<PAGE>
EXHIBIT 20

CROWN
(registered trademark)

Crown Central Petroleum Corporation
Refiners / marketers of petroleum products & petrochemicals
One North Charles Street, P.O. Box 1168, Baltimore, Maryland 21203, (410) 539-
7400

May 15, 1997                        RESULTS FIRST QUARTER 1997


Dear Shareholders:


     Crown announced substantially improved operating results for the second
consecutive quarter.  Earnings amounted to $.7 million ($.07 per share) on
revenues of $394.5 million compared to a loss of $13.0 million ($1.34 per share)
on revenues of $371.1 million in the first quarter of 1996.

     Crown's first quarter operating cash flow (earnings before interest, taxes,
non-cash charges and LIFO accounting adjustments referred to as EBITDAAL)
increased from $.7 million in the first quarter of 1996 to $1.6 million in the
first quarter of 1997.

     Crown's retail marketing operations reported strong first quarter results
compared to the same period in 1996.  Retail merchandise margins increased to
31% and merchandise sales increased 1.85%.  Gasoline margins rebounded 44% to
11.6 cents per gallon in the first quarter, while total fuel gallons on a
comparable store basis were up 1.7%.

     Crown's Tyler, Texas refinery successfully completed a scheduled multi-unit
maintenance shutdown (turnaround) in the first quarter.  The downtime of these
units negatively impacted results for the period.

     Effective April 30, Crown terminals at Curtis Bay in Baltimore and
Doraville, Georgia will be closed.  Shell Oil Co. terminals in these areas will
be used to supply product to Crown and its customers for deliveries.
Substantial cost savings will be realized as a result of this action.

     The results were gratifying, particularly in light of the scheduled major
turnaround at the Tyler refinery.  This marks the second consecutive quarter of
substantially improved profitability.  For the two most recently completed
quarters, earnings exceed the prior year comparable quarterly results by over
$40 million.

     This marked improvement seemingly supports forecasts of increasing refining
and marketing margins.  We are encouraged by this development which, combined
with improved efficiencies, provide for an optimistic outlook for the year.

Sincerely,



HENRY A. ROSENBERG, JR.
Chairman of the Board, Chief Executive Officer and President


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<TABLE>
<CAPTION>

                                        
     Crown Central Petroleum Corporation and
                  Subsidiaries
   Dollars in thousands, except per share data
                            
                             Three Months Ended
                                  March 31

                                       
                              1997       1996
<S>                         <C>        <C>
Sales and operating         $394,513   $371,091
revenues
                                       
Income (loss) before               1   (18,010)
income taxes                ,423
                                       
Net income (loss)                  7   (13,010)
                            24
                                       
Net income (loss) per              .     (1.34)
share                       07
                                       
Weighted average shares                
used in the
  computation of income            9   9,700,083
(loss) per share            ,733,480
                                       


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<TABLE>
<CAPTION>

        CROWN CENTRAL PETROLEUM CORPORATION
               OPERATING STATISTICS
                                       
                              Three Months Ended
                                   March 31

<S>                         <C>         <C>
                               1997        1996
                                        
COMBINED REFINERY                       
OPERATIONS
                                        
Production (BPD - M)              154         149
Production (MMbbl)               13.9        13.6
Sales (MMbbl)                    14.3        15.6
Gross Margin ($/bbl)             1.99        2.13
Gross Profit ($MM)               28.4        33.3
Operating Cost ($/bbl)         (2.17)      (2.19)
Operating Cost ($MM)           (30.9)      (34.3)
Net Refining (Loss)  ($MM)      (2.5)       (0.9)
                                        
RETAIL                                  
                                        
Number Stores                     341         347
Volume (pmps - Mgal)              126         122
Volume (MMgal)                    129         127
Gasoline Gross Margin           0.116       0.081
($/gal)
Gasoline Gross Profit ($MM)      14.9        10.4
                                        
Merchandise Sales (pmps -        23.7        22.5
$M)
Merchandise Sales ($MM)          24.2        23.5
Merchandise Gross Margin         30.7        27.1
(%)
Merchandise Gross Profit          7.4         6.4
($MM)
                                        
Retail Gross Profit ($MM)        22.3        16.8
Retail Operating Costs         (18.0)      (19.0)
(pmps - $M)
Retail Operating Costs         (18.5)      (19.8)
($MM)
Retail Non-Operating            (0.2)         0.4
(Expense) Income ($MM)
Retail Net Profit (Loss)          3.6       (2.6)
($MM)
                                        
WHOLESALE / TERMINAL                    
  NET PROFIT (LOSS)  ($MM)      (1.8)         1.4
                                        
OTHER                                   
                                        
LIFO Recovery (Provision)         9.9       (7.8)
($MM)
Corporate Overhead / Other      (7.8)       (8.1)
($MM)
Income Tax (Expense)            (0.7)         5.0
Benefit  ($MM)
                                        
Total Net Income (Loss)           0.7      (13.0)
($MM)
                                        
Depreciation & Amortization       7.8         8.0
($MM)
Net Interest Expense ($MM)        2.9         2.9
LIFO (Recovery) Provision       (9.9)         7.8
($MM)
(Gain) from Asset Disposals     (0.6)         0.0
($MM)
Income Tax Expense                0.7       (5.0)
(Benefit)
                                        
EBITDAAL ($MM)                    1.6         0.7
                                        
Capital Expenditures ($MM)        7.3         7.4
                                        

<FN>
BPD = Barrels Per Day
bbl = barrel or barrels as applicable
gal = gallon or gallons as applicable
pmps = per month per store
M = in thousands
MM = in millions

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