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LYONDELL PETROCHEMICAL COMPANY REPORTS RESULTS FOR THIRD QUARTER, FIRST NINE MONTHS OF 1992

 LYONDELL PETROCHEMICAL COMPANY REPORTS RESULTS FOR THIRD QUARTER,
 FIRST NINE MONTHS OF 1992
 HOUSTON, Oct. 26 /PRNewswire/ -- Lyondell Petrochemical Company (NYSE: LYO) today reported net income of $12 million, or $.15 per share, for the third quarter of 1992. This compares to net income of $10 million, or $.13 per share, for the second quarter of 1992 and net income of $33 million, or $.41 per share, in the third quarter of 1991.
 Bob G. Gower, president and chief executive officer of Lyondell Petrochemical Company, said, "Results in the third quarter continued to be impacted by poor industry-wide refining profitability. However, we were pleased to see some improvement in the petrochemical business during the quarter, supported by continued strong sales volumes."
 Compared to the second quarter of 1992, third quarter results benefited from higher petrochemical earnings. This was partially offset by lower refining profitability, reflecting lower industry margins due to a poor gasoline season and continued weak economic conditions.
 Versus the third quarter of 1991, the 1992 third quarter net income was affected by substantially lower profitability for refining and the absence of one-time gains recorded in the prior year period, partially offset by improved petrochemical profits.
 For the first nine months of 1992, Lyondell reported net income of $9 million, or $.11 per share, versus net income of $201 million, or $2.51 per share, in the same period of 1991. Significantly lower margins for both refining and petrochemicals and higher refinery turnaround and maintenance expenses in 1992 were the major factors in the earnings decline.
 "We continue to progress toward a definitive agreement with CITGO Petroleum Corporation, a subsidiary of PDVSA, regarding the previously announced plan to upgrade the heavy crude processing capability of our Refinery," Gower reported. "We expect the agreement to be signed in the first half of 1993. During the third quarter of 1992, we began processing shipments of Venezuelan crude oil as part of our previously announced agreement with LAGOVEN, S.A., another subsidiary of PDVSA, and we expect volumes to increase during the fourth quarter."
 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.
 LYONDELL PETROCHEMICAL COMPANY
 Financial and Operating Information (Unaudited)
 Income Statement
 (Millions of dollars, except per share amounts)
 For the three months For the nine months
 ended Sept. 30 ended Sept. 30
 1992 1991 1992 1991
 Sales and other operating
 revenues $1,335 $1,293 $3,582 $4,375
 Cost of sales 1,267 1,190 3,424 3,934
 Gross profit 68 103 158 441
 Selling, general and
 administrative expenses (34) (29) (93) (88)
 Interest expense (19) (18) (60) (53)
 Interest income 3 4 9 9
 Income before income taxes 18 60 14 309
 Provision for income taxes 6 27 5 108
 Net income $ 12 $ 33 $ 9 $201
 Earnings per share $.15 $.41 $.11 $2.51
 Avg. no. common shares
 outstanding (thousands) 80,000 80,000 80,000 80,000
 Selected Financial & Operating Data
 (Millions of dollars)
 For the three months For the nine months
 ended Sept. 30 ended Sept. 30
 1992 1991 1992 1991
 Sales and Other
 Operating Revenues
 Petrochemical operations $ 447 $ 419 $1,221 $1,473
 Refinery operations (A) 1,053 1,044 2,796 3,452
 Intracompany eliminations (165) (170) (435) (550)
 Total $1,335 $1,293 $3,582 $ 4,375
 Gross Profits
 Petrochemical operations $ 40 $ 28 $ 99 $ 208
 Refinery operations 28 75 59 233
 Total $ 68 $ 103 $ 158 $ 441
 Sales Volumes
 Selected petrochemical products (millions)
 Ethylene, propylene and
 polymers (lbs) 1,532 1,465 4,348 4,494
 Other olefins (lbs) 309 245 881 774
 Methanol (gallons) 55 58 155 166
 Aromatics (gallons) 29 26 76 77
 Selected refined products (thousand
 barrels per day)
 Gasoline 137 126 118 139
 Heating oil (no. 2
 distillate) 58 73 57 78
 Jet fuel 42 34 36 33
 Aromatics 12 11 11 10
 Other refined products 37 32 42 36
 Total refined products
 volumes 286 276 264 296
 Refinery Runs (thousand
 barrels per day)
 Blended crude oil 250 243 230 257
 Unfinished stock 55 50 48 52
 Total 305 293 278 309
 (A) Includes crude oil resales in the amount of $273 million and $265 million for the three month periods ended Sept. 30, 1992 and 1991, respectively and $731 million and $957 million for the nine month periods ended Sept. 30, 1992 and 1991, respectively.
 LYONDELL PETROCHEMICAL COMPANY
 FINANCIAL INFORMATION (UNAUDITED)
 (Millions of dollars)
 Sept. 30,
 CONDENSED BALANCE SHEET 1992
 Cash, cash equivalents and short-term
 investments $ 142
 Accounts receivable, inventories and other
 current assets 545
 Fixed assets, (net) and other non-current
 assets 629
 Total assets $ 1,316
 Current liabilities $ 425
 Long-term debt 725
 Other liabilities and deferred credits 142
 Stockholders' equity 24
 Total liabilities and stockholders'
 equity $ 1,316
 For the nine months
 CONDENSED CASH FLOW STATEMENT ended Sept. 30, 1992
 Net Income $ 9
 Non-cash charges
 Depreciation 30
 Deferred income taxes 6
 Change in working capital/other 6
 Cash flow from operations 51
 Additions to fixed assets (68)
 Proceeds from short-term investments 83
 Proceeds from long-term debt 200
 Repayments of capitalized lease obligations (186)
 Repayments of long-term debt (54)
 Dividends paid (108)
 Increase (decrease) in cash and cash
 equivalents $ (82)
 -0- 10/26/92
 /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: OIL SU: ERN


PS -- NY020 -- 4612 10/26/92 09:39 EST
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Date:Oct 26, 1992
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