A drop in Alaskan crude oil term...
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A drop in Alaskan crude oil term prices was the reason for a 21% drop in first-quarter profit and revenue for Cleveland-based Standard Oil Co., the firm reported. However, refining and marketing results improved and cost cutting and restructuring last year is paying off, a spokesman said. Heavily trimmed exploration expenses and lower interest rates on restructured debt have lessened the negative effects of the low oil price, and nonpetroleum businesses, taken as a group, recorded improved results, he added.
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