US company earnings slide on lower prices, drilling activity

Many US oil and gas firms recorded greatly reduced financial results for first quarter 2002.Substantially lower oil and gas realizations suppressed earnings from upstream operations as warm winter weather and a sagging economy decreased demand for petroleum products and dampened downstream earnings. Click here to enlarge imageA sampling of 62 producing companies with US headquarters posted a collective 73% drop in profits and a 24% decline in revenue in the first quarter (Table 1). Among this group, 23 companies reported losses, whereas only 4 had a net loss in the same quarter last year.Earnings of these companies during the first quarter were squeezed by lower commodity prices amid wea...

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