Profits Climb at Arco and 3 Other Oil Giants

The nation’s biggest oil companies Monday reported increased first-quarter profits, as an upturn in their chemical units offset lower refining earnings caused by a mild winter.

Atlantic Richfield Co.’s first-quarter earnings more than doubled from a year ago on the strength of higher chemical and crude oil prices and increased cost cutting.

The Los Angeles-based energy company said earnings soared to $322 million, or $1.97 a share, on sales of $4.4 billion, up from of $149 million, or 92 cents a share, on revenue of $4 billion a year earlier. Revenue rose 14%, to $4.46 billion from $3.93 billion a year ago.

Exxon Corp., the largest U.S. oil company, said earnings shot up 42% to $1.7 billion, or $1.33 a share, in the first quarter, from $1.2 billion, or 92 cents a share, a year earlier.

Revenue climbed to $29.8 billion from $26 billion.

Mobil Corp. said its first-quarter profit rose 19% to $636 million, or $1.57 a share, from $535 million, or $1.31 a share, a year ago. Revenue soared to $17.7 billion from $15.1 billion.

The Fairfax, Va.-based company said income from chemicals shot up $159 million to $174 million.

Texaco Inc. said its earnings climbed to $301 million, or $1.10 a share, from $202 million, or 69 cents a share, a year earlier. Revenue rose to $9.1 billion from $7.4 billion.

The White Plains, N.Y.-based company said its first-quarter results reflect gains of $88 million from the sale of land by its affiliate Caltex Petroleum Co. in Japan and sales of non-core U.S. producing properties.