2004 ANNUAL REPORT
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Form 10-K CNP 2004
Annual Report CNP 2004
Proxy Statement CNP 2005
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CONDENSED STATEMENTS OF CONSOLIDATED OPERATIONS
  Year Ended December 31,
2002 2003 2004
  (In millions, except per share amounts)
Revenues $ 6,437,505 $ 7,789,681 $ 8,510,428

Expenses:
Natural gas 2,953,871 4,297,914 5,524,451
Other operating expenses 1,586,283 1,670,783 1,632,540
Depreciation and amortization 457,608 465,571 489,642
Total 4,997,762 6,434,268 7,646,633
Operating Income 1,439,743 1,355,413 863,795
Other Income (Expense) (685,534) (741,578) (519,774)
Income From Continuing Operations Before Income Taxes
  and Extraordinary Loss
754,209 613,835 344,021
Income Tax Expense (272,246) (205,064) (138,306)
Income From Continuing Operations Before Extraordinary Loss 481,963 408,771 205,715
Discontinued Operations, net of tax (4,402,197) 74,896 (133,083)
Income (Loss) Before Extraordinary Loss (3,920,234) 483,667 72,632
Extraordinary Loss, net of tax -- -- (977,336)
Net Income (Loss) $ (3,920,234) $ 483,667 $ (904,704)

Basic Earnings Per Share:
Income from Continuing Operations $ 1.62 $ 1.35 $ 0.67
Discontinued Operations, net of tax (14.78) 0.24 (0.43)
Extraordinary Loss, net of tax -- -- (3.18)
Net Income (Loss) $ (13.16) $ 1.59 $ (2.94)

Diluted Earnings Per Share:
Income from Continuing Operations $ 1.61 $ 1.24 $ 0.61
Discontinued Operations, net of tax (14.69) 0.22 (0.37)
Extraordinary Loss, net of tax -- -- (2.72)
Net Income (Loss) $ (13.08) $ 1.46 $ (2.48)

See Notes to the Consolidated Financial Statements in the Company's Form 10-K.

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