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WAINOCO REPORTS RECORD SECOND QUARTER RESULTS

 WAINOCO REPORTS RECORD SECOND QUARTER RESULTS
 HOUSTON, Aug. 3 /PRNewswire/ -- Wainoco Oil Corporation (NYSE: WOL)


today reported record net income of $5.5 million and earnings per share of $.25 for the quarter ending June 30, 1992. This compares to a net loss of $13.2 million or $.66 per share for the same period of 1991. The loss in 1991 was largely the result of a $10 million additional DD&A charge for the writedown of U.S. property costs. Earnings before interest, taxes and depreciation were $15.3 million compared to $4.6 million during last year's second quarter.
 Refining operations reported earnings before depreciation, interest and taxes of $10.4 million for the second quarter compared to $7.2 million on a pro forma basis in the same period last year. The results for the quarter were due primarily to greater operating margins caused by higher gasoline and diesel prices in the marketing area. Refinery charges for the quarter averaged 35,357 barrels per day. Sour crude, as a percent of the total crude charge, was 68 percent and the spread between the price of sour crude and sweet crude averaged $5.76 per barrel.
 Oil and gas exploration and production operations resulted in second quarter earnings before interest, taxes and depreciation of $5.5 million compared to $5.3 million in 1991. The quarterly results were primarily attributable to reduced production costs which resulted from fewer workovers, sales of marginal wells and lower general and selling expenses. Oil and gas revenues declined 6 percent in the current quarter despite a 4 percent increase in oil production. Natural gas production was down 14 percent, primarily the result of reduced gas sales in Canada. The average price of oil and natural gas equalled that of the 1991 period at $17.49/bbl and $1.17/mcf, respectively.
 For the six months ended June 30, 1992, the company had net income of $75,000 compared to a net loss of $13.2 million for the same period in 1991. Earnings before depreciation, interest and taxes of $19.9 million was 55 percent above last year's $12.8 million.
 Refining operations reported earnings before depreciation, interest and taxes of $10.5 million for the first six months compared to $8.6 million on a pro forma basis for the same period in 1991. Since January, net operating margins have improved significantly as refined product prices, particularly gasoline prices, have risen. Refinery charges for the six months averaged 33,787 barrels per day. Sour crude, as a percent of the total crude charge, was 66 percent and the spread between the price of sour crude and sweet crude averaged $5.79 per barrel.
 Oil and gas exploration and production operations resulted in earnings before depreciation, interest and taxes of $10.8 million for the first six months compared to $14.1 million in the same period last year. Oil and gas revenues declined 3 percent despite a 4 percent increase in oil production. Natural gas production was down 12 percent, primarily the result of reduced gas sales in Canada and sale of the Athens, Pa., gas property. The average price of oil decreased $2.20 to $16.47/bbl and the average price of natural gas decreased $.14 to $1.13/mcf.
 Interest expense increased $4.1 million to $8.2 million in the first six months of 1992 as a result of an average debt increase of approximately $87.8 million primarily related to the acquisitions of the Frontier refinery and the Conroe field in late 1991.
 Net cash flow from operating activities increased $3.6 million to $6.2 million in the second quarter and decreased $1.3 million to $9.4 million for the six months ended June 30, 1992.
 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
 (Financial information in thousands, except per share)
 Six Months Ended Three Months Ended
 June 30, June 30,
 1992 1991 1992 1991
 Revenues
 Refining Operations $164,429 $ -- $94,078 $ --
 Oil and Gas Operations 20,225 24,335 10,218 10,827
 Total 184,852 24,482 104,334 10,885
 Earnings before depreciation, interest and taxes
 Refining Operations 10,467 -- 10,435 --
 Oil and Gas Operations 10,786 14,076 5,541 5,318
 Total 19,902 12,794 15,302 4,607
 Income before DD&A and taxes 11,653 8,618 11,078 2,545
 Net income (loss) 75 (13,160) 5,574 (13,174)
 Earnings (loss) per share -- (.66) .25 (.66)
 Net cash provided by operating activities
 9,397 10,736 6,214 2,592
 Average shares outstanding 22,062 19,845 22,062 19,838
 REFINING (bpd)
 Total charge 33,787 -- 35,357 --
 Gasoline sales 19,664 -- 20,282 --
 Distillate sales 12,300 -- 12,391 --
 Total sales 37,913 -- 40,433 --
 OIL AND GAS
 Oil (bbls) 579,000 557,000 289,000 277,000
 Gas (mmcf) 8,827 10,005 4,028 4,701
 Daily average oil (bopd) 3,181 3,077 3,176 3,043
 Daily average gas (mmcfd) 49 55 44 52
 Average oil price ($/bbl) 16.47 18.67 17.49 17.49
 Average gas price ($/mcf) 1.13 1.27 1.17 1.17
 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- 8/3/92
 /CONTACT: Julie Edwards, Wainoco Oil Corporation, 713/658-9900.
 (WOL) CO: Wainoco Oil Corporation ST: Texas IN: OIL SU: ERN


PS -- NY090 -- 6358 08/03/92 17:29 EDT
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Date:Aug 3, 1992
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