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North America’s largest refiner said Tuesday that its first-quarter profit tumbled 77 percent as higher oil prices cut into its margins for gasoline and other refined products.
The San Antonio-based company said it earned $261 million, or 48 cents a share, in the quarter ended March 31 compared with $1.14 billion, or $1.86 a share, for the same quarter in 2007. Revenue was up to $27.9 billion from $18.7 billion a year ago.
