EX-99.3 6 cngex993.htm EXHIBIT 99.3 PAGE 3

Exhibit 99.3

CONSOLIDATED NATURAL GAS COMPANY

CONDENSED CONSOLIDATED EARNINGS STATEMENTS
(Unaudited)

 

Three Months
Ended
March 31, 2003

Nine Months
Ended
December 31, 2002

 

(Millions)

     

Operating Revenue

$1,724 

$2,768

     

Operating Expenses

  1,295 

  2,035

     

Income from operations

429 

733

     

Other income

26

     

Interest and related charges

       39 

     113

     

Income before income taxes

391 

646

     

Income taxes

     139 

     208

Income before cumulative effect of a change in
  accounting principle


252 


438

Cumulative effect of a change in accounting principle
  (net of income taxes of $3)


       (5)


     -  

     

Net income

$   247 

$   438

The condensed consolidated earnings statement for the three months ended March 31, 2003 reflects the adoption of a new accounting standard, effective January 1, 2003, Statement of Financial Accounting Standards No. 143, Accounting for Asset Retirement Obligations. The condensed consolidated earnings statement for the nine months ended December 31, 2002, which was prepared under different accounting policies regarding the accounting matters covered by the aforementioned new standard, may not be combined with the condensed consolidated earnings statement for the three months ended March 31, 2003, under generally accepted accounting principles.