Exhibit 99
CONDENSED CONSOLIDATING FINANCIAL INFORMATION
The following tables set forth the condensed consolidating financial
inforrmation as of March 31, 1996 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 guarantor of the 8 1/4% First
Mortgage Bonds.
Condensed Consolidated Balance Sheet
(Thousands of Dollars)
As of March 31, 1996
Tosco Bayway Minor Subs
(Issuer) (Guarantor) (Non-guarantors) Eliminations Consolidated
Assets
Cash and cash equivalents $ 1,284 $ 3,504 $ 952 $ 5,740
Short-term investments and deposits 8,658 19,230 27,345 55,233
Other current assets (a) 265,605 525,585 63,310 854,500
------- -------- ------- -------- ---------
Total current assets 275,547 548,319 91,607 915,473
Other assets 844,587 287,228 93,495 (4,366) 1,220,944
Investment in Bayway and other subsidiaries 285,951 - - (285,951)
Intercompany receivables 340,171 (340,171)
---------- -------- ------- --------- ---------
Total assets $1,746,256 $835,547 $185,102 $(630,488) $2,136,417
Liabilities and shareholders' equity
Current liabilites $ 267,070 $353,185 $ 36,520 $ 656,775
Revolver and long-term debt 733,948 - 4,174 - 738,122
Other liabilities 100,158 648 - (4,366) 96,440
Intercompany liabilities 226,123 114,048 (340,171) -
Shareholderss equity 645,080 255,591 30,360 (285,951) 645,080
---------- -------- -------- ---------- ---------
Total liabilities and shareholders' equity $1,746,256 $835,547 $185,102 $(630,488) $2,136,417
Condensed Consolidating Statement of Income
(Thousands of Dollars)
For the Three Months Ended March 31, 1996
Sales $ 766,736 $1,488,830 $181,864 $(417,407) $2,020,023
Cost of sales 739,418 1,432,814 182,587 (417,407) 1,937,412
Operating contribution (loss) 27,318 56,016 (723) - 82,611
Selling, general and administrative expense(b) 20,161 7,433 (524) - 27,070
Interest expense, net 10,493 5,670 ( 240) - 15,923
------ ------- -------- ---------- --------
Income before provision for income taxes (3,336) 42,913 41 39,618
Provision (credit) for income taxes (1,315 16,951 16 - 15,652
------- -------- ------- ---------- --------
Net income (loss) (2,021) $ 25,962 $ 25 $ - $ 23,966
(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 reflects a partial
allocation of corporate selling, general and administrative expense of to
Bayway. Tosco may revise such allocation in the future.
Condensed Consolidated Statement of Cash Flows
(Thousands of Dollars)
For the Three Months Ended March 31, 1996
Tosco Bayway Minor-Subs
(Issuer) (Guarantor) (Non-guarantors) Consolidated
Cash flows from operating activities:
Net income (loss) (2,021) 25,962 $ 25 $ 23,966
Depreciation, amortization,and deferred income taxes 36,367 7,328 982 44,677
Changes in working capital (41,949) (21,835) (875) (64,659)
Other 2,923 - - 2,923
------- -------- ---------- ---------
Net cash provided by (used in) operating activities (4,680) 11,455 132) 6,907
Cash flows from investing activities:
Purchase of property, plant and equipment (29,123) (46,920) (17,274) (93,317)
Increase in deferred turnarounds, charges and
other assets ( 37,361) ( 1,533) ( 38,894)
Intercompany transfers (114,067) 96,532 17,535
Net change in short-term investments and deposits (6,677) (19,230) (201) (26,108)
-------- -------- ---------- ---------
Net cash provided by (used in) investing
activities (187,228) 28,849 60 (158,319)
Cash flows from financing activities:
Borrowings (repayment) under short-term borrowings
and revolver 189,000 (45,000) 144,000
Dividends on Common Stock (5,940) - - (5,940)
Other (56) - - (56)
-------- --------- ------ ---------
Net cash provided by (used in) financing activities 183,004 ( 45,000) - 138,004
Net increase (decrease) in cash and cash equivalents (8,904) ( 4,696) 192 (13,408)
Cash and cash equivalents at beginning of period 10,188 8,200 760 19,148
Cash and cash equivalents at end of period $ 1,284 $3,504 $ 952 $ 5,740