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BUSINESS
April 24, 2002 | From Bloomberg News
Exxon Mobil Corp., the world's largest publicly traded oil company, said first-quarter earnings fell 58% as oil and natural gas prices plunged and the refining industry had its worst profit slump since the 1980s. Net income fell to $2.09 billion, or 30 cents a share, from $5 billion, or 71 cents, a year earlier, the company said. Revenue declined 24% to $43.5 billion.
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BUSINESS
April 24, 2002 | From Bloomberg News
Exxon Mobil Corp., the world's largest publicly traded oil company, said first-quarter earnings fell 58% as oil and natural gas prices plunged and the refining industry had its worst profit slump since the 1980s. Net income fell to $2.09 billion, or 30 cents a share, from $5 billion, or 71 cents, a year earlier, the company said. Revenue declined 24% to $43.5 billion.
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BUSINESS
September 6, 2011 | Reuters
Sunoco Inc. plans to end nearly 120 years in the U.S. refining business, selling off its two remaining plants as higher crude prices and slumping demand squeezed profits in the latest restructuring of the sector. The Philadelphia company will remain a gasoline retailer through its 4,900 stations across the East Coast and Midwest, but will put its two Pennsylvania refineries on the block. The move is the latest shift in the U.S. refining market, which has seen a wave of companies disposing of refining assets, selling off plants or mothballing them over the last two years as firms reorganize businesses to adjust to the changing economics in the oil products markets.
BUSINESS
November 10, 2009 | Ronald D. White
Analysts said Monday that the month-old rally in retail gasoline prices across the U.S. had fizzled. "There was a point in September when refineries were making as much as $20 to $25 on a barrel of product," said Tom Kloza, senior oil analyst for the Oil Price Information Service in New Jersey. "Now, the average profit is about $2.50 a barrel. It's going to be a very challenging next few months for refiners." The average price of a gallon of regular gasoline in California edged lower by 0.6 of a cent to $2.981 over the last week, according to the Energy Department's weekly survey of filling stations.
SPORTS
February 24, 2007 | Martin Henderson, Times Staff Writer
Could Mark Martin have a more bizarre six days? First, the debacle at Daytona. Now, the controversy at California. With only five laps left in the San Bernardino County 200 Craftsman Truck race, the man who almost won the Daytona 500 was run over from behind, spun out on a restart by Ron Hornaday Jr. Hornaday drives a truck owned by Kevin Harvick, the man who beat Martin by a few feet at Daytona as cars crashed behind them.
BUSINESS
June 17, 2005 | From Reuters
Leading independent oil refiner Valero Energy Corp. has agreed to spend $700 million to cut pollution at its refineries, the Justice Department and the Environmental Protection Agency said Thursday. Valero also has agreed to pay a $5.5-million civil penalty and spend an additional $5.5 million to further cut emissions and to support environmental projects in communities where its refineries are located, federal regulators said.
BUSINESS
February 24, 2000 | From Bloomberg News
Fluor Corp., the largest U.S. engineering and construction company, said it will close its Marlton, N.J., plant by July 1 and cut more than 300 jobs to reduce costs by an unspecified amount. Fluor's stock dropped $7.44, or 20%, to close at $30.56 in heavy trading on the New York Stock Exchange. Before Wednesday, its shares had risen 9.4% in the last year. Late Tuesday, Fluor had said its net income rose 2.3% to $52.
BUSINESS
August 15, 2012 | By Salvador Rodriguez
A group of 14 merchants is expected to announce a joint venture to create a mobile payment app that would compete with Google Wallet, start-up Square and others, according to a report. The group, which includes Wal-Mart Stores Inc., Best Buy Co. and Target Corp., is expected to announce the news Wednesday, and the service is expected to be called Merchant Customer Exchange, or MCX. It's unclear how much each company is contributing to the effort, but the network of merchants also includes 7-Eleven Inc., Alon Brands Inc., CVS Caremark Corp., Darden Restaurants Inc., the HMSHost unit of Autogrill Spa, Hy-Vee Inc., Lowe's Cos., Publix Super Markets Inc., Royal Dutch Shell PLC, Sears Holdings Corp.
BUSINESS
July 25, 2001 | From Reuters and Bloomberg News
Exxon Mobil Corp. and Chevron Corp., the two largest U.S. oil companies, posted higher second-quarter earnings, thanks to lofty crude oil and natural-gas prices and higher profits in their refining businesses. Exxon Mobil's results missed analyst expectations, however, while Chevron easily beat forecasts. Exxon Mobil, the No. 1 oil company, said operating earnings rose 5.5% to $4.38 billion, or 64 cents a share, from $4.15 billion, or 60 cents, a year ago, as revenue edged up 0.9% to $56.
BUSINESS
February 24, 2000 | MARC BALLON, TIMES STAFF WRITER
Engineering and construction giant Fluor Corp. said Wednesday that it will close a plant in New Jersey and dismiss 420 workers, completing a yearlong worldwide reduction in manpower that has cut 5,000 jobs. The Aliso Viejo company plans to close its Marlton plant by July 1, Fluor spokesman Keith Karpe said. About 120 workers losing jobs will be offered positions elsewhere at Fluor, he said.
BUSINESS
January 20, 2010 | By Ronald D. White
There were ample supplies of both crude oil and gasoline in the U.S., but the price of oil climbed Monday and managed to regain the $79- to $80-a-barrel level. Gasoline prices fell in California and nationally. Analysts said that oil's ability to remain high despite a variety of negative economic indicators, as well as retail gasoline's inability to escape its own demand fundamentals, were among the reasons that some U.S. refineries have been shut down or idled. On Tuesday, the nation's No. 2 oil company announced it would restructure its refinery business.
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