Texaco's Profits Drop; ARCO's Surge

Tuesday, August 17, 1999
Texaco Inc., the nation's fourth largest oil company, reported that second quarter income dropped 13 percent as low refinery profits abroad were only partially offset by stronger crude oil prices. Texaco, which broke off merger discussions with Chevron Corp., slipped past analysts' expectations with second quarter income of $286 million before special items. In the same period last year, Texaco reported income before special items of $335 million. But Texaco's results were overshadowed by a strong showing from nation's fifth largest oil company, Atlantic Richfield Co. (ARCO), which is being acquired by oil giant BP Amoco Plc. Benefiting from a combination of stronger crude oil and California gasoline prices, ARCO said its second quarter income rose 37 percent from a year ago. Excluding special items, ARCO posted earnings of $302 million, compared to $220 million in the same quarter last year. ARCO's chairman and CEO Mike Bowlin said the company is $100 million ahead of schedule in a $500 million two-year cost-cutting program it announced last year. The company now expects to deliver the $500 million in savings by the end of 1999, a year early.
Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Transocean Prices Initial Public Offering

Transocean Partners LLC, a Marshall Islands limited liability company formed by Transocean Ltd., has announced  the pricing of its initial public offering of 17,

Nordic American Offshore Declares 2Q Dividend

Nordic American Offshore Ltd. announced that its Board of Directors has declared a dividend of $0.45 per common share for the second quarter 2014. This is the same as for the first quarter 2014.

Vale Profit Falls Amidst Record Output

Brazilian miner Vale SA posted a sharp decline in profit from the previous quarter as lower iron ore prices undermined record production of the steel-making ingredient.

Offshore

Transocean Prices Initial Public Offering

Transocean Partners LLC, a Marshall Islands limited liability company formed by Transocean Ltd., has announced  the pricing of its initial public offering of 17,

Refurbished Seajacks Vessels Leave Shipdock Amsterdam

Seajacks Leviathan and Seajacks Kraken are prepared for their coming assignments, following a series of repair and renewal jobs by Shipdock Amsterdam. The shipyard,

Kurdish Crude Lightered, Destination Unknown

Part of a Kurdish oil cargo has been offloaded from a Greek-managed tanker into another tanker in the South China Sea, but mystery surrounds the identity of the

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Salvage Shipbuilding / Vessel Construction
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: 0.1515 sec (7 req/sec)