Pennzoil Co.:
From Times Staff and Wire Service Reports
The oil and natural gas company posted a first-quarter profit of $33 million, down 38% from a year earlier. Revenue totaled $553 million, a 4% drop. The results were attributed to lower sales prices and volume in the Houston firm’s sulfur division, decreased motor oil volume and increased costs and lower investment income due to the conversion of $2.1 billion from short-term marketable securities into a long-term investment in Chevron common stock.
Tables, D9
