EARNINGS : Canadian Unit Sale Boosts Texaco Profit
White Plains, N.Y.-based Texaco reported first-quarter profits of $1.45 billion, or $5.91 per share, compared to $270 million, or $1.11 a share, in the same period last year. Sales rose to $9.61 billion from $8.71 billion.
However, it noted that its 1989 results include a restructuring gain of $1.19 billion, or $4.87 per share, mainly from the sale of Texaco Canada Inc.
“Refining and marketing margins for most of the first quarter of 1989 continued the downward trend that began in the fourth quarter of 1988,” Texaco Chief Executive James W. Kinnear said in a statement.
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