Newspaper article THE JOURNAL RECORD

Texaco, Shell Earnings Up for Year; Amerada Has Loss

Newspaper article THE JOURNAL RECORD

Texaco, Shell Earnings Up for Year; Amerada Has Loss

Article excerpt

An increase of 302 percent in worldwide net income to $1.2 million, or $5.11 per share, was reported for 1985 Friday by Texaco Inc., while Shell Oil Co. was up 12 percent and Amerada Hess Corp. reported a $260.4 million loss.

Both Texaco and Shell credited lower acquisition costs for crude oil as a factor in their improved earnings. However, they said the sharp drop in world oil prices in recent weeks has caused uncertainty.

""The current outlook for 1986 is clouded with uncertainty regarding future crude oil prices and market margins,'' said John K. McKinley, Texaco's chairman and chief executive.

Of the first five major oil firms reporting, Texaco and Shell have reported the only increases. Earlier, Standard Oil Ohio reported a decline of 79.3 percent, and Amoco was down 10.5 percent.

Texaco, the nation's third largest oil firm based in White Plains, N.Y., registered its increase when compared to a net income of $306 million, or $1.03 per share, in 1984.

However, Texaco had a fourth quarter special net charge of $765 million in the fourth quarter of 1984. Texaco's earnings were up 15 percent when compared with a net income of $1.07 million, or $4.22 per share, for 1984, exclusive of the special net charge.

Revenues for 1985 reached $47.5 billion, down 1 percent from $47.9 billion in 1984.

In the fourth quarter, Texaco earned $307 million, or $1.29 per share, compared to a net loss of $552 million in the fourth quarter of 1984 with the special charge. The earnings were up 44 percent from $213 million, or 82 cents per share, without the special charge.

Fourth quarter revenues were $12.5 billion, up 4 percent from $12 billion a year ago.

Texaco said its 1985 financial report does not reflect any provision for Pennzoil Co.'s outstanding multibillion-dollar judgment against Texaco ""because the ultimate outcome of the litigation is not presently determinable.''

A Houston jury ruled in November that Texaco had wrongly interfered with a merger agreement between Pennzoil and Getty Oil Co. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.