, but only an
Independent Counsel to which the Board of Directors does not reasonably object.
(iv) The only basis upon which a finding of no entitlement
to indemnification may be made is that indemnification is prohibited by law.
(3) Presumptions and Effect of Certain Proceedings.
Except as otherwise expressly provided in this Article VIII, if a Change of
Control shall have occurred, the Indemnitee shall be presumed to be entitled to
indemnification under this Article VIII upon submission of a request for
indemnification together with the Supporting Documentation in accordance with
Section (d)(2)(i), and thereafter the Corporation shall have the burden of
proof to overcome that presumption in reaching a contrary determination. In
any event, if the person or persons empowered under Section (d)(2) to determine
entitlement to indemnification shall not have been appointed or shall not have
made a determination within 60 days after receipt by the Corporation of the
request therefor together with the Supporting Documentation, the Indemnitee
shall be deemed to be entitled to indemnification, and the Indemnitee shall be
entitled to such indemnification unless (a) the Indemnitee misrepresented or
failed to disclose a material fact in making the request for indemnification or
in the Supporting Documentation or (B) such indemnification is prohibited by
law. The termination of any Proceeding described in Section (a), or of any
claim, issue or matter therein, by judgment, order, settlement or conviction,
or upon a plea of nolo contendere or its equivalent, shall not of itself
adversely affect the right of the Indemnitee to indemnification or create a
presumption that the Indemnitee did not act in good faith and in a manner which
the
-19-
<PAGE> 20
Indemnitee reasonably believed to be in or not opposed to the best interests of
the Corporation or, with respect to any criminal Proceeding, that the
Indemnitee had reasonable cause to believe that the Indemnitee's conduct was
unlawful.
(4) Remedies of Indemnitee.
(i) In the event that a determination is made pursuant
to Section (d)(2) or (3) that the Indemnitee is not entitled to
indemnification under this Article VIII, (A) the Indemnitee shall be
entitled to seek an adjudication of his entitlement to such indemnification
either, at the Indemnitee's sole option, in (x) an appropriate court of the
Commonwealth of Kentucky or any other court of competent jurisdiction or
(y) an arbitration to be conducted by a single arbitrator pursuant to the
rules of the American Arbitration Association; (B) any such judicial
proceeding or arbitration shall be de novo and the Indemnitee shall not be
prejudiced by reason of such adverse determination; and (C) in any such
judicial proceeding or arbitration, the Corporation shall have the burden
of proving that the Indemnitee is not entitled to indemnification under
this Article VIII.
(ii) If pursuant to Section (d)(2) or (3) a determination
shall have been made or deemed to have been made that the Indemnitee is
entitled to indemnification, the Corporation shall be obligated to pay the
amounts constituting such indemnification within five days after such
determination has been made or is deemed to have been made and shall be
conclusively bound by such determination unless (A) the Indemnitee
misrepresented or failed to disclose a material fact in making the request
for indemnification or in the Supporting Documentation or (B) such
indemnification is prohibited by law. In the event that (x) advancement of
expenses is not timely made pursuant to Section (d)(l), or (y) payment of
indemnification is not made within five days after a determination of
entitlement to indemnification has been made or deemed to have been made
pursuant to
-20-
<PAGE> 21
Section (d)(2) or (3), the Indemnitee shall be entitled to seek
judicial enforcement of the Corporation's obligation to pay to the
Indemnitee such advancement of expenses or indemnification.
Notwithstanding the foregoing, the Corporation may bring an action in an
appropriate court in the Commonwealth of Kentucky or any other court of
competent jurisdiction, contesting the right of the Indemnitee to receive
indemnification hereunder due to the occurrence of an event described in
subclause (A) or (B) of this clause (ii) (a "Disqualifying Event");
provided, however, that in any such action the Corporation shall have the
burden of proving the occurrence of such Disqualifying Event.
(iii) The Corporation shall be precluded from asserting in
any judicial proceeding or arbitration commenced pursuant to this Section
(d)(4) that the procedures and presumptions of this Article VIII are not
valid, binding and enforceable and shall stipulate in any such court or
before any such arbitrator that the Corporation is bound by all the
provisions of this Article VIII.
(iv) In the event that pursuant to this Section (d)(4) the
Indemnitee seeks a judicial adjudication of or an award in arbitration to
enforce his rights under, or to recover damages for breach of, this Article
VIII, the Indemnitee shall be entitled to recover from the Corporation, and
shall be indemnified by the Corporation against, any expenses actually and
reasonably incurred by the Indemnitee if the Indemnitee prevails in such
judicial adjudication or arbitration. If it shall be determined in such
judicial adjudication or arbitration that the Indemnitee is entitled to
receive part but not all of the indemnification or advancement of expenses
sought, the expenses incurred by the Indemnitee in connection with such
judicial adjudication or arbitration shall be prorated accordingly.
(5) Definitions. For purposes of this Section
(d):
-21-
<PAGE> 22
(i) "Change in Control" means (A) so long as the Public
Utility Holding Company Act of 1935 is in effect, any "company" becoming a
"holding company" in respect to the Corporation or any determination by the
Securities and Exchange Commission that any "person" should be subject to
the obligations, duties, and liabilities if imposed by said Act by virtue
or his, hers or its influence over the management or policies of the
Corporation, or (B) whether or not said Act is in effect, a change in
control of the Corporation of a nature that would be required to be
reported in response to Item 6(e) of Schedule 14A of Regulation 14A
promulgated under the Securities Exchange Act of 1934 (the "Act"), whether
or not the Corporation is then subject to such reporting requirement;
provided that, without limitation, such a change in control shall be deemed
to have occurred if (i) any "person" (as such term is used in Section 13(d)
and 14(d) of the Act) is or becomes the "beneficial owner" (as defined in
Rule 13d-3 under the Act), directly or indirectly, of securities of the
Corporation representing ten percent (10%) or more of the combined voting
power of the Corporation's then outstanding securities without the prior
approval of at least two-thirds of the members of the Board of Directors in
office immediately prior to such acquisition; (ii) the Corporation is a
party to a merger, consolidation, sale of assets or other reorganization,
or a proxy contest, as a consequence of which members of the Board of
Directors in office immediately prior to such transaction or event
constitute less than a majority of the Board of Directors thereafter; or
(iii) during any period of two consecutive years, individuals who at the
beginning of such period constituted the Board of Directors (including for
this purpose any new director whose election or nomination for election by
the Corporation's stockholders was approved by a vote of at least
two-thirds of the directors then still in office who were directors at the
beginning of such period) cease for any reason to constitute at least a
majority of the Board of Directors.
-22-
<PAGE> 23
(ii) "Disinterested Director" means a director of the
Corporation who is not or was not a party to the proceeding in respect of
which indemnification is sought by the Indemnitee.
(iii) "Independent Counsel" means a law firm or a member of
a law firm that neither presently is, nor in the past five years has been,
retained to represent: (A) the Corporation or the Indemnitee in any matter
material to either such party or (B) any other party to the Proceeding
giving rise to a claim for indemnification under this Article VIII.
Notwithstanding the foregoing, the term "Independent Counsel" shall not
include any person who, under the applicable standards of professional
conduct then prevailing under the law of the Commonwealth of Kentucky,
would have a conflict of interest in representing either the corporation or
the Indemnitee in an action to determine the Indemnitee's rights under this
Article VIII.
(e) Severability. If any provision or provisions of this Article
VIII shall be held to be invalid, illegal or unenforceable for any reason
whatsoever: (i) the validity, legality and enforceability of the remaining
provisions of this Article VIII (including, without limitation, all portions of
any paragraph of this Article VIII containing any such provision held to be
invalid, illegal or unenforceable, that are not themselves invalid, illegal or
unenforceable) shall not in any way be affected or impaired thereby; and (ii)
to the fullest extent possible, the provisions of this Article VIII (including,
without limitation, all portions of any paragraph of this Article VIII
containing any such provision held to be invalid, illegal or unenforceable that
are not themselves invalid, illegal or unenforceable) shall be construed so as
to give effect to the intent manifested by the provision held invalid, illegal
or unenforceable.
(f) Successor Laws, Regulations and Agencies. Reference herein to
laws, regulations or agencies shall be deemed to include all amendments
thereof, substitutions therefor and successors thereto.
-23-
<PAGE> 24
ARTICLE IX
AMENDMENTS
Section 1. These by-laws may be altered, amended or repealed or new
by-laws may be adopted by the stockholders or by the Board of Directors, when
such power is conferred upon the Board of Directors by the articles of
incorporation, at any regular meeting of the stockholders or of the Board of
Directors or at any special meeting of the stockholders or of the Board of
Directors if notice of such alteration, amendment, repeal or adoption of new
by-laws be contained in the notice of such special meeting.
-24-
<PAGE> 1
Exhibit D
Page 1 of 4
AGREEMENT FOR FILING CONSOLIDATED
FEDERAL INCOME TAX RETURN AND FOR
ALLOCATION OF LIABILITIES AND BENEFITS
ARISING FROM SUCH CONSOLIDATED
TAX RETURN BETWEEN
THE COLUMBIA GAS SYSTEM, INC.
AND SUBSIDIARY COMPANIES
The following members of The Columbia Gas System, Inc., affiliated
group of corporations as described in Section 1504 of the Internal Revenue Code
hereby authorize their common parent corporation, The Columbia Gas System,
Inc., to make and file a consolidated federal income tax return on behalf of
the group.
<TABLE>
<CAPTION>
Federal
Employer
Identification
Name and Address Number
- ---------------- --------------
<S> <C>
The Columbia Gas System, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-1594808
Columbia Atlantic Trading Corporation . . . . . . . . . . . . . . . . . . . . . . . 51-0122560
Columbia Gas System Service Corporation . . . . . . . . . . . . . . . . . . . . . . 13-1596081
Columbia LNG Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31-0808682
TriStar Ventures Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . 55-0647910
TriStar Capital Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51-0331685
20 Montchanin Road
Wilmington, Delaware 19807
Columbia Gas of Kentucky, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 55-0139565
Columbia Gas of Maryland, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 25-1093185
Columbia Gas of Ohio, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31-0673990
Columbia Gas of Pennsylvania, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 25-1100252
</TABLE>
-25-
<PAGE> 2
Exhibit D
Page 2 of 4
<TABLE>
<S> <C>
Commonwealth Gas Services, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 54-0344210
200 Civic Center Drive
Columbus, Ohio 43215
Columbia Gas Development Corporation . . . . . . . . . . . . . . . . . . . . . . . 74-1664015
One Riverway
Houston, Texas 77056
Columbia Coal Gasification Corporation . . . . . . . . . . . . . . . . . . . . . . 61-0714016
Columbia Natural Resources, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 52-1383102
900 Pennsylvania Avenue
Charleston, West Virginia 25302
Columbia Gas Transmission Corporation . . . . . . . . . . . . . . . . . . . . . . . 31-0802435
Columbia Gulf Transmission Company . . . . . . . . . . . . . . . . . . . . . . . . 74-1321143
1700 MacCorkle Avenue, S.W.
Charleston, West Virginia 25314
Columbia Propane Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . 61-0565214
Commonwealth Propane, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54-0146483
800 Moorefield Park Drive
Richmond, Virginia 23236-3659
Columbia Energy Services Corporation . . . . . . . . . . . . . . . . . . . . . . . 61-0573109
BLDG 200 STE 201
2581 Washington, Rd
Pittsburgh, Pennsylvania 15241
</TABLE>
The parties hereby agree to allocate liabilities and benefits arising
from such consolidated return in the manner prescribed below which is
consistent with Rule 45(c) of the Public Utility Holding Company Act of 1935:
(1) Definitions:
"Consolidated tax" is the aggregate current U.S. federal
income tax liability for a tax year, being the tax shown on
the consolidated federal income tax return and any
adjustments thereto which are thereafter determined. If,
because of a consolidated net operating loss, investment tax
credit, carrybacks, etc., a refund is due, the consolidated
tax for the current year will be that refund.
"Separate return tax" is the tax on the corporate taxable
income of a company including the effect of any particular
feature of the tax law, differences in tax
-26-
<PAGE> 3
Exhibit D
Page 3 of 4
rates, investment tax credits, etc., applicable to it.
Separate return tax may be either positive or negative.
(2) The consolidated tax shall be apportioned
among the members of the group utilizing the "separate return
tax" method in the manner prescribed below:
(a) Intercompany eliminations recorded by
consolidation entries which affect the consolidated tax
will be assigned to the appropriate member
necessitating the intercompany elimination for the
purpose of computing separate return tax.
(b) With the exception of the parent
corporation, each member of the group having negative
separate return tax will receive current payment in an
amount equal to such negative separate return tax.
Such member will not participate in the allocation of
the parent corporation loss.
The parent corporation will be allocated available
foreign source income tax credits or the tax benefit
of deductions to the extent necessary to offset
withholding taxes paid to the Canadian Government of
intercompany interest and dividend payments received
from Columbia Gas Development of Canada Ltd. Any
parent corporation gain or loss realized from its sale
of its interest in subsidiaries' securities will be
assigned to parent corporation and will not be
allocated to other members.
If, because of carryback or other restrictions, the
aggregate of all negative separate return taxes is not
entirely usable in the current year's return, the
portion which is usable will be apportioned among the
members having negative separate return tax in
proportion thereto.
(c) Each member of the group having, after intercompany
eliminations, positive separate return tax will pay an
amount equal to its proportionate share of the
consolidated tax liability (adjusted for benefits paid
under sub-section (b) above to members having negative
separate return tax) based on the ratio of its
separate return tax to the total of the separate
return taxes of members having positive separate
return tax.
(3) Carryover and other rights, if any, accrued under past
regulations and orders for which a member company has not
been paid shall be accounted for as follows: Each such
member generating such benefits shall receive payment to the
earliest year in which statutory carryover periods have not
expired. Payment will be received, following execution of
this agreement, from the
-27-
<PAGE> 4
Exhibit D
Page 4 of 4
companies which benefitted form the prior deductions in
the same ratios initially used to distribute such benefits.
(4) In the event the consolidated return reflects a net
operating loss or excess investment tax credit and cannot be
totally carried back, the tax benefit of such net operating
loss or excess shall be allowed as a carryover to future
years. In the event they cannot be fully utilized on a
consolidated basis, a proportionate allocation under Section
(2) will be made. If and when the tax benefits are
realizable on a consolidated basis in a subsequent year,
such tax benefits shall be allocated to the members
originally generating such benefits.
(5) In the event the consolidated tax is subsequently materially
revised by amended returns, interim payments or refunds, or,
in any event, by a final determination, such changes shall
be allocated in the same manner as though the adjustments on
which they are based had formed part of the original
consolidated return. The tax effect of negotiated
adjustments which do not involve an item-by-item
modification of the return shall be allocated in accordance
with Section (2)(c) of this agreement or, considering all
the facts and circumstances, under such other method as may
be determined to be more fair and equitable.
(6) No subsidiary company, as a result of the method of
allocation described herein, shall be required to pay more
tax than its separate return tax as defined in Section (1).
(7) This agreement shall apply to the consolidated federal
income tax return to be filed for the calendar year 1987 and
all subsequent years unless subsequently amended. In the
case of unexpected events, including changes in the tax laws
which may require modifications to the agreement, amendment
to this agreement shall be conditioned on approval by the
Securities and Exchange Commission.
December 31, 1993
-28-
<PAGE> 1
Exhibit E
Columbia Gas System
Policy and Procedure Manual
Section: Executive and Management
Sponsor: Chief Financial Officer
Document No.: Mgmt. Directive
No. 100.12
X New/ Revised/ Canceled/ Renewed
Date Issued: 4/18/94
Effective Date: 12/1/93
Expiration Date: 12/1/95
Title: Securing Contingent Distributions from Pension
Restoration Plan.
Purpose: To permit full distributions from the Pension
Restoration Plan and its funding vehicle with
provisions for security for any contingent amounts
for the protection of the employer company.
References:
I. MANAGEMENT DIRECTIVE
I. Introduction
This directive addresses situations where the amount of
withholding for tax purposes on a distribution from the Pension Restoration
Plan may be subject to dispute and the employer could be subject to liability
if not reimbursed by the employee. Such distributions are permitted in full if
the conditions of the directive are met and adequate security is provided by
the employee.
II. Directive
From time to time, distributions from the Pension
Restoration Plan (and/or its funding vehicle) may involve unresolved contingent
withholding liability for taxes which would, if not reimbursed by the
participant, be paid by the employing System Company. The Retirement Board of
the Retirement Income Plan for Columbia System Companies has authority to
approve distributions from the Plan without reduction for the contingent tax
liability so long as adequate security is provided to assure that the System
Company is made whole. Such security may be a promissory note from the
participant secured by real or personal property, an escrow of a portion of the
proceeds or a bond. The terms of the security must be agreed to by the System
Chief Financial Officer and System Chief Legal Officer. The maximum amount of
security shall not exceed the tax liability at issue.
Approved: /s/ M. W. O'Donnell
Senior Vice President & Chief Financial Officer
-29-
<PAGE> 1
EXHIBIT F
The Utility Plant Accounts are supported by reproductions of
the pages of classified plant accounts included in annual
reports to FERC or State Utility Commissions, as applicable,
along with the related depreciation or amortization reserve
schedules and schedules of other properties or investments,
as follows:
<TABLE>
<CAPTION>
Total
Company 1993 Utility Report Page References Pages
------- --------------------------------------------------------------
<S> <C> <C>
CKY 200, 201, 204, 204-A, 205, 205-A, 206, 207, 208, 209,
209-A, 209-B, 209-C, 209-D, 209-E, 214, 216, 219, 219-A 19
CMD 200, 201, 204, 205, 206, 207, 208, 209, 209-A, 209-B,
209-C, 209-D, 216, 219, 219-A, 221 16
COH 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29 12
CPA 207, 208, 209, 210, 211, 212, 216, 217 8
TCO 200, 201, 204-A, 204-B, 205-A, 205-B, 206-A, 206-B,
207-A, 207-B, 208, 209, 551-001 through 551-005, 214,
551-006, 216, 219-A, 219-B, 551-007, 221-A-001, 221-B,
551-012 through 551-017, 222-001, 223-001, 551-019,
224-002, 225, 551-020 37
CGT 200, 201, 204-A, 204-B, 205-A, 205-B, 206-A, 206-B,
207-A, 207-B, 208, 209, 214, 216, 219-A, 219-B,
221-A-001, 221-B, 224, 225, 551-001 through 551-004 24
CLG 200, 201, 204-A, 204-B, 205-A, 205-B, 206-A, 206-B,
207-A, 207-B, 208, 209, 219-A, 219-B, 551 15
COS 200, 201, 204, 204-A, 205, 205-A, 206, 207, 208, 209,
209-A, 209-B, 209-B-1, 209-C, 209-D, 213, 214, 216, 219,
219-A, 221 21
-----
152
=====
</TABLE>
Because of the burdensome number of exhibit pages listed
above, copies are included in the filing under cover of Form
SE, but not in distributed copies. However, copies of any
exhibits are available to anyone requesting them by writing
to the Corporate Secretary, The Columbia Gas System, Inc.,
20 Montchanin Road, Wilmington, Delaware 19807.
<PAGE> 1
EXHIBIT 1-F
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
TO THE COLUMBIA GAS SYSTEM, INC.:
We have audited the accompanying consolidated balance sheet of The
Columbia Gas System, Inc. (a Delaware corporation, the
"Corporation") and subsidiaries as of December 31, 1993, and the
related statements of consolidated income, cash flows and common
stock equity for the year then ended included in the 1993 Annual
Report to the Shareholders and incorporated by reference herein.
These financial statements are the responsibility of the
Corporation's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of the
Corporation and subsidiaries as of December 31, 1993, and the
results of their operations and their cash flows for the year then
ended in conformity with generally accepted accounting principles.
On July 31, 1991, the Corporation and Columbia Gas Transmission
Corporation ("Columbia Transmission"), a wholly-owned subsidiary,
filed separate petitions seeking protection under Chapter 11 of the
Federal Bankruptcy Code. Note 2 to the consolidated financial
statements discusses, among other matters, uncertainties associated
with the Chapter 11 proceedings, including the status of the
Corporation's loans to Columbia Transmission, certain prepetition
intercompany asset transfers and the measurement of certain
liabilities. This note also discusses purported class action and
other complaints which have been filed against the Corporation
generally alleging violations of certain securities laws. The
accompanying financial statements do not reflect any liability
associated with these complaints as the Corporation believes it has
meritorious defenses to these actions; however, the ultimate
outcome is uncertain. As a result of these matters, the
Corporation may take, or be required to take, actions which may
cause assets to be realized or liabilities to be liquidated for
amounts other than those reflected in the financial statements.
These factors create substantial doubt about the Corporation's
ability to continue as a going
<PAGE> 2
-2-
concern. The accompanying financial statements have been prepared
assuming that the Corporation and Columbia Transmission will
continue as going concerns which contemplates the realization of
assets and payment of liabilities in the ordinary course of
business. The appropriateness of the Corporation continuing to
present financial statements on a going concern basis is dependent
upon, among other items, the terms of the ultimate plan of
reorganization and the ability to generate sufficient cash from
operations and financing sources to meet obligations.
As discussed in Note 4 to the consolidated financial statements,
effective January 1, 1991, the Corporation changed its method of
accounting for income taxes and postretirement benefits other than
pensions pursuant to standards promulgated by the Financial
Accounting Standards Board.
ARTHUR ANDERSEN & CO.
New York, New York
February 10, 1994
