PENNZOIL &lt;PZL> SEES LOWER FIRST QTR

  Pennzoil Co Chairman J. Hugh Liedtke
  told a meeting of analysts that the company expects its first
  quarter net to be down considerably, before an unusual item,
  from the loss of 49 cts a share reported a year ago.
      Liedtke did not say how large the unusual item would be.
  "We're still closing our books on the first quarter, so I don't
  have final numbers for you," he said.
  

