Amoco Corp. reported a 74% gain in...
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Amoco Corp. reported a 74% gain in first-quarter earnings as higher sales and margins more than offset the impact of lower crude oil prices.
Last year’s profit was decreased as the company reduced the value of an oil field off the coast of the Congo Republic. Not counting onetime factors present a year ago, profit rose 16%.
The Chicago-based company had a profit of $398 million, or 80 cents per share, for the three months ended March 31, compared to $229 million, or 46 cents per share, for the same period in 1993. Revenue fell 2.4% to $6.8 billion, from $6.9 billion, mainly due to a decline in crude oil prices.
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