Larger OGJ150 group records robust 2011 financial, operating results

Marilyn Radler Senior Editor-Economics Laura Bell Statistics Editor The OGJ150 group of US-based oil and gas producers reported much stronger financial and mostly improved operating results for 2011 compared with a year earlier. Higher oil prices and production volumes drove the boosted results in spite of economic weakness in the US and Europe. The price of crude surged from 2010, with the US wellhead price up 28% to average $95.73/bbl last year. Brent crude futures climbed also, with the front-month closing price averaging $110.97/bbl vs. a 2010 average of $80.38/bbl. US natural gas prices, however, faltered. The average US wellhead price for gas last year was $3.95/Mcf, down from its...

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