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 DALLAS, Aug. 2 /PRNewswire/ -- FINA, Inc. (AMEX: FI) today reported net earnings of $61.9 million, which include substantial gains from the sale of assets, in the second quarter ended June 30, 1993, compared to $5.3 million during the same period last year. Sales and other operating revenues were $931.6 million, a 4 percent increase from last year's second quarter.
 Net earnings for the first six months of 1993 were $62.0 million, compared to a loss of $427,000 before the effects of an accounting change in last year's first half. Sales and other operating revenues for the first half were $1.8 billion, a 15 percent increase from the same period last year, principally due to higher natural gas prices.
 Implementation of the company's strategic plan, including emphasis on geographic consolidation, sales of non-strategic assets, and debt reduction to strengthen the balance sheet, contributed significantly to the increase in earnings for the first half, largely through asset sales gains and improved efficiency.
 FINA President and Chief Executive Officer Ron W. Haddock, said, "We are pleased with the progress in implementing our strategic plan, and second quarter profits from operations were much improved, after a first quarter which was disappointing due to poor U.S. industry refining margins, equipment downtimes at our refineries, and lower chemicals margins.
 "Upstream earnings were significantly improved compared to last year's first half with higher natural gas sales volumes and prices and reduced expenses reflecting the improved efficiency of our operations.
 "In the Downstream, higher industry marketing margins and sales volume growth in strategic markets, combined with reduced expenses from our consolidation program, contributed to significantly improved Marketing financial performance. In Refining, recent operations have been excellent, setting an average daily throughput record in June.
 "Chemicals' financial results for the first half were down compared to last year as margins declined in an over-supplied, low capacity utilization market. However, even in this difficult environment, our total sales volumes increased 5 percent compared to last year' first half, producing good financial results."
 Haddock concluded by saying, "At the end of the first half, we began to see the results of our strategic plan. Our Upstream and Marketing operations are more efficient and geographically concentrated, and total debt has been reduced by 18 percent compared to its highest level earlier this year. Implementation of the plan is continuing, and we believe that, with our improved operations, we are well positioned for the second half of the year."
 FINA, Inc. engages in crude oil and natural gas exploration and production and natural gas marketing; petroleum products refining, supply and transportation, and marketing; and chemicals manufacturing and marketing. Organized in 1956, it is part of an international group of companies affiliated with Petrofina S.A., which is headquartered in Brussels, Belgium.
 A comparative summary of the company's unaudited results vs. 1992 follows:
 (Unaudited, in thousands of dollars, except per share amounts)
 Three months ended June 30 1993 1992
 Sales and other operating
 revenues $931,598 $895,109
 Net earnings 61,960 5,287
 Net earnings per share $3.97 $0.34
 Average shares outstanding 15,593,502 15,561,309
 Six months ended June 30 1993 1992
 Sales and other operating
 revenues $1,785,204 $1,556,092
 Earnings (loss) before
 cumulative effect of
 accounting change 62,043 (427)
 Cumulative effect to
 Jan. 1, 1992 of change
 in accounting for post-
 retirement benefits other
 than pensions, net of income
 tax benefit of $17,680 N/A (34,320)
 Net earnings (loss) 62,043 (34,747)
 Earnings (loss) per common share:
 Earnings (loss) before cumulative
 effect of accounting change 3.98 (0.03)
 Cumulative effect of change in
 accounting for post-retirement
 benefits other than pensions N/A (2.20)
 Net earnings (loss) per share $3.98 $(2.23)
 Average shares outstanding 15,587,130 15,558,880
 -0- 8/2/93
 /CONTACT: Mark Palmer of FINA, Inc., 214-750-2900/

CO: FINA, Inc. ST: Texas IN: OIL SU: ERN

TS -- NY058 -- 8340 08/02/93 11:47 EDT
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Publication:PR Newswire
Date:Aug 2, 1993

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