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TOTAL PETROLEUM (NORTH AMERICA) LTD.ANNOUNCES FOURTH QUARTER AND 1992 RESULTS

 DENVER, Jan. 20 /PRNewswire/ -- Total Petroleum (North America) Ltd. (AMEX: TPN) ("TOPNA") announced its results for the fourth quarter and the year 1992.
 For the fourth quarter ended Dec. 31, 1992, net income improved to $3.2 million (or $.08 per share) vs. a net loss of $10.7 million (or $.30 per share) during the fourth quarter 1991.
 Refining margins, which are the most significant variable of the company's business, were relatively flat in the fourth quarter of 1992 compared to the same 1991 quarter. On the other hand, the retail marketing operations of TOPNA enhanced its performance, especially in October and November. Also, the new organization and direction put into effect during August 1992 led to sizeable productivity improvements throughout the company.
 Commenting on the results, Daniel Valot, chairman and chief executive officer, said: "Following the 50 percent increase in net income achieved during the third quarter 1992 compared to third quarter 1991, this fourth quarter result, which took place in a difficult economic environment, confirms that the company's recovery is underway."
 For the year 1992, net income from continuing operations reached $2.1 million (or $.03 per share) compared to a net loss of $9.3 million (or $.39 per share) in 1991.
 Valot further commented: "While our earnings are still below what we wish them to be, I believe we are on the right track. It is the first time in several years that the company achieved positive earnings during the usually bad fourth quarter. This shows that we at TOPNA are all working faster and better than ever. I would like to thank and congratulate all of our Total employees, whose dedication and enthusiasm have allowed the company to get out of the red in 1992 although the market conditions were far from favorable for our industry."
 Additionally, two significant actions were taken recently:
 1) The company decided to embark on a major marketing restructuring program. TOPNA fuels and merchandise are currently marketed in some 22 midwestern states under the brand name of Total, Vickers, Apco and Road Runner. The restructuring program calls for a consolidation on a more focused marketing area, the rebranding of all stores under the Total name and a substantial improvement in the variety and quality of services provided to the customer.
 2) TOPNA extended its financing capability, through additional lines of credit negotiated with various banks. As a result the committed lines of credit available to the company were raised from $400 million to $560 million. This amount is expected to provide more than enough capacity over projected peak debt levels. At the end of December 1992, the debt to debt-plus-equity ratio of the company was 38 percent.
 Total Petroleum (North America) Ltd. is a refiner and marketer of petroleum products in the central United States. Its shares are listed on the American, Toronto, Montreal and Pacific stock exchanges. Approximately 53 percent of its common shares are owned by TOTAL S.A., a leading international oil and gas company, headquartered in France and whose shares are listed on the Paris, London and New York stock exchanges.
 TOTAL PETROLEUM (NORTH AMERICA) LTD.
 ($ millions except per share data)
 Three Months Ended Dec. 31,
 1992 1991
 Revenues $584.4 $609.3
 Operating income (loss) $7.8 ($14.1)
 Net income (loss) from
 continuing operations $3.2 ($10.7)
 Net income (loss) $3.2 ($10.7)
 Net income (loss) per share:
 Continuing operations $0.08 ($0.30)
 Net income $0.08 ($0.30)
 Weighted average number of
 shares used in the net income
 (loss) per share computation
 (in thousands) 37,423 35,983
 Year Ended Dec. 31,
 1992 1991
 Revenues $2,397.0 $2,486.2
 Operating income (loss) $15.3 ($1.9)
 Net income (loss) from
 continuing operations $2.1 ($9.3)
 Net income $2.1 ($11.5)
 Net income (loss) per share:
 Continuing operations $0.03 ($0.39)
 Net income (loss) $0.03 ($0.45)
 Working Capital $51.2 $29.1
 Debt $264.2 $177.8
 Equity $435.1 $437.1
 Capital Expenditures $125.1 $59.6
 Weighted average number of
 shares used in the net
 income (loss) per share
 computation (in thousands) 36,874 33,825
 Net income (loss) per share in both periods is after payment of preferred dividends.
 -0- 1/20/93
 /CONTACT: Steve Nicholson of Total Petroleum (North America), 303-291-2271
 (TPN)


CO: Total Petroleum (North America) Ltd. ST: Colorado IN: OIL SU: ERN

EH-SE -- DV006 -- 6905 01/20/93 13:00 EST
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Date:Jan 20, 1993
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