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Article: Stellar Refining margins life UDS profits. (Ultramar Diamond Shamrock Corp.'s profits for the third quarter of 1997)(Brief Article)
- Article from:
- The Oil Daily
- Article date:
- October 31, 1997
- Author:
CopyrightCOPYRIGHT 1997 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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With stellar refining profits more than offseting lower retail marketing earnings, Ultramar Diamond Shamrock Corp. (UDS) saw its net income jump 334% in the third quarter from last year's levels.
The company, one of North America's largest independent refiner/marketers, reported net income of $55.6 million (71 cents/share) on revenues of $2.6 billion, against $12.8 million (17 cents/share) on $2.6 billion in revenues in the comparable 1996 quarter.
Retail marketing earnings dropped to $17.6 million from $21.3 million. Stronger profits in the Northeast couldn't offset weaker earnings in the Southwest, where earnings were hampered by competitive pricing in ...