3 Oil Companies’ Profits Soar

Exxon Corp., Mobil Corp. and Occidental Petroleum reported sharply higher first-quarter profits today, with product margins substantially above 1987’s depressed levels and chemical divisions turning in strong results.

Exxon, the largest U.S. oil producer, said its first-quarter income was $1.45 billion or $1.06 per share compared with $1.07 billion or 75 cents per share in the year-ago period. Sales rose to $22.01 billion from $19.43 billion. No. 2-ranked Mobil’s net earnings rose to $505 million or $1.23 per share from $252 million or 62 cents per share in the 1987 period. Sales rose to $13.83 billion from $11.68 billion. Occidental said its first-quarter operating net income totaled $111 million or 51 cents per share compared with $73 million or 36 cents per share a year ago. Sales rose to $4.48 billion from $4.26 billion.