Texaco Inc. said its fourth-quarter earnings fell...
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Texaco Inc. said its fourth-quarter earnings fell 3.5% because of the soft market for refined petroleum products worldwide.
The results were in line with expectations and reflected problems throughout the oil industry. Vigorous cost-cutting measures by the oil company helped prevent a more precipitous earnings drop, analysts said.
Texaco earned $313 million, or $1.11 per share, for the last three months of 1992, on revenue of $9.7 billion. That compared to earnings of $324 million, or $1.15 per share, on revenue of $9.76 billion for the same period in 1991.
Texaco’s shares rose 12.5 cents to close at $58 on the NYSE.
Chief Executive James W. Kinnear said earnings were hurt by weak crude prices early in the year and depressed markets worldwide for refined oil products throughout 1992 because of the recession. However, stronger fourth-quarter demand for natural gas in the U.S. partially offset those negative trends, he said.
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