clarinews@clarinet.com (02/03/90)
DALLAS (UPI) -- American Petrofina Inc. Friday reported fourth-quarter earnings of $13.5 million, or 87 cents a share, down sharply from $32.9 million, or $2.50 a share, in the same period of 1988. The earnings declined despite higher revenues of $758.2 million. Revenues in the fourth quarter of 1988 totaled $675.5 million. For the year, the company earned $119.1 million, or $7.81 a share, down fromto $132.9 million, or $10.07 a share. in 1988. Revenues rose to $3.03 billion from $2.6 billion in the previous year. President Ron Haddock said fourth-quarter earnings were affected by unplanned maintenance and cold weather problems at its chemical plants and petroleum refinery. For the year, he said earnings fell primarily because of steep decline in chemicals margins and modestly lower fuels margins. ``Chemicals segment sales were strong, but industry margins dropped dramatically as supplies exceeded demands,'' he said. Haddock said the company successfully integrated the former Tenneco Gulf Coast and Southwestern Division activities into its base operations. ``Crude volumes increased 29 percent and natural gas volumes nearly doubled,'' he said.