Mobil Corp., the nation’s second-largest oil company,...

Mobil Corp., the nation’s second-largest oil company, reported a 10% decline in net income for all of 1987, despite a 92% increase in fourth-quarter profit. Mobil said in a statement: “In 1987, worldwide (profit) margins, particularly in Europe, were squeezed by high industry inventory levels and competitive pressures.” The company pointed out that improved results in its exploration and production, chemical and Montgomery Ward units along with efficiency improvements throughout the company minimized the decline in 1987 earnings. The company attributed the improved fourth quarter to higher crude oil prices, increased natural gas sales and strong results from its chemical and Montgomery Ward units.