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MAXUS ENERGY REPORTS RESULTS FOR THIRD QUARTER

 MAXUS ENERGY REPORTS RESULTS FOR THIRD QUARTER
 DALLAS, Oct. 28 /PRNewswire/ -- Maxus Energy Corporation (NYSE: MXS)


today reported a third quarter net loss of $9.2 million, or after preferred dividends, a loss of 15 cents per common share, compared to a net loss of $8.2 million, or after preferred dividends, a loss of 19 cents per common share in third quarter 1991. Sales were $174.8 million in third quarter 1992, compared to $188.2 million reported in last year's third quarter.
 The third quarter 1992 results include a non-recurring, non-cash charge of $3.5 million for unamortized issuance costs and discount associated with the retirement of debt. As previously announced, Maxus will reduce its long-term debt with a significant portion of the $165 million cash settlement from its lawsuit against Kidder, Peabody & Co. Incorporated. Maxus will redeem $111.4 million of its zero-coupon, subordinated convertible notes and will retire about $11.7 million of 8-7/8 percent debt associated with Natomas. In addition, with the proceeds received from the sale in August of 9-7/8 percent notes, the company intends to redeem approximately $96.1 million of its 10-1/2 percent notes due November 1995 (which become callable at par in November 1992).
 The average worldwide oil price increased to $19.64 per barrel in third quarter 1992 compared to $18.76 per barrel in third quarter 1991. Price increases and natural declines reduced Maxus' entitlements by 10,300 barrels per day (bpd) in Indonesia. Also affecting third quarter 1992 oil volumes was the sale of substantially all of Maxus' Rocky Mountain oil and gas properties in third quarter 1991, which accounted for a 5,400-bpd drop in volumes compared to a year ago.
 Shut-in production caused by Hurricane Andrew reduced U.S. natural gas sales by a total 336 million cubic feet of gas over a four-day period in August and September. The shut-ins resulted in a loss of cash flow of about $1.2 million, which will be reported in September and October. Full production from the Gulf of Mexico area resumed during the quarter.
 MAXUS ENERGY CORPORATION
 Consolidated Statement of Operations
 (unaudited -- dollars in millions, except per share)
 Third Quarter Year to Date
 1992 1991 1992 1991
 REVENUES
 Sales & operating revenues $174.8 $188.2 $510.3 $585.5
 Other revenues, net (1.6) 6.0 (13.5) 8.4
 Total 173.2 194.2 496.8 593.9
 COSTS AND EXPENSES
 Purchases and operating 67.5 64.7 195.7 194.3
 expenses
 Exploration, including 13.5 15.6 41.9 43.7
 exploratory dry holes
 Depreciation, depletion 41.0 54.3 128.9 156.9
 and amortization
 General and administrative 9.0 8.0 26.4 24.4
 expenses
 Taxes other than income 4.0 3.9 11.7 12.7
 taxes
 Interest and debt expenses 21.1 23.2 63.3 66.5
 Total 156.1 169.7 467.9 498.5
 Income Before Income Taxes 17.1 24.5 28.9 95.4
 Income Taxes 26.3 32.7 80.0 103.2
 Net Loss (9.2) (8.2) (51.1) (7.8)
 Dividend Requirement on
 Preferred Stock 10.5 10.5 31.3 31.3
 Loss Applicable to
 Common Shares ($19.7) ($18.7) ($82.4) ($39.1)
 Loss per Common Share ($0.15) ($0.19) ($0.72) ($0.39)
 Average Common Shares
 Outstanding 130,087,065 100,724,513 115,132,013 100,406,461
 Discretionary Cash Flow (A)
 Net Loss ($9.2) ($8.2) ($51.1) ($7.8)
 Add:
 DD&A 41.0 54.3 128.9 156.9
 Non-Cash Income Taxes (0.3) (3.5) 4.8 (7.9)
 Exploration Expense -
 Excluding Dry Hole 13.2 11.1 32.5 29.6
 Dry Hole Costs 0.3 4.5 9.4 14.1
 Interest Expense on
 Zero-Coupon Convert. 2.3 2.1 6.7 6.2
 Other 5.6 (6.1) 26.0 1.4
 Less:
 Preferred Dividends 10.5 10.5 31.3 31.3
 Discretionary Cash Flow $42.4 $43.7 $125.9 $161.2
 (A) Discretionary Cash Flow is net loss plus non-cash items and exploration expense, reduced by preferred dividends.
 OPERATING SUMMARY
 Third Quarter Year To Date
 1992 1991 1992 1991
 Crude Oil Sales (mbpd)
 United States 4.9 10.3 6.1 10.7
 Southeast Sumatra 40.7 52.2 43.8 53.1
 Northwest Java Crude 17.5 16.3 18.4 15.4
 Total Worldwide 63.1 78.8 68.3 79.2
 Average Crude Oil Prices
 (per barrel)
 United States $20.00 $18.99 $17.99 $19.40
 Southeast Sumatra 19.09 18.59 17.77 19.28
 Northwest Java Crude 20.82 19.14 19.16 19.49
 Average Worldwide 19.64 18.76 18.16 19.34
 United States Natural
 Gas Liquids Sales (mbpd)
 Maxus Produced 8.4 8.7 8.7 8.6
 Maxus Purchased 8.4 6.9 9.0 7.8
 Total United States 16.8 15.6 17.7 16.4
 Average Natural Gas
 Liquids Prices (per barrel)
 Maxus Produced $12.26 $11.67 $11.21 $11.64
 Maxus Purchased 11.76 11.82 10.80 11.66
 Average United States 12.01 11.74 11.00 11.65
 United States Natural
 Gas Sales (mmcfpd)
 Maxus Produced 197 204 201 207
 Maxus Purchased 49 54 49 53
 Total United States 246 258 250 260
 Average Natural Gas
 Prices (per mcf)
 Maxus Produced $1.81 $1.45 $1.67 $1.61
 Maxus Purchased 1.65 1.31 1.45 1.39
 Average United States $1.78 $1.42 $1.63 $1.56
 Northwest Java NGL
 Sales (mbpd) 1.5 1.7 1.4 1.4
 Price (per barrel) $12.33 $9.39 $12.61 $9.80
 Northwest Java Gas
 Sales (mmcfpd) 6 8 7 7
 Price (per mcf) $0.20 $0.20 $0.20 $0.20
 Maxus United States Production
 Natural Gas (mmcfpd) 224 233 229 237
 Gross Indonesian Production
 Crude Oil (mbpd) 293.7 340.7 297.8 336.3
 -0- 10/28/92
 /CONTACT: Linda Covington, media, 214-953-2844, or Jeff Ventura, investor, 214-953-2819, both of Maxus Energy Corporation/
 (MXS) CO: Maxus Energy Corporation ST: Texas IN: OIL SU: ERN


LR -- NY023 -- 5835 10/28/92 09:39 EST
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Date:Oct 28, 1992
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