Oil-profit jump
NZPA-Reuter Washington Texaco Incorporated, the third-largest oil company in the United States, said yesterday its operating profits had jumped 97.6 per cent from levels of a year ago as oil prices continued to climb. Standard Oil Company of Indiana, ranked sixth in the industry, reported separately in Chicago that its firstquarter earnings gained 64.6 per cent. It also cited oilprice hikes as a main reason for the increase. The companies were the first big oil firms to report first-quarter earnings. The
industry leader, Exxon Corportictn, was expected to report today, and analysts were predicting a gain of more than 70 per cent. Texaco said it had earned $U5600.6 million, or SUS2.2I a share, before an extraordinary $U5402.3 million gain on its'sale of a 17 per cent interest in Belridge Oil Company. A year ago, Texaco’s firstquarter earnings were $U5303.9 million, or SUSl.ll a share. Its sales rose to $U513,200 million in the latest quarter, from 3U58400 million in the first three months of 1979.
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Press, 24 April 1980, Page 8
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166Oil-profit jump Press, 24 April 1980, Page 8
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