Texaco Profits Up Strong 28%
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Texaco Inc., the nation’s third-largest oil company, today reported that its third-quarter earnings rose by an unexpectedly strong 28% primarily because of higher refining and marketing profits worldwide.
Texaco, with headquarters in White Plains, N.Y., earned $301 million, or $1.26 a share in the third quarter, up from $235 million, or 91 cents a share, in the same period last year. Standard Oil Co. (Ohio), ranked 11th, announced that its earnings slipped 4% in the July-September quarter. Pennzoil, a medium-size oil firm, had a 25% profit slump in the quarter.
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