Abstract
Better earnings from their petrochemical operations helped the major oil companies offset earnings declines in their oiland gas-related operations. Although pricing—depending on product—was mixed throughout 1997, production and sales volumes were up, and feedstock and operating costs were down. Total chemical earnings were flat for eight oil companies in the fourth quarter and were 12% higher for the year as a whole. Overall earnings for the eight companies were hurt by lower oil and natural gas prices during the quarter and for the year as a whole, but those lower prices helped reduce costs in their petrochemical operations. For the quarter, five companies recorded higher earnings in their chemical operations, whereas for the year, four had higher chemical earnings. Kerr-McGee's chemical earnings growth led the way in the fourth quarter. Its chemical earnings grew 56% to $14 million. The rise was derived not from petrochemicals, ...
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