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LYONDELL PETROCHEMICAL REPORTS RESULTS FOR FIRST QUARTER 1992

 LYONDELL PETROCHEMICAL REPORTS RESULTS FOR FIRST QUARTER 1992
 HOUSTON, April 27 /PRNewswire/ -- Lyondell Petrochemical Company (NYSE: LYO) today reported a net loss of $13 million, or $.16 per share, for the first quarter of 1992 primarily as a result of substantial maintenance and repairs at two major refining units during the quarter.
 Bob G. Gower, president and chief executive officer of Lyondell Petrochemical Company, said, "Excluding the expense and estimated lost business associated with the downtime at these two units, earnings would have been comparable to the fourth quarter of 1991, when the company earned $21 million, or $.27 per share."
 Compared with the fourth quarter of 1991, ethylene margins remained at disappointingly low levels. In addition, petrochemical sales volumes were lower due to continued weakness in the economy, additional petrochemical industry capacity and downtime at major customers' plants. Performance for the refining industry as a whole improved slightly during the first quarter, although Lyondell's refining volumes and margins were reduced by the shutdowns.
 During the first quarter, Lyondell completed a major planned maintenance turnaround at the Fluid Catalytic Cracking Unit at the Houston Refinery. In addition, the company's largest crude distillation unit was down for approximately six weeks for unscheduled repairs and maintenance. Both units were returned to service during the first quarter.
 Earnings for the first quarter of 1991, when margins benefited from dropping feedstock costs, were $99 million or $1.24 per share. In comparison, earnings in the 1992 period were affected by lower industry refining profitability and lower petrochemical margins and volumes as well as the maintenance expenses described above.
 The cash, cash equivalents and short-term investments balance of $456 million at the end of the first quarter includes proceeds from a $200 million debt offering completed during the quarter. Of this amount, $177 million was used during April to redeem the principal amount of capitalized lease obligations for the company's olefins plants.
 Lyondell Petrochemical Company produces a wide variety of petrochemicals including olefins (primary 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 & Operating Information
 (Unaudited, millions of dollars except per share amounts)
 Three months ended March 31 1992 1991
 Income Statement
 Sales and other operating revenues $1,028 $1,624
 Cost of sales 1,002 1,430
 Operating margin 26 194
 Selling, general and administrative expenses 29 28
 Interest expense 21 18
 Interest income 4 2
 Income (loss) before income taxes (20) 150
 Provision (benefit) for income taxes (7) 51
 Net income (loss) $ (13) $ 99
 Earnings (loss) per share $(0.16) $ 1.24
 Average number common shares
 outstanding (thousands) 80,000 80,000
 Selected Financial & Operating Data
 (Millions of dollars)
 Three months ended March 31 1992 1991
 Sales and Other Operating Revenue
 Petrochemical operations $ 383 $ 574
 Refinery operations (A) 776 1,235
 Intracompany eliminations (131) (185)
 Total $ 1,028 $ 1,624
 Operating Margins
 Petrochemical operations $ 34 $ 108
 Refinery operations (8) 86
 Total $ 26 $ 194
 Sales Volumes
 Selected petrochemical products (millions)
 Ethylene, propylene and polymers (lbs) 1,352 1,517
 Other olefins (lbs) 278 257
 Methanol (gallons) 49 59
 Aromatics (gallons) 22 24
 Selected refined products
 (thousand barrels per day)
 Gasoline 78 131
 Heating oil (no. 2 distillate) 50 90
 Jet fuel 32 32
 Aromatics 12 9
 Other refined products 49 41
 Total refined products volumes 221 303
 Refinery Runs (thousand barrels per day)
 Blended crude oil 193 269
 Unfinished stock 41 44
 Total 234 313
 (A) -- Includes crude oil resales in the amount of $246 million and $379 million for the 1992 and 1991 periods, respectively.
 LYONDELL PETROCHEMICAL COMPANY
 Financial Information
 Condensed Balance Sheet
 (Unaudited, millions of dollars)
 March 31, 1992
 Cash, cash equivalents and short-term investments $ 456
 Accounts receivable, inventories and other
 current assets 490
 Fixed assets, (net) and other non-current assets 601
 Total assets $1,547
 Current liabilities (A) $ 604
 Long-term debt and capitalized lease obligations 737
 Other liabilities and deferred credits 133
 Stockholders' equity 73
 Total liabilities and stockholders' equity $1,547
 Condensed Cash Flow Statement
 Three months ended March 31, 1992
 Net loss $ (13)
 Non-cash charges
 Depreciation 10
 Deferred income taxes 1
 Change in working capital/other 24
 Cash flow from operations 22
 Additions to fixed assets (20)
 Reduction in short-term investments 53
 Proceeds from long-term debt 200
 Repayments of long-term debt (10)
 Capital lease repayments (7)
 Dividends (36)
 Increase in cash and cash equivalents $ 202
 (A) -- Current liabilities include $177 million representing the total outstanding principal amounts due under the olefins plants capitalized lease obligations which were paid in cash during April 1992.
 -0- 4/27/92
 /CONTACT: Jackie Wilson, 713-652-4596, or (investors) Greg Dunlevy, 713-652-7367, both of Lyondell Petrochemical/
 (LYO) CO: Lyondell Petrochemical Company ST: Texas IN: CHM SU: ERN


TS -- NY022 -- 2954 04/27/92 09:03 EDT
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