1
 The oil industry's middling profits could persist through the rest of the year.
5080
span

2
 Major oil companies in the next few days are expected to report much less robust earnings 
5001
span

3
than they did for the third quarter a year ago,
2
comparison

4
 largely reflecting deteriorating chemical prices and gasoline profitability.
5001
elaboration-object-attribute-e

5
 The gasoline picture may improve this quarter,
5007
Contrast

6
 but chemicals are likely to remain weak,
5007
Contrast

7
 industry executives and analysts say,
5007
attribution

8
 reducing chances 
5004
span

9
that profits could equal their year-earlier performance.
8
elaboration-object-attribute-e

10
 The industry is seeing a softening somewhat in volume and certainly in price in petrochemicals, 
5010
span

11
Glenn Cox, president of Phillips Petroleum Co., said in an interview.
10
attribution

12
 That change will obviously impact third and fourth quarter earnings for the industry in general,
5011
span

13
 he added.
12
attribution

14
 He didn't forecast Phillips's results.
5013
antithesis

15
 But securities analysts say 
5012
attribution

16
Phillips will be among the companies hard-hit by weak chemical prices
5012
span

17
 and will probably post a drop in third-quarter earnings.
16
consequence-s

18
 So, too,
5015
span

19
 many analysts predict,
18
attribution-e

20
 will Exxon Corp., Chevron Corp. and Amoco Corp.
5016
Same-Unit

21
 Typical is what happened to the price of ethylene, a major commodity chemical
5020
span

22
 produced in vast amounts by many oil companies.
21
elaboration-object-attribute-e

23
 It has plunged 13% since July to around 26 cents a pound.
5023
span

24
 A year ago ethylene sold for 33 cents,
5022
span

25
 peaking at about 34 cents last December.
24
elaboration-additional

26
 A big reason for the chemical price retreat is overexpansion.
5031
span

27
 Beginning in mid-1987,
5025
circumstance

28
 prices began accelerating
5025
span

29
 as a growing U.S. economy and the weak dollar spurred demand.
28
explanation-argumentative

30
 Companies added capacity furiously.
5026
consequence-s

31
 Now, greatly increased supplies are on the market,
5028
circumstance

32
 while the dollar is stronger,
5028
List

33
 and domestic economic growth is slower.
5028
List

34
 Third-quarter profits from gasoline were weaker.
5036
span

35
 Refining margins were so good in the third quarter of last year
36
comparison

36
 and generally not very good this year,
5034
span

37
 said William Randol, a securities analyst at First Boston Corp.
5034
attribution

38
 Oil company refineries ran flat out
5038
span

39
 to prepare for a robust holiday driving season in July and August
5037
span

40
 that didn't materialize.
39
elaboration-object-attribute-e

41
 The excess supply pushed gasoline prices down in that period.
5039
span

42
 In addition, crude oil prices were up some from a year earlier,
5040
span

43
 further pressuring profitability.
42
consequence-s

44
 Refiners say 
45
attribution

45
margins picked up in September,
5044
span

46
 and many industry officials believe 
47
attribution

47
gasoline profits will rebound this quarter, though still not to the level of 1988's fourth quarter.
5043
span

48
 During the 1988 second half, many companies posted record gasoline and chemical profits.
5043
elaboration-additional

49
 Crude oil production may turn out to be the most surprising element of companies' earnings this year.
5059
span

50
 Prices 
5049
span

51
-- averaging roughly $2 a barrel higher in the third quarter than a year earlier --
50
elaboration-additional-e

52
 have stayed well above most companies' expectations.
5050
Same-Unit

53
 Demand has been much stronger 
5051
span

54
than anticipated,
53
comparison

55
 and it typically accelerates in the fourth quarter.
5052
List

56
 We could see higher oil prices this year,
5053
span

57
 said Bryan Jacoboski, an analyst at PaineWebber Inc.
56
attribution

58
 That will translate into sharply higher production profits,
5057
span

59
 particularly compared with last year 
5056
span

60
when oil prices steadily fell to below $13 a barrel in the fourth quarter.
59
circumstance

61
 While oil prices have been better
5061
span

62
 than expected,
61
comparison

63
 natural gas prices have been worse.
5062
span

64
 In the third quarter, they averaged about 5% less
5063
span

65
 than they were in 1988.
64
comparison

66
 The main reason remains weather.
5068
span

67
 Last summer was notable for a heat wave and drought
5066
span

68
 that caused utilities to burn more natural gas
5065
span

69
 to feed increased electrical demand from air conditioning use.
68
purpose

70
 This summer, on the other hand, had milder weather than usual.
5067
span

71
 We've been very disappointed in the performance of natural gas prices,
5070
span

72
 said Mr. Cox, Phillips's president.
71
attribution

73
 The lagging gas price is not going to assist fourth quarter performance
5071
span

74
 as many had expected.
73
comparison

75
 Going into the fourth quarter,
76
circumstance

76
 natural gas prices are anywhere from 8% to 17% lower than a year earlier.
5072
span

77
 For instance, natural gas
5073
span

78
 currently produced along the Gulf Coast
77
elaboration-object-attribute-e

79
 is selling on the spot market for around $1.47 a thousand cubic feet, down 13% from $1.69 a thousand cubic feet a year ago.
5074
Same-Unit

5001
span
5003
span

5002
span
5009
span

5003
span
5002
span

5004
span
5006
consequence-s

5005
span



5006
span
5008
span

5007
multinuc
5006
span

5008
span
5002
elaboration-additional

5009
span
5033
span

5010
span
5019
span

5011
span
5018
span

5012
span
5013
span

5013
span
5014
span

5014
span
5017
List

5015
span
5016
Same-Unit

5016
multinuc
5017
List

5017
multinuc
5011
example

5018
span
5010
elaboration-additional

5019
span
5024
span

5020
span
5021
span

5021
span
5019
elaboration-additional

5022
span
23
comparison

5023
span
5020
elaboration-general-specific

5024
span
5032
span

5025
span
5026
span

5026
span
5027
span

5027
span
5029
result

5028
multinuc
5029
span

5029
span
5030
span

5030
span
26
elaboration-additional

5031
span
5024
elaboration-additional

5032
span
5009
elaboration-additional

5033
span
5048
span

5034
span
5035
span

5035
span
34
elaboration-additional

5036
span
5042
span

5037
span
38
purpose

5038
span
41
consequence-n

5039
span
5041
span

5040
span
5039
elaboration-additional

5041
span
5036
explanation-argumentative

5042
span
5047
span

5043
span
5046
span

5044
span
5045
span

5045
span
5042
antithesis

5046
span
5044
consequence-s

5047
span
5033
elaboration-additional

5048
span
5060
span

5049
span
5050
Same-Unit

5050
multinuc
5055
List

5051
span
5052
List

5052
multinuc
5054
span

5053
span
5052
consequence-s

5054
span
5055
List

5055
multinuc
5057
interpretation-n

5056
span
58
comparison

5057
span
5058
span

5058
span
49
elaboration-additional

5059
span
5048
elaboration-additional

5060
span
5079
span

5061
span
63
antithesis

5062
span
5064
span

5063
span
5062
evidence

5064
span
5069
span

5065
span
67
elaboration-object-attribute-e

5066
span
70
antithesis

5067
span
66
elaboration-additional

5068
span
5064
explanation-argumentative

5069
span
5078
span

5070
span
5077
span

5071
span
5076
span

5072
span
5075
span

5073
span
5074
Same-Unit

5074
multinuc
5072
example

5075
span
5071
elaboration-additional

5076
span
5070
elaboration-additional

5077
span
5069
elaboration-additional

5078
span
5060
elaboration-additional

5079
span
1
summary-n

5080
span



