Oil Companies: Texaco said first-quarter profit jumped...

Oil Companies: Texaco said first-quarter profit jumped 26% to $415 million from a year ago. The company said the performance largely grew out of strong overseas manufacturing and marketing operations, where profit roughly doubled to $211 million due in part to stronger sales and higher profit margins. Revenue at the White Plains, N.Y.-based company rose to $10.18 billion from $9.16 billion. Chevron reported an 18% rise in first-quarter profit to $557 million, attributing the gain to improvements at refining and marketing operations. The San Francisco-based company said revenue rose 16% to $10.8 billion. Phillips Petroleum Co. said it earned $160 million in the first quarter, down 38% from last year. The Bartlesville, Okla.-based company said the drop was in part due to lower exploration and production earnings, which also declined 38%. Revenues edged up to $3.5 billion from $3.1 billion last year.