<PAGE>
<PAGE> 1
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
(Mark One)
[x] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended December 31, 1993
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from __________ to __________
Commission file number 2-46622
DERBY REFINING COMPANY
THRIFT PLAN
(Full title of the plan)
THE COASTAL CORPORATION
Coastal Tower
Nine Greenway Plaza
Houston, Texas 77046-0995
(Name of issuer of the securities held pursuant to the
plan and address of its principal executive office)
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<PAGE>
<PAGE> 2
INDEPENDENT AUDITORS' REPORT
Administrator
Derby Refining Company Thrift Plan
Houston, Texas
We have audited the accompanying statements of net assets available for plan
benefits of the Derby Refining Company Thrift Plan (the "Plan") as of
December 31, 1993 and 1992, and the related statements of changes in net
assets available for plan benefits for the years then ended. These
financial statements are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the net assets available for benefits of the Plan as of December
31, 1993 and 1992, and the changes in net assets available for plan benefits
for the years then ended in conformity with generally accepted accounting
principles.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules 1 through
8 and Items 27a and 27d are presented for the purpose of additional analysis
and are not a required part of the basic financial statements, but are
supplementary information required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement
Income Security Act of 1974. These schedules are the responsibility of the
Plan's management. Such schedules have been subjected to the auditing
procedures applied in our audit of the basic financial statements and, in
our opinion, are fairly stated in all material respects when considered in
relation to the basic financial statements taken as a whole.
DELOITTE & TOUCHE
Houston, Texas
June 20, 1994
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<PAGE> 3
DERBY REFINING COMPANY THRIFT PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
<TABLE>
<CAPTION>
December 31,
----------------------------
1993 1992
------------ -----------
<S> <C> <C>
ASSETS
Investments, at market:
Securities of The Coastal Corporation:
Common Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 970,557 $ 1,721,650
Class A Common Stock . . . . . . . . . . . . . . . . . . . . . . . 11,498 22,704
$1.83 Cumulative Convertible Preferred Stock, Series B . . . . . . 5,880 35,854
Challenger International, Ltd. Common Stock . . . . . . . . . . . . . 995 830
Valero Energy Corporation Common Stock . . . . . . . . . . . . . . . . 32,406 99,735
Texas Commerce Bank Employee Benefit Funds . . . . . . . . . . . . . . 31,069 47,301
Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . 15,464 21,930
----------- -----------
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,067,869 1,950,004
----------- -----------
Receivables
Contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,310 10,951
Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,203 7,251
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46 63
----------- -----------
Total Receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,559 18,265
----------- -----------
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 95
----------- -----------
TOTAL ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . 1,072,430 1,968,364
----------- -----------
LIABILITIES
Payable to employer . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,897 -
Payable to participants . . . . . . . . . . . . . . . . . . . . . . . . . 6,174 106,931
----------- -----------
TOTAL LIABILITIES . . . . . . . . . . . . . . . . . . . . . . . . 9,071 106,931
----------- -----------
NET ASSETS AVAILABLE FOR PLAN BENEFITS . . . . . . . . . . . . . . . . . $ 1,063,359 $ 1,861,433
----------- -----------
----------- -----------
</TABLE>
See Notes and Schedules to Financial Statements.
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<PAGE>
<PAGE> 4
DERBY REFINING COMPANY THRIFT PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
<TABLE>
<CAPTION>
For the Year Ended
December 31,
----------------------------
1993 1992
------------ -----------
<S> <C> <C>
ADDITIONS:
Investment income:
Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 23,198 $ 31,558
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,315 1,302
----------- -----------
Total investment income . . . . . . . . . . . . . . . . . . . . . . . 26,513 32,860
----------- -----------
Realized gains on investments (Note 6) . . . . . . . . . . . . . . . . . 131,832 2,920
----------- -----------
Net change in unrealized appreciation (depreciation) of
investments (Note 7) . . . . . . . . . . . . . . . . . . . . . . . . . 146,055 (87,740)
----------- -----------
Contributions:
Employer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,913 71,169
Participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,913 71,169
----------- -----------
Total contributions . . . . . . . . . . . . . . . . . . . . . . . . . 81,826 142,338
----------- -----------
DEDUCTIONS:
Forfeitures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,295) -
Withdrawals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,179,005) (288,158)
----------- -----------
(1,184,300) (288,158)
----------- -----------
Net decreases . . . . . . . . . . . . . . . . . . . . . . . . . . . . (798,074) (197,780)
NET ASSETS AVAILABLE FOR PLAN BENEFITS:
Beginning of Year . . . . . . . . . . . . . . . . . . . . . . . . . . 1,861,433 2,059,213
----------- -----------
End of Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,063,359 $ 1,861,433
----------- -----------
----------- -----------
</TABLE>
See Notes and Schedules to Financial Statements.
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<PAGE> 5
DERBY REFINING COMPANY THRIFT PLAN
NOTES TO FINANCIAL STATEMENTS
1. Description of the Plan
General
The Derby Refining Company Thrift Plan (the "Plan") is primarily an
employee stock purchase plan, registered under the Securities Act of 1933,
as amended designed to provide a systematic means whereby the contributions
of eligible employees and the employer may be invested for the benefit of
the participating employees. The Plan is administered by Coastal Refining &
Marketing, Inc. (the "Company"), a subsidiary of The Coastal Corporation
("Coastal"); and pursuant to the provisions of the Plan, an Administrative
Committee comprised of Coby C. Hesse, Ronald A. Brownlee, Austin M. O'Toole
and E. C. Simpson, all of whom are employees of Coastal, has been appointed
to carry out certain duties under the Plan. Texas Commerce Bank National
Association (the "Trustee") (formerly Ameritrust Texas, N.A.) is the Trustee
of the Plan Trust (the "Trust"). All employees who are eligible for
participation in the Plan receive a prospectus and an employee handbook,
which may be updated by supplements from time to time, containing a general
description of the Plan. The Trustee holds the investment assets of the Plan
and executes transactions relating thereto.
Termination of the Plan
Although it has not expressed any intent to do so, the Company has the
right under the Plan to discontinue its contributions at any time and to
terminate the Plan subject to the provisions of the Employee Retirement
Income Security Act of 1974, as amended ("ERISA"). In the event of
termination, participants will become 100 percent vested in their accounts.
In early 1993, Coastal announced curtailment of certain refining
activities of the Company which resulted in a reduction of the number of
participants in the Plan. Those employees whose employment has been
terminated due to such curtailment are 100% vested in their account balance.
Such curtailment resulted in a substantial amount of funds being withdrawn
by participants; however, it had no effect on the ability to pay benefits of
remaining participants.
2. Summary of Significant Accounting Principles
Accounting Basis
The financial statements of the Plan are prepared on the accrual basis
of accounting.
Marketable Securities
Securities valuations are based on the last recorded sales price on
December 31, 1993 and 1992, as reported by the principal securities exchange
on which the security is traded, or the average of the bid and the asked
price if sold over the counter. Realized gains and losses reported on the
sale or withdrawal of securities by participants are based on the difference
between market values of the securities sold and/or issued at the effective
dates and the market value at the beginning of the year and cost of
securities purchased during the year.
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<PAGE> 6
Federal Income Taxes
The Company received its most recent determination letter dated April
26, 1985 from the Internal Revenue Service which states the Plan meets the
exemption requirements of Section 401(a) of the Internal Revenue Code (the
"Code"); and therefore, the Trust is exempt from taxation under Section
501(a) of the Code. Since that determination, certain amendments have been
made. It is the opinion of management that, on the basis of the Internal
Revenue Service's prior determination, and existing federal income tax laws,
the Plan, as amended, continues to be qualified. Accordingly, no provision
has been made for federal income taxes.
3. Contributions to the Plan
Employee Contributions
Each eligible employee who wishes to participate in the Plan (a
"Participant") may do so by authorizing the Company to make payroll
deductions of two percent (2%) of his basic compensation each pay period.
Basic compensation includes fixed salaries or wages per hour including shift
differential and upgrade pay, but excludes overtime, bonuses, commissions,
and any other additional compensation. The amount of such deduction is paid
by the Company to the Trust and credited to the account of such Participant
in the Trust. Contributions by a Participant may not exceed the limitations
imposed by Sections 415 and 401 of the Code.
Employee contributions to the Plan are taxed at ordinary income tax
rates as a part of the employees' salary. The employer contributions,
investment income and unrealized appreciation are not taxable to the
employee until withdrawal.
Employer Contributions
The Company pays to the Trust, for a Participant's account, an amount
equal to such Participant's contribution. In the event contributions by a
Participant have been suspended, contributions by the Company for such
Participant's account shall likewise be suspended. All contributions by the
Company must be made from its current or accumulated earnings or profits or,
in certain circumstances, from the accumulated earnings or profits of
another member of the same affiliated group of corporations. Company
contributions may not exceed the limitations imposed by Section 415 of the
Code.
Vesting
A Participant's balance in the Trust is vested in such Participant at
all times, except that his interest in the Company's contributions and
appreciation and earnings thereon becomes vested at the rate of 20% upon
completion of each whole year included in his Period of Service (as defined
in the Plan) beginning at the end of the second whole year of service; such
vesting continues, on a cumulative basis, until a Participant becomes fully
vested. Any period of time during which a Participant has declined to
contribute to the Plan is not included in the determination of vesting of
Company contributions.
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<PAGE>
<PAGE> 7
4. Investment Programs*
Funds in Which Current Employee Contributions Are Invested:
The Coastal Common Stock Fund is an unsegregated fund invested in common
stock of Coastal. Cash dividends thereon are reinvested in such Common Stock
Fund.
The Diversified Fund is an unsegregated fund which may invest, at the
discretion of the Trustee, in common or preferred stocks, notes, bonds or
debentures, or other similar investments of issuers other than Coastal or
any of it subsidiaries. Fund assets may also be temporarily invested in
obligations of the United States of America or in commercial paper
(including participation in pooled commercial paper accounts). All or any
part of this fund may be invested in any collective investment trust that is
tax exempt. This fund is currently invested in Fixed Income Pooled Funds and
Equity Common Trust Pooled Funds with Texas Commerce Bank National
Association.
The Government Bond Fund is an unsegregated fund invested, at the
discretion of the Trustee, in obligations issued or guaranteed by the United
States of America or by any agency or instrumentality thereof and in savings
deposits to the extent they are fully guaranteed by the Federal Deposit
Insurance Corporation. All or part of this fund may be invested in any
collective instrument trust which is tax exempt. This fund is currently
invested in the Provident Institutional Treasury Trust Fund.
All employer matched contributions are invested in the Coastal Common
Stock Fund only.
Funds in Which Current Employee Contributions Are Not Invested:
The Coastal Class A Common Stock Fund is a fund established to hold
Class A Common Stock of Coastal received as a result of a stock dividend in
1984. Dividends declared on shares of Class A Common Stock are invested in
the Coastal Common Stock Fund. A participant may have the Class A Common
Stock in his account converted to Coastal Common Stock. Class A Common Stock
attributable to a participant's own contributions and earnings may be
converted into Coastal Common Stock, the Common Stock sold and the proceeds
invested in the Diversified Fund or the Government Bond Fund.
The Coastal Preferred Stock Fund is a fund established to hold $1.83
Cumulative Convertible Preferred Stock, Series B of Coastal. Dividends
declared on such Preferred Stock are invested in the Coastal Common Stock
Fund. Each participant may elect to convert his interest in this fund into
Coastal Common Stock.
The Valero Stock Fund is a fund established to hold the common stock of
Valero Energy Corporation ("Valero") received as a result of the spin-off of
Valero by Coastal. A participant may direct the sale of the Valero Common
Stock in his account and have the proceeds invested in the Government Bond
Fund, the Diversified Fund, or the Coastal Common Stock Fund. Dividends or
other cash realized from Valero Common Stock are invested in the Coastal
Common Stock Fund unless the participant elects to have such cash invested
in the Diversified Fund or the Government Bond Fund.
* For the Statement of Changes in Net Assets Available for Plan
Benefits by Fund, refer to Schedule 8.
-6-
<PAGE>
<PAGE> 8
The International Stock Fund is a fund established to hold the common
stock of Challenger International, Ltd. ("Challenger"), formerly Coastal
International, Ltd., issued as a result of the spin-off of Challenger by
Coastal. A participant may direct the sale of Challenger Common Stock in his
account and have the proceeds invested in the Coastal Common Stock Fund or
the Diversified Fund. In addition, a participant may direct the Company to
sell the Challenger Common Stock which is attributable to his contributions
and invest the proceeds in the Government Bond Fund in addition to such
other funds.
5. Administrative Costs
All administrative Plan expenses including fees and Trustee expenses,
are paid by the Company. Taxes and other expenses, including brokerage fees,
are paid from Plan assets.
6. Realized Gain (Loss) on Investments
The following is a summary of realized gains (losses) on investments for
the years ended December 31, 1993 and 1992:
<TABLE>
<CAPTION>
1993 1992
--------------------------------------------- ---------------------------------------------
Sales Sales
Proceeds Proceeds
or Market Aggregrate Realized or Market Aggregate Realized
Value of Carrying Gain Value of Carrying Gain
Securities Withdrawals Amount (Loss) Withdrawals Amount (Loss)
- -------------------------- -------------- ------------ ----------- -------------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C>
Coastal Common Stock Fund:
The Coastal Corporation
Common Stock $ 1,153,520 $ 1,029,437 $ 124,083 $ 247,191 $ 245,673 $ 1,518
Coastal Class A Common Stock Fund:
The Coastal Corporation
Class A Common Stock 11,969 11,040 929 3,110 3,127 (17)
Coastal Preferred Stock Fund:
The Coastal Corporation
$1.83 Cumulative Convertible
Preferred Stock, Series B 33,804 30,576 3,228 10,067 9,860 207
Valero Stock Fund:
Valero Energy Corporation
Common Stock 65,489 64,645 844 30,221 29,780 441
International Stock Fund:
Challenger International, Ltd.
Common Stock 1,379 524 855 132 122 10
Diversified Fund:
Texas Commerce Bank, N. A.
Investment Funds 33,128 31,235 1,893 3,800 3,039 761
-------------- ------------- ----------- -------------- ------------ ------------
$ 1,299,289 $ 1,167,457 $ 131,832 $ 294,521 $ 291,601 $ 2,920
-------------- ------------- ----------- -------------- ------------ ------------
-------------- ------------- ----------- -------------- ------------ ------------
</TABLE>
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<PAGE>
<PAGE> 9
7. Net Changes in Unrealized Appreciation (Depreciation) of Investments
During 1993 and 1992 the fair value of investments (including
investments bought and sold, as well as held during the year) appreciated
(depreciated) as follows:
<TABLE>
<CAPTION>
1993 1992
----------- ----------
<S> <C> <C>
The Coastal Corporation $ 146,047 $ (60,747)
Valero Energy Corporation (2,685) (29,975)
Challenger International, Ltd. 689 208
Texas Commerce Bank, N.A. 2,004 2,774
----------- -----------
$ 146,055 $ (87,740)
----------- -----------
----------- -----------
</TABLE>
8. Unit Values
For the funds which assign units to participants, the following table
sets forth the number of units and unit values:
<TABLE>
<CAPTION>
1993 1992
---------------------------- ----------------------------
Employee Net Asset Employee Net Asset
Units Value Units Value
Outstanding Per Unit Outstanding Per Unit
------------- ----------- ------------ -----------
<S> <C> <C> <C> <C>
Diversified Fund 24,718 $ 1.3775 39,480 $ 1.2682
Government Bond Fund 3,805 $ 1.1505 11,981 1.1047
</TABLE>
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<PAGE>
<PAGE> 10
<TABLE>
<CAPTION>
Schedule 1 - Investments *
------------------------
Coastal Common Stock Fund
-------------------------
Security Shares Cost Market Value
- -------- --------- -------------- ---------------
<S> <C> <C> <C>
The Coastal Corporation
Common Stock:
December 31, 1993 (1) 34,356 $ 440,848 $ 970,557
-------------- ---------------
-------------- ---------------
December 31, 1992 72,111 $ 847,847 $ 1,721,650
-------------- ---------------
-------------- ---------------
<FN>
* See also Schedule 7.
(1) Exceeds 5% of net assets.
</TABLE>
<TABLE>
<CAPTION>
Schedule 2 - Investments
------------------------
Coastal Class A Common
Stock Fund
----------------------
Shares Cost Market Value
--------- -------------- ---------------
<S> <C> <C> <C>
The Coastal Corporation
Class A Common Stock:
December 31, 1993 407 $ 2,866 $ 11,498
-------------- ---------------
-------------- ---------------
December 31, 1992 946 $ 6,752 $ 22,704
-------------- ---------------
-------------- ---------------
</TABLE>
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<PAGE>
<PAGE> 11
<TABLE>
<CAPTION>
Schedule 3 - Investments
------------------------
Coastal Preferred
Stock Fund
------------------------
Shares Cost Market Value
--------- -------------- ---------------
<S> <C> <C> <C>
The Coastal Corporation
$1.83 Cumulative Convertible
Preferred Stock, Series B:
December 31, 1993 58 $ 1,438 $ 5,880
-------------- ---------------
-------------- ---------------
December 31, 1992 394 $ 9,770 $ 35,854
-------------- ---------------
-------------- ---------------
</TABLE>
<TABLE>
<CAPTION>
Schedule 4 - Investments *
------------------------
Valero Stock Fund
------------------------
Shares Cost Market Value
--------- -------------- ---------------
<S> <C> <C> <C>
Valero Energy Corporation
Common Stock:
December 31, 1993 1,534 $ 7,552 $ 32,406
-------------- ---------------
-------------- ---------------
December 31, 1992 4,360 $ 21,466 $ 99,735
-------------- ---------------
-------------- ---------------
<FN>
* See also Schedule 7.
</TABLE>
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<PAGE>
<PAGE> 12
<TABLE>
<CAPTION> Schedule 5 - Investments *
------------------------
Diversified Fund
------------------------
Units Cost Market Value
--------- -------------- ---------------
Security
- --------
<S> <C> <C> <C>
December 31, 1993:
Fixed Income Funds:
Texas Commerce Bank International Bond Group
Fund 103 $ 1,174 $ 1,805
Texas Commerce Bank Intermediate Bond Group
Fund 101 10,298 13,385
Texas Commerce Bank Limited Term Group Fund 16 2,752 2,742
------ -------------- ---------------
220 14,224 17,932
------ -------------- ---------------
Equity Funds:
Texas Commerce Bank International Equity Fund 257 2,787 3,770
Texas Commerce Bank Equity Income Group Fund 14 4,278 4,253
Texas Commerce Bank Special Equity Group Fund 4 1,355 1,812
Texas Commerce Bank Equity Growth Group Fund 21 2,498 3,302
------ -------------- ---------------
296 10,918 13,137
------ -------------- ---------------
516 $ 25,142 $ 31,069
------ -------------- ---------------
------ -------------- ---------------
December 31, 1992:
Fixed Income Funds:
Ameritrust Co. Retirement Reserve Fund 42 $ 4,319 $ 4,946
Ameritrust Texas Intermediate Bond Fund 161 16,348 19,783
Ameritrust Limited Maturity Bond Fund 152 1,590 2,359
------ -------------- ---------------
355 22,257 27,088
------ -------------- ---------------
Equity Funds:
Ameritrust Texas International Stock Fund 432 4,561 5,035
Ameritrust Co. Retirement Diversified Equity Fund 46 5,519 7,597
Ameritrust Co. Retirement Stock Fund 41 3,634 5,003
Ameritrust Stock Fund Texas Special Situation 22 2,069 2,578
------ -------------- ---------------
541 15,783 20,213
------ -------------- ---------------
896 $ 38,040 $ 47,301
------ -------------- ---------------
------ -------------- ---------------
<FN>
* See also Schedule 7.
</TABLE>
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<PAGE>
<PAGE> 13
<TABLE>
<CAPTION> Schedule 6 - Investments *
------------------------
International Stock Fund
------------------------
Shares Cost Market Value
--------- -------------- ---------------
<S> <C> <C> <C>
Security
- --------
Challenger International, Ltd.
Common Stock:
December 31, 1993 306 $ 689 $ 995
-------------- ---------------
-------------- ---------------
December 31, 1992 830 $ 1,867 $ 830
-------------- ---------------
-------------- ---------------
<FN>
* See also Schedule 7.
</TABLE>
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<PAGE>
<PAGE> 14
<TABLE>
<CAPTION>
Schedule 7 - Investments
------------------------
Short-Term Investments
----------------------
December 31, 1993 December 31, 1992
----------------------------------------- ----------------------------------------
Texas Bank
Commerce One
Bank Short Provident Ameritrust Money
Term Money Institutional Cash Market
Market Group Treasury Trust Management Savings
Fund Fund Total Fund Account Total
------------ ----------------- -------- ----------- ------------- --------
<S> <C> <C> <C> <C> <C> <C>
Coastal Common Stock
Fund $ 8,047 $ - $ 8,047 $ 2,239 $ - $ 2,239
Challenger Stock
Fund 16 - 16 - - -
Valero Stock Fund 8 - 8 2 - 2
Diversified Fund 3,027 - 3,027 2,641 - 2,641
Government Bond
Fund - 4,366 4,366 87 16,961 17,048
-------- -------- -------- -------- -------- --------
Total $ 11,098 $ 4,366 $ 15,464 $ 4,969 $ 16,961 $ 21,930
-------- -------- -------- -------- -------- --------
-------- -------- -------- -------- -------- --------
</TABLE>
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<PAGE>
<PAGE> 15
<TABLE>
<CAPTION>
Schedule 8 - Statement of Changes
in Net Assets Available for Plan
Benefits by Fund
________________________________
Beginning of Year Change 1993 End of Year
----------------- ----------- -----------
<S> <C> <C> <C>
Coastal Common Stock Fund $ 1,650,519 $ (675,868) $ 974,651
Diversified Fund 50,192 (16,090) 34,102
Government Bond Fund 13,333 (8,967) 4,366
Coastal Preferred Stock Fund 33,321 (27,441) 5,880
Valero Stock Fund 92,190 (59,776) 32,414
International Stock Fund 764 247 1,011
Coastal Class A Stock Fund 21,114 (10,179) 10,935
----------- ----------- -------------
Total $ 1,861,433 $ (798,074) $ 1,063,359
----------- ----------- -------------
----------- ----------- -------------
</TABLE>
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<PAGE>
<PAGE> 16
<TABLE>
<CAPTION>
Item 27a - Schedule of Assets Held For Investment Purposes
Employer Identification No.: 84-0429897; Plan No. 005
Form 5500: Year Ended December 31, 1993
(c)
(b) Description of Investment
including Maturity Date, Rate (d) (e)
(a) Identity of Issue, Borrower, of Interest, Collateral, Par Cost of Market
Lessor or Similar Party or Maturity Value Acquisition Value
- ------ ----------------------------------- ------------------------------------- ------------- -------------
<S> <C> <C> <C> <C>
* The Coastal Corporation (1) 34,356 shares common stock $ 440,848 $ 970,557
407 shares Class A common stock (2) 2,866 11,498
58 shares $1.83 cumulative convertible
preferred stock, Series B 1,438 5,880
Valero Energy Corporation 1,534 shares common stock 7,552 32,406
Challenger International, Ltd. 306 shares common stock 689 995
Texas Commerce Bank Employee 220 units fixed income fund 14,224 17,932
Benefit Plan Trusts 296 units equity funds 10,918 13,137
Texas Commerce Bank Short Term
Money Market Group Fund Short Term Investment Funds 11,098 11,098
Provident Institutional Money Market Mutual Fund 4,366 4,366
------------- -------------
$ 493,999 $ 1,067,869
------------- -------------
------------- -------------
<FN>
* Party-In-Interest.
(1) Exceeds 5% of net assets.
(2) Class A Common Stock may be distributed to employee participants, but
cannot be transferred to other individuals or organizations.
</TABLE>
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<PAGE>
<PAGE> 17
<TABLE>
<CAPTION>
Item 27d - Schedule of Reportable Transactions
Series Transactions, When Aggregated, Involving
An Amount In Excess of Five Percent of the Current
Value of Plan Assets
Employer Identification No.: 84-0429897; Plan No. 005
Form 5500: Year Ended December 31, 1993
(b)
Description of asset
(a) (including interest rate (c) (d) (e) (f) (g)
Identity of Party and maturity in case of Purchase Selling Cost of Current Net Gain
Involved loan) Price Price Asset Value Or (Loss)
- ------------------------- ----------------------------- ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
* The Coastal Corporation Common Stock:
Purchases (5,153 shares) $ 134,526 $ 145,572
Distributed (16,463 shares) $ 452,086 $ 395,556 $ 56,530
Sold (26,448 shares) 701,434 633,881 67,553
<FN>
* Party-In-Interest.
</TABLE>
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<PAGE>
<PAGE> 18
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act
of 1934, the Administrative Committee has duly caused this annual report to
be signed on its behalf by the undersigned hereunto duly authorized.
DERBY REFINING COMPANY
THRIFT PLAN
Date: June 28, 1994 By: AUSTIN M. O'TOOLE
--------------------------------------
Austin M. O'Toole
Member of the Administrative Committee
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<PAGE>
<PAGE> 19
