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TOTAL PETROLEUM (NORTH AMERICA) ANNOUNCES FOURTH QUARTER AND 1991 RESULTS

 TOTAL PETROLEUM (NORTH AMERICA) ANNOUNCES
 FOURTH QUARTER AND 1991 RESULTS
 DENVER, Jan. 28 /PRNewswire/ -- Total Petroleum (North America) Ltd. (AMEX: TPN) today announced results for the fourth quarter and the year ended Dec. 31, 1991.
 For the fourth quarter ended Dec. 31, 1991, the net loss from continuing operations was $10.7 million or 30 cents per share compared to a net loss of $3.6 million or 17 cents per share for the fourth quarter of 1990.
 For the year ended Dec. 31, 1991, the net loss from continuing operations was $9.3 million or 39 cents per share compared to net income from continuing operations of $31.2 million or 80 cents per share for the year ended Dec. 31, 1990.
 Per share results for all periods are after payment of preferred dividends.
 Commenting on the results, Philippe Dunoyer, chairman and chief executive officer, said: "Even though the first nine months of 1991 ended with a slightly positive net income, low refining margins in the fourth quarter resulted in a net loss for the year. In a generally depressed industry environment, the company's results were particularly affected by a reduction of the historical Mid-Continent margin advantage over the Gulf Coast market. Operating factors progressed favorably, however, as refinery throughput, refined product sales and merchandise sales showed year-to-year increases in spite of the recession, while operating expenses remained essentially constant."
 Total Petroleum (North America) Ltd. is a petroleum company with refinery and marketing operations in the Central United States. Its shares are listed on the American, Toronto, Montreal and Pacific stock exchanges. TOTAL, a French Company, owns approximately 53 percent of the voting shares of Total Petroleum (North America) Ltd.
 TOTAL PETROLEUM (NORTH AMERICA) LTD.
 (Dollars in millions except per share data)
 Periods ended: Twelve months Three months
 Dec. 31: 1991 1990 1991 1990
 Revenues $2,486.2 $2,657.7 $609.3 $840.9
 Cash flow from cont.
 opers. bef. changes
 in working capital
 components 55.0 106.6 2.9 16.7
 Income (loss) from
 continuing opers. (9.3) 31.2 (10.7) (3.6)
 Net income (loss) (11.5) 42.0 (10.7) 0.3
 Net income (loss)
 per share:
 Continuing operations (0.39) 0.80 (0.30) (0.17)
 Net income (loss) (0.45) 1.16 (0.30) (0.04)
 Depreciation expense was reduced in 1991 due to revisions of depreciable lives of certain fixed assets. The effect of the revisions for the twelve and three months ended Dec. 31, 1991 was $4.8 million and $2.5 million respectively.
 Net income (loss) per share for all periods is after payment of preferred dividends.
 -0- 1/28/92
 /CONTACT: Gilbert Kiggins of Total Petroleum (North America), 212-482-8460/
 (TPN) CO: Total Petroleum (North America) Ltd. ST: Colorado IN: OIL SU: ERN


SM-TS -- NY019 -- 4096 01/28/92 09:34 EST
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Publication:PR Newswire
Date:Jan 28, 1992
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