OGJ GROUP PROFITS SLIDE 26% FROM YEAR AGO

Robert J. Beck Economics Editor First quarter profits for Oil & Gas Journal's group of 22 large U.S. oil companies totaled $5.616 billion, down 26% from first quarter 1989. Results were mixed, with 14 companies posting a drop and eight showing an increase. None of the companies had a loss for the quarter this year, compared with one company, Ashland Inc., a year ago. A slide in earnings from chemical and U.S. refining operations caused the first quarter slump.

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