Atlantic Richfield Co.: The Los Angeles-based energy...
From Times Staff and Wire Reports
Atlantic Richfield Co.: The Los Angeles-based energy company said its 1989 net income climbed 23% from 1988 to $1.95 billion. Revenue fell 12% to $16 billion. In the fourth quarter, profit rose 3% to $403 million on revenue of $4 billion, down 11% from a year earlier. The company attributed the higher earnings to higher oil prices, larger sales of natural gas and lower interest payments, as well as a $634-million after-tax gain from the sale of a majority interest in its Lyondell Petrochemical Co. That was offset by a $345-million charge for future environmental and other expenses, as well as the loss of Lyondell earnings.
