<ARTICLE> 5
<LEGEND>
      THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
PETROLEUM HEAT AND POWER CO., AND SUBSIDIARIES FINANCIAL STATEMENTS AS
OF DECEMBER 31, 1994 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>

<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          DEC-31-1994
<PERIOD-END>                               DEC-31-1994
<CASH>                                     $15,473,726
<SECURITIES>                                         0
<RECEIVABLES>                               89,015,097
<ALLOWANCES>                                 1,769,225
<INVENTORY>                                 21,745,912
<CURRENT-ASSETS>                           133,126,634
<PP&E>                                     162,971,975
<DEPRECIATION>                              35,798,210
<TOTAL-ASSETS>                             397,173,505
<CURRENT-LIABILITIES>                      104,782,145
<BONDS>                                    309,944,581
<COMMON>                                    40,798,966
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                  2,411,963
<OTHER-SE>                                (68,588,156)
<TOTAL-LIABILITY-AND-EQUITY>               397,173,505
<SALES>                                    509,542,038
<TOTAL-REVENUES>                           546,677,217
<CGS>                                      287,904,953
<TOTAL-COSTS>                              362,981,191
<OTHER-EXPENSES>                           159,701,497
<LOSS-PROVISION>                             1,375,507
<INTEREST-EXPENSE>                          25,281,531
<INCOME-PRETAX>                            (1,037,797)
<INCOME-TAX>                                   600,000
<INCOME-CONTINUING>                        (3,610,797)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                              (654,500)
<CHANGES>                                            0
<NET-INCOME>                               (4,265,297)
<EPS-PRIMARY>                                    (.37)
<EPS-DILUTED>                                    (.37)