Christiana Reports Results for First Quarter of Fiscal 1999.

MILWAUKEE--(BUSINESS WIRE)--Oct. 27, 1998--Christiana Companies, Inc. (NYSE:CST) today reported financial results for the first quarter of fiscal 1999 ended September 30, 1998.

Revenues for the quarter were $22,370,000 compared to $23,047,000 for the same period last year, reflecting a decline of 2.9% due to the closure of two dry warehouses offset partially by a 3.8% revenue gain in refrigerated warehousing services.

Net earnings for the first quarter of fiscal 1999 totaled $502,000 or $0.10 per share compared to $1,485,000 or $0.29 per share reported for the same period last year. Included in the prior period's results were equity earnings of Weatherford International, Inc. (formerly EVI, Inc.) which contributed net earnings of $1,178,000 or $0.23 per share. Since June 1998, Christiana no longer reports its proportionate share of Weatherford's earnings under the equity method. On a comparable basis Christiana's net earnings increased 63% from $307,000 to $502,000 quarter to quarter. The improvement in net earnings for the quarter was primarily due to reduced interest expense and other charges related to litigation settlement and facility closure which were incurred in the same period last year.

Operating earnings contributed by Total Logistic Control, the Company's principal operating unit in the first quarter totaled $1,764,000 compared to $1,987,000 for the same period last year. The decline in operating earnings was primarily attributable to increased depreciation, marketing and administrative expenses directed at developing new value-added logistic service programs.

6 On October 14, 1998, Christiana and Weatherford International, Inc. announced amended merger terms which were designed both to improve the terms for Christiana shareholders and to increase substantially the likelihood of completing the transaction on a tax free basis. The amended terms eliminate a $10 million contingent holdback that was previously required and commits Christiana to purchase at least $10 million of Weatherford common stock, plus up to an additional $5 million of Weatherford share purchases, if necessary, to allow for the stock consideration in the merger to be received by the Christiana shareholders on a tax-free basis. Completion of the merger, as amended, is subject to various conditions, including stockholder approval by Weatherford and Christiana at Special Meetings that are expected to be held in December, 1998.

Christiana's principal operating business, Total Logistic Control, provides refrigerated and non-refrigerated third party logistic services which include warehousing, transportation, distribution and international freight forwarding. Christiana owns approximately 3.9 million shares, representing a 4% interest, in Weatherford International, Inc. one of the largest global providers of engineered products and services to the drilling and production segments of the oil and gas industry.

This press release contains forward-looking statements within the meaning of the Private Securities Reform Act of 1995 concerning, among other things, Christiana's and Weatherford's prospects for their operations and share prices related to completion of the proposed merger with Weatherford. These risks and uncertainties, which are more fully described in Christiana Companies, Inc.'s Annual, Quarterly and Current Reports filed with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should certain assumptions prove incorrect, actual results may vary in material aspects from those currently anticipated.

                      CHRISTIANA COMPANIES, INC.
                  Consolidated Statement of Earnings
                 (In Thousands Except Per Share Data)
                             (Unaudited)

                                              Three Months Ended
                                                  September 30,
                                            -----------------------
                                               1998         1997
                                            -----------------------
Revenues:
  Warehousing and Logistic Services          $22,370      $23,047
                                            -----------------------

Costs and Expenses:
  Warehousing and Logistic Expenses           18,633       19,201
  Selling, General and Administrative
     Expenses                                  2,365        2,229
                                            -----------------------
                                              20,998       21,430
                                            -----------------------

Earnings from Operations                       1,372        1,617

Other Income (Expense):
  Interest Income                                 80          132
  Interest Expense                              (573)        (752)
  Equity in Earnings of Weatherford               --        1,937
  Other Expense, Net                             (54)        (496)
                                            -----------------------
                                                (547)         821
                                            -----------------------

Earnings before Income Taxes                     825        2,438

Income Tax Provision                             323          953
                                            -----------------------

Net Earnings                                   $ 502       $1,485
                                            -----------------------
                                            -----------------------

Net Earnings Per Share                         $0.10        $0.29
                                            -----------------------
                                            -----------------------

Average Number of Shares Outstanding       5,149,330    5,136,630