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TOTAL PETROLEUM (NORTH AMERICA) LTD. ANNOUNCES RESULTS FOR THE SECOND QUARTER AND SIX MONTHS ENDED JUNE 30, 1992

 TOTAL PETROLEUM (NORTH AMERICA) LTD. ANNOUNCES RESULTS FOR THE
 SECOND QUARTER AND SIX MONTHS ENDED JUNE 30, 1992
 DENVER, July 23 /PRNewswire/ -- Total Petroleum (North America) Ltd. (AMEX: TPN) today announced results for the second quarter and six months ended June 30, 1992.
 For the second quarter of 1992, net income from continuing operations was $10.5 million or $0.28 per share, compared to net income of $10.9 million or $0.28 per share for the second quarter of 1991.
 While the seasonal improvement in refining margins was weaker than expected, especially in the mid-continent, the company improved its performance in crude supply, retail marketing and overall productivity.
 The recovery, however, was not sufficient to offset the first- quarter loss, caused by depressed refining margins. Therefore, for the six months ended June 30, the net loss from continuing operations was $6.9 million or $0.20 per share compared to a net loss of $2.4 million or $0.18 per share in the first half of 1991.
 Per-share results for all periods are after payment of preferred dividends.
 Total Petroleum (North America) Ltd. is a petroleum company with refining and marketing operations in the central United States. Its shares are listed on the American, Toronto, Montreal and Pacific stock exchanges. Approximately 53 percent of its voting shares are owned by TOTAL, a leading French oil and gas corporation, listed on the Paris, London and New York stock exchanges.
 TOTAL PETROLEUM (NORTH AMERICA) LTD.
 ($ millions, except per-share data)
 Three months ended June 30 1992 1991
 Revenues $635.8 $631.7
 Cash flow from continuing operations before
 changes in working capital components 27.7 33.4
 Income from continuing operations 10.5 10.9
 Net income 10.5 6.6
 Net income per share:
 Continuing operations $0.28 $0.28
 Net income 0.28 0.15
 Six months ended June 30 1992 1991
 Revenues $1,163.4 $1,220.1
 Cash flow from continuing operations before
 changes in working capital components 17.7 32.2
 Income (loss) from continuing operations (6.9) (2.4)
 Net income (loss) (6.9) (4.1)
 Net income (loss) per share:
 Continuing operations $(0.20) $(0.18)
 Net income (0.20) (0.23)
 Net income (loss) per share for all periods is after payment of preferred dividends.
 -0- 7/23/92
 /CONTACT: Gilbert Kiggins of Total Petroleum, 212-482-8460/
 (TPN) CO: Total Petroleum (North America) Ltd. ST: Colorado IN: OIL SU: RRN


CK-KW -- NY045 -- 2429 07/23/92 10:59 EDT
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Publication:PR Newswire
Date:Jul 23, 1992
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