ENERGY
Texaco’s 1st Quarter Earnings Up 8.3%: In the final three months of 1993, Texaco’s earnings rose to $339 million, or $1.21 per share, on sales of $8.58 billion. A year earlier, the company earned $313 million, or $1.11 per share, on sales of $9.48 billion. Crude oil prices averaged $4 per barrel lower in the quarter, helping cut earnings from exploration and production by 54%. But earnings from refining and marketing more than doubled from $83 million to $220 million. Natural gas prices were slightly below year-ago levels.
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