PENNZOIL <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.