Pennzoil Co.: The Houston oil company said...
From Times Staff and Wire Reports
Pennzoil Co.: The Houston oil company said second-quarter net income plunged 96% to $4.7 million, while revenue dipped 19% to $551.1 million. Investment income was sharply lower than in 1989, Pennzoil said, primarily because of a $140.6-million gain on the sale of Burlington Resources Inc. and Burlington Northern Inc. common stock last year and conversion of $2.1 billion from short-term marketable securities into a long-term investment in Chevron Corp. common stock, in which only the dividends are included in Pennzoil’s reported net income.
