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SANTA FE PACIFIC PIPELINE PARTNERS REPORTS RESULTS

 LOS ANGELES, July 21 /PRNewswire/ -- Santa Fe Pacific Pipeline Partners L.P. (NYSE: SFL) announced second quarter 1993 net income of $19.7 million, or $1.01 per unit, a 7 percent increase from net income of $18.4 million, or $.94 per unit for the same period last year. For the six month period, net income was $32.2 million, or $1.65 per unit, an increase of 4 percent over the first six months of 1992, before the cumulative effect of an accounting change.
 Irvin Toole Jr., chairman, president and chief executive officer of the general partner, stated, "Second quarter revenue and net income were record highs for the partnership. Revenues of $57.2 million were $4.5 million, or 9 percent, higher than the prior year quarter as a result of higher volumes, increased pipeline tariffs and terminal charges, as well as a longer average pipeline haul."
 Commercial volumes, which account for 96 percent of total volumes, increased 3 percent during the quarter; however, military volumes decreased 21 percent. In total, volumes increased approximately 2 percent for the quarter.
 Operating expenses of $28.1 million increased $2.9 million, or 11 percent, over the prior year quarter as a result of increased field operating expenses, litigation costs, depreciation and property taxes. Major maintenance associated with ongoing internal pipeline inspection program and increased litigation expenses accounted for approximately $1.4 million of the increase.
 Capital expenditures for the quarter were $7.5 million, a decrease of $5.4 million from the same period last year. Full year capital spending is now expected to be approximately $21 million, down for previous estimates of $30 million. This reduction assumes that additional expansion of the East Line will not be required during 1993.
 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 Six Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 Operating revenues
 Trunk revenues $44,897 $41,458 $83,604 $78,260
 Storage and
 terminaling revenues 9,637 8,755 18,129 16,765
 Other revenues 2,688 2,539 5,163 4,880
 Total operating
 revenues 57,222 52,752 106,896 99,905
 Operating expenses
 Field operating
 expenses 9,166 7,832 17,817 15,464
 General and
 administrative
 expenses 5,325 4,392 11,364 9,858
 Facilities costs 4,893 4,644 10,056 9,394
 Depreciation and
 amortization 4,778 4,518 9,549 9,011
 Power cost 4,417 4,309 8,351 7,907
 Product (gains)
 losses (507) (549) (1,150) (1,158)
 Total operating
 expenses 28,072 25,146 55,987 50,476
 Operating income 29,150 27,606 50,909 49,429
 Interest expense 9,243 9,122 18,364 18,234
 Other income, net 184 285 328 481
 Net income before
 minority interest
 and cumulative effect
 of accounting change 20,091 18,769 32,873 31,676
 Less minority interest
 in net income before
 cumulative effect of
 accounting change (417) (389) (682) (657)
 Net income before
 cumulative effect of
 accounting change 19,674 18,380 32,191 31,019
 Cumulative effect of
 change in accounting
 for postretirement
 and postemployment
 benefits, net of
 minority interest --- --- --- 16,407
 Net income $19,674 $18,380 $32,191 $14,612
 Per Unit Amounts(a)
 Net income before
 cumulative effect of
 accounting change $1.01 $0.94 $1.65 $1.59
 Cumulative effect of
 accounting change --- --- --- (0.84)
 Net income per unit $1.01 $0.94 $1.65 $0.75
 Cash distributions
 declared per unit $0.70 $0.70 $1.40 $1.40
 Operating Data:
 Barrels delivered 84,274 82,765 160,194 157,662
 Barrel miles (millions) 12,138 11,572 22,409 22,097
 Total revenue
 per barrel $0.68 $0.64 $0.67 $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)
 June 30, Dec. 31,
 1993 1992
 (unaudited)
 Assets:
 Current assets $63,263 $58,389
 Property, plant and equipment, net 621,260 618,098
 Other assets 8,827 8,365
 Total assets $693,350 $684,852
 Liabilities and Partners' Capital:
 Current liabilities $25,196 $21,593
 Long-term debt 355,000 355,000
 Other long-term liabilities 27,753 27,763
 Minority interest 1,588 1,486
 Partners' capital 283,813 279,010
 Total liabilities and partners' capital $693,350 $684,852
 SANTA FE PACIFIC PIPELINE PARTNERS L.P.
 Condensed Consolidated Statement of Cash Flows
 (Unaudited)
 Three Months Ended Six Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 Cash Flows From
 Operating Activities:
 Net income before
 cumulative effect of
 accounting change $19,674 $18,380 $32,191 $31,019
 Depreciation, working
 capital and other
 adjustments (431) (3,028) 6,721 10,077
 Net cash provided by
 operating activities 19,243 15,352 38,912 41,096
 Cash Flows From
 Investing Activities:
 Capital expenditures (7,483) (12,876) (11,583) (18,654)
 Other 97 141 196 273
 Net cash used by
 investing activities (7,386) (12,735) (11,387) (18,381)
 Cash Flows From
 Financing Activities:
 Distributions to
 partners and minority
 interest (13,984) (13,984) (27,968) (27,968)
 Increase in cash and cash
 equivalents (2,127) (11,367) (443) (5,253)
 Cash and Cash
 Equivalents:
 Beginning of period 29,040 32,758 27,356 26,644
 End of period $26,913 $21,391 $26,913 $21,391
 -0- 7/21/93
 /CONTACT: Thomas L. Lambert, manager-investor relations of Santa Fe Pacific Pipeline Partners, 213-486-7766/
 (SFL)


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

BP-LS -- LA017 -- 4045 07/21/93 14:31 EDT
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