Texaco Reports 1998 Results

Thursday, September 02, 1999
Low crude oil and natural gas prices from weak demand and oversupply, along with foreign currency losses in Asian downstream operations caused earnings to drop sharply, Texaco Chairman and CEO Peter I. Bijur reported. Commenting on 1998 results, Bijur pointed to the following: Income before special items declined 50 percent in 1998 to $894 million, and declined 80 percent to $92 million in the fourth quarter. Average crude oil prices hit their lowest levels in more than 20 years. Currency volatility in Asia caused fourth quarter foreign currency losses of $71 million in the international downstream operations. And cash operating expenses per barrel decreased eight percent for the year "We are not standing still waiting for prices to improve. We are implementing significant cost and expense reductions across all of our businesses. These reductions, along with the announced $600 million reduction in our 1999 capital-spending program, will enable us to maintain financial flexibility," Bijur noted. For 1998, Texaco's income before special items was $894 million, down from $1.9 billion for 1997. Net income for 1998 was $578 million after net special charges of $316 million. This compares to net income of $2.7 billion for 1997, after net special benefits of $770 million.
Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Abigail Ross Hopper Named BOEM Director

Secretary of the Interior Sally Jewell today named Abigail Ross Hopper as the Director of the Bureau of Ocean Energy Management (BOEM), which manages the development

QGEP to Acquire FPSO from Teekay

Teekay Offshore Partners L.P. has entered into an agreement with a consortium led by Queiroz Galvão Exploração e Produção SA (QGEP) to provide a floating production,

Hoists Facilitate Offshore Crane Repairs

When the diesel engine of a deck crane failed, it caused major handling problems for an offshore platform operating in the Dutch sector of the southern North Sea,

 
 
Maritime Contracts Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1341 sec (7 req/sec)