First-Period Profit Up 38% to $440 Million at Mobil
Mobil, the nation’s second-largest oil company after Exxon, reported that its first-quarter earnings rose 38% to $440 million from $320 million for the first quarter of 1985. Revenue fell to $14.1 billion from 1985’s first-quarter revenue of $15.1 billion.
As the plunge of crude oil and gas prices picked up momentum, Mobil said, its quarterly worldwide earnings from petroleum production dropped by $196 million from the same period in 1985.
But other factors more than offset the decline. These included a $39-million increase in chemical operations earnings and a combined gain of $269 million from world refining, marketing and transportation operations.