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Texaco misses 2Q forecast
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July 27, 2000: 8:57 a.m. ET
Profit more than doubles on rising oil prices but misses target by 1 cent a share
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NEW YORK (CNNfn) - Texaco Inc. said Tuesday its profits more than doubled in the second quarter, but the nation's second-largest oil company still missed earnings forecasts for the period by a penny a share.
The company posted earnings before special items of $641 million, or $1.17 a share, just below the $1.18 a share forecast of analysts surveyed by earnings tracker First Call. The company earned $286 million, or 52 cents a share, in the year-earlier period before special items.
 Texaco, the nation's second-largest oil company after Exxon Mobil Corp. (XOM: Research, Estimates), saw gains in profits from its exploration and production units, known in the industry as upstream operations. Those operating profits before special items nearly tripled to $393 million from $138 million a year earlier. Its refining, marketing and distribution units, known as downstream operations, saw profits before special items slip to $80 million from $111 million a year earlier.
Including special items, net income came to $625 million, or $1.14 a share, compared with $273 million, or 50 cents a share, a year earlier.
Revenue rose to $12.1 billion from $8.3 billion a year earlier, driven by significantly higher oil prices.
For the first six months, the company posted net income of $1.2 billion, or $2.19 a share, up from $472 million, or 85 cents a share, a year earlier. Year-to-date revenue rose to $23.3 billion from $15.5 billion.
Shares of Texaco (TX: Research, Estimates) lost 5/16 to 48-5/8 in trading Wednesday. 
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Texaco
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