Exxon's quarter its 2nd best ever

Exxon Corp reported record earnings in the second quarter of 1995. Earnings were $1.6 billion for the quarter, up 84% from the same period in 1994. Revenue was $31.667 billion, and capital and exploration expenses were $2.019 billion. The chemical sector was very profitable in the quarter, with earnings of $190 million, three times the figure for 1994. Net income was $1.30 per share, up from 70 cents in 1994. Analysts credit the company's cost reduction efforts, which have reduced operating costs by $1 billion per year through the 1990s.