Los Angeles-based Atlantic Richfield Co. said its...

Los Angeles-based Atlantic Richfield Co. said its earnings fell because of lower refining margins. Arco reported net income of $271 million compared to $309 million a year earlier. Net income per share dropped to $1.67 per share, compared to $1.91 per share a year ago. “Higher domestic natural gas prices, along with cost reductions in the oil and gas segment, more than offset reduced volumes as a result of Lower 48 property sales and natural field declines,” said Lodwrick Cook, Arco’s chairman and chief executive. Arco’s revenue totaled $4.7 billion in 1993’s second quarter, compared to $4.5 billion in the year-earlier quarter.