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WAINOCO REPORTS 1992 RESULTS

    HOUSTON, Texas, Feb. 22 /CNW/ -- Wainoco Oil Corporation today announced the results of its operations for the full year and fourth quarter of 1992.  Revenues for the full year were $376.8 million, a 190 percent increase over 1991 due to the addition of our Frontier refining operations for a full year.  Operating income before depreciation was $39.5 million, 45 percent higher than in 1991, also reflective of the added contribution of Frontier to our operations for a full year.  Net cash provided by operating activities before changes in working capital of $24.6 million was 84 percent above the 1991 level.  A late 1992 oil and refined product price decline led to a negative FIFO inventory impact of approximately $3.4 million, which is included in our refining operating costs. This adjustment forced our consolidated results to be a $978,000, or $0.04 per share, loss for the year; this small loss compares to a loss of $18.3 million, or $0.90, in 1991.
    For the fourth quarter ended December 31, revenues of $93.5 were up only slightly from the same period of 1991. Operating income before depreciation of $8.5 million for the quarter was 28 percent higher than for the fourth quarter of 1991.  This improvement in operating income before depreciation was principally due to strong Canadian gas markets late in the year and cost improvements in all segments of our operations. For the quarter, which included the $3.4 million FIFO inventory adjustment mentioned above, the Company reported a loss of $2.4 million or $0.11 per share. This compares to a loss of $7.4 million, or $0.35 per share, in the fourth quarter a year ago.  The 1991 loss included a $3.0 million writedown of U.S. oil and gas properties.
    Although gas pricing, particularly in Canada, showed surprising strength in the fourth quarter of 1992, the gas price we received for the year averaged a disappointing $1.12, $0.10 per mcf lower than in 1991. Similarly, oil pricing for the year averaged $17.46 per barrel, which was $1.21 below the 1991 level.  As we had anticipated, the refining operations were asignificant contributor to the results of the Company. Of the $39.5 million of operating income before depreciation, $18.4 was generated from the refining operations with the remainder having been derived from the oil and gas operations.
    Wainoco Oil Corporation is a North American oil and gas exploration, production and refining company with operations in the western 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 Year Ended
     December 31,                 1992                  1991
    FINANCIAL
     (In thousands
     except per share)
     Revenues                 $376,842              $130,067
     Additional DD&A
      for write-down of
      U.S. property               -                   13,000
     Net loss                     (978)              (18,291)
     Loss per share               (.04)                 (.90)
     Operating
      income before
      depreciation              39,510                27,308
     Average shares
      outstanding               22,062                20,366
     Net cash provided
      by operating
      activities
      before changes
      in working capital        24,585                13,328
     Net cash provided
      by operating
      activities                23,336                17,513
     Long-term debt,
      net of current
      maturities               189,273               154,417
     Shareholders'
      equity                    44,956                53,987
    PRODUCTION
     Oil (mbbls)                 1,111                 1,120
     Gas (bcf)                    18.9                  19.0
     Average oil
      price ($/bbl)               17.46                 18.67
     Average gas
      price ($/mcf)                1.12                  1.22
    REFINING (bpd)
     Total charge                32,860                36,153
     Gasoline sales              19,499                19,088
     Distillate sales            11,330                12,447
     Total sales                 37,329                36,400
    RESERVES
     Oil (mbbls)                  6,292                 6,032
     Gas (bcf)                    194.5                 214.5
     Equivalent oil
      (mbbls) (A)                38,705                41,777
    For the Three Months
     Ended December 31,            1992                  1991
    FINANCIAL
     (In thousands
     except per share)
    Revenues                   $ 93,469              $ 91,471
    Additional DD&A
     for write-down of
     U.S. property                 -                    3,000
    Net loss                     (2,418)               (7,380)
    Loss per share                 (.11)                 (.35)
    Operating income
     before depreciation          8,482                 6,606
    Average shares
     outstanding                 22,062                21,919
    Net cash provided
     by operating activities
     before changes in
     working capital              7,324                 1,304
    Net cash provided
     by operating activities      9,090                 3,130
    PRODUCTION
    Oil (mbbls)                     260                   301
    Gas (bcf)                       5.3                   5.5
    Average oil price ($/bbl)     18.18                 19.18
    Average gas price ($/mcf)      1.21                  1.21
    REFINING (bpd)
    Total charge                 33,000                36,153
    Gasoline sales               19,316                19,088
    Distillate sales             10,673                12,447
    Total sales                  36,156                36,400
    (A) Using net equivalent gas to oil at the BTU ratio of six mcf to one bbl.
    -0-             02/22/93
    CONTACT: Julie Edwards, Wainoco Oil Corporation, 713/658-9900
    (WOL.) CO:  WAINOCO OIL CORPORATION IN:  OIL SU:  ERN ST:  TX


-- C2642 -- X371 02/22/93
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Date:Feb 22, 1993
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