Standard Oil (Indiana)

Standard Oil Co. (Indiana) reported that earnings in the final three months of 1984 nudged up 1.3% from a year earlier, while profit for the full year jumped 17% to a record $2.183 billion.

Richard Morrow, chairman of the Chicago-based oil giant, attributed the improvement for all of 1984--which came despite a drop in revenue--to record earnings from Indiana Standard’s chemicals business and increased worldwide production of crude oil and natural gas.

Earnings in the fourth quarter were about 1.4% higher than a year earlier. And while profit rose, revenue slipped--to $7 billion from $7.4 billion.

Indiana Standard, which last year announced that it would buy back 30 million shares of its common stock, said that it had repurchased 21.5 million shares for $1.223 billion as of the end of 1984. That left 272 million shares outstanding.

For the year ended last Dec. 31, gross revenue fell 1.7%. from 1983.