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TOSCO REPORTS FIRST QUARTER 1992 RESULTS

 TOSCO REPORTS FIRST QUARTER 1992 RESULTS
 STAMFORD, Conn., April 30 /PRNewswire/ -- Tosco Corporation


(NYSE: TOS) reported today a net loss of $5.1 million (25 cents per share), including a $3.6 million pretax write-off of deferred financing costs taken in connection with the refinancing of Tosco's bank debt, on revenues of $409.2 million for the first quarter of 1992. This compares to 1991 first quarter net income of $19.4 million (65 cents per share) on revenues of $495.8 million.
 Thomas D. O'Malley, Tosco Corporation's chairman and chief executive officer, said "The bulk of the quarter's loss was due to the non-cash write- off of deferred financing charges associated with bank debt eliminated at the end of the quarter with the proceeds of our $300 million long-term debt offering. Absent this write-off, the approximate $2 million pretax loss was about evenly split between refining and fertilizer operations. At the refinery, scheduled maintenance and unit upgrades on the hydrocracker and a crude processing unit, which reduced crude oil throughput during the quarter, accounted for the loss. A decline in the price of diammonium phosphate (Seminole's principal product) throughout the quarter squeezed margins, and along with scheduled maintenance accounted for the loss in that operation."
 O'Malley further stated that "Tosco's refinery is currently operating at record levels. This should enable Tosco Refining to take advantage of the recent improvement in margins in its principal market, the U.S. West Coast. We remain optimistic about profitability during the rest of the year as there is no scheduled maintenance that will impact refinery throughput. However, fertilizer margins remain weak and it is unlikely Seminole will be profitable in the near term."
 Tosco also reported that its 1992 annual meeting of stockholders will be held at the Stamford Sheraton, Stamford, on May 21, 1992 at 10:00 a.m. Stockholders of record as of the close of business on April 1, 1992 are entitled to vote at the meeting.
 Tosco Corporation is a large independent refiner and wholesale marketer of petroleum products on the West Coast of the United States and internationally, and is also one of the largest U.S. manufacturers and international wholesale distributors of phosphate-based fertilizer products.
 TOSCO CORPORATION AND SUBSIDIARIES
 Financial Summary
 (Unaudited, in thousands except per share data)
 Three months ended March 31 1992 1991
 Sales $409,170 $495,774
 SG&A expense 8,255 8,596
 Interest expense, net (A) 8,961 10,001
 Income (loss) before provision
 for income taxes (5,591) 22,119
 Provision (credit) for income taxes(B) (502) 2,679
 Net income (loss) (5,089) 19,440
 Income (loss) per common and
 common equivalent share:
 Primary $(.25) $.65
 Fully diluted $(.25) $.65
 Shares used in the computation of
 earnings (loss) per share:
 Primary(C) 29,887 29,903
 Fully diluted(C) 29,887 29,903
 (A) -- Interest expense for the three months ended March 31, 1992 includes the write-off of approximately $3.6 million of deferred financing costs related to previously outstanding bank indebtedness retired in March 1992 from the proceeds of the public sale of $300 million of First Mortgage Bonds. Without the write-off of such costs, interest expenses for the first quarter of 1992 would have been approximately $4.7 million lower than the comparable period in 1991 due to lower levels of debt and interest rates.
 (B) -- The provision (credit) for income taxes is based on Tosco's estimated effective income tax rate for the year (which reflects the tax benefit arising from the utilization of Tosco's available federal net operation loss (NOL) carryforwards).
 (C) -- The computation of primary and fully diluted loss per share of the first quarter of 1992 is based upon the weighted average shares outstanding of approximately 29.9 million. The computation of fully diluted loss per share does not reflect the conversion of the Series F cumulative convertible preferred stock because it would result in a lower loss per share.
 Dividends of approximately $2.5 million were accrued on the Series F preferred stock (issued in August 1991) for the quarter ended March 31, 1992.
 A quarterly dividend of 15 cents per common share was paid on March 31, 1992 to shareholders of record on March 20, 1992.
 TOSCO CORPORATION AND SUBSIDIARIES
 Summarized Balance Sheet
 (Unaudited, in thousands of dollars)
 3/31/92
 Cash, cash equivalents and
 short-term investments $145,317
 Other current assets(A) 243,478
 Current liabilities 165,625
 Working capital 223,170
 Property, plant and equipment (net) 653,707
 Other long term assets 71,341
 Long term debt(B) 425,180
 Other long-term liabilities 37,745
 Total shareholders' equity $485,293
 (A) -- Includes inventories valued on the last-in, first-out (LIFO) basis. At March 31, 1992, the excess of current cost over the LIFO stated inventory amount was approximately $36 million.
 (B) -- Includes cash borrowings of approximately $31 million under Seminole's Revolving Credit Facility (which is currently scheduled to mature in 1995). There were no cash borrowings outstanding under Tosco's working capital facility at March 31, 1992.
 Long term debt also includes $300 million of first mortgage bonds ($100 million of 9 percent Series A bonds due 1997 and $200 million of 9-5/8 percent Series B bonds due 2002).
 TOSCO REFINING DATA SUMMARY
 (Thousands of Barrels Per Day)
 Three months ended March 31: 1992 1991
 Crude oil refined 112.7 142.5
 Additional refinery feed and blending stock 10.9 .1
 Total input 123.6 142.6
 Petroleum products produced:
 Gasoline 73.2 63.5
 Diesel 20.1 30.5
 Jet fuel 1.5 4.5
 Residuals 17.2 5.8
 Petroleum coke 6.5 7.0
 Propane 3.2 3.5
 Other 2.1 24.0(A)
 Total petroleum products produced 123.8 138.8
 Purchased products 36.8 41.0
 Total petroleum products available for sale 160.6 179.8
 Total petroleum products sold 170.3 173.1
 Sales value of refined products
 produced for sale(B) $20.37 $25.35
 Cost per barrel of crude processed $12.36 $16.57
 (A) -- Primarily production of intermediate feedstocks.
 (B) -- Sales value of finished petroleum products refined at the Avon Refinery.
 SEMINOLE FERTILIZER DATA SUMMARY
 (In thousands of short tons)
 Three months ended March 31: 1992 1991
 Phosphate Rock mined 775.1 720.4
 Products produced for sale:
 Diammonium phosphate fertilizer 440.1 381.2
 Monammonium phosphate fertilizer -- 41.1
 Triple superphosphate fertilizer 69.9 81.1
 Acid products 2.6 9.8
 Total products produced for sale 512.6 513.2
 Total products purchased 64.6 14.1
 Total products available for sale 577.2 527.3
 Total products sold 517.3 583.7
 -0- 4/30/92 R
 /CONTACT: Jefferson F. Allen or Daniel P. Mulderry of Tosco, 203-977-1000/
 (TOS) CO: Tosco Corporation ST: Connecticut IN: OIL SU: ERN


SH-TS -- NY010 -- 4829 04/30/92 10:27 EDT
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