EARNINGS : Shell Net Dips 7%; Oil Prices Blamed

Houston-based Shell Oil Co., which is owned by the Royal Dutch/Shell Group, said its earnings fell 7% to $362 million, but noted that its 1988 results included a $35-million gain from accounting changes.

The company said it earned $362 million on revenue of $5.18 billion, compared to $390 million and $5.08 billion last year.

Shell said its chemical earnings reached an all-time high, reflecting strong industrial demand, while its refined products business was adversely affected by higher oil prices.