EARNINGS : Mobil Posts 22% Decline in Profit
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Mobil Chairman Allen Murray said in a statement that he was optimistic about the second quarter since refining margins and foreign natural gas prices had increased.
Mobil earned $429 million, or $1.04 per share, in the first quarter, down from $549 million, or $1.33, a year earlier. Revenue increased to $14.0 billion from $13.9 billion last year.
Mobil said exploration and producing results were also down as lower natural gas prices more than offset higher crude prices. In addition, 1988 earnings benefited from sales of U.S. producing properties.
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