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ASHLAND OIL EXPECTS A SMALL SECOND QUARTER LOSS

 ASHLAND, Ky., March 26 /PRNewswire/ -- Ashland Oil, Inc. (NYSE: ASH) today announced that it currently expects to report a small net loss in its second fiscal quarter, which will end March 31, 1993.
 The current estimate for the quarter is a loss of approximately $3 million, or 5 cents per share. In the same quarter a year ago, Ashland had a net loss of $13 million, or 23 cents per share.
 The current quarter estimate includes a 16 cents per share gain on the March 4 sale of TPT, an inland waterways barge operation. The 1992 results included a gain of 12 cents per share due to a favorable insurance settlement by Arch Mineral Corporation, a 50-percent owned coal operation.
 Ashland Petroleum Company is operating at a loss in the second quarter reflecting historically low refining margins attributable to excess refinery capacity in the industry, a sluggish economy and traditional seasonal weakness. Ashland's non-refining businesses remain profitable, with particularly strong performance by the company's SuperAmerica and Ashland Chemical operations. Ashland expects improved results for the remainder of the year as the company enters the driving season. The extent of the improvement will depend on refining margins, which are difficult to predict.
 It is anticipated that final results for the March quarter will be determined during the week of April 19, 1993.
 Ashland Oil, Inc. is a diversified energy company engaged in petroleum refining, transportation and marketing; retail gasoline marketing; motor oil marketing; chemicals; coal; highway construction; and oil and gas exploration and production.
 /delval/
 -0- 3/26/93
 /CONTACT: Bill Hartl, investor relations, in New York, 212-421-1250; or Roger Schrum, media relations, in Ashland, Ky., 606-329-4061, both of Ashland Oil, Inc.
 (ASH)


CO: Ashland Oil, Inc.; Ashland Petroleum Company ST: Kentucky IN: OIL SU: ERN

KC -- PG007 -- 0029 03/26/93 11:15 EST
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Publication:PR Newswire
Date:Mar 26, 1993
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