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TOTAL PETROLEUM (NORTH AMERICA) LTD. ANNOUNCES CAPITAL EXPENDITURE PROGRAM AND DECLARES DIVIDENDS

TOTAL PETROLEUM (NORTH AMERICA) LTD. ANNOUNCES CAPITAL EXPENDITURE
 PROGRAM AND DECLARES DIVIDENDS
 DENVER, Feb. 7 /PRNewswire/ -- Total Petroleum (North America) Ltd. (AMEX: TPN) announced today that the board of directors has approved a number of major capital projects and programs in excess of $300 million, to be spent over the next two years.
 The two largest projects involve the installation of hydrotreaters at the Ardmore, Okla. and Alma, Mich. refineries for a total of $200 million. These units will enable the company to meet the new low sulfur specifications for on-road diesel in its entire market area. The Ardmore unit will enable the refinery to process lower cost crude oils and to convert heavy fuel oil into light products, making it one of the most competitive plants in the Mid-Continent.
 Other projects concern compliance with more stringent air and water emissions regulations as well as continued upgrading of the company's refineries and retail outlets.
 The board also approved a program of restructuring of its Retail Marketing network, calling for the sale of approximately 20 percent of existing outlets with proceeds reinvested in areas where the company has a stronger market presence.
 These programs and other programs of operating improvements, reflect the company's determination to enhance its competitive position and profitability as the industry faces significant environmental and competitive challenges in the years ahead.
 Despite reduced cash flow in 1991 and continued competitive pressures on margins, the company has the financial resources to carry out these programs. At year-end 1991, long-term debt stood at $178 million, with a debt to debt-plus-equity ratio under 30 percent. An additional $240 million of committed long-term revolving credit facilities are available, with commitments expiring in 1996 and beyond. These facilities and cash flow from operations will be adequate to finance the programs and return the company to profitability in a restructured and improved industry environment.
 Under the circumstances, the board also considered it prudent to declare a first quarter common share dividend of $0.10 (U.S.) per share. The previous quarterly payment was $0.20 (U.S.) per share. The board also declared a quarterly dividend of $0.72 (Can.) on the company's $2.88 cumulative convertible redeemable preferred shares.
 Both dividends are payable on March 20, 1992 to shareholders of record on Feb. 21, 1992.
 Total Petroleum (North America) Ltd. is a petroleum company with refining and marketing operations in the Central United States. Its shares are listed on American, Toronto, Montreal, and Pacific stock exchanges. TOTAL, a French company, listed on the Paris, London and New York Stock Exchanges, owns approximately 53 percent of the voting shares of Total Petroleum (North America) Ltd.
 -0- 2/7/92
 /CONTACT: Gilbert Kiggins of Total Petroleum, 212-482-8460/
 (TPN) CO: Total Petroleum (North America) Ltd. ST: Colorado IN: OIL SU: DIV SH -- NY059 -- 7858 02/07/92 15:00 EST
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Publication:PR Newswire
Date:Feb 7, 1992
Words:474
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