Oil Companies Report Better-Than-Expected Income

Several of the nation’s leading oil companies reported better-than-expected quarterly earnings Monday, citing help from booming chemical operations and widespread cost cutting.

* Atlantic Richfield Co. reported greatly improved fourth-quarter results, crediting higher crude oil prices, savings from its cost-reduction program, increased earnings at Arco Chemical Co. and Lyondell Petrochemical Co., and increased natural gas production in the United States and Indonesia.

The Los Angeles-based oil company posted net income of $311 million, or $1.90 per share, for the three months ended Dec. 31. A year earlier, Arco reported a loss of $330 million, or $2.06 per share, which included $487 million in after-tax charges primarily for restructuring.

For the year, Arco posted net income of $919 million, or $5.63 per share, compared to net income of $269 million, or $1.66 per share, in 1993.