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CITGO ANNOUNCES EARNINGS

 TULSA, Okla., Feb. 10 /PRNewswire/ -- CITGO Petroleum Corp. today reported operating income of $97 million on revenues of $2.3 billion for the fourth quarter ended Dec. 31, 1992, compared with operating income of $99.1 million on revenues of $2.3 billion for the same period last year. Net income for the fourth quarter in 1992 was $58 million compared with $43 million in 1991.
 For the year 1992, CITGO's operating income was $310 million compared with $333 million in 1991. Net income after interest, taxes and a onetime, non-cash charge for environmental contingencies is estimated to be $129 million. This compares with net income of $136 million in 1991. Cash from operations for 1992 was approximately $240 million. Total revenues for 1992 were $9.192 billion compared with $8.954 billion for 1991. The company is evaluating the early adoption of Financial Accounting Standard No. 106. Adoption of this standard would have an estimated net income reduction of $96 million. Cash flow is not affected by this accounting change.
 "Although the fourth quarter earnings were better than prior quarters, they still did not provide sufficient cash flow to finance all of the projects required to meet federally mandated regulations," stated Ronald E. Hall, CITGO president and chief executive officer. "The current talk in Washington about imposing additional selective taxes on the energy industry could exacerbate this situation. We, at CITGO, are certainly prepared to do our share to help reduce the federal budget deficit and provide long term stability to the economy. However, we are fearful that the result of the discussions on increased taxes will be discriminatory taxes on a limited part of the energy industry, including CITGO, rather than a broad based excise or energy tax in which all sectors would share equally.
 "Operationally, 1992 has been an excellent year," said Hall. "Our light oils sales growth continued for the seventh year in a row with an 18 percent increase in branded gasoline sales to distributors. In addition, jet turbine fuel sales increased by 20 percent and rack sales of home heating oil and diesel fuels also showed substantial growth.
 "The company's lubricants business segment turned in its best sales and profits performances of its history. Finished lubricant sales volume increased ten percent, compared to a flat-to-slight decline in U.S. demand.
 "The company's petrochemicals business profits continued to be strong although hampered by recession-related lower product prices.
 "Last, but not least, I am pleased that CITGO turned in its best safety performance in the history of the company. This has been a major contributing factor to an exceptional operational year."
 CITGO is a refiner, transporter, and marketer of transportation fuels, lubricants, petrochemicals, refined waxes, asphalt, and other industrial products. It is owned by an indirect wholly owned subsidiary of Petroleos de Venezuela, S.A., the national oil company of Venezuela.
 -0- 2/10/93
 /CONTACT: Kent Young of CITGO Petroleum, 918-495-5111/


CO: CITGO Petroleum Corp.; Petroleos de Venezuela, S.A. ST: Oklahoma IN: OIL SU: ERN

TM -- SF010 -- 5366 02/10/93 16:56 EST
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Publication:PR Newswire
Date:Feb 10, 1993
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