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LYONDELL PETROCHEMICAL COMPANY ADOPTS SFAS 106 AND 109

 HOUSTON, Dec. 18 /PRNewswire/ -- Lyondell Petrochemical Company (NYSE: LYO) announced today that the company has elected to adopt in the fourth quarter of 1992 the two non-cash accounting standards mandated by the Financial Accounting Standards Board. These two standards, SFAS 106 (Post-Retirement Benefits) and SFAS 109 (Income Taxes), must be adopted by most publicly held companies effective Jan. 1, 1993.
 The after-tax affect of the adoption of SFAS 106 on Lyondell's earnings will be a one-time charge of $19 million reflecting the estimated future costs of benefits already earned by retirees and current employees. In addition, it will require an annual charge against earnings which will be approximately $3 million for 1992.
 The adoption of SFAS 109 will result in a favorable one-time gain of approximately $9 million related to the required change in the method of accounting for deferred income taxes.
 Adoption of these standards will not affect the company's cash position but will result in a reduction of Lyondell's 1992 net income of approximately $13 million.
 Lyondell Petrochemical Company produces a wide variety of petrochemicals including olefins (primarily ethylene, propylene, butadiene and butylenes), methanol, MTBE and specialty products, polyethylene and polypropylene and refined petroleum products, including gasoline, heating oil, jet fuel, aromatics and lubricants.
 -0- 12/18/92
 /CONTACT: Jackie Wilson (media), 713-652-4596, or Greg Dunlevy (investors), 713-652-4590, both of Lyondell Petrochemical Company/
 (LYO)


CO: Lyondell Petrochemical Company ST: Texas IN: CHM SU:

SH -- NY060 -- 8269 12/18/92 13:52 EST
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Publication:PR Newswire
Date:Dec 18, 1992
Words:244
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