Newspaper article THE JOURNAL RECORD

Exxon, Shell, Occidental Earnings Rise / Pennzoil's Lower

Newspaper article THE JOURNAL RECORD

Exxon, Shell, Occidental Earnings Rise / Pennzoil's Lower

Article excerpt

Exxon Corp., Shell Oil Co. and Occidental Petroleum Co. on Friday reported higher second-quarter profits, while Pennzoil Co. said its quarter net income was lower.

- Exxon Corp., the world's biggest oil company, reported that its second-quarter profit rose 3.1 percent to $1.15 billion, or $1.61 a share, from $1.11 billion, or $1.55 a share, in the 1986 second quarter. Revenue rose 12.1 percent to $20.16 billion from $17.98 billion.

For the first six months, New York-based Exxon earned $2.2 billion, or $3.11 a share, down 21.3 percent from $2.8 billion, or $3.90 per share, in the same period of 1986. Revenue for the first six months totaled of $39.59 billion, down 1.6 percent from $40.2 billion.

``The slow rise in world crude oil prices which began early in the year continued in the second quarter," Exxon Chairman L.G. Rawl said.

``For the first quarterly period since prices deteriorated in 1986, average crude realizations were higher than those of the same quarter a year ago, up about $4 per barrel. This improvement led to stronger exploration and production earnings.''

Exxon said its second-quarter earnings from worldwide exploration and production operations were $886 million, up $350 million from the second quarter of 1986. Earnings from refining and marking operations fell $547 million to $19 million in the second quarter.

- Shell Oil Co. of Houston, the nation's sixth largest oil company, reported net income of $266 million in the second quarter of 1987, up $9.6 percent from $219 million in the second quarter of 1986. Revenues for the quarter totaled $5.18 billion, up 24.4 percent from $4.16 billion in the second quarter of 1986.

For the first six months of 1987, Shell Oil reported net income of $374 million, down 24.4 percent from $495 million for the first six months of 1986. Revenues for the first six months totaled $9.68 billion, up 9.6 percent from $8.8 billion.

"Improvements in crude oil prices, chemical margins, and sales volumes in both refined products and chemicals more than offset the effect of depressed refined products margins and lower natural gas prices," John F. …

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.