Newspaper article THE JOURNAL RECORD

Exxon Profits Fall; Amoco, Ashland Up

Newspaper article THE JOURNAL RECORD

Exxon Profits Fall; Amoco, Ashland Up

Article excerpt

Oil giant Exxon Corp. reported Monday that its net income declined 29.3 percent in the first quarter due to an accounting change, while fifth-ranked Amoco Corp. said its profit edged up 1.7 percent.

Ashland Oil Inc., meanwhile, posted net income of $1 million for the second quarter of its fiscal year, compared with a $14 million loss a year earlier. Amerada Hess Corp. said its first-quarter profit plummeted 82 percent.

Exxon said first quarter net income fell to $1.28 billion, or $1.01 a share, from $1.81 billion, or $1.41 a share, in the first quarter of 1989.

Net income in the year-earlier quarter included a $535 million accounting gain resulting from Exxon's adoption of a new accounting standard for income taxes. Excluding the one-time gain, New York-based Exxon earned $1.275 billion, or 99 cents a share, in the first quarter of 1989.

First-quarter revenue for Exxon, the nation's largest oil company, jumped 20.3 percent to $26.7 billion from $22.2 billion.

``Crude (oil) production, natural gas sales, petroleum product sales and chemical sales all increased over last year's quarter,'' Exxon Chairman L.G. Rawl said in a press statement. ``Higher crude prices and increased operating volumes helped boost earnings from exploration and production operations to their highest quarterly level in four years.''

The company plans nearly $8 billion in capital spending this year, Rawl noted, up from $7.2 billion in 1989.

On Wednesday, Exxon shareholders gathering at the annual meeting in Houston are expected to consider six environmental proposals seeking to make the company more ecologically responsive, in the wake of the Valdez oil spill last year.

Amoco said its first-quarter net income edged up to $466 million, or 91 cents a share, from $458 million, or 89 cents a share, a year earlier, mainly reflecting higher crude prices. …

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