Petroleum Companies: Exxon Corp., the nation’s largest...
From Times Staff and Wire Reports
Petroleum Companies: Exxon Corp., the nation’s largest oil company, said second-quarter income rose to $1.13 billion, or 90 cents a share, from $1.1 billion a year ago. Revenue climbed to $27.27 billion from $26.09 billion. The Irving, Tex.-based firm said the profit gain stemmed mainly from a $97-million rise to $642 million in exploration and production results, strengthened by higher European natural gas profits and higher worldwide crude prices. Texaco Inc., the White Plains, N.Y., oil giant, said second-quarter net income slipped 24% from a year ago to $269 million, or 94 cents per share, as revenue edged up to $9 billion from $8.7 billion. The company cited weakness in the economy.
