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ASHLAND OIL TO RECEIVE ONE-TIME GAINTO FISCAL FOURTH QUARTER EARNINGS

 ASHLAND, Ky., Sept. 30 /PRNewswire/ -- Ashland Oil, Inc. (NYSE: ASH) reported today that it will receive a one-time, net after-tax gain to earnings of $18 million or 28 cents a share in its fiscal fourth quarter, ending Sept. 30, 1993.
 The gain is primarily a result of a reduction of income tax expense by Ashland Coal, Inc. (NYSE: ACI), in which Ashland Oil owns 38 percent interest.
 Excluding the gain, John R. Hall, Ashland Oil chairman and chief executive officer, said he expects the company's fiscal fourth quarter and year results will be between 65 and 70 cents a share for the quarter and $1.90 and $1.95 a share for the year. Including the gain, Ashland's fiscal year results are expected to be approximately $2.20 a share. Ashland expects to report its fiscal fourth quarter results on Oct. 25, 1993.
 The gain results from Ashland Coal's decision to deduct for federal tax purposes the amortization of goodwill which was generated by the April 1992 acquisition of Dal-Tex Coal Corporation. Amortization of goodwill was only recently permitted following the enactment of the Omnibus Budget Reconciliation Act of 1993. The full impact of the tax adjustment will be partially offset by other factors affecting Ashland Coal's quarterly earnings.
 Ashland Oil reported a net loss of $103 million or $1.75 a share in its 1992 fiscal fourth quarter and a net loss of $336 million or $5.75 a share for all of fiscal 1992, due to the adoption of FAS 106 and other special charges. Ashland has reported net income of $76 million or $1.25 per share for the first nine months of fiscal 1993.
 Ashland Oil is a diversified energy company engaged in petroleum refining, marketing and transportation; retail gasoline marketing; motor oil marketing; chemicals; coal; highway construction; and oil and gas exploration and production.
 -0- 9/30/93
 /CONTACT: Roger Schrum, media relations, of Ashland Oil, 606-329-4061/
 (ASH ACI)


CO: Ashland Oil, Inc.; Ashland Coal, Inc.; Dal-Tex Coal Corporation ST: Kentucky IN: OIL MNG SU:

KC -- PG007 -- 7200 09/30/93 10:47 EDT
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Publication:PR Newswire
Date:Sep 30, 1993
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