Arco Reports 40% Decline in Profit for First Quarter

Citing low crude oil prices at the start of the year, Atlantic Richfield Co. on Monday reported a sharply lower first-quarter profit.

Los Angeles-based Arco said its first-quarter profit fell more than 40% to $149 million, or 92 cents a share, from $260 million, or $1.60 a share, a year ago. Revenue fell to $3.93 billion from $4.67 billion.

Arco said earnings in its worldwide oil and gas exploration and production operations fell 54% to $82 million, while refining and marketing earnings rose about 2% to $95 million.