Pacific Enterprises’ third-quarter net income was flat...
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Pacific Enterprises’ third-quarter net income was flat at $64.6 million. The Los Angeles concern owns Southern California Gas Co., the Thrifty Corp. drug and sporting goods stores and Pacific Enterprises Oil & Gas Co., a holding company for oil and gas exploration and production operations. The results were attributed to Thrifty’s 28% increase in outlets to 993, a ruling by the California Public Utilities Commission to lower the firm’s return on equity to 12.75% from 13.9%, a drop in the price of oil and a $12.4-million increase in interest expense to finance oil and gas acquisitions the company made earlier this year.
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