Quarterly earnings increase by 38 percent at Unocal thanks to sale of Norwegian unit.Quarterly earnings increase by 38 percent at Unocal thanks to sale of Norwegian unit Unocal Corp., citing gains in its sale of a Norwegian unit, reported second-quarter earnings of $165 million, or 70 cents a share, up 38 percent from $120 million, or 51 cents a share, for the 1989 second quarter. Revenues were $2.72 billion, off from $3.07 billion for the year-ago quarter. Unocal said the second-quarter earnings included a $132 million after-tax gain from the $325 million sales of its Norwegian oil and gas subsidiary, first announced last March, to Total Marine Norsk A/S. Analyst Kathy Maag of Duff & Phelps said the earnings were under expectations by about 14 cents a share. "It looks as if most of the shortfall Shortfall The amount by which the capital required to fulfill a financial obligation exceeds available capital. Notes: Shortfall risk is often combated with an efficient hedging strategy created by a fund, group, institution, or individual. came in a decline of crude oil production and in the fall in crude oil prices," she said. In the second quarter, Unocal's net worldwide crude oil and condensate condensate, matter in the form of a gas of atoms, molecules, or elementary particles that have been so chilled that their motion is virtually halted and as a consequence they lose their separate identities and merge into a single entity. production averaged 225,000 barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. , off from 242,400 barrels a day for the year-ago quarter. domestic daily production was 132,000 barrels, off from 154,000 barrels in the year-ago quarter and reflected the temporary suspension of oil production for most of the second quarter in the Cook Inlet Cook Inlet Inlet, Gulf of Alaska in the northern Pacific Ocean. Bounded by the Kenai Peninsula on the east, it extends northeast for 220 mi (350 km), narrowing from 80 to 9 mi (129 to 14 km). Anchorage is situated near its head. area of Alaska due to volcanic eruptions volcanic eruptions discharging of fumes, dust and lava from volcanoes. They have damaging potential in addition to those of being physically overpowering by the lava flow or the ash or dust fallout. of Mt. Redoubt re·doubt n. 1. A small, often temporary defensive fortification. 2. A reinforcing earthwork or breastwork within a permanent rampart. 3. A protected place of refuge or defense. . Six-month earnings were $242 million, or $1.03 a share, up from earnings of $207 million, or 88 cents a share in the year-ago period. Revenues were $5.36 billion, off from $5.7 billion last year and reflected the absence of petroleum product sales from Unocal's midwest marketing unit, which is now part of the Uno-Ven Co. |
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