Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!news.media.mit.edu!americast.com!usa-post Newsgroups: usa-today.energy From: usa-post@AmeriCast.Com Organization: American Cybercasting Approved: usa-post@AmeriCast.com Subject: energy Fri, Apr 24 1992 Date: Fri, 24 Apr 92 05:26:46 EDT Message-ID: 04-24 0000 DECISIONLINE: Energy USA TODAY Update April 24-26, 1992 Source: USA TODAY:Gannett National Information Network GROUP SAYS COMPANIES MISLEAD: Amoco, Mobil and Exxon oil companies are duping customers into thinking used motor oil is being recycled in an environmentally safe manner when it actually is being burned, emitting toxic lead pollutants, an environmental group said Thursday. The oil industry called the charges unfounded. The Sierra Club asked the Federal Trade Commission to probe "misleading and deceptive" ad claims. BURNING OIL NOT RECYCLING: Burning used oil isn't recycling, according to the Sierra Club's Daniel Weiss. He said the oil companies use the traditional recycling symbol to imply it's Earth-safe. Environmentalists say if used oil is first treated to remove lead, it then can be burned without polluting the air; the oil industry says this process is not needed according to government regulations. CRUDE OIL DOESN'T MOVE: Crude oil futures closed virtually unchanged Thursday as the traders marked time ahead of a Friday meeting of OPEC in Vienna. Light sweet crude for delivery in June settled at $20.11 a barrel on the New York Mercantile Exchange. The price of oil for delivery in later months rose a few cents. Home heating oil for delivery in May fell .37 cent to settle at 55.41 cents a gallon. UNLEADED GAS INCHES UP: Among other refined petroleum products, unleaded gasoline for delivery in May settled at 61.70 cents a gallon, up .05 cent Thursday on the New York Mercantile Exchange. Natural gas prices also were higher, with contracts for delivery in May settling at $1.596 per 1,000 cubic feet, up 2.5 cents. EXXON, TEXACO EARNINGS WEAK: Exxon and Texaco Thursday joined other major U.S. oil companies reporting weak first quarter earnings compared to a year earlier when the Gulf war pushed oil prices higher. Also hurting oil earnings: Demand weakened by a soft global economy and warm winter weather, and declining natural gas prices. INCOMES DROP 40%, 52%: Net income for Exxon, the USA's largest oil company, dropped 40% to $1.4 billion in the first quarter from $2.2 billion a share a year earlier. Chairman Lawrence G. Rawl said despite weakness in many of Exxon's markets, results were improved from the fourth quarter when net income was $1.12 billion. No. 3 oil company Texaco's net income fell 52% to $200 million from $415 million. TELECO ACQUISITION COMPLETE: Baker Hughes Inc. Thursday announced it has completed acquisition of Teleco Oilfield Services Inc. from Sonat Inc. Chairman J.D. Woods said the move expands Baker Hughes' complement of "industry-leading products and services." He said the move reinforces the company's strategy "to deliver integrated technologies" to improve customer drilling economics. PLANT LICENSE GRANTED: The Empire District Electric Company, Joplin, Mo., Thursday announced that the Federal Energy Regulatory Commission has granted the company a new 30-year license to operate the 16-megawatt Ozark Beach Hydroelectric Plant which forms Lake Taneycomo in Southwest Missouri. In other business at the stockholders' meeting, V.E. Brill, R.C. Hartley and F.E. Jeffries were elected as directors. BATTERY RECYCLING PLANNED: Ford Motor Company announced Thursday its battery group is organizing events across the USA in a lead-acid battery recycling effort in honor of Earth Day. Most of the events, in more than 40 cities, will take place on Saturday. Residents are encouraged to use the opportunity to recycle vehicle batteries. Motorcraft hopes to continue community recycling efforts throughout the year. CHARTER ANNOUNCES DIVIDEND: Charter Power Systems Inc. Thursday declared a regular quarterly cash dividend of $.0275 per share payable May 14 to shareholders of record at the close of business Friday. Charter Power Systems, based in Plymouth Meeting, Pa., manufactures and supplies products and services to the standby power and motive power markets. ASHLAND HAS DIVIDEND: Ashland Coal Company Thursday announced a quarterly dividend of 10 cents per share of common stock and common stock equivalents into which the preferred stock can be converted, payable June 15 to shareholders of record May 15. Ashland Coal Co., in Huntington, W.Va., mines, processes and sells coal, marketing it primarily to eastern U.S. electric utilities and export markets. NIAGARA STOCK DIVIDEND BOOSTED: Niagara Mohawk's Board of Directors Thursday approved an increase in the quarterly common stock dividend from 16 cents per share to 20 cents per share. William J. Donlon, chairman and chief executive officer, said the Board's decision to increase the dividend was based on the company's improved operating and financial performance. Energy Editor: Beth Mann. (1-919-855-3491) Making copies of USA TODAY Update (Copyright, 1992) for further distribution violates federal law. This article is copyright 1992 Gannett News Service. Redistribution to other sites is not permitted except by arrangement with American Cybercasting Corporation. For more information, send-email to usa@AmeriCast.COM