Pennzoil Co. reported second-quarter net income of...

Pennzoil Co. reported second-quarter net income of $1.389 billion, compared to $7.8 million last year as a result of the settlement reached with Texaco Inc. Revenue, excluding the extraordinary item, amounted to $548 million, up 24%. The Houston company said the results also include a change in the method of accounting for oil and gas properties and writedowns of certain assets.