Despite unusual items, including a large refinancing...

Despite unusual items, including a large refinancing gain, an acceleration of refinery maintenance form 1987 into 1986 and significant oil and gas writedowns arising from the free-fall in hydrocarbon values during the first quarter influenced Santa Monica-based Tosco Corp.’s profit for the fourth quarter and year, both of which increased in 1986. The successful conclusion of Tosco’s financial restructure has materially strengthened the company’s balance sheet and the new Arco Exchange Agreement will provide continuing enhancements for Tosco’s operations, a spokesman said.