Oil companies: Amerada Hess said second-quarter profit...

Oil companies: Amerada Hess said second-quarter profit was $133.5 million, contrasted with a loss of $23.5 million a year ago. Revenue was $1.5 billion, up from $883 million a year ago. The New York-based company said refining and marketing operations recovered, earning $125.5 million for the period, contrasted with a loss of $6.5 million a year ago. Chicago-based Amoco posted second-quarter earnings of $497 million, down 26% from last year’s results, which included $136 million in one-time gains. Revenue advanced 11% to $6.8 billion. The results include special charges of $36 million for the period and noted that a big decline in chemical earnings offset gains in exploration, production, refining and marketing. Los Angeles-based Arco reported second-quarter profit of $467 million, up 17% over a year ago. Sales and other operating revenue totaled $4.3 billion, down 7%. The results reflected strong worldwide crude markets, record coal production, increased domestic natural gas production and higher margins for refining and marketing, which offset the firm’s reduced ownership in Lyondell Petrochemical Co. and several planned maintenance projects. Ashland, Ky.-based Ashland Oil Inc. said third-quarter earnings were down 23% to $44 million. Sales rose 5% to $57 million. The company said the decline in profit was largely because of disappointing results from its engineering and construction segment, which posted a $4-million loss in the period.