1.   We are not assuming that refining margins will improve significantly in the near future.

2.   Analyst opinion is mixed on whether the West Coast will continue to enjoy higher refining margins than the rest of the country.

3.   Any relief for refining margins is likely to be only temporary, analysts said.

4.   Atlantic Richfield and Unocal will benefit the most from West Coast refining margins being higher than those on the Gulf Coast or East Coast, Hastings said.

5.   Conoco reported record earnings for the first quarter Monday, the result of strong global natural gas prices, healthy refining margins and increasing crude oil sales.

6.   Elf said the return to profitability resulted from a combination of higher refining margins, cost-cutting measures like the closure of petrol stations and higher trading profits.

7.   European refining margins were higher in the quarter because strong U.S. prices drew products away from Europe to the U.S., Ting said.

8.   Elf said it resulted from a combination of higher refining margins, cost-cutting measures like the closure of petrol stations and higher trading profits.

9.   Exxon Corp. and Texaco Inc. also reported higher third-quarter profits today on increased refining margins.

10.   However, analysts and company executives have said refining will not contribute as much to earnings in the fourth quarter because refining margins are poorer.