REXENE CORP
10-Q/A, 1995-08-10
PLASTIC MATERIALS, SYNTH RESINS & NONVULCAN ELASTOMERS
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<PAGE>
===============================================================================

                               UNITED STATES
                    SECURITIES AND EXCHANGE COMMISSION

                          Washington, D.C. 20549
                                ___________

                               AMENDMENT NO. 1
                                    TO
                                 FORM 10-Q
                                ___________
(Mark One)


[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE
    ACT OF 1934
    For the quarterly period ended June 30, 1995

    OR

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
    EXCHANGE ACT OF 1934
    For the transition period from _______________ to _______________

                      Commission file number: 1-9988

                            REXENE CORPORATION
          (Exact name of Registrant as Specified in its Charter)


                 DELAWARE                                75-2104131
      (State or other jurisdiction of                 (I.R.S. Employer
       incorporation or organization)                 Identification No.)

             5005 LBJ FREEWAY
              DALLAS, TEXAS                                   75244
  (Address of principal executive offices)                 (Zip code)


                              (214) 450-9000
           (Registrant's telephone number, including area code)


     Indicate by check mark whether the Registrant: (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes  X    No
                                              ____    ____

           APPLICABLE ONLY TO REGISTRANTS INVOLVED IN BANKRUPTCY
               PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

     Indicate by check mark whether the Registrant has filed all documents and
reports required to be filed by Section 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court.  Yes  X   No
                          _____    ____

     At July 24, 1995, 18,736,791 shares of common stock, par value $0.01 per
share, of Rexene Corporation were outstanding.

===============================================================================
<PAGE>

ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K

(a)  Exhibits:

     10.19 - 1995 Stock Option Plan for Outside Directors

     27    - Financial Data Schedule

(b)  Reports Submitted on Form 8-K:

     None.

                                     11
<PAGE>
                                 SIGNATURE


Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                   REXENE CORPORATION




Date:  August 9, 1995              By:    /s/ KEVIN W. McALEER
                                      -------------------------------
                                      Kevin W. McAleer
                                      Executive Vice President and
                                       Chief Financial Officer

                                   12


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<PAGE>
<ARTICLE> 5
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-START>                             APR-01-1995
<PERIOD-END>                               JUN-30-1995
<CASH>                                          21,621
<SECURITIES>                                         0
<RECEIVABLES>                                   82,511
<ALLOWANCES>                                     3,481
<INVENTORY>                                     67,690
<CURRENT-ASSETS>                               175,265
<PP&E>                                         316,224
<DEPRECIATION>                                  46,310
<TOTAL-ASSETS>                                 483,433
<CURRENT-LIABILITIES>                           66,358
<BONDS>                                              0
<COMMON>                                           187
                                0
                                          0
<OTHER-SE>                                     119,177
<TOTAL-LIABILITY-AND-EQUITY>                   483,433
<SALES>                                        159,452
<TOTAL-REVENUES>                               159,452
<CGS>                                          107,168
<TOTAL-COSTS>                                  107,168
<OTHER-EXPENSES>                                12,876
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                               7,328
<INCOME-PRETAX>                                 32,784
<INCOME-TAX>                                    12,252
<INCOME-CONTINUING>                             20,532
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    20,532
<EPS-PRIMARY>                                     1.07
<EPS-DILUTED>                                     1.07
        

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