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/FIRST ADD -- NY062 -- PENNZOIL EARNINGS/

 /FIRST ADD -- NY062 -- PENNZOIL EARNINGS/
 /NOTE TO EDITORS: The following operating highlights are an


addition to Pennzoil's earnings that were released earlier today.
 The following are the unaudited results of operations for the quarter ended Dec. 31, 1991, compared with the same period in 1990 reclassified to include Filtration Products in continuing operations.
 PENNZOIL COMPANY
 (Expressed in thousands, except per share amounts)
 Three Months Ended Dec. 31 1991 1990
 REVENUES
 Oil and Gas $ 127,702 $ 162,214
 Motor Oil & Automotive Products 371,097 416,081
 Sulphur 48,145 61,829
 Franchise Operations 36,705 24,629
 Filtration Products 98,165 91,289
 Other 33,070 40,041
 Intersegment Sales (52,375) (65,371)
 Total Revenues $ 662,509 $ 730,712
 OPERATING INCOME (LOSS)
 Oil and Gas $ 12,800 $ 48,832
 Motor Oil & Automotive Products 17,210 2,322
 Sulphur 2,048 18,106
 Franchise Operations (1,138) (479)
 Filtration Products 4,524 (15,964)
 Provision for Write-down of Assets
 and Other Charges Related to
 Purolator - -
 Other 31,005 38,244
 Total Operating Income (Loss) 66,449 91,061
 Corporate Administrative Expenses 11,691 12,202
 Interest Expenses, net 58,053 64,988
 Income (Loss) Before Income Tax and
 Equity in Proven Properties Inc. (3,295) 13,871
 Income Tax (Benefit) (7,701) (1,453)
 Equity (Loss) in Net Income of
 Proven Properties Inc. - -
 Income (Loss) From Continuing
 Operations $ 4,406 $ 15,324
 Discontinued Operations
 (Income) Loss from operations
 previously offset against reserve
 for estimated loss on disposition - 14,613
 Reversal of reserve for estimated
 loss on disposition - -
 Income Before Cumulative Effect 4,406 29,937
 Cumulative Effect of Change in
 Accounting Method (Net of Tax) - -
 NET INCOME $ 4,406 $ 29,937
 EARNINGS (LOSS) PER SHARE
 Continuing Operations $ 0.11 $ 0.38
 Discontinued Operations - 0.37
 Cumulative Effect of Change in
 Accounting Method - -
 TOTAL $ 0.11 $ 0.75
 AVERAGE SHARES OUTSTANDING 40,429 40,165
 NUMBER OF SHARES OUTSTANDING 40,461 40,241
 The following are the unaudited results of operations for the twelve months ended Dec. 31, 1991, compared with the same period in 1990 reclassified to include Filtration Products in continuing operations.
 PENNZOIL COMPANY
 (Expressed in thousands, except per share amounts)
 Twelve Months Ended Dec. 31 1991 1990
 REVENUES
 Oil and Gas $ 457,015 $ 496,539
 Motor Oil & Automotive Products 1,521,159 1,535,695
 Sulphur 225,518 238,934
 Franchise Operations 129,678 107,672
 Filtration Products 402,436 415,247
 Other 129,509 152,347
 Intersegment Sales (180,573) (197,665)
 Total Revenues $ 2,684,742 $ 2,748,769
 OPERATING INCOME (LOSS)
 Oil and Gas $ 48,643 $ 121,723
 Motor Oil & Automotive Products 108,313 61,944
 Sulphur 42,742 60,013
 Franchise Operations (7,795) 3,479
 Filtration Products 11,571 (12,509)
 Provision for Write-down of Assets
 and Other Charges Related to
 Purolator (107,976) -
 Other 127,841 149,311
 Total Operating Income (Loss) 223,339 383,961
 Corporate Administrative Expenses 56,209 63,017
 Interest Expenses, net 244,055 231,659
 Income (Loss) Before Income Tax and
 Equity in Proven Properties Inc. (76,925) 89,285
 Income Tax (Benefit) (34,905) 7,592
 Equity (Loss) in Net Income of
 Proven Properties Inc. - (889)
 Income (Loss) From Continuing
 Operations $ (42,020) $ 80,804
 Discontinued Operations
 (Income) Loss from operations
 previously offset against reserve
 for estimated loss on disposition (3,706) 12,964
 Reversal of reserve for estimated
 loss on disposition 115,742 -
 Income Before Cumulative Effect 70,016 93,768
 Cumulative Effect of Change in
 Accounting Method (Net of Tax) (48,974) -
 NET INCOME $ 21,042 $ 93,768
 EARNINGS (LOSS) PER SHARE
 Continuing Operations $ (1.05) $ 2.04
 Discontinued Operations 2.78 0.33
 Cumulative Effect of Change in
 Accounting Method (1.21) -
 TOTAL $ 0.52 $ 2.37
 AVERAGE SHARES OUTSTANDING 40,347 39,557
 NUMBER OF SHARES OUTSTANDING 40,461 40,241
 PENNZOIL COMPANY
 OPERATING HIGHLIGHTS
 Three Months Ended
 Dec. 31
 1991 1990
 OPERATING DATA
 OIL AND GAS
 Net production
 Crude oil, condensate and natural
 gas liquids (barrels per day) 31,367 30,575
 Natural gas produced for sale
 (Mcf per day) 440,831 408,497
 Weighted average prices
 Crude oil, condensate and natural
 gas liquids (per barrel) $ 18.23 $ 28.33
 Natural gas (per Mcf) $ 1.77 $ 1.93
 MOTOR OIL & AUTOMOTIVE PRODUCTS
 Sales (barrels per day)
 Gasoline and naphtha 23,461 21,951
 Distillates and gas oils 29,124 30,840
 Lubricating oil and other
 specialty products 21,748 19,835
 Residual fuel oils 2,030 1,570
 76,363 74,196
 Raw materials processed
 (barrels per day) 63,852 54,348
 Refining capacity
 (barrels per day) 70,700 69,900
 SULPHUR
 Sales (in thousands of long tons) 499 501
 Average posted Tampa price (A)
 (per long ton) $ 101.74 $ 136.11
 FRANCHISE OPERATIONS
 Domestic system-wide sales
 (in thousands) $ 119,105 $ 115,490
 Centers open (U.S.) 1,040 1,059
 (A) This is a representative market price and does not necessarily reflect what is received by Pennzoil. Pennzoil's management considers the posted Tampa price to be a more consistent measure of value than other price measurements, which fluctuate with changes in delivery terms and freight rates as well as commodity values.
 PENNZOIL COMPANY
 OPERATING HIGHLIGHTS
 Twelve Months Ended
 Dec. 31
 1991 1990
 OPERATING DATA
 OIL AND GAS
 Net production
 Crude oil, condensate and natural
 gas liquids (barrels per day) 30,897 29,926
 Natural gas produced for sale
 (Mcf per day) 400,960 364,704
 Weighted average prices
 Crude oil, condensate and natural
 gas liquids (per barrel) $ 18.30 $ 21.09
 Natural gas (per Mcf) $ 1.54 $ 1.78
 MOTOR OIL & AUTOMOTIVE PRODUCTS
 Sales (barrels per day)
 Gasoline and naphtha 22,281 20,264
 Distillates and gas oils 30,596 30,844
 Lubricating oil and other
 specialty products 22,087 22,938
 Residual fuel oils 1,691 1,276
 76,655 75,322
 Raw materials processed
 (barrels per day) 61,905 54,730
 Refining capacity
 (barrels per day) 70,700 69,900
 SULPHUR
 Sales (in thousands of long tons) 1,970 2,091
 Average posted Tampa price (A)
 (per long ton) $ 123.71 $ 127.93
 FRANCHISE OPERATIONS
 Domestic system-wide sales
 (in thousands) $ 474,714 $ 449,190
 Centers open (U.S.) 1,040 1,059
 (A) This is a representative market price and does not necessarily reflect what is received by Pennzoil. Pennzoil's management considers the posted Tampa price to be a more consistent measure of value than other price measurements, which fluctuate with changes in delivery terms and freight rates as well as commodity values.
 -0- 1/31/92 AA NY062
 /FIRST AND FINAL ADD/
 (PZL) CO: Pennzoil Company ST: Texas IN: OIL SU: ERN


PS -- NY062A -- 5842 01/31/92 18:10 EST
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