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TOTAL PETROLEUM (NORTH AMERICA) ANNOUNCES RESULTS FOR THE SECOND QUARTER AND SIX MONTHS ENDED JUNE 30, 1993

 DENVER, July 15 /PRNewswire/ -- Total Petroleum (North America) Ltd. (Total Petroleum) (AMEX: TPN) announced results for the second quarter and six months ended June 30, 1993.
 Total Petroleum achieved a 15 percent improvement in second quarter 1993 net income to $12.1 million (32 cents per share) from $10.5 million (28 cents per share) for the second quarter 1992. For the six months ended June 30, 1993, Total Petroleum's net income reached $6.8 million (17 cents per share) as compared to a net loss of $6.9 million (20 cents per share) for the like 1992 six months period.
 Commenting on the results, Daniel Valot, chairman and chief executive officer, stated, "Industrywide, the main indicators for refining margins during the second quarter of 1993 were 10 to 15 percent lower than in the second quarter of 1992. In spite of these adverse market conditions, our earnings improved thanks to continued productivity gains and improved performance by most business units. The most significant improvement was accomplished by marketing which realized strong fuel margins and the initial benefits from our ongoing marketing restructuring program. So far, we have divested 105 retail sites in non-strategic locations and acquired 72 retail sites in our primary markets. Additionally, the focus of the company's marketing has been bolstered through the rebranding of over 200 retail service stations to the TOTAL image this year."
 Valot further commented, "We have increased our net income in each of the last four quarters over the corresponding prior year quarter. These earnings improvements have occurred, in part, due to increased productivity throughout the company. As part of an ongoing strategy to seek productivity gains, we decided to outsource our information systems operations. Through outsourcing, the company will obtain enhanced information services in a cost effective manner."
 Total Petroleum is a refiner and marketer of petroleum products in the central United States. Its shares are listed on the American, Toronto, Montreal and Pacific stock exchanges. Approximately 54 percent of its common shares are owned by TOTAL S.A., a leading international oil and gas company, headquartered in France with shares listed on the Paris, London and New York stock exchanges.
 TOTAL PETROLEUM (NORTH AMERICA) LTD.
 Three Months Ended June 30,
 1993 1992
 ($ millions except per share data)
 Revenues $628.7 $635.8
 Operating income $22.0 $20.4
 Net income $12.1 $10.5
 Net income per share $0.32 $0.28
 Weighted average number of shares
 used in the net income per share
 computation (in thousands) 37,589 36,672
 Six Months Ended June 30,
 1993 1992
 ($ millions except per share data)
 Revenues $1,143.5 $1,163.4
 Operating income (loss) $16.0 $(4.3)
 Net income (loss) $6.8 $(6.9)
 Net income (loss) per share $0.17 $(0.20)
 Working capital $64.0 $24.3
 Long-term debt $354.1 $199.9
 Equity $441.6 $427.6
 Capital expenditures $120.1 $41.0
 Weighted average number of shares
 used in the net income (loss) per
 share computation (in thousands) 37,564 36,512
 Net income (loss) per share in both periods is after payment of preferred dividends.
 -0- 7/15/93
 /CONTACT: Steve Nicholson of Total Petroleum, 303-291-2271/
 (TPN)


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

MC -- DV001 -- 1908 07/15/93 11:33 EDT
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Date:Jul 15, 1993
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