Companies cite natural gas prices in mixed third-quarter earnings

Paula Dittrick Senior Writer Laura Bell Statistics Editor Companies included in an OGJ sample of US-based producers and refiners reported mixed third-quarter earnings, and the biggest company, ExxonMobil Corp., said declining production along with low US natural gas prices hindered upstream financial performance compared with last year. Out of a sample of 66 US companies, 31 reported a net third-quarter loss. Analysts noted gas prices for the latest quarter averaged about 30% lower than the previous year while oil prices were little changed. Fitch Ratings of Chicago sees a stable outlook for US and Canadian companies going into 2013, saying the companies have balanced capital structure...

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