Several Big Oil Companies Report Gains
From Associated Press
Texaco, based in White Plains, N.Y., reported a 50% jump in profit for the third-quarter, crediting higher oil prices and stronger profit from U.S. gasoline sales.
European and Latin American refining profit, however, weakened.
The company earned $434 million, or $1.61 per share, up from $290 million, or $1.06, in the same quarter a year earlier.
The results beat analysts estimates of $1.46 per share, lifting Texaco’s stock $2.50 to close at $105.875 on the NYSE.
