<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_____________________
FORM 11-K
ANNUAL REPORT
Pursuant to Section 15(d) of the Securities Exchange Act of 1934
For the Fiscal Year Ended June 30, 1994
_____________________
THRIFT PLANS
of
CONSOLIDATED NATURAL GAS COMPANY
and
ITS PARTICIPATING SUBSIDIARIES
(Full Title of the Plan)
_____________________
Consolidated Natural Gas Company
(Name of Issuer of the Securities)
CNG Tower
Pittsburgh, Pennsylvania 15222-3199
(Address of Principal Executive Office)
<PAGE> 2
THRIFT PLANS OF CONSOLIDATED NATURAL GAS COMPANY
AND ITS PARTICIPATING SUBSIDIARIES
FORM 11-K ANNUAL REPORT
For the Fiscal Year Ended June 30, 1994
TABLE OF CONTENTS
Page
____
Report of Independent Accountants . . . . . . . . . . . . . . . . . . 1
General Thrift Trust - Statement of Financial Condition . . . . . . . 2
General Thrift Trust - Statement of Income
and Changes in Participants' Equity . . . . . . . . . . . . . . . . 3
Alternate Thrift Trust - Statement of Financial Condition . . . . . . 4
Alternate Thrift Trust - Statement of Income
and Changes in Participants' Equity . . . . . . . . . . . . . . . . 5
Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . 7
Exhibits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
<PAGE> 3
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees of the Thrift Plans of
Consolidated Natural Gas Company and Its Participating Subsidiaries
In our opinion, the accompanying statements of financial condition and the
related statements of income and changes in participants' equity present
fairly, in all material respects, the financial position of the General and
Alternate Thrift Trusts implementing the several Thrift Plans of Consolidated
Natural Gas Company and Its Participating Subsidiaries (the "Thrift Plans") at
June 30, 1994 and 1993, and the results of their operations and the changes in
their participants' equity for the years then ended, in conformity with
generally accepted accounting principles. These financial statements are the
responsibility of the management of Consolidated Natural Gas Company; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these statements in accordance with
generally accepted auditing standards which 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, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for the
opinion expressed above.
Our audits were performed for the purpose of forming an opinion on the
basic financial statements taken as a whole. The fund information in the
statements of financial condition and statements of income and changes in
participants' equity is presented for purposes of additional analysis rather
than to present the statements of financial condition and statements of income
and changes in participants' equity of each fund. The fund information has
been subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
PRICE WATERHOUSE
600 Grant Street
Pittsburgh, Pennsylvania 15219
December 9, 1994
1
<PAGE> 4
<TABLE>
CONSOLIDATED NATURAL GAS COMPANY THRIFT PLANS
GENERAL THRIFT TRUST
STATEMENT OF FINANCIAL CONDITION WITH FUND INFORMATION
<CAPTION>
at June 30, 1994
___________________________________________
Consolidated
Natural Gas Cash
Company (General
Common Investments Funds
Stock Fund Fund) Combined
____________ ___________ ___________
<S> <C> <C> <C>
Assets:
Consolidated Natural Gas Company common stock held
for participants:
Common stock at market value,
June 30, 1994 - 127,218 shares,
June 30, 1993 - 156,682 shares
(cost, June 30, 1994 - $1,901,907,
June 30, 1993 - $2,115,958) (Note 6) . . . . . . . $ 4,802,480 $ - $ 4,802,480
Temporary investments at cost (which approximates
market value) (Exhibit I) . . . . . . . . . . . . . . - 22,850,000 22,850,000
Interest receivable . . . . . . . . . . . . . . . . . - 44,340 44,340
Cash . . . . . . . . . . . . . . . . . . . . . . . . . - 19,760 19,760
Contributions and loan deductions due from employers . - 1,532,034 1,532,034
Loans to participants (secured) . . . . . . . . . . . - 13,757 13,757
___________ ___________ ___________
TOTAL ASSETS . . . . . . . . . . . . . . . . . . $ 4,802,480 $24,459,891 $29,262,371
=========== =========== ===========
Liabilities and Participants' Equity:
Accounts payable . . . . . . . . . . . . . . . . . . . $ - $ 2,033 $ 2,033
Participants' equity (Note 10) . . . . . . . . . . . . 4,802,480 24,457,858 29,260,338
___________ ___________ ___________
TOTAL LIABILITIES AND PARTICIPANTS' EQUITY . . . $ 4,802,480 $24,459,891 $29,262,371
=========== =========== ===========
The accompanying notes and exhibits are an integral part of the financial statements.
</TABLE>
2
<PAGE> 5
<TABLE>
CONSOLIDATED NATURAL GAS COMPANY THRIFT PLANS
GENERAL THRIFT TRUST
STATEMENT OF FINANCIAL CONDITION WITH FUND INFORMATION
<CAPTION>
at June 30, 1993
___________________________________________
Consolidated
Natural Gas Cash
Company (General
Common Investments Funds
Stock Fund Fund) Combined
____________ ___________ ___________
<S> <C> <C> <C>
Assets:
Consolidated Natural Gas Company common stock held
for participants:
Common stock at market value,
June 30, 1994 - 127,218 shares,
June 30, 1993 - 156,682 shares
(cost, June 30, 1994 - $1,901,907,
June 30, 1993 - $2,115,958) (Note 6) . . . . . . . $ 8,284,561 $ - $ 8,284,561
Temporary investments at cost (which approximates
market value) (Exhibit I) . . . . . . . . . . . . . . - 22,875,000 22,875,000
Interest receivable . . . . . . . . . . . . . . . . . - 31,461 31,461
Cash . . . . . . . . . . . . . . . . . . . . . . . . . - 25,264 25,264
Contributions and loan deductions due from employers . - 1,526,673 1,526,673
Loans to participants (secured) . . . . . . . . . . . - 13,757 13,757
___________ ___________ ___________
TOTAL ASSETS . . . . . . . . . . . . . . . . . $ 8,284,561 $24,472,155 $32,756,716
=========== =========== ===========
Liabilities and Participants' Equity:
Accounts payable . . . . . . . . . . . . . . . . . . . $ - $ 2,033 $ 2,033
Participants' equity (Note 10) . . . . . . . . . . . . 8,284,561 24,470,122 32,754,683
___________ ___________ ___________
TOTAL LIABILITIES AND PARTICIPANTS' EQUITY . . . $ 8,284,561 $24,472,155 $32,756,716
=========== =========== ===========
The accompanying notes and exhibits are an integral part of the financial statements.
</TABLE>
2
<PAGE> 6
<TABLE>
CONSOLIDATED NATURAL GAS COMPANY THRIFT PLANS
GENERAL THRIFT TRUST
STATEMENT OF INCOME AND CHANGES IN PARTICIPANTS' EQUITY WITH FUND INFORMATION
<CAPTION>
Year Ended June 30, 1994
_______________________________________
Consolidated
Natural Gas Cash
Company (General
Common Investments Funds
Stock Fund Fund) Combined
____________ ___________ ___________
<S> <C> <C> <C>
Contributions (Notes 4 and 5):
From participating employees . . . . . . . . . . . . . . . . . $ - $19,254,481 $19,254,481
Dividend income . . . . . . . . . . . . . . . . . . . . . . . . . - 97,417 97,417
Interest income from temporary investments . . . . . . . . . . . - 530,244 530,244
Income from loans to participants . . . . . . . . . . . . . . . . - - -
Increase in unrealized appreciation of Consolidated
Natural Gas Company common stock included in
participants' equity (Note 6) . . . . . . . . . . . . . . . . . - - -
Interfund conversions - net . . . . . . . . . . . . . . . . . . . 172,775 (172,775) -
___________ ___________ ___________
TOTAL ADDITIONS AND TRUST FUND INCOME . . . . . . . . . . 172,775 19,709,367 19,882,142
___________ ___________ ___________
Benefits paid to participants . . . . . . . . . . . . . . . . . . 386,827 19,721,631 20,108,458
Decrease in unrealized appreciation of Consolidated
Natural Gas Company common stock included in
participants' equity (Note 6) . . . . . . . . . . . . . . . . . 3,268,029 - 3,268,029
___________ ___________ ___________
TOTAL DEDUCTIONS . . . . . . . . . . . . . . . . . . . . 3,654,856 19,721,631 23,376,487
___________ ___________ ___________
Net increase/(decrease) in participants' equity during the year . (3,482,081) (12,264) (3,494,345)
Participants' equity at beginning of year . . . . . . . . . . . . 8,284,561 24,470,122 32,754,683
___________ ___________ ___________
Participants' equity at end of year . . . . . . . . . . . . . . . $ 4,802,480 $24,457,858 $29,260,338
=========== =========== ===========
The accompanying notes and exhibits are an integral part of the financial statements.
</TABLE>
3
<PAGE> 7
<TABLE>
CONSOLIDATED NATURAL GAS COMPANY THRIFT PLANS
GENERAL THRIFT TRUST
STATEMENT OF INCOME AND CHANGES IN PARTICIPANTS' EQUITY WITH FUND INFORMATION
<CAPTION>
Year Ended June 30, 1993
_______________________________________
Consolidated
Natural Gas Cash
Company (General
Common Investments Funds
Stock Fund Fund) Combined
____________ ___________ ___________
<S> <C> <C> <C>
Contributions (Notes 4 and 5):
From participating employees . . . . . . . . . . . . . . . . . $ - $19,114,841 $19,114,841
Dividend income . . . . . . . . . . . . . . . . . . . . . . . . . - 111,078 111,078
Interest income from temporary investments . . . . . . . . . . . - 478,482 478,482
Income from loans to participants . . . . . . . . . . . . . . . . - 90 90
Increase in unrealized appreciation of Consolidated
Natural Gas Company common stock included in
participants' equity (Note 6) . . . . . . . . . . . . . . . . . 801,363 - 801,363
Interfund conversions - net . . . . . . . . . . . . . . . . . . . 20,151 (20,151) -
___________ ___________ ___________
TOTAL ADDITIONS AND TRUST FUND INCOME . . . . . . . . . . 821,514 19,684,340 20,505,854
___________ ___________ ___________
Benefits paid to participants . . . . . . . . . . . . . . 320,266 18,882,165 19,202,431
Decrease in unrealized appreciation of Consolidated
Natural Gas Company common stock included in
participants' equity (Note 6) . . . . . . . . . . . . . . . . . - - -
___________ ___________ ___________
TOTAL DEDUCTIONS . . . . . . . . . . . . . . . . . . . . 320,266 18,882,165 19,202,431
___________ ___________ ___________
Net increase/(decrease) in participants' equity during the year . 501,248 802,175 1,303,423
Participants' equity at beginning of year . . . . . . . . . . . . 7,783,313 23,667,947 31,451,260
___________ ___________ ___________
Participants' equity at end of year . . . . . . . . . . . . . . . $ 8,284,561 $24,470,122 $32,754,683
=========== =========== ===========
The accompanying notes and exhibits are an integral part of the financial statements.
</TABLE>
3
<PAGE> 8
<TABLE>
CONSOLIDATED NATURAL GAS COMPANY THRIFT PLANS
ALTERNATE THRIFT TRUST
STATEMENT OF FINANCIAL CONDITION WITH FUND INFORMATION
<CAPTION>
at June 30, 1994
___________________________________________________________
Consolidated Dominion
Natural Gas Resources Cash
Company Incorporated
(General
Common Common Diversified Investments
Stock Fund Stock Fund Fund Fund)
_____________ ____________ ___________
___________
<S> <C> <C> <C> <C>
Assets:
Consolidated Natural Gas Company
common stock, at market, June 30,
1994 - 11,374,812 shares, June 30,
1993 - 11,010,341 shares (cost
June 30, 1994 - $309,594,615,
June 30, 1993 - $283,488,567)
(Note 6) . . . . . . . . . . . . . . $429,399,153 $ - $ - $ -
Dominion Resources, Incorporated
common stock, at market, June 30,
1994 - 152,826 shares, June 30,
1993 - 157,331 shares (cost
June 30, 1994 - $3,758,409,
June 30, 1993 - $3,733,799)
(Note 6) . . . . . . . . . . . . . . - 5,559,052 - -
Common and preferred stock, at
market value (cost June 30, 1994 -
$16,376,586, June 30, 1993 -
$13,774,330) (Exhibit II) . . . . . - - 16,897,258 -
Corporate discounted notes, at
market value (cost June 30, 1994 -
$583,191) (Exhibit III) . . . . . . - - 584,180 -
U. S. government agency Discount
Note, at market value (cost June 30,
1994 - $99,861) (Exhibit IV) . . . . - - 99,953 -
Temporary investments, at cost (which
approximates market value)
(Exhibit V) . . . . . . . . . . . . - - 785,388 2,950,000
Fixed Investment Fund (Exhibit VI) . . - - - -
Loans to Participants . . . . . . . . - - - -
Cash . . . . . . . . . . . . . . . . . - - 3,295 47,833
Dividends and interest receivable . . - - 34,420 5,277
Receivable from sale of common stock - - 14,304 -
Contributions and loan deductions due
from employers . . . . . . . . . . . - - - 36,192
Interfund accounts - receivable/
(payable) . . . . . . . . . . . . . 197,678 (313,416) 81,845 3,807,007
____________ __________ ___________ ___________
TOTAL ASSETS . . . . . . . . . . $429,596,831 $5,245,636 $18,500,643 $ 6,846,309
============ ========== =========== ===========
Liabilities and participants' equity:
Accounts payable . . . . . . . . . . . $ 234,462 $ - $ 80,271 $ 439,031
Participants' equity (Note 10) . . . . 429,362,369 5,245,636 18,420,372 6,407,278
____________ __________ ___________ ___________
TOTAL LIABILITIES AND
PARTICIPANTS' EQUITY . . . . . $429,596,831 $5,245,636 $18,500,643 $ 6,846,309
============ ========== =========== ===========
Participants' equity represented by:
Units credited to participants'
accounts at June 30 . . . . . . . . 194,576
Unit value at June 30 . . . . . . . . $94.67
The accompanying notes and exhibits are an integral part of the financial statements.
</TABLE>
4
<PAGE> 9
<TABLE>
CONSOLIDATED NATURAL GAS COMPANY THRIFT PLANS
ALTERNATE THRIFT TRUST
STATEMENT OF FINANCIAL CONDITION WITH FUND INFORMATION (Continued)
<CAPTION>
at June 30, 1994
____________________________________________
Fixed Participants'
Investment Loan Funds
Fund Fund Combined
_____________ ____________ ___________
<S> <C> <C> <C>
Assets:
Consolidated Natural Gas Company
common stock, at market, June 30,
1994 - 11,374,812 shares, June 30,
1993 - 11,010,341 shares (cost
June 30, 1994 - $309,594,615,
June 30, 1993 - $283,488,567)
(Note 6) . . . . . . . . . . . . . . $ - $ - $429,399,153
Dominion Resources, Incorporated
common stock, at market, June 30,
1994 - 152,826 shares, June 30,
1993 - 157,331 shares (cost
June 30, 1994 - $3,758,409,
June 30, 1993 - $3,733,799)
(Note 6) . . . . . . . . . . . . . . - - 5,559,052
Common and preferred stock, at
market value (cost June 30, 1994 -
$16,376,586, June 30, 1993 -
$13,774,330) (Exhibit II) . . . . . - - 16,897,258
Corporate discounted notes, at
market value (cost June 30, 1994 -
$583,191) (Exhibit III) . . . . . . - - 584,180
U. S. government agency Discount
Note, at market value (cost June 30,
1994 - $99,861) (Exhibit IV) . . . . - - 99,953
Temporary investments, at cost (which
approximates market value)
(Exhibit V) . . . . . . . . . . . . - - 3,735,388
Fixed Investment Fund (Exhibit VI) . . 240,860,534 - 240,860,534
Loans to Participants . . . . . . . . - 9,757,407 9,757,407
Cash . . . . . . . . . . . . . . . . . - - 51,128
Dividends and interest receivable . . - - 39,697
Receivable from sale of common stock - - 14,304
Contributions and loan deductions due
from employers . . . . . . . . . . . - 608,241 644,433
Interfund accounts - receivable/
(payable) . . . . . . . . . . . . . (3,164,873) (608,241) -
____________ ___________ ____________
TOTAL ASSETS . . . . . . . . . . $237,695,661 $ 9,757,407 $707,642,487
============ =========== ============
Liabilities and participants' equity:
Accounts payable . . . . . . . . . . . $ - $ - $ 753,764
Participants' equity (Note 10) . . . . 237,695,661 9,757,407 706,888,723
____________ ___________ ____________
TOTAL LIABILITIES AND
PARTICIPANTS' EQUITY . . . . . $237,695,661 $ 9,757,407 $707,642,487
============ =========== ============
Participants' equity represented by:
Units credited to participants'
accounts at June 30 . . . . . . . .
Unit value at June 30 . . . . . . . .
The accompanying notes and exhibits are an integral part of the financial statements.
</TABLE>
4
<PAGE> 10
<TABLE>
CONSOLIDATED NATURAL GAS COMPANY THRIFT PLANS
ALTERNATE THRIFT TRUST
STATEMENT OF FINANCIAL CONDITION WITH FUND INFORMATION (Continued)
<CAPTION>
at June 30, 1993
__________________________________________________________
Consolidated Dominion
Natural Gas Resources Cash
Company Incorporated
(General
Common Common Diversified Investments
Stock Fund Stock Fund Fund Fund)
____________ ____________ ___________ __________
<S> <C> <C> <C> <C>
Assets:
Consolidated Natural Gas Company
common stock, at market, June 30,
1994 - 11,374,812 shares, June 30,
1993 - 11,010,341 shares (cost
June 30, 1994 - $309,594,615,
June 30, 1993 - $283,488,567)
(Note 6) . . . . . . . . . . . . . . $582,171,780 $ - $ - $ -
Dominion Resources, Incorporated
common stock, at market, June 30,
1994 - 152,826 shares, June 30,
1993 - 157,331 shares (cost
June 30, 1994 - $3,758,409,
June 30, 1993 - $3,733,799)
(Note 6) . . . . . . . . . . . . . . - 7,001,237 - -
Common and preferred stock, at
market value (cost June 30, 1994 -
$16,376,586, June 30, 1993 -
$13,774,330) (Exhibit II) . . . . . - - 14,941,562 -
Corporate discounted notes, at
market value (cost June 30, 1994 -
$583,191) (Exhibit III) . . . . . . - - - -
U. S. government agency Discount
Note, at market value (cost June 30,
1994 - $99,861) (Exhibit IV) . . . . - - - -
Temporary investments, at cost (which
approximates market value)
(Exhibit V) . . . . . . . . . . . . - - 835,329 4,200,000
Fixed Investment Fund (Exhibit VI) . . - - - -
Loans to Participants . . . . . . . . - - - -
Cash . . . . . . . . . . . . . . . . . - - 2,705 36,594
Dividends and interest receivable . . - - 30,807 5,524
Receivable from sale of common stock - - 182,753 4,523,030
Contributions and loan deductions due
from employers . . . . . . . . . . . - - - 34,235
Interfund accounts - receivable/
(payable) . . . . . . . . . . . . . (149,363) (53,100) (57,150)
1,933,316
____________ ___________ ___________ ___________
TOTAL ASSETS . . . . . . . . . . $582,022,417 $ 6,948,137 $15,936,006 $10,732,699
============ =========== =========== ===========
Liabilities and participants' equity:
Accounts payable . . . . . . . . . . . $ - $ - $ 254,158 $ 761,685
Participants' equity (Note 10) . . . . 582,022,417 6,948,137 15,681,848 9,971,014
____________ ___________ ___________ ___________
TOTAL LIABILITIES AND
PARTICIPANTS' EQUITY . . . . . $582,022,417 $ 6,948,137 $15,936,006 $10,732,699
============ =========== =========== ===========
Participants' equity represented by:
Units credited to participants'
accounts at June 30 . . . . . . . . 170,935
Unit value at June 30 . . . . . . . . $91.74
The accompanying notes and exhibits are an integral part of the financial statements.
</TABLE>
4
<PAGE> 11
<TABLE>
CONSOLIDATED NATURAL GAS COMPANY THRIFT PLANS
ALTERNATE THRIFT TRUST
STATEMENT OF FINANCIAL CONDITION WITH FUND INFORMATION (Continued)
<CAPTION>
at June 30, 1993
____________________________________________
Fixed Participants'
Investment Loan Funds
Fund Fund Combined
____________ ____________ ___________
<S> <C <C> <C>
Assets:
Consolidated Natural Gas Company
common stock, at market, June 30,
1994 - 11,374,812 shares, June 30,
1993 - 11,010,341 shares (cost
June 30, 1994 - $309,594,615,
June 30, 1993 - $283,488,567)
(Note 6) . . . . . . . . . . . . . . $ - $ - $582,171,780
Dominion Resources, Incorporated
common stock, at market, June 30,
1994 - 152,826 shares, June 30,
1993 - 157,331 shares (cost
June 30, 1994 - $3,758,409,
June 30, 1993 - $3,733,799)
(Note 6) . . . . . . . . . . . . . . - - 7,001,237
Common and preferred stock, at
market value (cost June 30, 1994 -
$16,376,586, June 30, 1993 -
$13,774,330) (Exhibit II) . . . . . - - 14,941,562
Corporate discounted notes, at
market value (cost June 30, 1994 -
$583,191) (Exhibit III) . . . . . . - - -
U. S. government agency Discount
Note, at market value (cost June 30,
1994 - $99,861) (Exhibit IV) . . . . - - -
Temporary investments, at cost (which
approximates market value)
(Exhibit V) . . . . . . . . . . . . - - 5,035,329
Fixed Investment Fund (Exhibit VI) . . 218,639,235 - 218,639,235
Loans to Participants . . . . . . . . - 9,952,366 9,952,366
Cash . . . . . . . . . . . . . . . . . - - 39,299
Dividends and interest receivable . . - - 36,331
Receivable from sale of common stock - - 4,705,783
Contributions and loan deductions due
from employers . . . . . . . . . . . - 614,039 648,274
Interfund accounts - receivable/
(payable) . . . . . . . . . . . . . (1,059,664) (614,039) -
____________ ___________ ____________
TOTAL ASSETS . . . . . . . . . . $217,579,571 $ 9,952,366 $843,171,196
============ =========== ============
Liabilities and participants' equity:
Accounts payable . . . . . . . . . . . $ - $ - $ 1,015,843
Participants' equity (Note 10) . . . . 217,579,571 9,952,366 842,155,353
____________ ___________ ____________
TOTAL LIABILITIES AND
PARTICIPANTS' EQUITY . . . . . $217,579,571 $ 9,952,366 $843,171,196
============ =========== ============
Participants' equity represented by:
Units credited to participants'
accounts at June 30 . . . . . . . .
Unit value at June 30 . . . . . . . .
The accompanying notes and exhibits are an integral part of the financial statements.
</TABLE>
4
<PAGE> 12
<TABLE>
CONSOLIDATED NATURAL GAS COMPANY THRIFT PLANS
ALTERNATE THRIFT TRUST
STATEMENT OF INCOME AND CHANGES IN PARTICIPANTS' EQUITY
WITH FUND INFORMATION
<CAPTION>
Year Ended June 30, 1994
_________________________________________________________
Consolidated Dominion
Natural Gas Resources Cash
Company Incorporated (General
Common Common Diversified Investments
Stock Fund Stock Fund Fund Fund)
____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
Contributions (Notes 4 and 5):
From participating employees .
From participating employers .
$ 17,271,581 $ - $ 2,327,707 $ 958,625
Dividend income:
Consolidated Natural Gas
Company common stock . . . . 14,596,922 - 236,890 387,151
Other . . . . . . . . . . . . 344,657 - 574,391 8,380
Increase in unrealized
appreciation of investments
included in participants'
equity (Note 6) . . . . . . . . - - - -
Interest income . . . . . . . . . 138 - 30,078 325,056
Realized gain on sale/conversion
of investments (Note 7) . . . . 10,133,552 124,611 514,320 -
Interfund conversions - net . . . (11,842,358) (310,388) 125,664 406,186
____________ __________ ___________ ___________
TOTAL ADDITIONS
AND TRUST
FUND INCOME . . . . . . . 30,504,492 (185,777) 3,809,050 2,085,398
____________ __________ ___________ ___________
Benefits paid to participants . . 4,268,176 100,006 423,966 5,649,134
Decrease in unrealized
appreciation of
investments included
in participants'
equity (Note 6) . . . . . . . . 178,896,364 1,416,718 646,560 -
____________ __________ ___________ ___________
TOTAL DEDUCTIONS . . . . . 183,164,540 1,516,724 1,070,526 5,649,134
____________ __________ ___________ ___________
Net increase/(decrease) in
participants' equity during
the year . . . . . . . . . . . (152,660,048) (1,702,501) 2,738,524
(3,563,736)
Participants' equity at
beginning of year . . . . . . . 582,022,417 6,948,137 15,681,848 9,971,014
____________ __________ ___________ ___________
Participants' equity at
end of year . . . . . . . . . . $429,362,369 $5,245,636 $18,420,372 $ 6,407,278
============ ========== =========== ===========
The accompanying notes and exhibits are an integral part of the financial statements.
</TABLE>
5
<PAGE> 13
<TABLE>
CONSOLIDATED NATURAL GAS COMPANY THRIFT PLANS
ALTERNATE THRIFT TRUST
STATEMENT OF INCOME AND CHANGES IN PARTICIPANTS' EQUITY
WITH FUND INFORMATION (Continued)
<CAPTION>
Year Ended June 30, 1994
__________________________________________
Fixed Participants'
Investment Loan Funds
Fund Fund Combined
_____________ ____________ ____________
<S> <C> <C> <C>
Contributions (Notes 4 and 5):
From participating employees . $ 3,263,969
From participating employers . 26,222,178
____________
$ 8,928,234 $ - 29,486,147
Dividend income:
Consolidated Natural Gas
Company common stock . . . . 6,033,107 - 21,254,070
Other . . . . . . . . . . . . - - 927,428
Increase in unrealized
appreciation of investments
included in participants'
equity (Note 6) . . . . . . . . - - -
Interest income . . . . . . . . . 14,851,046 822,894 16,029,212
Realized gain on sale/conversion
of investments (Note 7) . . . . - - 10,772,483
Interfund conversions - net . . . 12,246,871 (625,975) -
____________ __________ ____________
TOTAL ADDITIONS
AND TRUST
FUND INCOME . . . . . . . 42,059,258 196,919 78,469,340
____________ __________ ____________
Benefits paid to participants . . 21,943,168 391,878 32,776,328
Decrease in unrealized
appreciation of
investments included
in participants'
equity (Note 6) . . . . . . . . - - 180,959,642
____________ __________ ____________
TOTAL DEDUCTIONS . . . . . 21,943,168 391,878 213,735,970
____________ __________ ____________
Net increase/(decrease) in
participants' equity during
the year . . . . . . . . . . . 20,116,090 (194,959) (135,266,630)
Participants' equity at
beginning of year . . . . . . . 217,579,571 9,952,366 842,155,353
____________ __________ ____________
Participants' equity at
end of year . . . . . . . . . . $237,695,661 $9,757,407 $706,888,723
============ ========== ============
The accompanying notes and exhibits are an integral part of the financial statements.
</TABLE>
5
<PAGE> 14
<TABLE>
CONSOLIDATED NATURAL GAS COMPANY THRIFT PLANS
ALTERNATE THRIFT TRUST
STATEMENT OF INCOME AND CHANGES IN PARTICIPANTS' EQUITY
WITH FUND INFORMATION (Continued)
<CAPTION>
Year Ended June 30, 1993
__________________________________________________________
Consolidated Dominion
Natural Gas Resources Cash
Company Incorporated (General
Common Common Diversified Investments
Stock Fund Stock Fund Fund Fund)
____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
Contributions (Notes 4 and 5):
From participating employees .
From participating employers .
$ 17,735,037 $ - $ 1,659,744 $ 538,722
Dividend income:
Consolidated Natural Gas
Company common stock . . . . 16,069,264 - 140,143 275,997
Other . . . . . . . . . . . . . 357,301 - 431,344 11,558
Increase in unrealized
appreciation of investments
included in participants'
equity (Note 6) . . . . . . . . 89,896,008 851,745 - -
Interest income . . . . . . . . . 821 - 57,179 451,949
Realized gain on sale/conversion
of investments (Note 7) . . . . 26,289,246 101,657 1,649,736 -
Interfund conversions - net . . . (42,797,194) (295,755) (212,169) 11,805,109
____________ __________ ___________ ___________
TOTAL ADDITIONS
AND TRUST
FUND INCOME . . . . . . . 107,550,483 657,647 3,725,977 13,083,335
____________ __________ ___________ ___________
Benefits paid to participants . . 2,707,572 51,303 338,454 8,644,299
Decrease in unrealized
appreciation of
investments included
in participants'
equity (Note 6) . . . . . . . . - - 519,636 -
____________ __________ ___________ ___________
TOTAL DEDUCTIONS . . . . . 2,707,572 51,303 858,090 8,644,299
____________ __________ ___________ ___________
Net increase/(decrease) in
participants' equity during
the year . . . . . . . . . . . 104,842,911 606,344 2,867,887 4,439,036
Participants' equity at
beginning of year . . . . . . . 477,179,506 6,341,793 12,813,961 5,531,978
____________ __________ ___________ ___________
Participants' equity at
end of year . . . . . . . . . . $582,022,417 $6,948,137 $15,681,848 $ 9,971,014
============ ========== =========== ===========
The accompanying notes and exhibits are an integral part of the financial statements.
</TABLE>
6
<PAGE> 15
<TABLE>
CONSOLIDATED NATURAL GAS COMPANY THRIFT PLANS
ALTERNATE THRIFT TRUST
STATEMENT OF INCOME AND CHANGES IN PARTICIPANTS' EQUITY
WITH FUND INFORMATION (Continued)
<CAPTION>
Year Ended June 30, 1993
__________________________________________
Fixed Participants'
Investment Loan Funds
Fund Fund Combined
_____________ ____________ ____________
<S> <C> <C> <C>
Contributions (Notes 4 and 5):
From participating employees . $ 2,278,309
From participating employers . 25,146,439
____________
$ 7,491,245 $ - 27,424,748
Dividend income:
Consolidated Natural Gas
Company common stock . . . . 4,833,161 - 21,318,565
Other . . . . . . . . . . . . . - - 800,203
Increase in unrealized
appreciation of investments
included in participants'
equity (Note 6) . . . . . . . . - - 90,747,753
Interest income . . . . . . . . . 13,959,453 834,195 15,303,597
Realized gain on sale/conversion
of investments (Note 7) . . . . - - 28,040,639
Interfund conversions - net . . . 31,841,057 (341,048) -
____________ __________ ____________
TOTAL ADDITIONS
AND TRUST
FUND INCOME . . . . . . . 58,124,916 493,147 183,635,505
____________ __________ ____________
Benefits paid to participants . . 16,030,401 363,141 28,135,170
Decrease in unrealized
appreciation of
investments included
in participants'
equity (Note 6) . . . . . . . . - - 519,636
____________ __________ ____________
TOTAL DEDUCTIONS . . . . . 16,030,401 363,141 28,654,806
____________ __________ ____________
Net increase/(decrease) in
participants' equity during
the year . . . . . . . . . . . 42,094,515 130,006 154,980,699
Participants' equity at
beginning of year . . . . . . . 175,485,056 9,822,360 687,174,654
____________ __________ ____________
Participants' equity at
end of year . . . . . . . . . . $217,579,571 $9,952,366 $842,155,353
============ ========== ============
The accompanying notes and exhibits are an integral part of the financial statements.
</TABLE>
6
<PAGE> 16
CONSOLIDATED NATURAL GAS COMPANY THRIFT PLANS
NOTES TO FINANCIAL STATEMENTS
Note 1 - Accounting Policies:
Significant accounting policies used in the preparation of the
accompanying financial statements are described below.
The accounting records of the Thrift Plans ("Plans") are maintained on the
accrual basis.
Investments in securities are stated as follows:
1. Consolidated Natural Gas Company common stock, herein called
"Corporation common stock", which is held for the account of individual
participants, is stated at quoted market value.
2. Dominion Resources, Incorporated ("DRI") common stock, which is
held for the account of individual participants in the Virginia Natural
Gas, Inc. Employee Savings Plan and Virginia Natural Gas, Inc. Hourly
Savings Plan ("VNG Plans"), successors to the Virginia Power Employee
Savings Plan and Virginia Power Hourly Savings Plan ("Predecessor Plans"),
respectively, is stated at quoted market value. The Predecessor Plans
were sponsored by Virginia Electric & Power Company, a subsidiary of DRI.
3. Securities are stated at quoted market value, except for
temporary investments which are stated at cost which approximates market
value.
4. Corporation common stock has been purchased for participants on
the open market and directly from the Corporation, except that the
Trustees purchased, at current market value, shares or fractional shares
from terminating employees' Thrift Plan and Employee Stock Ownership Plan
accounts and other stockholders. Such shares or fractional shares were
allocated among the accounts of participants directing the Trustees to
purchase Corporation common stock.
5. The Fixed Investment Fund is stated at cost plus accrued
interest.
Dividends received on all shares of Corporation common stock held in the
Alternate Trust are invested in accordance with the participant's investment
direction under the terms of the Plans. However, if any portion of a
participant's investment is directed to the purchase of Corporation common
stock, all dividends on Corporation common stock are invested in such stock.
Dividends received on all shares of DRI common stock held in the Alternate
Trust are invested in additional shares of Corporation common stock.
Diversified Fund Units of the Alternate Trust are prorated to participants
on the basis of unit cost calculated at the end of each month.
<PAGE> 17
Realized gains and losses on the sale of investments are determined using
the average cost method.
Participating employers bear the administrative expenses of the Plans and
of the General and Alternate Trusts ("Trusts"), except that administrative
expenses of the VNG Plans are borne by the participants. Brokerage and
similar charges are included in the participants' transaction costs.
7
CONSOLIDATED NATURAL GAS COMPANY THRIFT PLANS
NOTES TO FINANCIAL STATEMENTS - (Continued)
The Trusts are maintained in accordance with the Plans to provide for the
custody and investment of employee and employer contributions. They are
administered by individual trustees (the "Trustees") who are appointed by and
serve at the pleasure of the Corporation for a term of three years. The
Trustees are employed by and are officers of various subsidiary companies of
the Corporation. The Trustees serve without compensation from the Plans or
Trusts.
Note 2-Description of the Thrift Plans:
The following description of the Plans provides only general information.
Participants should refer to the Thrift Plans' Prospectus and Summary Plan
Descriptions for a more complete description of the Plans' provisions.
The participants in the Thrift Plans are eligible employees of
Consolidated Natural Gas Company and its participating subsidiaries. Each
employee is eligible to participate in his employer's thrift plan on an
entirely voluntary basis. Participation by an employee becomes effective
immediately upon completion and delivery to the employer of an authorization
form furnished by the employer. All union eligible hourly employees of
Virginia Natural Gas, Inc. ("VNG") and those salaried and non-union eligible
hourly employees of VNG who elected to continue participation after June 30,
1991 in the VNG Employee Savings Plan are eligible to elect to participate in
the VNG Plans to be effective on the first day of any January, April, July or
October after they have attained age eighteen and have been employed for six
months.
ALTERNATE THRIFT TRUST
All monies, except for monies attributable to the VNG Plans, received by
the Trustees of the Alternate Thrift Trust are invested under any one or more
of the following four options in multiples of 25%: (1) Corporation common
stock, (2) units of participation in a Diversified Fund composed of securities
other than securities of Consolidated Natural Gas Company and companies
primarily engaged in the natural gas business, (3) the Fixed Investment Fund
and (4) the General Investments Fund.
Under the VNG Plans, all company matching contributions are invested in
Corporation common stock. Employee contributions, both after-tax and elected
pre-tax, are invested under any one or more of the following two options in
multiples of 50%: (1) Corporation common stock and (2) the General
Investments Fund.
<PAGE> 18
The Corporation common stock investment provision of the Trust permits the
participant to direct the Trustees to purchase shares of Corporation common
stock continuously or from cash accumulated in his account. Corporation
common stock purchased is registered in the name of the Trustees and credited
to the participant's account. Dividends on Corporation common stock
registered in the Trustees' name are received and credited to the
participant's account and invested in accordance with the Plans. Dividends on
DRI common stock registered in the Trustees' name are received and credited to
the participant's account and invested in additional shares of Corporation
common stock. Except under the VNG Plans, upon written request the
participant may purchase all or any portion of Corporation common stock
credited to his account at the then current market price and the cash proceeds
of any such sale shall be credited by the Trustees to his account.
Under the Diversified Fund investment provision of the Trust, the
participant may direct the Trustees to use all or part of the cash credited to
his account to purchase units of participation in the Diversified Fund or he
may direct them to purchase units continuously. Also, the participant may
direct the Trustees to sell any units in his account. The price at which such
units are purchased or sold is derived by dividing the month-end market value
of net assets of the Diversified Fund by the number of units then credited to
participants' accounts.
8
CONSOLIDATED NATURAL GAS COMPANY THRIFT PLANS
NOTES TO FINANCIAL STATEMENTS - (Continued)
Cash may be deposited in a Fixed Investment Fund which is invested through
group annuity contracts with one or more insurance companies. Investments
under the contracts mature at various intervals. The interest rates credited
monthly to participants' accounts represent a composite of the income earned
under the contracts with the insurance companies.
Cash deposited in the Trust which is not invested in the Corporation's
common stock, the Diversified Fund, or the Fixed Investment Fund is invested
in the General Investments Fund. This fund is invested in authorized
securities and savings accounts. The earnings thereon are credited pro rata
to participants' accounts at the end of each month.
In addition, a participant, except for those participating in the VNG
Plans, may convert funds from the above mentioned investment options to a loan
account for the purpose of making a loan. Loan repayments, including
principal and interest, are deposited in the participant's account and
invested in accordance with the participant's then current investment
direction.
GENERAL THRIFT TRUST
All monies received by the Trustees of the General Thrift Trust are
invested in the General Investments Fund of the Trust and allocated to
participants' accounts. All or a portion of such monies, except earnings on
contributions made after January 1, 1987, may be used to purchase Corporation
common stock based on the direction of the participants. Such stock acquired
by the Trustees is registered in the name of the Trustees and credited to the
<PAGE> 19
participant's account. Dividends received by the Trustees on such stock are
deposited in participants' accounts and are subject to the withdrawal
provisions of the Trust. Shares purchased prior to January 1, 1982, are
registered in the names of participants and are held by the Trustees.
Dividends on pre-1982 shares are paid directly to the participant.
The General Investments Fund is invested in authorized securities and
savings accounts. The earnings thereon are credited pro rata to participants'
accounts at the end of each month.
The withdrawal provision of the Trust permits the participant to withdraw
his contributions and earnings thereon, in cash and/or Corporation common
stock, from his account. In addition, a participant may substitute cash for
stock equal to the cost of Corporation common stock held for him by the
Trustees.
The VNG Plans do not participate in the General Thrift Trust.
Note 3-Tax Status of the Plans:
Tax counsel for the Corporation is of the opinion that the Plans, as
amended, meet the requirements for qualification under Section 401(a) of the
Internal Revenue Code. Determination letters have been received with respect
to all the Plans, except the VNG Plans, as in effect for periods prior to
January 1, 1987. Virginia Electric & Power Company has received determination
letters regarding the Predecessor Plans. As a result, under present Federal
income tax law, the Trusts are believed to be exempt from taxation on
earnings. Employer contributions or the earnings credited to a participant's
account are not subject to Federal income taxes until distribution of such
amounts upon termination of employment or earlier withdrawal.
9
<PAGE> 20
CONSOLIDATED NATURAL GAS COMPANY THRIFT PLANS
NOTES TO FINANCIAL STATEMENTS - (Continued)
Note 4-Participation:
The following table presents the number of employees participating in the
respective funds at June 30, 1994 and June 30, 1993:
<TABLE>
<CAPTION>
General
Thrift
Trust Alternate Thrift Trust
_________
_________________________________________________________
Dominion
Resources
Incorpor-
Corporation ated Cash
Common Common (General
Fixed
Stock Stock Diversified Investments
Investment
Fund Fund Fund Fund) Fund
___________ ______ ___________ ___________
__________
<S> <C> <C> <C> <C> <C> <C>
June 30, 1994 . . 6,768 6,291 355 952
445 3,230
June 30, 1993 . . 6,910 6,166 410 755
416 3,241
</TABLE>
Note 5-Contributions:
Contributions to the Plans by participating employers and their employees
during the years ended June 30, 1994 and 1993 were as follows:
General Thrift Trust
_________________________
1994 1993
___________ ___________
Employee Employee
___________ ___________
Consolidated Natural Gas Service Company, Inc. . $ 676,091 $ 673,959
The East Ohio Gas Company . . . . . . . . . . . . 6,955,096 6,812,530
The Peoples Natural Gas Company . . . . . . . . . 2,929,290 2,943,374
The River Gas Company . . . . . . . . . . . . . . 153,456 153,871
West Ohio Gas Company . . . . . . . . . . . . . . 224,118 258,530
CNG Producing Company . . . . . . . . . . . . . . 957,823 921,994
Hope Gas, Inc. . . . . . . . . . . . . . . . . . 1,264,355 1,216,703
CNG Transmission Corporation . . . . . . . . . . 5,789,820 5,901,870
Virginia Natural Gas, Inc. . . . . . . . . . . . 231,076 207,152
CNG Energy Services Corporation* . . . . . . . . 73,356 24,858
___________ ___________
$19,254,481 $19,114,841
=========== ===========
<PAGE> 21
Alternate Thrift Trust
________________________________________________
1994 1993
_______________________ _______________________
Employer Employee Employer Employee
___________ __________ ___________ __________
Consolidated Natural Gas
Service Company, Inc. . . . $ 1,770,705 $ 184,029 $ 1,717,823 $ 126,628
The East Ohio Gas Company . . 8,281,475 763,921 7,903,761 631,368
The Peoples Natural Gas Company 4,117,693 481,945 4,070,085 344,748
The River Gas Company . . . . 170,038 28,971 162,060 7,443
West Ohio Gas Company . . . . 545,919 136,449 482,891 70,598
CNG Producing Company . . . . 2,163,149 411,695 2,003,713 138,659
Hope Gas, Inc. . . . . . . . . 1,295,445 105,454 1,204,620 38,711
CNG Transmission Corporation . 6,273,313 774,500 6,278,022 564,332
Virginia Natural Gas, Inc. . . 1,417,542 364,519 1,291,187 353,936
CNG Energy Services
Corporation* . . . . . . . . 186,899 12,486 32,277 1,886
___________ __________ ___________ __________
$26,222,178 $3,263,969 $25,146,439 $2,278,309
=========== ========== =========== ==========
*CNG Gas Services Corporation was renamed CNG Energy Services Corporation
effective September 1, 1994.
Employee contributions to the Alternate Thrift Trust for 1994 and 1993
include after-tax contributions in the amounts of $1,661,452 and $1,485,202,
respectively, and rollovers from other qualified plans in the amounts of
$1,602,517 and $793,107, respectively. Employer contributions to the
Alternate Thrift Trust for 1994 and 1993 include employer matching
contributions in the amounts of $18,465,392 and $17,933,732, respectively, and
employee elected pre-tax contributions in the amounts of $7,756,786 and
$7,212,707, respectively.
10
<PAGE> 22
CONSOLIDATED NATURAL GAS COMPANY THRIFT PLANS
NOTES TO FINANCIAL STATEMENTS - (Continued)
Note 6-Unrealized Appreciation of Participants' Equity:
<TABLE>
<CAPTION>
General Trusts
Thrift Trust
Alternate Thrift Trust Combined
____________ _____________
___________________________ ____________
Dominion
Corporation Corporation Resources
Common Common Incorporated
Stock Stock Common Stock Diversified
Fund Fund Fund Fund
____________ ____________ ___________
_ ___________
<S> <C> <C> <C> <C> <C>
Balance at June 30, 1992 $ 5,367,239 $208,803,913 $2,414,350
$1,686,867 $218,272,369
Increase/(Decrease)
during year . . . . . . 801,363 89,896,008 851,745
(519,636) 91,029,480
___________ ____________ __________
__________ ____________
Balance at June 30, 1993 6,168,602 298,699,921
3,266,095 1,167,231 309,301,849
Decrease during year . . (3,268,029) (178,896,364) (1,416
,718) (646,560) (184,227,671)
___________ ____________ __________
__________ ____________
Balance at June 30, 1994 $ 2,900,573 $119,803,557 $1,849
,377 $ 520,671 $125,074,178
=========== ============ ==========
========== ============
</TABLE>
The unrealized appreciation of the Trusts combined investments at June 30,
1994 and 1993 was $125,027,507 and $309,286,486 , respectively. The
difference between the unrealized appreciation of the Trusts combined
investments and the unrealized appreciation of the Trusts combined
participants' equity is the result of the Alternate Trust holding shares of
Consolidated Natural Gas Company common stock and DRI common stock which have
not been allocated to participants' accounts.
Note 7-Realized Gain on Sale/Conversion of Alternate Thrift Trust Investments:
Year Ended June 30, 1994
______________________________________________________
Dominion
Resources
Corporation Incorporated
Common Common Diversified Funds
Stock Fund Stock Fund Fund Combined
____________ ____________ ___________ ___________
Aggregate proceeds . . . $20,412,360 $ 310,387 $ 5,974,645 $26,697,392
Aggregate costs . . . . 10,278,808 185,776 5,460,325 15,924,909
___________ __________ ___________ ___________
Realized Gain . . . . . $10,133,552 $ 124,611 $ 514,320 $10,772,483
=========== ========== =========== ===========
11
<PAGE> 23
CONSOLIDATED NATURAL GAS COMPANY THRIFT PLANS
NOTES TO FINANCIAL STATEMENTS - (Continued)
Year Ended June 30, 1993
______________________________________________________
Dominion
Resources
Corporation Incorporated
Common Common Diversified Funds
Stock Fund Stock Fund Fund Combined
____________ ____________ ___________ ___________
Aggregate proceeds . . . $48,119,197 $ 295,755 $14,225,435 $62,640,387
Aggregate costs . . . . 21,829,951 194,098 12,575,699 34,599,748
___________ __________ ___________ ___________
Realized Gain . . . . . $26,289,246 $ 101,657 $ 1,649,736 $28,040,639
============ ========== ============ ===========
Note 8-Plan Amendments:
Effective January 1, 1993 each of the Thrift Plans was amended to grant
participants the option to elect direct transfer of their withdrawals and
distributions considered to be eligible rollover distributions to another
qualified plan or individual retirement account.
The following amendments were made to the Thrift Plan of CNG Transmission
Corporation and Hope Gas, Inc. for Employees Represented by Allegheny Mountain
Gas Workers' Union and the Thrift Plan of The East Ohio Gas Company for
Employees Represented by The Natural Gas Workers Union effective October 1,
1993 and June 16, 1994, respectively:
1. The Plan Administrator was identified as the person responsible for
the day-to-day administration of the Plan.
2. Technical changes were made regarding the amount of funds that may be
withdrawn in accordance with the Hardship provisions of the Plan and
the circumstances which may qualify for a hardship withdrawal.
12
<PAGE> 24
CONSOLIDATED NATURAL GAS COMPANY THRIFT PLANS
NOTES TO FINANCIAL STATEMENTS - (Continued)
Note 9-Transactions with Parties-in-Interest:
Shares of Corporation common stock may be purchased directly from the
Corporation or on the open market. During the fiscal years ended June 30,
1994 and 1993, 33,378 and 162,416 shares at a cost of $1,511,615 and
$7,486,889, respectively, were purchased directly from the Corporation.
Note 10-Benefit Obligations:
Benefit obligations being processed for distribution to persons who have
withdrawn from participation in the Plans are as follows:
General Thrift Trust
____________________________
June 30, 1994 June 30, 1993
_____________ _____________
Corporation Common Stock Fund . . . . . . . . . $ 230,162 $ 183,688
Cash (General Investments Fund) . . . . . . . . 53,439 102,885
__________ __________
Funds Combined $ 283,601 $ 286,573
========== ==========
Alternate Thrift Trust
____________________________
June 30, 1994 June 30, 1993
_____________ _____________
Corporation Common Stock Fund . . . . . . . . . $2,007,781 $1,224,485
Dominion Resources, Incorporated
Common Stock Fund . . . . . . . . . . . . . . - 199,227
Diversified Fund . . . . . . . . . . . . . . . 39,755 173,257
Cash (General Investments Fund) . . . . . . . . 628,061 265,365
Fixed Investment Fund . . . . . . . . . . . . . 251,495 531,970
Particpants' Loan Fund . . . . . . . . . . . . 42,530 53,153
__________ __________
Funds Combined $2,969,622 $2,447,457
========== ==========
13
<PAGE> 25
CONSOLIDATED NATURAL GAS COMPANY THRIFT PLANS
NOTES TO FINANCIAL STATEMENTS - (Continued)
Note 11-Subsequent Events:
On September 13, 1994, the Board of Directors of Consolidated Natural Gas
Company approved changes to the System Thrift Plan of Consolidated Natural Gas
Company and Its Participating Subsidiaries for Employees Who Are Not
Represented By A Recognized Union that will become effective in 1995.
The following changes become effective April 1, 1995:
1. The Consolidated Natural Gas Company Common Stock Fund under the
General Thrift Trust will be eliminated. All shares credited to
participants' accounts, at that time, will be automatically
transferred to the Consolidated Natural Gas Company Common Stock Fund
under the Alternate Thrift Trust.
2. All cash credited to Participants' accounts, at that time, in the
General Investments Fund under the General Thrift Trust relating to
company matching contributions will automatically be transferred to
the General Investments Fund under the Alternate Thrift Trust.
3. All participants will be eligible to make a one-time election to
transfer all or a part of their balance in the General Investments
Fund under the General Thrift Trust to the General Investments Fund
under the Alternate Thrift Trust.
The following changes become effective July 1, 1995:
1. The Alternate Thrift Trust will be renamed the Long-Term Thrift
Trust, while the General Thrift Trust will be renamed the Short-Term
Thrift Trust.
2. The Long-Term Thrift Trust will offer ten investment choices,
including five stock funds, two fixed income funds and three balanced
funds. The Consolidated Natural Gas Company Common Stock Fund and
the Fixed Investment Fund will continue to be options.
3. Contributions can be invested in any one or more of the ten
investment options in multiples of one percent.
4. The General Investments Fund under the Alternate Thrift Trust will be
eliminated. Participants with balances in this fund must reinvest
such amounts in the investment options available at that time.
5. Investment options will be valued daily and transfers among options
will be permitted daily.
6. Participants will pay investment management, marketing, transfer
agent and administrative expenses for each investment option, except
the Fixed Investment Fund.
<PAGE> 26
CONSOLIDATED NATURAL GAS COMPANY THRIFT PLANS
NOTES TO FINANCIAL STATEMENTS - (Concluded)
7. Participants will pay a $25 loan origination fee.
8. Participants may gradually transfer their balances in the
Consolidated Natural Gas Company Common Stock Fund to any of the
other available investment options.
9. Participants will be permitted to contribute up to ten percent of
their regular earnings on a pretax basis, subject to applicable
Internal Revenue Code limitations.
14
<PAGE> 27
EXHIBIT I
CONSOLIDATED NATURAL GAS COMPANY THRIFT PLANS
GENERAL THRIFT TRUST
TEMPORARY INVESTMENTS
June 30, 1994
Par Market
Value Cost Value
___________ ___________ ___________
American Express Credit Company Notes .$11,100,000 $11,100,000 $11,100,000
Associates Corporation of North
America Notes . . . . . . . . . . . . 11,750,000 11,750,000 11,750,000
___________ ___________ ___________
Total . . . . . . . . . . . . . . .$22,850,000 $22,850,000 $22,850,000
=========== =========== ===========
15
<PAGE> 28 EXHIBIT II
CONSOLIDATED NATURAL GAS COMPANY THRIFT PLANS
ALTERNATE THRIFT TRUST
COMMON AND PREFERRED STOCK INVESTMENTS - DIVERSIFIED FUND
June 30, 1994
No. of Market
Name of Issuer Shares Cost Value
_______________ ___________ ____________ ____________
Common Stock:
Abbott Laboratories 3,400 $ 99,844 $ 98,600
Aetna Life & Casualty Co. 700 43,271 39,112
AKZO N.V. Sponsored ADR 2,000 76,490 106,500
Albertsons, Inc. 1,600 43,948 44,000
Allergan Inc. 4,000 94,740 86,500
Allied-Signal Inc. 600 18,060 20,775
American Brands, Inc. 2,500 101,250 79,062
American Express Co. 3,700 92,489 95,275
American General Corp. 3,500 106,912 96,687
American Home Products Corp. 1,600 108,000 90,800
American International Group, Inc. 1,600 85,047 138,600
Amgen, Inc. 1,000 33,250 42,875
Amoco Corp. 2,500 125,132 142,187
Anheuser Busch Companies, Inc. 3,100 169,260 157,325
Applied Materials, Inc. 500 19,568 21,375
AT&T Corp. 1,200 51,584 65,250
Ball Corp. 1,100 27,860 28,600
Banc One Corp. 3,200 95,142 109,600
Barnett Banks, Inc. 1,200 51,685 52,500
Baxter International Inc. 1,700 43,330 44,625
Becton Dickinson & Co. 2,500 95,657 102,187
Bellsouth Corp. 1,600 90,640 98,800
Beverly Enterprises, Inc. 3,000 36,201 36,375
Blockbuster Entertainment Corp. 1,500 43,965 38,812
BoatMens Bancshares, Inc. 3,000 83,250 94,500
Boeing Co. 2,500 99,837 115,625
Bristol-Myers Squibb Co. 1,500 96,272 80,437
Browning Ferris Industries, Inc. 3,500 81,098 106,312
Burlington Resources Inc. 1,500 61,909 62,062
Capital Cities ABC, Inc. 1,000 54,563 71,125
Carter Wallace, Inc. 1,200 30,062 22,350
Caterpillar, Inc. 250 27,549 25,000
CBS, Inc. 400 120,470 125,200
Chase Manhattan Corp. 600 20,718 22,950
Chemical Banking Corp. 400 15,370 15,400
Chevron Corp. 1,800 64,509 75,375
Chrysler Corp. 1,900 73,820 90,250
Cigna Corp. 400 28,174 29,200
Cincinnati Gas & Electric Co. 4,000 95,709 87,000
Citicorp 1,900 48,243 75,762
Coca-Cola Co. 3,700 120,343 150,312
Colgate-Palmolive Co. 1,300 68,127 67,925
16
<PAGE> 29 EXHIBIT II-(Continued)
CONSOLIDATED NATURAL GAS COMPANY THRIFT PLANS
ALTERNATE THRIFT TRUST
COMMON AND PREFERRED STOCK INVESTMENTS - DIVERSIFIED FUND
June 30, 1994
No. of Market
Name of Issuer Shares Cost Value
_______________ ___________ ____________ ____________
Common Stock:
Columbia/HCA Healthcare Corp. 5,700 $ 193,022 $ 213,750
Commonwealth Edison Co. 6,400 190,749 145,600
Computer Associates International, Inc. 3,000 70,168 120,000
Conagra, Inc. 1,300 34,853 39,650
Consolidated Edison Co. NY, Inc. 1,900 55,687 50,350
CPC International Inc. 900 44,438 43,425
CSX Corp. 500 41,883 37,750
Dana Corp. 1,400 37,117 39,900
Dean Witter, Discover & Co. 500 19,225 18,750
Deere & Co. 900 64,870 60,862
Dell Computer Corp. 600 17,597 15,825
Delta Air Lines, Inc. 1,100 56,217 49,775
Deluxe Corp. 2,000 93,500 52,750
Dillard Department Stores, Inc. Class A 3,000 101,992 92,625
Disney (Walt) Co. 1,400 50,477 58,275
Dresser Industries, Inc. 1,300 23,208 26,650
Dun & Bradstreet Corp. 1,500 87,465 83,250
Du Pont (E I) De Nemours & Co. 2,800 161,885 163,100
E Systems, Inc. 2,500 93,925 93,437
Eastman Kodak Co. 2,100 78,400 101,062
Eaton Corp. 700 38,712 36,400
Emerson Electric Co. 500 28,686 28,437
Equifax Inc. 2,200 45,235 62,150
Ericsson (L M) Telecom. Co. ADR Class B 1,100 28,133 54,519
Exxon Corp. 1,500 91,688 85,125
Federal Express Corp. 400 27,784 29,900
Federated Department Stores, Inc. 2,200 42,899 44,000
Ferro Corp. 1,000 33,385 23,125
First America Bank Corp. 2,500 96,218 89,062
First Bank System, Inc. 700 20,658 25,375
First Financial Management Corp. 600 23,652 33,300
First Union Corp. 1,900 82,579 87,637
Fleet Financial Group, Inc. 1,600 51,830 60,400
Fleming Companies, Inc. 3,000 94,243 83,250
Flowers Industries, Inc. 1,100 21,780 20,075
Ford Motor Co. 2,800 160,198 165,200
Forest Laboratories, Inc. 700 30,629 30,450
Gap, Inc. 1,300 53,148 55,575
General Electric Co. 8,600 347,064 400,975
General Mills, Inc. 600 41,005 32,775
General Motors Corp. 2,400 93,411 120,600
General Motors Corp. Class E 1,500 36,170 52,312
General Motors Corp. Class H 1,000 25,325 35,875
17
<PAGE> 30 EXHIBIT II-(Continued)
CONSOLIDATED NATURAL GAS COMPANY THRIFT PLANS
ALTERNATE THRIFT TRUST
COMMON AND PREFERRED STOCK INVESTMENTS - DIVERSIFIED FUND
June 30, 1994
No. of Market
Name of Issuer Shares Cost Value
_______________ ___________ ____________ ____________
Common Stock:
General Re Corp. 500 $ 37,854 $ 54,437
Goodyear Tire & Rubber Co. 900 38,589 32,400
Grainger W W, Inc. 400 25,366 25,550
GTE Corp. 3,100 107,805 96,100
Hanson PLC Sponsored ADR 5,000 92,425 91,250
Harris Corp. 2,000 73,174 88,250
Heinz, H. J. Co. 2,500 93,225 79,688
Hercules Inc. 800 51,748 85,600
Hewlett-Packard Co. 2,200 158,100 165,550
Home Depot, Inc. 2,400 111,853 101,100
Humana, Inc. 2,000 32,320 32,250
Illinois Tool Works, Inc. 700 27,532 27,300
Ingersoll Rand Co. 2,500 95,070 87,813
Intel Corp. 2,400 90,446 140,400
International Business Machines Corp. 200 11,505 11,750
Jefferson Pilot Corp. 2,000 96,041 97,500
Johnson & Johnson 4,600 192,888 197,225
K Mart Corp. 4,000 98,000 62,000
KeyCorp. 1,807 58,321 57,598
Knight Ridder, Inc. 200 11,481 10,225
Lilly (Eli) & Co. 1,500 91,590 85,313
LIN Broadcasting Corp. 600 56,783 71,850
Liz Claiborne, Inc. 2,500 88,747 50,000
Lockheed Corp. 2,400 132,875 156,900
Loews Corp. 1,000 114,185 86,000
Loral Corp. 1,100 25,809 38,500
Louisiana Pacific Corp. 1,600 48,465 48,800
Mallinckrodt Group, Inc. 1,700 57,419 55,250
Marriott International, Inc. 2,000 57,246 53,250
Marsh & McLennan Companies, Inc. 2,600 215,313 216,775
Maytag Corp. 1,500 26,373 27,750
McCaw Cellular Communications Inc. 1,400 34,485 72,450
McDonald's Corp. 6,400 166,468 184,800
MCI Communications Corp. 1,600 34,850 35,400
McKesson Corp. 1,500 98,276 108,188
Mead Corp. 1,600 69,928 70,600
Melville Corp. 2,000 98,983 77,500
Merck and Co., Inc. 3,900 150,015 116,025
Microsoft Corp. 2,000 68,625 103,250
Millipore Corp. 800 36,591 42,200
Minnesota Mining & Manufacturing Co. 2,800 124,358 138,950
Mobil Corp. 2,300 153,695 187,450
Monsanto Co. 800 60,023 60,500
18
<PAGE> 31 EXHIBIT II-(Continued)
CONSOLIDATED NATURAL GAS COMPANY THRIFT PLANS
ALTERNATE THRIFT TRUST
COMMON AND PREFERRED STOCK INVESTMENTS - DIVERSIFIED FUND
June 30, 1994
No. of Market
Name of Issuer Shares Cost Value
_______________ ___________ ____________ ____________
Common Stock:
Morgan Stanley Group Inc. 1,400 $ 83,795 $ 79,625
Morton International Inc. 800 66,341 62,400
Motorola, Inc. 2,000 33,872 89,250
Nalco Chemical Co. 3,000 103,275 95,625
NationsBank Corp. 1,900 96,914 97,613
NBD Bancorp, Inc. 3,000 94,185 94,875
Norfolk Southern Corp. 1,000 67,772 63,000
NYNEX Corp. 2,000 83,652 75,750
Ogden Projects, Inc. 1,700 34,510 29,325
Oklahoma Gas & Electric Co. 800 26,740 24,300
Old Republic International Corp. 4,000 99,026 89,500
Pacific Gas & Electric Co. 6,100 163,814 144,875
Pacific Telesis Group 1,100 33,490 33,825
Parametric Technology Corp. 500 14,375 11,313
Peco Energy Co. 1,200 33,401 31,500
Penney (J.C.), Inc. 700 27,002 37,975
Pentair, Inc. 800 21,333 28,600
Pep Boys Manny Moe & Jack 1,000 22,844 31,875
PepsiCo., Inc. 4,300 169,785 131,688
Pfizer, Inc. 600 41,491 37,875
Phelps Dodge Corp. 400 19,400 22,800
Philip Morris Companies,
Inc. 4,700
339,956
242,050
Phillips Petroleum Co. 5,200 164,913 162,500
Pioneer HI Bred International, Inc. 2,000 58,349 65,500
Polygram NV 1,500 36,588 59,813
Premark International, Inc. 200 8,155 15,050
Price/Costco, Inc. 1,700 27,113 25,395
Procter & Gamble Co. 3,200 159,944 170,800
Provident Life & Accident
Insurance Co. Class A 4,000 106,257 97,000
Quaker Oats Co. 500 32,140 34,875
Rayonier, Inc. 200 7,397 5,775
Raytheon Co. 2,100 115,197 135,975
RCM Growth Equity Fund, Inc. 4,691.44 1,134,543 1,154,549
Readers Digest Association, Inc. Class A 800 32,972 33,200
Reebok International Ltd. 4,300 143,369 128,463
Repsol S A Sponsored ADR 3,000 77,877 85,875
Rite Aid Corp. 5,000 85,721 101,250
Royal Dutch Petroleum Co. 1,000 105,897 104,500
Russel Corp. 3,000 80,655 87,375
Ryder System, Inc. 1,200 30,608 30,150
SCECorp. 2,500 46,088 32,188
Schering-Plough Corp. 700 41,544 42,875
Schlumberger Limited 300 17,672 17,738
19
<PAGE> 32 EXHIBIT II-(Continued)
CONSOLIDATED NATURAL GAS COMPANY THRIFT PLANS
ALTERNATE THRIFT TRUST
COMMON AND PREFERRED STOCK INVESTMENTS - DIVERSIFIED FUND
June 30, 1994
No. of Market
Name of Issuer Shares Cost Value
_______________ ___________ ____________ ____________
Common Stock:
Sensormatic Electronics Corp. 800 $ 12,933 $ 23,000
Sherwin Williams Co. 1,000 30,560 31,500
Silicon Graphics, Inc. 400 7,620 8,850
Smithkline Beecham PLC ADR 900 29,562 25,313
Southwestern Bell Corp. 2,900 109,154 126,150
Stratus Computer, Inc. 800 28,004 22,600
Sun Company, Inc. 1,700 46,421 45,688
Sunstrand Corp. 600 28,297 28,200
Syntex Corp. 4,500 101,895 103,500
Telefonica de Espana ADS 2,500 76,605 100,625
Telefonos de Mexico Ser L ADS 1,700 84,898 94,988
Temple Inland Inc. 800 38,930 38,100
Tenneco Inc. 1,500 72,253 69,563
Texas Instruments Inc. 500 28,458 39,750
Textron Inc. 1,600 65,896 83,800
Torchmark Corp. 300 17,153 11,700
Toys R Us, Inc. 3,500 128,857 114,625
Trinity Industries, Inc. 700 31,042 24,588
UAL Corp. 300 42,660 38,100
Unilever N.V. 1,700 176,543 171,275
Union Pacific Corp. 3,000 155,283 169,875
United Healthcare Corp. 400 15,486 18,050
Unocal Corp. 500 14,650 14,313
Upjohn Co. 2,000 66,655 58,250
UST, Inc. 2,500 60,775 67,813
U.S. West Inc. 2,400 94,380 100,500
VF Corp. 2,000 83,828 95,000
Wachovia Corp. 2,500 87,645 82,813
Wal-Mart Stores, Inc. 6,000 94,506 145,500
Warner-Lambert Co. 2,500 172,558 165,000
Wells Fargo & Co. 200 29,642 30,075
Westvaco Corp. 2,500 88,535 76,875
Weyerhaeuser Co. 1,300 58,577 52,000
Wheelabrator Technologies, Inc. 2,500 44,863 46,563
Whirlpool Corp. 1,800 99,463 94,500
Whitman Corp. 1,800 28,903 27,900
WMX Technologies, Inc. 3,000 90,288 79,500
Xerox Corp. 1,500 137,085 146,625
____________ ____________
TOTAL COMMON STOCK 16,260,138 16,767,749
____________ ____________
20
<PAGE> 33 EXHIBIT II-(Continued)
CONSOLIDATED NATURAL GAS COMPANY THRIFT PLANS
ALTERNATE THRIFT TRUST
COMMON AND PREFERRED STOCK INVESTMENTS - DIVERSIFIED FUND
June 30, 1994
No. of Market
Name of Issuer Shares Cost Value
_______________ ___________ ____________ ____________
Preferred Stock:
Ford Motor Co. PFD A 1,000 $ 91,060 $ 97,000
Nokia Corp. Sponsored ADR 800 25,388 32,509
___________ ___________
TOTAL PREFERRED STOCK 116,448 129,509
___________ ___________
TOTAL COMMON AND PREFERRED STOCK $16,376,586 $16,897,258
=========== ===========
21
<PAGE> 34
EXHIBIT III
CONSOLIDATED NATURAL GAS COMPANY THRIFT PLANS
ALTERNATE THRIFT TRUST - DIVERSIFIED FUND
CORPORATE DISCOUNTED NOTES
June 30, 1994
Par Market
Value Cost Value
__________ __________ _________
American Express Credit Corporate Note,
4.25%, due July 11, 1994 . . . . . . . . $ 300,000 $ 299,363 $ 299,634
General Electric Capital Corporation
Discounted Note, 4.23%, due July 14, 1994 285,000 283,828 284,546
__________ __________ _________
TOTAL CORPORATE DISCOUNTED NOTES . $ 585,000 $ 583,191 $ 584,180
========== ========== ==========
22
<PAGE> 35
EXHIBIT IV
CONSOLIDATED NATURAL GAS COMPANY THRIFT PLANS
ALTERNATE THRIFT TRUST - DIVERSIFIED FUND
U.S. GOVERNMENT AGENCY DISCOUNT NOTE
June 30, 1994
Par Market
Value Cost Value
__________ __________ _________
Federal National Mortgage Discount Note,
4.17%, due July 5, 1994 . . . . . . . . . $ 100,000 $ 99,861 $ 99,953
__________ __________ _________
TOTAL U.S. GOVERNMENT AGENCY
DISCOUNT NOTE . . . . . . . . . . . $ 100,000 $ 99,861 $ 99,953
========== ========== ==========
23
<PAGE> 36
EXHIBIT V
CONSOLIDATED NATURAL GAS COMPANY THRIFT PLANS
ALTERNATE THRIFT TRUST
TEMPORARY INVESTMENTS
June 30, 1994
Par Market
Value Cost Value
__________ __________ _________
Diversified Fund:
The Chase Manhattan Bank, N.A.
Domestic Liquidity Fund . . . . . . . . $ 785,388 $ 785,388 $ 785,388
Cash Fund:
American Express Credit Company Notes . . 1,550,000 1,550,000 1,550,000
Associates Corporation of North America
Note . . . . . . . . . . . . . . . . . 1,400,000 1,400,000 1,400,000
__________ __________ _________
TOTAL CASH FUND . . . . . . . . . . 2,950,000 2,950,000 2,950,000
__________ __________ _________
TOTAL . . . . . . . . . . . . . . . $3,735,388 $3,735,388 $3,735,388
========== ========== ==========
24
<PAGE> 37
EXHIBIT VI
CONSOLIDATED NATURAL GAS COMPANY THRIFT PLANS
ALTERNATE THRIFT TRUST
FIXED INVESTMENT FUND
June 30, 1994
Cost
(which approximates
Insurance Company market value)
_________________ ___________________
Aetna Life Insurance Company $ 65,002,267
Continental Assurance Company 41,789,545
Connecticut General Life Insurance Company 41,077,439
John Hancock Mutual Life Insurance Company 46,451,221
Pacific Mutual Life Insurance Company 8,005,880
Metropolitan Life Insurance Company 38,534,182
____________
TOTAL FIXED INVESTMENT FUND $240,860,534
============
25
<PAGE> 38
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Trustees have duly caused this annual report to be signed by the undersigned
thereunto duly authorized.
THRIFT PLANS OF CONSOLIDATED NATURAL GAS
COMPANY AND ITS PARTICIPATING SUBSIDIARIES
(Name of Plan)
By Donald W. Borneman
____________________________
(DONALD W. BORNEMAN, Trustee)
Dated: December 9, 1994
26
<PAGE> 39
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the Registration
Statement on Form S-8 (No. 33-44892) of Consolidated Natural Gas Company of
our report dated December 9, 1994, appearing on page 1 of this Form 11-K.
PRICE WATERHOUSE
600 Grant Street
Pittsburgh, PA 15219
December 22, 1994
27
