Mobil, Shell and Sun Oil All Post Lower Earnings
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Mobil, the nation’s second-largest oil company, reported that its first-quarter profits dropped 16% because of financing expenses incurred in its $5.7-billion acquisition of Superior Oil.
Shell Oil, ranked seventh, said a 9.2% decline in its earnings for the January through March period reflected lower selling prices for crude oil, petroleum products, natural gas liquids and chemicals.
Sun Co., the 10th-largest oil company, blamed a 12% decrease in profits on overseas exploration costs and price competition in Eastern coal markets.
New York-based Mobil earned $320 million, down from $380 million in the opening 1984 quarter. Revenue was up 2.6% to $15.4 billion from $15 billion.
Mobil said financing expenses increased by $91 million to $179 million in the latest quarter, primarily due to interest expense related to its purchase of Superior Oil.
Shell Oil reported first-quarter earnings of $296 million, a decrease of $30 million from a year ago.
Sun reported first-quarter earnings of $127 million, down 11% from $143 million in the first quarter of 1984.
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