Texaco Inc. said first-quarter earnings fell 52%...
<i> Associated Press</i>
Texaco Inc. said first-quarter earnings fell 52% to $200 million, or 68 cents a share, in the three months ended March 31, compared to $415 million, or $1.51, a year earlier. Revenue at the White Plains, N.Y., company fell 16% to $8.6 billion from $10.2 billion last year, a reflection of cheaper prices for crude oil, natural gas, refined products and petrochemicals.
“The weakness in the U.S. and most other world economies has lessened the demand for crude oil and petroleum products,” President and Chief Executive James Kinnear said.
