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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

China Asks U.S. to Support Resumption of Talks with Philippines

China's foreign minister has asked the U.S. secretary of state John Kerry to support the resumption of talks between China and the Philippines over the South China Sea,

VesselValue.com: $28.4B Worth of Ships Delivered to Date

As the calendar now indicates we have passed the half year mark on 2016, VesselValue.com offers insight on the number and value of all the 2016 built vessels that

MOL Signs Long-Term Charter with Uruguayan JV for FSRU

Japanese shipping company Mitsui O.S.K. Lines, has, through its wholly-owned subsidiary Lakler S.A., agreed to conclude a charter contract with Gas Sayago, for

 
 
Maritime Standards Navigation Offshore Oil Pipelines Port Authority Salvage Ship Electronics Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | 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: 0.0704 sec (14 req/sec)