PITTSBURGH, July 31 /PRNewswire/ -- Consolidated Natural Gas Company and
Sempra Energy Trading said today they have completed the previously announced
sale of the capital stock of Consolidated's CNG Energy Services Corporation
energy marketing subsidiary to Sempra Energy Trading. Proceeds from the sale
will amount to about $48 million, subject to final working capital
adjustments.
Consolidated recorded disposal costs in the first quarter related to
shutting down CNG Energy Services.
Sempra Energy Trading is one of the largest U.S. participants in marketing
and trading physical and financial energy products, including natural gas,
power and crude oil. Sempra Energy Trading is a subsidiary of Sempra Energy
(NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
Consolidated Natural Gas Company (NYSE: CNG) is one of the nation's
largest producers, transporters, distributors and retail marketers of natural
gas. The company's natural gas transmission and distribution operations serve
customers in Ohio, Pennsylvania, Virginia, West Virginia, New York and other
states in the Northeast and Mid-Atlantic regions. CNG explores for and
produces oil and natural gas in the United States and makes selective
investments abroad.
SOURCE Consolidated Natural Gas Company
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fax, 800-758-5804, ext. 203456
CONTACT:
Cynthia Navadeh of Consolidated Natural Gas,
412-690-1442
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