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ENDEVCO ANNOUNCES 1992 FIRST QUARTER FINANCIAL RESULTS

 ENDEVCO ANNOUNCES 1992 FIRST QUARTER FINANCIAL RESULTS
 DALLAS, May 15 /PRNewswire/ -- Endevco, Inc. (AMEX: EI) today


reported financial results for the three months ended March 31, 1992. Net loss applicable to common stock for the first three months of 1992 was $1,123,000 ($.15 per share) on revenues of $53,374,000. Net loss applicable to common stock for the first three months of 1991 was $1,251,000 ($.16 per share) on revenues of $51,970,000.
 The increase in revenues and reduction of loss reflects the inclusion of the Claiborne gas processing and refining facilities and increased volumes on the Dubach gas refining facility. This was partially offset by the sale of the Hattiesburg gas storage facilities and reduced gas transportation volumes. The average sales price of natural gas declined to $1.47 per thousand cubic feet from $1.70 per million cubic feet. Average liquid product prices declined to $20.06 per barrel from $24.32 per barrel.
 The continued depression of natural gas prices has limited the drilling of new wells which could easily be connected to the company's gathering systems. Consequently, the company's on-system volumes declined to 227 million cubic feet per day in the first quarter of 1992 from 244 million cubic feet per day in the first quarter of 1991.
 Endevco is a gas transportation and processing company. Our gas transportation segment includes gathering, transmission, marketing and storage of natural gas. p?rocessing segment includes gas liquids recovery, gas treating and petroleum refining.
 ENDEVCO, INC.
 Comparative Financial Results
 Three months ended March 31 1992 1991
 Revenues:
 Gas transportation:
 Facilities sales $16,224,000 $21,368,000
 Off-system sales 9,168,000 13,106,000
 Gas storage 192,000 892,000
 Gas processing and refining:
 Product sales 26,694,000 15,554,000
 Gas treating, compression and
 operating fees 1,096,000 1,050,000
 Total 53,374,000 51,970,000
 Expenses:
 Purchases of natural gas:
 Purchases for facilities 13,209,000 17,974,000
 Off-system purchases 8,671,000 12,715,000
 Cost of product sales 23,478,000 14,570,000
 Plant and pipeline operating expenses 4,550,000 3,112,000
 Depreciation and amortization 1,931,000 2,002,000
 General, administrative and project
 development expenses 1,073,000 1,047,000
 Total 52,912,000 51,420,000
 Operating earnings 462,000 550,000
 Other income (expense):
 Interest income 87,000 142,000
 Interest expense (1,415,000) (1,831,000)
 Other (104,000) --
 Total (1,432,000) (1,689,000)
 Loss before income tax benefit (970,000) (1,139,000)
 Provision (benefit) for income taxes:
 Current 63,000 36,000
 Deferred (385,000) (399,000)
 Total (322,000) (363,000)
 Net loss (648,000) (776,000)
 Preferred stock dividend requirements (475,000) (475,000)
 Net loss applicable to common stock $(1,123,000) $(1,251,000)
 Per common and common equivalent share:
 Net loss $ (.15) $ (.16)
 Weighted average common and common
 equivalent shares outstanding 7,708,000 7,666,000
 Working capital provided by operations $ 1,132,000 $ 878,000
 -0- 5/15/92
 /CONTACT: James W. Bryant, chairman of the board, or Jack W. Young, executive vice president, 214-691-5536, both of Endevco/
 (EI) CO: Endevco, Inc. ST: Texas IN: OIL SU: ERN


TQ -- NY073 -- 0807 05/15/92 14:11 EDT
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Date:May 15, 1992
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