UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 10-Q/A
AMENDMENT NO. 1
QUARTERLY REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
FOR THE QUARTER ENDED
JUNE 30, 1995
Commission File Number 1-3196
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CONSOLIDATED NATURAL GAS COMPANY
A Delaware Corporation
CNG Tower, 625 Liberty Avenue, Pittsburgh, PA 15222-3199
Telephone (412) 227-1000
IRS Employer Identification Number 13-0596475
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Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months and (2) has been subject to such filing
requirements for the past 90 days. Yes____X____ No_________
Number of shares of Common Stock, $2.75 Par Value, outstanding at July 31,
1995: 93,272,221
<PAGE>
CONSOLIDATED NATURAL GAS COMPANY
FORM 10-Q QUARTERLY REPORT
For the Quarter Ended June 30, 1995
TABLE OF CONTENTS
PART I - FINANCIAL INFORMATION Page
ITEM 1. FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF INCOME (Unaudited)
for the Three and Six Months Ended June 30, 1995 and 1994.... 1
CONDENSED CONSOLIDATED BALANCE SHEET
at June 30, 1995 (Unaudited), and December 31, 1994.......... 2
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
for the Six Months Ended June 30, 1995 and 1994.............. 3
SIGNATURES....................................................... 4
<PAGE>
PART I -- FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Consolidated Natural Gas Company and Subsidiaries
CONSOLIDATED STATEMENT OF INCOME
(Unaudited) (Thousands of Dollars)
<TABLE>
<CAPTION>
________________________________________________________________________________
____________________________
Six Months to
Three Months to
June 30
June 30
________________________ ____________________
1995
1994* 1995 1994*
_____________________________________________________________________________________
_______________________
<S> <C> <C>
<C> <C>
OPERATING REVENUES
Regulated gas sales . . . . . . . . . . . . . . . . $ 953,308
$1,079,364 $246,982 $261,313
Nonregulated gas sales . . . . . . . . . . . . . . . 559,377
388,063 266,476 173,602
__________
__________ ________ ________
Total gas sales . . . . . . . . . . . . . . . . 1,512,685
1,467,427 513,458 434,915
Gas transportation and storage . . . . . . . . . . . 227,307
203,955 97,552 88,264
Other . . . . . . . . . . . . . . . . . . . . . . . 116,617
124,222 53,962 58,829
__________
__________ ________ ________
Total operating revenues (Note 3). . . . . . . . 1,856,609
1,795,604 664,972 582,008
__________
__________ ________ ________
OPERATING EXPENSES
Purchased gas. . . . . . . . . . . . . . . . . . . . 962,638
883,360 325,413 244,646
Transport capacity and other purchased products . . 72,791
62,784 30,420 29,649
Operation expense (Note 5) . . . . . . . . . . . . . 333,601
315,188 175,110 143,465
Maintenance. . . . . . . . . . . . . . . . . . . . . 41,529
41,166 21,039 21,589
Depreciation and amortization. . . . . . . . . . . . 129,439
152,484 63,536 74,082
Impairment of gas and oil producing
properties (Note 4) . . . . . . . . . . . . . . . 226,209
- - -
Taxes, other than income taxes . . . . . . . . . . . 103,321
101,042 46,455 46,436
__________
__________ ________ ________
Subtotal . . . . . . . . . . . . . . . . . . . . 1,869,528
1,556,024 661,973 559,867
__________
__________ ________ ________
Operating income before income taxes . . . . . . (12,919)
239,580 2,999 22,141
Income taxes . . . . . . . . . . . . . . . . . . . . (33,073)
67,007 (15,302) 420
__________
__________ ________ ________
Operating income . . . . . . . . . . . . . . . . 20,154
172,573 18,301 21,721
__________
__________ ________ ________
OTHER INCOME (DEDUCTIONS)
Interest revenues. . . . . . . . . . . . . . . . . . 5,583
2,327 4,261 1,072
Write-down of coal properties (Note 5) . . . . . . . (31,266)
- (31,266) -
Other-net . . . . . . . . . . . . . . . . . . . . . 2,915
1,959 1,547 1,070
__________
__________ ________ ________
Total other income (deductions). . . . . . . . . (22,768)
4,286 (25,458) 2,142
__________
__________ ________ ________
Income before interest charges . . . . . . . . . (2,614)
176,859 (7,157) 23,863
__________
__________ ________ ________
INTEREST CHARGES
Interest on long-term debt . . . . . . . . . . . . . 46,233
44,597 24,236 22,436
Other interest expense . . . . . . . . . . . . . . . 8,586
2,830 3,143 425
Allowance for funds used during construction . . . . (2,525)
(4,555) (1,024) (2,067)
__________
__________ ________ ________
Total interest charges . . . . . . . . . . . . . 52,294
42,872 26,355 20,794
__________
__________ ________ ________
NET INCOME (LOSS) . . . . . . . . . . . . . . . . . $ (54,908) $
133,987 $(33,512) $ 3,069
==========
========== ======== ========
Earnings (loss) per share of common stock,
based on average shares outstanding . . . . . . $(.59)
$1.44 $(.36) $ .03
Average common shares outstanding
(thousands). . . . . . . . . . . . . . . . . . . 93,113
92,977 93,180 93,014
Dividends declared per common share. . . . . . . . $ .97 $
.97 $.485 $.485
_____________________________________________________________________________________
_______________________
<FN>
*Certain amounts reclassified for comparative purposes.
The Notes to Consolidated Financial Statements are an integral part of this
statement.
</TABLE>
1
<PAGE>
ITEM 1. FINANCIAL STATEMENTS (Continued)
Consolidated Natural Gas Company and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEET
(Thousands of Dollars)
_____________________________________________________________________________
At June At December
30, 1995 31, 1994
(Unaudited)
_____________________________________________________________________________
ASSETS
PROPERTY, PLANT AND EQUIPMENT
Gas utility and other plant.................... $ 4,613,207 $ 4,546,753
Accumulated depreciation and amortization...... (1,750,150) (1,686,788)
___________ ___________
Net gas utility and other plant........... 2,863,057 2,859,965
___________ ___________
Exploration and production properties.......... 3,216,600 3,130,203
Accumulated depreciation and amortization...... (2,247,702) (1,963,522)
___________ ___________
Net exploration and production properties. 968,898 1,166,681
___________ ___________
Net property, plant and equipment......... 3,831,955 4,026,646
___________ ___________
CURRENT ASSETS
Cash and temporary cash investments............ 159,094 31,923
Accounts receivable, less allowance for
doubtful accounts............................ 412,664 546,291
Gas stored - current portion (LIFO method)..... 71,242 190,196
Materials and supplies (average cost method)... 36,744 35,072
Unrecovered gas costs.......................... - 13,135
Deferred income taxes - current................ 83,824 60,103
Prepayments and other current assets........... 152,587 188,019
___________ ___________
Total current assets...................... 916,155 1,064,739
___________ ___________
REGULATORY AND OTHER ASSETS
Unamortized abandoned facilities............... 34,814 40,955
Other investments.............................. 62,310 54,682
Deferred charges and other assets (Note 3)..... 322,299 331,651
___________ ___________
Total regulatory and other assets......... 419,423 427,288
___________ ___________
Total assets.............................. $ 5,167,533 $ 5,518,673
=========== ===========
STOCKHOLDERS' EQUITY AND LIABILITIES
CAPITALIZATION
Common stockholders' equity (Notes 6 and 7)
Common stock, par $2.75
(Issued: 1995 - 93,270,609 shares;
1994 - 93,027,847 shares).................. $ 256,495 $ 255,827
Capital in excess of par value............... 467,237 458,628
Retained earnings............................ 1,324,595 1,469,879
___________ ___________
Total common stockholders' equity......... 2,048,327 2,184,334
Long-term debt (Note 8)........................ 1,297,453 1,151,973
___________ ___________
Total capitalization...................... 3,345,780 3,336,307
___________ ___________
CURRENT LIABILITIES
Current maturities on long-term debt........... 4,000 4,000
Commercial paper............................... 145,000 440,000
Accounts payable............................... 289,432 357,611
Estimated rate contingencies and
refunds (Note 3)............................. 116,930 83,404
Amounts payable to customers................... 113,231 96,140
Taxes accrued.................................. 76,745 94,413
Temporary replacement reserve - gas
inventory (LIFO)............................. 9,860 -
Other current liabilities...................... 135,358 135,180
___________ ___________
Total current liabilities................. 890,556 1,210,748
___________ ___________
DEFERRED CREDITS
Deferred income taxes.......................... 669,475 758,633
Accumulated deferred investment tax credits.... 32,127 33,229
Deferred credits and other liabilities......... 229,595 179,756
___________ ___________
Total deferred credits.................... 931,197 971,618
___________ ___________
COMMITMENTS AND CONTINGENCIES
___________ ___________
Total stockholders' equity and liabilities $ 5,167,533 $ 5,518,673
=========== ===========
_____________________________________________________________________________
The Notes to Consolidated Financial Statements are an integral part of this
statement.
2
<PAGE>
ITEM 1. FINANCIAL STATEMENTS (Concluded)
Consolidated Natural Gas Company and Subsidiaries
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited) (Thousands of Dollars)
_____________________________________________________________________________
Six Months to June 30
_____________________
1995 1994
_____________________________________________________________________________
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)................................ $ (54,908) $ 133,987
Adjustments to reconcile net income (loss) to net
cash provided by operating activities
Depreciation and amortization................ 129,439 152,484
Impairment of gas and oil producing
properties................................. 226,209 -
Write-down of coal properties................ 31,266 -
Deferred income taxes-net.................... (116,402) (36,044)
Changes in current assets and
current liabilities
Accounts receivable-net.................... 131,863 236,445
Inventories................................ 117,282 63,288
Unrecovered gas costs...................... 13,135 (2)
Accounts payable........................... (56,125) (99,490)
Estimated rate contingencies and refunds... 33,526 893
Amounts payable to customers............... 17,091 54,594
Taxes accrued.............................. (17,668) 3,615
Temporary replacement reserve - gas
inventory (LIFO)......................... 9,860 2,708
Other-net.................................. 36,260 5,695
Changes in other assets and
other liabilities.......................... 56,644 40,855
Other-net.................................... 1,200 111
_________ _________
Net cash provided by operating activities 558,672 559,139
_________ _________
CASH FLOWS USED IN INVESTING ACTIVITIES
Plant construction and other property additions.. (203,425) (147,601)
Proceeds from dispositions of property, plant
and equipment-net.............................. 6,284 839
Cost of other investments-net.................... (4,047) (763)
_________ _________
Net cash used in investing activities.... (201,188) (147,525)
_________ _________
CASH FLOWS PROVIDED BY (OR USED IN) FINANCING ACTIVITIES
Issuance of common stock......................... 8,750 156
Issuance of debentures........................... 148,899 -
Unsecured loan repayment......................... (4,000) -
Commercial paper repayments-net.................. (293,693) (313,097)
Dividends paid................................... (90,258) (90,185)
Other-net........................................ (11) (1)
_________ _________
Net cash used in financing activities.... (230,313) (403,127)
_________ _________
Net increase in cash and temporary
cash investments....................... 127,171 8,487
CASH AND TEMPORARY CASH INVESTMENTS AT JANUARY 1. 31,923 27,122
_________ _________
CASH AND TEMPORARY CASH INVESTMENTS AT JUNE 30... $ 159,094 $ 35,609
========= =========
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for
Interest (net of amounts capitalized).......... $ 50,026 $ 44,376
Income taxes (net of refunds).................. $ 57,219 $ 85,031
Non-cash financing activities
Conversion of 7 1/4% Convertible
Subordinated Debentures...................... $ - $ 3,795
_____________________________________________________________________________
The Notes to Consolidated Financial Statements are an integral part of this
statement.
3
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CONSOLIDATED NATURAL GAS COMPANY
_______________________________________
(Registrant)
L. D. JOHNSON
_______________________________________
L. D. Johnson, Vice Chairman
and Chief Financial Officer
S. R. MCGREEVY
_______________________________________
S. R. McGreevy, Vice President,
Accounting and Financial Control
August 18, 1995
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