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GETTY PETROLEUM REPORTS THIRD QUARTER RESULTS AND DECLARES REDUCED DIVIDEND

 GETTY PETROLEUM REPORTS THIRD QUARTER RESULTS
 AND DECLARES REDUCED DIVIDEND
 JERICHO, N.Y., Dec. 12 /PRNewswire/ -- Getty Petroleum Corp. (NYSE: GTY) today reported results for the third quarter and nine months ended Oct. 31, 1991.
 For the third quarter ended Oct. 31, 1991, the company experienced a net loss of $1.2 million, or $.09 per share, on revenues of $294.2 million. This compares with a net loss of $17.2 million, or $1.35 per share, on revenues of $319.4 million for the comparable period last year.
 For the nine months ended Oct. 31, 1991, the company experienced a net loss of $15.6 million, or $1.24 per share, on revenues of $862.5 million. This compares with a net loss of $18.9 million, or $1.46 per share, on revenues of $891 million for the nine month period ended Oct. 31, 1990.
 According to Leo Liebowitz, Getty's president and chief executive officer, "Over these past three quarters, we have experienced the effects of a sluggish economy, weak demand for gasoline, severe volatility and weak product margins. However, as evidenced by our somewhat improved third quarter financial results, we are optimistic that the measures we have taken to reduce our expenses and modify various operating procedures and policies will have a positive effect on future results."
 "With regard to our previously announced retention of Morgan Stanley & Co. Incorporated as financial advisor who was engaged to review a broad range of strategic options," continued Liebowitz, "we have concluded that the most appropriate strategic option would be a combination with or an acquisition of a refiner coupled with an appropriate arrangement with a crude oil producer. This is an avenue that we are continuing to explore with Morgan Stanley. Although Morgan Stanley and Getty have had discussions with numerous parties, there are no transactions which are imminent and none that are likely to be concluded in the near future."
 Liebowitz also reported that, at the board of directors meeting held this morning, the board of directors voted on and approved its cash dividend in the amount of $.02 (two cents) per share payable on Jan. 16, 1992 to holders of record on Jan. 2, 1992. This is the company's 68th consecutive quarterly cash dividend and compares with $.07 (seven cents) per share paid last quarter.
 Getty Petroleum Corp., one of the nation's largest independent marketers of gasoline and petroleum products, markets in a thirteen state area in the middle Atlantic and Northeastern regions of the United States. The company is also a major marketer of home heating oil and is a wholesale distributor of a variety of petroleum products through its east coast petroleum storage and distribution network.
 GETTY PETROLEUM CORP.
 Condensed Summary of Earnings
 (Unaudited -- In thousands except per share data)
 Periods ended Three Months Nine Months
 Oct. 31; 1991 1990 1991 1990
 Revenues $294,218 $319,417 $862,526 $891,007
 Loss before credit
 for income taxes (1,918) (27,490) (23,863) (30,224)
 Credit for income taxes (742) (10,280) (8,283) (11,358)
 Net loss $(1,176) $(17,210) $(15,580) $(18,866)
 Net loss per share $(.09) $ (1.35) $ (1.24) $ (1.46)
 Weighted average
 shares outstanding 12,598 12,770 12,597 12,919
 -0- 12/12/91
 /CONTACT: Stephen Salzman of Getty, 516-338-1212/
 (GTY) CO: Getty Petroleum Corp. ST: New York IN: OIL SU: ERN DIV


JT -- NY056 -- 1987 12/12/91 13:18 EST
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Date:Dec 12, 1991
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