Phillips Petroleum, citing the cost of a restructuring it undertook to escape from two hostile takeover bids, said earnings tumbled 45.1% in the first quarter of 1985 from a year earlier.
Tenneco, a diversified energy company, said its profit plunged 59.4%, due largely to a 75-day shutdown of production at its J I Case Co. subsidiary, a move aimed at reducing excess dealer inventories of farm equipment. The company predicted that Case, which purchased International Harvester Co.'s farm-equipment business late last year, would turn a profit by the end of 1985.
Phillips, the nation's eighth-largest oil company, said its first-quarter profit fell to $106 million from $193 million. Revenue edged up 1.5%, however, to $4.02 billion from $3.96 billion.
William C. Douce, Phillips' chairman, said earnings were reduced by $40 million for expenses related to a restructuring of the company that was developed to settle separate takeover attempts by Texas oilman T. Boone Pickens Jr. and financier Carl C. Icahn.