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 ......................... $ 256,967 236,416 34,059 527,442
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 ........................ 565,034 193,334 28,575 ( 221,909) 565,034
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) $1,696,319
Cost of sales ............................... 680,625 801,822 220,445 ( 36,519) 1,666,373
Operating contribution ...................... 12,974 15,666 1,306 29,946
Selling, general and administrative
expense (b) ............................... 16,075 6,231 296 22,602
Interest expense, net ....................... 8,831 5,713 (45) 14,499
Income (loss) before provision for
income taxes .............................. (11,932) 3,722 1,055 (7,155)
Provision for income taxes .................. (4,769) 1,470 417 ( 2,882)
Net income (loss) ........................... ($ 7,163) $ 2,252 $ 638 $ -- ($ 4,273)
(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) ......................... ($7,163) $ 2,252 $ 638 ($4,273)
Depreciation and amortization ............. 16,690 6,825 413 23,928
Changes in working capital ................ 48,867 71,410 (20,918) 99,359
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