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TOTAL PETROLEUM (NORTH AMERICA) ANNOUNCES 1993 FIRST QUARTER RESULTS

 DENVER, April 20 /PRNewswire/ -- Total Petroleum (North America) Ltd.'s (AMEX: TPN) 1993 first quarter results improved significantly over those of the prior year's first quarter. Net loss for the first three months of 1993 was $5.3 million (15 cents per share) versus a net loss of $17.4 million (48 cents per share) for the first quarter of 1992.
 Commenting on the results, Daniel Valot, chairman and chief executive officer, stated, "For the third consecutive quarter, in spite of poor market conditions, the company's performance continued to improve mostly as a result of ongoing internal programs initiated in 1992 which focus on corporate cost controls, enhanced supply and trading activities, and the restructuring of our marketing network. Stronger retail margins also contributed to the upward trend in the results. During the first three months of 1993, the improvement was especially encouraging as it occurred despite declining Industry refining margins and maintenance turnarounds which occurred at two of the company's refineries for several weeks during the period."
 Valot further commented, "The company's marketing restructuring program is proceeding as planned: 72 retail sites have been divested to date and campaigns promoting our TOTAL rebranding program will begin shortly. In addition, the refinery hydrotreating projects are on schedule and within budget."
 Total Petroleum (North America) is a refiner and marketer of petroleum products in the Central United States. Its shares are listed on the American, Toronto, Montreal and Pacific stock exchanges. Approximately 54 percent of its common shares are owned by TOTAL, a leading international oil and gas company, headquartered in France with shares listed on the Paris, Londoee Months Ended March 31,
 ($ millions except per share data)
 1993 1992
 Revenues $514.8 $527.6
 Operating income (loss) $(6.0) $(24.7)
 Net income (loss) $(5.3) $(17.4)
 Net income (loss) per share $(0.15) $(0.48)
 Weighted average number of
 shares used in the net
 income (loss) per share
 computation (in thousands) 37,423 36,352
 Net income (loss) per share in both periods is after payment of preferred dividends.
 -0- 4/20/93
 /CONTACT: Steve Nicholson of Total Petroleum, 303-291-2271/
 (TPN)


CO: Total Petroleum (North America) Ltd. ST: Colorado IN: OIL SU: ERN

MC -- DV008 -- 7977 04/20/93 11:06 EDT
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Date:Apr 20, 1993
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