Exhibit 99
Condensed Consolidating Financial Information
The following tables set forth the condensed consolidating
financial statements as of June 30, 1995 and for the six months
then ended of Tosco, Bayway and Tosco's other subsidiaries. They are
provided to meet the
reporting and informational requirements of Bayway as guarantor of the 81/4%
First Mortgage Bonds.
Condensed Consolidated Balance Sheet
(Thousands of Dollars)
For the Six Months Ended June 30, 1995
Tosco Bayway Minor Subs
(Issuer) (Guarantor) (Non-guarantors) Eliminations Consolidated
Assets
Cash and cash equivalents $13,851 ($1,690) $ 903 $ 13,064
Short-term investments and deposits 2,381 12,954 23,200 38,535
Other current assets (a) 210,340 453,866 130,219 - 794,425
Total current assets 226,572 465,130 154,322 - 846,024
Other assets 735,962 247,234 50,807 (4,366) 1,029,637
Investment in Bayway and other subsidiaries 239,834 - - (239,834) -
Intercompany receivables 206,213 - - (206,213) -
Total assets $1,408,581 $712,364 $205,129 ($450,413) $1,875,661
Liabilities and shareholders' equity
Current liabilities $237,526 $275,353 $75,297 $588,176
Revolver and long-term debt 534,942 116,000 4,670 655,612
Other liabilities 57,269 126 (4,366) 53,029
Intercompany liabilities - 111,418 94,795 (206,213) -
Shareholders' equity 578,844 209,593 30,241 (239,834) 578,844
Total liabilities and shareholders' equity $1,408,581 $712,364 $205,129 ($450,413) $1,875,661
Condensed Consolidating Statement of Income
(Thousands of Dollars)
For the Six Months Ended June 30, 1995
Sales $1,533,041 $1,724,468 $397,033 ($54,185) $3,600,357
Cost of sales 1,489,886 1,670,042 393,170 (54,185) 3,498,913
Operating contribution 43,155 54,426 3,863 - 101,444
Selling, general and administrative expense (b) 31,291 13,227 378 44,896
Interest expense, net 18,922 10,602 (323) - 29,201
Income (loss) before provision for income taxes (7,058) 30,597 3,808 - 27,347
Provision (credit) for income taxes (2,694) 12,086 1,504 - 10,896
Net income (loss) ($4,364) $18,511 $2,304 $ - $16,451
(a) Inventories are valued at the lower of LIFO cost or market value which
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 $ 8,842,000 to
Bayway and the Minor Subsidiaries. Tosco may allocate such costs in the future.
Condensed Consolidated Statement of Cash Flows
(Thousands of Dollars)
For the Six Months Ended June 30,
1995
Tosco Bayway Minor Subs
(Issuer) (Guarantor) (Non-guarantors) Eliminations Consolidated
Cash flows from operating activities:
Net income (loss) ($4,364) $18,511 $2,304 $16,451
Depreciation and amortization, 37,190 13,629 1,061 51,880
Changes in working capital 103,063 92,413 (77,031) 118,445
Other (1,291) (73) (570) - (1,934)
Net cash provided by (used in)
operating activities 134,598 124,480 (74,236) - 184,842
Cash flows from investing activities:
Increase in long-term assets (116,887) (14,632) (11,275) (142,794)
Intercompany transfers (48,105) (37,589) 85,694 -
Intercompany dividend (297) 297 - - -
Net change in short-term investments
and deposits (911) (4,787) (2,008) - (7,706)
Net cash provided by (used in)
investing activities (166,200) (56,711) 72,411 - (150,500)
Cash flows from financing activities:
Borrowings (repayments) under revolver, net 57,000 (89,000) (32,000)
Dividends on Common Stock (11,858) (11,858)
Other (1,213) - - - (1,213)
Net cash provided by (used in)
financing activities 43,929 (89,000) - - (45,071 )
Net increase (decrease) in cash
and cash equivalents 12,327 (21,231) (1,825) (10,729)
Cash and cash equivalents at
beginning of period 1,524 19,541 2,728 - 23,793
Cash and cash equivalents
at end of period $13,851 ($1,690) $903 $ - $13,064