Texaco Inc.’s 1988 net income was $1.3...

Texaco Inc.’s 1988 net income was $1.3 billion, contrasted with a loss of $4.14 billion in 1987. The White Plains, N.Y. oil giant noted that 1987 results included a charge of $2.06 billion relating to a writedown of selected assets and a provision for restructuring and a charge of $2.8 billion for the Pennzoil settlement. The company said results benefited from lower crude oil acquisition costs, capital investments made in refining system in prior years and improved operating efficiencies. Results were hurt by depressed level of crude oil prices for most of the year, as well as the loss of production in the North Sea resulting from the explosion and fire at the Piper Alpha platform in July, 1988.