Major U.S. Oil Firms Post Higher 4th-Quarter Profits
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A number of the nation’s leading oil companies Monday reported stronger fourth-quarter results, helped by higher natural gas prices following the wrath of Hurricane Andrew.
Exxon Corp., Chevron Corp, Atlantic Richfield Co. and Unocal Corp. reported profit gains in the final three months of 1992, despite weaker oil prices.
Exxon Corp., the nation’s largest oil company, reported a 25% gain in fourth-quarter profit, citing lower operating costs.
For the latest quarter, the Irving, Tex.-based company said it earned $1.40 billion, or $1.12 a share, compared to $1.12 billion, or 89 cents a share, a year ago.
Exxon said three-fourths of last year’s earnings came from sources outside the United States.
Strong U.S. natural gas prices and increased sales of petroleum and chemical products also boosted results, he said.
Earnings, D10
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