Major Oil Companies Report Sharply Lower Profits

Rising crude oil prices cut refining and marketing profits sharply in the first quarter, pushing earnings down at the nation’s major oil companies.

On Tuesday, Mobil Corp., the nation’s second-largest oil company, reported a 22% decline, No.3 Chevron Corp. said its profit fell 52% and No. 4 Texaco Inc.’s results would have been flat if not for a major asset sale.

However, oil company officials were optimistic that rising worldwide demand for gasoline would boost the industry in the second quarter and for the remainder of the year.