Exhibit 99
Condensed Consolidating Financial Information
The following tables set forth the condensed consolidating
financial statements as of March 31, 1995 and for the three
months then ended of Tosco, Bayway and Tosco's other
subsidiaries. They are provided to meet the reporting and
informational requirements of Bayway as a guarantor of the 8-1/4
First Mortgage Bonds (Bayway Exchange Bonds).
Condensed Consolidating Balance Sheet
(Thousands of Dollars)
March 31, 1995
Tosco Bayway Minor Subs
(Issuer) (Guarantor) (Non-guarantors) Eliminations Consolidated
Assets
Cash and cash equivalents $ 16,529 $ 15,820 $ 1,461 $ 33,810
Short-term investments and deposits 3,578 35,685 23,183 62,446
Other current assets (a) 295,977 435,932 32,868 764,777
Total current assets $ 316,084 $487,437 57,512 861,033
Other assets 731,406 241,713 42,480 ($ 4,366) 1,011,233
Investment in Bayway and other subsidiaries 221,909 ( 221,909)
Intercompany receivables 168,621 ( 168,621)
Total assets $1,438,020 729,150 99,992 ($ 394,896) 1,872,266
Liabilities and shareholders' equity
Current liabilities $ 258,782 236,416 34,059 529,257
Revolver and long-term debt 548,940 174,000 4,579 727,519
Other liabilities 56,145 492 ($ 4,366) 52,271
Intercompany liabilities 10,934 125,400 32,287 ( 168,621)
Shareholders' equity 563,219 193,334 28,575 ( 221,909) 563,219
Total liabilities and shareholders' equity $1,438,020 $729,150 $ 99,992 ($ 394,896) $1,872,266
Condensed Consolidating Statement of Income
(Thousands of Dollars)
For the Three Months Ended March 31, 1995
Sales $ 693,599 $817,488 $ 221,751 ($36,519) $1,696,319
Cost of sales 683,625 801,822 220,445 ( 36,519) 1,669,373
Operating contribution 9,974 15,666 1,306 26,946
Selling, general and administrative expense (b) 16,075 6,231 296 22,602
Interest expense, net 8,831 5,713 (45) 14,499
Income (loss) before provision for income taxes (14,932) 3,722 1,055 (10,155)
Provision for income taxes (5,954) 1,470 417 ( 4,067)
Net income (loss) ($ 8,978) $ 2,252 $ 638 $ - ($6,088)
(a) The lower of LIFO cost or market value of inventories is measured on a consolidated basis.
(b) The condensed consolidating statement of income does not reflect an allocation of a portion of aggregate corporate selling,
general and administrative expense of $4,335,000 to Bayway and the Minor Subsidiaries. Tosco may allocate such costs in the
future.
Condensed Consolidating Financial Information (continued)
Condensed Consolidating Statement of Cash Flows
(Thousands of Dollars)
For the Three Months Ended March 31, 1995
Tosco Bayway Minor Subs
(Issuer) (Guarantor) (Non-guarantors) Consolidated
Cash flows from operating activities:
Net income (loss) ($8,978) $ 2,252 $ 638 ($6,088)
Depreciation and amortization 16,690 6,825 413 23,928
Changes in working capital 50,682 71,410 (20,918) 101,174
Other (935) (334) (1,269)
Net cash provided by (used in) operating activities 57,459 80,487 (20,201) 117,745
Cash flows from investing activities:
Increase in long-term assets (86,667) (2,380) (2,261) (91,308)
Transfers to discontinued operations (6,646) (6,646)
Intercompany transfers 421 (23,607) 23,186
Intercompany dividend (297) 297
Net change in short-term investments and deposits (2,108) (27,518) (1,991) (31,617)
Net cash used in investing activities (95,297) (53,208) 18,934 (129,571)
Cash flows from financing activities:
Short-term bank repayments and borrowings
(repayments) under revolver, net 59,000 (31,000) 28,000
Dividends on Common Stock (5,932) (5,932)
Other (225) (225)
Net cash provided by (used in) financing
activities 52,843 (31,000) 21,843
Net increase (decrease) in cash and cash
equivalents 15,005 ( 3,721) (1,267) 10,017
Cash and cash equivalents at beginning of
period 1,524 19,541 2,728 23,793
Cash and cash equivalents at end of period $16,529 $15,820 $1,461 $33,810