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Earnings before interest and taxes for Other Operations, excluding Crescent Resources,
declined $81.8 million in 1997 as compared to 1996. Contributing to the decrease were merger
related expenses of $71.2 million in 1997, compared to 1996 merger expenses of $13.9 million,
and the 1997 amortization of goodwill associated with the purchase of the remaining 50%
ownership interest of the D/LD joint venture. This decline was partially offset by the sale
of the Corporation’s ownership interest in the Midland Cogeneration Venture in 1997.
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