<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, 1995
_____________________
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, 1995
TABLE OF CONTENTS
Page
____
Report of Independent Accountants . . . . . . . . . . . . . . . . . . 1
General Thrift Trust - Statement of Financial Condition
with Fund Information . . . . . . . . . . . . . . . . . . . . . . . 2
General Thrift Trust - Statement of Income and
Changes in Participants' Equity with Fund Information . . . . . . . 3
Alternate Thrift Trust - Statement of Financial Condition
with Fund Information . . . . . . . . . . . . . . . . . . . . . . . 4
Alternate Thrift Trust - Statement of Income and
Changes in Participants' Equity with Fund Information . . . . . . . 5
Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . 7
Exhibits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
<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, 1995 and 1994, 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.
600 Grant Street
Pittsburgh, Pennsylvania 15219
December 18, 1995
1
<PAGE> 4
<TABLE>
CONSOLIDATED NATURAL GAS COMPANY THRIFT PLANS
GENERAL THRIFT TRUST
STATEMENT OF FINANCIAL CONDITION WITH FUND INFORMATION
<CAPTION>
at June 30, 1995
____________________________________________
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, 1995 - 59,943 shares,
June 30, 1994 - 127,218 shares
(cost, June 30, 1995 - $924,538,
June 30, 1994 - $1,901,907) (Note 6) . . . . . . $ 2,247,863 $ - $ 2,247,863
Temporary investments at cost (which approximates
market value) (Exhibit I) . . . . . . . . . . . . . - 14,150,000 14,150,000
Interest receivable . . . . . . . . . . . . . . . . - 65 65
Cash . . . . . . . . . . . . . . . . . . . . . . . . - 17,654 17,654
Contributions and loan deductions due from employers - 1,469,713 1,469,713
Loans to participants (secured) . . . . . . . . . . - 12,665 12,665
___________ ___________ ___________
TOTAL ASSETS . . . . . . . . . . . . . . . . $ 2,247,863 $15,650,097 $17,897,960
=========== =========== ===========
Liabilities and Participants' Equity:
Accounts payable . . . . . . . . . . . . . . . . . . $ - $ 10,633 $ 10,633
Participants' equity (Note 10) . . . . . . . . . . . 2,247,863 15,639,464 17,887,327
___________ ___________ ___________
TOTAL LIABILITIES AND PARTICIPANTS' EQUITY . $ 2,247,863 $15,650,097 $17,897,960
=========== =========== ===========
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, 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, 1995 - 59,943 shares,
June 30, 1994 - 127,218 shares
(cost, June 30, 1995 - $924,538,
June 30, 1994 - $1,901,907) (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> 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, 1995
_______________________________________
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 . . . . . . . . . . . . . . . . $ - $18,923,240 $18,923,240
Dividend income . . . . . . . . . . . . . . . . . . . . . . . . - 79,665 79,665
Interest income from temporary investments . . . . . . . . . . - 831,141 831,141
Interfund conversions - net . . . . . . . . . . . . . . . . . . 82,596 (82,596) -
___________ ___________ ___________
TOTAL ADDITIONS . . . . . . . . . . . . . . . . . . . . 82,596 19,751,450 19,834,046
___________ ___________ ___________
Benefits paid to participants . . . . . . . . . . . . . . . . . 346,399 26,556,838 26,903,237
Transfer to Alternate Thrift Trust (Note 8) . . . . . . . . . . 713,566 2,013,006 2,726,572
Decrease in unrealized appreciation of Consolidated
Natural Gas Company common stock included in
participants' equity (Note 6) . . . . . . . . . . . . . . . . 1,577,248 - 1,577,248
___________ ___________ ___________
TOTAL DEDUCTIONS . . . . . . . . . . . . . . . . . . . 2,637,213 28,569,844 31,207,057
___________ ___________ ___________
Net decrease in participants' equity during the year . . . . . (2,554,617) (8,818,394) (11,373,011)
Participants' equity at beginning of year . . . . . . . . . . . 4,802,480 24,457,858 29,260,338
___________ ___________ ___________
Participants' equity at end of year . . . . . . . . . . . . . . $ 2,247,863 $15,639,464 $17,887,327
=========== =========== ===========
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, 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
Interfund conversions - net . . . . . . . . . . . . . . . . . . 172,775 (172,775) -
___________ ___________ ___________
TOTAL ADDITIONS . . . . . . . . . . . . . . . . . . . . 172,775 19,709,367 19,882,142
___________ ___________ ___________
Benefits paid to participants . . . . . . . . . . . . . . . . . 386,827 19,721,631 20,108,458
Transfer to Alternate Thrift Trust (Note 8) . . . . . . . . . . - - -
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 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> 8
<TABLE>
CONSOLIDATED NATURAL GAS COMPANY THRIFT PLANS
ALTERNATE THRIFT TRUST
STATEMENT OF FINANCIAL CONDITION WITH FUND INFORMATION
<CAPTION>
at June 30, 1995
___________________________________________________________
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,
1995 - 12,006,428 shares, June 30,
1994 - 11,374,812 shares (cost
June 30, 1995 - $336,262,357,
June 30, 1994 - $309,594,615)
(Note 6) . . . . . . . . . . . . . . $450,241,050 $ - $ - $ -
Dominion Resources, Incorporated
common stock, at market, June 30,
1995 - 147,807 shares, June 30,
1994 - 152,826 shares (cost
June 30, 1995 - $3,741,952,
June 30, 1994 - $3,758,409)
(Note 6) . . . . . . . . . . . . . . - 5,394,961 - -
Common and preferred stock, at
market value (cost June 30, 1995 -
$22,308,451, June 30, 1994 -
$16,376,586) (Exhibit II) . . . . . - - 25,239,585 -
Corporate discounted notes, at
market value (cost June 30, 1994 -
$583,191) . . . . . . . . . . . . . - - - -
U.S. government agency Discount
Note, at market value (cost June 30,
1994 - $99,861) . . . . . . . . . . - - - -
Temporary investments, at cost (which
approximates market value)
(Exhibit III) . . . . . . . . . . . - - 1,971,232 4,970,000
Fixed Investment Fund (Exhibit IV) . . - - - -
Loans to Participants . . . . . . . . - - - -
Cash . . . . . . . . . . . . . . . . . - - 3,198 58,567
Dividends and interest receivable . . - - 47,415 29,048
Receivable from sale of common stock - - 180,405 -
Contributions and loan deductions due
from employers . . . . . . . . . . . - - - 1,673,433
Interfund accounts - receivable/
(payable) . . . . . . . . . . . . . (784,147) (570,312) (512,201) 5,089,240
___________ __________ ___________ ___________
TOTAL ASSETS . . . . . . . . . . $449,456,903 $4,824,649 $26,929,634 $11,820,288
============ ========== =========== ===========
Liabilities and participants' equity:
Accounts payable . . . . . . . . . . . 3,997 $ - $ 2,053,472 $ 113,645
Participants' equity (Note 10) . . . . 449,452,906 4,824,649 24,876,162 11,706,643
____________ __________ ___________ ___________
TOTAL LIABILITIES AND
PARTICIPANTS' EQUITY . . . . . $449,456,903 $4,824,649 $26,929,634 $11,820,288
============ ========== =========== ===========
Participants' equity represented by:
Units credited to participants'
accounts at June 30 . . . . . . . . 210,669
Unit value at June 30 . . . . . . . . $118.08
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, 1995
____________________________________________
Fixed Participants'
Investment Loan Funds
Fund Fund Combined
_____________ ____________ ____________
<S> <C> <C> <C>
Assets:
Consolidated Natural Gas Company
common stock, at market, June 30,
1995 - 12,006,428 shares, June 30,
1994 - 11,374,812 shares (cost
June 30, 1995 - $336,262,357,
June 30, 1994 - $309,594,615)
(Note 6) . . . . . . . . . . . . . . $ - $ - $450,241,050
Dominion Resources, Incorporated
common stock, at market, June 30,
1995 - 147,807 shares, June 30,
1994 - 152,826 shares (cost
June 30, 1995 - $3,741,952,
June 30, 1994 - $3,758,409)
(Note 6) . . . . . . . . . . . . . . - - 5,394,961
Common and preferred stock, at
market value (cost June 30, 1995 -
$22,308,451, June 30, 1994 -
$16,376,586) (Exhibit II) . . . . . - - 25,239,585
Corporate discounted notes, at
market value (cost June 30, 1994 -
$583,191) . . . . . . . . . . . . . - - -
U. S. government agency Discount
Note, at market value (cost June 30,
1994 - $99,861) . . . . . . . . . . - - -
Temporary investments, at cost (which
approximates market value)
(Exhibit III) . . . . . . . . . . . - - 6,941,232
Fixed Investment Fund (Exhibit IV) . . 244,918,385 - 244,918,385
Loans to Participants . . . . . . . . - 10,323,466 10,323,466
Cash . . . . . . . . . . . . . . . . . - - 61,765
Dividends and interest receivable . . - - 76,463
Receivable from sale of common stock - - 180,405
Contributions and loan deductions due
from employers . . . . . . . . . . . - 680,681 2,354,114
Interfund accounts - receivable/
(payable) . . . . . . . . . . . . . (2,541,899) (680,681) -
____________ ___________ ____________
TOTAL ASSETS . . . . . . . . . . $242,376,486 $10,323,466 $745,731,426
============ =========== ============
Liabilities and participants' equity:
Accounts payable . . . . . . . . . . . $ - $ - $ 2,171,114
Participants' equity (Note 10) . . . . 242,376,486 10,323,466 743,560,312
____________ ___________ ____________
TOTAL LIABILITIES AND
PARTICIPANTS' EQUITY . . . . . $242,376,486 $10,323,466 $745,731,426
============ =========== ============
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, 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,
1995 - 12,006,428 shares, June 30,
1994 - 11,374,812 shares (cost
June 30, 1995 - $336,262,357,
June 30, 1994 - $309,594,615)
(Note 6) . . . . . . . . . . . . . . $429,399,153 $ - $ - $ -
Dominion Resources, Incorporated
common stock, at market, June 30,
1995 - 147,807 shares, June 30,
1994 - 152,826 shares (cost
June 30, 1995 - $3,741,952,
June 30, 1994 - $3,758,409)
(Note 6) . . . . . . . . . . . . . . - 5,559,052 - -
Common and preferred stock, at
market value (cost June 30, 1995 -
$22,308,451, June 30, 1994 -
$16,376,586) (Exhibit II) . . . . . - - 16,897,258 -
Corporate discounted notes, at
market value (cost June 30, 1994 -
$583,191) . . . . . . . . . . . . . - - 584,180 -
U.S. government agency Discount
Note, at market value (cost June 30,
1994 - $99,861) . . . . . . . . . . - - 99,953 -
Temporary investments, at cost (which
approximates market value)
(Exhibit III) . . . . . . . . . . . - - 785,388 2,950,000
Fixed Investment Fund (Exhibit IV) . . - - - -
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> 11
<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,
1995 - 12,006,428 shares, June 30,
1994 - 11,374,812 shares (cost
June 30, 1995 - $336,262,357,
June 30, 1994 - $309,594,615)
(Note 6) . . . . . . . . . . . . . . $ - $ - $429,399,153
Dominion Resources, Incorporated
common stock, at market, June 30,
1995 - 147,807 shares, June 30,
1994 - 152,826 shares (cost
June 30, 1995 - $3,741,952,
June 30, 1994 - $3,758,409)
(Note 6) . . . . . . . . . . . . . . - - 5,559,052
Common and preferred stock, at
market value (cost June 30, 1995 -
$22,308,451, June 30, 1994 -
$16,376,586) (Exhibit II) . . . . . - - 16,897,258
Corporate discounted notes, at
market value (cost June 30, 1994 -
$583,191) . . . . . . . . . . . . . - - 584,180
U. S. government agency Discount
Note, at market value (cost June 30,
1994 - $99,861) . . . . . . . . . . - - 99,953
Temporary investments, at cost (which
approximates market value)
(Exhibit III) . . . . . . . . . . . - - 3,735,388
Fixed Investment Fund (Exhibit IV) . . 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> 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, 1995
_________________________________________________________
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 . .
$ 17,281,693 $ - $ 2,852,525 $ 790,743
Transfer from General
Thrift Trust (Note 8) . . . . 713,566 - - 2,013,006
Dividend income:
Consolidated Natural Gas
Company common stock . . . . . 15,036,659 - 263,336 489,711
Other . . . . . . . . . . . . . 327,177 - 799,634 30,044
Increase in unrealized
appreciation of investments
included in participants'
equity (Note 6) . . . . . . . . . - - 2,410,462 -
Interest income . . . . . . . . . . 2,085 - 85,987 421,381
Realized gain on sale/conversion
of investments (Note 7) . . . . . 2,301,618 88,601 1,568,553 -
Interfund conversions - net . . . . (3,587,928) (260,885) (1,072,633) 6,576,032
____________ __________ ___________ ___________
TOTAL ADDITIONS . . . . . . 32,074,870 (172,284) 6,907,864 10,320,917
____________ __________ ___________ ___________
Benefits paid to participants . . . 6,262,893 105,058 452,074 5,021,552
Decrease in unrealized
appreciation of
investments included
in participants'
equity (Note 6) . . . . . . . . . 5,721,440 143,645 - -
____________ __________ ___________ ___________
TOTAL DEDUCTIONS . . . . . . 11,984,333 248,703 452,074 5,021,552
____________ __________ ___________ ___________
Net increase/(decrease) in
participants' equity during
the year . . . . . . . . . . . . 20,090,537 (420,987) 6,455,790 5,299,365
Participants' equity at
beginning of year . . . . . . . . 429,362,369 5,245,636 18,420,372 6,407,278
____________ __________ ___________ ___________
Participants' equity at
end of year . . . . . . . . . . . $449,452,906 $4,824,649 $24,876,162 $11,706,643
============ ========== =========== ===========
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, 1995
____________________________________________
Fixed Participants'
Investment Loan Funds
Fund Fund Combined
_____________ ____________ _____________
<S> <C> <C> <C>
Contributions (Notes 4 and 5):
From participating employees . . $ 2,954,710
From participating employers . . 26,803,285
_____________
$ 8,833,034 $ - 29,757,995
Transfer from General
Thrift Trust (Note 8) . . . . - - 2,726,572
Dividend income:
Consolidated Natural Gas
Company common stock . . . . . 6,753,309 - 22,543,015
Other . . . . . . . . . . . . . - - 1,156,855
Increase in unrealized
appreciation of investments
included in participants'
equity (Note 6) . . . . . . . . . - - 2,410,462
Interest income . . . . . . . . . . 15,417,890 824,583 16,751,926
Realized gain on sale/conversion
of investments (Note 7) . . . . . - - 3,958,772
Interfund conversions - net . . . . (1,780,228) 125,642 -
____________ ___________ _____________
TOTAL ADDITIONS . . . . . . 29,224,005 950,225 79,305,597
____________ ___________ _____________
Benefits paid to participants . . . 24,543,180 384,166 36,768,923
Decrease in unrealized
appreciation of
investments included
in participants'
equity (Note 6) . . . . . . . . . - - 5,865,085
____________ ___________ _____________
TOTAL DEDUCTIONS . . . . . 24,543,180 384,166 42,634,008
____________ ___________ _____________
Net increase/(decrease) in
participants' equity during
the year . . . . . . . . . . . . 4,680,825 566,059 36,671,589
Participants' equity at
beginning of year . . . . . . . . 237,695,661 9,757,407 706,888,723
____________ ___________ _____________
Participants' equity at
end of year . . . . . . . . . . . $242,376,486 $10,323,466 $ 743,560,312
============ =========== =============
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, 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
Transfer from General
Thrift Trust (Note 8) . . . . - - - -
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 . . . . . . 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>
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, 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
Transfer from General
Thrift Trust (Note 8) . . . . - - -
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 . . . . . . 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>
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, directly from the Corporation and in certain
circumstances 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 contract value. Contract
value represents contributions and income earned in the fund, less
withdrawals.
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.
<PAGE> 18
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.
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
8
CONSOLIDATED NATURAL GAS COMPANY THRIFT PLANS
NOTES TO FINANCIAL STATEMENTS - (Continued)
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.
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. The average yield for the
fiscal years ended June 30, 1995 and 1994 was 6.4% and 6.5%, respectively. The
fair market value of the contracts at June 30, 1995 approximates the contract
value.
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.
<PAGE> 19
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
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 in effect for periods prior to
January 1, 1995 have been received with respect to all the Thrift Plans except
the System Thrift Plan of Consolidated Natural Gas Company and Its
9
<PAGE> 20
CONSOLIDATED NATURAL GAS COMPANY THRIFT PLANS
NOTES TO FINANCIAL STATEMENTS - (Continued)
Participating Subsidiaries for Employees Who Are Not Represented by a
Recognized Union and the Virginia Natural Gas, Inc. Hourly Savings Plan.
Determination letters have been requested for these plans for periods prior to
January 1, 1995. A determination letter has been received with respect to the
System Thrift Plan of Consolidated Natural Gas Company and Its Participating
Subsidiaries for Employees Who Are Not Represented by a Recognized Union as in
effect for periods prior to January 1, 1987. Under present Federal income tax
law, the Trusts are believed to be exempt from taxation on earnings. As a
result, 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.
Note 4-Participation:
The following table presents the number of employees participating in the
respective funds at June 30, 1995 and June 30, 1994:
<TABLE>
<CAPTION>
General
Thrift
Trust Alternate Thrift Trust
_________ _______________________________________________________________
Dominion
Resources
Corporation Incorporated Cash
Common Common (General Fixed
Stock Stock Diversified Investments Investment
Fund Fund Fund Fund) Fund
___________ ____________ ___________ ___________ __________
<S> <C> <C> <C> <C> <C> <C>
June 30, 1995 . . 6,336 6,153 322 1,080 462 3,286
June 30, 1994 . . 6,768 6,291 355 952 445 3,230
</TABLE>
<PAGE> 21
Note 5-Contributions:
Contributions to the Plans by participating employers and their employees
during the years ended June 30, 1995 and 1994 were as follows:
General Thrift Trust
________________________
1995 1994
___________ ___________
Employee Employee
___________ ___________
Consolidated Natural Gas Service Company, Inc. . $ 651,976 $ 676,091
The East Ohio Gas Company . . . . . . . . . . . . 6,870,790 6,955,096
The Peoples Natural Gas Company . . . . . . . . . 2,977,925 2,929,290
The River Gas Company . . . . . . . . . . . . . . 122,173 153,456
West Ohio Gas Company . . . . . . . . . . . . . . 210,106 224,118
CNG Producing Company . . . . . . . . . . . . . . 904,082 957,823
Hope Gas, Inc. . . . . . . . . . . . . . . . . . 1,274,861 1,264,355
CNG Transmission Corporation . . . . . . . . . . 5,532,940 5,789,820
Virginia Natural Gas, Inc. . . . . . . . . . . . 227,528 231,076
CNG Energy Services Corporation . . . . . . . . . 150,859 73,356
___________ ___________
$18,923,240 $19,254,481
=========== ===========
10
<PAGE> 22
CONSOLIDATED NATURAL GAS COMPANY THRIFT PLANS
NOTES TO FINANCIAL STATEMENTS - (Continued)
Alternate Thrift Trust
________________________________________________
1995 1994
_______________________ _______________________
Employer Employee Employer Employee
___________ __________ ___________ __________
Consolidated Natural Gas
Service Company, Inc. . . . $ 1,816,962 $ 259,179 $ 1,770,705 $ 184,029
The East Ohio Gas Company . . 8,393,971 618,693 8,281,475 763,921
The Peoples Natural Gas Company 4,274,860 362,425 4,117,693 481,945
The River Gas Company . . . . 123,130 11,406 170,038 28,971
West Ohio Gas Company . . . . 601,859 144,871 545,919 136,449
CNG Producing Company . . . . 2,087,659 172,178 2,163,149 411,695
Hope Gas, Inc. . . . . . . . . 1,324,049 102,276 1,295,445 105,454
CNG Transmission Corporation . 6,203,876 738,243 6,273,313 774,500
Virginia Natural Gas, Inc. . . 1,502,259 422,936 1,417,542 364,519
CNG Energy Services
Corporation . . . . . . . . 474,660 122,503 186,899 12,486
___________ __________ ___________ __________
$26,803,285 $2,954,710 $26,222,178 $3,263,969
========== ========== =========== ==========
Employee contributions to the Alternate Thrift Trust for 1995 and 1994
include after-tax contributions in the amounts of $1,779,075 and $1,661,452,
respectively, and rollovers from other qualified plans in the amounts of
$1,175,635 and $1,602,517, respectively. Employer contributions to the
Alternate Thrift Trust for 1995 and 1994 include employer matching
contributions in the amounts of $18,636,809 and $18,465,392, respectively, and
employee elected pre-tax contributions in the amounts of $8,166,476 and
$7,756,786, respectively.
<PAGE> 23
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, 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
Increase/(Decrease)
during year . . . . . . (1,577,248) (5,721,440) (143,645) 2,410,462 (5,031,871)
___________ ____________ __________ __________ _____________
Balance at June 30, 1995 . $ 1,323,325 $114,082,117 $1,705,732 $2,931,133 $ 120,042,307
=========== ============ ========== ========== =============
</TABLE>
The unrealized appreciation of the Trusts combined investments at June 30, 1995
and 1994 was $119,886,161 and $125,027,507, 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.
11
CONSOLIDATED NATURAL GAS COMPANY THRIFT PLANS
NOTES TO FINANCIAL STATEMENTS - (Continued)
Note 7-Realized Gain on Sale/Conversion of Alternate Thrift Trust Investments:
Year Ended June 30, 1995
_____________________________________________________
Dominion
Resources
Corporation Incorporated
Common Common Diversified Funds
Stock Fund Stock Fund Fund Combined
___________ ____________ ____________ ___________
Aggregate proceeds . . . $ 12,302,630 $ 260,884 $19,919,903 $32,483,417
Aggregate costs . . . . 10,001,012 172,283 18,351,350 28,524,645
___________ __________ ___________ ___________
Realized Gain . . . . . $ 2,301,618 $ 88,601 $ 1,568,553 $ 3,958,772
=========== ========== =========== ===========
<PAGE> 24
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
=========== ========== =========== ===========
Note 8-Plan Amendments:
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 and the Thrift Plan of
West Ohio Gas Company for Employees Represented By Local Union No. 308
effective October 1, 1993, June 16, 1994 and January 19, 1995, 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.
On September 13, 1994, the Board of Directors of Consolidated Natural Gas
Company approved the following 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 effective April 1,
1995:
1. The Consolidated Natural Gas Company Common Stock Fund under the
General Thrift Trust was eliminated. All shares credited to
participants' accounts, at that time, were 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 was automatically transferred to the
General Investments Fund under the Alternate Thrift Trust.
12
<PAGE> 25
CONSOLIDATED NATURAL GAS COMPANY THRIFT PLANS
NOTES TO FINANCIAL STATEMENTS - (Continued)
3. All participants were 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.
During December 1994, each of the Thrift Plans were amended to provide for
technical changes to ensure compliance with qualification requirements of the
Internal Revenue Code.
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, 1995
and 1994, 17,817 and 33,378 shares at a cost of $639,681 and $1,511,615,
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, 1995 June 30, 1994
_____________ _____________
Corporation Common Stock Fund . . . . . . . . . $ 750 $ 230,162
Cash (General Investments Fund) . . . . . . . . 229,694 53,439
__________ __________
Funds Combined $ 230,444 $ 283,601
========== ==========
Alternate Thrift Trust
______________________________
June 30, 1995 June 30, 1994
_____________ _____________
Corporation Common Stock Fund . . . . . . . . . $3,593,352 $2,007,781
Dominion Resources, Incorporated
Common Stock Fund . . . . . . . . . . . . . . 130,926 -
Diversified Fund . . . . . . . . . . . . . . . 295,872 39,755
Cash (General Investments Fund) . . . . . . . . 642,339 628,061
Fixed Investment Fund . . . . . . . . . . . . . 1,577,626 251,495
Particpants' Loan Fund . . . . . . . . . . . . 161,146 42,530
__________ __________
Funds Combined $6,401,261 $2,969,622
========== ==========
<PAGE> 26
Note 11-Investments
The following investments represent 5% or more of the Plan's net assets
available for benefits:
General Thrift Trust
______________________________
June 30, 1995 June 30, 1994
_____________ _____________
Corporation Common Stock . . . . . . . . . . . $ 2,247,863 $ 4,802,480
Temporary Investments:
American Express Credit Company Notes . . . . - 11,100,000
American Corporation of North
America Notes . . . . . . . . . . . . . . . 4,050,000 11,750,000
Prudential Funding Corporation Notes . . . . 10,100,000 -
___________ ___________
Funds Combined $16,397,863 $27,652,480
=========== ===========
13
CONSOLIDATED NATURAL GAS COMPANY THRIFT PLANS
NOTES TO FINANCIAL STATEMENTS - (Continued)
Alternate Thrift Trust
______________________________
June 30, 1995 June 30, 1994
_____________ _____________
Corporation Common Stock . . . . . . . . . . . $450,241,050 $429,399,153
Insurance company contracts:
Aetna Life Insurance Company #010463 . . . . 69,122,199 65,002,267
Connecticut General Life Insurance
Company #16306 and #16355 . . . . . . . . . 43,962,274 41,077,439
Continental Assurance Company
#GP30001-101 . . . . . . . . . . . . . . . 42,254,216 41,789,545
John Hancock Mutual Life Insurance Company
#6325-GAC . . . . . . . . . . . . . . . . . 42,305,296 46,451,221
Metropolitan Life Insurance Company
#013582-000 . . . . . . . . . . . . . . . . 40,470,946 38,534,182
____________ ____________
Funds Combined $688,346,901 $662,253,807
============ ============
<PAGE> 27
Note 12-Subsequent Events:
On September 13, 1994, the Board of Directors of Consolidated Natural Gas
Company approved the following 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 became effective
July 1, 1995:
1. The Alternate Thrift Trust was renamed the Long-Term Thrift Trust,
while the General Thrift Trust was renamed the Short-Term Thrift
Trust.
2. The Long-Term Thrift Trust offers 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 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 was
eliminated. Participants with balances in this fund were required to
reinvest such amounts in the investment options available at that
time.
5. Investment options are valued daily and transfers among options are
permitted daily.
6. Participants pay investment management, marketing, transfer agent and
administrative expenses for each investment option, except the Fixed
Investment Fund.
7. Participants must 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 are permitted to contribute up to ten percent of their
regular earnings on a pretax basis, subject to applicable Internal
Revenue Code limitations.
14
<PAGE> 28
CONSOLIDATED NATURAL GAS COMPANY THRIFT PLANS
NOTES TO FINANCIAL STATEMENTS - (Concluded)
The following amendment was made to the Thrift Plan of Consolidated
Natural Gas Service Company, Inc. for Employees of the Computer Operations
Department Represented by the Natural Gas Workers Union, the Thrift Plan of
West Ohio Gas Company for Employees Represented by Local Union No. 308-C and
the Thrift Plan of the River Gas Division of The East Ohio Gas Company for
Employees Represented by Allegheny Mountain Gas Workers' Union effective
August 19, 1995, September 16, 1995 and November 1, 1995, respectively:
1. 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.
15
<PAGE> 29
EXHIBIT I
CONSOLIDATED NATURAL GAS COMPANY THRIFT PLANS
GENERAL THRIFT TRUST
TEMPORARY INVESTMENTS
June 30, 1995
Par Market
Value Cost Value
___________ ___________ ___________
Prudential Funding Corporation Notes . $10,100,000 $10,100,000 $10,100,000
Associates Corporation of North
America Note . . . . . . . . . . . . 4,050,000 4,050,000 4,050,000
___________ ___________ ___________
Total . . . . . . . . . . . . . . . $14,150,000 $14,150,000 $14,150,000
=========== =========== ===========
16
<PAGE> 30
EXHIBIT II
CONSOLIDATED NATURAL GAS COMPANY THRIFT PLANS
ALTERNATE THRIFT TRUST
COMMON AND PREFERRED STOCK INVESTMENTS - DIVERSIFIED FUND
June 30, 1995
No. of Market
Name of Issuer Shares Cost Value
______________ ___________ ___________ ___________
Common Stock:
Abbott Laboratories 3,400 $ 106,625 $ 137,700
Aetna Life & Casualty Co. 6,600 419,791 414,975
Air Products & Chemicals Inc. 1,000 46,770 55,750
Albertsons Inc. 2,200 61,979 65,175
Alco Standard Corp. 100 6,446 7,988
Allied Signal Inc. 1,500 55,502 66,750
Allstate Financial Corp. 2,500 73,032 74,062
American Express Co. 12,900 418,583 454,725
American International Group Inc. 1,100 76,549 125,400
Ameritech Corp. 2,500 104,729 110,000
Amgen Inc. 1,400 62,206 112,613
Amoco Corp. 7,000 406,410 466,375
Applied Materials Inc. 700 29,550 60,637
Archer Daniels Midland Co. 4,200 80,679 78,225
AT&T Corp. 13,800 693,692 731,400
Automatic Data Processing Inc. 600 34,659 37,725
Avon Products Inc. 600 33,621 40,200
Banc One Corp. 3,600 119,790 116,100
Barnett Banks Inc. 4,400 218,834 226,050
Baxter International Inc. 1,800 47,843 65,475
Bay Networks Inc. 400 13,588 16,550
Bristol Myers Squibb Co. 9,100 606,480 619,937
British Steel PLC ADR Final Installment 1,400 31,995 38,850
Browning Ferris Industries Inc. 5,700 152,067 205,200
Cabletron Systems Inc. 300 13,399 15,975
Capital Cities ABC Inc. 100 5,456 10,800
Caterpillar Inc. 1,000 62,458 64,250
Ceridian Corp. 600 19,743 22,125
Chemical Banking Corp. 3,200 143,326 151,200
Chevron Corp. 2,000 78,557 92,750
Cigna Corp. 1,300 98,854 100,912
Cinergy Corp. 4,500 105,990 118,125
Circuit City Stores Inc. 4,000 98,757 126,500
Cisco Systems Inc. 200 9,175 10,113
Citicorp 2,600 83,812 150,475
Coca-Cola Co. 400 11,299 25,500
Colgate-Palmolive Co. 400 26,659 29,250
Columbia / HCA Healthcare Corp. 4,000 135,035 173,000
Crown Cork & Seal Co. Inc. 200 7,822 10,025
Dana Corp. 1,600 42,958 45,800
Dean Witter, Discover & Co. 8,100 375,254 380,700
17
<PAGE> 31
EXHIBIT II-(Continued)
CONSOLIDATED NATURAL GAS COMPANY THRIFT PLANS
ALTERNATE THRIFT TRUST
COMMON AND PREFERRED STOCK INVESTMENTS - DIVERSIFIED FUND
June 30, 1995
No. of Market
Name of Issuer Shares Cost Value
______________ ___________ ___________ ___________
Common Stock:
Delta Air Lines Inc. 1,900 $ 119,865 $ 140,125
Digital Equipment Corp. 200 9,316 8,150
Disney (Walt) Co. 4,300 175,770 238,650
Dow Chemical Co. 1,000 72,451 71,875
Dun & Bradstreet Corp. 1,800 104,900 94,500
Dupont E I De Nemours & Co. 13,400 882,262 921,250
Duracell International Inc. 4,100 176,077 177,325
Eastman Chemical Co. 1,400 72,013 83,300
Eastman Kodak Co. 4,300 233,589 260,688
Eaton Corp. 700 38,712 40,688
Emerson Electric Co. 200 11,474 14,300
Equifax Inc. 1,800 37,010 59,850
Ericsson (L M) Telecom. Co. ADR Class B 3,500 5,115 70,000
Exxon Corp. 10,400 706,808 734,500
Federal National Mortgage Association 1,550 136,905 146,475
First Bank System Inc. 700 20,658 28,700
First Interstate Bancorp 700 52,833 56,175
First Union Corp. 5,100 226,259 230,775
Fleet Financial Group Inc. 400 12,958 14,850
Flowers Industries Inc. 1,900 36,000 37,050
Forest Laboratories Inc. 1,500 68,402 66,562
General Electric Co. 10,900 460,074 614,488
General Motors Corp. Class E 1,000 24,113 43,500
General Re Corp. 600 57,048 80,325
General Signal Corp. 1,000 35,759 39,750
Georgia Pacific Corp. 200 14,986 17,300
Goodyear Tire & Rubber Co. 1,200 49,299 49,350
Grace W R & Co. 1,100 67,953 67,512
GTE Corp. 16,900 566,031 576,712
Harland John H. Co. 5,000 106,373 114,375
Health Management Associates Inc. 2,100 60,743 61,425
Hercules Inc. 7,100 248,044 346,125
Hewlett-Packard Co. 3,400 147,211 253,300
Home Depot Inc. 6,000 261,424 244,500
Illinois Tool Works Inc. 700 27,532 38,500
Ingersoll Rand Co. 500 19,014 19,125
Intel Corp. 6,200 194,834 392,541
International Business Machines Corp. 7,900 662,754 758,400
International Paper Co. 2,900 229,130 248,675
Invesco Trust Co. Equity Fund 77,075 1,515,300 1,515,300
Johnson & Johnson 7,150 339,018 482,625
18
<PAGE> 32
EXHIBIT II-(Continued)
CONSOLIDATED NATURAL GAS COMPANY THRIFT PLANS
ALTERNATE THRIFT TRUST
COMMON AND PREFERRED STOCK INVESTMENTS - DIVERSIFIED FUND
June 30, 1995
No. of Market
Name of Issuer Shares Cost Value
______________ ___________ ___________ ___________
Common Stock:
Lam Research Corp. 700 $ 26,162 $ 44,800
Lilly (Eli) & Co. 500 30,052 39,250
Lincoln National Corp. 900 33,584 39,375
Lockheed Martin Corp. 4,700 190,055 296,688
Mallinckrodt Group Inc. 2,300 81,477 81,650
Marriott International Inc. 4,000 120,977 143,500
Marsh & McLennan Companies Inc. 2,600 215,313 210,925
McDonald's Corp. 1,000 29,675 39,125
Mead Corp. 1,600 69,928 95,000
Medtronic Inc. 800 43,624 61,700
Merck And Co. Inc. 7,800 298,260 383,175
Microsoft Corp. 1,300 44,606 117,487
Millipore Corp. 800 36,591 54,000
Minnesota Mining & Manufacturing Co. 3,800 179,736 218,025
Mobil Corp. 3,500 263,778 336,000
Morton International Inc. 1,500 47,938 43,875
Motorola Inc. 250 6,105 16,781
NBD Bancorp Inc. 3,500 109,465 112,000
Nabisco Holdings Corp. Class A 700 18,687 18,900
Nationsbank Corp. 5,300 292,499 284,212
Nokia Corp. Sponsored ADR 400 8,079 23,950
Norfolk Southern Corp. 1,000 67,772 67,375
Novell Inc. 8,000 160,426 159,504
Nynex Corp. 2,000 83,652 80,500
Ogden Corp. 1,428 34,510 31,237
Olsten Corp. 500 14,548 16,375
Pacific Gas & Electric Co. 4,100 110,104 118,900
Pall Corp. 1,600 34,121 35,600
Parker-Hannifin Corp. 2,850 87,586 103,312
Pepsico Inc. 12,300 515,554 559,650
Phelps Dodge Corp. 3,400 191,527 200,600
Philip Morris Companies Inc. 4,800 348,267 357,000
Phillips Petroleum Co. 17,600 579,969 587,400
Pitney Bowes Inc. 3,000 99,614 114,750
Price/Costco Inc. 11,100 172,449 180,375
Procter & Gamble Co. 2,200 119,159 158,125
Rayonier Inc. 200 7,397 7,100
Raytheon Co. 3,000 181,374 232,875
RCM Growth Equity Fund Inc. 1,286 292,335 295,877
Royal Dutch Petroleum Co. 1,200 130,069 146,250
Ryder System Inc. 1,400 36,063 33,425
19
<PAGE> 33
EXHIBIT II-(Continued)
CONSOLIDATED NATURAL GAS COMPANY THRIFT PLANS
ALTERNATE THRIFT TRUST
COMMON AND PREFERRED STOCK INVESTMENTS - DIVERSIFIED FUND
June 30, 1995
No. of Market
Name of Issuer Shares Cost Value
______________ ___________ ___________ ___________
Common Stock:
Sara Lee Corporation 1,500 $ 37,919 $ 42,750
SBC Communications Inc. 3,000 117,794 142,875
Schering-Plough Corp. 1,600 49,670 70,600
Schlumberger Limited 700 38,308 43,487
Sears Roebuck & Co. 11,300 640,128 672,350
Smithkline Beecham PLC ADR 900 34,955 40,725
Staples Inc. 3,500 101,391 101,062
Sundstrand Corp. 300 15,617 17,925
Tenneco Inc. 6,600 306,428 303,600
Teradyne Inc. 2,100 133,037 137,288
Texas Instruments Inc. 800 64,080 107,100
Textron Inc. 2,300 101,816 133,688
Torchmark Corp. 900 41,843 33,975
Toys R Us Inc. 2,200 82,148 64,350
UAL Corp. 150 15,590 21,056
Unicom Inc. 6,400 190,749 170,400
Unilever N. V. 2,100 221,683 273,263
Union Camp Corp. 400 22,470 23,150
Upjohn Co. 500 17,083 18,813
UST Inc. 5,200 144,415 154,700
VF Corp. 2,300 98,788 123,625
Vodafone Group PLC Sponsored ADR 400 13,082 15,150
Wal-Mart Stores Inc. 5,700 104,941 152,475
Warner-Lambert Co. 2,100 147,093 181,388
Westvaco Corp. 3,000 104,128 132,750
Weyerhaeuser Co. 1,700 76,202 80,113
Whitman Corp. 1,800 28,903 34,875
Williamette Industries Inc. 500 25,063 27,750
WMX Technologies Inc. 4,000 119,166 113,500
Xerox Corp. 1,850 175,589 216,913
___________ ___________
Total $22,189,156 $25,113,322
20
<PAGE> 34
EXHIBIT II-(Continued)
CONSOLIDATED NATURAL GAS COMPANY THRIFT PLANS
ALTERNATE THRIFT TRUST
COMMON AND PREFERRED STOCK INVESTMENTS - DIVERSIFIED FUND
June 30, 1995
No. of Market
Name of Issuer Shares Cost Value
______________ ___________ ___________ ___________
Preferred Stock:
Ford Motor Co. PFD A 1,300 $ 119,295 $ 126,263
___________ ___________
TOTAL PREFERRED STOCK 119,295 126,263
___________ ___________
TOTAL COMMON AND PREFERRED STOCK $22,308,451 $25,239,585
=========== ===========
21
<PAGE> 35
EXHIBIT III
CONSOLIDATED NATURAL GAS COMPANY THRIFT PLANS
ALTERNATE THRIFT TRUST
TEMPORARY INVESTMENTS
June 30, 1995
Par Market
Value Cost Value
__________ __________ __________
Diversified Fund:
The Chase Manhattan Bank, N.A.
Domestic Liquidity Fund . . . . . . . . $1,971,232 $1,971,232 $1,971,232
General Investments Fund:
Prudential Funding Corporation Notes . . 4,420,000 4,420,000 4,420,000
Associates Corporation of North America
Note . . . . . . . . . . . . . . . . . 550,000 550,000 550,000
__________ __________ __________
TOTAL GENERAL INVESTMENTS
FUND . . . . . . . . . . . . . . . 4,970,000 4,970,000 4,970,000
__________ __________ __________
TOTAL . . . . . . . . . . . . . . . $6,941,232 $6,941,232 $6,941,232
========== ========== ==========
22
<PAGE> 36
EXHIBIT IV
CONSOLIDATED NATURAL GAS COMPANY THRIFT PLANS
ALTERNATE THRIFT TRUST
FIXED INVESTMENT FUND
June 30, 1995
Cost
(Which Approximates
Insurance Company Market Value)
_________________ ___________________
Aetna Life Insurance Company $ 69,122,119
Connecticut General Life Insurance Company 43,962,274
Continental Assurance Company 42,245,216
John Hancock Mutual Life Insurance Company 42,305,296
Pacific Mutual Life Insurance Company 6,812,534
Metropolitan Life Insurance Company 40,470,946
____________
TOTAL FIXED INVESTMENT FUND $244,918,385
============
23
<PAGE> 37
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 21, 1995
24
<PAGE> 38
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 18, 1995, appearing on page 1 of this Form 11-K.
600 Grant Street
Pittsburgh, PA 15219
December 21, 1995
25
