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                                  UNITED STATES
                       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 quarterly period ended September 30, 2002


                         Commission file number 1-13020
                                                -------

                           PETRO FINANCIAL CORPORATION
           (Exact name of the registrant as specified in its charter)

               Delaware                                        74-2699614
    (State or other jurisdiction of                           (IRS Employer
    incorporation or organization)                          Identification No.)

            6080 Surety Dr.
            El Paso, Texas                                        79905
(Address of principal executive offices)                       (Zip Code)

       Registrant's telephone number, including area code: (915) 779-4711


     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
    -----     -----

     Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date: As of September 30, 2002,
the number of shares outstanding of the registrant's only class of common stock
was 2,500.

     The registrant, Petro Financial Corporation, meets the condition's set
forth in General Instruction H(1)(a) and (b) of Form 10-Q and is therefore
filing this Form with the reduced disclosure format.

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                          PART 1. Financial Information

Item 1.  Financial Statements

                           PETRO FINANCIAL CORPORATION
                            UNAUDITED BALANCE SHEETS

                                                   December 31,    September 30,
                                                      2001             2002
                                                   ------------    -------------
              Assets
Cash                                               $      1,000    $       1,000
                                                   ------------    -------------
        Total assets                               $      1,000    $       1,000
                                                   ============    =============

        Stockholder's Equity

Common stock, $.01 par value: 10,000 shares
  authorized; 2,500 shares issued and outstanding  $         25    $          25
Additional paid-in capital                                  975              975
                                                   ------------    -------------
        Total stockholder's equity                 $      1,000    $       1,000
                                                   ============    =============

              See accompanying notes to unaudited balance sheets.

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                           PETRO FINANCIAL CORPORATION
                        NOTES TO UNAUDITED BALANCE SHEETS

(1)  Company Formation and Description of Business

Company Formation

     Petro Financial Corporation (the "Company") is a wholly-owned subsidiary of
Petro Stopping Centers, L.P. ("PSC") and was incorporated in February 1994 for
the sole purpose of acting as a co-obligor with PSC in the issuance of 100,000
units consisting of $100.0 million 12.5% Senior Notes due 2002 (the "Notes") and
100,000 exchangeable Debt Warrants (the "Warrants"). The Notes and Warrants were
recorded on the financial statements of PSC. In January 1997, PSC and the
Company, as co-obligors, issued $135.0 million 10.5% Senior Notes due 2007 (the
"10.5% Notes") and made a tender offer for all of, and repurchased approximately
94.0% of the Notes and approximately 100% of the Warrants. On June 3, 2002 PSC
repurchased and retired all of the outstanding Notes for $6.2 million plus
accrued interest. The 10.5% Notes are recorded on the financial statements of
PSC. The Company has no employees and does not conduct any operations.

     On July 23, 1999, PSC consummated several transactions collectively
referred to as the Recapitalization. Among other things, Petro Stopping Centers
Holdings, L.P. ("Holdings") was created as a holding company, and PSC and the
Company became subsidiaries of Holdings. The Recapitalization had no effect on
the recorded amounts of the Company's assets and stockholder's equity accounts.

(2)  Summary of Significant Accounting Policies

Basis of Presentation

     The Company has no employees, only nominal assets, has not and will not
conduct any operations and, accordingly, has no statement of operations. The
accompanying unaudited balance sheets have been prepared in accordance with the
instructions to Form 10-Q and, therefore, certain financial information has been
condensed and certain footnote disclosures have been omitted. Such information
and disclosures are normally included in financial statements prepared in
accordance with generally accepted accounting principles.

     The unaudited condensed balance sheets should be read in conjunction with
the balance sheets and notes thereto in the Annual Report of Petro Financial
Corporation on Form 10-K for the year ended December 31, 2001 ("2001 Form
10-K"). Capitalized terms used in this report and not defined herein have the
meaning ascribed to such terms in the 2001 Form 10-K. In the opinion of
management of the Company, the accompanying unaudited balance sheets contain all
adjustments necessary to present fairly the financial position of the Company at
December 31, 2001 and September 30, 2002.

     The Company meets the requirements of an Inactive Registrant as defined by
Rule 3-11 of the Securities and Exchange Commission's Regulation S-X (the
"Rule"). The Rule stipulates that if a registrant is inactive, the financial
statements required for purposes of reports pursuant to the Securities Exchange
Act of 1934 may be unaudited.

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Item 2.  Management's Discussion and Analysis of Financial Condition and Results
         of Operations

                  The Company is inactive and, accordingly, it has no operations
         and only minimal assets.

Item 3.  Quantitative and Qualitative Disclosures about Market Risk

                  None

Item 4.  Controls and Procedures

                  As the Company has no employees, only minimal assets and
         conducts no operations, it has only rudimentary disclosure controls
         and procedures. Based upon an evaluation of these controls and
         procedures as of a date within 90 days of the date of this report, our
         principal executive officer and principal financial officer concluded
         they are effective in light of the nature of the Company and its lack
         of operations. There have been no significant changes in our internal
         controls or in other factors that could significantly affect internal
         controls subsequent to the date of our evaluation.


                           PART II. Other Information

Item 6.  Exhibits and Reports on Form 8-K

         (a)      Exhibits

                  Incorporated herein by reference is a list of Exhibits
                  contained in the Exhibit Index on Page 7 of this Quarterly
                  Report.

         (b)      Reports on Form 8-K

                  The Registrant filed no reports on Form 8-K during the quarter
                  ended September 30, 2002.

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                                    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.

                           PETRO FINANCIAL CORPORATION
                                  (Registrant)


Date: November 13, 2002    By:  /s/ J.A. Cardwell, Sr.
                                ------------------------------------------------
                                    J.A. Cardwell, Sr.
                                    President and Director
                                    (On behalf of Registrant and as Registrant's
                                    Principal Executive Officer)

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                                 Certifications

I, J.A. Cardwell, Sr., certify that:

1. I have reviewed this quarterly report on Form 10-Q of Petro Financial
Corporation;

2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;

3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

a) designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the
period in which this quarterly report is being prepared;

b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and

c) presented in this quarterly report our conclusions about the effectiveness of
the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent function):

a) all significant deficiencies in the design or operation of internal controls
which could adversely affect the registrant's ability to record, process,
summarize and report financial data and have identified for the registrant's
auditors any material weaknesses in internal controls; and

b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls; and

6. The registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.

Date: November 13, 2002
/s/ J.A. Cardwell, Sr.
-------------------------
   (J.A. Cardwell, Sr.)
   President and Director

                                       5

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                                 Certifications

I, Edward Escudero, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Petro Financial
Corporation;

2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;

3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

a) designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the
period in which this quarterly report is being prepared;

b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and

c) presented in this quarterly report our conclusions about the effectiveness of
the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent function):

a) all significant deficiencies in the design or operation of internal controls
which could adversely affect the registrant's ability to record, process,
summarize and report financial data and have identified for the registrant's
auditors any material weaknesses in internal controls; and

b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls; and

6. The registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.

Date: November 13, 2002
/s/ Edward Escudero
------------------------------------------
   (Edward Escudero)
   Vice President of Finance and Treasurer

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                                  EXHIBIT INDEX

Exhibit No.       Exhibit Description
-----------       -------------------

3.1 (a)           Certificate of Incorporation.

3.2 (a)           Bylaws

-------------

(a)  Incorporated by reference to Petro Stopping Centers, L.P.'s and Petro
     Financial Corporation's Registration Statement on Form S-1 (Registration
     No. 33-76154), filed on April 26, 1994.

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