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HONDO REPORTS FIRST QUARTER RESULTS

 HONDO REPORTS FIRST QUARTER RESULTS
 ROSWELL, N.M., Feb. 10 /PRNewswire/ -- Hondo Oil & Gas Co.


(AMEX: HOG) today reported a net loss from continuing operations of $1,419,000, or 11 cents per share, for its first quarter ended Dec. 31, 1991. The company reported net income from continuing operations of $4,624,000, or 35 cents per share, and overall net income from continuing and discontinued operations of $166,000 or 1 cent per share, for the same period last year. A loss from discontinued operations of $5,918,000 for the current quarter was charged against a $12,000,000 loss provision made at the end of the company's fiscal year, Sept. 30, 1991.
 The results of continuing operations for the first quarter were impacted by oil prices lower than those received in the year-earlier quarter when crude oil prices increased as a result of the Persian Gulf war. Operating, exploration and general and administrative expenses were lower, reflecting the company's implementation of a restructuring plan.
 The company continues efforts to sell its Fletcher refinery, which was temporarily shut down in December 1991. The company is also seeking an alternative use for the refinery, such as terminalling or processing arrangements, until refining margins improve or the refinery is sold.
 HONDO OIL & GAS CO. AND SUBSIDIARIES
 Financial Highlights
 (In thousands, except per share data)
 Three Months Ended Dec. 31,
 1991 1990
 Continuing Operations:
 Operating revenue $17,436 $27,322
 Costs and expenses 18,456 21,323
 Gross profit (loss) (1,020) 5,999
 Income tax expense 399 1,375
 Income (loss) from continuing
 operations (1,419) 4,624
 Loss from discontinued
 operations --- (4,458)
 Net income (loss) ($1,419) $166
 Earnings (loss) Per Share:
 Continuing operations ($0.11) $0.35
 Discontinued operations --- (0.34)
 Net income (loss) ($0.11) $0.01
 -0- 2/10/92
 /CONTACT: Tom Reed of Braun Ketchum, 213-385-3481, for Hondo Oil & Gas Co./
 (HOG) CO: Hondo Oil & Gas Co. ST: New Mexico IN: OIL SU: ERN


AL-JL -- LA045 -- 8535 02/10/92 18:12 EST
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Publication:PR Newswire
Date:Feb 10, 1992
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