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Article: Second quarter refining margins add muscle to firms' bottom lines. (oil companies)
- Article from:
- The Oil Daily
- Article date:
- July 31, 1990
- Author:
CopyrightCOPYRIGHT 1990 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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Second Quarter Refining Margins Add Muscle to Firms' Bottom Lines
NEW YORK -- As expected in a quarter when crude prices were depressed, major U.S. oil companies' refining and marketing earnings came in stronger than exploration and production income.
What was unexpected was the extent to which that strength helped several companies bottom lines.
Among the bright spots:
* Buoyed by extremely favorable margins, Ashland Petroleum's $127 million operating income was at a record high for any quarter, resulting in record Ashland Oil Inc. fiscal third quarter net income of $100 million, a whopping 127.3 percent higher than a year ago.
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