Plunging Oil Prices Drop Amoco 1st-Period Net 30%
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Amoco, the nation’s fifth-largest oil concern, said Monday that its first-quarter profit sank 30% from a year ago because of plummeting oil prices.
Chicago-based Amoco said its net earnings for the three months ended March 31 came to $331 million, compared to $473 million in the same period a year ago.
Amoco’s revenue fell 15.7% to $5.9 billion from $7 billion.
Richard M. Morrow, chairman and chief executive, said the erosion in earnings was due to the plummeting price of crude oil and a decline in the volume of petroleum sales.
However, he said, higher profits from chemical operations and improved results for refining, marketing and transportation operations helped boost earnings.
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