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TOTAL PETROLEUM (NORTH AMERICA) REPORTS RESULTS, ANNOUNCES DIVIDEND

TOTAL PETROLEUM (NORTH AMERICA) REPORTS RESULTS, ANNOUNCES DIVIDEND
 DENVER, Oct. 21 /PRNewswire/ -- Total Petroleum (North America) Ltd. (TOPNA) (AMEX: TPN) announced results for the third quarter and nine months ending Sept. 30, 1992.
 For the third quarter 1992, net income from continuing operations increased 50 percent, reaching $5.8 million (or $0.15 per share) compared to net income of $3.8 million (or $0.10 per share) for the third quarter 1991.
 Daniel Valot, chairman and chief executive officer commented: "Although our earnings remain less than satisfactory, this improvement is gratifying since it occurred in a difficult environment. Poor refining margins continued to persist during the third quarter 1992 as the crackspread was down 24 percent compared to third quarter 1991. However, the company was able to achieve a stronger financial performance, thanks to several factors: better return from retail marketing, growing efficiency in supply and trading operations, rather high refinery yields and further progress in cost control."
 The net loss of the company for the first nine months of 1992 is $1.1 million, since the second and third quarter profits were not high enough to completely offset the first quarter net loss. As of Sept. 30, 1992, TOPNA still has a comparatively low debt-to-debt plus equity ratio (31 percent) but will have to complete a major capital expenditures program in 1993.
 Mr. Valot further commented: "The short-term earnings prospects for the refining and marketing industry remain uncertain, as long as the industry is faced with the effects of the economic slowdown and the ever-increasing burden of costly regulations. In this context, TOPNA will observe a very prudent financial policy."
 Considering these factors, the board of directors of the company decided that it is appropriate to suspend the dividend on the common shares as of the fourth quarter 1992. The normal quarterly dividend of $0.72 (Can.) per share on the $2.88 cumulative redeemable convertible preferred shares was declared. The dividend on the preferred shares will be payable on Dec. 18, 1992 for shareholders of record Nov. 27, 1992.
 For the long-term, the company believes that its strategies and capital program will bear fruit. A full-fledged reorganization of management took place during the third quarter, under the new chairman and chief executive officer elected on July 30, 1992. The business of the company has been split into four profit centers and new managers have been appointed in various areas. This new structure, coupled with shortened lines of command, should result in faster reactions to changes in market conditions and rising gains in overall productivity. At the same time, the company started the construction of new crude oil pipelines and new hydrotreating units in two of its refineries, for start-up during the summer of 1993. These programs will not only fulfill compliance with announced environmental regulations but also provide the company with the ability to reduce its crude oil costs. Additionally, a major restructuring of its marketing assets is under way.
 TOPNA is a public company listed on the American, Toronto, Montreal and Pacific Stock Exchanges. Approximately 53 percent of its voting shares are owned by Total S.A., one of the largest international oil and gas companies. Total S.A., a French corporation, is listed on the Paris, London and New York Stock Exchanges.
 TOTAL PETROLEUM (NORTH AMERICA) LTD.
 (Dollars millions except per share data)
 Three months ended Sept. 30 1992 1991
 Revenues $649.2 $656.8
 Cash flow from continuing operations
 before changes in working capital
 components 20.7 19.9
 Net income from continuing operations 5.8 3.8
 Net income 5.8 3.3
 Net income per share:
 Continuing operations .15 .10
 Net income .15 .09
 TOTAL PETROLEUM (NORTH AMERICA) LTD.
 (Dollars millions except per share data)
 Nine Months Ended Sept. 30 1992 1991
 Revenues $1,812.6 $1,876.9
 Cash flow from continuing operations
 before changes in working capital
 components 38.4 52.1
 Net income (loss) from continuing
 operations (1.1) 1.4
 Net income (loss) (1.1) (.8)
 Net income (loss) per share:
 Continuing operations (.05) (.07)
 Net income (loss) (.05) (.13)
 Net income (loss) per share for all period is after payment of preferred dividends.
 -0- 10/21/92
 /CONTACT: Steve Nicholson of Total Petroleum, Inc., 303-291-2271/
 (TPN) CO: Total Petroleum (North America) Ltd. ST: Colorado IN: OIL SU: ERN


SM-EE -- NY098 -- 3035 10/21/92 15:36 EDT
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Date:Oct 21, 1992
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