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Earnings

November 14, 1986

Independent oil refiner Tosco Corp. of Santa Monica posted a sharp increase in net income, despite lower revenue, for the third quarter of 1986, compared to the same period last year. Results were aided by non-recurring income of $5.7 million representing interest on a tax refund, the receipt of $2.2 million under a Trans-Alaska Pipeline settlement and a $3-million reduction in interest expense due to the recomputation of amortization of the deferred gain related to the prior restructuring of Tosco's bank debt.

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