Mobil Corp.: The energy firm’s 1989 net...
From Times Staff and Wire Reports
Mobil Corp.: The energy firm’s 1989 net income fell 13% from a year earlier to $1.8 billion. Revenue increased 4% to $56.7 billion. In the fourth quarter, the firm earned $447 million, down 3%. Revenue declined 13% to $15.1 billion. The New York firm said higher domestic profit from increased crude oil prices was partly offset by lower natural gas prices, lower production of liquid hydrocarbons because of an asset sales program and lower chemical earnings as worldwide petrochemical prices fell. The 1989 results also include a $40-million provision for restructuring and $36 million in writeoffs.
