Major Oil Companies Report Sharply Lower Profits
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NEW YORK — Rising crude oil prices cut refining and marketing profits sharply in the first quarter, pushing earnings down at the nation’s major oil companies.
On Tuesday, Mobil Corp., the nation’s second-largest oil company, reported a 22% decline, No.3 Chevron Corp. said its profit fell 52% and No. 4 Texaco Inc.’s results would have been flat if not for a major asset sale.
However, oil company officials were optimistic that rising worldwide demand for gasoline would boost the industry in the second quarter and for the remainder of the year.
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