SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarter Ended March 31, 1996 Commission
File Number 1-10091
HUNTWAY PARTNERS, L.P.
(Exact Name of Registrant as Specified in its Charter)
Delaware
36-3601653
(State or Other Jurisdiction of
(I.R.S. Employer
Incorporation or Organization)
Identification No.)
25129 The Old Road, Suite 322
Newhall, California
(Address of Principal Executive Offices)
91381
(Zip Code)
Registrant's Telephone Number Including Area Code: (805) 286-
1582
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(b) 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 .
QUARTERLY REPORT ON FORM 10-Q
HUNTWAY PARTNERS, L.P.
For the Quarter Ended March 31, 1996
INDEX
Part I. Financial Information
Page
Condensed Consolidated Balance Sheets as
of March 31, 1996 and December 31, 1995 3
Condensed Consolidated Statements of
Operations for the Three Months
Ended March 31, 1996 and 1995 4
Condensed Consolidated Statement of
Partners' Capital (Deficiency) for the Three Months
Ended March 31, 1996 4
Condensed Consolidated Statements of Cash
Flows for the Three Months Ended
March 31, 1996 and 1995 5
Notes to Condensed Consolidated
Financial Statements 6
Management's Discussion and Analysis
of Results of Operations and
Financial Condition 8
Part II. Other Information 12
<TABLE>
HUNTWAY PARTNERS, L.P.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
<CAPTION>
March 31, December 31,
1996 1995
(Unaudited) (Audited)
<S> <C> <C>
CURRENT ASSETS:
Cash $ 2,826 $ 4,304
Accounts Receivable 5,101 4,820
Inventories 5,101 3,320
Prepaid Expenses 912 676
Total Current Assets 13,940 13,120
PROPERTY - Net 58,687 58,677
OTHER ASSETS 902 780
GOODWILL 1,801 1,816
TOTAL ASSETS $ 75,330 $ 74,393
CURRENT LIABILITIES:
Accounts Payable $ 8,641 $ 6,582
Current Portion of Long-Term Obligations 94,345 94,445
Reserve for Plant Closure 159 164
Accrued Interest 2,519 1,417
Other Accrued Liabilities 2,049 1,949
Total Current Liabilities 107,713 104,557
LONG-TERM OBLIGATIONS 350 350
PARTNERS' CAPITAL:
General Partners (327) (305)
Limited Partners (32,406) (30,209)
Total Partners' Capital (Deficiency) (32,733) (30,514)
TOTAL LIABILITIES AND
PARTNERS' CAPITAL $ 75,330 $ 74,393
</TABLE>
<TABLE>
HUNTWAY PARTNERS, L.P.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands)
<CAPTION>
March 31, March 31,
1996 1995
Unaudited Unaudited
<S> <C> <C>
SALES $ 17,209 $ 12,278
COSTS AND EXPENSES:
Material and Processing Costs 16,758 12,768
Selling and Administration Expenses 866 1,081
Interest Expense 1,289 1,255
Depreciation and Amortization 515 562
Total Costs and Expenses 19,428 15,666
NET LOSS $ 2,219 $ 3,388
NET LOSS PER UNIT $ 0.19 $ 0.29
LIMITED PARTNER EQUIVALENT
UNITS OUTSTANDING 11,673 11,673
</TABLE>
<TABLE>
HUNTWAY PARTNERS, L.P.
CONDENSED CONSOLIDATED STATEMENT OF PARTNERS' CAPITAL
(DEFICIENCY)
(in thousands)
<CAPTION>
General Limited
Partners Partners Totals
<S> <C> <C> <C>
Balance at January 1, 1996 $ (305) $ (30,209) $ (30,514)
Net Loss for the Three Months
Ended March 31, 1996 (22) (2,197) (2,219)
Balance at March 31, 1996 $ (327) $ (32,406) $ (32,733)
</TABLE>
<TABLE>
HUNTWAY PARTNERS, L.P.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(in thousands)
<CAPTION>
Three Three
Months Ended Months Ended
March 31, March 31,
1996 1995
(Unaudited) (Unaudited)
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss $ (2,219) $ (3,388)
Adjustments to Reconcile Net Loss
to Net Cash Provided by Operating Activities:
Interest Expense Paid by the Issuance of Notes 596
Depreciation and Amortization 515 562
Changes in Operating Assets and Liabilities:
Increase in Accounts Receivable (280) (278)
Increase in Inventories (1,747) (1,193)
Increase in Prepaid Expenses (239) (53)
Decrease in Reserves for Plant Closure (5) (28)
Increase in Accounts Payable 2,060 374
Increase in Accrued Liabilities 1,201 66
NET CASH USED BY OPERATING ACTIVITIES (714) (3,342)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to Property (492) (107)
Additions to Other Assets (172) (140)
NET CASH USED BY INVESTING ACTIVITIES (664) (247)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of Long-term Obligations (100) (123)
NET CASH USED BY FINANCING ACTIVITIES (100) (123)
NET DECREASE IN CASH (1,478) (3,698)
CASH BALANCE - BEGINNING OF PERIOD 4,304 5,984
CASH BALANCE - END OF PERIOD $ 2,826 $ 2,286
INTEREST PAID IN CASH DURING THE PERIOD $ 187 $ 682
</TABLE>
HUNTWAY PARTNERS, L.P. AND SUBSIDIARY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All dollar amounts in thousands)
1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The accompanying condensed consolidated financial statements
of Huntway Partners, L.P. and subsidiary as of March 31, 1996 and
for the three month periods ended March 31, 1996 and 1995 are
unaudited, but in the opinion of management, reflect all
adjustments necessary for a fair presentation of such financial
statements in accordance with generally accepted accounting
principles. The results of operations for an interim period are
not necessarily indicative of results for a full year. The
condensed consolidated financial statements should be read in
conjunction with the consolidated financial statements and notes
thereto contained in the Partnership's annual report for the year
ended December 31, 1995.
Crude oil and finished product inventories are stated at
cost determined by the last-in, first-out method, which is not in
excess of market. For the first quarter of 1996 and 1995, the
effect of LIFO was to increase the net loss by $653,000 and to
decrease the net loss by $616,000, respectively.
Inventories at March 31, 1996 and December 31, 1995 were as
follows:
<TABLE>
<CAPTION>
1996 1995
<S> <C> <C>
Finished Products $3,904 $2,295
Crude Oil and Supplies 3,020 2,195
6,924 4,490
Less LIFO Reserve (1,823) (1,170)
Total $5,101 $3,320
</TABLE>
2. FINANCIAL ARRANGEMENTS
On December 4, 1995, the Partnership announced that it did
not make its scheduled $1,000,000 debt payment due November 30,
1995 and was, therefore, in default under its indenture. At that
time, the Partnership was verbally informed by substantially all
of its senior lenders that they did not intend to pursue their
remedies under the current indenture due to nonpayment while
discussions regarding the potential restructuring of the
Partnership's indebtedness was continuing. The Partnership also
stated that it would not be making any further payments under the
current indenture which provided for payment of $5,000,000 in 1996
paid quarterly under a defined formula. As a result, at December
31, 1995 and March 31, 1996, substantially all of the
Partnership's outstanding indebtedness was classified as current.
These discussions culminated in the April 15, 1996 announcement
as described below regarding the potential restructuring of the
Partnership's indebtedness.
On April 15, 1996, the Partnership announced that it had
reached agreement with three of its four senior lenders,
representing 86% of its senior debt, to restructure its
indebtedness over a ten-year period.
The agreement specifies, among other things, that total debt
will be reduced from $95.5 million to $25.6 million effective
January 1, 1996. The new debt will carry an interest rate of
12%.
Had this restructuring agreement been in effect during the
quarter ended March 31, 1996, interest expense would have been
reduced by $454,000 and the net loss for the period would have
been $1,765,000. Current liabilities, as of March 31, 1996,
would have been $10,849,000, long-term obligations would have
been $26,385,000 and Partners' equity would have been
$38,076,000.
The agreement also specifies that no cash interest will be
paid in 1996 unless cash at December 31, 1996
exceeds $6,000,000. Cash in excess of $6,000,000 at
December 31, 1996, net of funding capital expenditures (not to
exceed $4,150,000), will be paid to the lenders on January 15,
1997. Such payment will replace, dollar for dollar, required
debt amortization in year three and of the agreement. In 1997,
the Partnership is obligated to pay cash interest and debt
amortization based on 50% of excess cash flow as defined. The
agreement also specifies that Huntway can borrow up to an
additional $4.2 million in 1996 for plant expansion, working
capital and to finance inventory growth. Such short-term
borrowings must be fully repaid by December 31, 1996. The
Partnership is seeking to obtain this financing.
The Partnership is seeking to obtain the approval of its
remaining senior lender to the restructuring agreement. However,
if the Partnership is unable to obtain unanimous approval of the
agreement, it will consider all alternatives available, including
the filing of a "prepackaged" plan of reorganization under the
U.S. Bankruptcy Code.
In that regard, the senior lenders who have agreed to the
consensual restructuring plan have said that they will vote for a
prepackaged plan of reorganization that would implement the terms
of the consensual restructuring plan, subject to compliance with
required solicitation procedures. Any such prepackaged plan will
provide for the continuing and timely payment in full of all of
the Partnership's obligations to suppliers, other creditors
(including all trade creditors) and employees.
If the Partnership is forced to file a prepackaged plan of
reorganization, it will seek the court's approval to implement
terms of the consensual restructuring plan without unanimous
senior lender approval. Under applicable bankruptcy law, a plan
of reorganization must be approved by the affirmative vote of 2/3
in dollar amount and 1/2 in number of each class of security holders
which is impaired under the plan. The senior debt and the common
units will be the only classes of the Partnership's securities
that will be impaired under the prepackaged plan. As described
above, senior lenders representing 86% in dollar amount and 75%
in number have said they would vote for the plan. Management of
the Partnership believes that the terms of the prepackaged plan
are favorable to the Partnership's existing common unit holders
and expects that common unit holders will also approve the
prepackaged plan, if a prepackaged reorganization plan is
required. If a consensual agreement is arrived at such that a
prepackaged reorganization plan is not required, the Partnership
will, nevertheless, still seek unitholder approval of the
restructuring plan.
At March 31, 1996, the cash position of the Partnership was
$2.8 million. In the opinion of management, assuming completion
of the debt restructuring (which provides for no principal and
interest payments on indebtedness during 1996), cash on hand,
together with anticipated cash flow in 1996, will be sufficient
to meet Huntway's liquidity obligations for the next 12 to 24
months.
3. CONTINGENCIES
On May 19, 1995, during testing pursuant to the closure of a
waste water treatment pond, the Partnership discovered that
several drums of hazardous materials had been improperly disposed
of at the site of the Wilmington refinery. Subsequent
geophysical testing to date indicates that approximately 20 to 30
of such drums had been improperly disposed of at the site. The
materials had been stored in drums and disposed of under the
waste water treatment pond apparently at the time of its
construction. The Partnership believes that it has
claims against the former owners and operators of the site, as
well as the entities involved in the construction of the pond and
various insurance carriers which should substantially mitigate
the ultimate costs. As of March 31, 1996, the Partnership has
paid approximately $38,000 for evaluation and remediation of the
contamination and has accrued an additional $287,000. Management
does not believe, based upon the information known at this time,
that the remediation effort will have a material adverse effect
on the Partnership's results of operations or financial position.
The Partnership is party to a number of lawsuits and other
proceedings arising out of the ordinary course of its business.
While the results of such lawsuits and proceedings cannot be
predicted with certainty, management does not expect that the
ultimate liability, if any, will have a material adverse effect
on the consolidated financial position or results of operations
of the Partnership.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
RESULTS OF OPERATIONS AND FINANCIAL CONDITION
The following discussion should be read in conjunction with
the financial statements included elsewhere in this report.
Results of Operations
Huntway is principally engaged in the processing and sale of
liquid asphalt products, as well as the production of other
refined petroleum products such as gas oil, naphtha, kerosene
distillate, diesel fuel, jet fuel and bunker fuel.
Huntway's ability to generate income depends principally
upon the margins between the prices for its refined petroleum
products and the cost of crude oil, as well as upon demand for
liquid asphalt, which affects both price and sales volume.
Historically, refined petroleum product prices (including
prices for liquid asphalt, although to a lesser degree than
Huntway's other refined petroleum products) generally fluctuate
with crude oil price levels. Accordingly, there has not been a
relationship between total revenues and income due to the
volatile commodity character of crude oil prices.
Accordingly, income before interest, depreciation and
amortization provides the most meaningful basis for comparing
historical results of operations discussed below.
A number of uncertainties exist that may affect Huntway's
future operations including the possibility of further increases
in crude costs that may not be able to be passed on to customers
in the form of higher prices. Additionally, crude costs could
rise to such an extent that Huntway may not have sufficient
letter of credit availability to purchase all the crude it needs
to sustain operations to capacity, especially during the summer
season. If this occurred, Huntway would be forced to reduce
crude purchases which could adversely impact results of
operations. The Partnership's primary product is liquid asphalt.
Most of Huntway's competitors produce liquid asphalt as a by-
product and are of much greater size and have much larger
financial resources than the Partnership. Accordingly, the
Partnership has in the past, and may have in the future,
difficulty raising prices in the face of increasing crude costs.
Three Months Ended March 31, 1996 Compared with the Three Months
Ended March 31, 1995
The 1996 first quarter net loss was $2,219,000, or 19 cents
per unit, versus a 1995 first quarter net loss of $3,388,000, or
29 cents per unit.
The improvement in results between quarters of $1,169,000 is
principally attributable to significantly reduced rainfall in the
first quarter of 1996 versus the first quarter of 1995. The
first quarter of 1995 was characterized by unseasonably high
rainfall which severely curtailed paving asphalt sales and forced
the sale of significant amounts of low-margin fuel oil in order
to maintain cash flow. Accordingly, sales of paving and other
asphalts increased by 140,000 barrels, or 62%, to 365,000 barrels
in the first quarter of 1996 from 225,000 barrels in the first
quarter of 1995. Fuel oil sales fell in the current quarter by
91,000 barrels to 58,000 barrels from 149,000 barrels in the
comparable quarter of 1995. Overall, asphalt sales increased
between quarters by 48,000 barrels, or 13%.
The following table sets forth the effects of changes in
price and volume on sales and material and processing costs on
the quarter ended March 31, 1996 as compared to the quarter ended
March 31, 1995:
<TABLE>
<CAPTION>
Material & Barrels
Sales Processing Net Sold
(In Thousands)
<S> <C> <C> <C> <C>
Quarter ended March 31, 1995 $ 12,278 $ 12,768 $ (490) 750
Effect of changes in price 2,688 1,658 1,030
Effect of changes in volume 2,243 2,332 (89) 137
Quarter ended March 31, 1996 $ 17,209 $ 16,758 $ 451 887
</TABLE>
As reflected in the table, the net margin between sales and
material and processing costs improved from a negative $.65 per
barrel for the first quarter of 1995 to $.51 per barrel for the
first quarter of 1996. This improvement in net margin of
$941,000 is primarily attributable to the Partnership's increased
sales of higher margin products due to improved weather
conditions in the first quarter of 1996 as compared to the first
quarter of 1995 as discussed above. Sales prices averaged $19.40
per barrel for the first quarter of 1996 as compared to $16.37
per barrel for the comparable quarter of 1995, an increase of
$3.03, or 19%. This increase in pricing was partially offset by
increased material and processing costs which averaged $18.89 and
$17.02 for the quarter ended March 31, 1996 and 1995,
respectively, an increase of $1.87, or 11%.
Selling, general and administrative costs decreased $215,000
compared to the first quarter of 1995 as 1996 received the
benefit of the recovery of a previously written-off receivable of
$70,000 as well as a reduction in professional fees.
Interest expense and depreciation and amortization expense
were generally consistent with the prior year. Interest expense
in the first quarter does not reflect the impact of the reduced
debt level contemplated in the proposed financial restructuring
described in Note 2, "Financial Arrangements". Had the
restructuring been completed at the beginning of 1996, first
quarter interest expense would have been $835,000 versus
$1,289,000 incurred in the first quarter of 1996, or a difference
of $454,000, or $.04 per unit.
Because of the foregoing, as well as other factors affecting
the Partnership's operating results, past financial performance
should not be considered to be a reliable indicator of future
performance and investors should not use historical trends to
anticipate results or trends in future periods.
Capital Resources And Liquidity
The primary factors that affect the Partnership's cash
requirements and liquidity position are fluctuations in the
selling prices of our refined products caused by local market
supply and demand factors, including public and private demand
for road construction and improvement as well as demand for
diesel fuel and gasoline, as well as fluctuations in the cost of
crude oil which is impacted by a myriad of market factors, both
foreign and domestic. In addition, capital expenditure
requirements, including costs to maintain compliance with
environmental regulations as well as debt service requirements,
also impact the Partnership's cash needs.
In the first three months of 1996, operating activities
consumed $714,000 in cash primarily resulting from the period's
net loss of $2,219,000 offset by non-cash items of $515,000.
Seasonal increases in accounts receivable and inventory of
$2,027,000 were financed by similar seasonal increases in
accounts payable which increased by $2,060,000. Prepaid expenses
increased by $239,000 primarily due to turnaround costs. Accrued
interest increased by $1,102,000 as interest continues to accrue
under the existing debt agreement until the proposed debt
restructuring is completed as described below.
Investing activities consumed $664,000 during the first
three months of 1996 primarily for refinery equipment and
deposits.
Financing activities consumed $100,000 in the first three
months of 1996 pursuant to a 1993 settlement with the State of
Arizona.
In comparison, through the first three months of 1995,
operating activities consumed $3,342,000 in cash primarily
resulting from the period's net loss of $3,388,000 offset by non-
cash items of $1,158,000. Inventory and accounts receivable
increased by $1,471,000 through the first quarter of 1995 due to
higher seasonal factors. These items were offset by increased
accounts payable of only $374,000 due to lower crude purchases in
March of 1995 due to heavy rainfall and lower sales. Accrued
interest increased by only $66,000 as the Partnership made its
scheduled debt payment on March 31, 1995 of $500,000 in cash and
$596,000 in notes.
Investing activities consumed $247,000 during the first
quarter of 1995 primarily for refinery equipment.
Financing activities consumed an additional $123,000 in the
first quarter of 1995 consisting primarily of principal payments
on the priority secured notes.
As described below, the Partnership has reached an agreement
in principle with three of its four senior lenders, representing
86% of its senior debt, to restructure its indebtedness over a
ten-year period. The Partnership has also reached agreement with
the holders of its junior subordinated debt on the restructuring
plan described below.
On April 15, 1996, the Partnership announced that it had
reached an agreement in principle to restructure its indebtedness
with its current lenders. The agreement, which is subject to
final documentation and unitholder approval, will reduce total
indebtedness from $95.5 million at December 31, 1995 to $25.6
million effective January 1, 1996. Under the agreement, the new
debt will carry an interest rate of 12%. The new debt will
mature ten years from date of closing, or December 31, 2005, and
will amortize ratably over years three through ten of the
agreement. No cash interest will be paid in 1996 unless cash
at December 31, 1996 exceeds $6,000,000.
Cash in excess of $6,000,000 at December 31, 1996 net of funding
capital expenditures (not to exceed $4,150,000) will be paid to
the lenders on January 15, 1997. Such payment will replace,
dollar for dollar, required debt amortization in year three of
the agreement. In 1997, the Partnership is obligated to pay cash
interest and debt amortization based on 50% of excess cash flow
as defined. The agreement also specifies that Huntway can borrow
up to an additional $4.2 million in 1996 for plan expansion,
working capital and to finance inventory growth. Such short-term
borrowings must be fully repaid by December 31, 1996. The
Partnership is currently in the process of seeking to obtain this
financing.
The Partnership will issue approximately 13.8 million new
units to its lenders, including approximately 1.1 million to its
junior noteholders as part of this transaction. The Partnership
currently has approximately 11.6 million units outstanding.
Additionally, the Partnership will retire approximately 3.9
million warrants previously distributed to its lenders. After
the transaction, approximately 1.1 million of new warrants will
be outstanding at a price of $.50 a unit. The agreement also
specifies that management will be issued options to acquire units
representing 10% of the fully-diluted equity of the Partnership
(inclusive of options already issued) at an exercise price of
$.50 per unit.
The Partnership has been seeking to negotiate with its the
one remaining uncommitted senior lender (representing 14% of the
senior debt) to secure its agreement to the restructuring plan
reached with the other senior lenders. Presently, the
Partnership has been unable to secure this lender's approval of
the restructuring plan. The Partnership has pursued and
continues to pursue the agreement of this remaining senior lender
to the consensual restructuring plan.
However, if the Partnership is unable to obtain the
unanimous approval of its senior lenders to the consensual
restructuring plan, it will consider all alternatives available
to achieve the goals of the current plan, which will include
seeking to implement the plan without unanimous approval through
the filing of a "prepackaged" plan of reorganization under the
U.S. Bankruptcy Code. In that regard, the senior lenders who
have agreed to the consensual restructuring plan have said that
they will vote for a prepackaged plan of reorganization that
would implement the terms of the consensual restructuring plan,
subject to compliance with required solicitation procedures. Any
such prepackaged plan will provide for the continuing and timely
payment in full of all of the Partnership's obligations to
suppliers, other creditors (including all trade creditors) and
employees.
If a prepackaged joint plan of reorganization is required,
it will require substantial resources, both in terms of
professional fees and management time, and could create
additional uncertainty, which effects would adversely affect
operating results.
If the Partnership is forced to file a prepackaged plan of
reorganization, it will seek the court's approval to implement
terms of the consensual restructuring plan without unanimous
senior lender approval. Under applicable bankruptcy law, a plan
of reorganization must be approved by the affirmative vote of 2/3
in dollar amount and 1/2 in number of each class of security holders
which is impaired under the plan. The senior debt and the common
units will be the only classes of the Partnership's securities
that will be impaired under the prepackaged plan. As described
above, senior lenders, representing 86% in dollar amount and 75%
in number, have said they would vote for the plan. Management of
the Partnership believes that the terms of the prepackaged plan
are favorable to the Partnership's existing common unit holders
and expects that common unit holders will also approve the
prepackaged plan, if required. If a consensual agreement is
arrived at such that a prepackaged reorganization plan is not
required, the Partnership will, nevertheless, still seek
unitholder approval of the restructuring plan.
The Partnership's current debt agreement provides for a
$17,500,000 letter of credit facility (LC). The facility
provides for crude purchases, hedging and other activities. Fees
for this facility are 2% on the face amount of any letter of
credit issued up to an aggregate of $14,500,000 and 3% on the
face amount of any letter of credit issued above that amount.
The Partnership believes its current level of letter of
credit facilities are sufficient to guarantee requirements for
crude oil purchases, collateralization of other obligations and
for hedging activities at current crude price levels. However,
due to the volatility in the price of crude oil,
there can be no assurance that these facilities are
adequate. If crude oil prices continue to increase, the
Partnership would be required to reduce its crude oil purchases
which would adversely impact profitability.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
The Partnership is party to a number of additional lawsuits
and other proceedings arising out of the ordinary course of its
business. While the results of such lawsuits and proceedings
cannot be predicted with certainty, management does not expect
that the ultimate liability, if any, will have a material adverse
effect on the consolidated financial position or results of
operations of the Partnership other than as previously reported.
Item 2. Changes in Securities
Not applicable.
Item 3. Defaults Upon Senior Securities
Not applicable.
Item 4. Submission of Matters to a Vote of Security Holders
Not applicable.
Item 5. Other Information
None.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
None
(b) Reports on Form 8-K
None
SIGNATURES
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, on
May 13, 1996.
HUNTWAY PARTNERS, L.P.
(Registrant)
By: /S/ Warren J. Nelson
Warren J. Nelson
Executive Vice President
and Chief Financial Officer
(Principal Accounting Officer)
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> MAR-31-1996
<CASH> 2826
<SECURITIES> 0
<RECEIVABLES> 5101
<ALLOWANCES> 0
<INVENTORY> 5101
<CURRENT-ASSETS> 13940
<PP&E> 72956
<DEPRECIATION> 14269
<TOTAL-ASSETS> 75330
<CURRENT-LIABILITIES> 107713
<BONDS> 350
0
0
<COMMON> (32406)
<OTHER-SE> (327)
<TOTAL-LIABILITY-AND-EQUITY> 75330
<SALES> 17209
<TOTAL-REVENUES> 17209
<CGS> 17273
<TOTAL-COSTS> 17273
<OTHER-EXPENSES> 866
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1289
<INCOME-PRETAX> (2219)
<INCOME-TAX> 0
<INCOME-CONTINUING> (2219)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (2219)
<EPS-PRIMARY> (.19)
<EPS-DILUTED> 0
</TABLE>
