U.S. REFINERS IN 1992 MARK A TOUGH YEAR, UNCERTAIN FUTURE

Refiner/marketers in the U.S. are chalking up 1992 as a grim year. U.S. refining/marketing profits were squeezed in the first 9 months of 1992, and it's not clear whether the fourth quarter will mark improvement or further decline. However, U.S. refiner/marketers hope the hard operating choices they have made this year underpin an improved outlook for 1993 and beyond. A sampling of U.S. refiners reported an earnings drop of 37% after 3 quarters in 1992 compared with the same period last

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