OGJ GROUP'S 1990 PROFITS UP 14.1% AT $21.3 BILLION

Robert J. Beck Economics Editor Joan Bonfield Biggs Statistics Editor Oil & Gas Journal's group of 22 U.S. oil companies posted 1990 earnings of $21.3 billion, up 14.1% from 1989. Earnings in 1989 were down 12% from the year before. The increase last year occurred in spite of a loss of $1.7 billion by Occidental Petroleum Corp. because of restructuring charges of $2 billion in the fourth quarter. The group's fourth quarter 1990 earnings were $5.1 billion, a resounding 188.8% increase

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