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WAINOCO OIL REPORTS RESULTS

 WAINOCO OIL REPORTS RESULTS
 HOUSTON, May 7 /PRNewswire/ -- Wainoco Oil Corporation (NYSE: WOL)


reported a net loss of $5.5 million, or $.25 per share, for the first quarter, the result of continued weak energy markets and sharply lower prices for crude oil, natural gas and refined products. Revenues increased nearly 500 percent for the first three months of 1992 to $80.5 million, the result of the company's acquisition of Frontier Holdings Inc. in October 1991.
 Oil and gas exploration and production operations reported earnings before interest, taxes and depreciation of $5.2 million compared to $8.7 million in the 1991 first quarter. Oil and gas revenues declined 24 percent in the current quarter despite a 3 percent increase in oil production, to 289,000 barrels or 3,176 barrels of oil per day. Natural gas production of 4.8 billion cubic feet or 53 million cubic feet per day, was down 10 percent, primarily the result of reduced gas sales in Canada and the sale of the Athens Pennsylvania gas property. The average price of oil and natural gas slipped 22 percent and 20 percent, respectively. During the quarter, Wainoco received an average price of $1.09 per mcf for its gas. Subsequent to quarter end, prices have strengthened as reflected by the posted price for West Texas Intermediate which has increased 8 percent and U.S. spot gas prices which have increased approximately 31 percent.
 The refining operations reported break-even results before interest, taxes and depreciation for the first quarter compared to a profit of $1.4 million on a pro forma basis in the first quarter of 1991. The break-even results for the quarter were due primarily to lower operating margins caused by lower prices for refined products reflecting the winter season weakness, although more so than historically, in the Rocky Mountain region. Since January, net operating margins have improved significantly as refined product prices, especially gasoline prices, have risen. Over the course of the quarter, the net operating margin per barrel increased from a loss of $1.89 in January to a profit of $1.46 in March. For the first quarter, the average net operating margin per sales barrel was $.03.
 Refinery charges for the quarter averaged 32,219 barrels per day. Sour crude, as a percent of the total crude charge, was 64 percent and the spread between the price of sour crude and sweet crude averaged $5.82 per barrel.
 Interest expense increased $1.9 million to $4 million in 1992 as a result of an average debt increase of approximately $89.3 million primarily related to the acquisitions of Frontier and the Conroe field in late 1991.
 Net cash flow from operating activities was $3.2 million compared to $8.1 million provided in the first quarter of 1991.
 Wainoco Oil Corporation is a North American oil and gas exploration, production and refining company with operations in the United States and Canada. Wainoco's common shares are listed on the New York and Alberta Stock Exchanges under the symbol "WOL".
 WAINOCO OIL CORPORATION
 Summary of Results
 For the Quarter Ended March 31, 1992 1991
 FINANCIAL (In thousands except per share)
 Revenues
 Refining Operations $70,351 $ --
 Oil and Gas Operations 10,007 13,508
 Total 80,518 13,597
 Earnings (loss) before interest, taxes and depreciation
 Refining Operations -0- --
 Oil and Gas Operations 5,201 8,678
 Total 4,524 8,107
 Income before DD&A and taxes 575 6,073
 Net income (loss) (5,499) 14
 Earnings (loss) per share (.25) -0-
 Net cash provided by operating activities 3,183 8,144
 Average shares outstanding 22,062 19,893
 OIL AND GAS
 Oil (bbls) 289,000 280,000
 Gas (mmcf) 4,799 5,304
 Daily average oil (bopd) 3,176 3,111
 Daily average gas (mmcfd) 53 59
 Average oil price ($/bbl) 15.45 19.84
 Average gas price ($/mcf) 1.09 1.36
 REFINING (bpd)
 Total charge 32,219 --
 Gasoline sales 19,046 --
 Distillate sales 12,210 --
 Total sales 35,394 --
 KEY TERMS
 bbl -- barrel
 bpd -- barrel per day
 bopd -- barrel of oil per day
 mcf -- thousand cubic feet
 mmcf -- million cubic feet
 mmcfd -- million cubic feet per day
 -0- 5/7/92
 /CONTACT: Julie Edwards of Wainoco Oil, 713-658-9900/
 (WOL) CO: Wainoco Oil Corporation ST: Texas IN: OIL SU: ERN


KD -- NY050 -- 7543 05/07/92 10:54 EDT
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Publication:PR Newswire
Date:May 7, 1992
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