Tenneco Inc., based in Houston, posted net...

Tenneco Inc., based in Houston, posted net first-quarter income of $29 million, far below the $124 million it earned in the year-ago period, which included profit from the company’s insurance and gold mining businesses that were sold in the fourth quarter of 1986. Sales were $3.7 billion, down from $3.9 billion a year ago. The company said earnings were adversely affected by lower prices for oil and gas, but added that it expects oil and gas prices to rise during the year. It forecast improved results.