EX-99 7 ex99.htm EXHIBIT 99 PAGE 3

Exhibit 99


CONSOLIDATED NATURAL GAS COMPANY

CONDENSED CONSOLIDATED EARNINGS STATEMENTS
(Unaudited)

 

 

Six Months
Ended
June 30, 2003

Six Months
Ended
December 31, 2002

 

(Millions)

Operating Revenue

$2,811 

$1,980

Operating Expenses

  2,170 

  1,434

Income from operations

641 

546

Other income (loss)

(8)

16

Interest and related charges

       79 

       75

Income before income taxes

554 

487

Income taxes

     199 

     154

Income before cumulative effect of a change in
     accounting principle


355 


333

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


       (5)


     -  

Net income

$   350 

$   333

The condensed consolidated earnings statement for the six months ended June 30, 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 six 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 six months ended June 30, 2003, under generally accepted accounting principles.