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FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 22, 2000
CROWN CENTRAL PETROLEUM CORPORATION
(Exact name of registrant as specified in its charter)
Maryland 1-1059 52-0550682
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
One North Charles Street
Baltimore, Maryland 21201
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:(410)539-7400
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Item 5. Other Events
Beginning in late January 2000, Gulf Coast refining margins have
experienced marked improvement as compared to the same 1999 period. Since
Crown's two refineries are situated in the Gulf Coast region, the industry
benchmark "crack spread" for the Gulf Coast is often used as an indication
of refining margins. For the first five months of 2000, the Gulf Coast 20
day delayed crack spread was $4.79 per barrel compared to $2.25 per barrel
for the same 1999 period. In particular, the months of February and May
2000 realized significantly improved margins as compared to the same 1999
months. As a result, Crown's estimated net income improved from a loss of
$16.1 million for the first five months of 1999 to a net income of $4.4
million for the first five months of 2000.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, as amended, the registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.
CROWN CENTRAL PETROLEUM CORPORATION
(Registrant)
By: /s/ John E. Wheeler, Jr.
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Name: John E. Wheeler, Jr.
Title: Executive Vice President --
Chief Financial Officer
Dated: June 22, 2000
