Massive loss
Atlantic Richfield Company has reported a record quarterly loss for an oil company, a SUSI.I billion (SNZ2.IB billion) deficit in the second quarter that resulted from a previously announced decision to streamline its business. Exxon Corporation said its profit tumbled 44.8 per cent as it set up a contingency fund for losses that might result from a court judgment, now being appealed, that it overpriced crude oil between 1975 and 1981. Phillips Petroleum Company said its profit dropped 52.4 per cent because of the sharply higher interest expenses associated with a SUS4.S billion (?NZ8.92 billion) stock buy-back programme it implemented to escape from two hostile take-over bids.
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Press, 25 July 1985, Page 22
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109Massive loss Press, 25 July 1985, Page 22
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