<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
FORM U5S
ANNUAL REPORT
For the Year Ended December 31, 1995
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
<PAGE> 2
Page 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
FORM U5S
ANNUAL REPORT
For the Year Ended December 31, 1995
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
<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, 1995....................... 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 ............................................................... 10-41
7 Contributions and Public Relations ................................................... 42
8 Service, Sales and Construction Contracts ............................................ 43-45
9 Wholesale Generators and Foreign Utility Companies ................................... 45
10 Financial Statements and Exhibits .................................................... 46
Consolidating Financial Statements ................................................... 46 (F1 to F6)
Signature of Registrant's Officer .................................................... 47
Exhibits: 48
SEC Act of 1934 Reports ............................................................ A
Index to Corporate Organization & By-Laws Exhibits ................................. B
Indentures or Contracts ............................................................ C
Tax Allocation Agreement for 1995 .................................................. D
Other Documents Prescribed by Rule or Order ........................................ E
Report of Independent Public Accountants ........................................... F
Financial Data Tables .............................................................. G
Organizational Chart of Exempt Wholesale Generators of Foreign Utility Holding
Companies ........................................................................ H
Audited Financial Statements and Analytical Reviews and Conclusions Regarding
Exempt Wholesale Generators or Foreign UtilityHolding Companies .................... I
</TABLE>
<PAGE> 4
Page 3
ITEM 1. SYSTEM COMPANIES AND INVESTMENT THEREIN AS OF DECEMBER 31, 1995
<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)
Columbia Atlantic Trading Corporation (CAT) ................ 82,000 100.0 (806) (806)
Columbia Coal Gasification Corporation (CGC)................ 1,939,000 100.0 8,524 8,507
Unsecured Debt .......................................... - - 3,713 3,713
Columbia Gas Development Corporation (CGD) ................. 5,916,477 100.0 101,152 101,152
Unsecured Debt........................................... - - 79,173 79,173
Columbia Gas of Kentucky, Inc. (CKY) ....................... 632,248 100.0 54,020 54,020
Unsecured Debt .......................................... - - 41,836 41,836
Columbia Gas of Maryland, Inc. (CMD) ....................... 283,686 100.0 18,032 18,032
Unsecured Debt .......................................... - - 15,498 15,498
Columbia Gas of Ohio, Inc. (COH)............................ 4,769,585 100.0 367,507 367,507
Unsecured Debt .......................................... - - 291,570 291,570
Columbia Gas of Pennsylvania, Inc. (CPA) ................... 2,745,112 100.0 179,283 179,283
Unsecured Debt........................................... - - 143,423 143,423
Columbia Gas System Service Corporation (CS) ............... 130,000 100.0 13,176 13,176
Unsecured Debt .......................................... - - 16,121 16,121
Columbia Gas Transmission Corporation (TCO) ................ 9,671,354 100.0 853,147 853,147
Unsecured Debt........................................... - - 1,913 1,913
Secured Debt............................................. - - 954,000 954,000
Columbia Gulf Transmission Company (CGT) ................... 5,977,951 100.0 102,005 102,005
Unsecured Debt........................................... - - 70,165 70,165
Unconsolidated Affiliates:
Overthrust Pipeline Company (a) ......................... - 18.0 4,513 4,513
Trailblazer Pipeline Company (b)....................... - 33.3 25,427 25,427
Valuation Reserve (c).................................. - - (4,475) (4,475)
Columbia LNG Corporation (CLG) (d) ......................... 3,519 92.1 11,943 16,143
CLNG Corporation (CLNG) ................................. 150 100.0 140 140
Unconsolidated Affiliate:
Cove Point LNG Limited Partnership (e) ................ - 50.0 12,399 12,399
Columbia Natural Resources, Inc. (CNR)...................... 5,028,628 100.0 127,986 127,914
Unsecured Debt .......................................... - - 42,047 42,047
Columbia Propane Corporation (CPC) ......................... 156,000 100.0 1,851 1,851
Unsecured Debt........................................... - - 2,442 2,442
Commonwealth Gas Services, Inc. (COS) ...................... 1,006,106 100.0 101,975 102,258
Unsecured Debt........................................... - - 85,266 85,266
</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 9,803 10,308
Unsecured Debt ............................................. - - 9,020 9,020
Unconsolidated Affiliate:
Atlantic Energy, Inc. (AEI) (f) .......................... 3,500 50.0 1,155 1,155
Columbia Energy Services Corporation (CES) ................... 417,157 100.0 12,915 12,915
Subsidiary:
Columbia Energy Marketing Corporation (CEM)................ 101 100 1,159 1,159
TriStar Capital Corporation (TCC) ............................ 40,000 100.0 1,717 1,717
Subsidiary:
TriStar Gas Technologies, Inc. (TGT)...................... 40,000 100.0 1,657 1,657
Unconsolidated Affiliate:
Enertek Partners, L.P. (g) ............................ - 16.6 1,573 1,573
TriStar Ventures Corporation (TVC)............................ 611,704 100.0 39,852 39,852
Subsidiaries:
TriStar Pedrick General Corporation (PGC)................. 3,000 100.0 2,145 2,145
Unsecured Debt ......................................... - - 646 646
Unconsolidated Affiliate:
Pedricktown Cogeneration Limited
Partnership (h)...................................... - 15.0 5,449 5,449
TriStar Pedrick Limited Corporation (PLC)................. 42 100.0 5,080 5,080
Unsecured Debt.......................................... - - 1,507 1,507
Unconsolidated Affiliate:
Pedricktown Cogeneration Limited
Partnership (h)...................................... - 35.0 12,714 12,714
TriStar Fuel Cells Corporation (FC)....................... 3,000 100.0 - -
TriStar Binghamton General Corporation (BGC).............. 118 100.0 2,898 2,898
Unconsolidated Affiliate:
Binghamton Cogeneration Limited
Partnership (i)........................................ - 10.0 1,967 1,967
TriStar Binghamton Limited Corporation (BLC).............. 142 100.0 6,727 6,727
Unconsolidated Affiliate:
Binghamton Cogeneration Limited
Partnership (i)........................................ - 23.3 4,589 4,589
TriStar Georgetown General Corporation (GGC).............. 401 100.0 - -
Unconsolidated Affiliate:
Georgetown Cogeneration Limited
Partnership (j)........................................ - 1.0 104 104
</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 (GLC)............... 3,000 100.0 - -
Unconsolidated Affiliate:
Georgetown Cogeneration Limited
Partnership (j) ..................................... - 49.0 5,113 5,113
TriStar Vineland General Corporation (VGC)................. 2,704 100.0 734 734
Unconsolidated Affiliate:
Vineland Cogeneration Limited
Partnership (k)...................................... - 5.0 521 521
TriStar Vineland Limited Corporation (VLC)................. 2,385 100.0 6,528 6,528
Unconsolidated Affiliate:
Vineland Cogeneration Limited
Partnership (k)...................................... - 45.0 4,688 4,688
TriStar Rumford Limited Corporation (RL)................... 1 100.0 1,382 1,382
Unsecured Debt........................................... - - 1,435 1,435
Unconsolidated Affiliate:
Rumford Cogeneration Company (l)..................... - 10.2 6,072 6,072
* TriStar Nine Corporation (TVC9)........................... 1 100.0 - -
* TriStar Ten Corporation (TVC10)........................... 1 100.0 - -
Unconsolidated Affiliate:
Cogeneration Partners of America (m) .................... - 50.0 - -
Unsecured Debt .......................................... - - - -
</TABLE>
* Inactive companies.
(a) 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 10%. In February, 1996, an agreement
in principal for the sale of Columbia Gulf's interest in Overthrust was
reached, under which certain other events must transpire before the
agreement would become an agreement to sell.
(b) 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.
(c) 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.
<PAGE> 7
Page 6
ITEM 1. Continued
(c) 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.
(d) In two sales in 1989 and 1991, a total of 301,270 out of 3,265,000
shares then outstanding, held by CG, were sold to the Shell LNG Company
("Shell LNG"), a subsidiary of Shell Oil Company ("Shell"). During 1994,
CG purchased 415,000 shares of CLG's $1.00 par value common stock for
$2,988,000 to fund CLG's 1994 contribution to the Cove Point LNG Limited
Partnership. The shares held by Shell LNG were transferred to Shell
Consolidated Energy Resources, Inc. (SCERI) in 1995. During 1995 CLG had
a reverse stock split, decreasing total authorized shares to 10,400 and
total shares issued to 3,680 (SCERI 301 shares; CLG 3,379 shares). Also
during 1995 CG purchased 140 shares of CLG's $1.00 par value common
stock for $1,008,000 to fund CLG's remaining contribution to the
Partnership (see footnote (e) for details concerning the partnership).
(e) 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
"Partnership"), 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).
(f) 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 10 Exhibits (Articles of Incorporation and By-Laws).
(g) 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%.
(h) 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.
(i) 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 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.
(j) Partnership interest in Georgetown Cogeneration Limited Partnership.
The general partners are Dominion Cogen DC, Inc. and TriStar Georgetown
General Corporation, each of which owns one-half of the two percent (2%)
general partnership interest. The limited partners are Dominion Energy
Inc. and TriStar Georgetown Limited Corporation, each of which owns
one-half of the ninety eight percent (98%) limited partnership interest.
Dominion Cogen DC, Inc. is a subsidiary of Dominion Energy, Inc.
(k) 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.
<PAGE> 8
Page 7
ITEM 1. Continued
(l) 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%.
(m) Partnership interest in Cogeneration Partners of America. TriStar
Ventures Corporation and Atlantic Generation, Inc. each own 50%.
Cogeneration Partners of America ceased operations in May 1994. The
activities formerly performed by Cogeneration Partners of America are
being performed by TriStar Ventures Corporation and Atlantic Generation,
Inc.
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 1995
<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 - 699 699 File #70-8471
CGD
Common Stock CG 240,000 shares - 6,000 File #70-8471
Unsecured Debt CG 14,000 - 14,000 File #70-8471
Unsecured Debt CGD - 11,693 11,693 Exempt Rule 42
CKY
Unsecured Debt CKY - 4,065 4,065 File #70-8471
CMD
Unsecured Debt CG 1,500 - 1,500 File #70-8471
Unsecured Debt CMD - 1,562 1,562 Exempt Rule 42
COH
Unsecured Debt CG 30,000 - 30,000 File #70-8471
Unsecured Debt COH - 29,113 29,113 Exempt Rule 42
CPA
Unsecured Debt CG 12,500 - 12,500 File #70-8471
Unsecured Debt CPA - 14,512 14,512 Exempt Rule 42
COS
Common Stock CG 520,000 shares - 26,000 File #70-8471
Unsecured Debt COS - 8,210 8,210 Exempt Rule 42
CS
Unsecured Debt CS - 2,119 2,119 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>
CGT
Unsecured Debt CGT - 1,752 1,752 Exempt Rule 42
CLG
Common Stock CG 140 shares 1,008 1,008 File #70-8317
CNR
Unsecured Debt CNR - 4,209 4,209 Exempt Rule 42
CPC
Unsecured Debt CPC - 434 434 Exempt Rule 42
CPI
Unsecured Debt CPI - 740 740 Exempt Rule 42
TCO
Common Stock CG 0 Shares(a) - 1,200,000 File #70-8627
Secured Debt CG 954,000 - 954,000 File #70-8627
Secured Debt TCO - 1,340,448 1,340,448 Exempt Rule 42
Unsecured Debt TCO - 341,975 341,975 Exempt Rule 42
</TABLE>
Notes
(a) CG made a capital contribution in conjunction with TCO's emergence from
bankruptcy on November 28, 1995.
ITEM 5. INVESTMENTS IN SECURITIES OF NONSYSTEM COMPANIES
None.
<PAGE> 11
Page 10
ITEM 6. OFFICERS AND DIRECTORS
Part I. Names, principal business address and positions held as of December 31,
1995.
The names, principal address and positions held as of December 31,
1995 of the officers and directors of System companies is presented in
the tables on pages 12 through 25. The principal business address of
each officer and director is indicated in such tables by the numbers
(1) through (36). The addresses associated with these number
designations are shown in the following address key. The symbols used
to indicate the positions held by officers and directors are shown in
the position symbol key below.
Ref.# Address
- ----- -----------------------------------------------------------------------
1 20 Montchanin Road Wilmington, Delaware 19807
2 200 Civic Center Drive, Columbus Ohio 43215
3 900 Pennsylvania Avenue Charleston, West Virginia 25302
4 77 Beachside Avenue, Green Farms, Connecticut 06436
5 180 E. Broad St. Suite 1716, Columbus, Ohio 43215
6 336-338 14th Street, Ashland, Kentucky 41101
7 62 Sherwood Drive, New Providence, New Jersey 07974
8 One Riverway, 1st Floor, Houston, Texas 77056
9 1700 MacCorkle Avenue, S.E., Charleston, West Virginia 23236
10 P.O. Box 1608, Silverthorne, Colorado 80498
11 3147 Keywest Court, Wichita, Kansas 67204
12 700 13th St., N.W., Suite 900, Washington, DC 20005
13 2603 Augusta, Houston, Texas 77057-5618
14 6064 Stoney Hill Road, New Hope, Pennsylvania 18938
15 1600 Dublin Road, Columbus, Ohio 43215
16 2851 Washington Rd. #201, Pittsburgh, Pennsylvania 15241
17 800 Moorefield Park Drive, Richmond Virginia 23236
18 P.O. Box 6070, Charleston, West Virginia 25362
19 2100 Cove Point Road, Lusby, Maryland 20687
20 14 Brookside Rd., Biltmore Forest, Asheveille, North Carolina 28803
21 212 Park Drive, Columbus, Ohio 43209
22 Virginia Polytechnic Institute and State University, Blacksburg,
Virginia 24061-0220
23 P.O. Box 965, Valley Forge, Pennsylvania 19482
24 250 Broad Street, Columbus, Ohio 43215
25 212 Locust Street, Suite 204, Harrisburg, Pennsylvania 17101
26 505 King Avenue, Columbus, Ohio 43201
27 2-18 Parsons Boulevard, Malba, Long Island, New York 11357
28 2581 Washington Road, Building 200, Suite 201, Upper St. Clair,
Pennsylvania 15241
29 4111 Executive Parkway, Westerville, Ohio 43081
<PAGE> 12
Page 11
ITEM 6. Continued
Ref.# Address
- ----- -----------------------------------------------------------------------
30 Oaklands Business Parks, Inc., 600 Lincoln Highway, Exton, Pennsylvania
19341-2572
31 190 North Oval Mall, 205 Bricker Hall, Columbus, Ohio 43210-1357
32 P.O. Box 858, Valley Forge, Pennsylvania 19482
33 767 Third Avenue, New York, New York 10017-2023
34 910 Newton Road, Charleston, West Virginia 25314
35 5501 Frantz Road, Dublin, Ohio 43017
36 2581 Washington Road #222, Upper St. Clair, Pennsylvania 15241
POSITION KEY CODE
<TABLE>
<S> <C> <C>
KEY CB - Chairman of the Board CAO - Chief Accounting 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>
FOOTNOTE KEY
(a) The officers and directors of the subsidiary of CLG listed in Item 1 are
identical to the officers and directors of CLG.
(b) 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.
(c) The officers and directors of the subsidiary of TCC listed in Item 1
are identical to the officers and directors of TCC.
(d) The officers and directors of the subsidiary of CEM listed in Item 1 are
identical to the officers and directors of CES.
<PAGE> 13
PAGE 12
ITEM 6. Continued
<TABLE>
<CAPTION>
==========================================================================================================================
CG AEI CAT CGC CGD CKY CMD COH CPA CS
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Carolyn M. Afshar
Wilmington, Delaware (1) S S
- --------------------------------------------------------------------------------------------------------------------------
Richard F. Albosta
New Providence, New Jersey (7) D D
- --------------------------------------------------------------------------------------------------------------------------
James T. Alexander
Wilmington, Delaware (1)
- --------------------------------------------------------------------------------------------------------------------------
Anthony Amurgis
Columbus, Ohio (2) VP VP VP VP
- --------------------------------------------------------------------------------------------------------------------------
John P. Anderson
Wilmington, Delaware (1)
- --------------------------------------------------------------------------------------------------------------------------
Carmen M. Andreoli
Wilmington, Delaware (1)
- --------------------------------------------------------------------------------------------------------------------------
Larry J. Bainter VP
Wilmington, Delaware (1) T VP VP VP VP VP VP VP T
- --------------------------------------------------------------------------------------------------------------------------
Richard W. Beardsley
Charleston, West Virginia (3)
- --------------------------------------------------------------------------------------------------------------------------
Robert H. Beeby
Green Farms, Connecticut (4) D D
- --------------------------------------------------------------------------------------------------------------------------
Napoleon A. Bell
Columbus, Ohio (5) D
- --------------------------------------------------------------------------------------------------------------------------
George H. Billings VP, D
Ashland, Kentucky (6) COO
- --------------------------------------------------------------------------------------------------------------------------
Tejinder S. Bindra
Wilmington, Delaware (1) S
- --------------------------------------------------------------------------------------------------------------------------
John P. Bornman, Jr. P
Houston, Texas (8) D
- --------------------------------------------------------------------------------------------------------------------------
Douglas G. Borror
Dublin, Ohio (35) D
- --------------------------------------------------------------------------------------------------------------------------
Alan P. Bowman
Columbus, Ohio (2) VP VP VP VP
- --------------------------------------------------------------------------------------------------------------------------
Andrew Mason Brent CB
Richmond, Virginia (17) D
- --------------------------------------------------------------------------------------------------------------------------
L. Michael Bridges P
Wilmington, Delaware (1) D
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 14
PAGE 13
ITEM 6. Continued
<TABLE>
<CAPTION>
============================================================================================================================
TCO CGT CPC CLG CNR COS CPI CES TVC TCC
(a) (b) (c)
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Carolyn M. Afshar
Wilmington, Delaware (1)
- ----------------------------------------------------------------------------------------------------------------------------
Richard F. Albosta
New Providence, New Jersey (7)
- ----------------------------------------------------------------------------------------------------------------------------
James T. Alexander
Wilmington, Delaware (1) VP
- ----------------------------------------------------------------------------------------------------------------------------
Anthony Amurgis
Columbus, Ohio (2) VP
- ----------------------------------------------------------------------------------------------------------------------------
John P. Anderson
Wilmington, Delaware (1) S S
- ----------------------------------------------------------------------------------------------------------------------------
Carmen M. Andreoli
Wilmington, Delaware (1) VP
- ----------------------------------------------------------------------------------------------------------------------------
Larry J. Bainter
Wilmington, Delaware (1) VP VP VP VP VP VP VP VP VP VP
- ----------------------------------------------------------------------------------------------------------------------------
Richard W. Beardsley
Charleston, West Virginia (3) VP
- ----------------------------------------------------------------------------------------------------------------------------
Robert H. Beeby
Green Farms, Connecticut (4)
- ----------------------------------------------------------------------------------------------------------------------------
Napoleon A. Bell
Columbus, Ohio (5)
- ----------------------------------------------------------------------------------------------------------------------------
George H. Billings
Ashland, Kentucky (6)
- ----------------------------------------------------------------------------------------------------------------------------
Tejinder S. Bindra
Wilmington, Delaware (1) S S S
- ----------------------------------------------------------------------------------------------------------------------------
John P. Bornman, Jr.
Houston, Texas (8)
- ----------------------------------------------------------------------------------------------------------------------------
Douglas G. Borror
Dublin, Ohio (35)
- ----------------------------------------------------------------------------------------------------------------------------
Alan P. Bowman
Columbus, Ohio (2) VP
- ----------------------------------------------------------------------------------------------------------------------------
Andrew Mason Brent P P
Richmond, Virginia (17) D D
- ----------------------------------------------------------------------------------------------------------------------------
L. Michael Bridges P, D
Wilmington, Delaware (1) CEO
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 15
PAGE 14
ITEM 6. Continued
<TABLE>
<CAPTION>
===========================================================================================================================
CG AEI CAT CGC CGD CKY CMD COH CPA CS
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Donald A. Brooks
Charleston, West Virginia (9)
- ---------------------------------------------------------------------------------------------------------------------------
Daniel E. Brown
Columbus, Ohio (2) VP VP VP VP
- ---------------------------------------------------------------------------------------------------------------------------
Wilson K. Cadman
Wichita, Kansas (11) D D
- ---------------------------------------------------------------------------------------------------------------------------
Joseph E. Campbell
Charleston, West Virginia (3)
- ---------------------------------------------------------------------------------------------------------------------------
Richard Casali
Washington, DC (12) VP VP
- ---------------------------------------------------------------------------------------------------------------------------
Michael Casdorph
Charleston, West Virginia (9)
- ---------------------------------------------------------------------------------------------------------------------------
Sheila A. Castellarin
Columbus, Ohio (2) VP VP VP VP
- ---------------------------------------------------------------------------------------------------------------------------
H. William Chaddock SVP
Wilmington, Delaware (1) D
- ---------------------------------------------------------------------------------------------------------------------------
Arnold T. Chonko
Columbus, Ohio (2) VP VP VP VP
- ---------------------------------------------------------------------------------------------------------------------------
Jack A. Conrad
Charelston, West Virginia (9)
- ---------------------------------------------------------------------------------------------------------------------------
Bartholomew F. Cranston
Wilmington, Delaware (1)
- ---------------------------------------------------------------------------------------------------------------------------
John D. Daly
Wilmington, Delaware (1) D
- ---------------------------------------------------------------------------------------------------------------------------
Dennis P. Detar
Wilmington, Delaware (1)
- ---------------------------------------------------------------------------------------------------------------------------
Thomas F. Devers
Columbus, Ohio (2) SVP SVP SVP SVP
- ---------------------------------------------------------------------------------------------------------------------------
David R. Dodrill
Houston, Texas (13)
- ---------------------------------------------------------------------------------------------------------------------------
John T. Fay
Wilmington, Delaware (1) VP
- ---------------------------------------------------------------------------------------------------------------------------
James L. Flenniken
Charleston, West Virginia (9)
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 16
PAGE 15
ITEM 6. Continued
<TABLE>
<CAPTION>
============================================================================================================================
TCO CGT CPC CLG CNR COS CPI CES TVC TCC
(a) (b) (c)
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Donald A. Brooks
Charleston, West Virginia (9) VP
- ----------------------------------------------------------------------------------------------------------------------------
Daniel E. Brown
Columbus, Ohio (2) VP
- ----------------------------------------------------------------------------------------------------------------------------
Wilson K. Cadman
Wichita, Kansas (11)
- ----------------------------------------------------------------------------------------------------------------------------
Joseph E. Campbell
Charleston, West Virginia (3) VP
- ----------------------------------------------------------------------------------------------------------------------------
Richard Casali
Washington, DC (12)
- ----------------------------------------------------------------------------------------------------------------------------
Michael Casdorph
Charleston, West Virginia (9) SVP SVP
- ----------------------------------------------------------------------------------------------------------------------------
Sheila A. Castellarin
Columbus, Ohio (2) VP
- ----------------------------------------------------------------------------------------------------------------------------
H. William Chaddock
Wilmington, Delaware (1)
- ----------------------------------------------------------------------------------------------------------------------------
Arnold T. Chonko
Columbus, Ohio (2) VP
- ----------------------------------------------------------------------------------------------------------------------------
Jack A. Conrad
Charelston, West Virginia (9) VP VP
- ----------------------------------------------------------------------------------------------------------------------------
Bartholomew F. Cranston P
Wilmington, Delaware (1) D
- ----------------------------------------------------------------------------------------------------------------------------
John D. Daly
Wilmington, Delaware (1)
- ----------------------------------------------------------------------------------------------------------------------------
Dennis P. Detar T
Wilmington, Delaware (1) C
- ----------------------------------------------------------------------------------------------------------------------------
Thomas F. Devers
Columbus, Ohio (2) SVP
- ----------------------------------------------------------------------------------------------------------------------------
David R. Dodrill
Houston, Texas (13) VP VP
- ----------------------------------------------------------------------------------------------------------------------------
John T. Fay
Wilmington, Delaware (1)
- ----------------------------------------------------------------------------------------------------------------------------
James L. Flenniken
Charleston, West Virginia (9) VP VP
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 17
PAGE 16
ITEM 6. Continued
<TABLE>
<CAPTION>
===========================================================================================================================
CG AEI CAT CGC CGD CKY CMD COH CPA CS
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Donato Furlano
Columbus, Ohio (15) C
- ---------------------------------------------------------------------------------------------------------------------------
E. Gordon Gee
Columbus, Ohio (31) D
- ---------------------------------------------------------------------------------------------------------------------------
David L. Gelbaugh
Columbus, Ohio (2) VP VP VP VP
- ---------------------------------------------------------------------------------------------------------------------------
Dennis P. Geran VP
Wilmington, Delaware (1) D
- ---------------------------------------------------------------------------------------------------------------------------
Richard J. Gordan P, D P, D
Columbus, Ohio (2) COO COO
- ---------------------------------------------------------------------------------------------------------------------------
L. R. Greenberg
Valley Forge, Pennsylvania (32) D
- ---------------------------------------------------------------------------------------------------------------------------
Stephen E. Greene
Charleston, West Virginia (9)
- ---------------------------------------------------------------------------------------------------------------------------
Jeffrey W. Grossman
Wilmington, Delaware (1) T
- ---------------------------------------------------------------------------------------------------------------------------
Robert. S. Gustafson
Pittsburgh, Pennsylvania (16)
- ---------------------------------------------------------------------------------------------------------------------------
William H. Harmon T
Charleston, West Virginia (3) C
- ---------------------------------------------------------------------------------------------------------------------------
Thomas E. Harris
Richmond, Virginia (17)
- ---------------------------------------------------------------------------------------------------------------------------
H. Foster Hayes T,S
Richmond, Virginia (17) D
- ---------------------------------------------------------------------------------------------------------------------------
Joyce K. Hayes
Wilmington, Delaware (1)
- ---------------------------------------------------------------------------------------------------------------------------
James P. Heffernan
New York, New York (33) D D
- ---------------------------------------------------------------------------------------------------------------------------
John R. Henning CEO
Charleston, West Virginia (3) P, D
- ---------------------------------------------------------------------------------------------------------------------------
James P. Holland
Charleston, West Virginia (9) D
- ---------------------------------------------------------------------------------------------------------------------------
Donald P. Hodel
Silverthorne, Colorado (10) D
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 18
PAGE 17
ITEM 6. Continued
<TABLE>
<CAPTION>
============================================================================================================================
TCO CGT CPC CLG CNR COS CPI CES TVC TCC
(a) (b) (c)
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Donato Furlano
Columbus, Ohio (15)
- ----------------------------------------------------------------------------------------------------------------------------
E. Gordon Gee
Columbus, Ohio (31)
- ----------------------------------------------------------------------------------------------------------------------------
David L. Gelbaugh
Columbus, Ohio (2) VP
- ----------------------------------------------------------------------------------------------------------------------------
Dennis P. Geran
Wilmington, Delaware (1)
- ----------------------------------------------------------------------------------------------------------------------------
Richard J. Gordan
Columbus, Ohio (2)
- ----------------------------------------------------------------------------------------------------------------------------
L. R. Greenberg
Valley Forge, Pennsylvania (32)
- ----------------------------------------------------------------------------------------------------------------------------
Stephen E. Greene
Charleston, West Virginia (9) VP VP
- ----------------------------------------------------------------------------------------------------------------------------
Jeffrey W. Grossman
Wilmington, Delaware (1) T
- ----------------------------------------------------------------------------------------------------------------------------
Robert. S. Gustafson
Pittsburgh, Pennsylvania (16) C
- ----------------------------------------------------------------------------------------------------------------------------
William H. Harmon T
Charleston, West Virginia (3) C
- ----------------------------------------------------------------------------------------------------------------------------
Thomas E. Harris COO
Richmond, Virginia (17) P, D
- ----------------------------------------------------------------------------------------------------------------------------
H. Foster Hayes VP VP
Richmond, Virginia (17) T, D T, D
- ----------------------------------------------------------------------------------------------------------------------------
Joyce K. Hayes
Wilmington, Delaware (1)
- ----------------------------------------------------------------------------------------------------------------------------
James P. Heffernan
New York, New York (33)
- ----------------------------------------------------------------------------------------------------------------------------
John R. Henning CEO
Charleston, West Virginia (3) P, D
- ----------------------------------------------------------------------------------------------------------------------------
James P. Holland CEO CEO
Charleston, West Virginia (9) CB, D CB, D
- ----------------------------------------------------------------------------------------------------------------------------
Donald P. Hodel
Silverthorne, Colorado (10)
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 19
PAGE 18
ITEM 6. Continued
<TABLE>
<CAPTION>
===========================================================================================================================
CG AEI CAT CGC CGD CKY CMD COH CPA CS
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Malcolm T. Hopkins
Asheville, North Carolina (20) D D
- ---------------------------------------------------------------------------------------------------------------------------
Arthur W. Iler
Wilmington, Delaware (1)
- ---------------------------------------------------------------------------------------------------------------------------
Richard F. James
Columbus, Ohio (2) VP VP VP VP
- ---------------------------------------------------------------------------------------------------------------------------
R. Joe Johnson
Charleston, West Virginia (3)
- ---------------------------------------------------------------------------------------------------------------------------
Malcolm Jozoff
New Hope, Pennsylvania (14) D D
- ---------------------------------------------------------------------------------------------------------------------------
Charlotte P. Kessler
Columbus, Ohio (21) D
- ---------------------------------------------------------------------------------------------------------------------------
Glen L. Kettering
Charleston, West Virginia (9)
- ---------------------------------------------------------------------------------------------------------------------------
Peter J. Kinsella
Charleston, West Virginia (9)
- ---------------------------------------------------------------------------------------------------------------------------
R. H. Knauss
Valley Forge, Pennsylvania (23) D
- ---------------------------------------------------------------------------------------------------------------------------
Michael J. Knilans VP
Columbus, Ohio (15) GA
- ---------------------------------------------------------------------------------------------------------------------------
F. G. Kolb
Charleston, West Virginia (18)
- ---------------------------------------------------------------------------------------------------------------------------
M. D. Lang
Upper St. Clair, Pennsylvania (28)
- ---------------------------------------------------------------------------------------------------------------------------
William J. Lavelle C C C C
Columbus, Ohio (2) VP VP VP VP
- ---------------------------------------------------------------------------------------------------------------------------
Dr. William E. Lavery
Blacksburg, Virginia (22) D
- ---------------------------------------------------------------------------------------------------------------------------
James R. Lee
Columbus, Ohio (2) EVP EVP EVP EVP
- ---------------------------------------------------------------------------------------------------------------------------
J. Richard Lisenby
Houston, Texas (8) T
- ---------------------------------------------------------------------------------------------------------------------------
Richard E. Lowe VP, C CAO
Wilmington, Delaware (1) CAO VP
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 20
PAGE 19
ITEM 6. Continued
<TABLE>
<CAPTION>
============================================================================================================================
TCO CGT CPC CLG CNR COS CPI CES TVC TCC
(a) (b) (c)
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Malcolm T. Hopkins
Asheville, North Carolina (20)
- ----------------------------------------------------------------------------------------------------------------------------
Arthur W. Iler
Wilmington, Delaware (1) S
- ----------------------------------------------------------------------------------------------------------------------------
Richard F. James
Columbus, Ohio (2) VP
- ----------------------------------------------------------------------------------------------------------------------------
R. Joe Johnson
Charleston, West Virginia (3) VP VP
- ----------------------------------------------------------------------------------------------------------------------------
Malcolm Jozoff
New Hope, Pennsylvania (14)
- ----------------------------------------------------------------------------------------------------------------------------
Charlotte P. Kessler
Columbus, Ohio (21)
- ----------------------------------------------------------------------------------------------------------------------------
Glen L. Kettering
Charleston, West Virginia (9) SVP SVP
- ----------------------------------------------------------------------------------------------------------------------------
Peter J. Kinsella
Charleston, West Virginia (9) VP VP
- ----------------------------------------------------------------------------------------------------------------------------
R. H. Knauss
Valley Forge, Pennsylvania (23)
- ----------------------------------------------------------------------------------------------------------------------------
Michael J. Knilans
Columbus, Ohio (15)
- ----------------------------------------------------------------------------------------------------------------------------
F. G. Kolb
Charleston, West Virginia (18) VP
- ----------------------------------------------------------------------------------------------------------------------------
M. D. Lang
Upper St. Clair, Pennsylvania (28) VP
- ----------------------------------------------------------------------------------------------------------------------------
William J. Lavelle C
Columbus, Ohio (2) VP
- ----------------------------------------------------------------------------------------------------------------------------
Dr. William E. Lavery
Blacksburg, Virginia (22) D
- ----------------------------------------------------------------------------------------------------------------------------
James R. Lee
Columbus, Ohio (2) EVP
- ----------------------------------------------------------------------------------------------------------------------------
J. Richard Lisenby
Houston, Texas (8)
- ----------------------------------------------------------------------------------------------------------------------------
Richard E. Lowe
Wilmington, Delaware (1)
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 21
PAGE 20
ITEM 6. Continued
<TABLE>
<CAPTION>
============================================================================================================================
CG AEI CAT CGC CGD CKY CMD COH CPA CS
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Thomas C. Luffy
Columbus, Ohio (2) T T T T
- ----------------------------------------------------------------------------------------------------------------------------
Stephen T. MacQueen
Lusby, Maryland (19)
- ----------------------------------------------------------------------------------------------------------------------------
Philip Magley SVP
Columbus, Ohio (15) D
- ----------------------------------------------------------------------------------------------------------------------------
R. A. Manson
Upper St. Clair, Pennsylvania (36)
- ----------------------------------------------------------------------------------------------------------------------------
R. C. Mauch P
Valley Forge, Pennsylvania (23) D
- ----------------------------------------------------------------------------------------------------------------------------
Gerald E. Mayo
Columbus, Ohio (24) D D
- ----------------------------------------------------------------------------------------------------------------------------
Dennis W. McFarland
Columbus, Ohio (2) VP VP VP VP
- ----------------------------------------------------------------------------------------------------------------------------
James A. McGehee, Jr.
Richmond, Virginia (17)
- ----------------------------------------------------------------------------------------------------------------------------
Leslie M. Moor, Jr. VP
Houston, Texas (8) D
- ----------------------------------------------------------------------------------------------------------------------------
P. R. Murphy
Upper St. Clair, Pennsylvania (28)
- ----------------------------------------------------------------------------------------------------------------------------
Terrence J. Murphy
Harrisburg, Pennsylvania (25) VP
- ----------------------------------------------------------------------------------------------------------------------------
Michael W. O'Donnell SVP SVP
Wilmington, Delaware (1) CFO D D D D D D CFO, D
- ----------------------------------------------------------------------------------------------------------------------------
Mark P. O'Flynn
Charleston, West Virginia (9)
- ----------------------------------------------------------------------------------------------------------------------------
Douglas E. Olesen
Columbus, Ohio (26) D D
- ----------------------------------------------------------------------------------------------------------------------------
James M. O'Sullivan
Columbus, Ohio (2) VP VP VP VP
- ----------------------------------------------------------------------------------------------------------------------------
Nicholas A. Parillo
Wilmington, Delaware (1) VP
- ----------------------------------------------------------------------------------------------------------------------------
John W. Partridge, Jr.
Columbus, Ohio (2) VP VP VP VP
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 22
PAGE 21
ITEM 6. Continued
<TABLE>
<CAPTION>
============================================================================================================================
TCO CGT CPC CLG CNR COS CPI CES TVC TCC
(a) (b) (c)
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Thomas C. Luffy
Columbus, Ohio (2) T
- ----------------------------------------------------------------------------------------------------------------------------
Stephen T. MacQueen
Lusby, Maryland (19) C
- ----------------------------------------------------------------------------------------------------------------------------
Philip Magley
Columbus, Ohio (15)
- ----------------------------------------------------------------------------------------------------------------------------
R. A. Manson
Upper St. Clair, Pennsylvania (36) VP
- ----------------------------------------------------------------------------------------------------------------------------
R. C. Mauch
Valley Forge, Pennsylvania (23)
- ----------------------------------------------------------------------------------------------------------------------------
Gerald E. Mayo
Columbus, Ohio (24)
- ----------------------------------------------------------------------------------------------------------------------------
Dennis W. McFarland
Columbus, Ohio (2) VP
- ----------------------------------------------------------------------------------------------------------------------------
James A. McGehee, Jr. VP VP
Richmond, Virginia (17) D D
- ----------------------------------------------------------------------------------------------------------------------------
Leslie M. Moor, Jr.
Houston, Texas (8)
- ----------------------------------------------------------------------------------------------------------------------------
P. R. Murphy
Upper St. Clair, Pennsylvania (28) VP
- ----------------------------------------------------------------------------------------------------------------------------
Terrence J. Murphy
Harrisburg, Pennsylvania (25)
- ----------------------------------------------------------------------------------------------------------------------------
Michael W. O'Donnell SVP
Wilmington, Delaware (1) D D D D D D D D D
- ----------------------------------------------------------------------------------------------------------------------------
Mark P. O'Flynn SVP, D SVP, D
Charleston, West Virginia (9) CFO, T CFO, T
- ----------------------------------------------------------------------------------------------------------------------------
Douglas E. Olesen
Columbus, Ohio (26)
- ----------------------------------------------------------------------------------------------------------------------------
James M. O'Sullivan
Columbus, Ohio (2) VP
- ----------------------------------------------------------------------------------------------------------------------------
Nicholas A. Parillo
Wilmington, Delaware (1)
- ----------------------------------------------------------------------------------------------------------------------------
John W. Partridge, Jr.
Columbus, Ohio (2) VP
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 23
PAGE 22
ITEM 6. Continued
<TABLE>
<CAPTION>
============================================================================================================================
CG AEI CAT CGC CGD CKY CMD COH CPA CS
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Benjamin D. Perine
Houston, Texas (13)
- ----------------------------------------------------------------------------------------------------------------------------
R. Neal Pierce, Jr.
Charleston, West Virginia (3) S
- ----------------------------------------------------------------------------------------------------------------------------
Paul H. Pieri
Houston, Texas (13)
- ----------------------------------------------------------------------------------------------------------------------------
Ernesta G. Procope
Malba, Long Island, New York (27) D
- ----------------------------------------------------------------------------------------------------------------------------
Edward A. Reid, Jr.
Columbus, Ohio (2) VP VP VP VP
- ----------------------------------------------------------------------------------------------------------------------------
Oliver G. Richard III CB,P CB,P
Wilmington, Delaware (1) CEO,D D D D D D CEO,D
- ----------------------------------------------------------------------------------------------------------------------------
Gary J. Robinson COO COO
Columbus, Ohio (2) P, D P, D
- ----------------------------------------------------------------------------------------------------------------------------
R. Larry Robinson
Charleston, West Virginia (9)
- ----------------------------------------------------------------------------------------------------------------------------
Peter M. Schwolsky CLO SVP
Wilmington, Delaware (1) SVP D D CLO,D
- ----------------------------------------------------------------------------------------------------------------------------
Ellwood I. Shoemaker
Columbus, Ohio (2) VP VP VP VP
- ----------------------------------------------------------------------------------------------------------------------------
George E. Shriver
Charleston, West Virginia (9)
- ----------------------------------------------------------------------------------------------------------------------------
Kathryn I. Shroyer
Columbus, Ohio (2) VP VP VP VP
- ----------------------------------------------------------------------------------------------------------------------------
Robert C. Skaggs, Jr. EVP EVP EVP EVP
Columbus, Ohio (2) D D D
- ----------------------------------------------------------------------------------------------------------------------------
S. J. Small (9)
Charleston, West Virginia (9)
- ----------------------------------------------------------------------------------------------------------------------------
Andrew J. Sonderman GC GC GC GC
Columbus, Ohio (2) S S S S
- ----------------------------------------------------------------------------------------------------------------------------
Leslie Strand
Charleston, West Virginia (9)
- ----------------------------------------------------------------------------------------------------------------------------
James R. Thomas II
Charleston, West Virginia (34) D
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 24
PAGE 23
ITEM 6. Continued
<TABLE>
<CAPTION>
============================================================================================================================
TCO CGT CPC CLG CNR COS CPI CES TVC TCC
(a) (b) (c)
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Benjamin D. Perine
Houston, Texas (13) SVP SVP
- ----------------------------------------------------------------------------------------------------------------------------
R. Neal Pierce, Jr.
Charleston, West Virginia (3) S
- ----------------------------------------------------------------------------------------------------------------------------
Paul H. Pieri
Houston, Texas (13) VP
- ----------------------------------------------------------------------------------------------------------------------------
Ernesta G. Procope
Malba, Long Island, New York (27) D
- ----------------------------------------------------------------------------------------------------------------------------
Edward A. Reid, Jr.
Columbus, Ohio (2) VP
- ----------------------------------------------------------------------------------------------------------------------------
Oliver G. Richard III
Wilmington, Delaware (1) D D D D D D D D D D
- ----------------------------------------------------------------------------------------------------------------------------
Gary J. Robinson
Columbus, Ohio (2)
- ----------------------------------------------------------------------------------------------------------------------------
R. Larry Robinson P P
Charleston, West Virginia (9) D D
- ----------------------------------------------------------------------------------------------------------------------------
Peter M. Schwolsky
Wilmington, Delaware (1) D D D D D D D D D
- ----------------------------------------------------------------------------------------------------------------------------
Ellwood I. Shoemaker
Columbus, Ohio (2) VP
- ----------------------------------------------------------------------------------------------------------------------------
George E. Shriver
Charleston, West Virginia (9) VP VP
- ----------------------------------------------------------------------------------------------------------------------------
Kathryn I. Shroyer
Columbus, Ohio (2) VP
- ----------------------------------------------------------------------------------------------------------------------------
Robert C. Skaggs, Jr. EVP
Columbus, Ohio (2) D
- ----------------------------------------------------------------------------------------------------------------------------
S. J. Small (9) GC GC
Charleston, West Virginia (9) S S
- ----------------------------------------------------------------------------------------------------------------------------
Andrew J. Sonderman GC
Columbus, Ohio (2) S
- ----------------------------------------------------------------------------------------------------------------------------
Leslie Strand
Charleston, West Virginia (9) VP
- ----------------------------------------------------------------------------------------------------------------------------
James R. Thomas II
Charleston, West Virginia (34) D
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 25
PAGE 24
ITEM 6. Continued
<TABLE>
<CAPTION>
===========================================================================================================================
CG AEI CAT CGC CGD CKY CMD COH CPA CS
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
C. Ronald Tilley CB, D CB, D CB, D CB, D
Columbus, Ohio (2) CEO CEO CEO CEO D
- ---------------------------------------------------------------------------------------------------------------------------
Jerry A. Tischer
Richmond, Virginia (17)
- ---------------------------------------------------------------------------------------------------------------------------
James W. Trost
Wilmington, Delaware (1) VP
- ---------------------------------------------------------------------------------------------------------------------------
Anthony Trubisz, Jr.
Upper St. Clair, Pennsylvania (28)
- ---------------------------------------------------------------------------------------------------------------------------
John Van Dyke
Houston, Texas (13)
- ---------------------------------------------------------------------------------------------------------------------------
Logan W. Wallingford SVP
Wilmington, Delaware (1) D D D D
- ---------------------------------------------------------------------------------------------------------------------------
Bernard T. Walsh
Westerville, Ohio (29)
- ---------------------------------------------------------------------------------------------------------------------------
Stephen M. Warnick
Charleston, West Virginia (9)
- ---------------------------------------------------------------------------------------------------------------------------
Robert W. Welch, Jr.
Wilmington, Delaware (1) VP
- ---------------------------------------------------------------------------------------------------------------------------
Robert B. Wemyss, Jr.
Richmond, Virginia (17)
- ---------------------------------------------------------------------------------------------------------------------------
William H. White
Charleston, West Virginia (9)
- ---------------------------------------------------------------------------------------------------------------------------
Larry L. Willeke
Charleston, West Virginia (9)
- ---------------------------------------------------------------------------------------------------------------------------
Lowell E. Williams
Houston, Texas (8) S
- ---------------------------------------------------------------------------------------------------------------------------
S. M. Wilner
Charleston, West Virginia (9)
- ---------------------------------------------------------------------------------------------------------------------------
William R. Wilson
Exton, Pennsylvania (30) D D
- ---------------------------------------------------------------------------------------------------------------------------
K. Fredrick Wrenn, Jr.
Charleston, West Virginia (9)
- ---------------------------------------------------------------------------------------------------------------------------
Nazzi Cameo Zola
Charleston, West Virginia (9)
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 26
PAGE 25
ITEM 6. Continued
<TABLE>
<CAPTION>
============================================================================================================================
TCO CGT CPC CLG CNR COS CPI CES TVC TCC
(a) (b) (c)
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
C. Ronald Tilley CB, D
Columbus, Ohio (2) CEO
- ----------------------------------------------------------------------------------------------------------------------------
Jerry A. Tischer
Richmond, Virginia (17) VP
- ----------------------------------------------------------------------------------------------------------------------------
James W. Trost
Wilmington, Delaware (1)
- ----------------------------------------------------------------------------------------------------------------------------
Anthony Trubisz, Jr. P
Upper St. Clair, Pennsylvania (28) D
- ----------------------------------------------------------------------------------------------------------------------------
John Van Dyke
Houston, Texas (13) VP
- ----------------------------------------------------------------------------------------------------------------------------
Logan W. Wallingford
Wilmington, Delaware (1) D D D D D D
- ----------------------------------------------------------------------------------------------------------------------------
Bernard T. Walsh
Westerville, Ohio (29) VP
- ----------------------------------------------------------------------------------------------------------------------------
Stephen M. Warnick
Charleston, West Virginia (9) VP VP
- ----------------------------------------------------------------------------------------------------------------------------
Robert W. Welch, Jr.
Wilmington, Delaware (1)
- ----------------------------------------------------------------------------------------------------------------------------
Robert B. Wemyss, Jr.
Richmond, Virginia (17) VP
- ----------------------------------------------------------------------------------------------------------------------------
William H. White
Charleston, West Virginia (9) VP
- ----------------------------------------------------------------------------------------------------------------------------
Larry L. Willeke
Charleston, West Virginia (9) VP VP
- ----------------------------------------------------------------------------------------------------------------------------
Lowell E. Williams
Houston, Texas (8)
- ----------------------------------------------------------------------------------------------------------------------------
S. M. Wilner
Charleston, West Virginia (9) VP VP
- ----------------------------------------------------------------------------------------------------------------------------
William R. Wilson
Exton, Pennsylvania (30)
- ----------------------------------------------------------------------------------------------------------------------------
K. Fredrick Wrenn, Jr.
Charleston, West Virginia (9) VP VP
- ----------------------------------------------------------------------------------------------------------------------------
Nazzi Cameo Zola C C
Charleston, West Virginia (9) VP VP
- ----------------------------------------------------------------------------------------------------------------------------
</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 subsidiaries of TCO, CLG and TCC are
identical to the officers and directors of TCO, CLG and TCC, respectively.
<PAGE> 27
Page 26
ITEM 6. Continued
Part II. Financial connections as of December 31, 1995*.
<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>
James P. Heffernan Danielson Trust Company Director 70(b) & 70(d)
San Diego, CA
William E. Lavery First Union Director 70(a) & 70(c)
National Bank of Virginia
Roanoke, Virginia
Gerald E. Mayo Huntington Bancshares Director 70(a) & 70(c)
Incorporated, Columbus, OH
Oliver G. Richard III National Westminster Bank USA Director 70(b) & 70(d)
New York, New York
C. Ronald Tilley National City Bank Director 70(c) & 70(d)
Columbus, Ohio
James R. Thomas II 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.
Part III(a). Compensation of officers and directors.
EXECUTIVE COMPENSATION
COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS
EXECUTIVE COMPENSATION REPORT TO STOCKHOLDERS
1996 EXECUTIVE COMPENSATION PLAN CHANGES
Following the Corporation's emergence from Chapter 11 protection, the
Compensation Committee (the "Committee") of the Corporation's Board of Directors
approved a new total compensation program for the executive group, effective in
1996. The Committee felt strongly that a more aggressive pay for performance
compensation program was needed to focus management's attention on the
Corporation's new strategic business initiatives and financial performance
objectives. The Committee believes that the design and execution of the new
executive compensation program is critical to the Corporation's future success
and wants to emphasize several key concepts going forward into 1996.
- - Greater amounts of the executives' pay packages will be placed at risk
and will be based upon creating long- term value for the stockholders.
- - The new program will tie compensation more closely to the fortunes of
the stockholders through the use of a combination of cash and
stock-based incentive compensation plans.
<PAGE> 28
Page 27
ITEM 6. (Continued)
- - Emphasis will be placed on the achievement of both short- and
longer-term internal value added performance measures as well as
stockholder return expectations in relationship to peers.
- - The program will provide highly competitive financial rewards for
meeting or exceeding financial targets.
In order to accomplish these objectives and to focus management's attention on
the new competitive business environment, the Committee has decided that awards
for the most senior executives under the 1996 program will be based on the newly
installed Columbia Value Added financial performance measures. Value added
measures determine the real value of particular investments by the extent the
return on that investment exceeds the cost of the investment, including the cost
of capital.
The new executive compensation program also includes a component to bring
special attention to the important area of stockholder return. The Corporation's
Total Shareholder Return performance (stock price appreciation plus dividend
accruals) will be compared to the S&P Natural Gas Utility Index as included in
the Annual Proxy Statement. It is, generally, the intent of the Committee to
provide awards of options when the Corporation's Total Shareholder Return
exceeds the median of companies which comprise this peer group. Consequently,
any potential value to participants will come only when the stock price
appreciates and the stockholders likewise benefit from increased market
appreciation. Contingent or restricted stock may also be awarded in very limited
applications.
1995 EXECUTIVE COMPENSATION PROGRAM
The compensation philosophy described below is the basis for the 1995
compensation program. Any compensation decisions described or listed in the
enclosed tables were made relevant to that plan year. The executive compensation
program and respective philosophic concepts will be changed as described above,
under the 1996 program, to reflect the Board of Directors' newly expressed
position on pay for performance.
GENERAL - Through the 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 total compensation plan for
senior management of the Corporation and its subsidiaries (the "System").
COMPENSATION PHILOSOPHY - The Board of Directors believes that total
compensation is not only payment for services rendered to the System, but also a
means to provide a strong motivational vehicle for the achievement of key
financial and strategic goals. The System 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 System over reasonable periods of time. This is how compensation is linked
to corporate performance. The System'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 System;
- 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 System'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
<PAGE> 29
Page 28
ITEM 6. (Continued)
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.
IMPLEMENTATION OF PHILOSOPHY - The System's executive compensation program is
administered by the Committee. The Committee is composed of six independent,
non-employee Directors. As of December 31, 1995, the System's executive total
compensation program consisted of the following:
1. Base Salary Program
2. Annual Incentive Compensation Plan
3. Long-Term Incentive Plan
4. Benefit Plans
5. Other Arrangements
1. Base Salary Program - A base salary range is established for each
executive position based on 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 approximate the median for similar
executives with corporations of similar size and complexity. A range
of merit opportunities is preestablished on a uniform basis and the
level of an increase within that range is based on an assessment of an
individual's management skills and achievement against a variety of
preestablished corporate and operating company goals. Through
December 31, 1995, these goals included specific Return on Invested
Capital (ROIC) performance measures as well as other organizational
goals pertaining to an executive's 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, provided the opportunity for payment of cash awards to key
employees for attainment of specific goals which contributed directly
to the present and future financial health of the System. The plan was
suspended in mid-1991 and continued in suspension through 1995. The
plan has been amended and restated and will be implemented, effective
January 1, 1996. Awards for 1996 performances will not be made until
1997 after financial results for 1996 are final.
An interim cash performance award program was authorized by the
Committee in 1992. Eligibility for consideration in the Interim Cash
Performance Award Program was 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 for
1994 ranged from zero to 20 percent of an individual's annual salary
based on performance against pre-set goals. In 1995 the maximum was
increased to 35 percent. The higher the achievement and contribution
to the Corporation, the larger the potential award could be.
Performance measures included specific ROIC financial targets as
reflected in the Corporation's strategic business plan and other
organizational goals which can contribute to the success of the
company. The award for 1994 performance was made in 1995 and, for the
executive officers named in the Summary Compensation Table, is shown
in that table. The award for 1995 performance will not be determined
or awarded until later in 1996. This interim program will end with the
implementation of the revised program referred to above, effective
January 1, 1996.
3. Long-Term Incentive Plan - The Long-Term Incentive Plan, which was
adopted in 1986, provided additional incentives to officers and other
key employees of System companies through the granting of incentive
stock options, non-qualified stock options, stock appreciation rights
and/or contingent stock awards. The plan was administered by the
Committee, no member of which was eligible to participate in the plan.
The Committee considered both organizational level and individual
performance in determining eligibility and the number of
<PAGE> 30
Page 29
ITEM 6. (Continued)
shares to be awarded. This plan was suspended in mid-1991 and
continued in suspension through 1994. The Committee at its December
20, 1994 meeting decided that it would be appropriate to resume this
plan during 1995 and made awards at its March 1995 meeting which are
reported in the Options Table of the Proxy Statement. The plan
terminated by its terms on September 18, 1995. Subject to stockholder
approval, the System is planning to adopt a new Long-Term Incentive
Plan as described in the Proxy Statement.
4. Benefit Plans - The System maintains savings, 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 savings and retirement plans
qualified under the Internal Revenue Code ("IRC"). To maintain
compliance, the System caps benefits under the qualified plans at the
required levels. To provide comparable benefits to more highly
compensated employees, the System has established a Thrift Restoration
Plan and a Pension Restoration Plan, both of which are non-qualified
and unfunded. However, the Pension Restoration Plan may be funded
through a trust arrangement at the election of the beneficiary once a
threshold liability of $100,000 has been reached. The Committee views
these supplemental plans as part of base compensation.
5. Other Arrangements - When circumstances warrant, the Corporation and
other companies in the System 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
Committee authorized the execution of new agreements upon approval by
the Bankruptcy Court. These employment agreements have been
terminated and are no longer in effect; however, payments were made
pursuant to these agreements in 1995 as described in the Proxy
Statement under "Employment Agreements" and as shown on the Summary
Compensation Table. Mr. Richard, the new Chairman, CEO, and President
of the Corporation, and Mr. Schwolsky, a Senior Vice President and
Chief Legal Officer of the Corporation, were granted employment
agreements upon hire. For a more detailed description of the
agreements, please see "Employment and Retention Agreements" below on
page 31.
DEDUCTIBILITY OF COMPENSATION - The Committee has reviewed the potential impact
on the System of Section 162(m) of the IRC which imposes a limit on tax
deductions that the System may claim for annual compensation in excess of one
million dollars paid to any of the CEO and the four other most highly
compensated executive officers. The Committee has determined that under current
compensation arrangements, the impact of Section 162(m) on the System would be
limited, if applicable at all, and, therefore, has decided not to take any
action at this time to meet the requirements for an exemption for "performance
based compensation" for the Annual Incentive Compensation Plan. However, it is
contemplated that such a deduction will be pursued where available for the
proposed Long-Term Incentive Plan.
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 evaluating the
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 increases value to
stockholders, and the increased compensation opportunities for executives are
directly linked to the attainment of these objectives.
1995 CHIEF EXECUTIVE OFFICER'S PAY
BASE SALARY - At its March 14, 1995 meeting the Committee decided that Mr.
Croom's base salary should be increased to $740,000 (a 6.9 percent increase to
be effective April 1, 1995). This merit increase was made within the guidelines
established under the System's executive compensation program as described
above. This compensation action competitively positioned Mr. Croom's base pay
within the established salary range and reflected the salary movement of similar
positions in the Corporation's peer group comparisons.
<PAGE> 31
Page 30
Effective as of the close of business on April 28, 1995, Oliver G. Richard III
was elected Chairman, CEO and President of the Corporation. John H. Croom
retired effective May 1, 1995.
To attract an executive of this caliber, the Corporation entered into an
employment agreement with Mr. Richard that provides a base salary of $750,000
per year, subject to such increases as may be approved by the Board. The
agreement provides for contingent stock grants of 10,000 shares of the
Corporation's common stock upon Mr. Richard's commencement of employment with
the Corporation, and 5,000 shares per year on December 31 of each of the years
1995, 1996 and 1997, if he is employed by the Corporation on those dates. In
addition, subject to the receipt of necessary approvals, on the thirtieth day
after the Corporation's discharge from bankruptcy, Mr. Richard was to receive a
grant of options to purchase, at the then prevailing market price, 100,000
shares of the Corporation's common stock. Since the options could not be issued
as of the thirtieth day following the Corporation's discharge from bankruptcy as
the Long-Term Incentive Plan was no longer in effect and no successor plan had
been approved by the stockholders, Mr. Richard, in addition to receiving the
options when issued, will receive a cash payment equal to the excess, if any, of
the actual grant price over the fair market value of the shares on the thirtieth
day following discharge from bankruptcy.
Under the terms of the employment agreement, the Corporation compensated Mr.
Richard for certain items that he forfeited as a result of his terminating
employment with New Jersey Resources Corporation. This compensation is reflected
in the "All Other Compensation" column of the Summary Compensation Table.
Besides being eligible to participate in all incentive compensation plans and
employee benefit programs provided to other senior executives of the System, Mr.
Richard may receive, upon retirement, supplemental pension payments to make up
the difference, if any, between the System's pension benefits and those Mr.
Richard would have received from his previous employer. In the opinion of two
outside consulting firms, the compensation offered to Mr. Richard was reasonable
and necessary in order to attract an outsider to assume the responsibilities of
CEO. Based thereon, the Committee approved the employment agreement.
ANNUAL INCENTIVE PLAN - Under the provisions of the Interim Annual Incentive
Plan as described above, on March 14, 1995, the Committee approved a cash award
for Mr. Croom of $400,000 to recognize the attainment during 1994 of
predetermined financial performance targets based primarily on corporate and
operating company ROIC goals and because of his extraordinary leadership in
bankruptcy reorganization which created the framework for a resolution to the
bankruptcy. This award was granted in accordance with the Corporation's "Pay for
Performance" compensation philosophy for its executives. An award, if any, for
Mr. Richard for 1995 will not be determined until later in 1996.
LONG-TERM INCENTIVE PLAN - As noted above, Mr. Richard will receive awards of
stock options pursuant to his employment agreement to be issued under the new
Long-Term Incentive Plan, which, subject to approval by stockholders and
regulatory agencies, will be effective February 21, 1996. In addition, subject
to the Corporation's receipt of such approvals for the plan, Mr. Richard will
receive restricted stock as compensation for performance based upon his
contributions and the increase in stock price from April 28, 1995 to December
28, 1995, the thirtieth day after the Corporation's emergence from bankruptcy.
To provide an additional incentive to Mr. Richard to continue his employment
with the Corporation, only 20 percent of the restricted stock would be vested
each year, with the first 20 percent being vested January 2, 1997, and an
additional 20 percent being vested on the first business day of each succeeding
calendar year. Because the issuance of the restricted stock is subject to
stockholder and regulatory approval of the new Long-Term Incentive Plan, Mr.
Richard's employment agreement has been amended not only to provide for the
issuance of restricted stock, but also to provide a cash bonus in lieu of the
restricted stock if such aforesaid approval is not obtained. In addition, Mr.
Richard may receive an award under the proposed new Long-Term Incentive Plan.
By the Compensation Committee:
Wilson K. Cadman, Chairman James P. Heffernan
Robert H. Beeby James R. Thomas, II
William E. Lavery William R. Wilson
<PAGE> 32
Page 31
COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION
The members of the Compensation Committee, listed above, all served on the
Committee for the entire 1995 fiscal year, except for Mr. Wilson who was
appointed to the Committee at the organizational meeting of the Board of
Directors following the Annual Meeting of Stockholders on April 28, 1995.
Messrs. George P. MacNichol and William R. Wilson served on the Compensation
Committee from January 1, 1995 until the organizational meeting of the Board of
Directors. None of the members of the Compensation Committee has served as an
officer or employee of the Corporation or any of its subsidiaries.
EMPLOYMENT AND RETENTION AGREEMENTS
Employment agreements, which were effective July 19, 1991, for J. H. Croom, 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 four executives effective July 19, 1993.
These contracts were approved by the Bankruptcy Court on October 20, 1993.
The employment agreements, executed in 1993 between the Corporation and J. H.
Croom and D. L. Bell, Jr., each provided for retention payments equivalent to
one year's base salary if the individual remained employed at the date of
confirmation of the Corporation's reorganization plan by the Bankruptcy Court.
The employment agreement with J. P. Holland provided for retention payments
equivalent to one year's base salary if the individual was 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 C. R. Tilley,
Chairman and CEO of the distribution companies, was a two-year agreement which
expired July 19, 1995 and provided for the payment of an amount equivalent to
one year's base pay on July 19, 1994.
Each employment agreement also stated that the employee might treat his
employment as terminated without cause if one of the following were to occur:
1. a reduction in the employee's fixed salary or other benefits to which
such employee was 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 had 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 would be entitled to continue to receive his fixed
salary and specified fringe benefits for a period of 12 months but would not be
entitled to a retention award. If such a termination occurred during the 180-day
period immediately following a change in control, the employee was 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 employment were terminated
other than for cause, J. P. Holland would have been 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 he could qualify for retirement benefits under the Corporation's
retirement program. These supplemental income payments approximate 60 percent of
the annual pension income earned as of the date of execution of the employment
agreement and payable at age 55.
After Mr. Richard assumed office on April 28, 1995, Mr. Croom retired effective
May 1, 1995 and payments pursuant to his employment agreement are shown in the
"All Other Compensation" column of the Summary Compensation Table.
<PAGE> 33
Page 32
Effective as of the close of business on August 25, 1995, Peter M. Schwolsky was
elected Chief Legal Officer of the Corporation. Daniel L. Bell, Jr. retired
effective September 1, 1995, and payments pursuant to his agreement are shown in
the "All Other Compensation" column of the Summary Compensation Table.
The Corporation and Columbia Gas Transmission Corporation received confirmation
by the Bankruptcy Court of plans of reorganization on November 15, 1995, and
James P. Holland received payment pursuant to his agreement. Mr. Holland's
payment is also shown in the "All Other Compensation" column of the Summary
Compensation Table.
In addition to salary, options, bonus, restricted stock and other matters
discussed in the Report of the Compensation Committee, Mr. Richard's employment
agreement provides that, if required regulatory or shareholder approval is not
obtained to permit the effective issuance of the stock options to be granted to
Mr. Richard for 100,000 shares of the Corporation's common stock, a bonus would
be paid to Mr. Richard. Such bonus would be paid on each of the first and second
anniversary of the Corporation's discharge from bankruptcy (assuming that Mr.
Richard is employed on each such anniversary date) in an amount equal to the
product of 50,000 times the difference, if positive, between the fair market
value of a share of the Corporation's common stock on each such anniversary date
and the fair market value thereof on the 30th day after said discharge from
bankruptcy. Mr. Richard's employment agreement further provides for severance
benefits to be paid to Mr. Richard in the event his employment is terminated
without cause. The severance benefits would include payment of Mr. Richard's
annual base salary, incentive compensation and fringe benefits for a period of
24 months. If his employment is terminated before the first anniversary of the
signing of the agreement, Mr. Richard would receive his annual base salary,
incentive compensation and fringe benefits for the remainder of the first year,
in addition to the 24-month salary, incentive compensation and fringe benefits.
If Mr. Richard's employment is terminated due to a change in control of the
Corporation (as defined in the agreement), the period of severance benefits is
extended from 24 to 36 months, but the amount that may be paid to Mr. Richard,
which would constitute "parachute payments" under the IRC, will be limited to
the extent necessary to avoid the imposition of an excise tax under the IRC.
Mr. Schwolsky and the Corporation have entered into an employment agreement that
provides a base salary of $285,000 per year, subject to such increases as may be
approved by the Board. Mr. Schwolsky received a grant of 2,500 shares of the
Corporation's common stock on September 5, 1995 pursuant to his employment
agreement. In addition, upon employment, Mr. Schwolsky received a grant of
options to purchase, at the then prevailing market price, 5,000 shares of the
Corporation's common stock.
Besides being eligible to participate in all incentive compensation plans and
employee benefit programs provided to other senior executives of the System, Mr.
Schwolsky may receive, upon retirement, supplemental pension payments to make up
the difference, if any, between the System's pension benefits and those Mr.
Schwolsky would have received from his previous employer.
The employment agreement further provides for severance benefits to be paid to
Mr. Schwolsky in the event his employment is terminated without cause. The
severance benefits would include payment of Mr. Schwolsky's annual base salary,
incentive compensation and fringe benefits for a period of 24 months. If his
employment is terminated before the first anniversary of the signing of the
agreement, Mr. Schwolsky would receive his annual base salary, incentive
compensation and fringe benefits for the remainder of the first year, in
addition to the 24-month salary, incentive compensation and fringe benefits. If
Mr. Schwolsky's employment is terminated due to a change in control of the
Corporation (as defined in the agreement), the period of severance benefits is
extended from 24 to 36 months, but the amount that may be paid to Mr. Schwolsky,
which would constitute "parachute payments" under the IRC, will be limited to
the extent necessary to avoid the imposition of an excise tax under the IRC.
<PAGE> 34
Page 33
OPTION/SAR GRANTS IN LAST FISCAL YEAR
<TABLE>
<CAPTION>
==================================================================================================================================
Individual Grants Potential Realizable Value at
Assumed Annual Rates of Stock Price
Appreciation for Option Term
==================================================================================================================================
(a) (b) (c) (d) (e) (f) (g)
==================================================================================================================================
Name Number of % of Total Options/SARs Exercise or Expiration 5% ($) 10% ($)
Securities Granted to Employees in Base Price Date
Underlying Fiscal Year ($/Sh)
Options/SARs
Granted
<S> <C> <C> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------------------------
O. G. Richard III
Chairman, CEO & President
0 0.0% N/A N/A N/A N/A
- ----------------------------------------------------------------------------------------------------------------------------------
J. P. Holland
Chairman & CEO of
Corporation's Gas
Transmission Segment 5,000 5.4% $28.99 5/17/05 $80,858 $231,013
- ----------------------------------------------------------------------------------------------------------------------------------
M. W. O'Donnell
Senior Vice President &
Chief Financial Officer
5,000 5.4% $28.99 5/17/05 $80,858 $231,013
- ----------------------------------------------------------------------------------------------------------------------------------
P. M. Schwolsky
Senior Vice President &
Chief Legal Officer
5,000 5.4% $31.05 6/05/05 $97,636 $247,429
- ----------------------------------------------------------------------------------------------------------------------------------
C. R. Tilley
Chairman & CEO of
Corporation's Gas
Distribution Segment 5,000 5.4% $28.99 5/17/05 $80,858 $231,013
- ----------------------------------------------------------------------------------------------------------------------------------
L. W. Wallingford
Senior Vice President of
Columbia Gas System Service
Corporation
5,000 5.4% $28.99 5/17/05 $80,858 $231,013
- ----------------------------------------------------------------------------------------------------------------------------------
J. H. Croom
former Chairman, CEO &
President 0 0.0% N/A N/A N/A N/A
- ----------------------------------------------------------------------------------------------------------------------------------
D. L. Bell, Jr.
former Senior Vice President,
Chief Legal Officer &
Secretary 5,000 5.4% $28.99 5/17/05 $80,858 $231,013
==================================================================================================================================
</TABLE>
<PAGE> 35
Page 34
AGGREGATED OPTION/SAR EXERCISES IN LAST FISCAL YEAR
AND YEAR-END OPTION/SAR VALUES
<TABLE>
<CAPTION>
=========================================================================================================
(a) (b) (c) (d) (e)
=========================================================================================================
Number of Securities Value of Unexercised
Underlying Unexercised In-the-Money Options/SARs
Options/SARs at at Year-End ($)
Year-End
=========================================================================================================
Number of Value Exercisable/ Exercisable/
Name Shares Realized Unexercisable Unexercisable (1)
Acquired ($) (1)
on Exercise
=========================================================================================================
<S> <C> <C> <C> <C>
O. G. Richard III -0- $0 0/0 $0
- ---------------------------------------------------------------------------------------------------------
J. P. Holland -0- $0 15,960/0 $74,425/0
- ---------------------------------------------------------------------------------------------------------
M. W. O'Donnell -0- $0 12,990/0 $74,425/0
- ---------------------------------------------------------------------------------------------------------
P. M. Schwolsky -0- $0 5,000/0 $64,125/0
- ---------------------------------------------------------------------------------------------------------
C. R. Tilley -0- $0 21,500/0 $108,687/0
- ---------------------------------------------------------------------------------------------------------
L. W. Wallingford 450 $1,154 19,040/0 $116,117/0
- ---------------------------------------------------------------------------------------------------------
J. H. Croom 12,600 $26,868 83,000/0 $251,268/0
- ---------------------------------------------------------------------------------------------------------
D. L. Bell, Jr. 4,000 $10,509 24,400/0 $139,822/0
- ---------------------------------------------------------------------------------------------------------
All Other Officers (Part 1) 0 $199,061 558,245/0 $2,154,018/0
=========================================================================================================
</TABLE>
(1) Market value of underlying securities at exercise or year-end, minus
the exercise or base price.
<PAGE> 36
Page 35
The compensation for services in all capacities paid during the year 1995 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 SECURITIES
PRINCIPAL RESTRICTED UNDERLYING LTIP ALL OTHER
POSITION (1) YEAR SALARY BONUS STOCK AWARDS OPTIONS - PAYOUTS COMP. (2)
SARS
- -----------------------------------------------------------------------------------------------------------------
$ $ $ # $ $
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
O. G. RICHARD III 1995 528,125(3) -0-(4) 516,875(5) -0- -0- 75,673(16)
Chairman, CEO & ---------------------------------------------------------------------------------------------
President 1994 N/A
---------------------------------------------------------------------------------------------
1993 N/A
- -----------------------------------------------------------------------------------------------------------------
J. P. HOLLAND 1995 320,450 -0-(4) -0- 5,000(12) -0- 340,829(10)
CHAIRMAN & CEO ---------------------------------------------------------------------------------------------
OF CORPORATION'S 1994 295,020 54,414(6) -0- -0- -0- 13,167
GAS TRANSMISSION ---------------------------------------------------------------------------------------------
SEGMENT 1993 273,180 32,782(7) -0- -0- -0- 12,271
- -----------------------------------------------------------------------------------------------------------------
M. W. O'DONNELL 1995 310,150 163,000(9) -0- 5,000(12) -0- 13,879
SENIOR VICE ---------------------------------------------------------------------------------------------
PRESIDENT & CHIEF 1994 286,025 132,336(6)(8) -0- -0- -0- 12,741
FINANCIAL OFFICER ---------------------------------------------------------------------------------------------
1993 210,879 26,000(7) -0- -0- -0- 9,135
- -----------------------------------------------------------------------------------------------------------------
P. M. SCHWOLSKY 1995 164,091(3) 65,000(4)(9) 91,400(11) 5,000(13) -0- 13,503(17)
SENIOR VICE ---------------------------------------------------------------------------------------------
PRESIDENT 1994 N/A
& CHIEF LEGAL ---------------------------------------------------------------------------------------------
OFFICER 1993 N/A
- -----------------------------------------------------------------------------------------------------------------
C. R. TILLEY 1995 362,725 -0-(4) -0- 5,000(12) -0- 42,548(18)
CHAIRMAN & CEO ---------------------------------------------------------------------------------------------
OF CORPORATION'S 1994 345,175 49,340(6) -0- -0- -0- 370,222(10)
GAS DISTRIBUTION ---------------------------------------------------------------------------------------------
SEGMENT 1993 331,900 30,000(7) -0- -0- -0- 19,882
- -----------------------------------------------------------------------------------------------------------------
L. W. 1995 281,325 -0-(4) -0- 5,000(12) 1,154(14) 12,589
WALLINGFORD ---------------------------------------------------------------------------------------------
Senior Vice 1994 260,150 135,540(6)(8) -0- -0- -0- 11,600
President of ---------------------------------------------------------------------------------------------
Columbia Gas 1993 238,700 28,644(7) -0- -0- -0- 10,733
System Service
Corporation
- -----------------------------------------------------------------------------------------------------------------
J. H. CROOM 1995 346,828(3) -0-(4) -0- -0- 26,868(15) 445,507(19)
former Chairman, ---------------------------------------------------------------------------------------------
CEO & President 1994 682,000 400,000(6) -0- -0- -0- 40,720
---------------------------------------------------------------------------------------------
1993 652,000 50,000(7) -0- -0- -0- 39,432
- -----------------------------------------------------------------------------------------------------------------
D. L. BELL, JR. 1995 227,068(3) -0-(4) -0- 5,000(12) -0- 99,836(19)(20)
former Senior Vice ---------------------------------------------------------------------------------------------
President, Chief 1994 299,200 42,196(6) -0- -0- -0- 17,908
Legal Officer & ---------------------------------------------------------------------------------------------
Secretary 1993 292,600 29,260(7) -0- -0- -0- 17,584
=================================================================================================================
</TABLE>
<PAGE> 37
Page 36
(1) Includes Chief Executive Officer and five other most highly-compensated
executives whose salary and bonus exceed $100,000 ("Named Executive
Officers") and two who would have been among the most highly-compensated
had they been employed at year-end. The compensation to all officers as a
group, namely those listed in Part I, totaled $19,057,770.
(2) Reflects company contributions to the Employees' Thrift Plan of Columbia
Gas System, which is qualified under the Internal Revenue Code, and the
Thrift Restoration Plan, a nonqualified plan. Mr. Richard and Mr.
Schwolsky were not yet participants in the Employees' Thrift Plan or
Thrift Restoration Plan as of December 31, 1995. The contributions to all
other officers, namely those listed in Part I, totaled $680,220.
(3) Partial year salary.
(4) Amounts, if any, earned with respect to 1995 performance under the Interim
Cash Performance Award Program were not determined prior to the printing
of this Proxy Statement and will be reported in the Proxy Statement for
the 1997 Annual Meeting.
(5) On April 28, 1995, Mr. Richard was granted contingent stock awards
aggregating 25,000 shares of common stock (a) 10,000 of which were vested
on May 1, 1995 and (b) 5,000 per year of which were contingent upon his
continued employment through December 31, 1995, December 31, 1996 and
December 31, 1997, respectively. On May 1, 1995 10,000 shares were issued
to Mr. Richard at a price of $29.75 and on December 31, 1995, 5,000 shares
were issued to him at a price of $43.875. No dividends are associated with
this award.
(6) Bonus paid in 1995 with respect to 1994 performance under Interim Cash
Performance Award Program.
(7) Bonus paid in 1994 with respect to 1993 performance under Interim Cash
Performance Award Program.
(8) Payment provided pursuant to Retention Agreement as described under
"Employment and Retention Agreements."
(9) Payment for recognition of contributions during bankruptcy proceedings.
(10) Payment provided pursuant to employment agreement as described under
"Employment and Retention Agreements" in the amount of $349,600 for Mr.
Tilley and $326,500 for Mr. Holland.
(11) On June 5, 1995 Mr. Schwolsky was granted 2,500 shares of common stock to
be issued to him on September 5, 1995 contingent upon his employment
through that date. On September 5, 1995, Mr. Schwolsky received 2,500
shares at $36.56 per share.
(12) Options to purchase shares granted to top 31 executives on May 17, 1995 at
a price of $28.99, to vest 100% six months from the date of grant, on
November 17, 1995.
(13) Options to purchase shares granted to Mr. Schwolsky upon his employment on
June 5, 1995 at a price of $31.05, to vest 100% six months from the date
of grant, on December 5, 1995.
(14) On November 17, 1995 Mr. Wallingford exercised the option to purchase 450
shares of stock granted to him under the Long-Term Incentive Plan. The
gain was based on the fair market value of $40.875 on that date.
(15) On November 15, 1995 Mr. Croom exercised the option to purchase 12,600
shares of stock granted to him under the Long-Term Incentive Plan. The
gain was based on the fair market value of $40.4375 on that date.
(16) Transfer expenses and compensation for benefits forfeited upon termination
of prior employment.
(17) Transfer expenses.
(18) Includes perquisites consisting of personal use of company aircraft,
country club dues and financial planning aggregating $11,416.
(19) Includes payments upon termination pursuant to an employment agreement
totalling $431,667 for Mr. Croom and $77,600 for Mr. Bell.
(20) Includes perquisites consisting of financial planning aggregating $10,000.
<PAGE> 38
Page 37
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 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, 1996 from Retirement Income Plan(A)
Representative Years of Credited Service (B)
<TABLE>
<CAPTION>
Final Average 15 20 25 30 35 40
Annual Compensation -- -- -- -- -- --
$ $ $ $ $ $
<S> <C> <C> <C> <C> <C> <C>
250,000 54,604 72,805 91,007 109,208 115,458 121,708
300,000 65,854 87,805 109,757 131,708 139,208 146,708
400,000 88,354 117,805 147,257 176,708 186,708 196,708
500,000 110,854 147,805 184,757 221,708 234,208 246,708
600,000 133,354 177,805 222,257 266,708 281,708 296,708
800,000 178,354 237,805 297,257 356,708 376,708 396,708
1,000,000 223,354 297,805 372,257 446,708 471,708 496,708
1,200,000 268,354 357,805 447,257 536,708 566,708 596,708
</TABLE>
(A) 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 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 and contributions made in
1995 were as follows: Mr. Croom - $189,200; Mr. Tilley - $122,200; Mr.
Bell - $19,400; and Mr. Wallingford - $65,500. The liabilities of
Messrs. Richard, Schwolsky, Holland and O'Donnell had not yet reached
$100,000 so no contributions were made in 1995 on their behalf. Such
supplemental pensions are not available to these executives until
retirement or termination of employment.
(B) As of January 1, 1996 (or upon termination of employment), the credited
years of service for the individuals named in the Summary Compensation
Table were as follows: Mr. Richard, 0 years; Mr. Holland, 20 years; Mr.
O'Donnell, 24 years; Mr. Schwolsky, 0 years; Mr. Tilley, 38 years; Mr.
Wallingford, 40 years; Mr. Croom, 41 years; and Mr. Bell, 37 years.
<PAGE> 39
Page 38
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(A)
<TABLE>
<CAPTION>
1990 1991 1992 1993 1994 1995
$ $ $ $ $ $
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Columbia Gas 100 37.83 41.94 49.06 51.53 96.21
- ---------------------------------------------------------------------------------------------------
S&P 500 Index 100 130.47 140.41 154.56 156.60 214.86
- ---------------------------------------------------------------------------------------------------
S&P Natural Gas 100 86.93 96.03 114.02 108.77 153.84
Utility Index
</TABLE>
(A) Assumes $100 invested on December 31, 1990 and reinvestment of
dividends.
STANDARD DIRECTORS' COMPENSATION
1995 Directors' Compensation for Board and Committee Meetings:
<TABLE>
<CAPTION>
Retainer Meeting Fee Chairman's Fee
$ $ $
- ------------------------------------------------------------------------------
<S> <C> <C> <C>
Board 25,000 1,000 -
- ------------------------------------------------------------------------------
Audit - 1,000 3,000
- ------------------------------------------------------------------------------
Compensation - 1,000 3,000
- ------------------------------------------------------------------------------
Executive 6,000 800 -
- ------------------------------------------------------------------------------
Finance - 1,000 3,000
- ------------------------------------------------------------------------------
Corporate Governance - 1,000 3,000
- ------------------------------------------------------------------------------
Ad Hoc Committees* - 1,000 -
</TABLE>
*In addition to the meeting fee, members of the Ad Hoc Special Litigation
Committee were entitled to receive, pursuant to Board authorization, an hourly
fee for work outside of Committee meetings. Mr. Mayo, Chairman of the Committee,
received a total of $13,675 in hourly fees. In addition, members of the Ad Hoc
Search Committee received a payment equivalent to a meeting fee for attendance
at interviews with candidates. Each member of the Committee attended interviews
as follows: Mr. Cadman- 3; Mr. Heffernan- 3; Mr. Hopkins- 2; Dr. Lavery- 3; Mr.
Thomas- 3; and Mr. Wilson- 4.
No officer received any compensation for services as a Director while also
serving as an officer of the Corporation.
The Corporation offers medical coverage to nonemployee Directors and pays the
premium associated with their participation. The 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 U.S. 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.
<PAGE> 40
Page 39
Each nonemployee Director as of the date hereof 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
for Board service at the time of retirement unless the new Phantom Stock Plan
for Outside Directors proposed for stockholder approval at the Annual Meeting is
approved by stockholders and such current Director elects to waive coverage
under the retirement plan and receive shares of equivalent value under the
Phantom Stock Plan for Outside Directors. Payments under the current retirement
plan would cease at the death of the Director unless the Director elected an
actuarial equivalent option. In the event of certain specified changes in
control of the Corporation, a Director (regardless of years of service on the
Board) could 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. Assuming the Phantom Stock Plan for Outside Directors is
approved by the stockholders, the retirement plan will not be available for
nonemployee Directors assuming office in the future.
The directors' compensation amounted to $717,489.
<PAGE> 41
Page 40
Part III(b). SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS, DIRECTORS AND
MANAGEMENT
The following table sets forth the beneficial ownership of common stock by
stockholders who own greater than 5 percent of the outstanding shares as of
January 31, 1996, by Directors, by those of the five most highly-compensated
executive officers who are not Directors (and two who retired during the year)
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 of Name and Address Amount and Nature of Percent of
Class Beneficial Ownership (1) Class
===================================================================================
Shared Sole Shared Sole
Voting Voting Investment Investment Total
Power Power Power Power Owned
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
5 Common Prudential Insurance 2,594,000 68,920 2,670,400 68,920 2,897,716 5.7
% Corporation of America
Prudential Plaza
H Newark, NJ 07102-3777
O -----------------------------------------------------------------------------------------------------------------------------
L Common The Capital Group - 0 - 1,847,700 - 0 - 2,862,800 2,862.800 5.7
D Companies, Inc.
E 333 South Hope Street
R Los Angeles, CA 90071
S -----------------------------------------------------------------------------------------------------------------------------
Common Putnam Investment Management - 0 - 26,250 - 0 - 2,627,000 2,653,250 5.3
One Post Office Square
Boston, MA 02109
====================================================================================================================================
Common R. F. Albosta - 0 - *
D -----------------------------------------------------------------------------------------------------------------------------
I Common R. H. Beeby 1,000 *
R -----------------------------------------------------------------------------------------------------------------------------
E Common W. K. Cadman - 0 - *
C -----------------------------------------------------------------------------------------------------------------------------
T Common J. P. Heffernan 1,500 *
O -----------------------------------------------------------------------------------------------------------------------------
R Common D. P. Hodel 500 *
S -----------------------------------------------------------------------------------------------------------------------------
Common M. T. Hopkins 5,512 *
-----------------------------------------------------------------------------------------------------------------------------
Common M. Jozoff 1,000 *
-----------------------------------------------------------------------------------------------------------------------------
Common W. E. Lavery 1,100 *
-----------------------------------------------------------------------------------------------------------------------------
Common G. E. Mayo 1,500 *
-----------------------------------------------------------------------------------------------------------------------------
Common D. E. Olesen 47 *
-----------------------------------------------------------------------------------------------------------------------------
Common E. G. Procope 1,161 *
-----------------------------------------------------------------------------------------------------------------------------
Common O. G. Richard III 15,000 *
-----------------------------------------------------------------------------------------------------------------------------
Common J. R. Thomas, II 1,500 *
-----------------------------------------------------------------------------------------------------------------------------
Common W. R. Wilson 6,000 *
====================================================================================================================================
O Common D. L. Bell, Jr. 12,162 *
F -----------------------------------------------------------------------------------------------------------------------------
F Common J. H. Croom 34,713 *
I -----------------------------------------------------------------------------------------------------------------------------
C Common J. P. Holland 3,010 *
E -----------------------------------------------------------------------------------------------------------------------------
R Common M. W. O'Donnell 3,766 *
S -----------------------------------------------------------------------------------------------------------------------------
Common P. M. Schwolsky 2,500 *
-----------------------------------------------------------------------------------------------------------------------------
Common C. R. Tilley 7,520 *
-----------------------------------------------------------------------------------------------------------------------------
Common L. W. Wallingford 6,778 *
-----------------------------------------------------------------------------------------------------------------------------
All Executive Officers &
Common Directors (21 Persons)
as a Group 106,269 *
====================================================================================================================================
</TABLE>
(1) Includes an allocation of shares held by the Trustee of the Employees'
Thrift Plan of Columbia Gas System. Does not include shares of common
stock covered by exercisable options. This information is shown on the
stock option table on page 33.
* Aggregate stock ownership (including exercisable options) as a
percentage of class is less than percent. .
<PAGE> 42
Page 41
Part III(c). Contracts and transactions.
None.
Part III(d). Indebtedness.
None.
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 ByLaws of the Registrant to covered directors and
officers. The annual cost thereof to the Registrant and its subsidiary companies
was $1,564,909.
<PAGE> 43
Page 42
ITEM 7. CONTRIBUTIONS AND PUBLIC RELATIONS
Part I. Expenditures for any political party, candidate for public office or
holder of such office, or any committee or agent therefor.
None.
Part II. Expenditures for any citizens group or public relations counsel.
Calendar Year 1995
<TABLE>
<CAPTION>
Name of Company and Name
or Number of Recipients
or Beneficiaries Purpose Accounts Charged Amount
------------------------ ------- ---------------- ------
($)
<S> <C> <C> <C>
CKY
20 Recipients B Admin & General 10,472
CMD
6 Recipients B Admin & General 2,557
COH
109 Various Chambers of Commerce B Admin & General 55,682
15 Recipients B Admin & General 6,560
CPA
57 Recipients B Admin & General 33,408
COS
35 Recipients B Admin & General 16,694
TCO
10 Recipients A Admin & General 11,408
CS
The Dilenschneider Group, Inc. A Admin & General 208,992
CPI
18 Recipients A Admin & General 5,360
</TABLE>
A - Information and Education
B - Economic Development
<PAGE> 44
Page 43
ITEM 8. SERVICE, SALES AND CONSTRUCTION CONTRACTS
Part I. Intercompany Contracts.
Calendar Year 1995
<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, $629,742 02/16/77 Yes
maintenance and relocation
CNR TCO Operation and maintenance $580,186 2 Contracts Yes
of gathering properties 12/22/87 &
and accounting, legal, 4/19/94
lease and land rights,
geological, geophysical
and well drilling services
TCO CNR Miscellaneous administra- $691,213 12/22/87 Yes
tion and field services
and the use of certain
equipment and facilities
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 $181,439 11/22/93 Yes
TCO COH Sale of Bangs Operating
Center Equipment $374,382 11/30/95 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> 45
Page 44
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. On November
28, 1995 the Registrant and TCO emerged from bankruptcy
after filing separate petitions for protection under Chapter
11 of the Federal Bankruptcy Code on July 31, 1991.
The table below details the relevant firms contracted:
Calendar Year 1995
<TABLE>
<CAPTION>
Date of
Name Scope of Services Compensation Court Approval
---- ----------------- ------------ --------------
<S> <C> <C> <C>
Barr Beatty & Devlin & Co. 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.
Lehman Brothers Inc. 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 $ 1,895,249 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>
<PAGE> 46
Page 45
(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 $87,481
Group, Inc. to COH
The Dilenschneider Communication Consultant $30,047
Group, Inc. to CPA
The Dilenschneider Communication Consultant $10,186
Group, Inc. to CKY
The Dilenschneider Communication Consultant $ 2,646
Group, Inc. to CMD
The Dilenschneider Communication Consultant $11,907
Group, Inc. to COS
</TABLE>
ITEM 9. WHOLESALE GENERATORS AND FOREIGN UTILITY COMPANIES
None.
<PAGE> 47
Page 46
ITEM 10. FINANCIAL STATEMENTS AND EXHIBITS
<TABLE>
<S> <C>
Financial Statements included in Form U5S:
CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 1995
The Columbia Gas System Inc, and Subsidiaries ............. F-1
Tristar Ventures Corporation and Subsidiaries ............. F-1A
Tristar Capital Corporation and Subsidiary ................ F-1B
Columbia LNG Corporation and Subsidiary ................... F-1C
Columbia Energy Services Corporation and Subsidiary ....... F-1D
SUMMARY OF CONSOLIDATING BALANCE SHEET ENTRIES AS OF
DECEMBER 31, 1995
The Columbia Gas System Inc, and Subsidiaries.............. F-2
Tristar Ventures Corporation and Subsidiaries ............. F-2A
Tristar Capital Corporation and Subsidiary ................ F-2B
Columbia LNG Corporation and Subsidiary.................... F-2C
Columbia Energy Services Corporation and Subsidiary ....... F-2D
CONSOLIDATING STATEMENT OF INCOME FOR THE YEAR ENDED
DECEMBER 31, 1995
The Columbia Gas System Inc, and Subsidiaries.............. F-3
Tristar Ventures Corporation and Subsidiaries.............. F-3A
Tristar Capital Corporation and Subsidiary................. F-3B
Columbia LNG Corporation and Subsidiary ................... F-3C
Columbia Energy Services Corporation and Subsidiary ....... F-3D
Columbia Gas Transmission Corporation and Subsidiary ...... F-3E
SUMMARY OF CONSOLIDATING STATEMENT OF INCOME ENTRIES FOR
THE YEAR ENDED DECEMBER 31, 1995
The Columbia Gas System Inc, and Subsidiaries.............. F-4
Tristar Ventures Corporation and Subsidiaries.............. F-4A
Tristar Capital Corporation and Subsidiary ................ F-4B
Columbia LNG Corporation and Subsidiary.................... F-4C
Columbia Energy Services Corporation and Subsidiary........ F-4D
Columbia Gas Transmission Corporation and Subsidiary ...... F-4E
CONSOLIDATING STATEMENT OF COMMON STOCK EQUITY FOR THE
YEAR ENDED DECEMBER 31, 1995
The Columbia Gas System Inc, and Subsidiaries ............. F-5
Tristar Ventures Corporation and Subsidiaries.............. F-5A
Tristar Capital Corporation and Subsidiary................. F-5B
Columbia LNG Corporation and Subsidiary ................... F-5C
Columbia Energy Services Corporation and Subsidiary ....... F-5D
CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 1995
The Columbia Gas System Inc, and Subsidiaries.............. F-6
Tristar Ventures Corporation and Subsidiaries.............. F-6A
Tristar Capital Corporation and Subsidiary................. F-6B
Columbia LNG Corporation and Subsidiary.................... F-6C
Columbia Energy Services Corporation and Subsidiary ....... F-6D
Columbia Gas Transmission Corporation and Subsidiary ...... F-6E
</TABLE>
<PAGE> 48
F-1 (1 of 10) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Consolidating Balance Sheet as of December 31, 1995
(Not covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
F-1 F-1 F-1 F-1
Page 2 Page 3 Page 4 Page 5 Combined
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
ASSETS
Property, Plant and Equipment
Gas utility and other plant, at original cost ..... 5,935,641 854,975 116,126 - 6,906,742
Accumulated depreciation and depletion ............ (3,025,752) (249,282) (46,941) - (3,321,975)
------------ ------------ ------------ ------------ ------------
Net Gas Utility and Other Plant ................... 2,909,889 605,693 69,185 - 3,584,767
Oil and gas producing properties, full cost method. 516,349 - - - 516,349
Accumulated depletion ............................. (280,002) - - - (280,002)
------------ ------------ ------------ ------------ ------------
Net Oil and Gas Producing Properties .............. 236,347 - - - 236,347
Net Property, Plant, and Equipment .................. 3,146,236 605,693 69,185 - 3,821,114
------------ ------------ ------------ ------------ ------------
Investments and Other Assets
Accounts receivable - noncurrent .................. 79,114 4,183 - - 83,297
Unconsolidated affiliates ......................... 25,465 - 38,753 13,972 78,190
Assets held for sale .............................. - 182,797 - - 182,797
Other ............................................. - - 375 - 375
------------ ------------ ------------ ------------ ------------
Total Investments and Other Assets .................. 104,579 186,980 39,128 13,972 344,659
------------ ------------ ------------ ------------ ------------
Investments in Subsidiaries
Capital stock ..................................... - 2,293,170 - - 2,293,170
Equity in undistributed earnings of
subsidiaries ..................................... - (305,679) - - (305,679)
Notes receivable .................................. - 641,378 - - 641,378
Other investments.................................. - 900,000 - - 900,000
Other receivables - TCO............................ - - - - -
------------ ------------ ------------ ------------ ------------
Total Investments in Subsidiaries ................... - 3,528,869 - - 3,528,869
------------ ------------ ------------ ------------ ------------
Current Assets
Cash and temporary cash investments ............... 5,115 2,015 830 - 7,960
Accounts receivable, net
Customers ....................................... 282,104 136,743 10,370 - 429,217
Intercompany .................................... 101,037 244,742 23,337 12,987 382,103
Other ........................................... 292,513 12,641 2,939 93 308,186
Income tax refunds................................. - - - - -
Gas inventory ..................................... 117,218 55,047 - - 172,265
Other inventories, at average cost ................ 33,454 4,950 3,144 - 41,548
Prepayments ....................................... 50,622 5,786 488 8 56,904
Regulatory assets ................................. 64,513 11,944 - - 76,457
Other ............................................. 136,655 19,435 4,371 44 160,505
------------ ------------ ------------ ------------ ------------
Total Current Assets ................................ 1,083,231 493,303 45,479 13,132 1,635,145
------------ ------------ ------------ ------------ ------------
Deferred Charges .................................... 23,623 24,448 24,521 646 73,238
Longterm regulatory assets........................... 338,727 83,283 - - 422,010
TOTAL ASSETS ........................................ 4,696,396 4,922,576 178,313 27,750 9,825,035
============ ============ ============ ============ ============
<CAPTION>
Consolidating
Entries Consolidated
------------ ------------
<S> <C> <C>
ASSETS
Property, Plant and Equipment
Gas utility and other plant, at original cost ..... (3,588) 6,903,154
Accumulated depreciation and depletion ............ - (3,321,975)
------------ ------------
Net Gas Utility and Other Plant ................... (3,588) 3,581,179
Oil and gas producing properties, full cost method. - 516,349
Accumulated depletion ............................. 138,888 (141,114)
------------ ------------
Net Oil and Gas Producing Properties .............. 138,888 375,235
Net Property, Plant, and Equipment .................. 135,300 3,956,414
------------ ------------
Investments and Other Assets
Accounts receivable - noncurrent .................. 7,951 91,248
Unconsolidated affiliates ......................... - 78,190
Assets held for sale .............................. - 182,797
Other ............................................. 1,996 2,371
------------ ------------
Total Investments and Other Assets .................. 9,947 354,606
------------ ------------
Investments in Subsidiaries
Capital stock ..................................... (2,293,170) -
Equity in undistributed earnings of
subsidiaries ..................................... 305,679 -
Notes receivable .................................. (641,378) -
Other investments.................................. (900,000) -
Other receivables - TCO............................ - -
------------ ------------
Total Investments in Subsidiaries ................... (3,528,869) -
------------ ------------
Current Assets
Cash and temporary cash investments ............... 5 7,965
Accounts receivable, net
Customers ....................................... - 429,217
Intercompany .................................... (382,103) -
Other ........................................... (226,382) 81,804
Income tax refunds................................. 271,532 271,532
Gas inventory ..................................... - 172,265
Other inventories, at average cost ................ - 41,548
Prepayments ....................................... - 56,904
Regulatory assets ................................. - 76,457
Other ............................................. (22,268) 138,237
------------ ------------
Total Current Assets ................................ (359,216) 1,275,929
------------ ------------
Deferred Charges .................................... (25,153) 48,085
Longterm regulatory assets........................... - 422,010
TOTAL ASSETS ........................................ (3,767,991) 6,057,044
============ ============
</TABLE>
<PAGE> 49
F-1 (2 of 10) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Consolidating Balance Sheet as of December 31, 1995
(Not covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
CNR TCO (a) CGT
------------ ------------ ------------
<S> <C> <C> <C>
ASSETS
Property, Plant and Equipment
Gas utility and other plant, at original cost ..... - 3,350,102 1,207,581
Accumulated depreciation and depletion ............ - (1,448,312) (1,012,520)
------------ ------------ ------------
Net Gas Utility and Other Plant ................... - 1,901,790 195,061
Oil and gas producing properties, full cost method. 515,564 785 -
Accumulated depletion ............................. (280,002) - -
------------ ------------ ------------
Net Oil and Gas Producing Properties .............. 235,562 785 -
------------ ------------ ------------
Net Property, Plant, and Equipment .................. 235,562 1,902,575 195,061
------------ ------------ ------------
Investments and Other Assets
Accounts receivable - noncurrent .................. - 77,795 1,319
Unconsolidated affiliates ......................... - - 25,465
Assets held for sale .............................. - - -
Other ............................................. - - -
------------ ------------ ------------
Total Investments and Other Assets .................. - 77,795 26,784
------------ ------------ ------------
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 ............... 397 89 5
Accounts receivable, net
Customers ....................................... 4,156 92,319 12,407
Intercompany .................................... 25,167 44,270 13,879
Other ........................................... 1,596 285,098 3,212
Income tax refunds................................. - - -
Gas inventory ..................................... - - -
Other inventories, at average cost ................ 303 18,339 5,894
Prepayments ....................................... 1,557 3,110 2,403
Regulatory assets ................................. - 35,645 4,268
Other ............................................. 2,829 54,511 18,021
------------ ------------ ------------
Total Current Assets ................................ 36,005 533,381 60,089
------------ ------------ ------------
Deferred Charges .................................... 1,152 10,681 29
Longterm regulatory assets........................... - 181,967 10,829
TOTAL ASSETS ........................................ 272,719 2,706,399 292,792
============ ============ ============
<CAPTION>
F-1 Page 2
CKY COH Total
------------ ------------ ------------
<S> <C> <C> <C>
ASSETS
Property, Plant and Equipment
Gas utility and other plant, at original cost ..... 177,716 1,200,242 5,935,641
Accumulated depreciation and depletion ............ (66,886) (498,034) (3,025,752)
------------ ------------ ------------
Net Gas Utility and Other Plant ................... 110,830 702,208 2,909,889
Oil and gas producing properties, full cost method. - - 516,349
Accumulated depletion ............................. - - (280,002)
------------ ------------ ------------
Net Oil and Gas Producing Properties .............. - - 236,347
------------ ------------ ------------
Net Property, Plant, and Equipment .................. 110,830 702,208 3,146,236
------------ ------------ ------------
Investments and Other Assets
Accounts receivable - noncurrent .................. - - 79,114
Unconsolidated affiliates ......................... - - 25,465
Assets held for sale .............................. - - -
Other ............................................. - - -
------------ ------------ ------------
Total Investments and Other Assets .................. - - 104,579
------------ ------------ ------------
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 ............... 442 4,182 5,115
Accounts receivable, net
Customers ....................................... 13,492 159,730 282,104
Intercompany .................................... 227 17,494 101,037
Other ........................................... 79 2,528 292,513
Income tax refunds................................. - - -
Gas inventory ..................................... 13,756 103,462 117,218
Other inventories, at average cost ................ 988 7,930 33,454
Prepayments ....................................... 256 43,296 50,622
Regulatory assets ................................. 706 23,894 64,513
Other ............................................. 4,500 56,794 136,655
------------ ------------ ------------
Total Current Assets ................................ 34,446 419,310 1,083,231
------------ ------------ ------------
Deferred Charges .................................... 358 11,403 23,623
Longterm regulatory assets........................... 9,031 136,900 338,727
TOTAL ASSETS ........................................ 154,665 1,269,821 4,696,396
============ ============ ============
</TABLE>
(a) On June 6, 1995 Columbia Transmission Investment Corporation (CTIC) was
dissolved. Consequently, no Consolidating Balance Sheet is presented herewith
in Item 10.
<PAGE> 50
F-1 (3 of 10) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Consolidating Balance Sheet as of December 31, 1995
(Not covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
CMD CPA COS
------------ ------------ ------------
<S> <C> <C> <C>
ASSETS
Property, Plant and Equipment
Gas utility and other plant, at original cost ..... 63,600 510,456 279,576
Accumulated depreciation and depletion ............ (24,410) (156,346) (68,262)
------------ ------------ ------------
Net Gas Utility and Other Plant ................... 39,190 354,110 211,314
Oil and gas producing properties, full cost method. - - -
Accumulated depletion ............................. - - -
------------ ------------ ------------
Net Oil and Gas Producing Properties .............. - - -
------------ ------------ ------------
Net Property, Plant, and Equipment .................. 39,190 354,110 211,314
------------ ------------ ------------
Investments and Other Assets
Accounts receivable - noncurrent ..................
Unconsolidated affiliates ......................... - - -
Assets held for sale ..............................
Other ............................................. - - -
------------ ------------ ------------
Total Investments and Other Assets .................. - - -
------------ ------------ ------------
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 ............... 117 1,225 673
Accounts receivable, net
Customers ....................................... 3,904 62,383 29,651
Intercompany .................................... 77 794 584
Other ........................................... 45 1,777 1,751
Income tax refunds................................. - - -
Gas inventory ..................................... 2,138 42,983 9,926
Other inventories, at average cost ................ 525 2,601 1,824
Prepayments ....................................... 1,037 1,062 731
Regulatory assets ................................. 95 8,128 3,721
Other ............................................. 484 14,798 3,816
------------ ------------ ------------
Total Current Assets ................................ 8,422 135,751 52,677
------------ ------------ ------------
Deferred Charges .................................... 24 679 2,329
Longterm regulatory assets........................... 3,874 73,476 5,933
TOTAL ASSETS ........................................ 51,510 564,016 272,253
============ ============ ============
<CAPTION>
F-1 Page 3
CES(a) CG Total
------------ ------------ ------------
<S> <C> <C> <C>
ASSETS
Property, Plant and Equipment
Gas utility and other plant, at original cost ..... 1,343 - 854,975
Accumulated depreciation and depletion ............ (264) - (249,282)
------------ ------------ ------------
Net Gas Utility and Other Plant ................... 1,079 - 605,693
Oil and gas producing properties, full cost method. - - -
Accumulated depletion ............................. - - -
------------ ------------ ------------
Net Oil and Gas Producing Properties .............. - - -
------------ ------------ ------------
Net Property, Plant, and Equipment .................. 1,079 - 605,693
------------ ------------ ------------
Investments and Other Assets
Accounts receivable - noncurrent .................. 4,183 4,183
Unconsolidated affiliates ......................... - - -
Assets held for sale .............................. 182,797 182,797
Other ............................................. - - -
------------ ------------ ------------
Total Investments and Other Assets .................. - 186,980 186,980
------------ ------------ ------------
Investments in Subsidiaries
Capital stock ..................................... - 2,293,170 2,293,170
Equity in undistributed earnings of
subsidiaries ..................................... - (305,679) (305,679)
Notes receivable .................................. - 641,378 641,378
Other investments.................................. - 900,000 900,000
Other receivables - TCO............................ - - -
------------ ------------ ------------
Total Investments in Subsidiaries ................... - 3,528,869 3,528,869
------------ ------------ ------------
Current Assets
Cash and temporary cash investments ............... - - 2,015
Accounts receivable, net
Customers ....................................... 36,008 4,797 136,743
Intercompany .................................... 7,100 236,187 244,742
Other ........................................... 111 8,957 12,641
Income tax refunds................................. - - -
Gas inventory ..................................... - - 55,047
Other inventories, at average cost ................ - - 4,950
Prepayments ....................................... 2,675 281 5,786
Regulatory assets ................................. - - 11,944
Other ............................................. 337 - 19,435
------------ ------------ ------------
Total Current Assets ................................ 46,231 250,222 493,303
------------ ------------ ------------
Deferred Charges .................................... 102 21,314 24,448
Longterm regulatory assets........................... - - 83,283
TOTAL ASSETS ........................................ 47,412 3,987,385 4,922,576
============ ============ ============
</TABLE>
(a) CES includes one subsidiary as noted in Item 1. Consolidating financial
statements of CES are presented herewith in Item 10 Exhibits F1D through F6D.
<PAGE> 51
F-1 (4 of 10) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Consolidating Balance Sheet as of December 31, 1995
(Not covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
CS CGC CPC
------------ ------------ ------------
<S> <C> <C> <C>
ASSETS
Property, Plant and Equipment
Gas utility and other plant, at original cost ..... 54,425 12,336 12,976
Accumulated depreciation and depletion ............ (26,152) (235) (5,408)
------------ ------------ ------------
Net Gas Utility and Other Plant ................... 28,273 12,101 7,568
Oil and gas producing properties, full cost method. - - -
Accumulated depletion ............................. - - -
------------ ------------ ------------
Net Oil and Gas Producing Properties .............. - - -
------------ ------------ ------------
Net Property, Plant, and Equipment .................. 28,273 12,101 7,568
------------ ------------ ------------
Investments and Other Assets
Accounts receivable - noncurrent .................. - - -
Unconsolidated affiliates ......................... - - -
Assets held for sale .............................. - - -
Other ............................................. - - -
------------ ------------ ------------
Total Investments and Other Assets .................. - - -
------------ ------------ ------------
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 ............... 137 24 50
Accounts receivable, net
Customers ....................................... 14 - 1,804
Intercompany .................................... 9,168 4,689 51
Other ........................................... 297 913 102
Income tax refunds................................. - - -
Gas inventory ..................................... - - -
Other inventories, at average cost ................ - - 536
Prepayments ....................................... 230 3 24
Regulatory assets ................................. - - -
Other ............................................. 2,226 39 260
------------ ------------ ------------
Total Current Assets ................................ 12,072 5,668 2,827
------------ ------------ ------------
Deferred Charges .................................... 22,299 9 804
Longterm regulatory assets........................... - - -
TOTAL ASSETS ........................................ 62,644 17,778 11,199
============ ============ ============
<CAPTION>
F-1 Page 4
CPI TVC(a) Total
------------ ------------ ------------
<S> <C> <C> <C>
ASSETS
Property, Plant and Equipment
Gas utility and other plant, at original cost ..... 36,389 - 116,126
Accumulated depreciation and depletion ............ (15,146) - (46,941)
------------ ------------ ------------
Net Gas Utility and Other Plant ................... 21,243 - 69,185
Oil and gas producing properties, full cost method. - - -
Accumulated depletion ............................. - - -
------------ ------------ ------------
Net Oil and Gas Producing Properties .............. - - -
------------ ------------ ------------
Net Property, Plant, and Equipment .................. 21,243 - 69,185
------------ ------------ ------------
Investments and Other Assets
Accounts receivable - noncurrent .................. - - -
Unconsolidated affiliates ......................... 1,167 37,586 38,753
Assets held for sale .............................. - - -
Other ............................................. 375 - 375
------------ ------------ ------------
Total Investments and Other Assets .................. 1,542 37,586 39,128
------------ ------------ ------------
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 ............... 619 - 830
Accounts receivable, net
Customers ....................................... 8,552 - 10,370
Intercompany .................................... 396 9,033 23,337
Other ........................................... 1,109 518 2,939
Income tax refunds................................. - - -
Gas inventory ..................................... - - -
Other inventories, at average cost ................ 2,608 - 3,144
Prepayments ....................................... 199 32 488
Regulatory assets ................................. - - -
Other ............................................. 1,742 104 4,371
------------ ------------ ------------
Total Current Assets ................................ 15,225 9,687 45,479
------------ ------------ ------------
Deferred Charges .................................... 799 610 24,521
Longterm regulatory assets........................... - - -
TOTAL ASSETS ........................................ 38,809 47,883 178,313
============ ============ ============
</TABLE>
(a) TVC includes twelve subsidiaries as noted in Item 1. Consolidating
financial statements of TVC are presented herewith in Item 10 Exhibits F1A
through F6A.
<PAGE> 52
F-1 (5 of 10) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Consolidating Balance Sheet as of December 31, 1995
(Not covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
F-1 Page 5
TCC(a) CAT CLG (a) Total
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
ASSETS
Property, Plant and Equipment
Gas utility and other plant, at original cost ..... - - - -
Accumulated depreciation and depletion ............ - - - -
------------ ------------ ------------ ------------
Net Gas Utility and Other Plant ................... - - - -
Oil and gas producing properties, full cost method. - - - -
Accumulated depletion ............................. - - - -
------------ ------------ ------------ ------------
Net Oil and Gas Producing Properties .............. - - - -
------------ ------------ ------------ ------------
Net Property, Plant, and Equipment .................. - - - -
------------ ------------ ------------ ------------
Investments and Other Assets
Accounts receivable - noncurrent .................. - - - -
Unconsolidated affiliates ......................... 1,573 - 12,399 13,972
Assets held for sale .............................. - - - -
Other ............................................. - - - -
------------ ------------ ------------ ------------
Total Investments and Other Assets .................. 1,573 - 12,399 13,972
------------ ------------ ------------ ------------
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 ............... - - - -
Accounts receivable, net
Customers ....................................... - - - -
Intercompany .................................... 79 1,060 11,848 12,987
Other ........................................... - 2 91 93
Income tax refunds................................. - - - -
Gas inventory ..................................... - - - -
Other inventories, at average cost ................ - - - -
Prepayments ....................................... - - 8 8
Regulatory assets ................................. - - - -
Other ............................................. - 1 43 44
------------ ------------ ------------ ------------
Total Current Assets ................................ 79 1,063 11,990 13,132
------------ ------------ ------------ ------------
Deferred Charges .................................... 59 8 579 646
Longterm regulatory assets........................... - - - -
TOTAL ASSETS ........................................ 1,711 1,071 24,968 27,750
============ ============ ============ ============
</TABLE>
(a) Both TCC and CLG each include one subsidiary as noted in Item 1.
Consolidating financial statements of TCC and CLG are presented herewith in
Item 10 Exhibits F1B through F6B and F1C through F6C, respectively.
<PAGE> 53
F-1 (6 of 10) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Consolidating Balance Sheet as of December 31, 1995
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
F-1 F-1 F-1 F-1
CAPITALIZATION AND LIABILITIES Page 7 Page 8 Page 9 Page 10
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Capitalization
Common Stock Equity
The Columbia Gas System, Inc. - common stock,
$10 par value (49,204,025 shares outstanding) ...... - 506,201 - -
Subsidiaries - common stock ......................... 562,326 130,197 82,668 2,161
Additional paid in capital .......................... 1,293,132 600,116 55,200 138,493
Retained earnings ................................... (350,793) 247,506 (64,662) (127,800)
Treasury stock (at cost) ............................ - (57,807) - -
------------ ------------ ------------ ------------
Total common stock equity ............................. 1,504,665 1,426,213 73,206 12,854
Preferred stock ....................................... - 399,930 - -
Long-term debt ........................................ 2,241 2,002,194 - -
Installment promissory notes payable .................. 1,295,776 216,745 26,944 -
Other intercompany notes and loans .................... - - - -
------------ ------------ ------------ ------------
Total Capitalization .................................... 2,802,682 4,045,082 100,150 12,854
------------ ------------ ------------ ------------
Current Liabilities
Short term debt ....................................... - 338,879 - -
Debt obligations ...................................... 141 300 90 -
Accounts and drafts payable ........................... 131,200 66,939 10,115 202
Intercompany notes and loans - current maturities ..... 103,843 27,443 4,352 -
Intercompany short-term loans ......................... 90,191 20,188 2,449 -
Intercompany accounts payable ......................... 81,464 46,664 4,395 4,011
Accrued taxes ......................................... 215,722 (13,134) 9,061 210
Accrued interest ...................................... 5,213 97,143 524 70
Estimated rate refunds ................................ 70,738 25,411 - -
Estimated supplier obligations ........................ 178,316 - - -
Overrecovered gas costs ............................... 12,032 29,704 - -
Transportation and exchange gas payable ............... 39,194 8,908 - -
Deferred income taxes ................................. - 21,880 - -
Regulatory liabilities ................................ 9,236 - - -
Other ................................................. 222,663 41,543 12,481 9,044
------------ ------------ ------------ ------------
Total Current Liabilities ............................... 1,159,953 711,868 43,467 13,537
------------ ------------ ------------ ------------
Other Liabilities and Deferred Credits
Income taxes, noncurrent .............................. 354,563 77,399 12,939 -
Investment tax credits ................................ 24,246 14,371 - -
Postretirement benefits other than pensions ........... 150,621 37,217 19,042 1,320
Longterm regulatory liabilities ....................... 34,451 10,481 - -
Other ................................................. 169,880 26,158 2,715 39
------------ ------------ ------------ ------------
Total Other Liabilities and Deferred Credits ............ 733,761 165,626 34,696 1,359
------------ ------------ ------------ ------------
TOTAL CAPITALIZATION AND LIABILITIES .................... 4,696,396 4,922,576 178,313 27,750
============ ============ ============ ============
<CAPTION>
Consoli-
dating Consoli-
CAPITALIZATION AND LIABILITIES Combined Entries dated
------------ ------------ ------------
<S> <C> <C> <C>
Capitalization
Common Stock Equity
The Columbia Gas System, Inc. - common stock,
$10 par value (49,204,025 shares outstanding) ...... 506,201 - 506,201
Subsidiaries - common stock ......................... 777,352 (777,352) -
Additional paid in capital .......................... 2,086,941 (1,491,155) 595,786
Retained earnings ................................... (295,749) 365,577 69,828
Treasury stock (at cost) ............................ (57,807) - (57,807)
------------ ------------ ------------
Total common stock equity ............................. 3,016,938 (1,902,930) 1,114,008
Preferred stock ....................................... 399,930 - 399,930
Long-term debt ........................................ 2,004,435 - 2,004,435
Installment promissory notes payable .................. 1,539,465 (1,539,465) -
Other intercompany notes and loans .................... - - -
------------ ------------ ------------
Total Capitalization .................................... 6,960,768 (3,442,395) 3,518,373
------------ ------------ ------------
Current Liabilities
Short term debt ....................................... 338,879 - 338,879
Debt obligations ...................................... 531 - 531
Accounts and drafts payable ........................... 208,456 7,183 215,639
Intercompany notes and loans - current maturities ..... 135,638 (135,638) -
Intercompany short-term loans ......................... 112,828 (112,828) -
Intercompany accounts payable ......................... 136,534 (136,534) -
Accrued taxes ......................................... 211,859 59,484 271,343
Accrued interest ...................................... 102,950 (8,658) 94,292
Estimated rate refunds ................................ 96,149 - 96,149
Estimated supplier obligations ........................ 178,316 - 178,316
Overrecovered gas costs ............................... 41,736 - 41,736
Transportation and exchange gas payable ............... 48,102 (1,374) 46,728
Deferred income taxes ................................. 21,880 (21,880) -
Regulatory liabilities ................................ 9,236 - 9,236
Other ................................................. 285,731 - 285,731
------------ ------------ ------------
Total Current Liabilities ............................... 1,928,825 (350,245) 1,578,580
------------ ------------ ------------
Other Liabilities and Deferred Credits
Income taxes, noncurrent .............................. 444,901 23,708 468,609
Investment tax credits ................................ 38,617 - 38,617
Postretirement benefits other than pensions ........... 208,200 - 208,200
Longterm regulatory liabilities ....................... 44,932 - 44,932
Other ................................................. 198,792 941 199,733
------------ ------------ ------------
Total Other Liabilities and Deferred Credits ............ 935,442 24,649 960,091
------------ ------------ ------------
TOTAL CAPITALIZATION AND LIABILITIES .................... 9,825,035 (3,767,991) 6,057,044
============ ============ ============
</TABLE>
<PAGE> 54
F-1 (7 of 10) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Consolidating Balance Sheet as of December 31, 1995
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
CNR TCO (a) CGT
------------ ------------ ------------
CAPITALIZATION AND LIABILITIES
<S> <C> <C> <C>
Capitalization
Common Stock Equity
The Columbia Gas System, Inc. - common stock,
$10 par value (49,204,025 shares outstanding) ...... - - -
Subsidiaries - common stock ......................... 125,716 241,784 59,780
Additional paid in capital .......................... - 1,270,289 22,669
Retained earnings ................................... 2,270 (658,926) 19,556
Treasury stock (at cost) ............................ - - -
------------ ------------ ------------
Total common stock equity ............................. 127,986 853,147 102,005
Preferred stock ....................................... - - -
Long-term debt ........................................ - 617 -
Installment promissory notes payable .................. 36,838 900,000 61,714
Other intercompany notes and loans .................... - - -
------------ ------------ ------------
Total Capitalization .................................... 164,824 1,753,764 163,719
------------ ------------ ------------
Current Liabilities
Short term debt ....................................... - - -
Debt obligations ...................................... - 26 -
Accounts and drafts payable ........................... 3,656 46,105 7,211
Intercompany notes and loans - current maturities ..... 5,209 54,000 8,452
Intercompany short-term loans ......................... - - -
Intercompany accounts payable ......................... 1,639 20,696 15,144
Accrued taxes ......................................... 7,722 68,706 25,130
Accrued Interest ...................................... 765 1,884 384
Estimated rate refunds ................................ - 31,832 4,206
Estimated supplier obligations ........................ - 178,316 -
Overrecovered gas costs ............................... - -
Transportation and exchange gas payable ............... - 22,405 3,294
Deferred income taxes ................................. - - -
Regulatory liabilities ................................ - 8,757 479
Other ................................................. 10,396 138,701 16,195
------------ ------------ ------------
Total Current Liabilities ............................... 29,387 571,428 80,495
------------ ------------ ------------
Other Liabilities and Deferred Credits
Income taxes, noncurrent .............................. 72,522 165,985 40,249
Investment tax credits ................................ - 1,195 282
Postretirement benefits other than pensions ........... 5,335 49,873 5,816
Longterm regulatory liabilities ....................... - 19,280 153
Other ................................................. 651 144,874 2,078
------------ ------------ ------------
Total Other Liabilities and Deferred Credits ............ 78,508 381,207 48,578
------------ ------------ ------------
TOTAL CAPITALIZATION AND LIABILITIES .................... 272,719 2,706,399 292,792
============ ============ ============
<CAPTION>
F-1 Page 7
CKY COH Total
------------ ------------ ------------
CAPITALIZATION AND LIABILITIES
<S> <C> <C> <C>
Capitalization
Common Stock Equity
The Columbia Gas System, Inc. - common stock,
$10 par value (49,204,025 shares outstanding) ...... - - -
Subsidiaries - common stock ......................... 15,806 119,240 562,326
Additional paid in capital .......................... 174 - 1,293,132
Retained earnings ................................... 38,040 248,267 (350,793)
Treasury stock (at cost) ............................ - - -
------------ ------------ ------------
Total common stock equity ............................. 54,020 367,507 1,504,665
Preferred stock ....................................... - - -
Long-term debt ........................................ 287 1,337 2,241
Installment promissory notes payable .................. 37,264 259,960 1,295,776
Other intercompany notes and loans .................... - - -
------------ ------------ ------------
Total Capitalization .................................... 91,571 628,804 2,802,682
------------ ------------ ------------
Current Liabilities
Short term debt ....................................... - - -
Debt obligations ...................................... 34 81 141
Accounts and drafts payable ........................... 6,638 67,590 131,200
Intercompany notes and loans - current maturities ..... 4,572 31,610 103,843
Intercompany short-term loans ......................... 2,252 87,939 90,191
Intercompany accounts payable ......................... 7,944 36,041 81,464
Accrued taxes ......................................... 5,350 108,814 215,722
Accrued Interest ...................................... 430 1,750 5,213
Estimated rate refunds ................................ 4,661 30,039 70,738
Estimated supplier obligations ........................ - - 178,316
Overrecovered gas costs ............................... 978 11,054 12,032
Transportation and exchange gas payable ............... 1,827 11,668 39,194
Deferred income taxes ................................. - - -
Regulatory liabilities ................................ - - 9,236
Other ................................................. 5,828 51,543 222,663
------------ ------------ ------------
Total Current Liabilities ............................... 40,514 438,129 1,159,953
------------ ------------ ------------
Other Liabilities and Deferred Credits
Income taxes, noncurrent .............................. 3,324 72,483 354,563
Investment tax credits ................................ 2,060 20,709 24,246
Postretirement benefits other than pensions ........... 7,289 82,308 150,621
Longterm regulatory liabilities ....................... 3,867 11,151 34,451
Other ................................................. 6,040 16,237 169,880
------------ ------------ ------------
Total Other Liabilities and Deferred Credits ............ 22,580 202,888 733,761
------------ ------------ ------------
TOTAL CAPITALIZATION AND LIABILITIES .................... 154,665 1,269,821 4,696,396
============ ============ ============
</TABLE>
(a) On June 6, 1995 Columbia Transmission Investment Corporation (CTIC) was
dissolved. Consequently, no Consolidating Balance Sheet is presented herewith
in Item 10.
<PAGE> 55
F-1 (8 of 10) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Consolidating Balance Sheet as of December 31, 1995
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
CMD CPA COS
------------ ------------ ------------
CAPITALIZATION AND LIABILITIES
<S> <C> <C> <C>
Capitalization
Common Stock Equity
The Columbia Gas System, Inc. - common stock,
$10 par value (49,204,025 shares outstanding) ...... - - -
Subsidiaries - common stock ......................... 7,092 68,628 50,305
Additional paid in capital .......................... - - 2,969
Retained earnings ................................... 10,940 110,655 48,701
Treasury stock (at cost) ............................ - - -
------------ ------------ ------------
Total common stock equity ............................. 18,032 179,283 101,975
Preferred stock ....................................... - - -
Long-term debt ........................................ 72 546 1,520
Installment promissory notes payable .................. 13,819 127,450 75,476
Other intercompany notes and loans .................... - - -
------------ ------------ ------------
Total Capitalization .................................... 31,923 307,279 178,971
------------ ------------ ------------
Current Liabilities
Short term debt ....................................... - - -
Debt obligations ...................................... 14 41 245
Accounts and drafts payable ........................... 1,553 21,045 12,389
Intercompany notes and loans - current maturities ..... 1,680 15,973 9,790
Intercompany short-term loans ......................... 3,000 10,038 7,150
Intercompany accounts payable ......................... 2,678 20,913 8,596
Accrued taxes ......................................... 23 14,281 2,247
Accrued Interest ...................................... 10 785 245
Estimated rate refunds ................................ 1,394 17,924 6,093
Estimated supplier obligations ........................ - - -
Overrecovered gas costs ............................... - 25,586 4,118
Transportation and exchange gas payable ............... 119 4,730 4,059
Deferred income taxes ................................. - - -
Regulatory liabilities ................................ - - -
Other ................................................. 1,706 14,780 11,247
------------ ------------ ------------
Total Current Liabilities ............................... 12,177 146,096 66,179
------------ ------------ ------------
Other Liabilities and Deferred Credits
Income taxes, noncurrent .............................. 2,113 61,852 12,538
Investment tax credits ................................ 1,113 10,142 3,116
Postretirement benefits other than pensions ........... 1,923 24,643 4,906
Longterm regulatory liabilities ....................... 1,683 7,193 1,605
Other ................................................. 578 6,811 4,938
------------ ------------ ------------
Total Other Liabilities and Deferred Credits ............ 7,410 110,641 27,103
------------ ------------ ------------
TOTAL CAPITALIZATION AND LIABILITIES .................... 51,510 564,016 272,253
============ ============ ============
<CAPTION>
F-1 Page 8
CES(a) CG Total
------------ ------------ ------------
CAPITALIZATION AND LIABILITIES
<S> <C> <C> <C>
Capitalization
Common Stock Equity
The Columbia Gas System, Inc. - common stock,
$10 par value (49,204,025 shares outstanding) ...... - 506,201 506,201
Subsidiaries - common stock ......................... 4,172 - 130,197
Additional paid in capital .......................... 1,361 595,786 600,116
Retained earnings ................................... 7,382 69,828 247,506
Treasury stock (at cost) ............................ - (57,807) (57,807)
------------ ------------ ------------
Total common stock equity ............................. 12,915 1,114,008 1,426,213
Preferred stock ....................................... - 399,930 399,930
Long-term debt ........................................ - 2,000,056 2,002,194
Installment promissory notes payable .................. - - 216,745
Other intercompany notes and loans .................... - - -
------------ ------------ ------------
Total Capitalization .................................... 12,915 3,513,994 4,045,082
------------ ------------ ------------
Current Liabilities
Short term debt ....................................... - 338,879 338,879
Debt obligations ...................................... - - 300
Accounts and drafts payable ........................... 27,373 4,579 66,939
Intercompany notes and loans - current maturities ..... - - 27,443
Intercompany short-term loans ......................... - - 20,188
Intercompany accounts payable ......................... 6,643 7,834 46,664
Accrued taxes ......................................... 408 (30,093) (13,134)
Accrued Interest ...................................... 5 96,098 97,143
Estimated rate refunds ................................ - - 25,411
Estimated supplier obligations ........................ - - -
Overrecovered gas costs ............................... - - 29,704
Transportation and exchange gas payable ............... - - 8,908
Deferred income taxes ................................. - 21,880 21,880
Regulatory liabilities ................................ - - -
Other ................................................. 517 13,293 41,543
------------ ------------ ------------
Total Current Liabilities ............................... 34,946 452,470 711,868
------------ ------------ ------------
Other Liabilities and Deferred Credits
Income taxes, noncurrent .............................. 896 - 77,399
Investment tax credits ................................ - - 14,371
Postretirement benefits other than pensions ........... 51 5,694 37,217
Longterm regulatory liabilities ....................... - - 10,481
Other ................................................. (1,396) 15,227 26,158
------------ ------------ ------------
Total Other Liabilities and Deferred Credits ............ (449) 20,921 165,626
------------ ------------ ------------
TOTAL CAPITALIZATION AND LIABILITIES .................... 47,412 3,987,385 4,922,576
============ ============ ============
</TABLE>
(a) CES includes one subsidiary as noted in Item 1. Consolidating financial
statements of CES are presented herewith in Item 10 Exhibits F1D through F6D.
<PAGE> 56
F-1 (9 of 10) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Consolidating Balance Sheet as of December 31, 1995
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
CS CGC CPC
------------ ------------ ------------
CAPITALIZATION AND LIABILITIES
<S> <C> <C> <C>
Capitalization
Common Stock Equity
The Columbia Gas System, Inc. - common stock,
$10 par value (49,204,025 shares outstanding) ...... - - -
Subsidiaries - common stock ......................... 13,000 48,475 3,900
Additional paid in capital .......................... - 12,000 -
Retained earnings ................................... 176 (51,951) (2,049)
Treasury stock (at cost) ............................ - - -
------------ ------------ ------------
Total common stock equity ............................. 13,176 8,524 1,851
Preferred stock ....................................... - - -
Long-term debt ........................................ - - -
Installment promissory notes payable .................. 14,043 3,013 2,008
Other intercompany notes and loans .................... - - -
------------ ------------ ------------
Total Capitalization .................................... 27,219 11,537 3,859
------------ ------------ ------------
Current Liabilities
Short term debt ....................................... - - -
Debt obligations ...................................... - - -
Accounts and drafts payable ........................... 4,225 31 578
Intercompany notes and loans - current maturities ..... 2,078 700 434
Intercompany short-term loans ......................... - - 66
Intercompany accounts payable ......................... 1,706 97 2,113
Accrued taxes ......................................... 3,053 2,527 376
Accrued interest ...................................... 48 183 18
Estimated rate refunds ................................ - - -
Estimated supplier obligations ........................ - - -
Overrecovered gas costs ............................... - - -
Transportation and exchange gas payable ............... - - -
Deferred income taxes ................................. - - -
Regulatory liabilities ................................ - - -
Other ................................................. 8,432 60 403
------------ ------------ ------------
Total Current Liabilities ............................... 19,542 3,598 3,988
------------ ------------ ------------
Other Liabilities and Deferred Credits
Income taxes, noncurrent .............................. 2,017 2,303 1,927
Investment tax credits ................................ - - -
Postretirement benefits other than pensions ........... 11,959 239 1,158
Longterm regulatory liabilities ....................... - - -
Other ................................................. 1,907 101 267
------------ ------------ ------------
Total Other Liabilities and Deferred Credits ............ 15,883 2,643 3,352
------------ ------------ ------------
TOTAL CAPITALIZATION AND LIABILITIES .................... 62,644 17,778 11,199
============ ============ ============
<CAPTION>
F-1 Page 9
CPI TVC (a) Total
------------ ------------ ------------
CAPITALIZATION AND LIABILITIES
<S> <C> <C> <C>
Capitalization
Common Stock Equity
The Columbia Gas System, Inc. - common stock,
$10 par value (49,204,025 shares outstanding) ...... - - -
Subsidiaries - common stock ......................... 2,000 15,293 82,668
Additional paid in capital .......................... 398 42,802 55,200
Retained earnings ................................... 7,405 (18,243) (64,662)
Treasury stock (at cost) ............................ - - -
------------ ------------ ------------
Total common stock equity ............................. 9,803 39,852 73,206
Preferred stock ....................................... - - -
Long-term debt ........................................ - - -
Installment promissory notes payable .................. 7,880 - 26,944
Other intercompany notes and loans .................... - - -
------------ ------------ ------------
Total Capitalization .................................... 17,683 39,852 100,150
------------ ------------ ------------
Current Liabilities
Short term debt ....................................... - - -
Debt obligations ...................................... 90 - 90
Accounts and drafts payable ........................... 4,739 542 10,115
Intercompany notes and loans - current maturities ..... 1,140 - 4,352
Intercompany short-term loans ......................... 2,383 - 2,449
Intercompany accounts payable ......................... 468 11 4,395
Accrued taxes ......................................... 905 2,200 9,061
Accrued interest ...................................... 275 524
Estimated rate refunds ................................ - - -
Estimated supplier obligations ........................ - - -
Overrecovered gas costs ............................... - - -
Transportation and exchange gas payable ............... - - -
Deferred income taxes ................................. - - -
Regulatory liabilities ................................ - - -
Other ................................................. 3,064 522 12,481
------------ ------------ ------------
Total Current Liabilities ............................... 12,789 3,550 43,467
------------ ------------ ------------
Other Liabilities and Deferred Credits
Income taxes, noncurrent .............................. 2,314 4,378 12,939
Investment tax credits ................................ - - -
Postretirement benefits other than pensions ........... 5,619 67 19,042
Longterm regulatory liabilities ....................... - - -
Other ................................................. 404 36 2,715
------------ ------------ ------------
Total Other Liabilities and Deferred Credits ............ 8,337 4,481 34,696
------------ ------------ ------------
TOTAL CAPITALIZATION AND LIABILITIES .................... 38,809 47,883 178,313
============ ============ ============
</TABLE>
(a) TVC includes twelve subsidiaries as noted in Item 1. Consolidating
financial statements of TVC are presented herewith in Item 10 Exhibits F1A
through F6A.
<PAGE> 57
F-1 (10 of 10) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Consolidating Balance Sheet as of December 31, 1995
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
F-1 Page 10
TCC (a) CAT CLG (a) Total
------------ ------------ ------------ ------------
CAPITALIZATION AND LIABILITIES
<S> <C> <C> <C> <C>
Capitalization
Common Stock Equity
The Columbia Gas System, Inc. - common stock,
$10 par value (49,204,025 shares outstanding) ...... - - - -
Subsidiaries - common stock ......................... 2,075 82 4 2,161
Additional paid in capital .......................... - - 138,493 138,493
Retained earnings ................................... (358) (888) (126,554) (127,800)
Treasury stock (at cost) ............................ - - - -
------------ ------------ ------------ ------------
Total common stock equity ............................. 1,717 (806) 11,943 12,854
Preferred stock ....................................... - - - -
Long-term debt ........................................ - - - -
Installment promissory notes payable .................. - - - -
Other intercompany notes and loans .................... - - - -
------------ ------------ ------------ ------------
Total Capitalization .................................... 1,717 (806) 11,943 12,854
------------ ------------ ------------ ------------
Current Liabilities
Short term debt ....................................... - - - -
Debt obligations ...................................... - - - -
Accounts and drafts payable ........................... - - 202 202
Intercompany notes and loans - current maturities ..... - - - -
Intercompany short-term loans ......................... - - - -
Intercompany accounts payable ......................... 1 1,892 2,118 4,011
Accrued taxes ......................................... (7) (18) 235 210
Accrued interest ...................................... - 3 67 70
Estimated rate refunds ................................ - - - -
Estimated supplier obligations ........................ - - - -
Overrecovered gas costs ............................... - - - -
Transportation and exchange gas payable ............... - - - -
Deferred income taxes ................................. - - - -
Regulatory liabilities ................................ - - - -
Other ................................................. - - 9,044 9,044
------------ ------------ ------------ ------------
Total Current Liabilities ............................... (6) 1,877 11,666 13,537
------------ ------------ ------------ ------------
Other Liabilities and Deferred Credits
Income taxes, noncurrent .............................. - - - -
Investment tax credits ................................ - - - -
Postretirement benefits other than pensions ........... - - 1,320 1,320
Longterm regulatory liabilities ....................... - - - -
Other ................................................. - - 39 39
------------ ------------ ------------ ------------
Total Other Liabilities and Deferred Credits ............ - - 1,359 1,359
------------ ------------ ------------ ------------
TOTAL CAPITALIZATION AND LIABILITIES .................... 1,711 1,071 24,968 27,750
============ ============ ============ ============
</TABLE>
(a) Both TCC and CLG each include one subsidiary as noted in Item 1.
Consolidating financial statements of TCC and CLG are presented herewith in
Item 10 Exhibits F1B through F6B and F1C through F6C, respectively.
<PAGE> 58
F-1A (1 of 6) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Tristar Ventures Corporation and Subsidiaries
Consolidating Balance Sheet as of December 31, 1995
(Not covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
Consoli-
F-1B F-1B dating TVC
Page 2 Page 3 Combined Entries Consolidated
ASSETS ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Property, Plant and Equipment
Gas utility and other plant, at original cost ..... - - - - -
Accumulated depreciation and depletion ............ - - - - -
------------ ------------ ------------ ------------ ------------
Net Gas Utility and Other Plant ................... - - - - -
------------ ------------ ------------ ------------ ------------
Oil and gas producing properties, full cost method. - - - - -
Accumulated depletion ............................. - - - - -
------------ ------------ ------------ ------------ ------------
Net Oil and Gas Producing Properties .............. - - - - -
------------ ------------ ------------ ------------ ------------
Net Property, Plant, and Equipment .................. - - - - -
------------ ------------ ------------ ------------ ------------
Investments and Other Assets
Accounts receivable - noncurrent .................. - - - - -
Unconsolidated affiliates ......................... 25,941 11,645 37,586 - 37,586
Assets held for sale .............................. - - - - -
Other ............................................. - - - - -
------------ ------------ ------------ ------------ ------------
Total Investments and Other Assets .................. 25,941 11,645 37,586 - 37,586
------------ ------------ ------------ ------------ ------------
Investments in Subsidiaries
Capital stock ..................................... 23,529 - 23,529 (23,529) -
Equity in undistributed earnings of
subsidiaries ..................................... 1,965 - 1,965 (1,965) -
Notes receivable .................................. 4,453 - 4,453 (4,453) -
Other investments ................................. 3,587 - 3,587 (3,587) -
Other receivables - TCO ........................... - - - - -
------------ ------------ ------------ ------------ ------------
Total Investments in Subsidiaries ................... 33,534 - 33,534 (33,534) -
------------ ------------ ------------ ------------ ------------
Current Assets
Cash and temporary cash investments ............... - - - - -
Accounts receivable, net
Customers ....................................... - - - - -
Intercompany .................................... 7,144 1,889 9,033 - 9,033
Other ........................................... 518 - 518 - 518
Income tax refunds ................................ - - - - -
Gas inventory ..................................... - - - - -
Other inventories, at average cost ................ - - - - -
Prepayments ....................................... 32 - 32 - 32
Other ............................................. 91 13 104 - 104
------------ ------------ ------------ ------------ ------------
Total Current Assets ................................ 7,785 1,902 9,687 - 9,687
------------ ------------ ------------ ------------ ------------
Deferred Charges .................................... 609 1 610 - 610
------------ ------------ ------------ ------------ ------------
TOTAL ASSETS ........................................ 67,869 13,548 81,417 (33,534) 47,883
============ ============ ============ ============ ============
</TABLE>
<PAGE> 59
F-1A (2 of 6) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Tristar Ventures Corporation and Subsidiaries
Consolidating Balance Sheet as of December 31, 1995
(Not covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
BGC BLC GGC GLC PGC
ASSETS ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Property, Plant and Equipment
Gas utility and other plant, at original cost ..... - - - - -
Accumulated depreciation and depletion ............ - - - - -
------------ ------------ ------------ ------------ ------------
Net Gas Utility and Other Plant ................... - - - - -
------------ ------------ ------------ ------------ ------------
Oil and gas producing properties, full cost method. - - - - -
Accumulated depletion ............................. - - - - -
------------ ------------ ------------ ------------ ------------
Net Oil and Gas Producing Properties .............. - - - - -
------------ ------------ ------------ ------------ ------------
Net Property, Plant, and Equipment .................. - - - - -
------------ ------------ ------------ ------------ ------------
Investments and Other Assets
Accounts receivable - noncurrent .................. - - - - -
Unconsolidated affiliates ......................... 2,418 5,641 - - 5,331
Assets held for sale .............................. - - - - -
Other ............................................. - - - - -
------------ ------------ ------------ ------------ ------------
Total Investments and Other Assets .................. 2,418 5,641 - - 5,331
------------ ------------ ------------ ------------ ------------
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 ............... - - - - -
Accounts receivable, net
Customers ....................................... - - - - -
Intercompany .................................... 557 1,404 - - 4
Other ........................................... 6 16 - - -
Income tax refund ................................. - - - - -
Gas inventory ..................................... - - - - -
Other inventories, at average cost ................ - - - - -
Prepayments ....................................... - - - - -
Other ............................................. 1 2 - - -
------------ ------------ ------------ ------------ ------------
Total Current Assets ................................ 564 1,422 - - 4
------------ ------------ ------------ ------------ ------------
Deferred Charges .................................... 1 - - - -
------------ ------------ ------------ ------------ ------------
TOTAL ASSETS ........................................ 2,983 7,063 - - 5,335
============ ============ ============ ============ ============
<CAPTION>
F-1B Page 2
PLC TVC Total
ASSETS ------------ ------------ ------------
<S> <C> <C> <C>
Property, Plant and Equipment
Gas utility and other plant, at original cost ..... - - -
Accumulated depreciation and depletion ............ - - -
------------ ------------ ------------
Net Gas Utility and Other Plant ................... - - -
------------ ------------ ------------
Oil and gas producing properties, full cost method. - - -
Accumulated depletion ............................. - - -
------------ ------------ ------------
Net Oil and Gas Producing Properties .............. - - -
------------ ------------ ------------
Net Property, Plant, and Equipment .................. - - -
------------ ------------ ------------
Investments and Other Assets
Accounts receivable - noncurrent .................. - - -
Unconsolidated affiliates ......................... 12,440 111 25,941
Assets held for sale .............................. - - -
Other ............................................. - - -
------------ ------------ ------------
Total Investments and Other Assets .................. 12,440 111 25,941
------------ ------------ ------------
Investments in Subsidiaries
Capital stock ..................................... - 23,529 23,529
Equity in undistributed earnings of
subsidiaries ..................................... - 1,965 1,965
Notes receivable .................................. - 4,453 4,453
Other investments ................................. - 3,587 3,587
Other receivables - TCO ........................... - - -
------------ ------------ ------------
Total Investments in Subsidiaries ................... - 33,534 33,534
------------ ------------ ------------
Current Assets
Cash and temporary cash investments ............... - - -
Accounts receivable, net
Customers ....................................... - - -
Intercompany .................................... 5 5,174 7,144
Other ........................................... - 496 518
Income tax refund ................................. - - -
Gas inventory ..................................... - - -
Other inventories, at average cost ................ - - -
Prepayments ....................................... - 32 32
Other ............................................. 1 87 91
------------ ------------ ------------
Total Current Assets ................................ 6 5,789 7,785
------------ ------------ ------------
Deferred Charges .................................... - 608 609
------------ ------------ ------------
TOTAL ASSETS ........................................ 12,446 40,042 67,869
============ ============ ============
</TABLE>
<PAGE> 60
F-1A (3 of 6) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Tristar Ventures Corporation and Subsidiaries
Consolidating Balance Sheet as of December 31, 1995
(Not covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
VGC VLC RL FC TVC9
ASSETS ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Property, Plant and Equipment
Gas utility and other plant, at original cost ..... - - - - -
Accumulated depreciation and depletion ............ - - - - -
------------ ------------ ------------ ------------ ------------
Net Gas Utility and Other Plant ................... - - - - -
------------ ------------ ------------ ------------ ------------
Oil and gas producing properties, full cost method. - - - - -
Accumulated depletion ............................. - - - - -
------------ ------------ ------------ ------------ ------------
Net Oil and Gas Producing Properties .............. - - - - -
------------ ------------ ------------ ------------ ------------
Net Property, Plant, and Equipment .................. - - - - -
------------ ------------ ------------ ------------ ------------
Investments and Other Assets
Accounts receivable - noncurrent .................. - - - - -
Unconsolidated affiliates ......................... 557 5,016 6,072 - -
Assets held for sale .............................. - - - - -
Other ............................................. - - - - -
------------ ------------ ------------ ------------ ------------
Total Investments and Other Assets .................. 557 5,016 6,072 - -
------------ ------------ ------------ ------------ ------------
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 ............... - - - - -
Accounts receivable, net
Customers ....................................... - - - - -
Intercompany .................................... 158 1,362 369 - -
Other ........................................... - - - - -
Income tax refunds ................................ - - - - -
Gas inventory ..................................... - - - - -
Other inventories, at average cost ................ - - - - -
Prepayments ....................................... - - - - -
Other ............................................. - 2 11 - -
------------ ------------ ------------ ------------ ------------
Total Current Assets ................................ 158 1,364 380 - -
------------ ------------ ------------ ------------ ------------
Deferred Charges .................................... 1 1 (1) - -
------------ ------------ ------------ ------------ ------------
TOTAL ASSETS ........................................ 716 6,381 6,451 - -
============ ============ ============ ============ ============
<CAPTION>
F-1B Page 3
TVC10 Total
ASSETS ------------- ------------
<S> <C> <C>
Property, Plant and Equipment
Gas utility and other plant, at original cost ..... - -
Accumulated depreciation and depletion ............ - -
------------- ------------
Net Gas Utility and Other Plant ................... - -
------------- ------------
Oil and gas producing properties, full cost method. - -
Accumulated depletion ............................. - -
------------- ------------
Net Oil and Gas Producing Properties .............. - -
------------- ------------
Net Property, Plant, and Equipment .................. - -
------------- ------------
Investments and Other Assets
Accounts receivable - noncurrent .................. - -
Unconsolidated affiliates ......................... - 11,645
Assets held for sale .............................. - -
Other ............................................. - -
------------- ------------
Total Investments and Other Assets .................. - 11,645
------------- ------------
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 ............... - -
Accounts receivable, net
Customers ....................................... - -
Intercompany .................................... - 1,889
Other ........................................... - -
Income tax refunds ................................ - -
Gas inventory ..................................... - -
Other inventories, at average cost ................ - -
Prepayments ....................................... - -
Other ............................................. - 13
------------- ------------
Total Current Assets ................................ - 1,902
------------- ------------
Deferred Charges .................................... - 1
------------- ------------
TOTAL ASSETS ........................................ - 13,548
============= ============
</TABLE>
<PAGE> 61
F-1A (4 of 6) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Tristar Ventures Corporation and Subsidiaries
Consolidating Balance Sheet as of December 31, 1995
(Not covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
Consoli-
F-1B F-1B dating TVC
CAPITALIZATION AND LIABILITIES Page 5 Page 6 Combined Entries Consolidated
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Capitalization
Common Stock Equity
The Columbia Gas System, Inc. - common stock,
$10 par value (49,204,025 shares outstanding) ....... - - - - -
Subsidiaries - common stock .......................... 15,460 203 15,663 (370) 15,293
Additional paid in capital ........................... 57,248 8,713 65,961 (23,159) 42,802
Retained earnings .................................... (16,006) (272) (16,278) (1,965) (18,243)
Unearned employee compensation ....................... - - - - -
------------ ------------ ------------ ------------ ------------
Total common stock equity .............................. 56,702 8,644 65,346 (25,494) 39,852
Long-term debt ......................................... - - - - -
Installment promissory notes payable ................... - - - - -
Other intercompany notes and loans ..................... - - - - -
------------ ------------ ------------ ------------ ------------
Total Capitalization ..................................... 56,702 8,644 65,346 (25,494) 39,852
------------ ------------ ------------ ------------ ------------
Current Liabilities
Debtor-in-possession financing ......................... - - - - -
Debt obligations ....................................... - - - - -
Accounts and drafts payable ............................ 542 - 542 - 542
Intercompany notes and loans - current maturities....... - - - - -
Intercompany short-term loans .......................... 6,462 1,578 8,040 (8,040) -
Intercompany accounts payable .......................... 11 - 11 - 11
Accrued taxes .......................................... 2,732 (532) 2,200 - 2,200
Accrued interest ....................................... 193 82 275 - 275
Estimated rate refunds ................................. - - - - -
Estimated supplier obligations ......................... - - - - -
Transportation and exchange gas payable ................ - - - - -
Deferred income taxes .................................. - - - - -
Other .................................................. 522 - 522 - 522
------------ ------------ ------------ ------------ ------------
Total Current Liabilities ................................ 10,462 1,128 11,590 (8,040) 3,550
------------ ------------ ------------ ------------ ------------
Other Liabilities and Deferred Credits
Income taxes, noncurrent ............................... 602 3,776 4,378 - 4,378
Investment tax credits ................................. - - - - -
Postretirement benefits other than pensions ............ 67 - 67 - 67
Other .................................................. 36 - 36 - 36
------------ ------------ ------------ ------------ ------------
Total Other Liabilities and Deferred Credits ............. 705 3,776 4,481 - 4,481
------------ ------------ ------------ ------------ ------------
TOTAL CAPITALIZATION AND LIABILITIES ..................... 67,869 13,548 81,417 (33,534) 47,883
============ ============ ============ ============ ============
</TABLE>
<PAGE> 62
F-1A (5 of 6) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Tristar Ventures Corporation and Subsidiaries
Consolidating Balance Sheet as of December 31, 1995
(Not covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
CAPITALIZATION AND LIABILITIES BGC BLC GGC GLC PGC
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Capitalization
Common Stock Equity
The Columbia Gas System, Inc. - common stock,
$10 par value (49,204,025 shares outstanding) ....... - - - - -
Subsidiaries - common stock .......................... 3 3 10 75 75
Additional paid in capital ........................... 2,847 6,647 97 4,855 -
Retained earnings .................................... 48 77 (107) (4,930) 2,070
Unearned employee compensation ....................... - - - - -
------------ ------------ ------------ ------------ ------------
Total common stock equity .............................. 2,898 6,727 - - 2,145
Long-term debt ......................................... - - - - -
Installment promissory notes payable ................... - - - - -
Other intercompany notes and loans ..................... - - - - -
------------ ------------ ------------ ------------ ------------
Total Capitalization ..................................... 2,898 6,727 - - 2,145
------------ ------------ ------------ ------------ ------------
Current Liabilities
Debtor-in-possession financing ......................... - - - - -
Debt obligations ....................................... - - - - -
Accounts and drafts payable ............................ - - - - -
Intercompany notes and loans - current maturities ...... - - - - -
Intercompany short-term loans .......................... - - - - 2,132
Intercompany accounts payable .......................... - - - - -
Accrued taxes .......................................... (123) (312) - - 575
Accrued interest ....................................... 3 6 - - 2
Estimated rate refunds ................................. - - - - -
Estimated supplier obligations ......................... - - - - -
Transportation and exchange gas payable ................ - - - - -
Deferred income taxes .................................. - - - - -
Other .................................................. - - - - -
------------ ------------ ------------ ------------ ------------
Total Current Liabilities ................................ (120) (306) - - 2,709
------------ ------------ ------------ ------------ ------------
Other Liabilities and Deferred Credits
Income taxes, noncurrent ............................... 205 642 - - 481
Investment tax credits ................................. - - - - -
Postretirement benefits other than pensions ............ - - - - -
Other .................................................. - - - - -
------------ ------------ ------------ ------------ ------------
Total Other Liabilities and Deferred Credits ............. 205 642 - - 481
------------ ------------ ------------ ------------ ------------
TOTAL CAPITALIZATION AND LIABILITIES ..................... 2,983 7,063 - - 5,335
============ ============ ============ ============ ============
<CAPTION>
F-1B Page 5
CAPITALIZATION AND LIABILITIES PLC TVC Total
------------ ------------ ------------
<S> <C> <C> <C>
Capitalization
Common Stock Equity
The Columbia Gas System, Inc. - common stock,
$10 par value (49,204,025 shares outstanding) ....... - - -
Subsidiaries - common stock .......................... 1 15,293 15,460
Additional paid in capital ........................... - 42,802 57,248
Retained earnings .................................... 5,079 (18,243) (16,006)
Unearned employee compensation ....................... - - -
------------ ------------ ------------
Total common stock equity .............................. 5,080 39,852 56,702
Long-term debt ......................................... - - -
Installment promissory notes payable ................... - - -
Other intercompany notes and loans ..................... - - -
------------ ------------ ------------
Total Capitalization ..................................... 5,080 39,852 56,702
------------ ------------ ------------
Current Liabilities
Debtor-in-possession financing ......................... - - -
Debt obligations ....................................... - - -
Accounts and drafts payable ............................ - 542 542
Intercompany notes and loans - current maturities ...... - - -
Intercompany short-term loans .......................... 4,931 (601) 6,462
Intercompany accounts payable .......................... - 11 11
Accrued taxes .......................................... 1,404 1,188 2,732
Accrued interest ....................................... 4 178 193
Estimated rate refunds ................................. - - -
Estimated supplier obligations ......................... - - -
Transportation and exchange gas payable ................ - - -
Deferred income taxes .................................. - - -
Other .................................................. - 522 522
------------ ------------ ------------
Total Current Liabilities ................................ 6,339 1,840 10,462
------------ ------------ ------------
Other Liabilities and Deferred Credits
Income taxes, noncurrent ............................... 1,027 (1,753) 602
Investment tax credits ................................. - - -
Postretirement benefits other than pensions ............ - 67 67
Other .................................................. - 36 36
------------ ------------ ------------
Total Other Liabilities and Deferred Credits ............. 1,027 (1,650) 705
------------ ------------ ------------
TOTAL CAPITALIZATION AND LIABILITIES ..................... 12,446 40,042 67,869
============ ============ ============
</TABLE>
<PAGE> 63
F-1A (6 of 6) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Tristar Ventures Corporation and Subsidiaries
Consolidating Balance Sheet as of December 31, 1995
(Not covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
CAPITALIZATION AND LIABILITIES VGC VLC RL FC TVC9
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Capitalization
Common Stock Equity
The Columbia Gas System, Inc. - common stock,
$10 par value (49,204,025 shares outstanding) ....... - - - - -
Subsidiaries - common stock .......................... 68 60 - 75 -
Additional paid in capital ........................... 825 7,001 - 887 -
Retained earnings .................................... (159) (533) 1,382 (962) -
Unearned employee compensation ....................... - - - - -
------------ ------------ ------------ ------------ ------------
Total common stock equity .............................. 734 6,528 1,382 - -
Long-term debt ......................................... - - - - -
Installment promissory notes payable ................... - - - - -
Other intercompany notes and loans ..................... - - - - -
------------ ------------ ------------ ------------ ------------
Total Capitalization ..................................... 734 6,528 1,382 - -
------------ ------------ ------------ ------------ ------------
Current Liabilities
Debtor-in-possession financing ......................... - - - - -
Debt obligations ....................................... - - - - -
Accounts and drafts payable ............................ - - - - -
Intercompany notes and loans - current maturities ...... - - - - -
Intercompany short-term loans .......................... - - 1,578 - -
Intercompany accounts payable .......................... - - - - -
Accrued taxes .......................................... (16) (127) (389) - -
Accrued interest ....................................... 1 4 77 - -
Estimated rate refunds ................................. - - - - -
Estimated supplier obligations ......................... - - - - -
Transportation and exchange gas payable ................ - - - - -
Deferred income taxes .................................. - - - - -
Other .................................................. - - - - -
------------ ------------ ------------ ------------ ------------
Total Current Liabilities ................................ (15) (123) 1,266 - -
------------ ------------ ------------ ------------ ------------
Other Liabilities and Deferred Credits
Income taxes, noncurrent ............................... (3) (24) 3,803 - -
Investment tax credits ................................. - - - - -
Postretirement benefits other than pensions ............ - - - - -
Other .................................................. - - - - -
------------ ------------ ------------ ------------ ------------
Total Other Liabilities and Deferred Credits ............. (3) (24) 3,803 - -
------------ ------------ ------------ ------------ ------------
TOTAL CAPITALIZATION AND LIABILITIES ..................... 716 6,381 6,451 - -
============ ============ ============ ============ ============
<CAPTION>
F-1B Page 6
CAPITALIZATION AND LIABILITIES TVC10 Total
------------ ------------
<S> <C> <C>
Capitalization
Common Stock Equity
The Columbia Gas System, Inc. - common stock,
$10 par value (49,204,025 shares outstanding) ...... - -
Subsidiaries - common stock ......................... - 203
Additional paid in capital .......................... - 8,713
Retained earnings ................................... - (272)
Unearned employee compensation ...................... - -
------------ ------------
Total common stock equity ............................. - 8,644
Long-term debt ........................................ - -
Installment promissory notes payable .................. - -
Other intercompany notes and loans .................... - -
------------ ------------
Total Capitalization .................................... - 8,644
------------ ------------
Current Liabilities
Debtor-in-possession financing ........................ - -
Debt obligations ...................................... - -
Accounts and drafts payable ........................... - -
Intercompany notes and loans - current maturities ..... - -
Intercompany short-term loans ......................... - 1,578
Intercompany accounts payable ......................... - -
Accrued taxes ......................................... - (532)
Accrued interest ...................................... - 82
Estimated rate refunds ................................ - -
Estimated supplier obligations ........................ - -
Transportation and exchange gas payable ............... - -
Deferred income taxes ................................. - -
Other ................................................. - -
------------ ------------
Total Current Liabilities ............................... - 1,128
------------ ------------
Other Liabilities and Deferred Credits
Income taxes, noncurrent .............................. - 3,776
Investment tax credits ................................ - -
Postretirement benefits other than pensions ........... - -
Other ................................................. - -
------------ ------------
Total Other Liabilities and Deferred Credits ............ - 3,776
------------ ------------
TOTAL CAPITALIZATION AND LIABILITIES .................... - 13,548
============ ============
</TABLE>
<PAGE> 64
F-1B (1 of 2) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Tristar Capital Corporation and Subsidiary
Consolidating Balance Sheet as of December 31, 1995
(Not covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
Consoli-
dating TCC
ASSETS TGT TCC Combined Entries Consolidated
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Property, Plant and Equipment
Gas utility and other plant, at original cost ..... - - - - -
Accumulated depreciation and depletion ............ - - - - -
------------ ------------ ------------ ------------ ------------
Net Gas Utility and Other Plant ................... - - - - -
------------ ------------ ------------ ------------ ------------
Oil and gas producing properties, full cost method. - - - - -
Accumulated depletion ............................. - - - - -
------------ ------------ ------------ ------------ ------------
Net Oil and Gas Producing Properties .............. - - - - -
------------ ------------ ------------ ------------ ------------
Net Property, Plant, and Equipment .................. - - - - -
------------ ------------ ------------ ------------ ------------
Investments and Other Assets
Accounts receivable - noncurrent .................. - - - - -
Unconsolidated affiliates ......................... 1,573 - 1,573 - 1,573
Assets held for sale .............................. - - - - -
Other ............................................. - - - - -
------------ ------------ ------------ ------------ ------------
Total Investments and Other Assets .................. 1,573 - 1,573 - 1,573
------------ ------------ ------------ ------------ ------------
Investments in Subsidiaries
Capital stock ..................................... - 2,000 2,000 (2,000) -
Equity in undistributed earnings of -
subsidiaries ..................................... - (343) (343) 343 -
Notes receivable .................................. - (19) (19) 19 -
Other investments ................................. - - - - -
Other receivables - TCO ........................... - - - - -
------------ ------------ ------------ ------------ ------------
Total Investments in Subsidiaries ................... - 1,638 1,638 (1,638) -
------------ ------------ ------------ ------------ ------------
Current Assets
Cash and temporary cash investments ............... - - - - -
Accounts receivable, net
Customers ....................................... - - - - -
Intercompany .................................... - 79 79 - 79
Other ........................................... - - - - -
Income tax refunds ................................ - - - - -
Gas inventory ..................................... - - - - -
Other inventories, at average cost ................ - - - - -
Prepayments ....................................... - - - - -
Regulatory assets ................................. - - - - -
Other ............................................. - - - - -
------------ ------------ ------------ ------------ ------------
Total Current Assets ................................ - 79 79 - 79
------------ ------------ ------------ ------------ ------------
Deferred Charges .................................... 59 - 59 - 59
Longterm Regulatory Assets .......................... - - - - -
------------ ------------ ------------ ------------ ------------
TOTAL ASSETS ........................................ 1,632 1,717 3,349 (1,638) 1,711
============ ============ ============ ============ ============
</TABLE>
<PAGE> 65
F-1B (2 of 2) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Tristar Capital Corporation and Subsidiary
Consolidating Balance Sheet as of December 31, 1995
(Not covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
Consoli-
dating TCC
CAPITALIZATION AND LIABILITIES TGT TCC Combined Entries Consolidated
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Capitalization
Common Stock Equity
The Columbia Gas System, Inc. - common stock,
$10 par value (49,204,025 shares outstanding) ....... - - - - -
Subsidiaries - common stock .......................... 2,000 2,075 4,075 (2,000) 2,075
Additional paid in capital ........................... - - - - -
Retained earnings .................................... (343) (358) (701) 343 (358)
Unearned employee compensation ....................... - - - - -
------------ ------------ ------------ ------------ ------------
Total common stock equity .............................. 1,657 1,717 3,374 (1,657) 1,717
Long-term debt ......................................... - - - - -
Installment promissory notes payable ................... - - - - -
Other intercompany notes and loans ..................... (24) - (24) 24 -
------------ ------------ ------------ ------------ ------------
Total Capitalization ..................................... 1,633 1,717 3,350 (1,633) 1,717
------------ ------------ ------------ ------------ ------------
Current Liabilities
Debtor-in-possession financing ......................... - - - - -
Debt obligations ....................................... - - - - -
Accounts and drafts payable ............................ - - - - -
Intercompany notes and loans - current maturities ...... - - - - -
Intercompany short-term loans .......................... - - - - -
Intercompany accounts payable .......................... 5 1 6 (5) 1
Accrued taxes .......................................... (6) (1) (7) - (7)
Accrued interest........................................ - - - - -
Estimated rate refunds ................................. - - - - -
Estimated supplier obligations ......................... - - - - -
Transportation and exchange gas payable ................ - - - - -
Deferred income taxes .................................. - - - - -
Regulatory liabilities ................................. - - - - -
Other .................................................. - - - - -
------------ ------------ ------------ ------------ ------------
Total Current Liabilities ................................ (1) - (1) (5) (6)
------------ ------------ ------------ ------------ ------------
Other Liabilities and Deferred Credits
Income taxes, noncurrent ............................... - - - - -
Investment tax credits ................................. - - - - -
Postretirement benefits other than pensions ............ - - - - -
Longterm regulatory liabilities ........................ - - - - -
Other .................................................. - - - - -
------------ ------------ ------------ ------------ ------------
Total Other Liabilities and Deferred Credits ............. - - - - -
------------ ------------ ------------ ------------ ------------
TOTAL CAPITALIZATION AND LIABILITIES ..................... 1,632 1,717 3,349 (1,638) 1,711
============ ============ ============ ============ ============
</TABLE>
<PAGE> 66
F-1C (1 of 2) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Columbia LNG Corporation and Subsidiary
Consolidating Balance Sheet as of December 31, 1995
(Not covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
Consoli-
dating CLG
ASSETS CLNG CLG Combined Entries Consolidated
------------ ------------- ------------- ------------ -------------
<S> <C> <C> <C> <C> <C>
Property, Plant and Equipment
Gas utility and other plant, at original cost ..... - - - - -
Accumulated depreciation and depletion ............ - - - - -
------------ ------------- ------------- ------------ -------------
Net Gas Utility and Other Plant ................... - - - - -
------------ ------------- ------------- ------------ -------------
Oil and gas producing properties, full cost method. - - - - -
Accumulated depletion ............................. - - - - -
------------ ------------- ------------- ------------ -------------
Net Oil and Gas Producing Properties .............. - - - - -
------------ ------------- ------------- ------------ -------------
Net Property, Plant, and Equipment .................. - - - - -
------------ ------------- ------------- ------------ -------------
Investments and Other Assets
Accounts receivable - noncurrent .................. - - - - -
Unconsolidated affiliates ......................... 128 12,416 12,544 (145) 12,399
Assets held for sale .............................. - - - - -
Other ............................................. - - - - -
------------ ------------- ------------- ------------ -------------
Total Investments and Other Assets .................. 128 12,416 12,544 (145) 12,399
------------ ------------- ------------- ------------ -------------
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 ............... 14 (14) - - -
Accounts receivable, net
Customers ....................................... - - - - -
Intercompany .................................... - 11,848 11,848 - 11,848
Other ........................................... - 91 91 - 91
Income tax refunds ................................ - - - - -
Gas inventory ..................................... - - - - -
Other inventories, at average cost ................ - - - - -
Prepayments ....................................... - 8 8 - 8
Regulatory assets ................................. - - - - -
Other ............................................. - 43 43 - 43
------------ ------------- ------------- ------------ -------------
Total Current Assets ................................ 14 11,976 11,990 - 11,990
------------ ------------- ------------- ------------ -------------
Deferred Charges .................................... (1) 580 579 - 579
Longterm Regulatory Assets .......................... - - - - -
------------ ------------- ------------- ------------ -------------
TOTAL ASSETS ........................................ 141 24,972 25,113 (145) 24,968
============ ============= ============= ============ =============
</TABLE>
<PAGE> 67
F-1C (2 of 2) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Columbia LNG Corporation and Subsidiary
Consolidating Balance Sheet as of December 31, 1995
(Not covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
Consoli-
dating CLG
CAPITALIZATION AND LIABILITIES CLNG CLG Combined Entries Consolidated
------------ ------------- ------------- ------------ -------------
<S> <C> <C> <C> <C> <C>
Capitalization
Common Stock Equity
The Columbia Gas System, Inc. - common stock,
$10 par value (49,204,025 shares outstanding) ....... - - - - -
Subsidiaries - common stock .......................... - 4 4 - 4
Additional paid in capital ........................... 155 138,493 138,648 (155) 138,493
Retained earnings .................................... (10) (126,554) (126,564) 10 (126,554)
Unearned employee compensation ....................... - - - - -
------------ ------------- ------------- ------------ -------------
Total common stock equity .............................. 145 11,943 12,088 (145) 11,943
Long-term debt ......................................... - - - - -
Installment promissory notes payable ................... - - - - -
Other intercompany notes and loans ..................... - - - - -
------------ ------------- ------------- ------------ -------------
Total Capitalization ..................................... 145 11,943 12,088 (145) 11,943
------------ ------------- ------------- ------------ -------------
Current Liabilities
Debtor-in-possession financing ......................... - - - - -
Debt obligations ....................................... - - - - -
Accounts and drafts payable ............................ - 202 202 - 202
Intercompany notes and loans - current maturities ...... - - - - -
Intercompany short-term loans .......................... - - - - -
Intercompany accounts payable .......................... - 2,118 2,118 - 2,118
Accrued taxes .......................................... (4) 239 235 - 235
Accrued interest ....................................... - 67 67 - 67
Estimated rate refunds ................................. - - - - -
Estimated supplier obligations ......................... - - - - -
Transportation and exchange gas payable ................ - - - - -
Deferred income taxes .................................. - - - - -
Regulatory liabilities ................................. - - - - -
Other .................................................. - 9,044 9,044 - 9,044
------------ ------------- ------------- ------------ -------------
Total Current Liabilities ................................ (4) 11,670 11,666 - 11,666
------------ ------------- ------------- ------------ -------------
Other Liabilities and Deferred Credits
Income taxes, noncurrent ............................... - - - - -
Investment tax credits ................................. - - - - -
Postretirement benefits other than pensions ............ - 1,320 1,320 - 1,320
Longterm regulatory liabilities ........................ - - - - -
Other .................................................. - 39 39 - 39
------------ ------------- ------------- ------------ -------------
Total Other Liabilities and Deferred Credits ............. - 1,359 1,359 - 1,359
------------ ------------- ------------- ------------ -------------
TOTAL CAPITALIZATION AND LIABILITIES ..................... 141 24,972 25,113 (145) 24,968
============ ============= ============= ============ =============
</TABLE>
<PAGE> 68
F-1D (1 of 2) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Columbia Energy Services Corporation and Subsidiary
Consolidating Balance Sheet as of December 31, 1995
(Not covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
Consoli-
dating CES
ASSETS CEM CES Combined Entries Consolidated
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Property, Plant and Equipment
Gas utility and other plant, at original cost ..... - 1,343 1,343 - 1,343
Accumulated depreciation and depletion ............ - (264) (264) - (264)
------------ ------------ ------------ ------------ ------------
Net Gas Utility and Other Plant ................... - 1,079 1,079 - 1,079
------------ ------------ ------------ ------------ ------------
Oil and gas producing properties, full cost method. - - - - -
Accumulated depletion ............................. - - - - -
------------ ------------ ------------ ------------ ------------
Net Oil and Gas Producing Properties .............. - - - - -
------------ ------------ ------------ ------------ ------------
Net Property, Plant, and Equipment .................. - 1,079 1,079 - 1,079
------------ ------------ ------------ ------------ ------------
Investments and Other Assets
Accounts receivable - noncurrent .................. - - - - -
Unconsolidated affiliates ......................... - - - - -
Assets held for sale .............................. - - - - -
Other ............................................. - - - - -
------------ ------------ ------------ ------------ ------------
Total Investments and Other Assets .................. - - - - -
------------ ------------ ------------ ------------ ------------
Investments in Subsidiaries
Capital stock ..................................... - 1,010 1,010 (1,010) -
Equity in undistributed earnings of
subsidiaries ..................................... - 149 149 (149) -
Notes receivable .................................. - - - - -
Other investments ................................. - - - - -
Other receivables - TCO ........................... - - - - -
------------ ------------ ------------ ------------ ------------
Total Investments in Subsidiaries ................... - 1,159 1,159 (1,159) -
------------ ------------ ------------ ------------ ------------
Current Assets
Cash and temporary cash investments ............... - - - - -
Accounts receivable, net
Customers ....................................... - 36,008 36,008 - 36,008
Intercompany .................................... 6,399 1,665 8,064 (964) 7,100
Other ........................................... 1 110 111 - 111
Income tax refunds................................. - - - - -
Gas inventory ..................................... - - - - -
Other inventories, at average cost ................ - - - - -
Prepayments ....................................... - 2,675 2,675 - 2,675
Regulatory assets ................................. - - - - -
Other ............................................. - 337 337 - 337
------------ ------------ ------------ ------------ ------------
Total Current Assets ................................ 6,400 40,795 47,195 (964) 46,231
------------ ------------ ------------ ------------ ------------
Deferred Charges .................................... - 102 102 - 102
Longterm Regulatory Assets .......................... - - - - -
------------ ------------ ------------ ------------ ------------
TOTAL ASSETS ........................................ 6,400 43,135 49,535 (2,123) 47,412
============ ============ ============ ============ ============
</TABLE>
<PAGE> 69
F-1D (2 of 2) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Columbia Energy Services Corporation and Subsidiary
Consolidating Balance Sheet as of December 31, 1995
(Not covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
Consoli-
dating CES
CAPITALIZATION AND LIABILITIES CEM CES Combined Entries Consolidated
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Capitalization
Common Stock Equity
The Columbia Gas System, Inc. - common stock,
$10 par value (49,204,025 shares outstanding) ....... - - - - -
Subsidiaries - common stock .......................... 1,010 4,172 5,182 (1,010) 4,172
Additional paid in capital ........................... - 1,361 1,361 - 1,361
Retained earnings .................................... 149 7,382 7,531 (149) 7,382
Unearned employee compensation ....................... - - - - -
------------ ------------ ------------ ------------ ------------
Total common stock equity .............................. 1,159 12,915 14,074 (1,159) 12,915
Long-term debt ......................................... - - - - -
Installment promissory notes payable ................... - - - - -
Other intercompany notes and loans ..................... - - - - -
------------ ------------ ------------ ------------ ------------
Total Capitalization ..................................... 1,159 12,915 14,074 (1,159) 12,915
------------ ------------ ------------ ------------ ------------
Current Liabilities
Debtor-in-possession financing ......................... - - - - -
Debt obligations ....................................... - - - - -
Accounts and drafts payable ............................ 4,350 23,023 27,373 - 27,373
Intercompany notes and loans - current maturities ...... - - - - -
Intercompany short-term loans .......................... - - - - -
Intercompany accounts payable .......................... 796 6,811 7,607 (964) 6,643
Accrued taxes .......................................... 95 313 408 - 408
Accrued interest ....................................... - 5 5 - 5
Estimated rate refunds ................................. - - - - -
Estimated supplier obligations ......................... - - - - -
Transportation and exchange gas payable ................ - - - - -
Deferred income taxes .................................. - - - - -
Regulatory liabilities ................................. - - - - -
Other .................................................. - 517 517 - 517
------------ ------------ ------------ ------------ ------------
Total Current Liabilities ................................ 5,241 30,669 35,910 (964) 34,946
------------ ------------ ------------ ------------ ------------
Other Liabilities and Deferred Credits
Income taxes, noncurrent ............................... - 896 896 - 896
Investment tax credits ................................. - - - - -
Postretirement benefits other than pensions ............ - 51 51 - 51
Longterm regulatory liabilities ........................ - - - - -
Other .................................................. - (1,396) (1,396) - (1,396)
------------ ------------ ------------ ------------ ------------
Total Other Liabilities and Deferred Credits ............. - (449) (449) - (449)
------------ ------------ ------------ ------------ ------------
TOTAL CAPITALIZATION AND LIABILITIES ..................... 6,400 43,135 49,535 (2,123) 47,412
============ ============ ============ ============ ============
</TABLE>
<PAGE> 70
F-2 (1 of 2) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Consolidating Balance Sheet Entries as of December 31, 1995
(Not covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
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>
ASSETS
Property, Plant and Equipment
Gas utility and other plant, at original cost ..... (3,588) (3,588) - - -
Accumulated depreciation and depletion ............ - - - - -
------------ ------------ ------------ ------------ ------------
Net Gas Utility and Other Plant ................... (3,588) (3,588) - - -
Oil and gas producing properties, full cost method. - - - - -
Accumulated depletion ............................. 138,888 - - 181,862 (42,974)
------------ ------------ ------------ ------------ ------------
Net Oil and Gas Producing Properties .............. 138,888 - - 181,862 (42,974)
------------ ------------ ------------ ------------ ------------
Net Property, Plant, and Equipment .................. 135,300 (3,588) - 181,862 (42,974)
------------ ------------ ------------ ------------ ------------
Investments and Other Assets
Accounts receivable - noncurrent .................. 7,951 - - - 7,951
Unconsolidated affiliates ......................... - - - - -
Assets held for sale .............................. - - - - -
Other ............................................. 1,996 - 1,996 - -
------------ ------------ ------------ ------------ ------------
Total Investments and Other Assets .................. 9,947 - 1,996 - 7,951
------------ ------------ ------------ ------------ ------------
Investments in Subsidiaries
Capital stock ..................................... (2,293,170) - (2,293,170) - -
Equity in undistributed earnings of
subsidiaries ..................................... 305,679 - 305,679 - -
Notes receivable .................................. (641,378) (641,378) - - -
Other investments.................................. (900,000) (900,000) - - -
Other receivables - TCO............................ - - - - -
------------ ------------ ------------ ------------ ------------
Total Investments in Subsidiaries ................... (3,528,869) (1,541,378) (1,987,491) - -
------------ ------------ ------------ ------------ ------------
Current Assets
Cash and temporary cash investments ............... 5 5 - - -
Accounts receivable, net
Customers ....................................... - - - - -
Intercompany .................................... (382,103) (382,103) - - -
Other ........................................... (226,382) (122) - - (226,260)
Income tax refunds ................................ 271,532 - - - 271,532
Gas inventory ..................................... - - - - -
Other inventories, at average cost ................ - - - - -
Prepayments ....................................... - - - - -
Regulatory assets ................................. - - - - -
Other ............................................. (22,268) - - - (22,268)
------------ ------------ ------------ ------------ ------------
Total Current Assets ................................ (359,216) (382,220) - - 23,004
------------ ------------ ------------ ------------ ------------
Deferred Charges .................................... (25,153) (3,617) 4,588 - (26,124)
Longterm Regulatory Assets .......................... - - - - -
------------ ------------ ------------ ------------ ------------
TOTAL ASSETS ........................................ (3,767,991) (1,930,803) (1,980,907) 181,862 (38,143)
============ ============ ============ ============ ============
</TABLE>
<PAGE> 71
F-2 (2 of 2) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Consolidating Balance Sheet Entries as of December 31, 1995
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
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>
CAPITALIZATION AND LIABILITIES
Capitalization
Common Stock Equity
The Columbia Gas System, Inc. - common stock,
$10 par value (49,204,025 shares outstanding) ...... - - - - -
Subsidiaries - common stock ......................... (777,352) - (777,352) - -
Additional paid in capital .......................... (1,491,155) - (1,491,155) - -
Retained earnings ................................... 365,577 (3,226) 286,853 118,211 (36,261)
Treasury stock (at cost) ............................ - - - - -
------------ ------------ ------------ ------------ ------------
Total common stock equity ............................. (1,902,930) (3,226) (1,981,654) 118,211 (36,261)
Preferred stock ....................................... - - - - -
Long-term debt ........................................ - - - - -
Installment promissory notes payable .................. (1,539,465) (1,539,465) - - -
Other intercompany notes and loans .................... - - - - -
------------ ------------ ------------ ------------ ------------
Total Capitalization .................................... (3,442,395) (1,542,691) (1,981,654) 118,211 (36,261)
------------ ------------ ------------ ------------ ------------
Current Liabilities
Short term debt ....................................... - - - - -
Debt obligations ...................................... - - - - -
Accounts and drafts payable ........................... 7,183 - - - 7,183
Intercompany notes and loans - current maturities ..... (135,638) (135,638) - - -
Intercompany short-term loans ......................... (112,828) (112,828) - - -
Intercompany accounts payable ......................... (136,534) (136,534) - - -
Accrued taxes ......................................... 59,484 - - - 59,484
Accrued interest ...................................... (8,658) - - - (8,658)
Estimated rate refunds ................................ - - - - -
Estimated supplier obligations ........................ - - - - -
Overrecovered gas costs ............................... - - - - -
Transportation and exchange gas payable ............... (1,374) (1,374) - - -
Deferred income taxes ................................. (21,880) (1,738) (194) (19,948)
Regulatory liabilities ................................ - - - - -
Other ................................................. - - - - -
------------ ------------ ------------ ------------ ------------
Total Current Liabilities ............................... (350,245) (388,112) (194) - 38,061
------------ ------------ ------------ ------------ ------------
Other Liabilities and Deferred Credits
Income taxes, noncurrent .............................. 23,708 63,651 (39,943)
Investment tax credits ................................ - - - - -
Postretirement benefits other than pensions ........... - - - - -
Longterm regulatory liabilities ....................... - - - - -
Other ................................................. 941 - 941 - -
------------ ------------ ------------ ------------ ------------
Total Other Liabilities and Deferred Credits ............ 24,649 - 941 63,651 (39,943)
------------ ------------ ------------ ------------ ------------
TOTAL CAPITALIZATION AND LIABILITIES .................... (3,767,991) (1,930,803) (1,980,907) 181,862 (38,143)
============ ============ ============ ============ ============
</TABLE>
<PAGE> 72
F-2A (1 of 2) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Tristar Ventures Corporation and Subsidiaries
Consolidating Balance Sheet Entries as of December 31, 1995
(Not covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
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>
ASSETS
Property, Plant and Equipment
Gas utility and other plant, at original cost ..... - - - - -
Accumulated depreciation and depletion ............ - - - - -
Net Gas Utility and Other Plant ................... - - - - -
Oil and gas producing properties, full cost method. - - - - -
Accumulated depletion ............................. - - - - -
Net Oil and Gas Producing Properties .............. - - - - -
------------ ------------ ------------ ------------ ------------
Net Property, Plant, and Equipment .................. - - - - -
------------ ------------ ------------ ------------ ------------
Investments and Other Assets
Accounts receivable - noncurrent .................. - - - - -
Unconsolidated affiliates ......................... - - - - -
Assets held for sale .............................. - - - - -
Other ............................................. - - - - -
------------ ------------ ------------ ------------ ------------
Total Investments and Other Assets .................. - - - - -
------------ ------------ ------------ ------------ ------------
Investments in Subsidiaries
Capital stock ..................................... (23,529) - (23,529) - -
Equity in undistributed earnings of
subsidiaries ..................................... (1,965) - (1,965) - -
Notes receivable .................................. (4,453) (4,453) - - -
Other investments ................................. (3,587) (3,587) - - -
Other receivables - TCO ........................... - - - - -
------------ ------------ ------------ ------------ ------------
Total Investments in Subsidiaries ................... (33,534) (8,040) (25,494) - -
------------ ------------ ------------ ------------ ------------
Current Assets
Cash and temporary cash investments ............... - - - - -
Accounts receivable, net
Customers ....................................... - - - - -
Intercompany .................................... - - - - -
Other ........................................... - - - - -
Income tax refunds ................................ - - - - -
Gas inventory ..................................... - - - - -
Other inventories, at average cost ................ - - - - -
Prepayments ....................................... - - - - -
Other ............................................. - - - - -
------------ ------------ ------------ ------------ ------------
Total Current Assets ................................ - - - - -
------------ ------------ ------------ ------------ ------------
Deferred Charges .................................... - - - - -
------------ ------------ ------------ ------------ ------------
TOTAL ASSETS ........................................ (33,534) (8,040) (25,494) - -
============ ============ ============ ============ ============
</TABLE>
<PAGE> 73
F-2A (2 of 2) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Tristar Ventures Corporation and Subsidiaries
Consolidating Balance Sheet Entries as of December 31, 1995
(Not covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
Entry No. 3
Entry No. 1 Entry No. 2 Adjust to
Eliminate Eliminate Consoli- Entry No. 4
Intercompany Subsidiary dated Full Elimination/
CAPITALIZATION AND LIABILITIES Total Transactions Equity Cost Pool Adjustments
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Capitalization
Common Stock Equity
The Columbia Gas System, Inc. - common stock,
$10 par value (49,204,025 shares outstanding) ....... - - - - -
Subsidiaries - common stock .......................... (370) - (370) - -
Additional paid in capital ........................... (23,159) - (23,159) - -
Retained earnings .................................... (1,965) - (1,965) - -
Unearned employee compensation ....................... - - - - -
------------ ------------ ------------ ------------ ------------
Total common stock equity .............................. (25,494) - (25,494) - -
Long-term debt ......................................... - - - - -
Installment promissory notes payable ................... - - - - -
Other intercompany notes and loans ..................... - - - - -
------------ ------------ ------------ ------------ ------------
Total Capitalization ..................................... (25,494) - (25,494) - -
------------ ------------ ------------ ------------ ------------
Current Liabilities
Debtor-in-possession financing ......................... - - - - -
Debt obligations ....................................... - - - - -
Accounts and drafts payable ............................ - - - - -
Intercompany notes and loans - current maturities ...... - - - - -
Intercompany short-term loans .......................... (8,040) (8,040) - - -
Intercompany accounts payable .......................... - - - - -
Accrued taxes .......................................... - - - - -
Accrued interest ....................................... - - - - -
Estimated rate refunds ................................. - - - - -
Estimated supplier obligations ......................... - - - - -
Transportation and exchange gas payable ................ - - - - -
Deferred income taxes .................................. - - - - -
Other .................................................. - - - - -
------------ ------------ ------------ ------------ ------------
Total Current Liabilities ................................ (8,040) (8,040) - - -
------------ ------------ ------------ ------------ ------------
Other Liabilities and Deferred Credits
Income taxes, noncurrent ............................... - - - - -
Investment tax credits ................................. - - - - -
Postretirement benefits other than pensions ............ - - - - -
Other .................................................. - - - - -
------------ ------------ ------------ ------------ ------------
Total Other Liabilities and Deferred Credits ............. - - - - -
------------ ------------ ------------ ------------ ------------
TOTAL CAPITALIZATION AND LIABILITIES ..................... (33,534) (8,040) (25,494) - -
============ ============ ============ ============ ============
</TABLE>
<PAGE> 74
F-2B (1 of 2) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Tristar Capital Corporation and Subsidiary
Consolidating Balance Sheet Entries as of December 31, 1995
(Not covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
Entry No. 3
Entry No. 1 Entry No. 2 Adjust to
Eliminate Eliminate Consoli- Entry No. 4
Intercompany Subsidiary dated Full Elimination/
ASSETS Total Transactions Equity Cost Pool Adjustments
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Property, Plant and Equipment
Gas utility and other plant, at original cost ..... - - - - -
Accumulated depreciation and depletion ............ - - - - -
Net Gas Utility and Other Plant ................... - - - - -
Oil and gas producing properties, full cost method. - - - - -
Accumulated depletion ............................. - - - - -
Net Oil and Gas Producing Properties .............. - - - - -
------------ ------------ ------------ ------------ ------------
Net Property, Plant, and Equipment .................. - - - - -
------------ ------------ ------------ ------------ ------------
Investments and Other Assets
Accounts receivable - noncurrent .................. - - - - -
Unconsolidated affiliates ......................... - - - - -
Assets held for sale .............................. - - - - -
Other ............................................. - - - - -
------------ ------------ ------------ ------------ ------------
Total Investments and Other Assets .................. - - - - -
------------ ------------ ------------ ------------ ------------
Investments in Subsidiaries
Capital stock ..................................... (2,000) - (2,000) - -
Equity in undistributed earnings of
subsidiaries ..................................... 343 - 343 - -
Notes receivable .................................. 19 19 - - -
Other investments ................................. - - - - -
Other receivables - TCO ........................... - - - - -
------------ ------------ ------------ ------------ ------------
Total Investments in Subsidiaries ................... (1,638) 19 (1,657) - -
------------ ------------ ------------ ------------ ------------
Current Assets
Cash and temporary cash investments ............... - - - - -
Accounts receivable, net
Customers ....................................... - - - - -
Intercompany .................................... - - - - -
Other ........................................... - - - - -
Income tax refunds ................................ - - - - -
Gas inventory ..................................... - - - - -
Other inventories, at average cost ................ - - - - -
Prepayments ....................................... - - - - -
Regulatory assets ................................. - - - - -
Other ............................................. - - - - -
------------ ------------ ------------ ------------ ------------
Total Current Assets ................................ - - - - -
------------ ------------ ------------ ------------ ------------
Deferred Charges .................................... - - - - -
Longterm Regulatory Assets .......................... - - - - -
------------ ------------ ------------ ------------ ------------
TOTAL ASSETS ........................................ (1,638) 19 (1,657) - -
============ ============ ============ ============ ============
</TABLE>
<PAGE> 75
F-2B (2 of 2) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Tristar Capital Corporation and Subsidiary
Consolidating Balance Sheet Entries as of December 31, 1995
(Not covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
Entry No. 3
Entry No. 1 Entry No. 2 Adjust to
Eliminate Eliminate Consoli- Entry No. 4
Intercompany Subsidiary dated Full Elimination/
CAPITALIZATION AND LIABILITIES Total Transactions Equity Cost Pool Adjustments
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Capitalization
Common Stock Equity
The Columbia Gas System, Inc. - common stock,
$10 par value (49,204,025 shares outstanding) ....... - - - - -
Subsidiaries - common stock .......................... (2,000) - (2,000) - -
Additional paid in capital ........................... - - - - -
Retained earnings .................................... 343 - 343 - -
Unearned employee compensation ....................... - - - - -
------------ ------------ ------------ ------------ ------------
Total common stock equity .............................. (1,657) - (1,657) - -
Long-term debt ......................................... - - - - -
Installment promissory notes payable ................... - - - - -
Other intercompany notes and loans ..................... 24 24 - - -
------------ ------------ ------------ ------------ ------------
Total Capitalization ..................................... (1,633) 24 (1,657) - -
------------ ------------ ------------ ------------ ------------
Current Liabilities
Debtor-in-possession financing ......................... - - - - -
Debt obligations ....................................... - - - - -
Accounts and drafts payable ............................ - - - - -
Intercompany notes and loans - current maturities ...... - - - - -
Intercompany short-term loans .......................... - - - - -
Intercompany accounts payable .......................... (5) (5) - - -
Accrued taxes .......................................... - - - - -
Accrued interest ....................................... - - - - -
Estimated rate refunds ................................. - - - - -
Estimated supplier obligations ......................... - - - - -
Transportation and exchange gas payable ................ - - - - -
Deferred income taxes .................................. - - - - -
Regulatory liabilities ................................. - - - - -
Other .................................................. - - - - -
------------ ------------ ------------ ------------ ------------
Total Current Liabilities ................................ (5) (5) - - -
------------ ------------ ------------ ------------ ------------
Other Liabilities and Deferred Credits
Income taxes, noncurrent ............................... - - - - -
Investment tax credits ................................. - - - - -
Postretirement benefits other than pensions ............ - - - - -
Longterm regulatory liabilities ........................ - - - - -
Other .................................................. - - - - -
------------ ------------ ------------ ------------ ------------
Total Other Liabilities and Deferred Credits ............. - - - - -
------------ ------------ ------------ ------------ ------------
TOTAL CAPITALIZATION AND LIABILITIES ..................... (1,638) 19 (1,657) - -
============ ============ ============ ============ ============
</TABLE>
<PAGE> 76
F-2C (1 of 2) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Columbia LNG Corporation and Subsidiary
Consolidating Balance Sheet Entries as of December 31, 1995
(Not covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
Entry No. 3
Entry No. 1 Entry No. 2 Adjust to
Eliminate Eliminate Consoli- Entry No. 4
Intercompany Subsidiary dated Full Elimination/
ASSETS Total Transactions Equity Cost Pool Adjustments
------------ ------------- ------------- ------------ -------------
<S> <C> <C> <C> <C> <C>
Property, Plant and Equipment
Gas utility and other plant, at original cost ..... - - - - -
Accumulated depreciation and depletion ............ - - - - -
Net Gas Utility and Other Plant ................... - - - - -
Oil and gas producing properties, full cost method. - - - - -
Accumulated depletion ............................. - - - - -
Net Oil and Gas Producing Properties .............. - - - - -
------------ ------------- ------------- ------------ -------------
Net Property, Plant, and Equipment .................. - - - - -
------------ ------------- ------------- ------------ -------------
Investments and Other Assets
Accounts receivable - noncurrent .................. - - - - -
Unconsolidated affiliates ......................... (145) (145) - - -
Assets held for sale .............................. - - - - -
Other ............................................. - - - - -
------------ ------------- ------------- ------------ -------------
Total Investments and Other Assets .................. (145) (145) - - -
------------ ------------- ------------- ------------ -------------
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 ............... - - - - -
Accounts receivable, net
Customers ....................................... - - - - -
Intercompany .................................... - - - - -
Other ........................................... - - - - -
Income tax refunds................................. - - - - -
Gas inventory ..................................... - - - - -
Other inventories, at average cost ................ - - - - -
Prepayments ....................................... - - - - -
Regulatory assets ................................. - - - - -
Other ............................................. - - - - -
------------ ------------- ------------- ------------ -------------
Total Current Assets ................................ - - - - -
------------ ------------- ------------- ------------ -------------
Deferred Charges .................................... - - - - -
Longterm Regulatory Assets .......................... - - - - -
------------ ------------- ------------- ------------ -------------
TOTAL ASSETS ........................................ (145) (145) - - -
============ ============= ============= ============ =============
</TABLE>
<PAGE> 77
F-2C (2 of 2) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Columbia LNG Corporation and Subsidiary
Consolidating Balance Sheet Entries as of December 31, 1995
(Not covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
Entry No. 3
Entry No. 1 Entry No. 2 Adjust to
Eliminate Eliminate Consoli- Entry No. 4
Intercompany Subsidiary dated Full Elimination/
CAPITALIZATION AND LIABILITIES Total Transactions Equity Cost Pool Adjustments
------------ ------------- ------------- ------------ -------------
<S> <C> <C> <C> <C> <C>
Capitalization
Common Stock Equity
The Columbia Gas System, Inc. - common stock,
$10 par value (49,204,025 shares outstanding) ....... - - - - -
Subsidiaries - common stock .......................... - - - - -
Additional paid in capital ........................... (155) (155) - - -
Retained earnings .................................... 10 10 - - -
Unearned employee compensation ....................... - - - - -
------------ ------------- ------------- ------------ -------------
Total common stock equity .............................. (145) (145) - - -
Long-term debt ......................................... - - - - -
Installment promissory notes payable ................... - - - - -
Other intercompany notes and loans ..................... - - - - -
------------ ------------- ------------- ------------ -------------
Total Capitalization ..................................... (145) (145) - - -
------------ ------------- ------------- ------------ -------------
Current Liabilities
Debtor-in-possession financing ......................... - - - - -
Debt obligations ....................................... - - - - -
Accounts and drafts payable ............................ - - - - -
Intercompany notes and loans - current maturities ...... - - - - -
Intercompany short-term loans .......................... - - - - -
Intercompany accounts payable .......................... - - - - -
Accrued taxes .......................................... - - - - -
Accrued interest ....................................... - - - - -
Estimated rate refunds ................................. - - - - -
Estimated supplier obligations ......................... - - - - -
Transportation and exchange gas payable ................ - - - - -
Deferred income taxes .................................. - - - - -
Regulatory liabilities ................................. - - - - -
Other .................................................. - - - - -
------------ ------------- ------------- ------------ -------------
Total Current Liabilities ................................ - - - - -
------------ ------------- ------------- ------------ -------------
Other Liabilities and Deferred Credits
Income taxes, noncurrent ............................... - - - - -
Investment tax credits ................................. - - - - -
Postretirement benefits other than pensions ............ - - - - -
Longterm regulatory liabilities ........................ - - - - -
Other .................................................. - - - - -
------------ ------------- ------------- ------------ -------------
Total Other Liabilities and Deferred Credits ............. - - - - -
------------ ------------- ------------- ------------ -------------
TOTAL CAPITALIZATION AND LIABILITIES ..................... (145) (145) - - -
============ ============= ============= ============ =============
</TABLE>
<PAGE> 78
F-2D (1 of 2) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Columbia Energy Services Corporation and Subsidiary
Consolidating Balance Sheet Entries as of December 31, 1995
(Not covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
Entry No. 3
Entry No. 1 Entry No. 2 Adjust to
Eliminate Eliminate Consoli- Entry No. 4
Intercompany Subsidiary dated Full Elimination/
ASSETS Total Transactions Equity Cost Pool Adjustments
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Property, Plant and Equipment
Gas utility and other plant, at original cost ..... - - - - -
Accumulated depreciation and depletion ............ - - - - -
Net Gas Utility and Other Plant ................... - - - - -
Oil and gas producing properties, full cost method. - - - - -
Accumulated depletion ............................. - - - - -
Net Oil and Gas Producing Properties .............. - - - - -
------------ ------------ ------------ ------------ ------------
Net Property, Plant, and Equipment .................. - - - - -
------------ ------------ ------------ ------------ ------------
Investments and Other Assets
Accounts receivable - noncurrent .................. - - - - -
Unconsolidated affiliates ......................... - - - - -
Assets held for sale .............................. - - - - -
Other ............................................. - - - - -
------------ ------------ ------------ ------------ ------------
Total Investments and Other Assets .................. - - - - -
------------ ------------ ------------ ------------ ------------
Investments in Subsidiaries
Capital stock ..................................... (1,010) - (1,010) - -
Equity in undistributed earnings of
subsidiaries ..................................... (149) - (149) - -
Notes receivable .................................. - - - - -
Other investments ................................. - - - - -
Other receivables - TCO ........................... - - - - -
------------ ------------ ------------ ------------ ------------
Total Investments in Subsidiaries ................... (1,159) - (1,159) - -
------------ ------------ ------------ ------------ ------------
Current Assets
Cash and temporary cash investments ............... - - - - -
Accounts receivable, net
Customers ....................................... - - - - -
Intercompany .................................... (964) (964) - - -
Other ........................................... - - - - -
Income tax refunds................................. - - - - -
Gas inventory ..................................... - - - - -
Other inventories, at average cost ................ - - - - -
Prepayments ....................................... - - - - -
Regulatory assets ................................. - - - - -
Other ............................................. - - - - -
------------ ------------ ------------ ------------ ------------
Total Current Assets ................................ (964) (964) - - -
------------ ------------ ------------ ------------ ------------
Deferred Charges .................................... - - - - -
Longterm Regulatory Assets .......................... - - - - -
------------ ------------ ------------ ------------ ------------
TOTAL ASSETS ........................................ (2,123) (964) (1,159) - -
============ ============ ============ ============ ============
</TABLE>
<PAGE> 79
F-2D (2 of 2) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Columbia Energy Services Corporation and Subsidiary
Consolidating Balance Sheet Entries as of December 31, 1995
(Not covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
Entry No. 3
Entry No. 1 Entry No. 2 Adjust to
Eliminate Eliminate Consoli- Entry No. 4
Intercompany Subsidiary dated Full Elimination/
CAPITALIZATION AND LIABILITIES Total Transactions Equity Cost Pool Adjustments
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Capitalization
Common Stock Equity
The Columbia Gas System, Inc. - common stock,
$10 par value (49,204,025 shares outstanding) ....... - - - - -
Subsidiaries - common stock .......................... (1,010) - (1,010) - -
Additional paid in capital ........................... - - - - -
Retained earnings .................................... (149) - (149) - -
Unearned employee compensation ....................... - - - - -
------------ ------------ ------------ ------------ ------------
Total common stock equity .............................. (1,159) - (1,159) - -
Long-term debt ......................................... - - - - -
Installment promissory notes payable ................... - - - - -
Other intercompany notes and loans ..................... - - - - -
------------ ------------ ------------ ------------ ------------
Total Capitalization ..................................... (1,159) - (1,159) - -
------------ ------------ ------------ ------------ ------------
Current Liabilities
Debtor-in-possession financing ......................... - - - - -
Debt obligations ....................................... - - - - -
Accounts and drafts payable ............................ - - - - -
Intercompany notes and loans - current maturities ...... - - - - -
Intercompany short-term loans .......................... - - - - -
Intercompany accounts payable .......................... (964) (964) - - -
Accrued taxes .......................................... - - - - -
Accrued interest ....................................... - - - - -
Estimated rate refunds ................................. - - - - -
Estimated supplier obligations ......................... - - - - -
Transportation and exchange gas payable ................ - - - - -
Deferred income taxes .................................. - - - - -
Regulatory liabilities ................................. - - - - -
Other .................................................. - - - - -
------------ ------------ ------------ ------------ ------------
Total Current Liabilities ................................ (964) (964) - - -
------------ ------------ ------------ ------------ ------------
Other Liabilities and Deferred Credits
Income taxes, noncurrent ............................... - - - - -
Investment tax credits ................................. - - - - -
Postretirement benefits other than pensions ............ - - - - -
Longterm regulatory liabilities ........................ - - - - -
Other .................................................. - - - - -
------------ ------------ ------------ ------------ ------------
Total Other Liabilities and Deferred Credits ............. - - - - -
------------ ------------ ------------ ------------ ------------
TOTAL CAPITALIZATION AND LIABILITIES ..................... (2,123) (964) (1,159) - -
============ ============ ============ ============ ============
</TABLE>
<PAGE> 80
F-3 (1 of 5) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Consolidating Statement of Income
Year Ended December 31, 1995
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
F-3 F-3 F-3 F-3
Page 2 Page 3 Page 4 Page 5
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Operating Revenues
Gas sales ............................................. 223,503 1,806,959 - -
Transportation ........................................ 619,633 102,023 - -
Storage ............................................... 139,272 - - -
Other ................................................. 77,351 2,683 142,314 10,772
------------ ------------ ------------ ------------
Total Operating Revenues ................................ 1,059,759 1,911,665 142,314 10,772
------------ ------------ ------------ ------------
Operating Expenses
Products purchased .................................... 61,631 1,138,377 35,517 -
Operation ............................................. 433,727 375,641 105,283 8,143
Maintenance ........................................... 70,565 40,909 4,942 134
Depreciation and depletion ............................ 188,366 62,963 7,659 30
Other taxes ........................................... 63,303 142,199 5,293 276
------------ ------------ ------------ ------------
Total Operating Expenses ................................ 817,592 1,760,089 158,694 8,583
------------ ------------ ------------ ------------
Operating Income (Loss) ................................. 242,167 151,576 (16,380) 2,189
------------ ------------ ------------ ------------
Other Income (Deductions)
Interest income and other, net ........................ 16,659 (292) 341,864 13
Interest expense and related charges .................. (189,818) (47,844) (1,009,612) 409
Reorganization items, net ............................. 44,623 - (16,659) -
------------ ------------ ------------ ------------
Total Other Income (Deductions) ......................... (128,536) (48,136) (684,407) 422
------------ ------------ ------------ ------------
Income (Loss) before Income Taxes and Extraordinary Item 113,631 103,440 (700,787) 2,611
Income Taxes ............................................ 64,582 50,287 (343,571) 3,150
------------ ------------ ------------ ------------
Income (Loss) before Extraordinary Item ................. 49,049 53,153 (357,216) (539)
Extraordinary Item ...................................... 133,695 - - -
------------ ------------ ------------ ------------
Net Income (Loss) ....................................... 182,744 53,153 (357,216) (539)
============ ============ ============ ============
<CAPTION>
Consoli-
dating Consoli-
Combined Entries dated
------------ ------------ ------------
<S> <C> <C> <C>
Operating Revenues
Gas sales ............................................. 2,030,462 (101,493) 1,928,969
Transportation ........................................ 721,656 (233,917) 487,739
Storage ............................................... 139,272 (76,517) 62,755
Other ................................................. 233,120 (77,385) 155,735
------------ ------------ ------------
Total Operating Revenues ................................ 3,124,510 (489,312) 2,635,198
------------ ------------ ------------
Operating Expenses
Products purchased .................................... 1,235,525 (414,896) 820,629
Operation ............................................. 922,794 (96,068) 826,726
Maintenance ........................................... 116,550 - 116,550
Depreciation and depletion ............................ 259,018 10,988 270,006
Other taxes ........................................... 211,071 - 211,071
------------ ------------ ------------
Total Operating Expenses ................................ 2,744,958 (499,976) 2,244,982
------------ ------------ ------------
Operating Income (Loss) ................................. 379,552 10,664 390,216
------------ ------------ ------------
Other Income (Deductions)
Interest income and other, net ........................ 358,244 (416,402) (58,158)
Interest expense and related charges .................. (1,246,865) 258,418 (988,447)
Reorganization items, net ............................. 27,964 (14,566) 13,398
------------ ------------ ------------
Total Other Income (Deductions) ......................... (860,657) (172,550) (1,033,207)
------------ ------------ ------------
Income (Loss) before Income Taxes and Extraordinary Item (481,105) (161,886) (642,991)
Income Taxes ............................................ (225,552) 14,903 (210,649)
------------ ------------ ------------
Income (Loss) before Extraordinary Item ................. (255,553) (176,789) (432,342)
Extraordinary Item ...................................... 133,695 (62,120) 71,575
------------ ------------ ------------
Net Income (Loss) ....................................... (121,858) (238,909) (360,767)
============ ============ ============
</TABLE>
<PAGE> 81
F-3 (2 of 5) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Consolidating Statement of Income
Year Ended December 31, 1995
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
CNR TCO(a) CGD
------------ ------------ ------------
<S> <C> <C> <C>
Operating Revenues
Gas sales ............................................. 74,212 (20,600) 55,071
Transportation ........................................ - 478,033 -
Storage ............................................... - 139,272 -
Other ................................................. 10,257 9,585 41,034
------------ ------------ ------------
Total Operating Revenues ................................ 84,469 606,290 96,105
------------ ------------ ------------
Operating Expenses
Products purchased .................................... - (5,794) 833
Operation ............................................. 39,441 266,177 38,800
Maintenance ........................................... 164 50,236 347
Depreciation and depletion ............................ 22,883 80,418 55,733
Other taxes ........................................... 7,210 44,115 3,129
------------ ------------ ------------
Total Operating Expenses ................................ 69,698 435,152 98,842
------------ ------------ ------------
Operating Income (Loss) ................................. 14,771 171,138 (2,737)
------------ ------------ ------------
Other Income (Deductions)
Interest income and other, net ........................ 3,715 14,243 1,441
Interest expense and related charges .................. (2,934) (170,271) (6,744)
Reorganization items, net ............................. - 44,623 -
------------ ------------ ------------
Total Other Income (Deductions) ......................... 781 (111,405) (5,303)
------------ ------------ ------------
Income (Loss) before Income Taxes and Extraordinary Item 15,552 59,733 (8,040)
Income Taxes ............................................ (9,685) 45,513 804
------------ ------------ ------------
Income (Loss) before Extraordinary Item ................. 25,237 14,220 (8,844)
Extraordinary Item ...................................... - 127,986 -
------------ ------------ ------------
Net Income (Loss) ....................................... 25,237 142,206 (8,844)
============ ============ ============
<CAPTION>
F-3 Page 2
CGT CKY Total
------------ ------------ ------------
<S> <C> <C> <C>
Operating Revenues
Gas sales ............................................. - 114,820 223,503
Transportation ........................................ 134,692 6,908 619,633
Storage ............................................... - - 139,272
Other ................................................. 16,215 260 77,351
------------ ------------ ------------
Total Operating Revenues ................................ 150,907 121,988 1,059,759
------------ ------------ ------------
Operating Expenses
Products purchased .................................... - 66,592 61,631
Operation ............................................. 60,904 28,405 433,727
Maintenance ........................................... 17,001 2,817 70,565
Depreciation and depletion ............................ 23,016 6,316 188,366
Other taxes ........................................... 6,726 2,123 63,303
------------ ------------ ------------
Total Operating Expenses ................................ 107,647 106,253 817,592
------------ ------------ ------------
Operating Income (Loss) ................................. 43,260 15,735 242,167
------------ ------------ ------------
Other Income (Deductions)
Interest income and other, net ........................ (2,803) 63 16,659
Interest expense and related charges .................. (6,493) (3,376) (189,818)
Reorganization items, net ............................. - - 44,623
------------ ------------ ------------
Total Other Income (Deductions) ......................... (9,296) (3,313) (128,536)
------------ ------------ ------------
Income (Loss) before Income Taxes and Extraordinary Item 33,964 12,422 113,631
Income Taxes ............................................ 22,158 5,792 64,582
------------ ------------ ------------
Income (Loss) before Extraordinary Item ................. 11,806 6,630 49,049
Extraordinary Item ...................................... 5,709 - 133,695
------------ ------------ ------------
Net Income (Loss) ....................................... 17,515 6,630 182,744
============ ============ ============
</TABLE>
(a) TCO includes one subsidiary, CTIC, which was dissolved on June 6, 1995.
Consolidating financial statements of TCO are presented herewith in Item 10
Exhibits F3E, F4E and F6E.
<PAGE> 82
F-3 (3 of 5) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Consolidating Statement of Income
Year Ended December 31, 1995
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
COH CMD CPA
------------ ------------ ------------
<S> <C> <C> <C>
Operating Revenues
Gas sales ............................................. 1,048,419 29,671 351,954
Transportation ........................................ 63,877 1,818 26,957
Storage ............................................... - - -
Other ................................................. 1,494 37 575
------------ ------------ ------------
Total Operating Revenues ................................ 1,113,790 31,526 379,486
------------ ------------ ------------
Operating Expenses
Products purchased .................................... 623,328 13,072 199,756
Operation ............................................. 235,994 8,571 88,966
Maintenance ........................................... 22,145 1,300 9,759
Depreciation and depletion ............................ 39,682 2,414 13,440
Other taxes ........................................... 110,197 1,843 22,632
------------ ------------ ------------
Total Operating Expenses ................................ 1,031,346 27,200 334,553
------------ ------------ ------------
Operating Income (Loss) ................................. 82,444 4,326 44,933
------------ ------------ ------------
Other Income (Deductions)
Interest income and other, net ........................ (1,226) 2 314
Interest expense and related charges .................. (24,552) (1,257) (14,538)
Reorganization items, net ............................. - - -
------------ ------------ ------------
Total Other Income (Deductions) ......................... (25,778) (1,255) (14,224)
------------ ------------ ------------
Income (Loss) before Income Taxes and Extraordinary Item 56,666 3,071 30,709
Income Taxes ............................................ 28,804 1,264 14,710
------------ ------------ ------------
Income (Loss) before Extraordinary Item ................. 27,862 1,807 15,999
Extraordinary Item ...................................... - - -
------------ ------------ ------------
Net Income (Loss) ....................................... 27,862 1,807 15,999
============ ============ ============
<CAPTION>
F-3 Page 3
COS CES(a) Total
------------ ------------ ------------
<S> <C> <C> <C>
Operating Revenues
Gas sales ............................................. 138,980 237,935 1,806,959
Transportation ........................................ 9,371 - 102,023
Storage ............................................... - - -
Other ................................................. 577 - 2,683
------------ ------------ ------------
Total Operating Revenues ................................ 148,928 237,935 1,911,665
------------ ------------ ------------
Operating Expenses
Products purchased .................................... 71,434 230,787 1,138,377
Operation ............................................. 37,341 4,769 375,641
Maintenance ........................................... 7,705 - 40,909
Depreciation and depletion ............................ 7,238 189 62,963
Other taxes ........................................... 7,247 280 142,199
------------ ------------ ------------
Total Operating Expenses ................................ 130,965 236,025 1,760,089
------------ ------------ ------------
Operating Income (Loss) ................................. 17,963 1,910 151,576
------------ ------------ ------------
Other Income (Deductions)
Interest income and other, net ........................ 447 171 (292)
Interest expense and related charges .................. (8,033) 536 (47,844)
Reorganization items, net ............................. - - -
------------ ------------ ------------
Total Other Income (Deductions) ......................... (7,586) 707 (48,136)
------------ ------------ ------------
Income (Loss) before Income Taxes and Extraordinary Item 10,377 2,617 103,440
Income Taxes ............................................ 3,977 1,532 50,287
------------ ------------ ------------
Income (Loss) before Extraordinary Item ................. 6,400 1,085 53,153
Extraordinary Item ...................................... - - -
------------ ------------ ------------
Net Income (Loss) ....................................... 6,400 1,085 53,153
============ ============ ============
</TABLE>
(a) CES includes one subsidiary as noted in Item 1. Consolidating financial
statements of CES are presented herewith in Item 10 Exhibits F1D through F6D.
<PAGE> 83
F-3 (4 of 5) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Consolidating Statement of Income
Year Ended December 31, 1995
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
CG CS CGC
------------ ------------ ------------
<S> <C> <C> <C>
Operating Revenues
Gas sales ............................................. - - -
Transportation ........................................ - - -
Storage ............................................... - - -
Other ................................................. - 74,228 3,104
------------ ------------ ------------
Total Operating Revenues ................................ - 74,228 3,104
------------ ------------ ------------
Operating Expenses
Products purchased .................................... - - -
Operation ............................................. 28,755 56,760 1,128
Maintenance ........................................... - 3,544 -
Depreciation and depletion ............................ - 5,268 21
Other taxes ........................................... 373 2,807 737
------------ ------------ ------------
Total Operating Expenses ................................ 29,128 68,379 1,886
------------ ------------ ------------
Operating Income (Loss) ................................. (29,128) 5,849 1,218
------------ ------------ ------------
Other Income (Deductions)
Interest income and other, net ........................ 341,191 284 25
Interest expense and related charges .................. (1,006,808) (1,608) (98)
Reorganization items, net ............................. (16,659) - -
------------ ------------ ------------
Total Other Income (Deductions) ......................... (682,276) (1,324) (73)
------------ ------------ ------------
Income (Loss) before Income Taxes and Extraordinary Item (711,404) 4,525 1,145
Income Taxes ............................................ (350,637) 2,435 295
------------ ------------ ------------
Income (Loss) before Extraordinary Item ................. (360,767) 2,090 850
Extraordinary Item ...................................... - - -
------------ ------------ ------------
Net Income (Loss) ....................................... (360,767) 2,090 850
============ ============ ============
<CAPTION>
F-3 Page 4
CPC CPI Total
------------ ------------ ------------
<S> <C> <C> <C>
Operating Revenues
Gas sales ............................................. - - -
Transportation ........................................ - - -
Storage ............................................... - - -
Other ................................................. 10,526 54,456 142,314
------------ ------------ ------------
Total Operating Revenues ................................ 10,526 54,456 142,314
------------ ------------ ------------
Operating Expenses
Products purchased .................................... 5,657 29,860 35,517
Operation ............................................. 2,839 15,801 105,283
Maintenance ........................................... 186 1,212 4,942
Depreciation and depletion ............................ 724 1,646 7,659
Other taxes ........................................... 233 1,143 5,293
------------ ------------ ------------
Total Operating Expenses ................................ 9,639 49,662 158,694
------------ ------------ ------------
Operating Income (Loss) ................................. 887 4,794 (16,380)
------------ ------------ ------------
Other Income (Deductions)
Interest income and other, net ........................ 41 323 341,864
Interest expense and related charges .................. (257) (841) (1,009,612)
Reorganization items, net ............................. - - (16,659)
------------ ------------ ------------
Total Other Income (Deductions) ......................... (216) (518) (684,407)
------------ ------------ ------------
Income (Loss) before Income Taxes and Extraordinary Item 671 4,276 (700,787)
Income Taxes ............................................ 2,414 1,922 (343,571)
------------ ------------ ------------
Income (Loss) before Extraordinary Item ................. (1,743) 2,354 (357,216)
Extraordinary Item ...................................... - - -
------------ ------------ ------------
Net Income (Loss) ....................................... (1,743) 2,354 (357,216)
============ ============ ============
</TABLE>
<PAGE> 84
F-3 (5 of 5) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Consolidating Statement of Income
Year Ended December 31, 1995
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
F-3 Page 5
TVC(a) TCC (a) CAT CLG (a) Total
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Operating Revenues
Gas sales ............................................. - - - - -
Transportation ........................................ - - - - -
Storage ............................................... - - - - -
Other ................................................. 7,315 - - 3,457 10,772
------------ ------------ ------------ ------------ ------------
Total Operating Revenues ................................ 7,315 - - 3,457 10,772
------------ ------------ ------------ ------------ ------------
Operating Expenses
Products purchased .................................... - - - - -
Operation ............................................. 3,658 22 89 4,374 8,143
Maintenance ........................................... - - - 134 134
Depreciation and depletion ............................ 30 - - - 30
Other taxes ........................................... 127 - - 149 276
------------ ------------ ------------ ------------ ------------
Total Operating Expenses ................................ 3,815 22 89 4,657 8,583
------------ ------------ ------------ ------------ ------------
Operating Income (Loss) ................................. 3,500 (22) (89) (1,200) 2,189
------------ ------------ ------------ ------------ ------------
Other Income (Deductions)
Interest income and other, net ........................ 252 (140) 7 (106) 13
Interest expense and related charges .................. 262 - (40) 187 409
Reorganization items, net ............................. - - - - -
------------ ------------ ------------ ------------ ------------
Total Other Income (Deductions) ......................... 514 (140) (33) 81 422
------------ ------------ ------------ ------------ ------------
Income (Loss) before Income Taxes and Extraordinary Item 4,014 (162) (122) (1,119) 2,611
Income Taxes ............................................ 1,509 (57) (36) 1,734 3,150
------------ ------------ ------------ ------------ ------------
Income (Loss) before Extraordinary Item .................. 2,505 (105) (86) (2,853) (539)
Extraordinary Item ....................................... - - - - -
------------ ------------ ------------ ------------ ------------
Net Income (Loss) ........................................ 2,505 (105) (86) (2,853) (539)
============ ============ ============ ============ ============
</TABLE>
(a) TVC includes twelve subsidiaries and both TCC and CLG include one
subsidiary as noted in Item 1. Consolidating financial statements of TVC, TCC
and CLG are presented herewith in Item 10 Exhibits F1A through F6A, F1B through
F6B and F1C through F6C, respectively.
<PAGE> 85
F-3A (1 of 3) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Tristar Ventures Corporation and Subsidiaries
Consolidating Statement of Income
Year Ended December 31, 1995
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
Consoli-
F-3B F-3B dating TVC
Page 2 Page 3 Combined Entries Consolidated
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Operating Revenues
Gas sales .............................................. - - - - -
Transportation ......................................... - - - - -
Storage ................................................ - - - - -
Other .................................................. 9,683 1,004 10,687 (3,372) 7,315
------------ ------------ ------------ ------------ ------------
Total Operating Revenues ................................. 9,683 1,004 10,687 (3,372) 7,315
------------ ------------ ------------ ------------ ------------
Operating Expenses
Products purchased ..................................... - - - - -
Operation .............................................. 4,106 168 4,274 (616) 3,658
Maintenance ............................................ - - - - -
Depreciation and depletion ............................. 30 - 30 - 30
Other taxes ............................................ 127 - 127 - 127
------------ ------------ ------------ ------------ ------------
Total Operating Expenses ................................. 4,263 168 4,431 (616) 3,815
------------ ------------ ------------ ------------ ------------
Operating Income (Loss) .................................. 5,420 836 6,256 (2,756) 3,500
------------ ------------ ------------ ------------ ------------
Other Income (Deductions)
Interest income and other, net ......................... 1,168 108 1,276 (1,024) 252
Interest expense and related charges ................... (545) (217) (762) 1,024 262
Reorganization items, net .............................. - - - - -
------------ ------------ ------------ ------------ ------------
Total Other Income (Deductions) .......................... 623 (109) 514 - 514
------------ ------------ ------------ ------------ ------------
Income (Loss) before Income Taxes and Extraordinary Item . 6,043 727 6,770 (2,756) 4,014
Income Taxes ............................................. 1,250 259 1,509 - 1,509
------------ ------------ ------------ ------------ ------------
Income (Loss) before Extraordinary Item .................. 4,793 468 5,261 (2,756) 2,505
Extraordinary Item ....................................... - - - - -
------------ ------------ ------------ ------------ ------------
Net Income (Loss) ........................................ 4,793 468 5,261 (2,756) 2,505
============ ============ ============ ============ ============
</TABLE>
<PAGE> 86
F-3A (2 of 3) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Tristar Ventures Corporation and Subsidiaries
Consolidating Statement of Income
Year Ended December 31, 1995
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
BGC BLC GGC GLC PGC
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Operating Revenues
Gas sales .............................................. - - - - -
Transportation ......................................... - - - - -
Storage ................................................ - - - - -
Other .................................................. 140 324 - - 1,181
------------ ------------ ------------ ------------ ------------
Total Operating Revenues ................................. 140 324 - - 1,181
------------ ------------ ------------ ------------ ------------
Operating Expenses
Products purchased ..................................... - - - - -
Operation .............................................. 44 101 - - 94
Maintenance ............................................ - - - - -
Depreciation and depletion ............................. - - - - -
Other taxes ............................................ - (19) - - -
------------ ------------ ------------ ------------ ------------
Total Operating Expenses ................................. 44 82 - - 94
------------ ------------ ------------ ------------ ------------
Operating Income (Loss) .................................. 96 242 - - 1,087
------------ ------------ ------------ ------------ ------------
Other Income (Deductions)
Interest income and other, net ......................... 54 132 - - 1
Interest expense and related charges ................... (1) (3) - - (139)
Reorganization items, net .............................. - - - - -
------------ ------------ ------------ ------------ ------------
Total Other Income (Deductions) .......................... 53 129 - - (138)
------------ ------------ ------------ ------------ ------------
Income (Loss) before Income Taxes and Extraordinary Item . 149 371 - - 949
Income Taxes ............................................. 51 141 - - 376
------------ ------------ ------------ ------------ ------------
Income (Loss) before Extraordinary Item .................. 98 230 - - 573
Extraordinary Item ....................................... - - - - -
------------ ------------ ------------ ------------ ------------
Net Income (Loss) ........................................ 98 230 - - 573
============ ============ ============ ============ ============
<CAPTION>
F-3B Page 2
PLC TVC Total
------------ ------------ ------------
<S> <C> <C> <C>
Operating Revenues
Gas sales .............................................. - - -
Transportation ......................................... - - -
Storage ................................................ - - -
Other .................................................. 2,757 5,281 9,683
------------ ------------ ------------
Total Operating Revenues ................................. 2,757 5,281 9,683
------------ ------------ ------------
Operating Expenses
Products purchased ..................................... - - -
Operation .............................................. 223 3,644 4,106
Maintenance ............................................ - - -
Depreciation and depletion ............................. - 30 30
Other taxes ............................................ - 146 127
------------ ------------ ------------
Total Operating Expenses ................................. 223 3,820 4,263
------------ ------------ ------------
Operating Income (Loss) .................................. 2,534 1,461 5,420
------------ ------------ ------------
Other Income (Deductions)
Interest income and other, net ......................... 1 980 1,168
Interest expense and related charges ................... (322) (80) (545)
Reorganization items, net .............................. - - -
------------ ------------ ------------
Total Other Income (Deductions) .......................... (321) 900 623
------------ ------------ ------------
Income (Loss) before Income Taxes and Extraordinary Item . 2,213 2,361 6,043
Income Taxes ............................................. 826 (144) 1,250
------------ ------------ ------------
Income (Loss) before Extraordinary Item .................. 1,387 2,505 4,793
Extraordinary Item ....................................... - - -
------------ ------------ ------------
Net Income (Loss) ........................................ 1,387 2,505 4,793
============ ============ ============
</TABLE>
<PAGE> 87
F-3A (3 of 3) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Tristar Ventures Corporation and Subsidiaries
Consolidating Statement of Income
Year Ended December 31, 1995
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
VGC VLC RL FC TVC9
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Operating Revenues
Gas sales .............................................. - - - - -
Transportation ......................................... - - - - -
Storage ................................................ - - - - -
Other .................................................. (37) (336) 1,377 - -
------------ ------------ ------------ ------------ ------------
Total Operating Revenues ................................. (37) (336) 1,377 - -
------------ ------------ ------------ ------------ ------------
Operating Expenses
Products purchased ..................................... - - - - -
Operation .............................................. 13 119 36 - -
Maintenance ............................................ - - - - -
Depreciation and depletion ............................. - - - - -
Other taxes ............................................ - - - - -
------------ ------------ ------------ ------------ ------------
Total Operating Expenses ................................. 13 119 36 - -
------------ ------------ ------------ ------------ ------------
Operating Income (Loss) .................................. (50) (455) 1,341 - -
------------ ------------ ------------ ------------ ------------
Other Income (Deductions)
Interest income and other, net ......................... 10 74 24 - -
Interest expense and related charges ................... - (1) (216) - -
Reorganization items, net .............................. - - - - -
------------ ------------ ------------ ------------ ------------
Total Other Income (Deductions) .......................... 10 73 (192) - -
------------ ------------ ------------ ------------ ------------
Income (Loss) before Income Taxes and Extraordinary Item . (40) (382) 1,149 - -
Income Taxes ............................................. (13) (132) 404 - -
------------ ------------ ------------ ------------ ------------
Income (Loss) before Extraordinary Item .................. (27) (250) 745 - -
Extraordinary Item ....................................... - - - - -
------------ ------------ ------------ ------------ ------------
Net Income (Loss) ........................................ (27) (250) 745 - -
============ ============ ============ ============ ============
<CAPTION>
F-3B Page 3
TVC10 Total
------------ ------------
<S> <C> <C>
Operating Revenues
Gas sales .............................................. - -
Transportation ......................................... - -
Storage ................................................ - -
Other .................................................. - 1,004
------------ ------------
Total Operating Revenues ................................. - 1,004
------------ ------------
Operating Expenses
Products purchased ..................................... - -
Operation .............................................. - 168
Maintenance ............................................ - -
Depreciation and depletion ............................. - -
Other taxes ............................................ - -
------------ ------------
Total Operating Expenses ................................. - 168
------------ ------------
Operating Income (Loss) .................................. - 836
------------ ------------
Other Income (Deductions)
Interest income and other, net ......................... - 108
Interest expense and related charges ................... - (217)
Reorganization items, net .............................. - -
------------ ------------
Total Other Income (Deductions) .......................... - (109)
------------ ------------
Income (Loss) before Income Taxes and Extraordinary Item . - 727
Income Taxes ............................................. - 259
------------ ------------
Income (Loss) before Extraordinary Item .................. - 468
Extraordinary Item ....................................... - -
------------ ------------
Net Income (Loss) ........................................ - 468
============ ============
</TABLE>
<PAGE> 88
F-3B (1 of 1) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Tristar Capital Corporation and Subsidiary
Consolidating Statement of Income
Year Ended December 31, 1995
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
Consoli-
dating TCC
TGT TCC Combined Entries Consolidated
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Operating Revenues
Gas sales .............................................. - - - - -
Transportation ......................................... - - - - -
Storage ................................................ - - - - -
Other .................................................. - - - - -
------------ ------------ ------------ ------------ ------------
Total Operating Revenues ................................. - - - - -
------------ ------------ ------------ ------------ ------------
Operating Expenses
Products purchased ..................................... - - - - -
Operation .............................................. 16 6 22 - 22
Maintenance ............................................ - - - - -
Depreciation and depletion ............................. - - - - -
Other taxes ............................................ - - - - -
------------ ------------ ------------ ------------ ------------
Total Operating Expenses ................................. 16 6 22 - 22
------------ ------------ ------------ ------------ ------------
Operating Income (Loss) .................................. (16) (6) (22) - (22)
------------ ------------ ------------ ------------ ------------
Other Income (Deductions)
Interest income and other, net ......................... (142) (101) (243) 103 (140)
Interest expense and related charges ................... - - - - -
Reorganization items, net .............................. - - - - -
------------ ------------ ------------ ------------ ------------
Total Other Income (Deductions) .......................... (142) (101) (243) 103 (140)
------------ ------------ ------------ ------------ ------------
Income (Loss) before Income Taxes and Extraordinary Item . (158) (107) (265) 103 (162)
Income Taxes ............................................. (55) (2) (57) - (57)
------------ ------------ ------------ ------------ ------------
Income (Loss) before Extraordinary Item .................. (103) (105) (208) 103 (105)
Extraordinary Item ....................................... - - - - -
------------ ------------ ------------ ------------ ------------
Net Income (Loss) ........................................ (103) (105) (208) 103 (105)
============ ============ ============ ============ ============
</TABLE>
<PAGE> 89
F-3C (1 of 1) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Columbia LNG Corporation and Subsidiary
Consolidating Statement of Income
Year Ended December 31, 1995
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
Consoli-
dating CLG
CLNG CLG Combined Entries Consolidated
------------ ------------- ------------- ------------ -------------
<S> <C> <C> <C> <C> <C>
Operating Revenues
Gas sales .............................................. - - - - -
Transportation ......................................... - - - - -
Storage ................................................ - - - - -
Other .................................................. (11) 3,459 3,448 9 3,457
------------ ------------- ------------- ------------ -------------
Total Operating Revenues ................................. (11) 3,459 3,448 9 3,457
------------ ------------- ------------- ------------ -------------
Operating Expenses
Products purchased ..................................... - - - - -
Operation .............................................. 2 4,372 4,374 - 4,374
Maintenance ............................................ - 134 134 - 134
Depreciation and depletion ............................. - - - - -
Other taxes ............................................ - 149 149 - 149
------------ ------------- ------------- ------------ -------------
Total Operating Expenses ................................. 2 4,655 4,657 - 4,657
------------ ------------- ------------- ------------ -------------
Operating Income (Loss) .................................. (13) (1,196) (1,209) 9 (1,200)
------------ ------------- ------------- ------------ -------------
Other Income (Deductions)
Interest income and other, net ......................... - 54 54 (160) (106)
Interest expense and related charges ................... - 27 27 160 187
Reorganization items, net .............................. - - - - -
------------ ------------- ------------- ------------ -------------
Total Other Income (Deductions) .......................... - 81 81 - 81
------------ ------------- ------------- ------------ -------------
Income (Loss) before Income Taxes and Extraordinary Item . (13) (1,115) (1,128) 9 (1,119)
Income Taxes ............................................. (4) 1,738 1,734 - 1,734
------------ ------------- ------------- ------------ -------------
Income (Loss) before Extraordinary Item .................. (9) (2,853) (2,862) 9 (2,853)
Extraordinary Item ....................................... - - - - -
------------ ------------- ------------- ------------ -------------
Net Income (Loss) ........................................ (9) (2,853) (2,862) 9 (2,853)
============ ============= ============= ============ =============
</TABLE>
<PAGE> 90
F-3D (1 of 1) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Columbia Energy Services Corporation and Subsidiary
Consolidating Statement of Income
Year Ended December 31, 1995
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
Consoli-
dating CES
CEM CES Combined Entries Consolidated
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Operating Revenues
Gas sales .............................................. 5,221 233,006 238,227 (292) 237,935
Transportation ......................................... - - - - -
Storage ................................................ - - - - -
Other .................................................. - - - - -
------------ ------------ ------------ ------------ ------------
Total Operating Revenues ................................. 5,221 233,006 238,227 (292) 237,935
------------ ------------ ------------ ------------ ------------
Operating Expenses
Products purchased ..................................... 4,979 226,100 231,079 (292) 230,787
Operation .............................................. - 4,769 4,769 - 4,769
Maintenance ............................................ - - - - -
Depreciation and depletion ............................. - 189 189 - 189
Other taxes ............................................ - 280 280 - 280
------------ ------------ ------------ ------------ ------------
Total Operating Expenses ................................. 4,979 231,338 236,317 (292) 236,025
------------ ------------ ------------ ------------ ------------
Operating Income (Loss) .................................. 242 1,668 1,910 - 1,910
------------ ------------ ------------ ------------ ------------
Other Income (Deductions)
Interest income and other, net ......................... 2 909 911 (740) 171
Interest expense and related charges ................... - (55) (55) 591 536
Reorganization items, net .............................. - - - - -
------------ ------------ ------------ ------------ ------------
Total Other Income (Deductions) .......................... 2 854 856 (149) 707
------------ ------------ ------------ ------------ ------------
Income (Loss) before Income Taxes and Extraordinary Item . 244 2,522 2,766 (149) 2,617
Income Taxes ............................................. 95 1,437 1,532 - 1,532
------------ ------------ ------------ ------------ ------------
Income (Loss) before Extraordinary Item .................. 149 1,085 1,234 (149) 1,085
Extraordinary Item ....................................... - - - - -
------------ ------------ ------------ ------------ ------------
Net Income (Loss) ........................................ 149 1,085 1,234 (149) 1,085
============ ============ ============ ============ ============
</TABLE>
<PAGE> 91
F-3E (1 of 1) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Columbia Gas Transmission Corporation and Subsidiary
Consolidating Statement of Income
Year Ended December 31, 1995
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
Consoli-
dating TCO
CTIC TCO Combined Entries Consolidated
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Operating Revenues
Gas sales .............................................. - (20,600) (20,600) - (20,600)
Transportation ......................................... - 478,033 478,033 - 478,033
Storage ................................................ - 139,272 139,272 - 139,272
Other .................................................. - 9,585 9,585 - 9,585
------------ ------------ ------------ ------------ ------------
Total Operating Revenues ................................. - 606,290 606,290 - 606,290
------------ ------------ ------------ ------------ ------------
Operating Expenses
Products purchased ..................................... - (5,794) (5,794) - (5,794)
Operation .............................................. 74 266,103 266,177 - 266,177
Maintenance ............................................ - 50,236 50,236 - 50,236
Depreciation and depletion ............................. - 80,418 80,418 - 80,418
Other taxes ............................................ - 44,115 44,115 - 44,115
------------ ------------ ------------ ------------ ------------
Total Operating Expenses ................................. 74 435,078 435,152 - 435,152
------------ ------------ ------------ ------------ ------------
Operating Income (Loss) .................................. (74) 171,212 171,138 - 171,138
------------ ------------ ------------ ------------ ------------
Other Income (Deductions)
Interest income and other, net ......................... 982 36,619 37,601 (23,358) 14,243
Interest expense and related charges ................... - (171,253) (171,253) 982 (170,271)
Reorganization items, net .............................. 33,517 11,106 44,623 - 44,623
------------ ------------ ------------ ------------ ------------
Total Other Income (Deductions) .......................... 34,499 (123,528) (89,029) (22,376) (111,405)
------------ ------------ ------------ ------------ ------------
Income (Loss) before Income Taxes and Extraordinary Item . 34,425 47,684 82,109 (22,376) 59,733
Income Taxes ............................................. 12,049 33,464 45,513 - 45,513
------------ ------------ ------------ ------------ ------------
Income (Loss) before Extraordinary Item .................. 22,376 14,220 36,596 (22,376) 14,220
Extraordinary Item ....................................... - 127,986 127,986 - 127,986
------------ ------------ ------------ ------------ ------------
Net Income (Loss) ........................................ 22,376 142,206 164,582 (22,376) 142,206
============ ============ ============ ============ ============
</TABLE>
<PAGE> 92
F-4 (1 of 1) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Consolidating Statement of Income Entries
Year Ended December 31, 1995
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
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 ............................................. (101,493) (101,493) - - -
Transportation ........................................ (233,917) (233,917) - - -
Storage ............................................... (76,517) (76,517) - - -
Other ................................................. (77,385) (78,395) - - 1,010
------------ ------------ ------------ ------------ ------------
Total Operating Revenues ................................ (489,312) (490,322) - - 1,010
------------ ------------ ------------ ------------ ------------
Operating Expenses
Products purchased .................................... (414,896) (414,896) - - -
Operation ............................................. (96,068) (94,642) - - (1,426)
Maintenance ........................................... - - - - -
Depreciation and depletion ............................ 10,988 - 553 8,286 2,149
Other taxes ........................................... - - - - -
------------ ------------ ------------ ------------ ------------
Total Operating Expenses ................................ (499,976) (509,538) 553 8,286 723
------------ ------------ ------------ ------------ ------------
Operating Income (Loss) ................................. 10,664 19,216 (553) (8,286) 287
------------ ------------ ------------ ------------ ------------
Other Income (Deductions)
Interest income and other, net ........................ (416,402) (212,221) (204,181) - -
Interest expense and related charges .................. 258,418 215,125 - - 43,293
Reorganization items, net ............................. (14,566) (2,904) - - (11,662)
------------ ------------ ------------ ------------ ------------
Total Other Income (Deductions) ......................... (172,550) - (204,181) - 31,631
------------ ------------ ------------ ------------ ------------
Income (Loss) before Income Taxes and Extraordinary Item (161,886) 19,216 (204,734) (8,286) 31,918
Income Taxes ............................................ 14,903 6,706 (194) (2,901) 11,292
------------ ------------ ------------ ------------ ------------
Income (Loss) before Extraordinary Item ................. (176,789) 12,510 (204,540) (5,385) 20,626
Extraordinary Item ...................................... (62,120) (69,700) - - 7,580
------------ ------------ ------------ ------------ ------------
Net Income (Loss) ....................................... (238,909) (57,190) (204,540) (5,385) 28,206
============ ============ ============ ============ ============
</TABLE>
<PAGE> 93
F-4A (1 of 1) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Tristar Ventures Corporation and Subsidiaries
Consolidating Statement of Income Entries
Year Ended December 31, 1995
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
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>
Operating Revenues
Gas sales .............................................. - - - - -
Transportation ......................................... - - - - -
Storage ................................................ - - - - -
Other .................................................. (3,372) - (3,372) - -
------------ ------------ ------------ ------------ ------------
Total Operating Revenues ................................. (3,372) - (3,372) - -
------------ ------------ ------------ ------------ ------------
Operating Expenses
Products purchased ..................................... - - - - -
Operation .............................................. (616) - (616) - -
Maintenance ............................................ - - - - -
Depreciation and depletion ............................. - - - - -
Other taxes ............................................ - - - - -
------------ ------------ ------------ ------------ ------------
Total Operating Expenses ................................. (616) - (616) - -
------------ ------------ ------------ ------------ ------------
Operating Income (Loss) .................................. (2,756) - (2,756) - -
------------ ------------ ------------ ------------ ------------
Other Income (Deductions)
Interest income and other, net ......................... (1,024) (1,024) - - -
Interest expense and related charges ................... 1,024 1,024 - - -
Reorganization items, net .............................. - - - - -
------------ ------------ ------------ ------------ ------------
Total Other Income (Deductions) .......................... - - - - -
------------ ------------ ------------ ------------ ------------
Income (Loss) before Income Taxes and Extraordinary Item . (2,756) - (2,756) - -
Income Taxes ............................................. - - - - -
------------ ------------ ------------ ------------ ------------
Income (Loss) before Extraordinary Item .................. (2,756) - (2,756) - -
Extraordinary Item ....................................... - - - - -
------------ ------------ ------------ ------------ ------------
Net Income (Loss) ........................................ (2,756) - (2,756) - -
============ ============ ============ ============ ============
</TABLE>
<PAGE> 94
F-4B (1 of 1) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Tristar Capital Corporation and Subsidiary
Consolidating Statement of Income Entries
Year Ended December 31, 1995
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
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 .............................................. - - - - -
Transportation ......................................... - - - - -
Storage ................................................ - - - - -
Other .................................................. - - - - -
------------ ------------ ------------ ------------ ------------
Total Operating Revenues ................................. - - - - -
------------ ------------ ------------ ------------ ------------
Operating Expenses
Products purchased ..................................... - - - - -
Operation .............................................. - - - - -
Maintenance ............................................ - - - - -
Depreciation and depletion ............................. - - - - -
Other taxes ............................................ - - - - -
------------ ------------ ------------ ------------ ------------
Total Operating Expenses ................................. - - - - -
------------ ------------ ------------ ------------ ------------
Operating Income (Loss) .................................. - - - - -
------------ ------------ ------------ ------------ ------------
Other Income (Deductions)
Interest income and other, net ......................... 103 - 103 - -
Interest expense and related charges ................... - - - - -
Reorganization items, net .............................. - - - - -
------------ ------------ ------------ ------------ ------------
Total Other Income (Deductions) .......................... 103 - 103 - -
------------ ------------ ------------ ------------ ------------
Income (Loss) before Income Taxes and Extraordinary Item . 103 - 103 - -
Income Taxes ............................................. - - - - -
------------ ------------ ------------ ------------ ------------
Income (Loss) before Extraordinary Item .................. 103 - 103 - -
Extraordinary Item ....................................... - - - - -
------------ ------------ ------------ ------------ ------------
Net Income (Loss) ........................................ 103 - 103 - -
============ ============ ============ ============ ============
</TABLE>
<PAGE> 95
F-4C (1 of 1) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Columbia LNG Corporation and Subsidiary
Consolidating Statement of Income Entries
Year Ended December 31, 1995
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
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 .............................................. - - - - -
Transportation ......................................... - - - - -
Storage ................................................ - - - - -
Other .................................................. 9 - 9 - -
------------ ------------- ------------- ------------ -------------
Total Operating Revenues ................................. 9 - 9 - -
------------ ------------- ------------- ------------ -------------
Operating Expenses
Products purchased ..................................... - - - - -
Operation .............................................. - - - - -
Maintenance ............................................ - - - - -
Depreciation and depletion ............................. - - - - -
Other taxes ............................................ - - - - -
------------ ------------- ------------- ------------ -------------
Total Operating Expenses ................................. - - - - -
------------ ------------- ------------- ------------ -------------
Operating Income (Loss) .................................. 9 - 9 - -
------------ ------------- ------------- ------------ -------------
Other Income (Deductions)
Interest income and other, net ......................... (160) (160) - - -
Interest expense and related charges ................... 160 160 - - -
Reorganization items, net .............................. - - - - -
------------ ------------- ------------- ------------ -------------
Total Other Income (Deductions) .......................... - - - - -
------------ ------------- ------------- ------------ -------------
Income (Loss) before Income Taxes and Extraordinary Item . 9 - 9 - -
Income Taxes ............................................. - - - - -
------------ ------------- ------------- ------------ -------------
Income (Loss) before Extraordinary Item .................. 9 - 9 - -
Extraordinary Item ....................................... - - - - -
------------ ------------- ------------- ------------ -------------
Net Income (Loss) ........................................ 9 - 9 - -
============ ============= ============= ============ =============
</TABLE>
<PAGE> 96
F-4D (1 of 1) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Columbia Energy Services Corporation and Subsidiary
Consolidating Statement of Income Entries
Year Ended December 31, 1995
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
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 .............................................. (292) (292) - - -
Transportation ......................................... - - - - -
Storage ................................................ - - - - -
Other .................................................. - - - - -
------------ ------------ ------------ ------------ ------------
Total Operating Revenues ................................. (292) (292) - - -
------------ ------------ ------------ ------------ ------------
Operating Expenses
Products purchased ..................................... (292) (292) - - -
Operation .............................................. - - - - -
Maintenance ............................................ - - - - -
Depreciation and depletion ............................. - - - - -
Other taxes ............................................ - - - - -
------------ ------------ ------------ ------------ ------------
Total Operating Expenses ................................. (292) (292) - - -
------------ ------------ ------------ ------------ ------------
Operating Income (Loss) .................................. - - - - -
------------ ------------ ------------ ------------ ------------
Other Income (Deductions)
Interest income and other, net ......................... (740) (591) (149) - -
Interest expense and related charges ................... 591 591 - - -
Reorganization items, net .............................. - - - - -
------------ ------------ ------------ ------------ ------------
Total Other Income (Deductions) .......................... (149) (149) (149) - -
------------ ------------ ------------ ------------ ------------
Income (Loss) before Income Taxes and Extraordinary Item . (149) - (149) - -
Income Taxes ............................................. - - - - -
------------ ------------ ------------ ------------ ------------
Income (Loss) before Extraordinary Item .................. (149) - (149) - -
Extraordinary Item ....................................... - - - - -
------------ ------------ ------------ ------------ ------------
Net Income (Loss) ........................................ (149) - (149) - -
============ ============ ============ ============ ============
</TABLE>
<PAGE> 97
F-4E (1 of 1) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Columbia Gas Transmission Corporation and Subsidiary
Consolidating Statement of Income Entries
Year Ended December 31, 1995
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
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 .............................................. - - - - -
Transportation ......................................... - - - - -
Storage ................................................ - - - - -
Other .................................................. - - - - -
------------ ------------ ------------ ------------ ------------
Total Operating Revenues ................................. - - - - -
------------ ------------ ------------ ------------ ------------
Operating Expenses
Products purchased ..................................... - - - - -
Operation .............................................. - - - - -
Maintenance ............................................ - - - - -
Depreciation and depletion ............................. - - - - -
Other taxes ............................................ - - - - -
------------ ------------ ------------ ------------ ------------
Total Operating Expenses ................................. - - - - -
------------ ------------ ------------ ------------ ------------
Operating Income (Loss) .................................. - - - - -
------------ ------------ ------------ ------------ ------------
Other Income (Deductions)
Interest income and other, net ......................... (23,358) (22,376) (982) - -
Interest expense and related charges ................... 982 - 982 - -
Reorganization items, net .............................. - - - - -
------------ ------------ ------------ ------------ ------------
Total Other Income (Deductions) .......................... (22,376) (22,376) - - -
------------ ------------ ------------ ------------ ------------
Income (Loss) before Income Taxes and Extraordinary Item . (22,376) (22,376) - - -
Income Taxes ............................................. - - - - -
------------ ------------ ------------ ------------ ------------
Income (Loss) before Extraordinary Item .................. (22,376) (22,376) - - -
Extraordinary Item ....................................... - - - - -
------------ ------------ ------------ ------------ ------------
Net Income (Loss) ........................................ (22,376) (22,376) - - -
============ ============ ============ ============ ============
</TABLE>
<PAGE> 98
F-5 (1 of 5) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Consolidating Statement of Common Stock Equity
Year Ended December 31, 1995
(Not covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
F-5 F-5 F-5 F-5
Page 2 Page 3 Page 4 Page 5 Combined
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Common Stock
Balance at beginning of year ....................... 562,326 609,830 82,668 5,262 1,260,086
Common stock issued -
Subsidiaries .................................... - 26,000 - - 26,000
Dividend reinvestment plan ...................... - - - - -
Long-term incentive plan ........................ - 568 - - 568
Public offering ................................. - - - - -
Recapitalization -
Reduction in par value........................... - - - - -
Adjustments due to reconsolidation of subsidiary - - - (3,676) (3,676)
------------ ------------ ------------ ------------ ------------
Balance at end of year ............................. 562,326 636,398 82,668 1,586 1,282,978
------------ ------------ ------------ ------------ ------------
Additional Paid in Capital
Balance at beginning of year ....................... 93,132 606,158 55,200 133,508 887,998
Common stock issued -
Subsidiaries .................................... - - - 1,008 1,008
Leveraged employee stock
ownership plan (LESOP) ........................ - (7,903) - - (7,903)
Dividend reinvestment plan ...................... - - - - -
Long-term incentive plan ........................ - 1,861 - - 1,861
Public offering ................................. - - - - -
Other ........................................... - - - - -
Recapitalization -
Debt issuance.................................... - - - - -
Dividends paid................................... - - - - -
Capital contributions............................ 1,200,000 - - 876 1,200,876
Reduction in par value........................... - - - 3,676 3,676
Adjustments due to reconsolidation of subsidiary - - - - -
------------ ------------ ------------ ------------ ------------
Balance at end of year ............................. 1,293,132 600,116 55,200 139,068 2,087,516
------------ ------------ ------------ ------------ ------------
Retained Earnings
Balance at beginning of year ....................... (459,035) 597,820 (67,340) (124,756) (53,311)
Net income ........................................ 219,450 (335,476) 6,056 (3,044) (113,014)
Common stock dividends -
CG .............................................. - - - - -
Subsidiaries (to CG) ............................ 111,208 14,837 3,378 - 129,423
Other ............................................. - (1) - - (1)
Adjustments due to reconsolidation of subsidiary - - - - -
------------ ------------ ------------ ------------ ------------
Balance at end of year ............................. (350,793) 247,506 (64,662) (127,800) (295,749)
------------ ------------ ------------ ------------ ------------
Reacquired Capital Stock............................. - (57,807) - - (57,807)
Unearned Employee Compensation
Balance at beginning of year ....................... - (69,966) - - (69,966)
Adjustment ........................................ - 69,966 - - 69,966
------------ ------------ ------------ ------------ ------------
Balance at end of year ............................. - - - - -
------------ ------------ ------------ ------------ ------------
TOTAL COMMON STOCK EQUITY 1,504,665 1,426,213 73,206 12,854 3,016,938
============ ============ ============ ============ ============
<CAPTION>
Consolidating
Entries Consolidated
------------ ------------
<S> <C> <C>
Common Stock
Balance at beginning of year ....................... (754,453) 505,633
Common stock issued -
Subsidiaries .................................... (26,000) -
Dividend reinvestment plan ...................... - -
Long-term incentive plan ........................ - 568
Public offering ................................. - -
Recapitalization -
Reduction in par value........................... - -
Adjustments due to reconsolidation of subsidiary 3,676 -
------------ ------------
Balance at end of year ............................. (776,777) 506,201
------------ ------------
Additional Paid in Capital
Balance at beginning of year ....................... (286,170) 601,828
Common stock issued -
Subsidiaries .................................... (1,008) -
Leveraged employee stock
ownership plan (LESOP) ........................ - (7,903)
Dividend reinvestment plan ...................... - -
Long-term incentive plan ........................ - 1,861
Public offering ................................. - -
Other ........................................... - -
Recapitalization -
Debt issuance.................................... - -
Dividends paid................................... - -
Capital contributions............................ (1,200,876) -
Reduction in par value........................... (3,676) -
Adjustments due to reconsolidation of subsidiary - -
------------ ------------
Balance at end of year ............................. (1,491,730) 595,786
------------ ------------
Retained Earnings
Balance at beginning of year ....................... 483,907 430,596
Net income ........................................ (247,753) (360,767)
Common stock dividends -
CG .............................................. - -
Subsidiaries (to CG) ............................ (129,423) -
Other ............................................. - (1)
Adjustments due to reconsolidation of subsidiary - -
------------ ------------
Balance at end of year ............................. 365,577 69,828
------------ ------------
Reacquired Capital Stock............................. - (57,807)
Unearned Employee Compensation
Balance at beginning of year ....................... - (69,966)
Adjustment ........................................ - 69,966
------------ ------------
Balance at end of year ............................. - -
------------ ------------
TOTAL COMMON STOCK EQUITY (1,902,930) 1,114,008
============ ============
</TABLE>
<PAGE> 99
F-5 (2 of 5) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Consolidating Statement of Common Stock Equity
Year Ended December 31, 1995
(Not covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
CNR TCO (a) CGT CKY COH
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Common Stock
Balance at beginning of year ....................... 125,716 241,784 59,780 15,806 119,240
Common stock issued -
Subsidiaries .................................... - - - - -
Dividend reinvestment plan ...................... - - - - -
Long-term incentive plan ........................ - - - - -
Public offering ................................. - - - - -
Recapitalization -
Reduction in par value........................... - - - - -
Adjustments due to reconsolidation of subsidiary... - - - - -
------------ ------------ ------------ ------------ ------------
Balance at end of year ............................. 125,716 241,784 59,780 15,806 119,240
------------ ------------ ------------ ------------ ------------
Additional Paid in Capital
Balance at beginning of year ....................... - 70,289 22,669 174 -
Common stock issued -
Subsidiaries .................................... - - - - -
Leveraged employee stock
ownership plan (LESOP) ........................ - - - - -
Dividend reinvestment plan ...................... - - - - -
Long-term incentive plan ........................ - - - - -
Public offering ................................. - - - - -
Other ........................................... - - - - -
Recapitalization -
Debt issuance.................................... - - - - -
Dividends paid................................... - - - - -
Capital contributions............................ - 1,200,000 - - -
Reduction in par value........................... - - - - -
Adjustments due to reconsolidation of subsidiary... - - - - -
------------ ------------ ------------ ------------ ------------
Balance at end of year ............................. - 1,270,289 22,669 174 -
------------ ------------ ------------ ------------ ------------
Retained Earnings
Balance at beginning of year ....................... 49,043 (801,132) 14,894 33,907 244,253
Net income ........................................ 25,237 142,206 17,515 6,630 27,862
Common stock dividends -
CG .............................................. - - - - -
Subsidiaries (to CG) ............................ 72,010 - 12,853 2,497 23,848
Other ............................................. - - - - -
Adjustments due to reconsolidation of subsidiary... - - - - -
------------ ------------ ------------ ------------ ------------
Balance at end of year ............................. 2,270 (658,926) 19,556 38,040 248,267
------------ ------------ ------------ ------------ ------------
Reacquired Capital Stock............................. - - - - -
Unearned Employee Compensation
Balance at beginning of year ....................... - - - - -
Adjustment ........................................ - - - - -
------------ ------------ ------------ ------------ ------------
Balance at end of year ............................. - - - - -
------------ ------------ ------------ ------------ ------------
TOTAL COMMON STOCK EQUITY 127,986 853,147 102,005 54,020 367,507
============ ============ ============ ============ ============
<CAPTION>
F-5 Page 2
Total
------------
<S> <C>
Common Stock
Balance at beginning of year ....................... 562,326
Common stock issued -
Subsidiaries .................................... -
Dividend reinvestment plan ...................... -
Long-term incentive plan ........................ -
Public offering ................................. -
Recapitalization -
Reduction in par value........................... -
Adjustments due to reconsolidation of subsidiary... -
------------
Balance at end of year ............................. 562,326
------------
Additional Paid in Capital
Balance at beginning of year ....................... 93,132
Common stock issued -
Subsidiaries .................................... -
Leveraged employee stock
ownership plan (LESOP) ........................ -
Dividend reinvestment plan ...................... -
Long-term incentive plan ........................ -
Public offering ................................. -
Other ........................................... -
Recapitalization -
Debt issuance.................................... -
Dividends paid................................... -
Capital contributions............................ 1,200,000
Reduction in par value........................... -
Adjustments due to reconsolidation of subsidiary... -
------------
Balance at end of year ............................. 1,293,132
------------
Retained Earnings
Balance at beginning of year ....................... (459,035)
Net income ........................................ 219,450
Common stock dividends -
CG .............................................. -
Subsidiaries (to CG) ............................ 111,208
Other ............................................. -
Adjustments due to reconsolidation of subsidiary... -
------------
Balance at end of year ............................. (350,793)
------------
Reacquired Capital Stock............................. -
Unearned Employee Compensation
Balance at beginning of year ....................... -
Adjustment ........................................ -
------------
Balance at end of year ............................. -
------------
TOTAL COMMON STOCK EQUITY 1,504,665
============
</TABLE>
(a) On June 6, 1995 CTIC was dissolved. Consequently, no Consolidating
Statement of Common Stock Equity is presented herewith in Item 10.
<PAGE> 100
F-5 (3 of 5) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Consolidating Statement of Common Stock Equity
Year Ended December 31, 1995
(Not covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
CMD CPA COS CES(a) CG
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Common Stock
Balance at beginning of year ....................... 7,092 68,628 24,305 4,172 505,633
Common stock issued -
Subsidiaries .................................... - - 26,000 - -
Dividend reinvestment plan ...................... - - - - -
Long-term incentive plan ........................ - - - - 568
Public offering ................................. - - - - -
Recapitalization -
Reduction in par value........................... - - - - -
Adjustments due to reconsolidation of subsidiary... - - - - -
------------ ------------ ------------ ------------ ------------
Balance at end of year ............................. 7,092 68,628 50,305 4,172 506,201
------------ ------------ ------------ ------------ ------------
Additional Paid in Capital
Balance at beginning of year ....................... - - 2,969 1,361 601,828
Common stock issued -
Subsidiaries .................................... - - - - -
Leveraged employee stock
ownership plan (LESOP) ........................ - - - - (7,903)
Dividend reinvestment plan ...................... - - - - -
Long-term incentive plan ........................ - - - - 1,861
Public offering ................................. - - - - -
Other ........................................... - - - - -
Recapitalization -
Debt issuance.................................... - - - - -
Dividends paid................................... - - - - -
Capital contributions............................ - - - - -
Reduction in par value........................... - - - - -
Adjustments due to reconsolidation of subsidiary... - - - - -
------------ ------------ ------------ ------------ ------------
Balance at end of year ............................. - - 2,969 1,361 595,786
------------ ------------ ------------ ------------ ------------
Retained Earnings
Balance at beginning of year ....................... 9,970 108,656 42,301 6,297 430,596
Net income ........................................ 1,807 15,999 6,400 1,085 (360,767)
Common stock dividends -
CG .............................................. - - - - -
Subsidiaries (to CG) ............................ 837 14,000
Other ............................................. - - - - (1)
Adjustments due to reconsolidation of subsidiary... - - - - -
------------ ------------ ------------ ------------ ------------
Balance at end of year ............................. 10,940 110,655 48,701 7,382 69,828
------------ ------------ ------------ ------------ ------------
Reacquired Capital Stock............................. - - - - (57,807)
Unearned Employee Compensation
Balance at beginning of year ....................... - - - - (69,966)
Adjustment ........................................ - - - - 69,966
------------ ------------ ------------ ------------ ------------
Balance at end of year ............................. - - - - -
------------ ------------ ------------ ------------ ------------
TOTAL COMMON STOCK EQUITY 18,032 179,283 101,975 12,915 1,114,008
============ =========== ============ ============ ============
<CAPTION>
F-5 Page 3
Total
------------
<S> <C>
Common Stock
Balance at beginning of year ....................... 609,830
Common stock issued -
Subsidiaries .................................... 26,000
Dividend reinvestment plan ...................... -
Long-term incentive plan ........................ 568
Public offering ................................. -
Recapitalization -
Reduction in par value........................... -
Adjustments due to reconsolidation of subsidiary... -
------------
Balance at end of year ............................. 636,398
------------
Additional Paid in Capital
Balance at beginning of year ....................... 606,158
Common stock issued -
Subsidiaries .................................... -
Leveraged employee stock
ownership plan (LESOP) ........................ (7,903)
Dividend reinvestment plan ...................... -
Long-term incentive plan ........................ 1,861
Public offering ................................. -
Other ........................................... -
Recapitalization -
Debt issuance.................................... -
Dividends paid................................... -
Capital contributions............................ -
Reduction in par value........................... -
Adjustments due to reconsolidation of subsidiary... -
------------
Balance at end of year ............................. 600,116
------------
Retained Earnings
Balance at beginning of year ....................... 597,820
Net income ........................................ (335,476)
Common stock dividends -
CG .............................................. -
Subsidiaries (to CG) ............................ 14,837
Other ............................................. (1)
Adjustments due to reconsolidation of subsidiary... -
------------
Balance at end of year ............................. 247,506
------------
Reacquired Capital Stock............................. (57,807)
Unearned Employee Compensation
Balance at beginning of year ....................... (69,966)
Adjustment ........................................ 69,966
------------
Balance at end of year ............................. -
------------
TOTAL COMMON STOCK EQUITY 1,426,213
============
</TABLE>
(a) CES includes one subsidiary as noted in Item 1. Consolidating financial
statements of CES are presented herewith in Item 10 Exhibits F1D through F6D.
<PAGE> 101
F-5 (4 of 5) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Consolidating Statement of Common Stock Equity
Year Ended December 31, 1995
(Not covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
CS CGC CPC CPI TVC(a)
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Common Stock
Balance at beginning of year ....................... 13,000 48,475 3,900 2,000 15,293
Common stock issued -
Subsidiaries .................................... - - - - -
Dividend reinvestment plan ...................... - - - - -
Long-term incentive plan ........................ - - - - -
Public offering ................................. - - - - -
Recapitalization -
Reduction in par value........................... - - - - -
Adjustments due to reconsolidation of subsidiary... - - - - -
------------ ------------ ------------ ------------ ------------
Balance at end of year ............................. 13,000 48,475 3,900 2,000 15,293
------------ ------------ ------------ ------------ ------------
Additional Paid in Capital
Balance at beginning of year ....................... - 12,000 - 398 42,802
Common stock issued -
Subsidiaries .................................... - - - - -
Leveraged employee stock
ownership plan (LESOP) ........................ - - - - -
Dividend reinvestment plan ...................... - - - - -
Long-term incentive plan ........................ - - - - -
Public offering ................................. - - - - -
Other ........................................... - - - - -
Recapitalization -
Debt issuance.................................... - - - - -
Dividends paid................................... - - - - -
Capital contributions............................ - - - - -
Reduction in par value........................... - - - - -
Adjustments due to reconsolidation of subsidiary... - - - - -
------------ ------------ ------------ ------------ ------------
Balance at end of year ............................ - 12,000 - 398 42,802
------------ ------------ ------------ ------------ ------------
Retained Earnings
Balance at beginning of year ....................... 179 (52,801) 94 5,936 (20,748)
Net income ........................................ 2,090 850 (1,743) 2,354 2,505
Common stock dividends -
CG .............................................. - - - - -
Subsidiaries (to CG) ............................ 2,093 - 400 885 -
Other ............................................. - - - - -
Adjustments due to reconsolidation of subsidiary... - - - - -
------------ ------------ ------------ ------------ ------------
Balance at end of year ............................. 176 (51,951) (2,049) 7,405 (18,243)
------------ ------------ ------------ ------------ ------------
Reacquired Capital Stock............................. - - - - -
Unearned Employee Compensation
Balance at beginning of year ....................... - - - - -
Adjustment ........................................ - - - - -
------------ ------------ ------------ ------------ ------------
Balance at end of year ............................. - - - - -
------------ ------------ ------------ ------------ ------------
TOTAL COMMON STOCK EQUITY 13,176 8,524 1,851 9,803 39,852
============ ============ ============ ============ ============
<CAPTION>
F-1 Page 4
Total
------------
<S> <C>
Common Stock
Balance at beginning of year ....................... 82,668
Common stock issued -
Subsidiaries .................................... -
Dividend reinvestment plan ...................... -
Long-term incentive plan ........................ -
Public offering ................................. -
Recapitalization -
Reduction in par value........................... -
Adjustments due to reconsolidation of subsidiary... -
------------
Balance at end of year ............................. 82,668
------------
Additional Paid in Capital
Balance at beginning of year ....................... 55,200
Common stock issued -
Subsidiaries .................................... -
Leveraged employee stock
ownership plan (LESOP) ........................ -
Dividend reinvestment plan ...................... -
Long-term incentive plan ........................ -
Public offering ................................. -
Other ........................................... -
Recapitalization -
Debt issuance.................................... -
Dividends paid................................... -
Capital contributions............................ -
Reduction in par value........................... -
Adjustments due to reconsolidation of subsidiary... -
------------
Balance at end of year ............................ 55,200
------------
Retained Earnings
Balance at beginning of year ....................... (67,340)
Net income ........................................ 6,056
Common stock dividends -
CG .............................................. -
Subsidiaries (to CG) ............................ 3,378
Other ............................................. -
Adjustments due to reconsolidation of subsidiary... -
------------
Balance at end of year ............................. (64,662)
------------
Reacquired Capital Stock............................. -
Unearned Employee Compensation
Balance at beginning of year ....................... -
Adjustment ........................................ -
------------
Balance at end of year ............................. -
------------
TOTAL COMMON STOCK EQUITY 73,206
============
</TABLE>
(a) TVC includes twelve subsidiaries as noted in Item 1. Consolidating
financial statements of TVC are presented herewith in Item 10 Exhibits F1A
through F6A.
<PAGE> 102
F-5 (5 of 5) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Consolidating Statement of Common Stock Equity
Year Ended December 31, 1995
(Not covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
F-5 Page 5
TCC (a) CAT CLG (a) Total
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Common Stock
Balance at beginning of year ....................... 1,500 82 3,680 5,262
Common stock issued -
Subsidiaries .................................... - - - -
Dividend reinvestment plan ...................... - - - -
Long-term incentive plan ........................ - - - -
Public offering ................................. - - - -
Recapitalization -
Reduction in par value........................... - - - -
Adjustments due to reconsolidation of subsidiary... - - (3,676) (3,676)
------------ ------------ ------------ ------------
Balance at end of year ............................. 1,500 82 4 1,586
------------ ------------ ------------ ------------
Additional Paid in Capital
Balance at beginning of year ....................... 575 - 132,933 133,508
Common stock issued -
Subsidiaries .................................... - - 1,008 1,008
Leveraged employee stock
ownership plan (LESOP) ........................ - - - -
Dividend reinvestment plan ...................... - - - -
Long-term incentive plan ........................ - - - -
Public offering ................................. - - - -
Other ........................................... - - - -
Recapitalization -
Debt issuance.................................... - - - -
Dividends paid................................... - - - -
Capital contributions............................ - - 876 876
Reduction in par value........................... - - 3,676 3,676
Adjustments due to reconsolidation of subsidiary... - - - -
------------ ------------ ------------ ------------
Balance at end of year ............................. 575 - 138,493 139,068
------------ ------------ ------------ ------------
Retained Earnings
Balance at beginning of year ....................... (253) (802) (123,701) (124,756)
Net income ........................................ (105) (86) (2,853) (3,044)
Common stock dividends -
CG .............................................. - - - -
Subsidiaries (to CG) ............................ - - - -
Other ............................................. - - - -
Adjustments due to reconsolidation of subsidiary... - - - -
------------ ------------ ------------ ------------
Balance at end of year ............................. (358) (888) (126,554) (127,800)
------------ ------------ ------------ ------------
Reacquired Capital Stock............................. - - - -
Unearned Employee Compensation
Balance at beginning of year ....................... - - - -
Adjustment ........................................ - - - -
------------ ------------ ------------ ------------
Balance at end of year ............................. - - - -
------------ ------------ ------------ ------------
TOTAL COMMON STOCK EQUITY 1,717 (806) 11,943 12,854
============ ============ ============= ============
</TABLE>
(a) Both TCC and CLG include one subsidiary as noted in Item 1. Consolidating
financial statements of TCC and CLG are presented herewith in Item 10 Exhibits
F1B through F6B and F1C through F6C, respectively.
<PAGE> 103
F-5A (1 of 3) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Tristar Ventures Corporation and Subsidiaries
Consolidating Statement of Common Stock Equity
Year Ended December 31, 1995
(Not covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
Consoli-
F-5B F-5B dating TVC
Page 2 Page 3 Combined Entries Consolidated
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Common Stock
Balance at beginning of year ...................... 15,460 203 15,663 (370) 15,293
Common stock issued - - - - - -
Subsidiaries .................................... - - - - -
Dividend reinvestment plan ...................... - - - - -
Long-term incentive plan ........................ - - - - -
Public offering ................................. - - - - -
Recapitalization -
Reduction in par value .......................... - - - - -
Adjustments due to reconsolidation of subsidiary .. - - - - -
------------ ------------ ------------ ------------ ------------
Balance at end of year ............................ 15,460 203 15,663 (370) 15,293
------------ ------------ ------------ ------------ ------------
Additional Paid in Capital
Balance at beginning of year ...................... 52,296 7,826 60,122 (17,320) 42,802
Common stock issued -
Subsidiaries .................................... - - - - -
Leveraged employee stock
ownership plan (LESOP) ........................ - - - - -
Dividend reinvestment plan ...................... - - - - -
Long-term incentive plan ........................ - - - - -
Public offering ................................. - - - - -
Other ........................................... - - - - -
Recapitalization -
Debt issuance ................................... - - - - -
Dividends paid .................................. - - - - -
Capital contributions ........................... 4,952 887 5,839 (5,839) -
------------ ------------ ------------ ------------ ------------
Balance at end of year ............................ 57,248 8,713 65,961 (23,159) 42,802
------------ ------------ ------------ ------------ ------------
Retained Earnings
Balance at beginning of year ...................... (20,799) (740) (21,539) 791 (20,748)
Net income ........................................ 4,793 468 5,261 (2,756) 2,505
Common stock dividends - - - - - -
CG .............................................. - - - - -
Subsidiaries (to CG) ............................ - - - - -
Other ............................................. - - - - -
Adjustments due to reconsolidation of subsidiary .. - - - - -
------------ ------------ ------------ ------------ ------------
Balance at end of year ............................ (16,006) (272) (16,278) (1,965) (18,243)
------------ ------------ ------------ ------------ ------------
Unearned Employee Compensation
Balance at beginning of year ...................... - - - - -
Adjustment ...................................... - - - - -
------------ ------------ ------------ ------------ ------------
Balance at end of year ............................ - - - - -
------------ ------------ ------------ ------------ ------------
TOTAL COMMON STOCK EQUITY 56,702 8,644 65,346 (25,494) 39,852
============ ============ ============ ============ ============
</TABLE>
<PAGE> 104
F-5A (2 of 3) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Tristar Ventures Corporation and Subsidiaries
Consolidating Statement of Common Stock Equity
Year Ended December 31, 1995
(Not covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
BGC BLC GGC GLC PGC
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Common Stock
Balance at beginning of year ...................... 3 3 10 75 75
Common stock issued -
Subsidiaries .................................... - - - - -
Dividend reinvestment plan ...................... - - - - -
Long-term incentive plan ........................ - - - - -
Public offering ................................. - - - - -
Recapitalization -
Reduction in par value .......................... - - - - -
Adjustments due to reconsolidation of subsidiary .. - - - - -
------------ ------------ ------------ ------------ ------------
Balance at end of year ............................ 3 3 10 75 75
------------ ------------ ------------ ------------ ------------
Additional Paid in Capital
Balance at beginning of year ...................... 2,847 6,647 - - -
Common stock issued -
Subsidiaries .................................... - - - - -
Leveraged employee stock
ownership plan (LESOP) ........................ - - - - -
Dividend reinvestment plan ...................... - - - - -
Long-term incentive plan ........................ - - - - -
Public offering ................................. - - - - -
Other ........................................... - - - - -
Recapitalization -
Debt issuance ................................... - - - - -
Dividends paid .................................. - - - - -
Capital contributions ........................... - - 97 4,855 -
------------ ------------ ------------ ------------ ------------
Balance at end of year ............................ 2,847 6,647 97 4,855 -
------------ ------------ ------------ ------------ ------------
Retained Earnings
Balance at beginning of year ...................... (50) (153) (107) (4,930) 1,497
Net income ........................................ 98 230 - - 573
Common stock dividends - - - - - -
CG .............................................. - - - - -
Subsidiaries (to CG) ............................ - - - - -
Other ............................................. - - - - -
Adjustments due to reconsolidation of subsidiary .. - - - - -
------------ ------------ ------------ ------------ ------------
Balance at end of year ............................ 48 77 (107) (4,930) 2,070
------------ ------------ ------------ ------------ ------------
Unearned Employee Compensation
Balance at beginning of year ...................... - - - - -
Adjustment ...................................... - - - - -
------------ ------------ ------------ ------------ ------------
Balance at end of year ............................ - - - - -
------------ ------------ ------------ ------------ ------------
TOTAL COMMON STOCK EQUITY 2,898 6,727 - - 2,145
============ ============ ============ ============ ============
<CAPTION>
F-5B Page 2
PLC TVC Total
------------ ------------ ------------
<S> <C> <C> <C>
Common Stock
Balance at beginning of year ...................... 1 15,293 15,460
Common stock issued -
Subsidiaries .................................... - - -
Dividend reinvestment plan ...................... - - -
Long-term incentive plan ........................ - - -
Public offering ................................. - - -
Recapitalization -
Reduction in par value .......................... - - -
Adjustments due to reconsolidation of subsidiary .. - - -
------------ ------------ ------------
Balance at end of year ............................ 1 15,293 15,460
------------ ------------ ------------
Additional Paid in Capital
Balance at beginning of year ...................... - 42,802 52,296
Common stcok issued -
Subsidiaries .................................... - - -
Leveraged employee stock
ownership plan (LESOP) ........................ - - -
Dividend reinvestment plan ...................... - - -
Long-term incentive plan ........................ - - -
Public offering ................................. - - -
Other ........................................... - - -
Recapitalization -
Debt issuance ................................... - - -
Dividends paid .................................. - - -
Capital contributions ........................... - - 4,952
------------ ------------ ------------
Balance at end of year ............................ - 42,802 57,248
------------ ------------ ------------
Retained Earnings
Balance at beginning of year ...................... 3,692 (20,748) (20,799)
Net income ........................................ 1,387 2,505 4,793
Common stock dividends - - - -
CG .............................................. - - -
Subsidiaries (to CG) ............................ - - -
Other ............................................. - - -
Adjustments due to reconsolidation of subsidiary .. - - -
------------ ------------ ------------
Balance at end of year ............................ 5,079 (18,243) (16,006)
------------ ------------ ------------
Unearned Employee Compensation
Balance at beginning of year ...................... - - -
Adjustment ...................................... - - -
------------ ------------ ------------
Balance at end of year ............................ - - -
------------ ------------ ------------
TOTAL COMMON STOCK EQUITY 5,080 39,852 56,702
============ ============ ============
</TABLE>
<PAGE> 105
F-5A (3 of 3) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Tristar Ventures Corporation and Subsidiaries
Consolidating Statement of Common Stock Equity
Year Ended December 31, 1995
(Not covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
VGC VLC RL FC TVC9
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Common Stock
Balance at beginning of year ...................... 68 60 - 75 -
Common stock issued -
Subsidiaries .................................... - - - - -
Dividend reinvestment plan ...................... - - - - -
Long-term incentive plan ........................ - - - - -
Public offering ................................. - - - - -
Recapitalization -
Reduction in par value .......................... - - - - -
Adjustments due to reconsolidation of subsidiary .. - - - - -
------------ ------------ ------------ ------------ ------------
Balance at end of year ............................ 68 60 - 75 -
------------ ------------ ------------ ------------ ------------
Additional Paid in Capital
Balance at beginning of year ...................... 825 7,001 - - -
Common stock issued -
Subsidiaries .................................... - - - - -
Leveraged employee stock
ownership plan (LESOP) ........................ - - - - -
Dividend reinvestment plan ...................... - - - - -
Long-term incentive plan ........................ - - - - -
Public offering ................................. - - - - -
Other ........................................... - - - - -
Recapitalization -
Debt issuance ................................... - - - - -
Dividends paid .................................. - - - - -
Capital contributions ........................... - - - 887 -
------------ ------------ ------------ ------------ ------------
Balance at end of year ............................ 825 7,001 - 887 -
------------ ------------ ------------ ------------ ------------
Retained Earnings
Balance at beginning of year ...................... (132) (283) 637 (962) -
Net income ........................................ (27) (250) 745 - -
Common stock dividends -
CG .............................................. - - - - -
Subsidiaries (to CG) ............................ - - - - -
Other ............................................. - - - - -
Adjustments due to reconsolidation of subsidiary .. - - - - -
------------ ------------ ------------ ------------ ------------
Balance at end of year ............................ (159) (533) 1,382 (962) -
------------ ------------ ------------ ------------ ------------
Unearned Employee Compensation
Balance at beginning of year ...................... - - - - -
Adjustment ...................................... - - - - -
------------ ------------ ------------ ------------ ------------
Balance at end of year ............................ - - - - -
------------ ------------ ------------ ------------ ------------
TOTAL COMMON STOCK EQUITY 734 6,528 1,382 - -
============ ============ ============ ============ ============
<CAPTION>
F-5B Page 3
TVC10 Total
------------ ------------
<S> <C> <C>
Common Stock
Balance at beginning of year ...................... - 203
Common stock issued -
Subsidiaries .................................... - -
Dividend reinvestment plan ...................... - -
Long-term incentive plan ........................ - -
Public offering ................................. - -
Recapitalization -
Reduction in par value .......................... - -
Adjustments due to reconsolidation of subsidiary .. - -
------------ ------------
Balance at end of year ............................ - 203
------------ ------------
Additional Paid in Capital
Balance at beginning of year ...................... - 7,826
Common stcok issued -
Subsidiaries .................................... - -
Leveraged employee stock
ownership plan (LESOP) ........................ - -
Dividend reinvestment plan ...................... - -
Long-term incentive plan ........................ - -
Public offering ................................. - -
Other ........................................... - -
Recapitalization -
Debt issuance ................................... - -
Dividends paid .................................. - -
Capital contributions ........................... - 887
------------ ------------
Balance at end of year ............................ - 8,713
------------ ------------
Retained Earnings
Balance at beginning of year ...................... - (740)
Net income ........................................ - 468
Common stock dividends -
CG .............................................. - -
Subsidiaries (to CG) ............................ - -
Other ............................................. - -
Adjustments due to reconsolidation of subsidiary .. - -
------------ ------------
Balance at end of year ............................ - (272)
------------ ------------
Unearned Employee Compensation
Balance at beginning of year ...................... - -
Adjustment ...................................... - -
------------ ------------
Balance at end of year ............................ - -
------------ ------------
TOTAL COMMON STOCK EQUITY - 8,644
============ ============
</TABLE>
<PAGE> 106
F-5B (1 of 1) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Tristar Capital Corporation and Subsidiary
Consolidating Statement of Common Stock Equity
Year Ended December 31, 1995
(Not covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
Consoli-
dating TCC
TGT TCC Combined Entries Consolidated
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Common Stock
Balance at beginning of year ...................... 2,000 1,500 3,500 (2,000) 1,500
Common stock issued -
Subsidiaries .................................... - - - - -
Dividend reinvestment plan ...................... - - - - -
Long-term incentive plan ........................ - - - - -
Public offering ................................. - - - - -
------------ ------------ ------------ ------------ ------------
Balance at end of year ............................ 2,000 1,500 3,500 (2,000) 1,500
------------ ------------ ------------ ------------ ------------
Additional Paid in Capital
Balance at beginning of year ...................... - 575 575 - 575
Common stock issued -
Subsidiaries .................................... - - - - -
Leveraged employee stock
ownership plan (LESOP) ........................ - - - - -
Dividend reinvestment plan ...................... - - - - -
Long-term incentive plan ........................ - - - - -
Public offering ................................. - - - - -
Other ........................................... - - - - -
Recapitalization -
Capital contributions ........................... - - - - -
Reduction in par value .......................... - - - - -
------------ ------------ ------------ ------------ ------------
Balance at end of year ............................ - 575 575 - 575
------------ ------------ ------------ ------------ ------------
Retained Earnings
Balance at beginning of year ...................... (240) (253) (493) 240 (253)
Net income ........................................ (103) (105) (208) 103 (105)
Common stock dividends -
CG .............................................. - - - - -
Subsidiaries (to CG) ............................ - - - - -
Other ............................................. - - - - -
------------ ------------ ------------ ------------ ------------
Balance at end of year ............................ (343) (358) (701) 343 (358)
------------ ------------ ------------ ------------ ------------
Reacquired Capital Stock ............................ - - - - -
Unearned Employee Compensation
Balance at beginning of year ...................... - - - - -
Adjustment ........................................ - - - - -
------------ ------------ ------------ ------------ ------------
Balance at end of year ............................ - - - - -
------------ ------------ ------------ ------------ ------------
TOTAL COMMON STOCK EQUITY ........................... 1,657 1,717 3,374 (1,657) 1,717
============ ============ ============ ============ ============
</TABLE>
<PAGE> 107
F-5C (1 of 1) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Columbia LNG Corporation and Subsidiary
Consolidating Statement of Common Stock Equity
Year Ended December 31, 1995
(Not covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
Consoli-
dating CLG
CLNG CLG Combined Entries Consolidated
------------ ------------- ------------- ------------ -------------
<S> <C> <C> <C> <C> <C>
Common Stock
Balance at beginning of year ...................... 1 3,680 3,681 (1) 3,680
Common stock issued -
Subsidiaries .................................... - - - - -
Dividend reinvestment plan ...................... - - - - -
Long-term incentive plan ........................ - - - - -
Public offering ................................. - - - - -
Recapitalization -
Reduction in par value .......................... (1) (3,676) (3,677) 1 (3,676)
------------ ------------- ------------- ------------ -------------
Balance at end of year ............................ - 4 4 - 4
------------ ------------- ------------- ------------ -------------
Additional Paid in Capital
Balance at beginning of year ...................... - 132,933 132,933 - 132,933
Common stock issued -
Subsidiaries .................................... 155 1,008 1,163 (155) 1,008
Leveraged employee stock
ownership plan (LESOP) ........................ - - - - -
Dividend reinvestment plan ...................... - - - - -
Long-term incentive plan ........................ - - - - -
Public offering ................................. - - - - -
Other ........................................... - - - - -
Recapitalization -
Capital contributions ........................... - 876 876 - 876
Reduction in par value .......................... - 3,676 3,676 - 3,676
------------ ------------- ------------- ------------ -------------
Balance at end of year ............................ 155 138,493 138,648 (155) 138,493
------------ ------------- ------------- ------------ -------------
Retained Earnings
Balance at beginning of year ...................... (1) (123,701) (123,702) 1 (123,701)
Net income ........................................ (9) (2,853) (2,862) 9 (2,853)
Common stock dividends -
CG .............................................. - - - - -
Subsidiaries (to CG) ............................ - - - - -
Other ............................................. - - - - -
------------ ------------- ------------- ------------ -------------
Balance at end of year ............................ (10) (126,554) (126,564) 10 (126,554)
------------ ------------- ------------- ------------ -------------
Reacquired Capital Stock ............................ - - - - -
Unearned Employee Compensation
Balance at beginning of year ...................... - - - - -
Adjustment ........................................ - - - - -
------------ ------------- ------------- ------------ -------------
Balance at end of year ............................ - - - - -
------------ ------------- ------------- ------------ -------------
TOTAL COMMON STOCK EQUITY ........................... 145 11,943 12,088 (145) 11,943
============ ============= ============= ============ =============
</TABLE>
<PAGE> 108
F-5D (1 of 1) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Columbia Energy Services Corporation and Subsidiary
Consolidating Statement of Common Stock Equity
Year Ended December 31, 1995
(Not covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
Consoli-
dating CES
CEM CES Combined Entries Consolidated
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Common Stock
Balance at beginning of year ...................... 1,010 4,172 5,182 (1,010) 4,172
Common stock issued -
Subsidiaries .................................... - - - - -
Dividend reinvestment plan ...................... - - - - -
Long-term incentive plan ........................ - - - - -
Public offering ................................. - - - - -
------------ ------------ ------------ ------------ ------------
Balance at end of year ............................ 1,010 4,172 5,182 (1,010) 4,172
------------ ------------ ------------ ------------ ------------
Additional Paid in Capital
Balance at beginning of year ...................... - 1,361 1,361 - 1,361
Common stock issued -
Subsidiaries .................................... - - - - -
Leveraged employee stock
ownership plan (LESOP) ........................ - - - - -
Dividend reinvestment plan ...................... - - - - -
Long-term incentive plan ........................ - - - - -
Public offering ................................. - - - - -
Other ........................................... - - - - -
Recapitalization -
Capital contributions ........................... - - - - -
Reduction in par value .......................... - - - - -
------------ ------------ ------------ ------------ ------------
Balance at end of year ............................ - 1,361 1,361 - 1,361
------------ ------------ ------------ ------------ ------------
Retained Earnings
Balance at beginning of year ...................... - 6,297 6,297 - 6,297
Net income ........................................ 149 1,085 1,234 (149) 1,085
Common stock dividends -
CG .............................................. - - - - -
Subsidiaries (to CG) ............................ - - - - -
Other ............................................. - - - - -
------------ ------------ ------------ ------------ ------------
Balance at end of year ............................ 149 7,382 7,531 (149) 7,382
------------ ------------ ------------ ------------ ------------
Reacquired Capital Stock ............................ - - - - -
Unearned Employee Compensation
Balance at beginning of year ...................... - - - - -
Adjustment ........................................ - - - - -
------------ ------------ ------------ ------------ ------------
Balance at end of year ............................ - - - - -
------------ ------------ ------------ ------------ ------------
TOTAL COMMON STOCK EQUITY ........................... 1,159 12,915 14,074 (1,159) 12,915
============ ============ ============ ============ ============
</TABLE>
<PAGE> 109
F-6 (1 of 10) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Consolidating Statement of Cash Flows
Year Ended December 31, 1995
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
F-6 F-6 F-6 F-6
Page 2 Page 3 Page 4 Page 5 Combined
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Net Cash From Operations (See F-6 Page 6 for detail) .... (1,502,467) 150,275 532,936 12,219 (807,037)
------------ ------------ ------------ ------------ ------------
Investment Activities
Capital expenditures .................................. (253,214) (148,136) (9,071) (600) (411,021)
Sale of partnership interest .......................... 10,901 - (5) - 10,896
Other investments - net ............................... 3,418 - 24,075 (2,317) 25,176
------------ ------------ ------------ ------------ ------------
Net Investment Activities ............................... (238,895) (148,136) 14,999 (2,917) (374,949)
------------ ------------ ------------ ------------ ------------
Financing Activities
Dividends paid ........................................ (87,361) (38,685) 126,046 - -
Issuance (retirement) of revolving credit agreement ... - - 338,879 - 338,879
Capital contributions ................................. 1,200,000 - (1,200,000) - -
Retirement of prepetition debt obligations ............ - - (637,300) - (637,300)
Retirement of long-term debt .......................... (1,137,440) (15,604) 1,190,181 - 37,137
Issuance of common stock -
Issued by Registrant ................................ - - 1,780 - 1,780
Issued by Subsidiary to Registrant .................. 6,000 26,000 (33,008) 1,008 -
Issuance of long-term debt -
Issued by Registrant ................................ - - - - -
Issued by Subsidiary to Registrant .................. 914,000 - (958,000) - (44,000)
Net short-term intrasystem financing .................. (408,395) 19,438 507,949 - 118,992
Increase (decrease) in short-term debt and other
financing activities ................................. 23,380 (283) (17,314) - 5,783
------------ ------------ ------------ ------------ ------------
Net Financing Activities ................................ 510,184 (9,134) (680,787) 1,008 (178,729)
------------ ------------ ------------ ------------ ------------
Increase in cash and temporary cash investments ......... (1,231,178) (6,995) (132,852) 10,310 (1,360,715)
Cash and temporary cash investments at
beginning of year ...................................... 1,269,469 15,016 186,590 10,734 1,481,809
------------ ------------ ------------ ------------ ------------
Cash and Temporary Cash Investments at
end of Year (a) ........................................ 38,291 8,021 53,738 21,044 121,094
============ ============ ============ ============ ============
Supplemental Disclosures of Cash Flow Information
Cash paid for interest 142 306 284,400 - 284,848
Cash paid for income taxes (net of refunds) (599) 4,797 38,034 31 42,263
<CAPTION>
Consoli-
dating Consoli-
Entries dated
------------ ------------
<S> <C> <C>
Net Cash From Operations (See F-6 Page 6 for detail) .... (301) (807,338)
------------ ------------
Investment Activities
Capital expenditures .................................. - (411,021)
Sale of partnership interest .......................... - 10,896
Other investments - net ............................... - 25,176
------------ ------------
Net Investment Activities ............................... - (374,949)
------------ ------------
Financing Activities
Dividends paid ........................................ - -
Issuance (retirement) of revolving credit agreement ... - 338,879
Capital contributions ................................. - -
Retirement of prepetition debt obligations ............ - (637,300)
Retirement of long-term debt .......................... (37,836) (699)
Issuance of common stock -
Issued by Registrant ................................ - 1,780
Issued by Subsidiary to Registrant .................. - -
Issuance of long-term debt -
Issued by Registrant ................................ - -
Issued by Subsidiary to Registrant .................. 44,000 -
Net short-term intrasystem financing .................. (118,992) -
Increase (decrease) in short-term debt and other
financing activities ................................. - 5,783
------------ ------------
Net Financing Activities ................................ (112,828) (291,557)
------------ ------------
Increase in cash and temporary cash investments ......... (113,129) (1,473,844)
Cash and temporary cash investments at
beginning of year ...................................... - 1,481,809
------------ ------------
Cash and Temporary Cash Investments at
end of Year (a) ........................................ (113,129) 7,965
============ ============
Supplemental Disclosures of Cash Flow Information
Cash paid for interest 3 284,851
Cash paid for income taxes (net of refunds) 14 42,277
</TABLE>
(a) The Corporation considers all highly liquid debt instruments to be cash
equivalents. Balance includes intercompany money pool balances, which are
reported as intercompany accounts receivable on the balance sheet.
<PAGE> 110
F-6 (2 of 10) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Consolidating Statement of Cash Flows
Year Ended December 31, 1995
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
CNR CGD TCO (b) CGT CKY
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Net Cash From Operations (See F-6 Page 7 for detail) .... 105,746 63,459 (1,712,147) 21,769 18,706
------------ ------------ ------------ ------------ ------------
Investment Activities
Capital expenditures .................................. (22,615) (67,746) (136,804) (15,346) (10,703)
Sale of partnership interest .......................... - - - 10,901 -
Other investments - net ............................... - 189 (2,417) 5,646 -
------------ ------------ ------------ ------------ ------------
Net Investment Activities ............................... (22,615) (67,557) (139,221) 1,201 (10,703)
------------ ------------ ------------ ------------ ------------
Financing Activities
Dividends paid ........................................ (72,010) - - (12,853) (2,498)
Issuance (retirement) of revolving credit agreement ... - - - - -
Capital contributions ................................. - - 1,200,000 - -
Retirement of prepetition debt obligations ............ - - - - -
Retirement of long-term debt .......................... (4,209) (11,693) (1,115,182) (1,752) (4,604)
Issuance of common stock -
Issued by Registrant ................................ - - - - -
Issued by Subsidiary to Registrant .................. - 6,000 - - -
Issuance of long-term debt -
Issued by Registrant ................................ - - - - -
Issued by Subsidiary to Registrant .................. - 14,000 900,000 - -
Net short-term intrasystem financing .................. - - (406,000) (2,674) 279
Increase (decrease) in short-term debt and other
financing activities ................................. - - 20,074 4,548 (1,242)
------------ ------------ ------------ ------------ ------------
Net Financing Activities ................................ (76,219) 8,307 598,892 (12,731) (8,065)
------------ ------------ ------------ ------------ ------------
Increase in cash and temporary cash investments ......... 6,912 4,209 (1,252,476) 10,239 (62)
Cash and temporary cash investments at
beginning of year ...................................... 12,061 3,395 1,253,482 27 504
------------ ------------ ------------ ------------ ------------
Cash and Temporary Cash Investments at
end of Year (a) ........................................ 18,973 7,604 1,006 10,266 442
============ ============ ============ ============ ============
Supplemental Disclosures of Cash Flow Information
Cash paid for interest - 86 43 6 7
Cash paid for income taxes (net of refunds) 572 - (4,215) 2,000 1,044
<CAPTION>
F-6 Page 2
Total
------------
<S> <C>
Net Cash From Operations (See F-6 Page 7 for detail) .... (1,502,467)
------------
Investment Activities
Capital expenditures .................................. (253,214)
Sale of partnership interest .......................... 10,901
Other investments - net ............................... 3,418
------------
Net Investment Activities ............................... (238,895)
------------
Financing Activities
Dividends paid ........................................ (87,361)
Issuance (retirement) of revolving credit agreement ... -
Capital contributions ................................. 1,200,000
Retirement of prepetition debt obligations ............ -
Retirement of long-term debt .......................... (1,137,440)
Issuance of common stock -
Issued by Registrant ................................ -
Issued by Subsidiary to Registrant .................. 6,000
Issuance of long-term debt -
Issued by Registrant ................................ -
Issued by Subsidiary to Registrant .................. 914,000
Net short-term intrasystem financing .................. (408,395)
Increase (decrease) in short-term debt and other
financing activities ................................. 23,380
------------
Net Financing Activities ................................ 510,184
------------
Increase in cash and temporary cash investments ......... (1,231,178)
Cash and temporary cash investments at
beginning of year ...................................... 1,269,469
------------
Cash and Temporary Cash Investments at
end of Year (a) ........................................ 38,291
============
Supplemental Disclosures of Cash Flow Information
Cash paid for interest 142
Cash paid for income taxes (net of refunds) (599)
</TABLE>
(a) The Corporation considers all highly liquid debt instruments to be cash
equivalents. Balance includes intercompany money pool balances, which are
reported as intercompany accounts receivable on the balance sheet.
(b) TCO includes one subsidiary, CTIC, which was dissolved on June 6, 1995.
Consolidating financial statements of TCO are presented herewith in Item
10 Exhibits F3E, F4E and F6E.
<PAGE> 111
F-6 (3 of 10) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Consolidating Statement of Cash Flows
Year Ended December 31, 1995
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
COH CMD CPA COS CES (b)
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Net Cash From Operations (See F-6 Page 8 for detail) .... 94,969 2,618 47,275 11,498 (6,085)
------------ ------------ ------------ ------------ ------------
Investment Activities
Capital expenditures .................................. (79,459) (4,274) (31,405) (31,981) (1,017)
Sale of partnership interest .......................... - - - - -
Other investments - net ............................... - - - - -
------------ ------------ ------------ ------------ ------------
Net Investment Activities ............................... (79,459) (4,274) (31,405) (31,981) (1,017)
------------ ------------ ------------ ------------ ------------
Financing Activities
Dividends paid ........................................ (23,847) (838) (14,000) - -
Issuance (retirement) of revolving credit agreement ... - - - - -
Capital contributions ................................. - - - - -
Retirement of prepetition debt obligations ............ - - - - -
Retirement of long-term debt .......................... (1,728) (192) (3,509) (10,035) (140)
Issuance of common stock -
Issued by Registrant ................................ - - - - -
Issued by Subsidiary to Registrant .................. - - - 26,000 -
Issuance of long-term debt -
Issued by Registrant ................................ - - - - -
Issued by Subsidiary to Registrant .................. - - - - -
Net short-term intrasystem financing .................. 8,936 2,967 1,477 6,058 -
Increase (decrease) in short-term debt and other
financing activities ................................. 1,613 (253) 128 (1,303) (468)
------------ ------------ ------------ ------------ ------------
Net Financing Activities ................................ (15,026) 1,684 (15,904) 20,720 (608)
------------ ------------ ------------ ------------ ------------
Increase in cash and temporary cash investments ......... 484 28 (34) 237 (7,710)
Cash and temporary cash investments at
beginning of year ...................................... 3,698 89 1,259 436 9,534
------------ ------------ ------------ ------------ ------------
Cash and Temporary Cash Investments at
end of Year (a) ........................................ 4,182 117 1,225 673 1,824
============ ============ ============ ============ ============
Supplemental Disclosures of Cash Flow Information
Cash paid for interest 77 2 26 201 -
Cash paid for income taxes (net of refunds) 131 2 4,426 5 233
<CAPTION>
F-6 Page 3
Total
------------
<S> <C>
Net Cash From Operations (See F-6 Page 8 for detail) .... 150,275
------------
Investment Activities
Capital expenditures .................................. (148,136)
Sale of partnership interest .......................... -
Other investments - net ............................... -
------------
Net Investment Activities ............................... (148,136)
------------
Financing Activities
Dividends paid ........................................ (38,685)
Issuance (retirement) of revolving credit agreement ... -
Capital contributions ................................. -
Retirement of prepetition debt obligations ............ -
Retirement of long-term debt .......................... (15,604)
Issuance of common stock -
Issued by Registrant ................................ -
Issued by Subsidiary to Registrant .................. 26,000
Issuance of long-term debt -
Issued by Registrant ................................ -
Issued by Subsidiary to Registrant .................. -
Net short-term intrasystem financing .................. 19,438
Increase (decrease) in short-term debt and other
financing activities ................................. (283)
------------
Net Financing Activities ................................ (9,134)
------------
Increase in cash and temporary cash investments ......... (6,995)
Cash and temporary cash investments at
beginning of year ...................................... 15,016
------------
Cash and Temporary Cash Investments at
end of Year (a) ........................................ 8,021
============
Supplemental Disclosures of Cash Flow Information
Cash paid for interest 306
Cash paid for income taxes (net of refunds) 4,797
</TABLE>
(a) The Corporation considers all highly liquid debt instruments to be cash
equivalents. Balance includes intercompany money pool balances, which are
reported as intercompany accounts receivable on the balance sheet.
(b) CES includes one subsidiary as noted in Item 1. Consolidating financial
statements of CES are presented herewith in Item 10 Exhibits F1D through
F6D.
<PAGE> 112
F-6 (4 of 10) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Consolidating Statement of Cash Flows
Year Ended December 31, 1995
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
CG CS CGC CPC CPI
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Net Cash From Operations (See F-6 Page 9 for detail) .... 510,992 13,118 2,943 771 5,112
------------ ------------ ------------ ------------ ------------
Investment Activities
Capital expenditures .................................. - (3,447) - (534) (5,090)
Sale of partnership interest .......................... (5) - - - -
Other investments - net ............................... 24,075 - - - -
------------ ------------ ------------ ------------ ------------
Net Investment Activities ............................... 24,070 (3,447) - (534) (5,090)
------------ ------------ ------------ ------------ ------------
Financing Activities
Dividends paid ........................................ 129,425 (2,094) - (400) (885)
Issuance (retirement) of revolving credit agreement ... 338,879 - - - -
Capital contributions ................................. (1,200,000) - - - -
Retirement of prepetition debt obligations ............ (637,300) - - - -
Retirement of long-term debt .......................... 1,194,192 (2,119) (700) (434) (758)
Issuance of common stock -
Issued by Registrant ................................ 1,780 - - - -
Issued by Subsidiary to Registrant .................. (33,008) - - - -
Issuance of long-term debt -
Issued by Registrant ................................ - - - - -
Issued by Subsidiary to Registrant .................. (958,000) - - - -
Net short-term intrasystem financing .................. 467,406 38,512 - 66 1,965
Increase (decrease) in short-term debt and other
financing activities ................................. (15,656) (1,644) - 101 (115)
------------ ------------ ------------ ------------ ------------
Net Financing Activities ................................ (712,282) 32,655 (700) (667) 207
------------ ------------ ------------ ------------ ------------
Increase in cash and temporary cash investments ......... (177,220) 42,326 2,243 (430) 229
Cash and temporary cash investments at
beginning of year ...................................... 218,456 (34,949) 2,213 480 390
------------ ------------ ------------ ------------ ------------
Cash and Temporary Cash Investments at
end of Year (a) ........................................ 41,236 7,377 4,456 50 619
============ ============ ============ ============ ============
Supplemental Disclosures of Cash Flow Information
Cash paid for interest 284,400 - - - -
Cash paid for income taxes (net of refunds) 37,500 189 - 79 266
<CAPTION>
F-6 Page 4
Total
------------
<S> <C>
Net Cash From Operations (See F-6 Page 9 for detail) .... 532,936
------------
Investment Activities
Capital expenditures .................................. (9,071)
Sale of partnership interest .......................... (5)
Other investments - net ............................... 24,075
------------
Net Investment Activities ............................... 14,999
------------
Financing Activities
Dividends paid ........................................ 126,046
Issuance (retirement) of revolving credit agreement ... 338,879
Capital contributions ................................. (1,200,000)
Retirement of prepetition debt obligations ............ (637,300)
Retirement of long-term debt .......................... 1,190,181
Issuance of common stock -
Issued by Registrant ................................ 1,780
Issued by Subsidiary to Registrant .................. (33,008)
Issuance of long-term debt -
Issued by Registrant ................................ -
Issued by Subsidiary to Registrant .................. (958,000)
Net short-term intrasystem financing .................. 507,949
Increase (decrease) in short-term debt and other
financing activities ................................. (17,314)
------------
Net Financing Activities ................................ (680,787)
------------
Increase in cash and temporary cash investments ......... (132,852)
Cash and temporary cash investments at
beginning of year ...................................... 186,590
------------
Cash and Temporary Cash Investments at
end of Year (a) ........................................ 53,738
============
Supplemental Disclosures of Cash Flow Information
Cash paid for interest 284,400
Cash paid for income taxes (net of refunds) 38,034
</TABLE>
(a) The Corporation considers all highly liquid debt instruments to be cash
equivalents. Balance includes intercompany money pool balances, which are
reported as intercompany accounts receivable on the balance sheet.
<PAGE> 113
F-6 (5 of 10) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Consolidating Statement of Cash Flows
Year Ended December 31, 1995
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
F-6 Page 5
TVC (b) TCC (b) CAT CLG (b) Total
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Net Cash From Operations (See F-6 Page 10 for detail) ... 1,795 37 1 10,386 12,219
------------ ------------ ------------ ------------ ------------
Investment Activities
Capital expenditures .................................. (600) - - - (600)
Sale of partnership interest .......................... - - - - -
Other investments - net ............................... 1,021 - - (3,338) (2,317)
------------ ------------ ------------ ------------ ------------
Net Investment Activities ............................... 421 - - (3,338) (2,917)
------------ ------------ ------------ ------------ ------------
Financing Activities
Dividends paid ........................................ - - - - -
Issuance (retirement) of revolving credit agreement ... - - - - -
Capital contributions ................................. - - - - -
Retirement of prepetition debt obligations ............ - - - -
Retirement of long-term debt .......................... - - - - -
Issuance of common stock -
Issued by Registrant ................................ - - - - -
Issued by Subsidiary to Registrant .................. - - - 1,008 1,008
Issuance of long-term debt -
Issued by Registrant ................................ - - - - -
Issued by Subsidiary to Registrant .................. - - - - -
Net short-term intrasystem financing .................. - - - - -
Increase (decrease) in short-term debt and other
financing activities ................................. - - - - -
------------ ------------ ------------ ------------ ------------
Net Financing Activities ................................ - - - 1,008 1,008
------------ ------------ ------------ ------------ ------------
Increase in cash and temporary cash investments ......... 2,216 37 1 8,056 10,310
Cash and temporary cash investments at
beginning of year ...................................... 6,779 42 648 3,265 10,734
------------ ------------ ------------ ------------ ------------
Cash and Temporary Cash Investments at
end of Year (a) ........................................ 8,995 79 649 11,321 21,044
============ ============ ============ ============ ============
Supplemental Disclosures of Cash Flow Information
Cash paid for interest - - - - -
Cash paid for income taxes (net of refunds) 22 - - 9 31
</TABLE>
(a) The Corporation considers all highly liquid debt instruments to be cash
equivalents. Balance includes intercompany money pool balances, which are
reported as intercompany accounts receivable on the balance sheet.
(b) TVC includes twelve subsidiaries and both TCC and CLG includes one
subsidiary as noted in Item 1. Consolidating financial statements of TVC,
TCC and CLG are presented herewith in Item 10 Exhibits F1A through F6A,
F1B through F6B and F1C through F6C, respectively.
<PAGE> 114
F-6 (6 of 10) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Consolidating Statement of Cash Flows
Year Ended December 31, 1995
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
F-6 F-6 F-6 F-6
Page 7 Page 8 Page 9 Page 10 Combined
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Net Income Reconciliation
Net income (loss) ..................................... 182,744 53,153 (357,216) (539) (121,858)
Items not requiring (providing) cash:
Equity in undistributed earnings of subsidiaries .... - - (149,583) - (149,583)
Depreciation and depletion .......................... 188,366 62,963 7,659 30 259,018
Deferred income taxes ............................... 291,189 1,032 (241,290) 256 51,187
Reapplication of SFAS 71 ............................ (71,574) - - - (71,574)
Estimated loss on sale of Columbia Gas Development
Corporation ....................................... - - 77,839 - 77,839
Interest expense settled at emergence ............... - - 702,900 - 702,900
Payment of Chapter 11 liabilities ..................... (1,169,100) - - - (1,169,100)
Other - net ........................................... (770,031) 28,160 505,491 (3,590) (239,970)
Changes in Components of working capital:
Accounts receivable ................................. 151,441 (54,721) (40,841) 339 56,218
Gas inventory ....................................... 3,047 54,948 - - 57,995
Prepayments ......................................... 30,279 4,318 (184) 15 34,428
Accounts payable .................................... 23,565 46,689 9,016 4,328 83,598
Accrued taxes ....................................... (281,263) 16,084 51,539 4,438 (209,202)
Estimated rate refunds .............................. (45,552) (19,244) - - (64,796)
Estimated supplier obligations ...................... (44,026) - - - (44,026)
Under/Overrecovered gas costs ....................... 598 (18,559) - - (17,961)
Exchange gas payable ................................ 8,907 4,019 - - 12,926
Other working capital ............................... (1,057) (28,567) (32,394) 6,942 (55,076)
------------ ------------ ------------ ------------ ------------
Net Cash From Operations ................................ (1,502,467) 150,275 532,936 12,219 (807,037)
============ ============ ============ ============ ============
<CAPTION>
Consoli-
dating Consoli-
Entries dated (a)
------------ ------------
<S> <C> <C>
Net Income Reconciliation
Net income (loss) ..................................... (238,909) (360,767)
Items not requiring (providing) cash:
Equity in undistributed earnings of subsidiaries .... 149,583 -
Depreciation and depletion .......................... 10,988 270,006
Deferred income taxes ............................... 14,903 66,090
Reapplication of SFAS 71 ............................ - (71,574)
Estimated loss on sale of Columbia Gas Development
Corporation ....................................... - 77,839
Interest expense settled at emergence ............... - 702,900
Payment of Chapter 11 liabilities ..................... - (1,169,100)
Other - net ........................................... 146,004 (93,966)
Changes in Components of working capital:
Accounts receivable ................................. 43,594 99,812
Gas inventory ....................................... - 57,995
Prepayments ......................................... (22,099) 12,329
Accounts payable .................................... (45,289) 38,309
Accrued taxes ....................................... (105,785) (314,987)
Estimated rate refunds .............................. 8,164 (56,632)
Estimated supplier obligations ...................... - (44,026)
Under/Overrecovered gas costs ....................... - (17,961)
Exchange gas payable ................................ (2,516) 10,410
Other working capital ............................... 41,061 (14,015)
------------ ------------
Net Cash From Operations ................................ (301) (807,338)
============ ============
</TABLE>
(a) Other - net includes changes in Liabilities Subject to Chapter 11
Proceedings of ($2,842.0) million.
<PAGE> 115
F-6 (7 of 10) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Consolidating Statement of Cash Flows
Year Ended December 31, 1995
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
CNR CGD TCO (a) CGT CKY
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Net Income Reconciliation
Net income ............................................ 25,237 (8,844) 142,206 17,515 6,630
Items not requiring (providing) cash:
Equity in undistributed earnings of subsidiaries .... - - - - -
Depreciation and depletion .......................... 22,883 55,733 80,418 23,016 6,316
Deferred income taxes ............................... 2,437 9,763 290,582 (11,020) (573)
Reapplication of SFAS 71 ............................ - - (65,865) (5,709) -
Estimated loss on sale of Columbia Gas Development
Corporation ....................................... - - - - -
Interest expense settled at emergence ............... - - - - -
Payment of Chapter 11 liabilities ..................... - - (1,169,100) - -
Other - net ........................................... 50,835 4,609 (812,995) (12,391) (89)
Changes in Components of working capital:
Accounts receivable ................................. 3,520 8,833 135,248 4,951 (1,111)
Gas inventory ....................................... - - - - 3,047
Prepayments ......................................... 1,530 (840) 25,639 3,993 (43)
Accounts payable .................................... (1,096) 1,647 7,992 12,455 2,567
Accrued taxes ....................................... (7,275) (2,374) (285,768) 10,720 3,434
Estimated rate refunds .............................. - - (39,524) (5,068) (960)
Estimated supplier obligations ...................... - - (44,026) - -
Under/Overrecovered gas costs ....................... - - - - 598
Exchange gas payable ................................ - - 10,837 (2,020) 90
Other working capital ............................... 7,675 (5,068) 12,209 (14,673) (1,200)
------------ ------------ ------------ ------------ ------------
Net Cash From Operations ................................ 105,746 63,459 (1,712,147) 21,769 18,706
============ ============ ============ ============ ============
<CAPTION>
F-6 Page 7
Total
------------
<S> <C>
Net Income Reconciliation
Net income ............................................ 182,744
Items not requiring (providing) cash:
Equity in undistributed earnings of subsidiaries .... -
Depreciation and depletion .......................... 188,366
Deferred income taxes ............................... 291,189
Reapplication of SFAS 71 ............................ (71,574)
Estimated loss on sale of Columbia Gas Development
Corporation ....................................... -
Interest expense settled at emergence ............... -
Payment of Chapter 11 liabilities ..................... (1,169,100)
Other - net ........................................... (770,031)
Changes in Components of working capital:
Accounts receivable ................................. 151,441
Gas inventory ....................................... 3,047
Prepayments ......................................... 30,279
Accounts payable .................................... 23,565
Accrued taxes ....................................... (281,263)
Estimated rate refunds .............................. (45,552)
Estimated supplier obligations ...................... (44,026)
Under/Overrecovered gas costs ....................... 598
Exchange gas payable ................................ 8,907
Other working capital ............................... (1,057)
------------
Net Cash From Operations ................................ (1,502,467)
============
</TABLE>
(a) TCO includes one subsidiary, CTIC, which was dissolved on June 6, 1995.
Consolidating financial statements of TCO are presented herewith in Item
10 Exhibits F3E, F4E and F6E.
<PAGE> 116
F-6 (8 of 10) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Consolidating Statement of Cash Flows
Year Ended December 31, 1995
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
COH CMD CPA COS CES (a)
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Net Income Reconciliation
Net income (loss) ..................................... 27,862 1,807 15,999 6,400 1,085
Items not requiring (providing) cash:
Equity in undistributed earnings of subsidiaries .... - - - - -
Depreciation and depletion .......................... 39,682 2,414 13,440 7,238 189
Deferred income taxes ............................... 2,757 882 (4,353) 1,945 (199)
Reapplication of SFAS 71 ............................ - - - - -
Estimated loss on sale of Columbia Gas Development
Corporation ....................................... - - - - -
Interest expense settled at emergence ............... - - - - -
Payment of Chapter 11 liabilities ..................... - - - - -
Other - net ........................................... 19,190 (49) 995 5,905 2,119
Changes in Components of working capital:
Accounts receivable ................................. (13,647) (1,039) (9,542) (11,897) (18,596)
Gas inventory ....................................... 44,367 460 9,443 678 -
Prepayments ......................................... 4,910 105 (147) 63 (613)
Accounts payable .................................... 23,916 149 6,236 5,320 11,068
Accrued taxes ....................................... 10,892 330 4,498 355 9
Estimated rate refunds .............................. (27,917) 209 6,523 1,941 -
Estimated supplier obligations ...................... - - - - -
Under/Overrecovered gas costs ....................... (13,632) (2,463) 2,443 (4,907) -
Exchange gas payable ................................ 676 (88) 1,678 1,753 -
Other working capital ............................... (24,087) (99) 62 (3,296) (1,147)
------------ ------------ ------------ ------------ ------------
Net Cash From Operations ................................ 94,969 2,618 47,275 11,498 (6,085)
============ ============ ============ ============ ============
<CAPTION>
F-6 Page 8
Total
------------
<S> <C>
Net Income Reconciliation
Net income (loss) ..................................... 53,153
Items not requiring (providing) cash:
Equity in undistributed earnings of subsidiaries .... -
Depreciation and depletion .......................... 62,963
Deferred income taxes ............................... 1,032
Reapplication of SFAS 71 ............................ -
Estimated loss on sale of Columbia Gas Development
Corporation ....................................... -
Interest expense settled at emergence ............... -
Payment of Chapter 11 liabilities ..................... -
Other - net ........................................... 28,160
Changes in Components of working capital:
Accounts receivable ................................. (54,721)
Gas inventory ....................................... 54,948
Prepayments ......................................... 4,318
Accounts payable .................................... 46,689
Accrued taxes ....................................... 16,084
Estimated rate refunds .............................. (19,244)
Estimated supplier obligations ...................... -
Under/Overrecovered gas costs ....................... (18,559)
Exchange gas payable ................................ 4,019
Other working capital ............................... (28,567)
------------
Net Cash From Operations ................................ 150,275
============
</TABLE>
(a) CES includes one subsidiary as noted in Item 1. Consolidating financial
statements of CES are presented herewith in Item 10 Exhibits F1D through
F6D.
<PAGE> 117
F-6 (9 of 10) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Consolidating Statement of Cash Flows
Year Ended December 31, 1995
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
CG CS CGC CPC CPI
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Net Income Reconciliation
Net income (loss) ..................................... (360,767) 2,090 850 (1,743) 2,354
Items not requiring (providing) cash:
Equity in undistributed earnings of subsidiaries .... (149,583) - - - -
Depreciation and depletion .......................... - 5,268 21 724 1,646
Deferred income taxes ............................... (240,679) (982) (169) 122 418
Reapplication of SFAS 71 ............................ - - - - -
Estimated loss on sale of Columbia Gas Development
Corporation ....................................... 77,839 - - - -
Interest expense settled at emergence ............... 702,900 - - - -
Payment of Chapter 11 liabilities ..................... - - - - -
Other - net ........................................... 503,186 2,034 133 (100) 238
Changes in Components of working capital:
Accounts receivable ................................. (39,988) 1,666 779 (568) (2,730)
Gas inventory ....................................... - - - - -
Prepayments ......................................... (281) 162 13 18 (96)
Accounts payable .................................... 1,384 2,995 (112) 2,090 2,659
Accrued taxes ....................................... 49,239 115 1,670 193 322
Estimated rate refunds .............................. - - - - -
Estimated supplier obligations ...................... - - - - -
Under/Overrecovered gas costs ....................... - - - - -
Exchange gas payable ................................ - - - - -
Other working capital ............................... (32,258) (230) (242) 35 301
------------ ------------ ------------ ------------ ------------
Net Cash From Operations ................................ 510,992 13,118 2,943 771 5,112
============ ============ ============ ============ ============
<CAPTION>
F-6 Page 9
Total
------------
<S> <C>
Net Income Reconciliation
Net income (loss) ..................................... (357,216)
Items not requiring (providing) cash:
Equity in undistributed earnings of subsidiaries .... (149,583)
Depreciation and depletion .......................... 7,659
Deferred income taxes ............................... (241,290)
Reapplication of SFAS 71 ............................ -
Estimated loss on sale of Columbia Gas Development
Corporation ....................................... 77,839
Interest expense settled at emergence ............... 702,900
Payment of Chapter 11 liabilities ..................... -
Other - net ........................................... 505,491
Changes in Components of working capital:
Accounts receivable ................................. (40,841)
Gas inventory ....................................... -
Prepayments ......................................... (184)
Accounts payable .................................... 9,016
Accrued taxes ....................................... 51,539
Estimated rate refunds .............................. -
Estimated supplier obligations ...................... -
Under/Overrecovered gas costs ....................... -
Exchange gas payable ................................ -
Other working capital ............................... (32,394)
------------
Net Cash From Operations ................................ 532,936
============
</TABLE>
<PAGE> 118
F-6 (10 of 10) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Consolidating Statement of Cash Flows
Year Ended December 31, 1995
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
F-6 Page 10
TVC(a) TCC(a) CAT CLG(a) Total
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Net Income Reconciliation
Net income (loss) ..................................... 2,505 (105) (86) (2,853) (539)
Items not requiring (providing) cash:
Equity in undistributed earnings of subsidiaries .... - - - - -
Depreciation and depletion .......................... 30 - - - 30
Deferred income taxes ............................... 296 - (2) (38) 256
Reapplication of SFAS 71 ............................ - - - - -
Estimated loss on sale of Columbia Gas Development
Corporation ....................................... - - - - -
Interest expense settled at emergence ............... - - - - -
Payment of Chapter 11 liabilities ..................... - - - - -
Other - net ........................................... (4,392) 142 (6) 666 (3,590)
Changes in Components of working capital:
Accounts receivable ................................. 253 - 93 (7) 339
Gas inventory ....................................... - - - - -
Prepayments ......................................... 7 - - 8 15
Accounts payable .................................... 190 - 1,891 2,247 4,328
Accrued taxes ....................................... 2,522 - (160) 2,076 4,438
Estimated rate refunds .............................. - - - - -
Estimated supplier obligations ...................... - - - - -
Under/Overrecovered gas costs ....................... - - - - -
Exchange gas payable ................................ - - - - -
Other working capital ............................... 384 - (1,729) 8,287 6,942
------------ ------------ ------------ ------------ ------------
Net Cash From Operations ................................ 1,795 37 1 10,386 12,219
============ ============ ============ ============ ============
</TABLE>
(a) TVC includes twelve subsidiaries and both TCC and CLG includes one
subsidiary as noted in Item 1. Consolidating financial statements of TVC,
TCC and CLG are presented herewith in Item 10 Exhibits F1A through F6A, F1B
through F6B and F1C through F6C, respectively.
<PAGE> 119
F-6A (1 of 6) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Tristar Ventures Corporation and Subsidiaries
Consolidating Statement of Cash Flows
Year Ended December 31, 1995
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
Consoli-
F-6B F-6B dating TVC
Page 2 Page 3 Combined Entries Consolidated
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Net Cash From Operations (See F-6A
page 4 for detail) .................................. 3,797 754 4,551 (2,756) 1,795
Investment Activities
Capital expenditures ................................... (600) - (600) - (600)
Sale of partnership interest ........................... - - - - -
Other investments - net ................................ - 1,021 1,021 - 1,021
------------ ------------ ------------ ------------ ------------
Net Investment Activities ................................ (600) 1,021 421 0 421
Financing Activities
Dividends paid ......................................... - - - - -
Issuance (retirement) of revolving credit agreement .... - - - - -
Capital contributions .................................. - - - - -
Retirement of prepetition debt obligations ............. - - - - -
Retirement of long-term debt ........................... - - - - -
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 ................... - - - - -
Net short-term intrasystem financing ................... - - - - -
Increase (decrease) in short-term debt and other
financing activities .................................. - - - - -
------------ ------------ ------------ ------------ ------------
Net Financing Activities ................................. - - - - -
Increase in cash and temporary cash investments .......... 3,197 1,775 4,972 (2,756) 2,216
Cash and temporary cash investments at
beginning of year ....................................... 2,299 7,087 9,386 (2,607) 6,779
------------ ------------ ------------ ------------ ------------
Cash and Temporary Cash Investments at
end of year (a) ........................................ 5,496 8,862 14,358 (5,363) 8,995
============ ============ ============ ============ ============
</TABLE>
(a) The Corporation considers all highly liquid debt instruments to be
cash equivalents. Balance includes intercompany money pool balances,
which are reported as intercompany accounts receivable on the balance
sheet.
<PAGE> 120
F-6A (2 of 6) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Tristar Ventures Corporation and Subsidiaries
Consolidating Statement of Cash Flows
Year Ended December 31, 1995
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
BGC BLC GGC GLC PGC
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Net Cash From Operations (See F-6A
page 5 for detail) ................................. 111 324 334 (111) 932
Investment Activities
Capital expenditures ................................... - - - - -
Sale of partnership interest ........................... - - - - -
Other investments - net ................................ - - - - -
------------ ------------ ------------ ------------ ------------
Net Investment Activities ................................ - - - - -
Financing Activities
Dividends paid ......................................... - - - - -
Issuance (retirement) of revolving credit agreement .... - - - - -
Capital contributions .................................. - - - - -
Retirement of prepetition debt obligations ............. - - - - -
Retirement of long-term debt ........................... - - - - -
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 ................... - - - - -
Net short-term intrasystem financing ................... - - - - -
Increase (decrease) in short-term debt and other
financing activities .................................. - - - - -
------------ ------------ ------------ ------------ ------------
Net Financing Activities ................................. - - - - -
Increase in cash and temporary cash investments .......... 111 324 334 (111) 932
Cash and temporary cash investments at
beginning of year ....................................... (1,806) (4,030) 305 (1,735) 616
------------ ------------ ------------ ------------ ------------
Cash and Temporary Cash Investments at
end of year (a) ........................................ (1,695) (3,706) 639 (1,846) 1,548
============ ============ ============ ============ ============
<CAPTION>
F-6B Page 2
PLC TVC Total
------------ ------------ ------------
<S> <C> <C> <C>
Net Cash From Operations (See F-6A
page 5 for detail) ................................ 2,214 (7) 3,797
Investment Activities
Capital expenditures .................................. - (600) (600)
Sale of partnership interest .......................... - - -
Other investments - net ............................... - - -
------------ ------------ ------------
Net Investment Activities ............................... - (600) (600)
Financing Activities
Dividends paid ........................................ - - -
Issuance (retirement) of revolving credit agreement ... - - -
Capital contributions ................................. - - -
Retirement of prepetition debt obligations ............ - - -
Retirement of long-term debt .......................... - - -
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 .................. - - -
Net short-term intrasystem financing .................. - - -
Increase (decrease) in short-term debt and other
financing activities ................................. - - -
------------ ------------ ------------
Net Financing Activities ................................ - - -
Increase in cash and temporary cash investments ......... 2,214 (607) 3,197
Cash and temporary cash investments at
beginning of year ...................................... 1,546 7,403 2,299
------------ ------------ ------------
Cash and Temporary Cash Investments at
end of year (a) ....................................... 3,760 6,796 5,496
============ ============ ============
</TABLE>
(a) The Corporation considers all highly liquid debt instruments to be
cash equivalents. Balance includes intercompany money pool balances,
which are reported as intercompany accounts receivable on the balance
sheet.
<PAGE> 121
F-6A (3 of 6) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Tristar Ventures Corporation and Subsidiaries
Consolidating Statement of Cash Flows
Year Ended December 31, 1995
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
VGC VLC RL FC TVC9
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Net Cash From Operations (See F-6A
page 6 for detail) ................................. (41) (382) 1,156 21 -
Investment Activities
Capital expenditures ................................... - - - - -
Sale of partnership interest ........................... - - - - -
Other investments - net ................................ - - 1,021 - -
------------ ------------ ------------ ------------ ------------
Net Investment Activities ................................ - - 1,021 - -
Financing Activities
Dividends paid ......................................... - - - - -
Issuance (retirement) of revolving credit agreement .... - - - - -
Capital contributions .................................. - - - - -
Retirement of prepetition debt obligations ............. - - - - -
Retirement of long-term debt ........................... - - -
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 ................... - - - - -
Net short-term intrasystem financing ................... - - - - -
Increase (decrease) in short-term debt and other
financing activities .................................. - - - - -
------------ ------------ ------------ ------------ ------------
Net Financing Activities ................................. - - - - -
Increase in cash and temporary cash investments .......... (41) (382) 2,177 21 -
Cash and temporary cash investments at
beginning of year ....................................... 88 803 6,231 (35) -
------------ ------------ ------------ ------------ ------------
Cash and Temporary Cash Investments at
end of year (a) ........................................ 47 421 8,408 (14) -
============ ============ ============ ============ ============
<CAPTION>
F-6B Page 3
TVC10 Total
------------ ------------
<S> <C> <C>
Net Cash From Operations (See F-6A
page 6 for detail) ................................. - 754
Investment Activities
Capital expenditures ................................... - -
Sale of partnership interest ........................... - -
Other investments - net ................................ - 1,021
------------ ------------
Net Investment Activities ................................ - 1,021
Financing Activities
Dividends paid ......................................... - -
Issuance (retirement) of revolving credit agreement .... - -
Capital contributions .................................. - -
Retirement of prepetition debt obligations ............. -
Retirement of long-term debt ........................... -
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 ................... - -
Net short-term intrasystem financing ................... - -
Increase (decrease) in short-term debt and other
financing activities .................................. - -
------------ ------------
Net Financing Activities ................................. - -
Increase in cash and temporary cash investments .......... - 1,775
Cash and temporary cash investments at
beginning of year ....................................... - 7,087
------------ ------------
Cash and Temporary Cash Investments at
end of year (a) ........................................ - 8,862
============ ============
</TABLE>
(a) The Corporation considers all highly liquid debt instruments to be
cash equivalents. Balance includes intercompany money pool balances,
which are reported as intercompany accounts receivable on the balance
sheet.
<PAGE> 122
F-6A (4 of 6) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Tristar Ventures Corporation and Subsidiaries
Consolidating Statement of Cash Flows
Year Ended December 31, 1995
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
Consoli-
F-6B F-6B dating TVC
Page 5 Page 6 Combined Entries Consolidated
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Net Income Reconciliation
Net income (loss) ...................................... 4,793 468 5,261 (2,756) 2,505
Items not requiring (providing) cash:
Equity in undistributed earnings of subsidiaries ..... - - - - -
Depreciation and depletion ........................... 30 - 30 - 30
Deferred income taxes ................................ 755 (459) 296 - 296
Reaplication of SFAS 71 .............................. - - - - -
Estimated loss on sale of Columbia Gas Development
Corporation ........................................ - - - - -
Interest expense settled at emergence ................ - - - - -
Payment of Chapter 11 liabilities ...................... - - - - -
Other - net ............................................ (4,392) - (4,392) - (4,392)
Changes in Components of working capital:
Accounts receivable .................................. 253 - 253 - 253
Gas inventory ........................................ - - - - -
Prepayments .......................................... 7 - 7 - 7
Accounts payable ..................................... 190 - 190 - 190
Accrued taxes ........................................ 1,798 724 2,522 - 2,522
Estimated rate refunds ............................... - - - - -
Estimated supplier obligations ....................... - - - - -
Under/Overrecovered gas costs......................... - - - - -
Exchange gas payable ................................. - - - - -
Other working capital ................................ 363 21 384 - 384
------------ ------------ ------------ ------------ ------------
Net Cash From Operations ................................. 3,797 754 4,551 (2,756) 1,795
============ ============ ============ ============ ============
</TABLE>
<PAGE> 123
F-6A (5 of 6) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Tristar Ventures Corporation and Subsidiaries
Consolidating Statement of Cash Flows
Year Ended December 31, 1995
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
BGC BLC GGC GLC PGC
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Net Income Reconciliation
Net income (loss) ...................................... 98 230 - - 573
Items not requiring (providing) cash:
Equity in undistributed earnings of subsidiaries ..... - - - - -
Depreciation and depletion ........................... - - - - -
Deferred income taxes ................................ 126 273 - - 172
Reapplication of SFAS 71 ............................. - - - - -
Estimated loss on sale of Columbia Gas Development
Corporation ........................................ - - - - -
Interest expense settled at emergence ................ - - - - -
Payment of Chapter 11 liabilities ...................... - - - - -
Other - net ............................................ - - - - -
Changes in Components of working capital:
Accounts receivable .................................. - - - - -
Gas inventory ........................................ - - - - -
Prepayments .......................................... - - - - -
Accounts payable ..................................... - - - - -
Accrued taxes ........................................ (114) (178) 334 (111) 187
Estimated rate refunds ............................... - - - - -
Estimated supplier obligations ....................... - - - - -
Under/Overrecovered gas costs ........................ - - - - -
Exchange gas payable ................................. - - - - -
Other working capital ................................ 1 (1) - - -
------------ ------------ ------------ ------------ ------------
Net Cash From Operations ................................. 111 324 334 (111) 932
============ ============ ============ ============ ============
<CAPTION>
F-6B Page 5
PLC TVC Total
------------ ------------ ------------
<S> <C> <C> <C>
Net Income Reconciliation
Net income (loss) ..................................... 1,387 2,505 4,793
Items not requiring (providing) cash:
Equity in undistributed earnings of subsidiaries .... - - -
Depreciation and depletion .......................... - 30 30
Deferred income taxes ............................... 335 (151) 755
Reapplication of SFAS 71 ............................ - - -
Estimated loss on sale of Columbia Gas Development
Corporation ....................................... - - -
Interest expense settled at emergence ............... - - -
Payment of Chapter 11 liabilities ..................... - - -
Other - net ........................................... - (4,392) (4,392)
Changes in Components of working capital:
Accounts receivable ................................. - 253 253
Gas inventory ....................................... - - -
Prepayments ......................................... - 7 7
Accounts payable .................................... - 190 190
Accrued taxes ....................................... 492 1,188 1,798
Estimated rate refunds .............................. - - -
Estimated supplier obligations ...................... - - -
Under/Overrecovered gas costs ....................... - - -
Exchange gas payable ................................ - - -
Other working capital ............................... - 363 363
------------ ------------ ------------
Net Cash From Operations ................................ 2,214 (7) 3,797
============ ============ ============
</TABLE>
<PAGE> 124
F-6A (6 of 6) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Tristar Ventures Corporation and Subsidiaries
Consolidating Statement of Cash Flows
Year Ended December 31, 1995
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
VGC VLC RL FC TVC9
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Net Income Reconciliation
Net income (loss) ...................................... (27) (250) 745 - -
Items not requiring (providing) cash:
Equity in undistributed earnings of subsidiaries ..... - - - - -
Depreciation and depletion ........................... - - - - -
Deferred income taxes ................................ (20) (183) (256) - -
Reapplication of SFAS 71 ............................. - - - - -
Estimated loss on sale of Columbia Gas Development
Corporation ........................................ - - - - -
Interest expense settled at emergence ................ - - - - -
Payment of Chapter 11 liabilities ...................... - - - - -
Other - net ............................................ - - - - -
Changes in Components of working capital:
Accounts receivable .................................. - - - - -
Gas inventory ........................................ - - - - -
Prepayments .......................................... - - - - -
Accounts payable ..................................... - - - - -
Accrued taxes ........................................ 6 51 646 21 -
Estimated rate refunds ............................... - - - - -
Estimated supplier obligations ....................... - - - - -
Under/Overrecovered gas costs ........................ - - - - -
Exchange gas payable ................................. - - - - -
Other working capital ................................ - - 21 - -
------------ ------------ ------------ ------------ ------------
Net Cash From Operations ................................. (41) (382) 1,156 21 -
============ ============ ============ ============ ============
<CAPTION>
F-6B Page 6
TVC10 Total
------------ ------------
<S> <C> <C>
Net Income Reconciliation
Net income (loss) ...................................... - 468
Items not requiring (providing) cash:
Equity in undistributed earnings of subsidiaries ..... - -
Depreciation and depletion ........................... - -
Deferred income taxes ................................ - (459)
Reapplication of SFAS 71 ............................. - -
Estimated loss on sale of Columbia Gas Development
Corporation ........................................ - -
Interest expense settled at emergence ................ - -
Payment of Chapter 11 liabilities ...................... - -
Other - net ............................................ - -
Changes in Components of working capital:
Accounts receivable .................................. - -
Gas inventory ........................................ - -
Prepayments .......................................... - -
Accounts payable ..................................... - -
Accrued taxes ........................................ - 724
Estimated rate refunds ............................... - -
Estimated supplier obligations ....................... - -
Under/Overrecovered gas costs ........................ - -
Exchange gas payable ................................. - -
Other working capital ................................ - 21
------------ ------------
Net Cash From Operations ................................. - 754
============ ============
</TABLE>
<PAGE> 125
F-6B (1 of 2) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Tristar Capital Corporation and Subsidiary
Consolidating Statement of Cash Flows
Year Ended December 31, 1995
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
Consoli-
dating TCC
TGT TCC Combined Entries Consolidated
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Net Cash From Operations (refer to F-6B (2 of 2).......... 40 (3) 37 - 37
------------ ------------ ------------ ------------ ------------
Investment Activities
Capital expenditures ................................... - - - - -
Sale of partnership interest ........................... - - - - -
Other investments - net ................................ - - - - -
------------ ------------ ------------ ------------ ------------
Net Investment Activities ................................ - - - - -
Financing Activities
Dividends paid ......................................... - - - - -
Issuance (retirement) of revolving credit agreement .... - - - - -
Capital contributions .................................. - - - - -
Retirement of prepetition debt obligations ............. - - - - -
Retirement of long-term debt ........................... - - - - -
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 ................... - - - - -
Net short-term intrasystem financing ................... - - - - -
Increase (decrease) in short-term debt and other
financing activities .................................. (40) 40 - - -
------------ ------------ ------------ ------------ ------------
Net Financing Activities ................................. (40) 40 - - -
Increase in cash and temporary cash investments .......... - 37 37 - 37
Cash and temporary cash investments at
beginning of year ....................................... - 42 42 - 42
------------ ------------ ------------ ------------ ------------
Cash and Temporary Cash Investments at
end of year (a) ........................................ - 79 79 - 79
============ ============ ============ ============ ============
</TABLE>
(a) The Corporation considers all highly liquid debt instruments to be
cash equivalents. Balance includes intercompany money pool balances,
which are reported as intercompany accounts receivable on the balance
sheet.
<PAGE> 126
F-6B (2 of 2) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Tristar Capital Corporation and Subsidiary
Consolidating Statement of Cash Flows
Year Ended December 31, 1995
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
Consoli-
dating TCC
TGT TCC Combined Entries Consolidated
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Net Income Reconciliation
Net income (loss) ...................................... (103) (105) (208) 103 (105)
Items not requiring (providing) cash:
Equity in undistributed earnings of subsidiaries ..... - 103 103 (103) -
Depreciation and depletion ........................... - - - - -
Deferred income taxes ................................ - - - - -
Reapplication of SFAS 71 ............................. - - - - -
Estimated loss on sale of Columbia Gas Development
Corporation ........................................ - - - - -
Interest expense settled at emergence ................ - - - - -
Payment of Chapter 11 liabilities ...................... - - - - -
Other - net ............................................ 142 - 142 - 142
Changes in Components of working capital:
Accounts receivable .................................. - - - - -
Gas inventory ........................................ - - - - -
Prepayments .......................................... - - - - -
Accounts payable ..................................... - - - - -
Accrued taxes ........................................ 1 (1) - - -
Estimated rate refunds ............................... - - - - -
Estimated supplier obligations ....................... - - - - -
Under/Overrecovered gas costs ........................ - - - - -
Exchange gas payable ................................. - - - - -
Other working capital ................................ - - - - -
------------ ------------ ------------ ------------ ------------
Net Cash From Operations ................................. 40 (3) 37 - 37
============ ============ ============ ============ ============
</TABLE>
<PAGE> 127
F-6C (1 of 2) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Columbia LNG Corporation and Subsidiary
Consolidating Statement of Cash Flows
Year Ended December 31, 1995
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
Consoli-
dating CLG
CLNG CLG Combined Entries Consolidated
------------ ------------- ------------- ------------ -------------
<S> <C> <C> <C> <C> <C>
Net Cash From Operations (refer to F-6C (2 of 2))......... (1) 10,373 10,372 14 10,386
------------ ------------- ------------- ------------ -------------
Investment Activities
Capital expenditures ................................... - - - - -
Sale of partnership interest ........................... - - - - -
Other investments - net ................................ (140) (3,338) (3,478) 140 (3,338)
------------ ------------- ------------- ------------ -------------
Net Investment Activities ................................ (140) (3,338) (3,478) 140 (3,338)
Financing Activities
Dividends paid ......................................... - - - - -
Issuance (retirement) of revolving credit agreement .... - - - - -
Capital contributions .................................. - - - - -
Retirement of prepetition debt obligations ............. - - - - -
Retirement of long-term debt ........................... - - - - -
Issuance of common stock -
Issued by Registrant ................................. - - - - -
Issued by Subsidiary to Registrant ................... 154 1,008 1,162 (154) 1,008
Issuance of long-term debt -
Issued by Registrant ................................. - - - - -
Issued by Subsidiary to Registrant ................... - - - - -
Net short-term intrasystem financing ................... - - - - -
Increase (decrease) in short-term debt and other
financing activities .................................. - - - - -
------------ ------------- ------------- ------------ -------------
Net Financing Activities ................................. 154 1,008 1,162 (154) 1,008
Increase in cash and temporary cash investments .......... 13 8,043 8,056 - 8,056
Cash and temporary cash investments at
beginning of year ....................................... 1 3,264 3,265 - 3,265
------------ ------------- ------------- ------------ -------------
Cash and Temporary Cash Investments at
end of year (a) ........................................ 14 11,307 11,321 - 11,321
============ ============= ============= ============ =============
</TABLE>
(a) The Corporation considers all highly liquid debt instruments to be
cash equivalents. Balance includes intercompany money pool balances,
which are reported as intercompany accounts receivable on the balance
sheet.
<PAGE> 128
F-6C (2 of 2) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Columbia LNG Corporation and Subsidiary
Consolidating Statement of Cash Flows
Year Ended December 31, 1995
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
Consoli-
dating CLG
CLNG CLG Combined Entries Consolidated
------------ ------------- ------------- ------------ -------------
<S> <C> <C> <C> <C> <C>
Net Income Reconciliation
Net income (loss) ...................................... (9) (2,853) (2,862) 9 (2,853)
Items not requiring (providing) cash:
Equity in undistributed earnings of subsidiaries ..... - - - - -
Depreciation and depletion ........................... - - - - -
Deferred income taxes ................................ - (38) (38) - (38)
Reapplication of SFAS 71 ............................. - - - - -
Estimated loss on sale of Columbia Gas Development
Corporation ........................................ - - - - -
Interest expense settled at emergence ................ - - - - -
Payment of Chapter 11 liabilities ...................... - - - - -
Other - net ............................................ - 666 666 - 666
Changes in Components of working capital:
Accounts receivable .................................. - (7) (7) - (7)
Gas inventory ........................................ - - - - -
Prepayments .......................................... - 8 8 - 8
Accounts payable ..................................... 8 2,239 2,247 - 2,247
Accrued taxes ........................................ - 2,071 2,071 5 2,076
Estimated rate refunds ............................... - - - - -
Estimated supplier obligations ....................... - - - - -
Under/Overrecovered gas costs ........................ - - - - -
Exchange gas payable ................................. - - - - -
Other working capital ................................ - 8,287 8,287 - 8,287
------------ ------------- ------------- ------------ -------------
Net Cash From Operations ................................. (1) 10,373 10,372 14 10,386
============ ============= ============= ============ =============
</TABLE>
<PAGE> 129
F-6D (1 of 2) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Columbia Energy Services Corporation and Subsidiary
Consolidating Statement of Cash Flows
Year Ended December 31, 1995
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
Consoli-
dating CES
CEM CES Combined Entries Consolidated
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Net Cash From Operations (refer to F-6D (2 of 2))......... 478 (6,563) (6,085) - (6,085)
------------ ------------ ------------ ------------ ------------
Investment Activities
Capital expenditures ................................... - (1,017) (1,017) - (1,017)
Sale of partnership interest ........................... - - - - -
Other investments - net ................................ - (1,010) (1,010) 1,010 -
------------ ------------ ------------ ------------ ------------
Net Investment Activities ................................ - (2,027) (2,027) 1,010 (1,017)
Financing Activities
Dividends paid ......................................... - - - - -
Issuance (retirement) of revolving credit agreement .... - - - - -
Capital contributions .................................. - - - - -
Retirement of prepetition debt obligations ............. - - - - -
Retirement of long-term debt ........................... - (140) (140) - (140)
Issuance of common stock -
Issued by Registrant ................................. - - - - -
Issued by Subsidiary to Registrant ................... 1,010 - 1,010 (1,010) -
Issuance of long-term debt -
Issued by Registrant ................................. - - - - -
Issued by Subsidiary to Registrant ................... - - - - -
Net short-term intrasystem financing ................... - - - - -
Increase (decrease) in short-term debt and other
financing activities .................................. 471 (939) (468) - (468)
------------ ------------ ------------ ------------ ------------
Net Financing Activities ................................. 1,481 (1,079) 402 (1,010) (608)
Increase in cash and temporary cash investments .......... 1,959 (9,669) (7,710) - (7,710)
Cash and temporary cash investments at
beginning of year ....................................... - 9,534 9,534 - 9,534
------------ ------------ ------------ ------------ ------------
Cash and Temporary Cash Investments at
end of year (a) ........................................ 1,959 (135) 1,824 - 1,824
============ ============ ============ ============ ============
</TABLE>
(a) The Corporation considers all highly liquid debt instruments to be cash
equivalents. Balance includes intercompany money pool balances, which
are reported as intercompany accounts receivable on the balance sheet.
<PAGE> 130
F-6D (2 of 2) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Columbia Energy Services Corporation and Subsidiary
Consolidating Statement of Cash Flows
Year Ended December 31, 1995
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
Consoli-
dating CES
CEM CES Combined Entries Consolidated
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Net Income Reconciliation
Net income (loss) ...................................... 149 1,085 1,234 (149) 1,085
Items not requiring (providing) cash:
Equity in undistributed earnings of subsidiaries ..... - (149) (149) 149 -
Depreciation and depletion ........................... - 189 189 - 189
Deferred income taxes ................................ - (199) (199) - (199)
Reapplication of SFAS 71 ............................. - - - - -
Estimated loss on sale of Columbia Gas Development
Corporation ........................................ - - - - -
Interest expense settled at emergence ................ - - - - -
Payment of Chapter 11 liabilities ...................... - - - - -
Other - net ............................................ (466) 2,585 2,119 - 2,119
Changes in Components of working capital:
Accounts receivable .................................. (5,235) (15,292) (20,527) 1,931 (18,596)
Gas inventory ........................................ - - - - -
Prepayments .......................................... - (613) (613) - (613)
Accounts payable ..................................... 5,938 7,061 12,999 (1,931) 11,068
Accrued taxes ........................................ 92 (83) 9 - 9
Estimated rate refunds ............................... - - - - -
Estimated supplier obligations ....................... - - - - -
Under/Overrecovered gas costs ........................ - - - - -
Exchange gas payable ................................. - - - - -
Other working capital ................................ - (1,147) (1,147) - (1,147)
------------ ------------ ------------ ------------ ------------
Net Cash From Operations ................................. 478 (6,563) (6,085) - (6,085)
============ ============ ============ ============ ============
</TABLE>
<PAGE> 131
F-6E (1 of 2) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
Columbia Gas Transmission Corporation and Subsidiary
Consolidating Statement of Cash Flows
Year Ended December 31, 1995
(Not Covered by Report of Independent Public Accountants)
($ Thousands)
<TABLE>
<CAPTION>
Consoli-
dating TCO
CTIC TCO Combined Entries Consolidated
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Net Cash From Operations (refer to F-6E (2 of 2))......... 39,636 (1,751,783) (1,712,147) - (1,712,147)
------------ ------------ ------------ ------------ ------------
Investment Activities
Capital expenditures ................................... - (136,804) (136,804) - (136,804)
Sale of partnership interest ........................... - - - - -
Other investments - net ................................ - 1,250,583 1,250,583 (1,253,000) (2,417)
------------ ------------ ------------ ------------ ------------
Net Investment Activities ................................ - 1,113,779 1,113,779 (1,253,000) (139,221)
Financing Activities
Dividends paid ......................................... (91,331) 91,331 - - -
Issuance (retirement) of revolving credit agreement .... - - - - -
Capital contributions .................................. - 1,200,000 1,200,000 - 1,200,000
Retirement of prepetition debt obligations ............. - - - - -
Retirement of long-term debt ........................... - (1,115,182) (1,115,182) - (1,115,182)
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 ................... - 900,000 900,000 - 900,000
Net short-term intrasystem financing ................... - (406,000) (406,000) - (406,000)
Increase (decrease) in short-term debt and other
financing activities .................................. (1,201,643) (31,283) (1,232,926) 1,253,000 20,074
------------ ------------ ------------ ------------ ------------
Net Financing Activities ................................. (1,292,974) 638,866 (654,108) 1,253,000 598,892
Increase in cash and temporary cash investments .......... (1,253,338) 862 (1,252,476) - (1,252,476)
Cash and temporary cash investments at
beginning of year ....................................... 1,253,338 144 1,253,482 - 1,253,482
------------ ------------ ------------ ------------ ------------
Cash and Temporary Cash Investments at
end of year (a) ........................................ - 1,006 1,006 - 1,006
============ ============ ============ ============ ============
</TABLE>
(a) The Corporation considers all highly liquid debt instruments
to be cash equivalents. Balance includes intercompany money
pool balances, which are reported as intercompany accounts
receivable on the balance sheet.
<PAGE> 132
Page 47
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.
By: /s/ R. E. Lowe
-----------------------------
R. E. Lowe
Vice President and Controller
Date: April 29, 1996
<PAGE> 133
Item 10. Continued
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 1995 filed herewith
E - Other Documents Prescribed by Rule or Order
F - Report of Independent Public Accountants filed herewith
G - Financial Data Tables
H - Organizational Chart of Exempt Wholesale Generators or
Foreign Utility Holding Companies
I - Audited Financial Statements and Analytical Reviews and
Conclusions Regarding Exempt Wholesale Generators or Foreign
Utility Holding Companies
<PAGE> 134
EXHIBIT A
The financial statements listed below included in The Columbia Gas
System, Inc.'s 1995 Form 10-K filed with the Commission on February 23,
1996 (File No. 1-1098) are incorporated herein by reference. The report
of Arthur Andersen & Co., independent public accountants, dated
February 5, 1996 regarding such financial statements is included on
Exhibit F filed herewith. The Corporation's 1995 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, 1995.................. 47
Consolidated Balance Sheet as of December 31, 1995 ..................................... 48-49
Consolidated Statement of Cash Flows for the year ended December 31, 1995............... 50
Statement of Consolidated Common Stock Equity for the year ended December 31, 1995...... 51
Notes to Consolidated Financial Statements ............................................. 52-70
</TABLE>
<PAGE> 135
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 Energy Services Corporation. .................. . . . (9) (10)
Columbia Energy Marketing Corporation ....................... 1-A (11) 1-B (12)
Columbia Gas Development Corporation............................ (13) (14)
Columbia Gas of Kentucky, Inc................................... 2-A,3-A,4-A (15) 2-B (16)
Columbia Gas of Maryland, Inc................................... 5-A (17) 3-B (18)
Columbia Gas of Ohio, Inc. ..................................... 6-A (19) 4-B (20)
Columbia Gas of Pennsylvania, Inc. ............................. 7-A (21) 5-B (22)
Columbia Gas System Service Corporation ........................ (23) (24)
Columbia Gas Transmission Corporation........................... (25) (26)
Columbia Transmission Investment Corporation ................. (27) (28)
Columbia Gulf Transmission Company ............................. (29) (30)
Columbia LNG Corporation ....................................... (31) (32)
CLNG Corporation.............................................. (33) (34)
Columbia Natural Resources, Inc................................. (35) (36)
Columbia Propane Corporation.................................... (37) (38)
Commonwealth Gas Services, Inc.................................. 8-A (39) (40)
Commonwealth Propane, Inc. ..................................... (41) (42)
Inland Gas Company, Inc., The .................................. (43) (44)
TriStar Capital Corporation .................................... (45) (46)
TriStar Gas Technologies, Inc. ............................... (47) (48)
TriStar Trading Inc. ........................................... (49) (50)
TriStar Ventures Corporation ................................... (51) (52)
TriStar Pedrick General Corporation........................... (53) (54)
TriStar Pedrick Limited Corporation .......................... (55) (56)
TriStar Fuel Cells Corporation ............................... (57) (58)
TriStar Binghamton General Corporation ....................... (59) (60)
TriStar Binghamton Limited Corporation ....................... (61) (62)
TriStar Georgetown General Corporation ....................... (63) (64)
TriStar Georgetown Limited Corporation ....................... (65) (66)
TriStar Vineland General Corporation.......................... (67) (68)
TriStar Vineland Limited Corporation.......................... (69) (70)
TriStar Rumford Limited Corporation........................... (71) (72)
TVC Nine Corporation ......................................... (73) (74)
TVC Ten Corporation .......................................... (75) (76)
</TABLE>
<PAGE> 136
EXHIBIT B (Continued)
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); restated copy as of November 28,
1995, filed pursuant to Item 14 of Form 10-K (1995).
(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).
(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 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).
(10) By-Laws of Columbia Energy Services Corporation dated May 28, 1993
filed herewith as Exhibit 2-B to Form U5S (1993).
(11) Certificate of Incorporation of Columbia Energy Marketing
Corporation dated August 3, 1995, filed herewith as Exhibit 1-A to
Form U5S (1995).
(12) By-Laws of Columbia Energy Marketing Corporation dated August 3,
1995, filed herewith as Exhibit 1-B to Form U5S (1995).
(13) 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).
<PAGE> 137
EXHIBIT B (Continued)
NOTES: (Continued)
(14) 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).
(15) 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 2-A to Form U5S (1988); amendment dated
March 13, 1995, filed herewith as Exhibit 2-A to Form U5S (1995);
amendment dated February 15, 1995, filed herewith as Exhibit 3-A
to Form U5S (1995); amendment dated January 12, 1996, filed
herewith as Exhibit 4-A to Form U5S (1995).
(16) 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); amendment dated January 9, 1996 filed herewith as Exhibit
2-B to Form U5S (1995).
(17) 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); amendment dated February
15, 1995 filed as Exhibit 5A to Form U5S (1995).
(18) 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); amendment dated January
9, 1996 filed herewith as Exhibit 3-B to Form U5S (1995).
(19) 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); amendment dated February 16, 1995, filed
herewith as exhibit 6-A to Form U5S (1995).
(20) 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); amendment
dated January 9, 1996, filed herewith as Exhibit 4-B to Form U5S
(1995).
<PAGE> 138
EXHIBIT B (Continued)
NOTES: (Continued)
(21) 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); amendment dated
February 15, 1995, filed herewith as Exhibit 7-A to Form U5S
(1995).
(22) 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); amendment dated January
9, 1996, filed herewith as Exhibit 5-B to Form U5S (1995).
(23) Certificate of Incorporation, as amended through May 17, 1991,
filed as Exhibit 3-A to Form U5S (1991).
(24) By-Laws, as amended February 10, 1988, filed as Exhibit 8-B to
Form U5S (1988).
(25) 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).
(26) By-Laws of Columbia Gas Transmission Corporation as amended
through May 9, 1991, filed as Exhibit 1-B to Form U5S (1991).
(27) Certificate of Incorporation as adopted March 18, 1992, filed as
Exhibit 4-A to Form U5S (1991).
(28) By-Laws as of March 18, 1992, filed as Exhibit 4-B to Form U5S
(1991).
(29) 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); amendment dated December
23, 1994 filed as Exhibit 2-A to Form U5S (1994).
(30) By-Laws of Columbia Gulf Transmission Company as amended through
May 9, 1991, filed as Exhibit 2-B to Form U5S (1991).
(31) Restated Certificate of Incorporation of Columbia LNG Corporation
as amended to December 18, 1989, filed as Exhibit 18-A to Form U5S
(1989); amendments dated January 31, 1992, November 2, 1992, June
13, 1994 and April 13, 1995 filed as Exhibits 3-A-1, 3-A-2, 3-A-3
and 3-A-4, respectively to Form U5S.
(32) 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 3-B to Form U5S (1992); amendment
dated December 21, 1994 filed as Exhibit 1-B to Form U5S (1994).
(33) Certificate of Incorporation of CLNG Corporation as adopted
January 21, 1994, filed as Exhibit 4- A to Form U5S (1994).
<PAGE> 139
EXHIBIT B (Continued)
NOTES: (Continued)
(34) By-Laws of CLNG Corporation as amended through December 21, 1994
filed as Exhibit 4-B to Form U5S (1994).
(35) Certificate of Incorporation of Columbia Natural Resources, Inc.
adopted on November 21, 1984, filed as Exhibit 4-A to Form U5S
(1984).
(36) By-Laws as of November 26, 1984, filed as Exhibit 2-B to Form U5S
(1984).
(37) 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).
(38) 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).
(39) 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); amendment dated February 15, 1995,
filed herewith as Exhibit 8-A to Form U5S (1995).
(40) 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).
(41) 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).
(42) By-Laws of Commonwealth Propane, Inc. as amended through July 16,
1990, filed as Exhibit 2-B to Form U5S (1990).
(43) Articles of Incorporation as adopted June 3, 1960, filed as
Exhibit 3-A to Form U5S (1965).
(44) By-Laws of Inland Gas Company, Inc. as amended through May 8,
1990, filed as Exhibit 3-B to Form U5S (1990).
<PAGE> 140
EXHIBIT B (Continued)
NOTES: (Continued)
(45) Certificate of Incorporation of TriStar Capital Corporation dated
August 2, 1990, filed as Exhibit 2- A to Form U5S (1990).
(46) By-Laws of TriStar Capital Corporation dated August 2, 1990, filed
as Exhibit 4-B to Form U5S (1990).
(47) Certificate of Incorporation of TriStar Gas Technologies, Inc.
dated August 2, 1990, filed as Exhibit 3-A to Form U5S (1990).
(48) By-Laws of TriStar Gas Technologies, Inc. dated August 2, 1990,
filed as Exhibit 5-B to Form U5S (1990).
(49) Certificate of Incorporation of TriStar Trading Inc. dated April
27, 1990, filed as Exhibit 4-A to Form U5S (1990).
(50) By-Laws of TriStar Trading Inc. dated April 27, 1990, filed as
Exhibit 6-B to Form U5S (1990).
(51) Restated Certificate of Incorporation of TriStar Ventures
Corporation as of July 22, 1986, filed as Exhibit 2-A to Form U5S
(1986).
(52) 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).
(53) 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).
(54) 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).
(55) 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).
(56) 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).
(57) 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).
(58) 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).
<PAGE> 141
EXHIBIT B (Continued)
NOTES: (Continued)
(59) 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).
(60) 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).
(61) 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).
(62) 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).
(63) 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).
(64) 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).
(65) 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 1990, filed as Exhibit 9-A to Form U5S (1990).
(66) 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).
(67) 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).
(68) 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).
(69) 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).
(70) 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).
(71) 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).
<PAGE> 142
EXHIBIT B (Continued)
NOTES: (Continued)
(72) 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).
(73) Certificate of Incorporation of TVC Nine Corporation dated
December 28, 1989, filed as Exhibit 14-A to Form U5S (1989).
(74) By-Laws of TVC Nine Corporation dated December 28, 1989, filed as
Exhibit 24-B to Form U5S (1989).
(75) Certificate of Incorporation of TVC Ten Corporation dated December
28, 1989, filed as Exhibit 15- A to Form U5S (1989).
(76) By-Laws of TVC Ten Corporation dated December 28, 1989, filed as
Exhibit 25-B to Form U5S (1989).
<PAGE> 143
EXHIBIT C
(a) *Reference is made to The Columbia Gas System, Inc.'s 1995 Form
10- K, pages 81 through 83, filed with the Commission on February
23, 1996 (File No. 1-1098), for the indentures and other
fundamental documents defining the rights of security holders.
*Incorporated herein by reference.
<PAGE> 144
EXHIBIT D
A copy of the System Tax Allocation Agreement (Agreement) is filed
herewith as Exhibit D to Form U5S (1995).
Except for additions and deletions in subsidiary companies, the
Agreement has not been amended since 1987.
<PAGE> 145
EXHIBIT E
Copies of other documents prescribed by rule or order.
The Registrant's Chart of Accounts was filed on November 24, 1975,
as Amendment No. 1 to Form U5S (1974), modified by Amendment No. 1
to Form U5S (1980), filed on July 10, 1981, and by Amendment No. 1
to Form U5S (1981), filed on September 24, 1982. No changes, other
than those required by the Federal Energy Regulatory Commission,
occurred during the year 1995.
Columbia's personnel policy of general application, permitting
retirees to secure subsidiary contingent tax liabilities relating
to Pension Restoration Plan distributions, effective as of
December 1, 1993, filed as Exhibit E to Form U5S (1993), is
incorporated herein by reference.
<PAGE> 146
EXHIBIT 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, 1995, and the related statements of consolidated income, cash flows
and common stock equity for the year then ended included in the 1995 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, 1995, and the results of their operations and
their cash flows for the year then ended in conformity with generally accepted
accounting principles.
As discussed in Note 5 to the consolidated financial statements, effective
January 1, 1994, the Corporation changed its method of accounting for
postretirement benefits pursuant to standards promulgated by the Financial
Accounting Standards Board.
ARTHUR ANDERSEN & CO.
New York, New York
February 6, 1996
<PAGE> 147
EXHIBIT G
Financial Data Tables are filed herewith as Exhibit 27.
<PAGE> 148
EXHIBIT H
Not Applicable
<PAGE> 149
EXHIBIT I
Not Applicable
<PAGE> 1
EXHIBIT 1-A
STATE OF DELAWARE
OFFICE OF THE SECRETARY OF STATE
I, EDWARD J. FREEL, SECRETARY OF STATE OF THE STATE OF DELAWARE, DO
HEREBY CERTIFY THE ATTACHED IS A TRUE AND CORRECT COPY OF THE CERTIFICATE OF
INCORPORATION OF "COLUMBIA ENERGY MARKETING CORPORATION", FILED IN THIS OFFICE
ON THE THIRD DAY OF AUGUST, A.D. 1995, AT 11:15 O'CLOCK A.M.
A CERTIFIED COPY OF THIS CERTIFICATE HAS BEEN FORWARDED TO THE NEW
CASTLE COUNTY RECORDER OF DEEDS FOR RECORDING.
/s/ Edward J. Freel
-----------------------------------
Edward J. Freel, Secretary of State
2517910 8100
AUTHENTICATION: 7597020
950175160
DATE: 08-04-95
<PAGE> 2
CERTIFICATE OF INCORPORATION
OF
COLUMBIA ENERGY MARKETING CORPORATION
* * * * * *
FIRST. The name of the Corporation is COLUMBIA ENERGY MARKETING
CORPORATION.
SECOND. The address of the registered office of the Corporation in the
State of Delaware is 1209 Orange Street, in the City of Wilmington, County of
New Castle. The name of the Corporation's registered agent at such address is
the Corporation Trust Company.
THIRD. The purpose of the Corporation is to engage in any lawful act or
activity for which corporations may be organized under the General Corporation
Law of Delaware.
FOURTH. The Corporation is authorized to issue only one class of stock,
to wit: Common Stock. The total number of shares of Common Stock which the
Corporation shall have authority to issue is Three Thousand (3,000) all of which
are to have a par value of One Dollar ($1.0) per share.
FIFTH. The name and mailing address of the incorporator are to
terminate upon the election of directors of the Corporation.
SIXTH. The Corporation is to have perpetual existence.
SEVENTH. For the management of the business and for the conduct of the
affairs of the Corporation, it is further provided:
1. The number of directors of the Corporation shall be as from
time to time fixed by, or in the manner provided in, the By-Laws. The directors
need not be stockholders of the Corporation.
<PAGE> 3
2. In furtherance, and not in limitation, of the powers conferred by
statute, the Board of Directors is expressly authorized:
a. to make, alter or repeal By-Laws of the Corporation,
subject to the power of the stockholders of the Corporation to alter or repeal
any By-Laws whether adopted by the stockholders or otherwise.
b. to exercise the powers and authorities as are provided in
the By-Laws then in effect, subject to applicable limitations as provided in
such By-Laws.
EIGHTH. Meetings of stockholders may be held within or without the
State of Delaware, as the By-Laws may provide. The books of the corporation may
be kept (subject to any provision contained in the statutes) outside the State
of Delaware at such place or places as may be designated from time to time by
the board of directors or in the By-Laws of the corporation. The election of
directors need not be by written ballot except to the extent provided in the
ByLaws of the corporation.
NINTH. The Corporation reserves the right to restate this Certificate
of Incorporation and to amend, alter, change or repeal any provision contained
in this Certificate of Incorporation in the manner now or hereafter prescribed
by law, and all rights and powers conferred herein on stockholders, directors
and officers are subject to this reserved power.
TENTH. A director of the Corporation shall not be liable to the
Corporation on its stockholders for monetary damages for breach of fiduciary
duty as a director, except to the extent such exemption from liability or
limitation thereof is not permitted under the General Corporation Law of the
State of Delaware as the same exists or may hereafter be amended. Any amendment,
modification or repeal of the foregoing sentence by the stockholders of the
Corporation shall not adversely affect any right or protection of a director of
the Corporation in
<PAGE> 4
respect of any act, omission occurring prior to the time of such amendment,
modification or repeal.
The undersigned incorporator hereby acknowledges that the foregoing
Certificate of Incorporation is his act and deed this third day of August, 1995.
/s/ Arthur W. Iler
------------------------
Arthur W. Iler
<PAGE> 1
EXHIBIT 1-B
COLUMBIA ENERGY MARKETING CORPORATION
*****
BY-LAWS
*****
ARTICLE I
OFFICES
Section 1. The registered office shall be in the City of Wilmington,
County of New Castle, State of Delaware.
Section 2. The corporation may also have offices at such other places
both within and without the State of Delaware 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 New Castle, State of Delaware, 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 State of Delaware 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 State of Delaware, 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.
Section 3. Written notice of the annual meeting stating the place, date
and hour of the
<PAGE> 2
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.
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
<PAGE> 3
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.
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 State of Delaware.
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.
<PAGE> 4
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.
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 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
<PAGE> 5
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 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 facsimile, 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 and assistant treasurers, and assistant controllers and
such other officers as it deems 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.
<PAGE> 6
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.
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
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.
<PAGE> 7
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 depositories as may be designated by the Board of Directors.
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 CONTROLLER
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 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
<PAGE> 8
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, 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
<PAGE> 9
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.
<PAGE> 1
EXHIBIT 2-A
ARTICLES OF CORRECTION
TO THE
AMENDMENT OF ARTICLES OF INCORPORATION
OF COLUMBIA GAS OF KENTUCKY, INC.
On March 13, 1995, by and through counsel, Columbia Gas of Kentucky,
Inc., caused to be filed with the Secretary of State an Amendment to its
Articles of Incorporation to increase the number of authorized shares of its
capital stock. A copy of that Amendment is attached hereto as Exhibit A.
The number of authorized shares was erroneously written in the second
paragraph of the Board of Directors' Resolution in that the word "Thousand" was
omitted.
Therefore, the following should be substituted for the paragraph which
contained the above-referenced error:
"FOURTH. The total number of shares of stock which
this Corporation shall have authority to issue is One Million
One Hundred Thousand shares (1,100,000) and the par value of
each of such shares shall be Twenty-five Dollars ($25)."
Witness my hand and the corporate seal of said Corporation, this 7th
day of April, 1995.
/S/ Marjorie H. Brant
---------------------
Marjorie H. Brant
Assistant Secretary and
Assistant General Counsel
<PAGE> 1
EXHIBIT 3-A
CERTIFICATION
I, Andrew J. Sonderman, Secretary and General Counsel of COLUMBIA GAS
OF KENTUCKY, INC., a corporation organized and existing under and by virtue of
the laws of the Commonwealth of Kentucky, do hereby certify that the following
is a true and complete copy of resolutions passed by the Board of Directors of
said Corporation as the same appear in the minutes of the Directors Regular
Meeting held in Wilmington, Delaware on February 15, 1995:
Amendment of Articles of Incorporation
To Increase Authorized Shares of Capital Stock
RESOLVED, That the first paragraph of Article Fourth of the Articles of
Incorporation of this Corporation be amended to increase the authorized number
of shares of Common Stock from Seven Hundred Forty Thousand shares (740,000), of
par value of Twenty-five Dollars ($25) per share, to One Million One Hundred
Thousand shares (1,100,000), of the par value of Twenty-five Dollars ($25), so
that said Article Fourth, as amended, shall read as follows:
"FOURTH. The total number of shares of stock which this Corporation
shall have authority to issue is One Million One Hundred shares (1,100,000) and
the par value of each of such shares shall be Twenty-five Dollars ($25)."
RESOLVED FURTHER, that upon the unanimous consent and agreement in
writing of the holder of all the capital stock of said Corporation, the proper
officers of this Corporation be, and hereby are, authorized and directed to
certify a copy of these Resolutions to the Secretary of State of the
Commonwealth of Kentucky for the purpose of carrying into effect the provisions
of these Resolutions; and
RESOLVED FURTHER, that the proper officers of this Corporation be, and
they hereby are, authorized and directed, upon the issuance by said Secretary of
State of his certificate reciting such resolutions approving the amendment of
the Articles of Incorporation of this Corporation hereinabove set forth, to
record, or cause to be recorded, in the official records of Jefferson County,
Kentucky, such certificate of such Secretary of State or a certified copy
thereof.
WITNESS my hand and the corporate seal of said Corporation, this 15th
day of February, 1995.
/s/ Andrew J. Sonderman
-----------------------
Andrew J. Sonderman, Secretary
and General Counsel
<PAGE> 1
EXHIBIT 4-A
ARTICLES OF AMENDMENT
OF
THE ARTICLES OF INCORPORATION
OF
COLUMBIA GAS OF KENTUCKY, INC.
I, Andrew J. Sonderman, Secretary and General Counsel of COLUMBIA GAS
OF KENTUCKY, INC., a corporation organized and existing under and by virtue of
the laws of the Commonwealth of Kentucky, do hereby certify that the following
is a true and complete copy of resolutions adopted on January 12, 1996 by THE
COLUMBIA GAS SYSTEM, INC., a Delaware corporation and the sole stockholder and
owner of all outstanding shares of COLUMBIA GAS OF KENTUCKY, INC.,amending the
Articles of Incorporation of said COLUMBIA GAS OF KENTUCKY, INC.
Amendment of Articles of Incorporation
To Delete the Offices of Chairman of the Board
and General Manager
RESOLVED, That Article Seventh of the Articles of
Incorporation of this Corporation be amended to reflect the
deletion of the offices of Chairman of the Board and General
Manager to facilitate a more efficient organizational
structure and management of the affairs of this Corporation,
so that said Article Seventh, as amended, shall read as
follows:
"SEVENTH. The affairs of the Company shall be
conducted by a Board of Directors, consisting of not less than
three (3) nor more than twelve (12) directors; a President,
one or more Vice Presidents, the Secretary and the Treasurer,
who shall be elected by the Board of Directors, and such
Assistant Secretaries, Assistant Treasurers and special
subordinate officers as may from time to time be elected or
appointed by the Board of Directors. The directors shall be
elected by the stockholders at the annual meeting, or at any
such adjourned meeting or meetings in each year, pursuant to
the law, at the office of the company in Lexington, Kentucky.
RESOLVED FURTHER, that the proper officers of this
Corporation be, and hereby are, authorized and directed to
certify a copy of these Resolutions to the Secretary of State
of the Commonwealth of Kentucky for the purpose of carrying
into effect the provisions of these Resolutions; and
<PAGE> 2
RESOLVED FURTHER, that the proper officers of this
Corporation be, and they hereby are, authorized and directed,
upon the issuance by said Secretary of State of his
certificate reciting such resolutions approving the amendment
of the Articles of Incorporation of this Corporation
hereinabove set forth, to record, or cause to be recorded, in
the official records of Jefferson County, Kentucky, such
certificate of such Secretary of State or a certified copy
thereof.
WITNESS my hand and the corporate seal of said Corporation, this
Day of January, 1996.
/s/ Andrew J. Sonderman
-----------------------
Andrew J. Sonderman, Secretary
and General Counsel
<PAGE> 3
AGREEMENT AND CONSENT
in Lieu of Special Meeting of the Stockholder of
COLUMBIA GAS OF Kentucky, INC.
The undersigned, THE COLUMBIA GAS SYSTEM, INC., a Delaware corporation,
being the sole stockholder and owner of all outstanding shares of COLUMBIA GAS
OF KENTUCKY, INC., a Kentucky corporation, pursuant to the laws of the
Commonwealth of Kentucky, hereby waives notice of the time, place and purposes
of a meeting for the purpose of the following action, and takes the following
action without meeting:
WHEREAS, at a regular meeting of the Board of Directors of Columbia Gas
of Kentucky, Inc., held on February 15, 1995, the following Resolutions were
adopted by said Board:
Amendment of Articles of Incorporation
To Increase Authorized Shares of Capital Stock
RESOLVED, That the first paragraph of Article Fourth
of the Articles of Incorporation of this Corporation be
amended to increase the authorized number of shares of Common
Stock from Seven Hundred Forty Thousand shares (740,000), of
par value of Twenty-five Dollars ($25) per share, to One
Million One Hundred Thousand shares (1,100,000), of the par
value of Twenty-five Dollars ($25),so that said Article
Fourth, as amended, shall read as follows:
"FOURTH. The total number of shares of stock which
this Corporation shall have authority to issue is One Million
One Hundred shares (1,100,000) and the par value of each of
such shares shall be Twenty-five Dollars ($25)."
RESOLVED FURTHER, that upon the unanimous consent and
agreement in writing of the holder of all the capital stock of
said Corporation, the proper officers of this Corporation be,
and hereby are, authorized and directed to certify a copy of
these Resolutions to the Secretary of State of the
Commonwealth of Kentucky for the purpose of carrying into
effect the provisions of these Resolutions; and
RESOLVED FURTHER, that the proper officers of this
Corporation be, and they hereby are, authorized and directed,
upon the issuance by said Secretary of State of his
certificate
<PAGE> 4
reciting such resolutions approving the amendment of the
Articles of Incorporation of this Corporation hereinabove set
forth, to record, or cause to be recorded, in the official
records of Jefferson County, Kentucky, such certificate of
such Secretary of State or a certified copy thereof.
WHEREAS, the sole stockholder of Columbia Gas of Kentucky,
Inc., is of the opinion that the aforesaid Resolutions are necessary and proper;
NOW, THEREFORE, The Columbia Gas System, Inc., the sole
stockholder of Columbia Gas of Kentucky, Inc., does hereby consent to the
amendment to the Articles of Incorporation of said Corporation and to all
actions taken or directed to be taken, as hereinabove and in said Resolutions
set forth.
IN WITNESS WHEREOF, THE COLUMBIA GAS SYSTEM, INC. has caused
this Agreement and Consent to be duly executed in its corporate name and under
its corporate seal, as of the 15th day of February, 1995.
THE COLUMBIA GAS SYSTEM, INC.
By: /s/ J. H. CROOM
----------------------
Chairman
(SEAL)
Attest:
/s/ D. L. BELL, JR.
- ------------------
Secretary
<PAGE> 5
Mr. Skaggs advised the Board of Directors that the proposed
maximum long-term financing level for Columbia Gas of Kentucky for the period
1995 through 1999 contemplates the need to issue additional common stock. A
portion of this financing projection was reflected in the most recent Form U-1
submitted by The Columbia Gas System, Inc. to the Securities and Exchange
Commission.
Mr. Skaggs further advised the Board that the number of shares
of common stock currently authorized by the Articles of Incorporation of the
Corporation are insufficient to achieve the proposed financing level.
Mr. Skaggs recommended that the Articles of Incorporation be
amended to permit the proposed financing level to be achieved.
After discussion, on motion duly made and seconded, the
following resolutions were unanimously adopted:
Amendment of Articles of Incorporation
To Increase Authorized Shares of Capital Stock
RESOLVED, That the first paragraph of Article Fourth
of the Articles of Incorporation of this Corporation be
amended to increase the authorized number of shares of Common
Stock from Seven Hundred Forty Thousand shares (740,000), of
par value of Twenty-five Dollars ($25) per share, to One
Million One Hundred Thousand shares (1,100,000), of the par
value of Twenty-five Dollars ($25), so that said Article
Fourth, as amended, shall read as follows:
"FOURTH. The total number of shares of stock which
this Corporation shall have authority to issue is One Million
One Hundred shares (1,100,000) and the par value of each of
such shares shall be Twenty-five Dollars ($25)."
RESOLVED FURTHER, that upon the unanimous consent and
agreement in writing of the holder of all the capital stock of
said Corporation, the proper officers of this Corporation be,
and hereby are, authorized and directed to certify a copy of
these Resolutions to the Secretary of State of the
Commonwealth of Kentucky for the purpose of carrying into
effect the provisions of these Resolutions; and
RESOLVED FURTHER, that the proper officers of this
Corporation be, and they hereby are, authorized and directed,
upon the issuance by said Secretary of State of his
certificate
<PAGE> 6
reciting such resolutions approving the amendment of the
Articles of Incorporation of this Corporation hereinabove set
forth, to record, or cause to be recorded, in the official
records of Jefferson County, Kentucky, such certificate of
such Secretary of State or a certified copy thereof.
<PAGE> 1
EXHIBIT 2-B
BYLAWS
OF
COLUMBIA GAS OF KENTUCKY, INC.
ARTICLE I.
Section 1. Seal. The corporate seal of Columbia Gas of Kentucky, Inc.
(hereinafter called the Company) shall consist of a metallic stamp, circular in
form, bearing in its center the words "Incorporated October 11, 1905" and on the
outer edge the words "Columbia Gas of Kentucky, Inc., Lexington, Kentucky".
ARTICLE II.
Section 1. Principal Office. The office of the Company in the State of
Kentucky shall be in the City of Lexington, Fayette County.
Section 2. Other Offices. The Company may also have an office or
offices at such other place or places, either within or without the State of
Kentucky, as the Board of Directors may from time to time determine or the
business of the Company require.
Section 3. Corporate Books. There shall be kept at the principal office
of the Company a book in which shall be entered the name, post-office address
and the number of shares of stock held by each stockholder, and the time when
each person became a stockholder and also all transfers of stock, stating when,
the number of shares transferred, and by and to whom. This book shall, at all
times during business hours, be subject to the inspection of all stockholders
and persons doing business with the Company.
ARTICLE III.
Shares and Certificates
Section 1. Certificates for Shares. Each certificate for shares of the
Company shall plainly state the number of shares which it represents and shall
be in such form as shall be approved by the Board of Directors. The certificates
for shares shall be numbered in the order of their issue, shall be signed by the
President or Vice President and by the Treasurer or an Assistant Treasurer or
the Secretary or an Assistant Secretary, and the seal of the Company shall be
affixed thereto.
Section 2. Transfer of Shares. Certificates for shares of the capital
stock of the
<PAGE> 2
Company shall be transferrable on the stock books of the Company by the holder
thereof, or by his attorney thereunto authorized by a power of attorney duly
executed and acknowledged and filed with the Secretary of the Company, and on
surrender of the certificate or certificates for such shares. Every certificate
surrendered to the Company shall be marked "Cancelled", with the date of
cancellation. The person in whose name shares of stock stand upon the books of
the Company shall be deemed to be the owner thereof for all purposes as regards
the Company. No transfer of shares shall be valid as against the Company, its
stockholders and creditors for any purpose, except to render the transferee
liable for the debts of the Company to the extent provided by law, until it
shall have been entered in the share records of the Company. The Board of
Directors may also make such additional rules and regulations as it may deem
expedient concerning the issue and transfer of certificates for shares of the
capital stock of the Company and may make such rules as it may deem expedient
concerning the issue of certificates in lieu of certificates alleged to have
been lost, destroyed or mutilated.
Section 3. Dividends, Surplus, Etc. Subject to the provisions of the
Certificate of Incorporation of the Company, the Board of Directors may (1)
declare dividends on the shares of the Company whenever and in such amounts as,
in its opinion, the condition of the affairs of the Company shall render it
advisable; provided, however, that the Board of Directors shall not declare any
dividend when the Company is insolvent or the payment of which would render the
Company insolvent, or which would diminish the amount of the capital stock of
the Company, and (2) set aside from time to time out of such surplus such sum or
sums as it, in its absolute discretion, may think proper, as a reserve fund to
meet contingencies or for equalizing dividends or for the purpose of maintaining
or increasing the property or business of the Company or for any other purpose
it may think conducive to the best interests of the Company.
ARTICLE IV.
Stockholders
Section 1. Annual Meetings. The Annual Meeting of the stockholders of
the Company, for the election of Directors and for the transaction of such other
business as may properly come before the meeting, shall be held at such hour as
may be fixed by the Board of Directors or as shall be specified or fixed in the
Notice or Waiver of Notice of meeting, on the Tuesday preceding the next to the
last Thursday in June; provided, however, that it may be held on some other day
if all stockholders of record consent thereto in writing.
Section 2. Special Meetings. A special meeting of the stockholders
(except in special cases regulated by statute) may be called at any time by the
President or by the Board of Directors, and shall be so called on the written
request of holders of record of at least one-fourth of the number of shares of
the Company then outstanding and entitled to vote, which written request shall
state the objects of such meeting. If such meeting shall not be called within
five days after such request shall have been delivered at the office of the
Company, the stockholders signing such request may appoint a Chairman, who may
be designated in such request and who may call a meeting by notice given as
provided in the following section.
Section 3. Notice of Meetings. Subject to the provisions of Section 1
of this Article IV
<PAGE> 3
and except as hereinafter in this Section provided or as may be otherwise
required by law, notice of the time and place of holding each annual and special
meeting of the stockholders shall be in writing and shall be delivered
personally or mailed in a postage-prepaid envelope, not less than ten days
before such meeting, to each person who appears on the books of the Company as a
stockholder entitled to vote at such meeting, and, if mailed, it shall be
directed to such stockholder at his address as it appears on such books unless
he shall have filed with the Secretary of the Company a written request that
notices intended for him be mailed to some other address, in which case it shall
be mailed to the address designated in such request. The notice of every special
meeting, besides stating the time and place of such meeting, shall state briefly
the purpose or purposes thereof, and no business other than that specified in
such notice or germane thereto shall be transacted at the meeting, except with
the unanimous consent in writing of the holders of record of all the shares of
the Company entitled to vote at such meeting. Notice of any meeting of
stockholders need not be given to any stockholder, however, if waived by him,
whether before or after such meeting be held, in writing or by telegraph, cable,
radio or wireless, or if he shall attend such meeting in person or by proxy.
Notice of any adjourned meeting need not be given.
Section 4. Place of Meeting. Every meeting of the stockholders of the
Company shall be held at the office of the Company in the City of Lexington and
County of Fayette, State of Kentucky, or at such other place as shall be
specified or fixed in a notice thereof or in a waiver or waivers of notice
thereof signed by all the stockholders entitled to vote thereat; provided,
however, that meetings at which Directors of the Company shall be elected shall
be held at the place specified in Section 1 of this Article IV.
Section 5. Quorum. At all meetings of the stockholders of the Company,
except as otherwise provided by law, the holders of a majority of the
outstanding shares of the Company, present in person or by proxy and entitled to
vote thereat, shall constitute a quorum for the transaction of business. In the
absence of a quorum a majority in interest of the stockholders so present or
represented and entitled to vote may adjourn the meeting from time to time and
from place to place until a quorum shall be obtained. At any such adjourned
meeting at which a quorum shall be present any business may be transacted which
might have been transacted at the meeting as originally called.
Section 6. Organization. At each meeting of the stockholders, the
President or, in his absence, a Vice President shall act as Chairman of the
meeting and the Secretary of the Company or, in his absence, one of the
Assistant Secretaries of the Company shall act as Secretary of the meeting. In
case at any meeting none of the officers who have been designated to act as
chairman or secretary of the meeting, respectively, shall be present, a chairman
or a secretary of the meeting, respectively, shall be present, a chairman or a
secretary of the meeting, as the case may be, shall be chosen by a majority in
interest of the stockholders present in person or by proxy and entitled to vote
at such meeting.
Section 7. Voting. At each meeting of the stockholders each stockholder
of record entitled to vote thereat shall be entitled to one vote for each share
standing in his name on the books of the Company except that in elections for
directors, which shall be by ballot, each stockholder shall have the right to
cast as many votes in the aggregate as he shall be entitled to vote, multiplied
by the number of directors to be elected at such election, and each shareholder
<PAGE> 4
may cast the whole number of votes for one candidate, or distribute such votes
among two or more candidates. Persons holding stock in a fiduciary capacity
shall be entitled to vote the stock so held and persons whose stock shall be
pledged shall be entitled to vote such stock unless the right to vote be
expressly given in writing to the pledgee, in which case only the pledgee, or
his proxy, may represent said stock and vote thereon. The vote on stock may be
given by the stockholder entitled thereto in person or by proxy duly appointed
by an instrument in writing subscribed by such stockholder, or by his attorney
thereunto duly authorized, and delivered to the secretary of the meeting. At all
meetings of the stockholders, a quorum being present, all matters, except as
otherwise provided by law or by the Articles of Incorporation of the Company or
by these Bylaws, shall be decided by a majority in interest of the stockholders
of the Company present in person or by proxy and entitled to vote.
<PAGE> 5
ARTICLE V.
Board of Directors
Section 1. General Powers. The property, affairs and business of the
Company shall be managed by the Board of Directors.
Section 2. Number, Term of Office and Qualifications. The Board of
Directors shall consist of not more than ten and not less than five directors,
who need not be stockholders of the Corporation. Each director shall continue in
office until his term shall have expired and until his successor shall have been
elected and shall have qualified, or until his death or removal or until he
shall have resigned. No person who is a director of the Corporation shall
continue as a director beyond the first day of the month next following his 72nd
birthday.
In case the number of directors shall be increased, additional
directors shall be elected as provided in Section 7 of Article V.
Section 3. Election of Directors. Except as otherwise provided by law
or by these Bylaws, at each meeting of the stockholders for the election of
directors at which a quorum shall be present, the persons receiving a plurality
of the votes cast shall be directors.
Section 4. Organization. At each meeting of the Board of Directors, the
President or, in his absence, a Vice President or, in the absence of the
President and Vice Presidents, a chairman chosen by the majority of the
Directors present shall preside. The Secretary of the Company shall act as
secretary of the Board of Directors. In case the Secretary shall be absent from
any meeting of the Board of Directors, an Assistant Secretary shall perform the
duties of the Secretary at such meeting and in case the Secretary and the
Assistant Secretaries shall be absent from any meeting of the Board of
Directors, the President may appoint any person to act as secretary of the
meeting.
Section 5. Resignations. Any director of the Company may resign at any
time by giving written notice to the President or to the Secretary of the
Company. Such resignation shall take effect at the date of the receipt of such
notice or at any later time specified therein, and, unless otherwise specified
therein, the acceptance of such resignation shall not be necessary to make it
effective.
Section 6. Removal. Any director may be removed with or without cause
at any time by the affirmative vote of the majority in interest of the
stockholders of record of the Company entitled to vote, given at a special
meeting of the stockholders called for the purpose or at any annual meeting of
stockholders; and the vacancy in the Board caused by such removal may be filled
by the stockholders at such meeting.
Section 7. Vacancies. Any vacancy in the Board of Directors (whether
because of death, resignation, disqualification, any increase in the number of
directors, removal or any other cause) shall be filled either by the Board of
Directors at any regular or special meeting thereof, by the vote of a majority
of the directors in office at the time of such meeting, or by the stockholders
at the next annual meeting or any special meeting called for the purpose, and
the
<PAGE> 6
director or directors so elected shall hold office for a term to expire at the
next annual election of directors or until his or their successor or successors
shall be duly elected and qualified.
Section 8. Place of Meetings. The Board of Directors may hold its
meetings, have one or more offices, and may keep the books and records of the
Company, except as otherwise required by law, at such place or places within or
without the State of Kentucky as the Board may from time to time by resolution
determine.
Section 9. Annual Meetings. After each annual election of directors,
the newly elected directors may meet for the purpose of organization, the
election of officers and the transaction of other business at such place and
time as shall be fixed by the stockholders at the annual meeting or by written
consent of the directors, or upon such notice as is hereinafter in Section 11 of
this Article V provided for special meetings of the Board of Directors.
Section 10. Regular Meetings. Regular meetings of the Board of
Directors shall be held at such times and places as the Board shall by
resolution determine. Notice of regular meetings need not be given. If any day
fixed for a regular meeting shall be a legal holiday, then such meeting which
would otherwise be held on that day shall be held at the same hour and place on
the next succeeding secular day not a legal holiday.
Section 11. Special Meetings. Special meetings of the Board of
Directors shall be held whenever called by the President or two of the
directors. Notice of each special meeting shall be mailed to each director,
addressed to him at his residence or usual place of business, at least five (5)
days before the day on which the meeting is to be held, or shall be sent to him
at such place by telegraph, cable, radio or wireless, or be delivered personally
or by telephone at least two (2) days before the day on which the meeting is to
be held. Every such notice shall state the time and place but need not state the
purposes of the meeting. Notice of any such meeting need not be given to any
director, however, if waived by him, whether before or after such meeting be
held, in writing or by telegraph, cable, radio or wireless, or if he shall
attend such meeting in person, and any meeting of the Board of Directors shall
be a legal meeting without any notice thereof having been given if all of the
directors shall be present thereat.
Section 12. Quorum and Manner of Acting. A majority of the directors in
office at the time of any regular or special meeting of the Board of Directors
shall constitute a quorum for the transaction of business at such meeting and
the act of a majority of the directors present at any meeting at which a quorum
is present shall be the act of the Board of Directors. In the absence of a
quorum, a majority of the directors present may, without notice other than
announcement at the meeting, adjourn the meeting from time to time until a
quorum be had.
Section 13. Fees. Each director shall, unless he is a salaried officer
or employee of the Company or of any corporation owning a majority of the stock
of the Company, or of a corporation controlled by a corporation owning a
majority of the stock of the Company, be paid such fee, if any, as shall be
fixed by the Board of Directors, for each meeting of the Board which he shall
attend and in addition his transportation and other expenses actually incurred
by him in going to the meeting and returning therefrom. The same payment shall
be made to anyone other than a director officially called to attend any such
meeting.
<PAGE> 7
ARTICLE V(A).
Executive Committee
Section 1. Number, Term of Office, and Qualifications. The Board of
Directors shall, by resolution adopted by a majority of the whole Board,
designate annually three or more of their number, one of whom shall be the
President of the Company, to constitute an Executive Committee. The Board of
Directors may also designate as alternate members of the Executive Committee
other Directors who, in the event of disaster or emergency resulting from
nuclear or other major destruction, shall serve, in such order of succession as
the Board may prescribe, in the place of any member or members of the Executive
Committee who may, at the time of such destruction, be incapacitated or
prevented from reaching the place where the meeting of the Executive Committee
is to be held. When the Board of Directors is not in session, the Executive
Committee shall have, and may exercise, all lawfully delegable powers of the
Board of Directors. Each member of the Executive Committee shall continue to be
a member thereof only during the pleasure of a majority of the whole Board.
Section 2. Chairman and Secretary. The President shall be the Chairman
of the Executive Committee and the Secretary of the Company shall act as
Secretary thereof. In case the President is not present, the Committe shall
appoint a Chairman of the meeting. In the absence from any meeting of the
Executive Committee of its Secretary, the Committee shall appoint a Secretary of
the meeting.
Section 3. Regular and Special Meetings - Notice and Rules of
Procedure. Regular meetings of the Executive Committee, of which no notice shall
be necessary, shall be held on such days and at such places as shall be fixed by
resolution adopted by a majority of such Committee and communicated to all of
its members. Special meetings of the Committee may be called at the request of
any member of such Committee. Two days' notice of each special meeting of the
Committee shall be given by mail, telegraph or telephone or be delivered
personally to each member of such Committee. Notice of any such meeting need not
be given to any member of the Committee, however, if waived by him in writing or
by telegraph or cable, whether before or after such meeting be held, or if he
shall be present at the meeting; and any meeting of the Committee shall be a
legal meeting without any notice thereof having been given, if all the members
of the Committee shall be present thereat. In the absence of written
instructions from a member of the Committee designating some other address,
notice shall be sufficiently given if addressed to him at his usual business
address. Subject to the provisions of this Article V(A), the Committee, by
resolution of a majority of all of its members, shall fix its own rules of
procedure and shall keep a record of its proceedings and report them to the
Board of Directors at the next regular meeting thereof after such proceedings
shall have been taken. All such proceedings shall be subject to revision or
alteration by the Board of Directors; provided, however, that third parties
shall not be prejudiced by such revision or alteration.
Section 4. Quorum and Manner of Acting. A majority of the Executive
Committee shall constitute a quorum for the transaction of business, and the act
of a majority of those present at a meeting at which a quorum is present shall
be the act of the Committee. Less than a quorum may adjourn a meeting. The
members of the Committee shall act only as a committee, and the individual
members shall have no power as such.
<PAGE> 8
Section 5. Resignation. Any member of the Executive Committee may
resign at any time by giving written notice to the President or to the Secretary
of the Company. Such resignation shall take effect at the time specified in such
notice and, unless otherwise specified therein, the acceptance of such
resignation shall not be necessary to make it effective.
Section 6. Vacancies. Any vacancy in the Executive Committee shall be
filled by the vote of a majority of the Board of Directors.
Section 7. Fees. The members of the Executive Committee shall be
entitled to receive such fees and compensation as the Board of Directors may
determine.
ARTICLE VI.
Officers
Section 1. Number. The officers of the Corporation shall be the
President, one or more Executive Vice Presidents, one or more Senior Vice
Presidents, one or more Vice Presidents, the Secretary, the Treasurer, and the
Controller, who shall be elected by the Board of Directors, and such additional
Assistant Secretaries, Assistant Treasurers, Assistant Controllers, and subor
dinate officers as may from time to time be elected or appointed by the Board of
Directors or appointed by the President.
Any two of the above offices may be held by the same person.
All of the officers of the Company shall hold office for one year and
until others are elected or appointed and qualified in their stead, unless in
the election or appointment of the officer it shall be specified that he holds
his office for a shorter period or subject to the pleasure of the Board of
Directors, or the President.
All vacancies in such offices by resignation, death or otherwise may be
filled by the Board of Directors.
Section 1A. The President. The President shall be the chief executive
officer of the Company and shall have general and active supervision and
direction over the business and affairs of the Company and over its several
officers, subject, however, to the control of the Board of Directors and of the
Executive Committee. He shall see that all orders and resolutions of the Board
of Directors and of the Executive Committee are carried into effect. He shall
make a report of the state of the business of the Company at each annual meeting
of the stockholders and from time to time he shall report to the stockholders
and to the Board of Directors and to the Executive Committee all matters within
his knowledge which, in his judgment, the interests of the Company may require
to be brought to their notice. He shall perform such other duties as may be
assigned to him from time to time by the Board of Directors. The President shall
have general and active supervision over the operations of the Company, subject,
however, to the direction of the control of the Board of Directors and of the
Executive Committee. In general, he shall perform all duties incident to the
office of President and chief operating officer, and such other duties as from
time to time may be assigned to him by the Board of Directors or by the
<PAGE> 9
Executive Committee.
Section 3. Vice Presidents. The Vice Presidents shall perform such
duties as the Board of Directors shall, from time to time, require. In the
absence or incapacity of the President, the Vice President designated by the
President shall exercise the powers and duties of the President.
Section 4. The Treasurer. The Treasurer shall keep full and accurate
accounts of receipts and disbursements in books belonging to the Corporation,
shall deposit all moneys and other valuables in the name and to the credit of
the Corporation, in such depositories and shall disburse the funds of the
Corporation, as may be ordered by the Board of Directors or the appropriate
officers of the Corporation.
He shall also perform such other duties as the Board of Directors or
the appropriate officers of the Corporation may from time to time prescribe.
If required by the Board of Directors, he shall give the Company a bond
in a form and in a sum with surety satisfactory to the Board of Directors for
the faithful performance of the duties of his office and the restoration to the
Company in the case of his death, resignation or removal from office of all
books, papers, vouchers, money and other property of whatever kind in his
possession belonging to the Company.
At the request of the Treasurer, or in his absence or inability to act,
the Assistant Treasurer, or, if there be more than one, the Assistant Treasurer
designated by the Treasurer, shall perform the duties of the Treasurer and when
so acting shall have all the powers of and be subject to all the restrictions of
the Treasurer. The Assistant Treasurers shall perform such other duties as may
from time to time be assigned to them by the President, the Treasurer, or the
Board of Directors.
The Assistant Treasurers shall perform such other duties as may from
time to time be assigned to them by the appropriate officers of the Corporation
or the Board of Directors.
Section 5. The Secretary. The Secretary shall attend all meetings of
the Board of Directors and of the stockholders and act as clerk thereof and
record all votes and the minutes of all proceedings in a book to be kept for
that purpose, and shall perform like duties for the standing committees when
required.
He shall keep in safe custody the seal of the Company and, when
authorized by the Board or the Executive Committee, affix the seal to any
instrument requiring the same.
He shall see that proper notice is given of all meetings of the
stockholders of the Company and of the Board of Directors and shall perform such
other duties as may be prescribed from time to time by the Board of Directors or
by the President.
At the request of the Secretary, or in his absence or inability to act,
the Assistant Secretary or, if there be more than one, the Assistant Secretary
designated by the Secretary, shall perform the duties of the Secretary and when
so acting shall have all the powers of and be subject to all the restrictions of
the Secretary. The Assistant Secretaries shall perform such other duties
<PAGE> 10
as may from time to time be assigned to them by the President, the Secretary, or
the Board of Directors.
Section 6. The Controller. The Controller shall maintain the corporate
books and records, prepare and monitor the operating budgets, financial plans
and construction budgets, determine and pay the Corporation's tax liability,
prepare the Corporation's insurance reports, and render an accounting of all his
transactions as Controller and of the financial condition of the Corporation.
He shall also perform such other duties as the Board of Directors or
the appropriate officers of the Corporation may from time to time prescribe.
At the request of the Controller, or in his absence or inability to
act, the Assistant Controller, or, if there be more than one, the Assistant
Controller designated by the Controller, shall perform the duties of the
Controller and when so acting shall have all the powers of and be subject to all
the restrictions of the Controller. The Assistant Controllers shall perform such
other duties as may from time to time be assigned to them by the appropriate
officers of the Corporation or the Board of Directors.
Section 7. Delegation of Powers, Duties, Etc. In the case of absence or
inability to act of any officer of the Company, and of any person herein
authorized to act in his place, the Board of Directors may from time to time
delegate the powers or duties of such officer to any other officer or any
director or other person whom they may select.
Section 8. Removal. Any officer of the Corporation may be removed,
either with or without cause, at any time, by resolution adopted by the Board of
Directors at a special meeting of the Board called for that purpose, or by any
committee or superior officer upon whom such power of removal may be conferred
by the Board of Directors.
ARTICLE VI(A)
Indemnification
Section 1. Indemnification of Directors, Officers, Employees or Agents.
Any person who was or is a party or is threatened to be made a party to any
threatened, pending or completed action, suit or proceeding (whether civil,
criminal, administrative or investigative), by reason of the fact that he was or
is a director, officer, employee or agent of the Corporation or of any other
corporation, partnership, joint venture, trust or other enterprise (hereinafter
collectively referred to as an "other corporation") which he serves or served as
such at the request of the Corporation, shall, subject to the provisions of
Section 2 hereof and except as prohibited by law, be indemnified by the
Corporation against expenses and liabilities actually and reasonably incurred by
him in connection with such action, suit or proceeding (whether brought by or in
the right of the Corporation or such other corporation or otherwise); provided
that no indemnification shall be made in respect of any claim, issue or matter
in any action, suit or proceeding by or in the right of the Corporation as to
which such person shall have been adjudged to be liable for negligence or
misconduct in the performance of his duty to the Corporation except to the
extent
<PAGE> 11
that the court in which such action or suit was brought shall determine upon
application that, despite the adjudication of liability but in view of all the
circumstances of the case, such person is fairly and reasonably entitled to
indemnity for such expenses as the court shall deem proper. As used in this
Article VI(A), the term "expenses" shall include attorneys' fees and
disbursements and the term "liabilities" shall include judgments, fines,
penalties and amounts paid in settlement.
Section 2. Opinion of Referee and Authorization by Board of Directors.
Indemnification under the foregoing Section 1 shall be subject to the following
additional provisions:
(A) Except in cases of indemnification to be made on the basis and to
the extent that the person to be indemnified has been successful on the merits
or otherwise in defense of an action, suit or proceeding, or a claim, issue or
matter therein, any indemnification under said Section 1 shall be made only if a
Referee, who shall be independent legal counsel, who may be regular counsel for
the Corporation, selected and compensated by the Board of Directors (whether or
not acting by a quorum consisting of directors who are not parties to such
action, suit or proceeding), shall deliver to the Corporation his written
opinion that the person claiming indemnification acted in good faith and in a
manner he reasonably believed to be in or not opposed to the best interests of
the Corporation and, with respect to any criminal action or proceeding, had no
reasonable cause to believe his conduct was unlawful. The termination of any
claim, action, suit or proceeding by judgment, order, settlement or conviction
or on a plea of nolo contendere or its equivalent, shall not, of itself, create
a presumption that a person did not meet the foregoing standards of conduct.
When indemnification hereunder requires an opinion of a Referee, the person to
be indemnified shall, at the request of the Referee, appear before him and
answer questions which the Referee deems relevant and shall be given ample
opportunity to present to the Referee evidence upon which he relies for
indemnification. The Corporation shall, at the request of the Referee, make
available to him the facts, opinions or other evidence in any way relevant for
his finding which are in the possession or control of the Corporation.
(B) Any indemnification under said Section 1 of a director, officer,
employee or agent of the Corporation (in his status as such) against his
liabilities in connection with an action, suit or proceeding by or in the right
of the Corporation to procure a judgment in its favor, and any indemnification
under said Section 1 of a director, officer, employee or agent of an other
corporation (in his status as such) against his expenses and liabilities in
connection with any action, suit or proceeding, whether or not he has been
successful on the merits or otherwise in defense thereof or of a claim, issue or
matter therein, shall (unless ordered by a court) be made by the Corporation
only if and to the extent authorized by the Board of Directors of the Corpora
tion, in its discretion, after receipt of a written opinion of a Referee when
required in accordance with Paragraph (A) above, and acting either (i) by a
majority vote of a quorum consisting of directors who are not parties to such
action, suit or proceeding or (ii) if such a quorum is not obtainable, by a
majority vote of a quorum which may include directors who are parties, but shall
include all available directors who are not parties, to such action, suit or
proceeding.
Section 3. Expenses. Expenses incurred in defending a civil or criminal
action, suit or proceeding may be paid by the Corporation in advance of the
final disposition of such action, suit or proceeding as authorized by the Board
of Directors acting either by a majority vote of a
<PAGE> 12
quorum consisting of directors not parties to the action, suit or proceeding, or
if such a quorum is not obtainable, by a majority vote of a quorum which may
include directors who are parties, but shall include all available directors who
are not parties, to such action, suit or proceeding, upon receipt of an
undertaking by or on behalf of the person to be indemnified to repay such amount
unless it shall ultimately be determined that he is entitled to be indemnified
by the Corporation.
Section 4. Additional Rights of Indemnification. The rights of
indemnification provided in this Article VI(A) shall be in addition to any
rights to which any person referred to in Section 1 of this Article VI(A) may
otherwise lawfully be entitled and shall be available whether or not the claim
asserted against such person is based on matters which antedate the adoption of
this Article VI(A).
Section 5. Former Directors and Survivors. The indemnification provided
or authorized by this Article shall continue as to a person who has ceased to be
a director, officer, or employee or agent and shall inure to the benefit of the
heirs, executors and administrators of such person.
ARTICLE VII
Contracts, Checks, Notes, Etc.
All contracts and agreements authorized by the Board of Directors or
the Executive Committee, and all checks, drafts, notes, bonds, 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 otherwise required by law, be signed by (1)
either the President, an Executive Vice President, a Senior Vice President or a
Vice President, and (2) any one of the following officers: Treasurer, Assistant
Treasurer, Secretary, Assistant Secretary, Controller or Assistant Controller.
The Board of Directors may, however, notwithstanding the foregoing provision, by
resolution adopted at any meeting, authorize any of said officers to sign
contracts and agreements, 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 different
combinations of such officers, who may, in the name of the Corporation, execute
contracts and agreements, checks, drafts and such orders for the payment of
money in its behalf. Further, the Treasurer is authorized to designate to the
Corporation's banks, in writing, individuals employed by the Corporation and 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 in any manner provided
above, which designate the recipients of such amounts and which identify what
shall be treated as routine items.
<PAGE> 13
ARTICLE VIII.
Fiscal Year
The fiscal year of the Corporation shall begin on the first day of
January of each year.
ARTICLE IX.
Amendments
These Bylaws, or any of them, may be altered, amended or repealed or
new Bylaws may be made by the stockholders or, at any meeting of the Board of
Directors, by vote of a majority of the whole Board of Directors, provided that
the proposed action in respect thereof shall be stated in the notice of such
meeting. Bylaws made, altered or amended by the Board of Directors shall be
subject to alteration, amendment or repeal by the stockholders.
# # # #
<PAGE> 1
EXHIBIT 5-A
CERTIFICATE OF AMENDMENT OF
CERTIFICATE OF INCORPORATION OF
COLUMBIA GAS OF MARYLAND, INC.
COLUMBIA GAS OF MARYLAND, INC., a corporation organized and existing
under and by virtue of the General Corporation Law of the State of Delaware,
does hereby certify:
FIRST: That the Board of Directors of said
Corporation at a meeting thereof duly held on February 15,
1995, unanimously adopted a resolution proposing and declaring
advisable the following amendment to the Certificate of
Incorporation of said Corporation:
RESOLVED, That the Certificate of Incorporation of
this Corporation as heretofore amended, be amended to increase
the authorized number of shares of Common Stock from 320,000
to 420,000, the amendment to be effectuated by deleting
Article FOURTH of said Certificate of Incorporation and by
inserting in lieu thereof the following:
"FOURTH: The total number of shares of stock which
the Corporation shall have authority to issue is 420,000 and
the par value of each of such shares is Twenty-Five Dollars
($25), amounting in the aggregate to Ten Million Five Hundred
Thousand Dollars ($10,500,000)."
RESOLVED FURTHER, that upon the unanimous consent and
agreement in writing of the holder of all the capital stock of
said Corporation, the proper officers of this Corporation be,
and hereby are, authorized and directed to certify a copy of
these Resolutions to the Secretary of State of the State of
Delaware for the purpose of carrying into effect the
provisions of these Resolutions.
SECOND: That in lieu of a meeting and vote of
stockholders, the stockholders have given written consent to
said amendment in accordance with the provisions of Section
228 of the General Corporation Law of Delaware.
THIRD: That the aforesaid amendment was duly adopted
in accordance with the applicable provisions of Sections 242
and 228 of the General Corporation Law of Delaware.
<PAGE> 2
FOURTH: That the capital of the Corporation will not
be reduced under or by reason of said amendment.
IN WITNESS WHEREOF, said COLUMBIA GAS OF MARYLAND, INC., has caused its
corporate seal to be hereunto affixed and this Certificate to be signed by C.
Ronald Tilley, Chairman, and attested by Andrew J. Sonderman, its Secretary,
this 15th day of February, 1995.
COLUMBIA GAS OF MARYLAND, INC.
BY: /s/ C. Ronald Tilley
---------------------------
C. Ronald Tilley, Chairman
ATTEST:
BY /s/ Andrew J. Sonderman
-----------------------
Andrew J. Sonderman, Secretary
<PAGE> 3
AGREEMENT AND CONSENT
in Lieu of Special Meeting of the Stockholder of
COLUMBIA GAS OF MARYLAND, INC.
The undersigned, THE COLUMBIA GAS SYSTEM, INC., a Delaware corporation,
being the sole stockholder and owner of all outstanding shares of COLUMBIA GAS
OF MARYLAND, INC., a Delaware corporation, pursuant to the laws of the State of
Delaware, does hereby consent to and adopt the following resolutions pursuant to
Sections 228 and 242 of the General Corporation Law of the State of Delaware:
Amendment of Certificate of Incorporation
To Increase Authorized Shares of Capital Stock
RESOLVED, That the Certificate of Incorporation of
this Corporation as heretofore amended, be amended to increase
the authorized number of shares of Common Stock from 320,000
to 420,000 the amendment to be effectuated by deleting Article
FOURTH of said Certificate of Incorporation and by inserting
in lieu thereof the following:
"FOURTH: The total number of shares of stock which
the Corporation shall have authority to issue is 420,000 and
the par value of each of such shares is Twenty-Five Dollars
($25), amounting in the aggregate to Ten Million Five Hundred
Thousand Dollars ($10,500,000)."
RESOLVED FURTHER, that upon the unanimous consent and
agreement in writing of the holder of all the capital stock of
said Corporation, the proper officers of this Corporation be,
and hereby are, authorized and directed to certify a copy of
these Resolutions to the Secretary of State of the State of
Delaware for the purpose of carrying into effect the
provisions of these Resolutions.
<PAGE> 4
IN WITNESS WHEREOF, THE COLUMBIA GAS SYSTEM, INC. has caused this
Agreement and Consent to be duly executed in its corporate name and under its
corporate seal, as of the 15th day of February, 1995.
THE COLUMBIA GAS SYSTEM, INC.
By: /s/ J. H. CROOM
---------------
President
(SEAL)
Attest:
/s/ D. L. BELL, JR.
- -------------------
Secretary
<PAGE> 5
Mr. Skaggs advised the Board of Directors that the proposed
maximum long-term financing level for Columbia Gas of Maryland for 1995 and 1996
contemplates the need to issue additional common stock. A portion of this
financing projection was included in the most recent Form U-1 submitted by The
Columbia Gas System, Inc. to the Securities and Exchange Commission.
Mr. Skaggs further advised the Board that the number of shares
of common stock currently authorized by the Articles of Incorporation of the
Corporation are insufficient to achieve the proposed financing level.
Mr. Skaggs recommended that the Articles of Incorporation be
amended to permit the proposed financing level to be achieved.
After discussion, on motion duly made and seconded, the
following resolutions were unanimously adopted:
Amendment of Certificate of Incorporation
To Increase Authorized Shares of Capital Stock
RESOLVED, That the Certificate of Incorporation of
this Corporation as heretofore amended, be amended to increase
the authorized number of shares of Common Stock from 320,000
to 420,000, the amendment to be effectuated by deleting
Article FOURTH of said Certificate of Incorporation and by
inserting in lieu thereof the following:
"FOURTH: The total number of shares of stock which
the Corporation shall have authority to issue is 420,000 and
the par value of each of such shares is Twenty-Five Dollars
($25), amounting in the aggregate to Ten Million Five Hundred
Thousand Dollars ($10,500,000)."
RESOLVED FURTHER, that upon the unanimous consent and
agreement in writing of the holder of all the capital stock of
said Corporation, the proper officers of this Corporation be,
and hereby are, authorized and directed to certify a copy of
these Resolutions to the Secretary of State of the State of
Delaware for the purpose of carrying into effect the
provisions of these Resolutions.
<PAGE> 1
EXHIBIT 3-B
BYLAWS
OF
COLUMBIA GAS OF MARYLAND, INC.
ARTICLE I
Seal
The corporate seal of the Corporation shall consist of a metallic stamp
circular in form, bearing in its center the word "Incorporated" and the figures
"1958" and on the outer edge the name of the Corporation and the word
"Delaware."
ARTICLE II
Offices
The location of the Corporation's principal office shall be in the City
of Wilmington, County of New Castle, State of Delaware.
The Corporation may, in addition to its principal office in the State
of Delaware, establish and maintain such other office or offices at such places
within or without the State as the Board of Directors or Management may from
time to time find necessary or desirable.
The books, documents and papers of the Corporation, except as may be
otherwise required by the laws of the State of Delaware, may be kept outside of
the said State at such places as the Board of Directors may from time to time
appoint.
ARTICLE III
Capital Stock
Every stockholder shall be entitled to have a certificate, signed by,
or in the name of the Corporation, by the President, a Senior Vice President or
a Vice President and the Treasurer or an Assistant Treasurer or the Secretary or
an Assistant Secretary of the Corporation, certifying the number of shares owned
by him in the Corporation. Such certificate shall be transferrable on the stock
books of the Corporation in person or by attorney, but, except as hereinafter
provided in the case of loss, destruction or mutilation of certificates, no
transfer of stocks shall be entered until the previous certificate, if any,
given for the same shall have been surrendered and canceled.
<PAGE> 2
The person in whose name shares of stock stand on the books of the
Corporation shall be deemed the owner thereof for all purposes as regards the
Corporation.
The Board of Directors may make such rules and regulations as it may
deem expedient, not inconsistent with these Bylaws, concerning the issue,
transfer and registration of certificates for shares of the capital stock of the
Corporation.
The Board of Directors may close the stock transfer books of the
Corporation for a period not exceeding forty days preceding the date of any
meeting of stockholders or the date for payment of any dividends or the date for
the allotment of rights or the date when any change or conversion or exchange of
capital stock shall go into effect, or for any other purpose deemed desirable by
the Board of Directors; provided, however, that in lieu of closing the stock
transfer books as aforesaid, the Board of Directors may fix in advance a date,
not exceeding forty days preceding the date of any meeting of stockholders or
the date for the payment of any dividends, or the date for the allotment of
rights, or the date when any change or conversion or exchange of capital stock
shall go into effect, as a record date for the determination of the stockholders
entitled to notice of, and to vote at, any such meeting, or entitled to receive
payment of any such dividends, or to any such allotment of rights, or to
exercise the rights in respect of any such change, conversion or exchange of
capital stock, and in such case such stockholders and only such stockholders as
shall be stockholders of record on the date so fixed shall be entitled to such
notice of, and to vote at, such meeting, or to receive payment of such dividend,
or to receive such allotment of rights, or to exercise such rights, as the case
may be, notwithstanding any transfer of any stock on the books of the
Corporation after any such record date fixed as aforesaid.
In case of loss, destruction, or mutilation of any certificate of
stock, another may be issued in its place upon proof of such loss, destruction
or mutilation and upon the giving of a satisfactory bond of indemnity to the
Corporation if the Board of Directors so requires in such sum as the Board of
Directors may provide, not exceeding double the value of the stock represented
by the lost certificate.
ARTICLE IV
Stockholders' Meetings
(a) All regular or special meetings of the stockholders shall be held
at the office of the Corporation in the City of Pittsburgh, Pennsylvania, or at
such other locations as may be designated from time to time by the Board of
Directors; provided, however, that any location for stockholders' meetings other
than the Corporation's office in the City of Pittsburgh, Pennsylvania, shall be
specifically set forth in the notices for such meetings.
(b) The annual meeting of the stockholders for the election of
directors and for the transaction of such other business as may come before the
meeting shall be held in the office of the Corporation in the City of
Pittsburgh, Pennsylvania, on the first Tuesday in May at 11:30 o'clock in the
forenoon.
<PAGE> 3
(c) Special meetings of the stockholders may be called by the Board of
Directors or by the President and the Secretary or by any number of stockholders
owning in the aggregate at least one-tenth of the number of shares outstanding.
(d) If the annual meeting of the stockholders be not held as herein
prescribed, the election of directors may be held at any meeting thereafter
called pursuant to these Bylaws.
(e) Notice of the time and place of the annual and of all special
meetings of the stockholders shall be given to each holder of stock of the
Corporation having power to vote at such meeting by mailing a written or printed
notice of the same at least ten days prior to the meeting, with postage prepaid,
to each such stockholder of record of the Corporation and addressed to him at
his address as registered upon the books of the Corporation. Such notices shall
be mailed in the City of Pittsburgh, Pennsylvania, or in some other place in the
United States if designated by the Board of Directors. Notice of any meeting of
stockholders shall not be required to be given to any stockholder who shall
attend such meeting in person or by proxy; and if any stockholder shall, in
person or by attorney thereunto authorized, in writing or by telegraph or cable,
waive notice of any meeting, whether before or after such meeting be held,
notice thereof need not be given him.
(f) Except where the transfer books of the Corporation shall have been
closed or a date shall have been fixed as a record date for the determination of
its stockholders entitled to vote, as provided in the fourth paragraph of
Article III of these Bylaws, no share of stock shall be voted on at any election
for directors which shall have been transferred on the books of the Corporation
within twenty days next preceding such election of directors.
It shall be the duty of the officer who shall have charge of the stock
ledger of the Corporation to prepare and make, at least ten days before every
election of directors, a complete list of the stockholders entitled to vote at
said election, arranged in alphabetical order. Such list shall be open at the
place where said election is to be held for said ten days, to the examination of
any stockholder, and shall be produced and kept at the time and place of
election during the whole time thereof, and subject to the inspection of any
stockholder who may be present.
(g) The holders of a majority of the stock issued and outstanding and
entitled to vote thereat, present in person or represented by proxy, shall be
requisite and shall constitute a quorum at all meetings of the stockholders for
the transaction of any business except as otherwise provided by law, by the
Certificate of Incorporation or by these Bylaws. If, however, such majority
shall not be present or represented at any meeting of the stockholders, the
stockholders entitled to vote thereat present in person or by proxy, shall have
power to adjourn the meeting from time to time without notice other than
announcement at the meeting until the requisite amount of voting stock shall be
present. At any such adjourned meeting at which the requisite amount of voting
stock shall be represented any business may be transacted which might have been
transacted at the meeting as originally called.
<PAGE> 4
ARTICLE V
Board of Directors
(a) The management and direction of all the affairs and interests of
the Corporation shall be vested in a Board of Directors, consisting of not to
exceed eleven and not less than three members, who need not be stockholders. The
directors shall be elected annually and each director shall continue in office
until the annual meeting held next after his election, and until his successor
shall have been elected and qualified, or until his death or until he shall
resign. No person who is a director of the Corporation shall continue as a
director beyond the first day of the month next following his 72nd birthday.
(b) The stockholders of the Corporation may determine at the annual
meeting the number of directors to be elected at said meeting, but if such
action is not taken by the stockholders, then the number of directors to be
elected for the ensuing year shall be the same as was previously determined by
the stockholders. The stockholders may also change the number of directors at
any other meeting duly called and held for such purpose.
(c) It shall be lawful for any or all members of the Board of Directors
to resign at will, effective upon notification in writing or otherwise to the
President or to the Secretary of the Corporation at the Corporation's office in
the City of Pittsburgh, Pennsylvania.
(d) All vacancies in the Board of Directors, whether caused by
resignation, death or otherwise, may be filled by the remaining directors at any
stated or special meeting by vote of a majority thereof, or by the stockholders
having voting power at any regular or special meeting held prior to the filling
of such vacancy by the Board of Directors.
(e) Without prejudice to the general powers conferred by subdivision
(a) of this Article, the Board of Directors shall have and exercise each and
every power granted to them in the Certificate of Incorporation of the
Corporation.
(f) Regular meetings of the Board of Directors shall be held at such
time and place as the Board shall from time to time determine by resolution
adopted by a majority of the Directors.
Special meetings of the directors may be called at any time by the
President or, in his absence, by a Senior Vice President or a Vice President to
take place in the office of the Corporation in Pittsburgh, Pennsylvania or in
such other office or offices as the directors may determine.
(g) Notice of all special meetings of the Board of Directors shall be
given to each director by five days' service of the same by telegram or
telephone or letter or personally. Such notice shall state the place and hour of
the meeting, but need not state the purposes thereof. Notice of any meeting of
the Board or of any Committee need not be given to any director, however, if
waived by him in writing, or by telegraph or cable, whether before or after such
<PAGE> 5
meeting be held, or if he shall be present at the meeting, and any meeting of
the Board of Directors or of any Committee shall be a legal meeting without any
notice thereof having been given, if all the members shall be present thereat.
Notice of regular meetings of the Board need not be given. In the absence of
written instructions from a director designating some other address, notice
shall be sufficiently given if addressed to him at his usual business address.
(h) A majority of the directors in office at the time of any regular or
special meeting of the Board of Directors shall be necessary at such meeting to
constitute a quorum for the transaction of business; provided that in no case
shall a quorum be less than one-third of the total number of directors nor less
than two; and provided that less than a quorum may adjourn the meeting.
(i) Each director of the Corporation, who is not an officer or employee
of the Corporation or of one of its affiliates, shall be entitled to receive,
for each meeting of the Board which he shall attend, such fee as the Board of
Directors shall from time to time determine, together with his traveling
expenses incurred in going to and coming from such meeting.
ARTICLE VI
Standing Committees
(a) The Board of Directors shall, by resolution adopted by a majority
of the whole Board, designate annually three or more persons, one of whom shall
be the President to constitute an Executive Committee. All but one of the
members of the Executive Committee must be directors and the additional member
shall be an executive officer but not necessarily a director. The directors may
also appoint one or more directors as alternate members of the Executive
Committee who may serve, in such order of succession as the Board may prescribe,
in place of any absent member or members in the event of disaster or emergency
making it otherwise impossible to obtain a quorum of the Committee. When the
Board of Directors is not in session, the Executive Committee shall have, and
may exercise, all lawfully delegable powers of the Board of Directors. Each
member of the Executive Committee shall continue to be a member thereof only
during the pleasure of a majority of the whole Board.
(b) The President shall be the Chairman of the Executive Committee and
the Secretary of the Corporation shall act as Secretary thereof. In the absence
from any meeting of the Executive Committee of its Chairman, the Committee shall
appoint a Chairman of the meeting. In the absence from any meeting of the
Executive Committee of its Secretary, the Committee shall appoint a Secretary of
the meeting
(c) Regular meetings of the Executive Committee, of which no notice
shall be necessary, shall be held on such days and at such places as shall be
fixed by resolution adopted by a majority of such Committee and communicated to
all of its members. Special meetings of
<PAGE> 6
the Committee may be called at the request of any member of such Committee. Due
notice of each special meeting of the Committee shall be given by mail,
telegraph or telephone or be delivered personally, to each member of such
Committee. Notice of any such meeting need not be given to any member of the
Committee, however, if waived by him in writing or by telegraph or cable,
whether before or after such meeting be held, of if he shall be present at the
meeting; and any meeting of the Committee shall be a legal meeting without any
notice thereof having been given, if all the members of the Committee shall be
present thereat. In the absence of written instructions from a member of the
Committee designating some other address, notice shall be sufficiently given if
addressed to him at his usual business address. Subject to the provisions of
this Article VI, the Committee, by resolution of a majority of all of its
members, shall fix its own rules of procedure and shall keep a record of its
proceedings which shall be entered upon the minute book of the Corporation and
reported to the Board of Directors at the next regular meeting thereof after
such proceedings shall have been taken. All such proceedings shall be subject to
revision or alteration by the Board of Directors; provided, however, that third
parties shall not be prejudiced by such revision or alteration and provided that
all actions of the Committee shall be valid until such revision or alteration by
the Board.
(d) A majority of the Executive Committee, or one-half of the members
should the Committee consist of an even number, shall constitute a quorum for
the transaction of business, and the act of a majority of those present at a
meeting at which a quorum is present shall be the act of the Committee. Less
than a quorum may adjourn a meeting. The members of the Committee shall act only
as a committee, and the individual members shall have no power as such.
(e) Any member of the Executive Committee may resign at any time by
giving notice, in writing or otherwise, to the President or to the Secretary of
the Corporation. Such resignation shall take effect at the time specified in
such notice and, unless otherwise specified therein, the acceptance of such
resignation shall not be necessary to make it effective.
(f) Any vacancy in the Executive Committee shall be filled by the vote
of a majority of the Board of Directors.
(g) The members of the Executive Committee shall be entitled to receive
such fees and compensation as the Board of Directors may determine.
(h) The Board of Directors may also appoint such other standing or
temporary committees from time to time as they may see fit, investing them with
all or any part of their own powers. All committees shall adopt their own rules
of procedure and shall report their proceedings to the Board of Directors or to
the Executive Committee at the various meetings thereof.
ARTICLE VII
Officers
<PAGE> 7
(a) The officers of the Corporation shall be the President, one or more
Executive Vice Presidents, one or more Senior Vice Presidents, one or more Vice
Presidents, the Secretary, the Treasurer, and the Controller, who shall be
elected by the Board of Directors, and such additional Assistant Secretaries,
Assistant Treasurers, Assistant Controllers, and subordinate officers as may
from time to time be elected or appointed by the Board of Directors or appointed
by the President. The President shall be chosen from among the directors.
Any two of the above offices, except the offices of President and Vice
President, may be held by the same person.
All of the officers of the Corporation shall hold office for one year
and until others are elected or appointed and qualified in their stead, unless
in the election or appointment of the officer it shall be specified that he
holds his office for a shorter period or subject to the pleasure of the Board of
Directors.
All vacancies in such offices by resignation, death or otherwise may be
filled by the Board of Directors.
(b) The President shall be the chief executive officer and have general
and active supervision and direction over the business and affairs of the
Corporation and over its several officers, subject, however, to the control of
the Board of Directors and of the Executive Committee. He shall, if present,
preside at all meetings of the stockholders and at all meetings of the Board of
Directors. He shall see that all orders and resolutions of the Board of
Directors and of the Executive Committee are carried into effect. He shall make
a report of the state of the business of the Corporation at each annual meeting
of the stockholders, and from time to time he shall report to the stockholders
and to the Board of Directors and to the Executive Committee all matters within
his knowledge which in his judgment the interests of the Corporation may require
to be brought to their notice. He shall be ex officio a member of all standing
committees of the Board of Directors, and he shall perform such other duties as
may be assigned to him from time to time by the Board of Directors. The
President shall have general and active supervision over the operations of the
Corporation, subject, however, to the control of the Board of Directors and of
the Executive Committee. In general, he shall perform all duties incident to the
office of President and chief operating officer, and such other duties as from
time to time may be assigned to him by the Board of Directors or by the
Executive Committee.
(c) The Executive Vice Presidents, Senior Vice Presidents and the Vice
Presidents shall perform such duties as the Board of Directors, or the President
shall from time to time prescribe. In the absence or incapacity of the
President, the Executive Vice President, the Senior Vice President or the Vice
President designated by the President or the Executive Committee shall exercise
the powers and duties of the President.
(d) The Treasurer shall keep full and accurate accounts of receipts and
disbursements in books belonging to the Corporation, shall deposit all moneys
and other valuables in the name and to the credit of the Corporation, in such
depositories and shall disburse the funds of the
<PAGE> 8
Corporation, as may be ordered by the Board of Directors or the appropriate
officers of the Corporation.
He shall also perform such other duties as the Board of Directors or
the appropriate officers of the Corporation may from time to time prescribe.
If required by the Board of Directors, he shall give the Corporation a
bond in a form and in a sum with surety satisfactory to the Board of Directors
for the faithful performance of the duties of his office and the restoration to
the Corporation in the case of his death, resignation or removal from office of
all books, papers, vouchers, money and other property of whatever kind in his
possession belonging to the Corporation.
At the request of the Treasurer, or in his absence or inability to act,
the Assistant Treasurer, or, if there be more than one, the Assistant Treasurer
designated by the Treasurer, shall perform the duties of the Treasurer and when
so acting shall have all the powers of and be subject to all the restrictions
of, the Treasurer. The Assistant Treasurers shall perform such other duties as
may from time to time be assigned to them by the President, the Treasurer, or
the Board of Directors.
The Assistant Treasurers shall perform such other duties as may from
time to time be assigned to them by the appropriate officers of the Corporation
or the Board of Directors.
(e) The Secretary shall attend all meetings of the Board of Directors
and of the stockholders and act as Clerk thereof and record all votes and the
minutes of all proceedings in a book to be kept for that purpose, and shall
perform like duties for the standing committees when required.
He shall keep in safe custody the seal of the Corporation and, whenever
authorized by the Board or the Executive Committee, affix the seal to any
instrument requiring the same.
He shall see that proper notice is given of all meetings of the
stockholders of the Corporation and of the Board of Directors and shall perform
such other duties as may be prescribed from time to time by the Board of
Directors, or by the President.
At the request of the Secretary, or in his absence or inability to act,
the Assistant Secretary or, if there be more than one, the Assistant Secretary
designated by the Secretary, shall perform the duties of the Secretary and when
so acting shall have all the powers of and be subject to all the restrictions of
the Secretary. The Assistant Secretaries shall perform such other duties as may
from time to time be assigned to them by the President, the Secretary, or the
Board of Directors.
(f) The Controller shall maintain the corporate books and records,
prepare and monitor the operating budgets, financial plans and construction
budgets, determine and pay the Corporation's tax liability, prepare the
Corporation's insurance reports, and render an accounting of all his
transactions as Controller and of the financial condition of the Corporation.
<PAGE> 9
He shall also perform such other duties as the Board of Directors or
the appropriate officers of the Corporation may from time to time prescribe.
At the request of the Controller, or in his absence or inability to
act, the Assistant Controller, or, if there be more than one, the Assistant
Controller designated by the Controller, shall perform the duties of the
Controller and when so acting shall have all the powers of and be subject to all
the restrictions of the Controller. The Assistant Controllers shall perform such
other duties as may from time to time be assigned to them by the appropriate
officers of the Corporation or the Board of Directors.
(g) In the case of absence or inability to act of any officer of the
Corporation, and of any person herein authorized to act in his place, the Board
of Directors may from time to time delegate the powers or duties of such officer
to any other officer or any director or other person whom they may select.
(h) Any officer of the Corporation may be removed, either with or
without cause, at any time, by resolution adopted by the Board of Directors at a
special meeting of the Board called for that purpose.
ARTICLE VIII
Contracts, Checks, Notes, Etc.
(a) All contracts and agreements authorized by the Board of Directors
or the Executive Committee, and all checks, drafts, notes, bonds, 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 otherwise required by law, be signed by (1)
either the President, an Executive Vice President, a Senior Vice President, a
Vice President, and (2) any one of the following officers: Treasurer, Assistant
Treasurer, Secretary, Assistant Secretary, Controller or Assistant Controller.
The Board of Directors may, however, notwithstanding the foregoing provision, by
resolution adopted at any meeting, authorize any of said officers to sign
contracts and agreements, 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 different
combinations of such officers, who may, in the name of the Corporation, execute
contracts and agreements, checks, drafts and such orders for the payment of
money in its behalf. Further, the Treasurer is authorized to designate to the
Corporation's banks, in writing, individuals employed by the Corporation and 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 in any manner provided
above, which designate the recipients of such amounts and which identify what
shall be
<PAGE> 10
treated as routine items.
(b) Anything in subdivision (a) of this Article VIII to the contrary
notwithstanding, the officers of this Corporation may open in the name of the
Corporation special accounts appropriately designated in which shall be
deposited funds of the Corporation transferred from the Corporation's other
accounts by its checks signed in accordance with the requirements of subdivision
(a) of this Article VIII, but from which special accounts funds may be disbursed
by check of the Corporation designated as drawn against such special account and
signed by the single signature of any one of the executive officers of the
Corporation authorized by subdivision (a) of this Article VIII to sign checks of
the Corporation or signed by the single signature of any other person expressly
authorized by the Board to sign checks disbursing funds from such special
accounts.
ARTICLE IX
Fiscal Year
The fiscal year of the Corporation shall begin on the first day of
January in each year.
ARTICLE X
Indemnification
(a) Any person made or threatened to be made a party to any threatened,
pending or completed action, suit or proceeding (whether civil, criminal,
administrative or investigative), by reason of the fact that he was or is a
director, officer or employee of the Corporation which he serves or served as
such at the request of the Corporation, shall, subject to the provisions of
subsection (b) hereof and except as prohibited by law, be indemnified by the
Corporation against expenses and liabilities actually and reasonably incurred by
him in connection with such action, suit or proceeding; except that no
indemnification shall be made in respect of any claim, issue or matter in any
action, suit or proceeding by or in the right of the Corporation as to which
such person shall have been adjudged to be liable for negligence or misconduct
in the performance of his duty to the Corporation. As used in this Article X the
term "expenses" shall include attorneys' fees and disbursements and the term
"liabilities" shall include judgments, fines, penalties and amounts paid in
settlement.
(b) Indemnification under the foregoing subsection (a) shall be subject
to the following additional provisions:
(i) Except in cases of indemnification to be made on the basis
and to the extent that the person to be indemnified has been successful
on the merits or otherwise in defense of an action, suit or proceeding,
or a claim, issue or matter therein, any indemnification under said
subsection (a) shall be made only if authorized by the Board
<PAGE> 11
of Directors acting by a quorum consisting of directors who are not
parties to such action or proceeding or, in the event such quorum is
not obtainable, then by the Board upon the opinion, in writing, of
independent legal counsel finding that indemnification is proper under
the circumstances because the applicable standard of conduct was met by
such director, officer or employee, to wit, that he acted in good faith
and in a manner he reasonably believed to be in or not opposed to the
best interests of the Corporation and, with respect to any criminal
action or proceeding, had no reasonable cause to believe his conduct
was unlawful. The termination of any claim, action, suit or proceeding
by judgment, order, settlement or conviction or on a plea of nolo
contendere or its equivalent, shall not, of itself, create a
presumption that a person did not meet the foregoing standards of
conduct.
(ii) Any indemnification under said subsection (a) of a
director, officer or employee of the Corporation against his
liabilities in connection with an action, suit or proceeding by or in
the right of the Corporation to procure a judgment in its favor, and
any indemnification under said subsection (a) of a director, officer or
employee against his expenses and liabilities in connection with any
action, suit or proceeding, whether or not he has been successful on
the merits or otherwise in defense thereof or of a claim, issue or
matter therein, shall (unless required by law or ordered by a court) be
made by the Corporation only if and to the extent authorized by the
Board of Directors of the Corporation, in its discretion, acting either
(1) by a majority vote of a quorum consisting of directors who are not
parties to such action, suit or proceeding or (2) if such a quorum is
not obtainable, by a majority vote of a quorum which may include
directors who are parties, but shall include all available directors
who are not parties, to such action, suit or proceeding.
(c) Expenses incurred in defending a civil or criminal action, suit or
proceeding may be paid by the Corporation in advance of the final disposition of
such action, suit or proceeding as authorized by the Board of Directors acting
either by a majority vote of a quorum consisting of directors not parties to the
action, suit or proceeding, or if such a quorum is not obtainable, by a majority
vote of a quorum which may include directors who are parties, but shall include
all available directors who are not parties, to such action, suit or proceeding,
upon receipt of an undertaking by or on behalf of the person to be indemnified
to repay such amount unless it shall ultimately be determined that he is
entitled to be indemnified by the Corporation.
(d) The rights of indemnification provided in this Article X shall be
in addition to any rights to which any person referred to in subsection (a) of
this Article X may otherwise lawfully be entitled and shall be available whether
or not the claim asserted against such person is based on matters which antedate
the adoption of this Article X.
(e) The indemnification provided or authorized by this Article shall
continue as to a person who has ceased to be a director, officer, or employee
and shall inure to the benefit of the heirs, executors and administrators of
such person.
<PAGE> 12
ARTICLE XI
Amendment of Bylaws
These Bylaws may be amended by the Directors at any regular or special
meeting by a vote of a majority of a quorum, or at any regular or special
meeting of the stockholders of the Corporation having voting power by a majority
vote of a quorum thereof.
# # # #
<PAGE> 1
EXHIBIT 6-A
CERTIFICATE OF AMENDMENT OF
ARTICLES OF INCORPORATION OF
COLUMBIA GAS OF OHIO, INC.
Richard J. Gordon, President, and Andrew J. Sonderman,
Secretary, of COLUMBIA GAS OF OHIO, INC., a corporation organized and existing
under and by virtue of the laws of the State of Ohio, do hereby certify:
FIRST: That by a consent in writing, signed by all of the
shareholders who would be entitled to a notice of a meeting held for that
purpose, the following resolutions were adopted to amend the Articles of
Incorporation of said Corporation:
RESOLVED, That the Articles of Incorporation of this
Corporation as heretofore amended, be amended to increase the
authorized number of shares of Common Stock from Five Million
shares (5,000,000), of par value of Twenty-five Dollars ($25)
per share, to Seven Million One Hundred Thousand shares
(7,100,000), of the par value of Twenty-five Dollars ($25),
the amendment to be effectuated by deleting Article FOURTH of
said Articles of Incorporation and by inserting in lieu
thereof the following:
"FOURTH: The number of shares which this Corporation
is authorized is Seven Million One Hundred Thousand
<PAGE> 2
(7,100,000), all of which shall be with a par value of
Twenty-five Dollars ($25)."
RESOLVED FURTHER, that upon the unanimous consent and
agreement in writing of the holder of all the capital stock of
said Corporation, the proper officers of this Corporation be,
and hereby are, authorized and directed to certify a copy of
these Resolutions to the Secretary of State of the State of
Ohio for the purpose of carrying into effect the provisions of
these Resolutions.
SECOND: That the aforesaid amendment was duly adopted in
accordance with the applicable provisions of the law of the State of
Ohio.
IN WITNESS WHEREOF, the above-named officers, acting for and
on behalf of said COLUMBIA GAS OF OHIO, INC., have subscribed their names to
this Certificate as of this 16th day of February, 1995.
COLUMBIA GAS OF OHIO, INC.
BY: /s/ Richard J. Gordon
---------------------------
Richard J. Gordon, President
BY: /s/ Andrew J. Sonderman
---------------------------
Andrew J. Sonderman, Secretary
<PAGE> 3
AGREEMENT AND CONSENT
in Lieu of Special Meeting of the Stockholder of
COLUMBIA GAS OF OHIO, INC.
The undersigned, THE COLUMBIA GAS SYSTEM, INC., a Delaware corporation,
being the sole stockholder and owner of all outstanding shares of COLUMBIA GAS
OF OHIO, INC., an Ohio corporation, pursuant to the laws of the State of Ohio,
hereby waives notice of the time, place and purposes of a meeting for the
purpose of the following action, and takes the following action without meeting:
WHEREAS, at a regular meeting of the Board of Directors of Columbia Gas
of Ohio, Inc., held on February 16, 1995, the following Resolution was adopted
by said Board:
Amendment of Articles of Incorporation
To Increase Authorized Shares of Capital Stock
RESOLVED, That the Articles of Incorporation of this
Corporation as heretofore amended, be amended to increase the
authorized number of shares of Common Stock from Five Million shares
(5,000,000), of par value of Twenty-five Dollars ($25) per share, to
Seven Million One Hundred Thousand shares (7,100,000), of the par
value of Twenty-five Dollars ($25), the amendment to be effectuated
by deleting Article FOURTH of said Articles of Incorporation and by
inserting in lieu thereof the following:
"FOURTH: The number of shares which this Corporation is
authorized is Seven Million One Hundred Thousand (7,100,000), all of
which shall be with a par value of Twenty-five Dollars ($25)."
RESOLVED FURTHER, that upon the unanimous consent and
agreement in writing of the holder of all the capital stock of said
Corporation, the proper officers of this Corporation be, and hereby
are, authorized and directed to certify a copy of these Resolutions
to the Secretary of State of the State of Ohio for the purpose of
carrying into effect the provisions of these Resolutions.
WHEREAS, the sole stockholder of Columbia Gas of Ohio, Inc., is of
the opinion that the aforesaid Resolutions are necessary and proper;
<PAGE> 4
NOW, THEREFORE, The Columbia Gas System, Inc., the sole stockholder of
Columbia Gas of Ohio, Inc., does hereby consent to the amendment to the Articles
of Incorporation of said Corporation and to all actions taken or directed to be
taken, as hereinabove and in said Resolutions set forth.
IN WITNESS WHEREOF, THE COLUMBIA GAS SYSTEM, INC. has caused this
Agreement and Consent to be duly executed in its corporate name and under its
corporate seal, as of the 16th day of February, 1995.
THE COLUMBIA GAS SYSTEM, INC.
By: /s/ J. H. CROOM
---------------
Chairman
(SEAL)
Attest:
/s/ D. L. BELL, JR.
- ------------------
Secretary
<PAGE> 5
Mr. Skaggs advised the Board of Directors that the proposed maximum
long-term financing level for Columbia Gas of Ohio for the period 1995 through
1999 contemplates the need to issue additional common stock. A portion of this
financing projection was reflected in the most recent Form U-1 submitted by The
Columbia Gas System, Inc. to the Securities and Exchange Commission.
Mr. Skaggs further advised the Board that the number of shares of
common stock currently authorized by the Articles of Incorporation of the
Corporation are insufficient to achieve the proposed financing level.
Mr. Skaggs recommended that the Articles of Incorporation be amended to
permit the proposed financing level to be achieved.
After discussion, on motion duly made and seconded, the following
resolution was unanimously adopted:
Amendment of Articles of Incorporation
To Increase Authorized Shares of Capital Stock
RESOLVED, That the Articles of Incorporation of this Corporation
as heretofore amended, be amended to increase the authorized number of
shares of Common Stock from Five Million shares (5,000,000), of par
value of Twenty-five Dollars ($25) per share, to Seven Million One
Hundred Thousand shares (7,100,000), of the par value of Twenty-five
Dollars ($25), the amendment to be effectuated by deleting Article
FOURTH of said Articles of Incorporation and by inserting in lieu
thereof the following:
"FOURTH: The number of shares which this Corporation is
authorized is Seven Million One Hundred Thousand (7,100,000), all of
which shall be with a par value of Twenty-five Dollars ($25)."
RESOLVED FURTHER, that upon the unanimous consent and agreement
in writing of the holder of all the capital stock of said Corporation,
the proper officers of this Corporation be, and hereby are, authorized
and directed to certify a copy of these Resolutions to the Secretary of
State of the State of Ohio for the purpose of carrying into effect the
provisions of these Resolutions.
<PAGE> 1
EXHIBIT 4-B
REGULATIONS
OF
COLUMBIA GAS OF OHIO, INC.
ARTICLE I.
Seal.
SECTION 1.
The corporate seal of the Corporation shall consist of a metallic
stamp, circular in form, bearing the words "COLUMBIA GAS OF OHIO, INC.," in the
outer circle and the word "Seal," in the center.
ARTICLE II.
Offices.
SECTION 1.
Principal Office.
The location of the Corporation's principal office shall be in the City
of Columbus, County of Franklin, State of Ohio.
SECTION 2.
Other Offices.
The Corporation may, in addition to its principal office in the State
of Ohio, establish and maintain an office or offices elsewhere in Ohio and in
such other states and places as the Board of Directors may from time to time
find necessary or desirable.
<PAGE> 2
SECTION 3.
Corporate Records.
The books, documents and papers of the Corporation, except as may be
otherwise required by the laws of the State of Ohio, may be kept outside of said
State at such places as the Board of Directors may from time to time appoint.
SECTION 4.
Examination of Books.
The Board of Directors shall, subject to the laws of the State of Ohio,
have the power to determine, from time to time, whether and to what extent and
under what conditions and regulations the accounts and books of the Corporation,
or any of them, shall be open to the inspection of the shareholders; and, except
as conferred by the laws of the State of Ohio, no shareholder shall have any
right to inspect any account or book or document of the Corporation unless and
until authorized so to do by resolution of the Board of Directors or of the
shareholders of the Corporation.
ARTICLE III.
Capital Stock.
SECTION 1.
Form and Execution of Certificates.
The certificates of shares of the capital stock of the Corporation
shall be in such form, not inconsistent with the Articles of the Corporation, as
shall be approved by the Board of Directors, and shall be signed by the
President or a Vice President and also by the Secretary or an Assistant
Secretary or the Treasurer or an Assistant Treasurer.
SECTION 2.
Transfer of Shares.
Shares shall be transferable only on the books of the Corporation in
person or by attorney upon the surrender and cancellation of certificates for a
like number of shares of the same class of stock. The person in whose name
shares of stock stand on the books of the Corporation shall be deemed the owner
thereof as regards the Corporation.
<PAGE> 3
In case of loss, destruction or mutilation of any certificate of stock,
another may be issued in its place upon proof of such loss, destruction or
mutilation and upon the giving of a satisfactory bond of indemnity to the
Corporation in such sum as the Board of Directors may provide, not exceeding
double the value of the stock represented by the lost certificate.
The Board of Directors may make such further rules and regulations as
it may deem expedient concerning the issue, transfer and registration of
certificates of stock of the Corporation. The Board may appoint one or more
transfer agents or one or more registrars or both, and may require all stock
certificates to bear the signature of either or both. If no such transfer agent
is appointed to act in the State of Ohio, the Corporation shall keep at its
principal office in the State of Ohio a record of all shares and transfers
thereof.
<PAGE> 4
ARTICLE IV.
Shareholders' Meetings.
SECTION 1.
Annual Meeting.
The annual meeting the shareholders shall be held at the office of the
Corporation in Columbus, Ohio, at such time as may be fixed by the President or
the Secretary and stated in the notice of the meeting, or in a waiver of notice
signed by all the shareholders of record, on the Wednesday preceding the last
Thursday in June when such last Thursday falls not later than the 29th day of
June, and when such last Thursday falls on the 30th day of June then on the
Wednesday preceding the next to the last Thursday in June, for the election of
directors, the consideration of the reports to be laid before the meeting, and
the transaction of such other business as may be brought before the meeting.
SECTION 2.
Special Meetings.
Special meetings of the shareholders may be called by the President or
a Vice President or by a majority of the members of the Board of Directors or
the Executive Committee acting with or without a meeting or by the persons who
hold twenty-five per cent of all the shares outstanding and entitled to vote
thereat, upon notice in writing, stating the time, place and the purpose or
purposes of the meeting. Any meeting of the shareholders except the annual
meeting or other meeting called to elect directors may be held outside of the
State of Ohio, at such place as shall be stated in the notice of such meeting.
SECTION 3.
Notice of Meetings.
Notice of the time and place of the annual and of all special meetings
of the shareholders shall be given to each shareholder entitled to vote at such
meeting or entitled to notice, by delivering or by mailing, at least five days
before such meeting, a copy of the notice to such shareholder at his address as
it appears upon the records of the Corporation. Such notices may be mailed
either in the City of Columbus, Ohio, or in such other place in the United
States as may be designated by the Board of Directors; but it shall not be
necessary to mail all of the notices of any given meeting from the same place.
<PAGE> 5
SECTION 4.
Quorum.
The holders of shares entitling them to exercise a majority of the
voting power, or, if the vote is to be taken by classes, the holders of shares
of each class entitling them to exercise a majority of the voting power of that
class, present in person or by proxy at any meeting of the shareholders, shall
constitute a quorum.
SECTION 5.
Adjournments.
If, at any annual or special meeting, a quorum shall fail to attend in
person or by proxy, a majority in interest of the shareholders attending in
person or by proxy at the time and place of such meeting may adjourn the meeting
from time to time without further notice, other than by announcement at the
meeting at which such adjournment is taken, until a quorum shall be present. At
any such adjourned meeting at which a quorum shall be present, any business may
be transacted which might have been transacted at the meeting as originally
called.
SECTION 6.
Organization.
The President, and in his absence a Vice President, and in the absence
of the President and all the Vice Presidents, a chairman appointed by the
shareholders present in person or by proxy and entitled to vote, shall call
meetings of the shareholders to order and shall act as chairman thereof.
The Secretary of the Corporation, and in his absence an Assistant
Secretary, shall act as Secretary at all meetings of the shareholders, and in
the absence of both the Secretary and all Assistant Secretaries, the presiding
officer may appoint any person to act as Secretary.
SECTION 7.
Order of Business
The regular order of business at all meetings of shareholders shall be
as follows:
1. Roll Call,
2. Reading of minutes of preceding meeting and action
<PAGE> 6
thereon,
3. Reports of Officers,
4. Reports of Committees,
5. Election of Directors,
6. Unfinished business,
7. New business
SECTION 8.
Voting.
At each meeting of the shareholders, except as otherwise provided by
statute, every holder of record of stock of the class or classes entitled to
vote at such meeting shall be entitled to vote in person or by proxy, and shall
have one vote for each share of such stock standing in his name on the books of
the Corporation. Cumulative voting shall be permitted only as expressly required
by statute.
Voting for directors, and upon the demand of two or more shareholders,
upon any question that shall come before the meeting, shall be by ballot.
At all meetings of the shareholders all matters, except those the
manner of deciding which is especially regulated by statute, and except as
otherwise provided in these regulations or in the Articles of the Corporation,
shall be decided by the vote of a majority in interest of the shareholders of
the Corporation present or represented and entitled to vote at such meeting, a
quorum being present.
SECTION 9.
Closing of Transfer Books
or Taking Record of Shareholders.
The Board of Directors may fix a time not exceeding forty-five days
preceding the date of any meeting of shareholders or any dividend payment date
or any date for the allotment of rights as a record date for the determination
of the shareholders entitled to notice of such meeting or to vote thereat or to
receive such dividends or rights as the case may be; or the Board of Directors
may close the books of the Corporation against transfer of shares during the
whole or any part of such period.
SECTION 10.
List of Shareholders.
<PAGE> 7
At any meeting of shareholders, a list of shareholders entitled to
vote, alphabetically arranged, showing the number and classes of shares held by
each on the date fixed for closing the books against transfers or the record
date fixed as hereinbefore provided (or if no such date has been fixed, then on
the date of the meeting) shall be produced on the request of any shareholder,
and such list shall be prima facie evidence of the ownership of shares and of
the right of shareholders to vote, when certified by the Secretary or by the
agent of the Corporation having charge of the transfers of shares. If inspectors
for such meeting are appointed, the list shall be delivered to such inspectors.
SECTION 11.
Inspectors.
Whenever any person entitled to vote at a meeting of shareholders shall
request the appointment of inspectors, a majority of the shareholders present at
such meeting and entitled to vote thereat shall appoint three inspectors who
need not be shareholders. If the right of any person to vote at any such meeting
shall be challenged, the inspectors of election shall determine such right. The
inspectors shall receive and count the votes either upon an election or for the
decision of any question and shall determine the result. Their certificate of
any vote shall be prima facie evidence thereof.
<PAGE> 8
ARTICLE V.
Board of Directors.
SECTION 1.
Number and Qualifications of Directors.
Except as otherwise provided by statute or by the Articles of the
Corporation, all the corporate powers, business and property of the Corporation
shall be exercised, conducted and controlled by a Board of Directors, not less
than five, and not more than sixteen in number, as may from time to time be
determined by the Board of Directors or by the shareholders. Such number if
determined by the shareholders may not be changed by the Board of Directors.
Directors need not be shareholders.
The directors shall be elected annually and each director shall
continue in office until the annual meeting held next after his election (or, in
the case of a director appointed by remaining directors pursuant to Section 3 of
this Article V, any earlier special meeting), and until his successor shall have
been elected and qualified, or until his death or until he shall resign or shall
have been removed in the manner hereinafter in Section 9 of this Article V
provided.
No person who is a Director of the Corporation shall continue as a
Director beyond the first day of the month next following his 72nd birthday.
SECTION 2.
Resignations.
Any member of the Board of Directors may resign at any time by giving
written notice to the President or to the Secretary of the Corporation. Such
resignation shall take effect at the time specified in such notice and, unless
otherwise specified therein, the acceptance of such resignation shall not be
necessary to make it effective.
SECTION 3.
Vacancies.
All vacancies in the Board of Directors, whether caused by resignation,
death, removal or otherwise, may be filled by the remaining directors at any
stated or special meeting, or by the shareholders having voting power at any
regular or special meeting held prior to the filling of such vacancy by the
Board of Directors.
<PAGE> 9
SECTION 4.
First Meeting of Board.
After each annual election of Directors, the newly elected Directors
may meet for the purpose of organization, the election of officers and the
transaction of other business, at such place and time as shall be fixed by the
shareholders at the annual meeting or by written consent of the directors, or
upon such notice as the by-laws shall require for special meetings of the Board
of Directors.
SECTION 5.
Quorum.
Except as provided in Section 10 of this Article V, two thirds of the
directors shall constitute a quorum for the transaction of business, but a
majority of those present at the time and place of any meeting, although less
than a quorum, may adjourn the same from time to time, without notice, until a
quorum be had. The act of a majority of the directors present at any such
meeting at which a quorum is present shall be the act of the Board of Directors.
SECTION 6.
Meetings.
The directors may hold their meetings at such time or times and at such
place or places within or without the State of Ohio, and upon such notice, as
the Board may from time to time determine. Notice of a directors' meeting may be
waived by any director as provided in Article IX of these regulations; and any
director who is without the United States of America may by written waiver filed
with the Secretary waive notice of any and all meetings of the Board of
Directors during his absence from the country.
SECTION 7.
ByLaws.
The directors may adopt such bylaws for their government as they may
deem proper, not inconsistent with these regulations, the Articles, or the laws
of the State of Ohio, and may change the same at pleasure.
<PAGE> 10
SECTION 8.
Compensation of Directors.
Each director of the Corporation shall be entitled to receive, for each
meeting of the Board which he shall attend, such fee as the Board of Directors
shall from time to time determine, together with his traveling expenses incurred
in going to and coming from such meeting. The same payment shall be made to any
one other than a Director officially called to attend any such meeting.
SECTION 9.
Removal of Directors.
Any director may be removed, either with or without cause, upon request
in writing of not less than two-thirds (2/3) in interest of the shareholders of
record of the Corporation entitled to vote at the time of such removal, for the
election of directors. Such request shall be filed with the President, or a Vice
President, or the Secretary or an Assistant Secretary, and immediately thereupon
the office of the director specified therein shall become and be vacant; and a
vacancy in the Board caused by any such removal may be filled as hereinbefore in
Section 3 of this Article V provided.
SECTION 10.
Interested Directors.
No member of the Board of Directors shall vote on a question in which
he is interested otherwise than as a shareholder or as a director or employee of
a shareholder, except the election of a President or other officer or employee,
or be present at a meeting of the Board while such question is being considered;
but if the retirement from the Board in such case reduces the number present
below a majority the question may nevertheless be decided by those who remain.
ARTICLE VI.
Standing Committees.
(a) The Board of Directors shall, by resolution adopted by a majority
of the whole Board, designate annually three or more of their number, one of
whom shall be of the Corporation, to constitute an Executive Committee. When the
Board of Directors is not in session, the Executive Committee shall have and may
exercise, all lawfully delegable powers of the Board of Directors. Each member
of the Executive Committee other than the President of the Corporation shall
continue to be a member thereof only during the pleasure of a majority of the
<PAGE> 11
whole Board. The Board of Directors may also designate, as alternate members of
the Executive Committee, other Directors who, in the event of disaster or
emergency resulting from nuclear or other major destruction, shall serve in such
order of succession as the Board may deem desirable, in the place of any member
or members of the Executive Committee who at the time of such disaster may be
incapacitated or prevented from reaching the place where the meeting of the
Executive Committee is to be held.
(b) The President shall be the Chairman of the Executive Committee and
the Secretary of the Corporation shall act as Secretary thereof. In the absence
from any meeting of the Executive Committee of its Chairman, the Committee shall
appoint a Secretary of the meeting.
(c) Regular meeting of the Executive Committee, of which no notice
shall be necessary, shall be held on such days and at such places as shall be
fixed by resolution adopted by a majority of such Committee and communicated to
all of its members. Special meetings of the Committee may be called at the
request of any member of such Committee. Two days' notice of each special
meeting of the Committee shall be given by mail, telegraph or telephone, or be
delivered personally, to each member of such Committee. Notice of any such
meeting need not be given to any member of the Committee; however, if waived by
him in writing or by telegraph or cable, whether before or after such meeting be
held, or if he shall be present at the meeting, and any meeting of the Committee
shall be a legal meeting without any notice thereof having been given, if all
the members of the Committee shall be present thereat. In the absence of written
instructions from a member of the Committee designating some other address,
notice shall be sufficiently given if addressed to him at his usual business
address. Subject to the provisions of this Article VI, the Committee, by
resolution of a majority of all of its members, shall fix its own rules of
procedure and shall keep a record of its proceedings and report them to the
Board of Directors at the next regular meeting thereof after such proceedings
shall have been taken. All such proceedings shall be subject to revision or
alteration by the Board of Directors; provided, however, that third parties
shall not be prejudiced by such revision or alteration.
(d) A majority of the Executive Committee if it includes the President
shall constitute a quorum for the transaction of business, and the action of a
majority of those present at a meeting at which a quorum is present shall be the
act of the Committee. Less than a quorum may adjourn a meeting. The members of
the Committee shall act only as a committee, and the individual members shall
have no power as such.
(e) Any member of the Executive Committee may resign at any time by
giving written notice to the President or to the Secretary of the Corporation.
Such resignation shall take effect at the time specified in such notice and,
unless otherwise specified therein, the acceptance of such resignation shall not
be necessary to make it effective.
(f) Any vacancy in the Executive Committee other than any caused by a
vacancy in the office President of the Corporation shall be filled by the vote
of a majority of the Board of Directors.
<PAGE> 12
(g) The members of the Executive Committee shall be entitled to receive
such fees and compensation as the Board of Directors may determine.
(h) The Board of Directors may also appoint such other standing or
temporary committees from time to time as they may see fit, investing them with
all or any part of their own powers. All committees shall adopt their own rules
of procedure and shall report their proceedings to the Board of Directors or to
the Executive Committee at the various meetings thereof.
<PAGE> 13
ARTICLE VII.
Officers.
SECTION 1.
Election of Officers.
The officers of the Corporation shall be the President, one or more
Executive Vice Presidents, one or more Senior Vice Presidents, one or more Vice
Presidents, the Secretary, the Treasurer, and the Controller, who shall be
elected by the Board of Directors, and such additional Assistant Secretaries,
Assistant Treasurers, Assistant Controllers, and subordinate officers as may
from time to time be elected or appointed by the Board of Directors or appointed
by the President.
Any two of the above offices may be held by the same person.
All of the officers of the Corporation shall hold office for one year
and until their successors are chosen and qualified, subject to the provisions
of Section 8 of this Article VII, unless in the election or appointment of the
officer it shall be specified that he hold his office for a shorter period.
All vacancies in such offices by resignation, death or otherwise may be
filled by the Board of Directors, or by the President, in cases where the
President made the original appoint ment.
SECTION 2.
The President
The President shall be a Director and shall preside at all meetings of
the Board of Directors and shall, subject to their direction and control, be
their representative and medium of communication, and shall perform such duties
as may from time to time be assigned to him by the Board of Directors. He shall
be ex officio a member of the Executive Committee in the event that such a
Committee be created by the Board of Directors. He shall be the chief executive
officer of the Corporation and shall have the powers of the chief executive
officer and shall perform such duties as may from time to time be assigned to
him by the Board of Directors. The President shall be a Director. He shall
preside at all meetings of the Board of Directors. He shall have general and
active management of the operations of the Corporation, shall see that all
orders and resolutions of the Board and of the executive committee, are carried
into effect, shall be ex officio a member of all standing committees, and shall
have the general powers and duties of supervision and management usually vested
in the office of President and Chief Operating Officer of a Corporation.
<PAGE> 14
He shall submit a report of the operations of the Corporation for the
fiscal year to the shareholders at their annual meeting and from time to time
shall report to the directors all matters within his knowledge which the
interests of the Corporation may require to be brought to their notice.
SECTION 4.
The Vice Presidents.
The Vice Presidents shall perform such duties as the President shall,
from time to time, require. In the absence or incapacity of the President, the
Vice President designated by the Executive Committee shall exercise the powers
and duties of the President.
SECTION 5.
The Treasurer.
The Treasurer shall keep full and accurate accounts of receipts and
disbursements in books belonging to the Corporation, shall deposit all moneys
and other valuables in the name and to the credit of the Corporation, in such
depositories and shall disburse the funds of the Corporation, as may be ordered
by the Board of Directors or the appropriate officers of the Corporation.
He shall also perform such other duties as the President of the
Corporation may from time to time prescribe.
If required by the Board of Directors he shall give the Corporation a
bond in a form and in a sum with surety satisfactory to the Board of Directors
for the faithful performance of the duties of his office and the restoration to
the Corporation in the case of his death, resignation or removal from office of
all books, papers, vouchers, money and other property of whatever kind in his
possession belonging to the Corporation.
At the request of the Treasurer, or in his absence or inability to act,
the Assistant Treasurer or, if there be more than one, the Assistant Treasurer
designated by the Treasurer, shall perform the duties of the Treasurer and when
so acting shall have all the powers of and be subject to all the restrictions of
the Treasurer.
The Assistant Treasurers shall perform such other duties as may from
time to time be assigned to them by the President, or the Treasurer.
<PAGE> 15
SECTION 6.
The Secretary.
The Secretary shall attend all meetings of the Board of Directors and
of the shareholders and act as clerk thereof and record all votes and the
minutes of all proceedings in a book to be kept for that purpose, and shall
perform like duties for the standing committees when required.
He shall keep in safe custody the seal of the Corporation and affix the
seal to any instrument requiring the same.
He shall see that proper notice is given of all meetings of the
shareholders of the Corporation and of the Board of Directors and shall perform
such other duties as may be prescribed from time to time by the President.
At the request of the Secretary, or in his absence or inability to act,
the Assistant Secretary or, if there be more than one, the Assistant Secretary
designated by the Secretary, shall perform the duties of the Secretary and when
so acting shall have all the powers of and be subject to all the restrictions of
the Secretary.
The Assistant Secretaries shall perform such other duties as may from
time to time be assigned to them by the President or the Secretary.
<PAGE> 16
SECTION 7.
The Controller
The Controller shall maintain the corporate books and records, prepare
and monitor the operating budgets, financial plans and construction budgets,
determine and pay the Corporation's tax liability, prepare the Corporation's
insurance reports, and render an accounting of all his transactions as
Controller and of the financial condition of the Corporation.
He shall also perform such other duties as the President of the
Corporation may from time to time prescribe.
At the request of the Controller, or in his absence or inability to
act, the Assistant Controller, or, if there be more than one, the Assistant
Controller designated by the Controller, shall perform the duties of the
Controller and when so acting shall have all the powers of and be subject to all
the restrictions of the Controller. The Assistant Controllers shall perform such
other duties as may from time to time be assigned to them by the President of
the Corporation or the Controller.
SECTION 8.
Other Officers.
In the case of absence or inability to act of any officer of the
Corporation, and of any person herein authorized to act in his place, the Board
of Directors may from time to time delegate the powers or duties of such officer
to any other officer or any director who is an employee of the Corporation or
other person who is an employee of the Corporation whom they may select.
SECTION 9.
Removal.
Any officer of the Corporation may be removed, either with or without
cause, at any time, by resolution adopted by the Board of Directors at a special
meeting of the Board called for that purpose, or, except in the case of any
officer elected by the Board of Directors, by any committee or superior officer
upon whom such power of removal may be conferred by the Board of Directors.
<PAGE> 17
ARTICLE VIII.
Contracts, Checks, Notes, Etc.
SECTION 1.
All contracts and agreements authorized by the Board of Directors or
the Executive Committee, and all checks, drafts, notes, bonds, 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 otherwise required by law, be signed by (1)
either the President, an Executive Vice President, a Senior Vice President or a
Vice President, and (2) any one of the following officers: Treasurer, Assistant
Treasurer, Secretary, Assistant Secretary, Controller or Assistant Controller.
The Board of Directors may, however, notwithstanding the foregoing provision, by
resolution adopted at any meeting, authorize any of said officers to sign
contracts and agreements, 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 different
combinations of such officers, who may, in the name of the Corporation, execute
contracts and agreements, checks, drafts and such orders for the payment of
money in its behalf. Further, the Treasurer is authorized to designate to the
Corporation's banks, in writing, individuals employed by the Corporation and 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 in any manner provided
above, which designate the recipients of such amounts and which identify what
shall be treated as routine items.
ARTICLE IX.
Waiver of Notice.
SECTION 1.
Notice of the time, place and purposes of any meeting of shareholders,
directors or executive committee, whether required by statute, the Articles,
these regulations or the by-laws, may be waived by the assent, given in writing
or by telegraph, cable or radio, of every shareholder entitled to notice, or of
every director, or of every member of the executive committee, as the case may
be, filed with or entered upon the records of the meeting, either before or
after the holding thereof; and attendance in person, or, in the case of a
shareholder, in person or by proxy, at any meeting shall be deemed a waiver of
notice of such meeting.
<PAGE> 18
ARTICLE X.
Fiscal Year.
SECTION 1.
The fiscal year of the Corporation shall begin on the first day of
January in each year.
ARTICLE XI.
Amendment.
SECTION 1.
These regulations may be amended or repealed at any meeting of the
shareholders of the Corporation by the affirmative vote of the holders of record
of shares entitling them to exercise a majority of the voting power on such
proposal, or, without a meeting, by the written consent of the holders of record
of shares entitling them to exercise two-thirds of the voting power on such
proposal.
<PAGE> 19
ARTICLE XII.
Indemnification.
(a) Any person who was or is a party or is threatened to be made a
party to any threatened, pending or completed action, suit or proceeding
(whether civil, criminal, administrative or investigative), by reason of the
fact that he was or is a director, officer, employee or agent of the Corporation
or of any other corporation, partnership, joint venture, trust or other
enterprise (hereinafter collectively referred to as an "other corporation")
which he serves or served as such at the request of the Corporation, shall,
subject to the provisions of subsection (b) hereof and except as prohibited by
law, be indemnified by the Corporation against expenses and liabilities actually
and reasonably incurred by him in connection with such action, suit or
proceeding (whether brought by or in the right of the Corporation or such other
corporation or otherwise); provided that (i) no indemnification shall be made in
respect of any claim, issue or matter in any action, suit or proceeding by or in
the right of the Corporation as to which such person shall have been adjudged to
be liable for negligence or misconduct in the performance of his duty to the
Corporation except to the extent that the Court of Common Pleas of the State of
Ohio or the court in which such action or suit was brought shall determine upon
application that, despite the adjudication of liability but in view of all the
circumstances of the case, such person is fairly and reasonably entitled to
indemnity for such expenses as the Court of Common Pleas or such other court
shall deem proper and (ii) no person shall be indemnified for liabilities
incurred on account of profits realized by him in the purchase or sale of
securities of the Corporation or any expenses incurred in connection with such
liability. As used in this Article XII the term "expenses" shall include
attorneys' fees and disbursements and the term "liabilities" shall include
judgments, fines, penalties and amounts paid in settlement.
(b) Indemnification under the foregoing subsection (a) shall be subject
to the following additional provisions:
(i) Except in cases of indemnification to be made on the basis and
to the extent that the person to be indemnified has been successful on
the merits or otherwise in defense of an action, suit or proceeding, or
a claim, issue or matter therein, any indemnification under said
subsection (a) shall be made only if a Referee, who shall be
independent legal counsel, who may be regular counsel for the
Corporation, selected and compensated by the Board of Directors
(whether or not acting by a quorum consisting of directors who are not
parties to such action, suit or proceeding), shall deliver to the
Corporation his written opinion that the person claiming
indemnification acted in good faith and in a manner he reasonably
believed to be in or not opposed to the best interests of the
Corporation and, with respect to any criminal action or proceeding, had
no reasonable cause to believe his conduct was unlawful. The
termination of any claim, action, suit or proceeding by judgment,
order, settlement or conviction or on a plea of nolo contendere or its
<PAGE> 20
equivalent, shall not, of itself, create a presumption that a person
did not meet the foregoing standards of conduct. When indemnification
hereunder requires an opinion of a Referee, the person to be
indemnified shall, at the request of the Referee, appear before him and
answer questions which the Referee deems relevant and shall be given
ample opportunity to present to the Referee evidence upon which he
relies for indemnification. The Corporation shall, at the request of
the Referee, make available to him the facts, opinions or other
evidence in any way relevant for his finding which are in the
possession or control of the Corporation.
(ii) Any indemnification under said subsection (a) of a director,
officer, employee or agent of the Corporation (in his status as such)
against his liabilities in connection with an action, suit or
proceeding by or in the right of the Corporation to procure a judgment
in its favor, and any indemnification under said subsection (a) of a
director, officer, employee or agent of an other corporation (in his
status as such) against his expenses and liabilities in connection with
any action, suit or proceeding, whether or not he has been successful
on the merits or otherwise in defense thereof or of a claim, issue or
matter therein, shall (unless ordered by a court) be made by the
Corporation only if and to the extent authorized by the Board of
Directors of the Corporation, in its discretion, after receipt of a
written opinion of a Referee when required in accordance with paragraph
(i) above, and acting either (1) by a majority vote of a quorum
consisting of directors who are not parties to such action, suit or
proceeding or (2) if such a quorum is not obtainable, by a majority
vote of a quorum which may include directors who are parties, but shall
include all available directors who are not parties, to such action,
suit or proceeding.
(c) Expenses incurred in defending a civil or criminal action, suit or
proceeding may be paid by the Corporation in advance of the final disposition of
such action, suit or proceeding as authorized by the Board of Directors acting
either by a majority vote of a quorum consisting of directors not parties to the
action, suit or proceeding, or if such a quorum is not obtainable, by a majority
vote of a quorum which may include directors who are parties, but shall include
all available directors who are not parties, to such action, suit or proceeding,
upon receipt of an undertaking by or on behalf of the person to be indemnified
to repay such amount unless it shall ultimately be determined that he is
entitled to be indemnified by the Corporation.
(d) The rights of indemnification provided in this Article XII shall be
in addition to any rights to which any person referred to in subsection (a) of
this Article XII may otherwise lawfully be entitled and shall be available
whether or not the claim asserted against such person is based on matters which
antedate the adoption of this Article XII.
<PAGE> 21
(e) The indemnification provided or authorized by this Article shall
continue as to a person who has ceased to be a director, officer or employee or
agent and shall inure to the benefit of the heirs, executors and administrators
of such person.
# # # #
<PAGE> 1
EXHIBIT 7-A
CERTIFICATE OF AMENDMENT OF
ARTICLES OF INCORPORATION OF
COLUMBIA GAS OF PENNSYLVANIA, INC.
COLUMBIA GAS OF PENNSYLVANIA, INC., a corporation organized and
existing under and by virtue of the laws of the State of Pennsylvania, does
hereby certify:
FIRST: That the Board of Directors of said Corporation at a
meeting thereof duly held on February 15, 1995 unanimously adopted the
following resolutions proposing and declaring advisable the following
amendment to the Articles of Incorporation of said Corporation:
RESOLVED, That Article Seven of the Articles of Incorporation of
this Corporation be amended to increase the authorized number of shares
of Common Stock from Two Million Nine Hundred Fifty Thousand shares
(2,950,000), of par value of Twenty-five Dollars ($25) per share, to
Three Million Eight Hundred Fifty shares (3,850,000), of the par value
of Twenty-five Dollars ($25), an increase in the authorized capital
stock of said Corporation from $73,750,000 to $96,250,000; and
<PAGE> 2
RESOLVED FURTHER, that upon the unanimous consent and agreement
in writing of the holder of all the capital stock of said Corporation,
the proper officers of this Corporation be, and hereby are, authorized
and directed to certify a copy of these Resolutions to the Secretary of
State of the State of Pennsylvania for the purpose of carrying into
effect the provisions of these Resolutions.
SECOND: That in lieu of a meeting the sole stockholder has given
written consent to said amendment in accordance with the provisions of
the law of the State of Pennsylvania.
THIRD: That the aforesaid amendment was duly adopted in
accordance with the applicable provisions of the law of the State of
Pennsylvania.
FOURTH: That the capital of the Corporation will not be reduced
under or by reason of said amendment.
<PAGE> 3
IN WITNESS WHEREOF, said COLUMBIA GAS OF PENNSYLVANIA, INC., has caused
its corporate seal to be hereunto affixed and this Certificate to be signed by
C. Ronald Tilley, Chairman and attested by Andrew J. Sonderman, its Secretary,
this 15th day of February, 1995.
COLUMBIA GAS OF PENNSYLVANIA, INC.
BY: /s/ C. Ronald Tilley
--------------------------
C. Ronald Tilley, Chairman
ATTEST:
BY /s/ Andrew J. Sonderman
------------------------------
Andrew J. Sonderman, Secretary
<PAGE> 4
CERTIFICATION
I, Andrew J. Sonderman, Secretary and General Counsel of COLUMBIA GAS
OF PENNSYLVANIA, INC., a corporation organized and existing under and by virtue
of the laws of the State of Pennsylvania, do hereby certify that the following
is a true and complete copy of a resolution passed by the Board of Directors of
said Corporation as the same appears in the minutes of the Directors Regular
Meeting held in Wilmington, Delaware on February 15, 1995:
Amendment of Articles of Incorporation
To Increase Authorized Shares of Capital Stock
RESOLVED, That Article Seven of the Articles of Incorporation of
this Corporation be amended to increase the authorized number of shares
of Common Stock from Two Million Nine Hundred Fifty Thousand shares
(2,950,000), of par value of Twenty-five Dollars ($25) per share, to
Three Million Eight Hundred Fifty shares (3,850,000), of the par value
of Twenty-five Dollars ($25), an increase in the authorized capital
stock of said Corporation from $73,750,000 to $96,250,000; and
RESOLVED FURTHER, that upon the unanimous consent and agreement
in writing of the holder of all the capital
<PAGE> 5
stock of said Corporation, the proper officers of this Corporation be,
and hereby are, authorized and directed to certify a copy of these
Resolutions to the Secretary of State of the State of Pennsylvania for
the purpose of carrying into effect the provisions of these
Resolutions.
WITNESS my hand and the corporate seal of said Corporation, this 15th
day of February, 1995.
/s/ ANDREW J. SONDERMAN
------------------------------
Andrew J. Sonderman, Secretary
and General Counsel
<PAGE> 6
AGREEMENT AND CONSENT
in Lieu of Special Meeting of the Stockholder of
COLUMBIA GAS OF PENNSYLVANIA, INC.
The undersigned, THE COLUMBIA GAS SYSTEM, INC., a Delaware corporation,
being the sole stockholder and owner of all outstanding shares of COLUMBIA GAS
OF PENNSYLVANIA, INC., a Pennsylvania corporation, pursuant to the laws of the
State of Pennsylvania, hereby waives notice of the time, place and purposes of a
meeting for the purpose of the following action, and takes the following action
without meeting:
WHEREAS, at a regular meeting of the Board of Directors of Columbia Gas
of Pennsylvania, Inc., held on February 15, 1995, the following Resolutions were
adopted by said Board:
Amendment of Articles of Incorporation
To Increase Authorized Shares of Capital Stock
RESOLVED, That Article Seven of the Articles of Incorporation of
this Corporation be amended to increase the authorized number of shares
of Common Stock from Two Million Nine Hundred Fifty Thousand shares
(2,950,000), of par value of Twenty-five Dollars ($25) per share, to
Three Million Eight Hundred Fifty Thousand shares (3,850,000), of the
par value of Twenty-five Dollars ($25), an increase in the authorized
capital stock of said Corporation from $73,750,000 to $96,250,000; and
RESOLVED FURTHER, that upon the unanimous consent and agreement
in writing of the holder of all the capital stock of said Corporation,
the proper officers of this Corporation be, and hereby are, authorized
and directed to certify a copy of these Resolutions to the Secretary of
State of the State of Pennsylvania for the purpose of carrying into
effect the provisions of these Resolutions.
<PAGE> 7
NOW, THEREFORE, The Columbia Gas System, Inc., the sole stockholder of
Columbia Gas of Pennsylvania, Inc., does hereby consent to the amendment to the
Articles of Incorporation of said Corporation and to all actions taken or
directed to be taken, as hereinabove and in said Resolutions set forth.
IN WITNESS WHEREOF, THE COLUMBIA GAS SYSTEM, INC. has caused this
Agreement and Consent to be duly executed in its corporate name and under its
corporate seal, as of the 15th day of February, 1995.
THE COLUMBIA GAS SYSTEM, INC.
By: /s/ J. H. CROOM
---------------
Chairman
(SEAL)
Attest:
/s/ D. L. BELL, JR.
- -------------------
Secretary
<PAGE> 8
Mr. Skaggs advised the Board of Directors that the proposed maximum
long-term financing level for Columbia Gas of Pennsylvania for the period 1995
through 1999 contemplates the need to issue additional common stock. A portion
of this financing projection was reflected in the most recent Form U-1 submitted
by The Columbia Gas System, Inc. to the Securities and Exchange Commission.
Mr. Skaggs further advised the Board that the number of shares of
common stock currently authorized by the Articles of Incorporation of the
Corporation are insufficient to achieve the proposed financing level.
Mr. Skaggs recommended that the Articles of Incorporation be amended to
permit the proposed financing level to be achieved.
After discussion, on motion duly made and seconded, the following
resolution was unanimously adopted:
Amendment of Articles of Incorporation
To Increase Authorized Shares of Capital Stock
RESOLVED, That Article Seven of the Articles of Incorporation of
this Corporation be amended to increase the authorized number of shares
of Common Stock from Two Million Nine Hundred Fifty Thousand shares
(2,950,000), of par value of Twenty-five Dollars ($25) per share, to
Three Million Eight Hundred Fifty Thousand shares (3,850,000), of the
par value of Twenty-five Dollars ($25), an increase in the authorized
capital stock of said Corporation from $73,750,000 to $96,250,000; and
RESOLVED FURTHER, that upon the unanimous consent and agreement
in writing of the holder of all the capital stock of said Corporation,
the proper officers of this Corporation be, and hereby are, authorized
and directed to certify a copy of these Resolutions to the Secretary of
State of the State of Pennsylvania for the purpose of carrying into
effect the provisions of these Resolutions.
<PAGE> 9
COLUMBIA GAS OF PENNSYLVANIA, INC.
EXECUTIVE COMMITTEE MEETING
January __, 1995
A meeting of the Executive Committee of the Board of Directors of
Columbia Gas of Pennsylvania, Inc., was held at 200 Civic Center Drive,
Columbus, Ohio, on January __, 1995.
Present: C. Ronald Tilley
Gary J. Robinson
Robert C. Skaggs
being all of the members of the Committee and constituting a quorum.
The Chairman of the Board, C. Ronald Tilley, presided and Andrew J.
Sonderman, Secretary, acted as Secretary of the meeting.
DESIGNATION OF REGISTERED OFFICE
Mr. Robinson advised that it had come to his attention that the address
for the Corporation's registered office listed with the Secretary of the
Commonwealth of Pennsylvania is incorrect in that it does not reflect the
Corporation's recent relocation of its general office. Therefore, it is
appropriate to take steps to advise the Secretary of the Commonwealth of the
correct location of the Corporation's registered office.
After discussion, on motion duly made and seconded, the following
resolution was unanimously adopted:
RESOLVED, that the registered office for this Corporation be identified
as 650 Washington Road, Pittsburgh, Pennsylvania and that the proper officers of
this Corporation be, and hereby are, authorized and directed to take such steps
as are required to carry into effect the provisions of this Resolution.
Adjournment
There being no further business to come before the meeting, it was, no
motion duly made and carried, adjourned.
/s/ ANDREW J. SONDERMAN
----------------------------
Secretary
<PAGE> 1
EXHIBIT 5-B
BYLAWS
OF
COLUMBIA GAS OF PENNSYLVANIA, INC.
ARTICLE I.
Seal
The corporate seal of the Corporation shall consist of a metallic stamp
circular in form, bearing in its center the words "Corporate Seal" and the
figures "1960" and on the outer edge the name of the Corporation and the word
"Pennsylvania."
ARTICLE II.
Offices
The location of the Corporation's principal office shall be in the City
of Pittsburgh, County of Allegheny, State of Pennsylvania.
The Corporation may, in addition to its principal office in the State
of Pennsylvania, establish and maintain such other office or offices at such
places within or without the State as the Board of Directors or Management may
from time to time find necessary or desirable.
The books, documents and papers of the Corporation, except as may be
otherwise required by the laws of the State of Pennsylvania, may be kept outside
of the said State at such places as the Board of Directors may from time to time
appoint.
ARTICLE III.
Capital Stock
Every stockholder shall be entitled to have a certificate, signed by,
or in the name of the Corporation, by the President, a Senior Vice President or
a Vice President and the Treasurer or an Assistant Treasurer of the Corporation,
certifying the number of shares owned by him in the Corporation. Such
certificate shall be transferable on the stock books of the Corporation in
person or by attorney, but, except as hereinafter provided in the case of loss,
destruction or mutilation of certificates, no transfer of stocks shall be
entered until the previous certificate, if any, given for the same shall have
been surrendered and cancelled.
<PAGE> 2
The person in whose name shares of stock stand on the books of the
Corporation shall be deemed the owner thereof for all purposes as regards the
Corporation.
The Board of Directors may make such rules and regulations as it may
deem expedient, not inconsistent with these Bylaws, concerning the issue,
transfer and registration of certificates for shares of the capital stock of the
Corporation.
The Board of Directors, unless a different period is otherwise
specified by law, may close the stock transfer books of the Corporation for a
period not exceeding forty days preceding the date of any meeting of
stockholders or the date for payment of any dividends or the date for the
allotment of rights or the date when any change or conversion or exchange of
capital stock shall go into effect, or for any other purpose deemed desirable by
the Board of Directors; provided, however, that in lieu of closing the stock
transfer books as aforesaid, the Board of Directors may fix in advance a date,
not exceeding forty days preceding the date of any meeting of stockholders or
the date for the payment of any dividends, or the date for the allotment of
rights, or the date when any change or conversion or exchange of capital stock
shall go into effect, as a record date for the determination of the stockholders
entitled to notice of, and to vote at, any such meeting, or entitled to receive
payment of any such dividend, or to any such allotment of rights, or to exercise
the rights in respect of any such change, conversion or exchange of capital
stock, and in such case such stockholders and only such stockholders as shall be
stockholders of record on the date so fixed shall be entitled to such notice of,
and to vote at, such meeting, or to receive payment of such dividend, or to
receive such allotment of rights, or to exercise such rights, as the case may
be, notwithstanding any transfer of any stock on the books of the Corporation
after any such record date fixed as aforesaid.
In case of loss, destruction, or mutilation of any certificate of
stock, another may be issued in its place upon proof of such loss, destruction
or mutilation and upon the giving of a satisfactory bond of indemnity to the
Corporation if the Board of Directors so requires in such sum as the Board of
Directors may provide, not exceeding double the value of the stock represented
by the lost certificate.
ARTICLE IV.
Stockholders' Meetings
(a) All regular or special meetings of the stockholders shall be held
at the principal office of the Corporation or at such other locations as may be
designated from time to time by the Board of Directors; provided, however, that
any location for stockholders' meetings other than the principal office shall be
specifically set forth in the notices for such meetings.
(b) The annual meeting of the stockholders for the election of
directors and for the transaction of such other business as may come before the
meeting shall be held in the office of the Corporation in the City of
Pittsburgh, Pennsylvania, on the first Tuesday in May at 11:30 o'clock in the
forenoon.
<PAGE> 3
(c) Special meetings of the stockholders may be called by the Board of
Directors or by the President and shall be called by President or the Secretary
or the Treasurer upon the request of stockholders owning one-fourth of the
outstanding stock of the Corporation entitled to vote at such meeting.
(d) If the annual meeting of the stockholders be not held as herein
prescribed, the election of directors may be held at any meeting thereafter
called pursuant to these By-laws.
(e) Notice of the time and place of the annual and of all special
meetings of the stockholders shall be given to each holder of stock of the
Corporation having power to vote at such meeting by mailing a written or printed
notice of the same at least ten days prior to the meeting, with postage prepaid,
to each such stockholder of record of the Corporation and addressed to him at
his address as registered upon the books of the Corporation. Such notices shall
be mailed in the City of Pittsburgh, Pennsylvania, or in some other place in the
United States if designated by the Board of Directors. Notice of any meeting of
stockholders shall not be required to be given to any stockholder who shall
attend such meeting in person or by proxy; unless such person shall attend such
meeting for the purpose of objection to improper notice; and if any stockholder
shall, in person or by attorney thereunto authorized, in writing or by telegraph
or cable, waive notice of any meeting, whether before or after such meeting be
held, notice thereof need not be given him.
(f) Except where the transfer books of the Corporation shall have been
closed or a date shall have been fixed as a record date for the determination of
its stockholders entitled to vote; as provided in the fourth paragraph of
Article III of these Bylaws, no shares of stock shall be voted on at any
election for directors which shall have been transferred on the books of the
Corporation within twenty days next preceding such election of directors.
It shall be the duty of the officer who shall have charge of the stock
ledger of the Corporation to prepare and make, at least ten days before every
election of directors, a complete list of the stockholders entitled to vote at
said election, arranged in alphabetical order. Such list shall be open at the
place where said election is to be held for said ten days, to the examination of
any stockholder, and shall be produced and kept at the time and place of
election during the whole time thereof, and subject to the inspection of any
stockholder who may be present.
(g) The holders of a majority of the stock issued and outstanding and
entitled to vote thereat, present in person, or represented by proxy, shall be
requisite and shall constitute a quorum at all meetings of the stockholders for
the transaction of any business except as otherwise provided by law, by the
Certificate of Incorporation or by these Bylaws. If, however, such majority
shall not be present or represented at any meeting of the stockholders, the
stockholders entitled to vote thereat, present in person or by proxy, shall have
power to adjourn the meeting from time to time without notice other than
announcement at the meeting until the requisite amount of voting stock shall be
present. At any such adjourned meeting at which the requisite amount of voting
stock shall be represented any business may be transacted which might have been
transacted at the meeting as originally called.
<PAGE> 4
ARTICLE V.
Board of Directors
(a) The management and direction of all the affairs and interests of
the Corporation shall be vested in a Board of Directors, consisting of not to
exceed fifteen and not less than five members, who need not be stockholders. The
directors shall be elected annually and each director shall continue in office
until the annual meeting held next after his election, and until his successor
shall have been elected and qualified, or until his death or until he shall
resign. No person who is a director of the Corporation shall continue as a
director beyond the first day of the month next following his 72nd birthday.
(b) The stockholders of the Corporation may determine at the annual
meeting the number of directors to be elected at said meeting, but if such
action is not taken by the stockholders, then the number of directors to be
elected for the ensuing year shall be the same as was previously determined. The
stockholders or directors may also change the number of directors at any other
meeting duly called and held for such purpose.
(c) It shall be lawful for any or all members of the Board of Directors
to resign at will, effective upon notification in writing or otherwise to the
President or to the Secretary of the Corporation at the Corporation's principal
office.
(d) All vacancies in the Board of Directors, whether caused by
resignation, death or otherwise, may be filled by the remaining directors at any
stated or special meeting, or by the stockholders having voting power at any
regular or special meeting held prior to the filling of such vacancy by the
Board of Directors.
(e) Without prejudice to the general powers conferred by subdivision
(a) of this Article, the Board of Directors shall have and exercise each and
every power granted to them in the Certificate of Incorporation of the
Corporation.
(f) Regular meetings of the Board of Directors shall be held at such
time and place as the Board shall from time to time determine by resolution
adopted by a majority of the directors.
Special meetings of the directors may be called at any time by the
President or, in his absence, by an Executive Vice President, a Senior Vice
President or a Vice President, to take place in the principal office of the
Corporation or in such other office or offices as the directors may determine.
(g) Notice of all special meetings of the Board of Directors shall be
given to each director by five days' service of the same by telegram or
telephone or letter or personally. Such notice shall state the place and hour of
the meeting, but need not state the purposes thereof. Notice of any meeting of
the Board or of any Committee need not be given to any director, however, if
waived by him in writing, or by telegraph or cable, whether before or after such
<PAGE> 5
meeting be held, or if he shall be present at the meeting; and any meeting of
the Board of Directors or of any Committee shall be a legal meeting without any
notice thereof having been given, if all the members shall be present thereat.
Notice of regular meetings of the Board need not be given provided that the
Board has previously designated the time and place. In the absence of written
instructions from a director designating some other address, notice shall be
sufficiently given if addressed to him at his usual business address.
(h) A majority of the whole number of directors shall be necessary at
all meetings of the Board of Directors to constitute a quorum for the
transaction of business; but less than a quorum may adjourn the meeting.
(i) Each director of the Corporation, who is not an officer or employee
of the Corporation or of one of its affiliates, shall be entitled to receive,
for each meeting of the Board which he shall attend, such fee as the Board of
Directors shall from time to time determine, together with his traveling
expenses incurred in going to and coming from such meeting.
ARTICLE VI.
Standing Committees
(a) The Board of Directors shall, by resolution adopted by a majority
of the whole Board, designate annually three or more persons, one of whom shall
be the President of the Corporation, to constitute an Executive Committee. All
but one of the members of the Executive Committee shall be directors and the
additional member shall be an executive officer but not necessarily a director.
The directors may also appoint one or more directors as alternate members of the
Executive Committee who may serve, in such order of succession as the Board may
prescribe, in place of any absent member or members in the event of disaster or
emergency making it otherwise impossible to obtain a quorum of the Committee.
When the Board of Directors is not in session, the Executive Committee shall
have, and may exercise, all lawfully delegable powers of the Board of Directors.
Each member of the Executive Committee shall continue to be a member thereof
only during the pleasure of a majority of the whole Board.
(b) The President shall be the Chairman of the Executive Committee and
the Secretary of the Corporation shall act as the Secretary thereof. In the
absence from any meeting of the Executive Committee of its Chairman, the
Committee shall appoint a Chairman of the meeting. In the absence from any
meeting of the Executive Committee of its Secretary, the Committee shall appoint
a Secretary of the meeting.
(c) Regular meetings of the Executive Committee, of which no notice
shall be necessary, shall be held on such days and at such places as shall be
fixed by resolution adopted by a majority of such Committee and communicated to
all of its members. Special meetings of the Committee may be called at the
request of any member of such Committee. Due notice of each special meeting of
the Committee shall be given by mail, telegraph or telephone or be delivered
personally, to each member of such Committee. Notice of any such meeting need
not
<PAGE> 6
be given to any member of the Committee, however, if waived by him in writing or
by telegraph or cable, whether before or after such meeting be held, or if he
shall be present at the meeting; and any meeting of the Committee shall be a
legal meeting without any notice thereof having been given, if all the members
of the Committee shall be present thereat. In the absence of written
instructions from a member of the Committee designating some other address,
notice shall be sufficiently given if addressed to him at his usual business
address. Subject to the provisions of this Article VI, the Committee, by
resolution of a majority of all of its members, shall fix its own rules of
procedure and shall keep a record of its proceedings which shall be entered upon
the minute book of the Corporation and reported to the Board of Directors at the
next regular meeting thereof after such proceedings shall have been taken. All
such proceedings shall be subject to revision or alteration by the Board of
Directors; provided, however, that third parties shall not be prejudiced by such
revision or alteration and provided that all actions of the Committee shall be
valid until such revision or alteration by the Board.
(d) A majority of the Executive Committee, or one-half of the members
should the Committee consist of an even number, shall constitute a quorum for
the transaction of business, and the act of a majority of those present at a
meeting at which a quorum is present shall be the act of the Committee. Less
than a quorum may adjourn a meeting. The members of the Committee shall act only
as a committee, and the individual members shall have no power as such.
(e) Any member of the Executive Committee may resign at any time by
giving notice, in writing or otherwise, to the President or to the Secretary of
the Corporation. Such resignation shall take effect at the time specified in
such notice and, unless otherwise specified therein, the acceptance of such
resignation shall not be necessary to make it effective.
(f) Any vacancy in the Executive Committee shall be filled by the vote
of a majority of the Board of Directors.
(g) The members of the Executive Committee shall be entitled to receive
such fees and compensation as the Board of Directors may determine.
(h) The Board of Directors may also appoint such other standing or
temporary committees from time to time as they may see fit, investing them with
all or any part of their own powers. All committees shall adopt their own rules
of procedure and shall report their proceedings to the Board of Directors or to
the Executive Committee at the various meetings thereof.
ARTICLE VII.
Officers
(a) The officers of the Corporation shall be the President, one or more
Executive Vice Presidents, one or more Senior Vice Presidents, one or more Vice
Presidents, the Secretary, the Treasurer, and the Controller, who shall be
elected by the Board of Directors, and such
<PAGE> 7
additional Assistant Secretaries, Assistant Treasurers, Assistant Controllers,
and subordinate officers as may from time to time be elected or appointed by the
Board of Directors or appointed by the President. The President shall be chosen
from among the directors.
Any two of the above offices, except the offices of President and Vice
President, may be held by the same person.
All of the officers of the Corporation shall hold office for one year
and until others are elected or appointed and qualified in their stead, unless
in the election or appointment of the officer it shall be specified that he
holds his office for a shorter period or subject to the pleasure of the Board of
Directors.
All vacancies in such offices by resignation, death or otherwise may be
filled by the Board of Directors.
(b) The President shall be the chief executive officer and have general
and active supervision and direction over the business and affairs of the
Corporation and over its several officers, subject, however, to the control of
the Board of Directors and of the Executive Committee. He shall, if present,
preside at all meetings of the stockholders and at all meetings of the Board of
Directors. He shall see that all orders and resolutions of the Board of
Directors and of the Executive Committee are carried into effect. He shall make
a report of the state of the business of the Corporation at each annual meeting
of the stockholders and from time to time he shall report to the stockholders
and to the Board of Directors and to the Executive Committee all matters within
his knowledge which in his judgment the interests of the Corporation may require
to be brought to their notice. He shall be ex officio a member of all standing
committees of the Board of Directors; and he shall perform such other duties as
may be assigned to him from time to time by the Board of Directors. The
President shall have general and active supervision over the operations of the
Corporation subject, however, to and to the control of the Board of Directors
and of the Executive Committee. In general, he shall perform all duties incident
to the office of President and chief operating officer, and such other duties as
from time to time may be assigned to him by the Board of Directors or by the
Executive Committee.
(c) The Executive Vice Presidents, Senior Vice Presidents and the Vice
Presidents shall perform such duties as the Board of Directors or the President
shall, from time to time, prescribe. In the absence or incapacity of the
President, the Executive Vice President, the Senior Vice President or the Vice
President designated by the President or the Executive Committee shall exercise
the powers and duties of the President.
(d) The Treasurer shall keep full and accurate accounts of receipts and
disbursements in books belonging to the Corporation, shall deposit all moneys
and other valuables in the name and to the credit of the Corporation, in such
depositories and shall disburse the funds of the Corporation, as may be ordered
by the Board of Directors or the appropriate officers of the Corporation.
He shall also perform such other duties as the Board of Directors or
the
<PAGE> 8
appropriate officers of the Corporation may from time to time prescribe.
If required by the Board of Directors, he shall give the Corporation a
bond in a form and in a sum with surety satisfactory to the Board of Directors
for the faithful performance of the duties of his office and the restoration to
the Corporation in the case of his death, resignation or removal from office of
all books, papers, vouchers, money and other property of whatever kind in his
possession belonging to the Corporation.
At the request of the Treasurer, or in his absence or inability to act,
the Assistant Treasurer or, if there be more than one, the Assistant Treasurer
designated by the Treasurer, shall perform the duties of the Treasurer and when
so acting shall have all the powers of and be subject to all the restrictions of
the Treasurer. The Assistant Treasurers shall perform such other duties as may
from time to time be assigned to them by the President, the Treasurer, or the
Board of Directors.
The Assistant Treasurers shall perform such other duties as may from
time to time be assigned to them by the appropriate officers of the Corporation
or the Board of Directors.
(e) The Secretary shall attend all meetings of the Board of Directors
and of the stockholders and act as Clerk thereof and record all votes and the
minutes of all proceedings in a book to be kept for that purpose, and shall
perform like duties for the standing committees when required.
He shall keep in safe custody the seal of the Corporation and, whenever
authorized by the Board or the Executive Committee, affix the seal to any
instrument requiring the same.
He shall see that proper notice is given of all meetings of the
stockholders of the Corporation and of the Board of Directors and shall perform
such other duties as may be prescribed from time to time by the Board of
Directors.
At the request of the Secretary, or in his absence or inability to act,
the Assistant Secretary or, if there be more than one, the Assistant Secretary
designated by the Secretary, shall perform the duties of the Secretary and when
so acting shall have all the powers of and be subject to all the restrictions of
the Secretary. The Assistant Secretaries shall perform such other duties as may
from time to time be assigned to them by the President, the Secretary, or the
Board of Directors.
(f) The Controller shall maintain the corporate books and records,
prepare and monitor the operating budgets, financial plans and construction
budgets, determine and pay the Corporation's tax liability, prepare the
Corporation's insurance reports, and render an accounting of all his
transactions as Controller and of the financial condition of the Corporation.
He shall also perform such other duties as the Board of Directors or
the appropriate officers of the Corporation may from time to time prescribe.
<PAGE> 9
At the request of the Controller, or in his absence or inability to
act, the Assistant Controller, or, if there be more than one, the Assistant
Controller designated by the Controller, shall perform the duties of the
Controller and when so acting shall have all the powers of and be subject to all
the restrictions of the Controller. The Assistant Controllers shall perform such
other duties as may from time to time be assigned to them by the appropriate
officers of the Corporation or the Board of Directors.
(g) In the case of absence or inability to act of any officer of the
Corporation, and of any person herein authorized to act in his place, the Board
of Directors may from time to time delegate the powers or duties of such officer
to any other officer or any director or other person whom they may select.
(h) Any officer of the Corporation may be removed, either with or
without cause, at any time, by resolution adopted by the Board of Directors at a
special meeting of the Board called for that purpose.
ARTICLE VIII.
Contracts, Checks, Notes, Etc.
(a) All contracts and agreements authorized by the Board of Directors
or the Executive Committee, and all checks, drafts, notes, bonds, 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 otherwise required by law, be signed by (1)
either the President, an Executive Vice President, a Senior Vice President or a
Vice President, and (2) any one of the following officers: Treasurer, Assistant
Treasurer, Secretary, Assistant Secretary, Controller or Assistant Controller.
The Board of Directors may, however, notwithstanding the foregoing provision, by
resolution adopted at any meeting, authorize any of said officers to sign
contracts and agreements, 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 different
combinations of such officers, who may, in the name of the Corporation, execute
contracts and agreements, checks, drafts and such orders for the payment of
money in its behalf. Further, the Treasurer is authorized to designate to the
Corporation's banks, in writing, individuals employed by the Corporation and 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 in any manner provided
above, which designate the recipients of such amounts and which identify what
shall be treated as routine items.
(b) Anything in subdivision (a) of this Article VIII to the contrary
notwithstanding, the officers of this Corporation may open in the name of the
Corporation
<PAGE> 10
special accounts appropriately designated in which shall be deposited funds of
the Corporation transferred from the Corporation's other accounts by its checks
signed in accordance with the requirements of subdivision (a) of this Article
VIII, but from which special accounts funds may be disbursed by check of the
Corporation designated as drawn against such special account and signed by the
single signature of any one of the executive officers of the Corporation
authorized by subdivision (a) of this Article VIII to sign checks of the
Corporation or signed by the single signature of any other person expressly
authorized by the Board to sign checks disbursing funds from such special
accounts.
ARTICLE IX.
Fiscal Year
The fiscal year of the Corporation shall begin on the first day of
January in each year.
ARTICLE X
Indemnification
(a) Any person made or threatened to be made a party to any threatened,
pending or completed action, suit or proceeding (whether civil, criminal,
administrative or investigative), by reason of the fact that he was or is a
director, officer or employee of the Corporation which he serves or served as
such at the request of the Corporation, shall, subject to the provisions of
subsection (b) hereof and except as prohibited by law, be indemnified by the
Corporation against expenses and liabilities actually and reasonably incurred by
him in connection with such action, suit or proceeding; except that no
indemnification shall be made in respect of any claim, issue or matter in any
action, suit or proceeding by or in the right of the Corporation as to which
such person shall have been adjudged to be liable for negligence or misconduct
in the performance of his duty to the Corporation. As used in this Article X the
term "expenses" shall include attorneys' fees and disbursements and the term
"liabilities" shall include judgments, fines, penalties and amounts paid in
settlement.
(b) Indemnification under the foregoing subsection (a) shall be subject
to the following additional provisions:
(i) Except in cases of indemnification to be made on the basis
and to the extent that the person to be indemnified has been successful
on the merits or otherwise in defense of an action, suit or proceeding,
or a claim, issue or matter therein, any indemnification under said
subsection (a) shall be made only if authorized by the Board of
Directors acting by a quorum consisting of directors who are not
parties to such action or proceeding or, in the event such quorum is
not obtainable, then by the Board upon the opinion, in writing, of
independent legal counsel finding that indemnification is proper under
the circumstances
<PAGE> 11
because the applicable standard of conduct was met by such director,
officer or employee, to wit, that he acted in good faith and in a
manner he reasonably believed to be in or not opposed to the best
interests of the Corporation and, with respect to any criminal action
or proceeding, had no reasonable cause to believe his conduct was
unlawful. The termination of any claim, action, suit or proceeding by
judgment, order, settlement or conviction or on a plea of nolo
contendere or its equivalent, shall not, of itself, create a
presumption that a person did not meet the foregoing standards of
conduct.
(ii) Any indemnification under said subsection (a) of a director,
officer or employee of the Corporation against his liabilities in
connection with an action, suit or proceeding by or in the right of the
Corporation to procure a judgment in its favor, and any indemnification
under said subsection (a) of a director, officer or employee against
his expenses and liabilities in connection with any action, suit or
proceeding, whether or not he has been successful on the merits or
otherwise in defense thereof or of a claim, issue or matter therein,
shall (unless required by law or ordered by a court) be made by the
Corporation only if and to the extent authorized by the Board of
Directors of the Corporation, in its discretion, acting either (1) by a
majority vote of a quorum consisting of directors who are not parties
to such action, suit or proceeding or (2) if such a quorum is not
obtainable, by a majority vote of a quorum which may include directors
who are parties, but shall include all available directors who are not
parties, to such action, suit or proceeding.
(c) Expenses incurred in defending a civil or criminal action, suit or
proceeding may be paid by the Corporation in advance of the final disposition of
such action, suit or proceeding as authorized by the Board of Directors acting
either by a majority vote of a quorum consisting of directors not parties to the
action, suit or proceeding, or if such a quorum is not obtainable, by a majority
vote of a quorum which may include directors who are parties, but shall include
all available directors who are not parties, to such action, suit or proceeding,
upon receipt of an undertaking by or on behalf of the person to be indemnified
to repay such amount unless it shall ultimately be determined that he is
entitled to be indemnified by the Corporation.
(d) The rights of indemnification provided in this Article X shall be
in addition to any rights to which any person referred to in subsection (a) of
this Article X may otherwise lawfully be entitled and shall be available whether
or not the claim asserted against such person is based on matters which antedate
the adoption of this Article X.
(e) The indemnification provided or authorized by this Article shall
continue as to a person who has ceased to be a director, officer, or employee
and shall inure to the benefit of the heirs, executors and administrators of
such person.
ARTICLE XI
Amendment of Bylaws
<PAGE> 12
These Bylaws may be amended at any regular or special meeting of the
stockholders of the Corporation having voting power by a majority vote of a
quorum thereof.
# # # #
<PAGE> 1
EXHIBIT 8-A
ARTICLES OF AMENDMENT OF
ARTICLES OF INCORPORATION OF
COMMONWEALTH GAS SERVICES, INC.
Commonwealth Gas Services, Inc., a corporation organized and existing
under and by virtue of the laws of the Commonwealth of Virginia, does hereby
certify:
FIRST: The name of the Corporation is Commonwealth Gas Services,
Inc.
SECOND: The Articles of Incorporation of the Corporation shall be
amended in the following respect and any provisions thereof that
conflict with the following provision shall be of no effect:
Commonwealth Gas Services, Inc., shall have authority to issue
1,450,000 shares of Common Stock of the par value of $50 each.
THIRD: That the Board of Directors of said Corporation at a
meeting thereof duly held on February 15, 1995 unanimously adopted the
folllowing:
<PAGE> 2
RESOLVED, That the Articles of Incorporation of this Corporation
be amended to increase the authorized number of shares of Common Stock
from One Million shares (1,000,000), of par value of Fifty Dollars
($50) per share, to One Million Four Hundred Fifty Thousand shares
(1,450,000), of the par value of Fifty Dollars ($50) per share; and
RESOLVED FURTHER, that upon the unanimous consent and agreement
in writing of the sole holder of all the capital stock of said
Corporation, the proper officers of this Corporation be, and hereby
are, authorized and directed to take all action necessary to carry into
effect the provisions of these Resolutions.
FOURTH: That in lieu of a meeting and vote, the sole shareholder
has given written consent to said amendment in accordance with the
provisions of the law of the Commonwealth of Virginia.
FIFTH: That the aforesaid amendment was duly adopted in
accordance with the applicable provisions of the law of the
Commonwealth of Virginia.
<PAGE> 3
IN WITNESS WHEREOF, said Commonwealth Gas Services, Inc., has caused
its corporate seal to be hereunto affixed and this Certificate to be signed by
C. Ronald Tilley, Chairman and attested by Andrew J. Sonderman, its Secretary,
this 15th day of February, 1995.
Commonwealth Gas Services, Inc.
BY: /s/ RONALD TILLEY
-------------------------
C. Ronald Tilley, Chairman
ATTEST:
BY /s/ ANDREW J. SONDERMAN
- ---------------------------------
Andrew J. Sonderman, Secretary
<PAGE> 4
CONSENT
in Lieu of Special Meeting of the Sole Shareholder of
Commonwealth Gas Services, Inc.
The undersigned, THE COLUMBIA GAS SYSTEM, INC., a Delaware corporation,
being the sole shareholder of Commonwealth Gas Services, Inc., a Virginia
corporation, pursuant to the laws of the Commonwealth of Virginia, hereby waives
notice of the time, place and purposes of a meeting for the purpose of the
following action, and takes the following action without meeting:
WHEREAS, at a regular meeting of the Board of Directors of Commonwealth
Gas Services, Inc., held on February 15, 1995, the following Resolution was
adopted by said Board:
Amendment of Articles of Incorporation
To Increase Authorized Shares of Capital Stock
RESOLVED, That the Articles of Incorporation of this Corporation
be amended to increase the authorized number of shares of Common Stock
from One Million shares (1,000,000), of par value of Fifty Dollars
($50) per share, to One Million Four Hundred Fifty Thousand shares
(1,450,000), of the par value of Fifty Dollars ($50) per share; and
RESOLVED FURTHER, that upon the unanimous consent and agreement
in writing of the sole holder of all the capital stock of said
Corporation, the proper officers of this Corporation be, and hereby
are, authorized and directed to take all action necessary to carry into
effect the provisions of these Resolutions.
WHEREAS, the sole shareholder of Commonwealth Gas Services, Inc., is of
the opinion that the aforesaid Resolution is necessary and proper;
<PAGE> 5
NOW, THEREFORE, The Columbia Gas System, Inc., the sole shareholder of
Commonwealth Gas Services, Inc., does hereby consent to the amendment to the
Articles of Incorporation of said Corporation and to all actions taken or
directed to be taken, as hereinabove and in said Resolution set forth.
IN WITNESS WHEREOF, THE COLUMBIA GAS SYSTEM, INC. has caused this
Consent to be duly executed in its corporate name and under its corporate seal,
as of the 15th day of February, 1995.
THE COLUMBIA GAS SYSTEM, INC.
By: /s/ J. H. CROOM
---------------
Chairman
(SEAL)
Attest:
/s/ D. L. BELL, JR.
- ---------------------
Secretary
<PAGE> 6
Mr. Skaggs advised the Board of Directors that the proposed maximum
long-term financing level for Commonwealth Gas Services for the period 1995
through 1999 contemplates the need to issue additional common stock. A portion
of this financing projection was reflected in the most recent Form U-1 submitted
by The Columbia Gas System, Inc. to the Securities and Exchange Commission.
Mr. Skaggs further advised the Board that the number of shares of
common stock currently authorized by the Articles of Incorporation of the
Corporation are insufficient to achieve the proposed financing level.
Mr. Skaggs recommended that the Articles of Incorporation be amended to
permit the proposed financing level to be achieved.
After discussion, on motion duly made and seconded, the following
resolution was unanimously adopted:
Amendment of Articles of Incorporation
To Increase Authorized Shares of Capital Stock
RESOLVED, That the Articles of Incorporation of this Corporation
be amended to increase the authorized number of shares of Common Stock
from One Million shares (1,000,000), of par value of Fifty Dollars
($50) per share, to One Million Four Hundred Fifty Thousand shares
(1,450,000), of the par value of Fifty Dollars ($50) per share; and
RESOLVED FURTHER, that upon the unanimous consent and agreement
in writing of the sole holder of all the capital stock of said
Corporation, the proper officers of this Corporation be, and hereby
are, authorized and directed to take all action necessary to carry into
effect the provisions of these Resolutions.
<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>
<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
<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 subsection
(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
<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, 1995
<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.
<PAGE> 2
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
<TABLE> <S> <C>
<ARTICLE> OPUR1
<LEGEND>
THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES EXHIBIT 27
ARTICLE OPUR1
FINANCIAL DATA SCHEDULE
</LEGEND>
<CIK> 0000022099
<NAME> COLUMBIA GAS SYSTEM, INC.
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THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES EXHIBIT 27
ARTICLE OPUR1
FINANCIAL DATA SCHEDULE
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<CIK> 0000022099
<NAME> COLUMBIA GAS SYSTEM, INC.
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THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES EXHIBIT 27
ARTICLE OPUR1
FINANCIAL DATA SCHEDULE
</LEGEND>
<CIK> 0000022099
<NAME> COLUMBIA GAS SYSTEM, INC.
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THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES EXHIBIT 27
ARTICLE OPUR1
FINANCIAL DATA SCHEDULE
</LEGEND>
<CIK> 0000022099
<NAME> COLUMBIA GAS SYSTEM, INC.
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<LEGEND>
THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES EXHIBIT 27
ARTICLE OPUR1
FINANCIAL DATA SCHEDULE
</LEGEND>
<CIK> 0000022099
<NAME> COLUMBIA GAS SYSTEM, INC.
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<LEGEND>
THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES EXHIBIT 27
ARTICLE OPUR1
FINANCIAL DATA SCHEDULE
</LEGEND>
<CIK> 0000022099
<NAME> COLUMBIA GAS SYSTEM, INC.
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