EARNINGS : Chevron Profit Dives 52%; U.S. Units Cited
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San Francisco-based Chevron said it earned $313 million, or 91 cents a share, down 52% from $653 million, or $1.91 a share, in the same year-ago period. Revenue increased to $7.7 billion from $7.5 billion last year.
The company noted that earnings from its U.S. refining and marketing operations plummeted to $7 million in the first quarter from $134 million in the same period last year.
In addition, the 1988 first quarter included a gain of $211 million from the sale of part of its interests in Angola and tax refunds.
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