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FINA REPORTS THIRD QUARTER FINANCIAL RESULTS

 FINA REPORTS THIRD QUARTER FINANCIAL RESULTS
 DALLAS, Oct. 30 /PRNewswire/ -- FINA (AMEX: FI) today reported net


earnings for the third quarter ended Sept. 30, 1992, of $13.5 million, up substantially from the same period last year, but over half the total came from the sale of non-strategic assets in the upstream and chemical's segments. Sales and other operating revenues were $940 million, up 12 percent from last year's third quarter, with higher natural gas volumes and prices accounting for a majority of the increase.
 Net earnings for the first nine months of 1992 were $13.6 million, a 33 percent decline from the same period last year, mainly because of lower industry refining margins and refinery equipment downtimes for maintenance. Sales and other operating revenues of $2.5 billion were essentially unchanged from the first nine months of 1991.
 FINA President and Chief Executive Officer Ron W. Haddock said, "While aspects of the business environment continued to be very difficult, there were some positive signs during the third quarter. In the upstream, natural gas prices rebounded from 15-year lows, and we resumed previously curtailed production and increased drilling, resulting in significantly higher sales volumes compared to last year's third quarter.
 "In the downstream segment, continued poor industry refining margins, combined with lower refinery throughput due to interruptions caused by Hurricane Andrew, seriously impacted results. However, margins from the sale of products were higher. This improvement, coupled with the cost reduction and restructuring program resulted in significantly higher marketing profits," said Haddock.
 Despite weak industry demands and an intensely competitive environment, the chemicals segment posted improved sales and earnings over last year's already strong performance. During the quarter, the company sold its interest in Cape Industries, a dimethyl terephthalate plant, as part of a transaction in which the company acquired a high- density polyethylene (HDPE) manufacturing facility.
 Commenting on the outlook for the rest of the year, Haddock said, "With the extensive efficiency improvements implemented by our organization, the company is well-positioned for improved results as the business environment improves."
 A comparative summary of the company's unaudited results vs. 1991 follows:
 FINA, INC.
 Three months ended Sept. 30 1992 1991
 Sales and other
 operating revenues $939,855,000 $837,806,000
 Net earnings 13,529,000 7,666,000
 Earnings per share $0.87 $0.49
 Average shares outstanding 15,565,940 15,531,153
 Nine months ended Sept. 30 1992 1991
 Sales and other
 operating revenues $2,495,947,000 $2,477,285,000
 Net earnings 13,596,000 20,215,000
 Earnings per share $0.87 $1.30
 Average shares outstanding 15,561,255 15,523,493
 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.
 -0- 10/30/92
 /CONTACT: Mark Palmer of FINA, 214-750-2900/
 (FI) CO: FINA ST: Texas IN: OIL SU: ERN


CK -- NY045 -- 7069 10/30/92 11:19 EST
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Publication:PR Newswire
Date:Oct 30, 1992
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