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SANTA FE PACIFIC PIPELINE PARTNERS ANNOUNCES EARNINGS

 LOS ANGELES, April 22 /PRNewswire/ -- Santa Fe Pacific Pipeline Partners L.P. (NYSE: SFL) announced first quarter 1993 net income of $12.5 million, or $0.64 per unit, a 1 percent decrease from net income of $12.6 million, or $0.65 per unit, before the cumulative effect of an accounting change, for the same period last year.
 Irvin Toole Jr., chairman, president and chief executive officer of the general partner, stated, "Commercial volumes, which account for 95 percent of total volumes, increased 3 percent over the prior- year quarter. Military volumes, however, decreased about 20 percent as military activities continued to decline. First quarter revenues of $49.7 million increased $2.5 million, or 5 percent, over the prior-year quarter due to a 9 percent rate increase on all California intrastate movements that became effective in May 1992, a 12 percent terminal rate increase effective Jan. 1, 1993, and higher volumes."
 Operating expenses of $27.9 million increased $2.6 million, or 10 percent, over the prior-year quarter as a result of increased field operating expenses, litigation costs, property taxes, power and depreciation. Repair of flood damage in California and Arizona, and increased litigation costs accounted for approximately $1.0 million of the increase.
 Capital expenditures for the quarter were $4.1 million, a decrease of $1.7 million from the same period last year. Full-year capital expenditures are expected to be approximately $30 million.
 Santa Fe Pacific Pipeline Partners L.P. is the largest independent refined petroleum products pipeline in the United States in terms of revenue generated. The partnership serves six Western states with approximately 3,300 miles of common carrier pipeline and 14 truck loading terminals.
 SANTA FE PACIFIC PIPELINE PARTNERS L.P.
 Consolidated Statement of Income
 And Operating Highlights
 (Unaudited)
 (In thousands, except per unit and per barrel amounts)
 Three Months ended
 March 31,
 1993 1992
 Operating revenues
 Trunk revenues $38,707 $36,802
 Storage and
 terminaling revenues 8,492 8,010
 Other revenues 2,475 2,341
 Total operating
 revenues 49,674 47,153
 Operating expenses
 Field operating
 expenses 8,652 7,632
 General and
 administrative
 expenses 6,039 5,466
 Facilities costs 5,163 4,750
 Depreciation and
 amortization 4,771 4,493
 Power cost 3,934 3,598
 Product (gains)
 losses (643) (609)
 Total operating
 expenses 27,916 25,330
 Operating income 21,758 21,823
 Interest expense 9,121 9,112
 Other income, net 144 196
 Net income before
 minority interest
 and cumulative effect
 of accounting change 12,781 12,907
 Less minority interest
 in net income before
 cumulative effect of
 accounting change (265) (268)
 Net income before
 cumulative effect
 of accounting change 12,516 12,639
 Cumulative effect of
 change in accounting
 for postretirement
 and postemployment
 benefits, net of
 minority interest --- 16,407
 Net income $12,516 ($3,768)
 Per Unit Amounts(a):
 Net income before
 cumulative effect of
 accounting change $0.64 $0.65
 Cumulative effect of
 accounting change --- (0.84)
 Net income per unit $0.64 ($0.19)
 Cash distributions
 declared per unit $0.70 $0.70
 Operating Data:
 Barrels delivered 75,920 74,897
 Barrel miles (millions) 10,271 10,525
 Total revenue
 per barrel $0.65 $0.63
 (a) Based on 19,148,148 preference and common units outstanding during all periods presented.
 SANTA FE PACIFIC PIPELINE PARTNERS L.P.
 Condensed Consolidated Balance Sheet
 (In Thousands)
 March 31, Dec. 31,
 1993 1992
 (unaudited)
 Assets:
 Current assets $70,061 $58,389
 Property, plant and equipment, net 617,999 618,098
 Other assets 9,444 8,365
 Total assets $697,504 $684,852
 Liabilities and Partners' Capital:
 Current liabilities $35,451 $21,593
 Long-term debt 355,000 355,000
 Other long-term liabilities 27,760 27,763
 Minority interest 1,461 1,486
 Partners' capital 277,832 279,010
 Total liabilities and partners' capital $697,504 $684,852
 Condensed Consolidated Statement of Cash Flows
 (Unaudited)
 Three Months ended
 March 31,
 1993 1992
 Cash flows from
 operating activities:
 Net income before
 cumulative effect of
 accounting change $12,516 $12,639
 Depreciation, working
 capital and other
 adjustments 7,153 13,105
 Net cash provided by
 operating activities 19,669 25,744
 Cash flows from
 investing activities:
 Capital expenditures (4,100) (5,778)
 Other 99 132
 Net cash used by
 investing activities (4,001) (5,646)
 Cash flows from
 financing activities:
 Distributions to
 partners and minority
 interest (13,984) (13,984)
 Increase in
 cash and cash
 equivalents 1,684 6,114
 Cash and cash
 equivalents:
 Beginning of period 27,356 26,644
 End of period $29,040 $32,758
 -0- 4/22/93
 /CONTACT: Thomas L. Lambert, manager, investor relations, Santa Fe Pacific Pipeline Partners L.P., 213-486-7766/
 (SFL)


CO: Santa Fe Pacific Pipeline Partners L.P. ST: California IN: OIL SU: ERN

EH-LS -- LA044 -- 9781 04/22/93 17:30 EDT
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Date:Apr 22, 1993
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