Arco Net Depressed by Slump in Oil Products
Atlantic Richfield, the nation’s eighth-largest oil company, said its first-quarter profit totaled $239 million, off by 20% from a year ago.
The Los Angeles-based company said the decline was primarily attributable to a drop in earnings on refining and market petroleum products.
Arco’s oil and gas segment posted a profit of $203 million, about the same as last year. Its coal unit’s earnings were $14 million, down 6% from last year.
The biggest setback came in oil refining and marketing operations, whose profit dropped 72% to $25 million. But earnings from the company’s chemicals unit jumped 135% to $61 million.
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