Lower oil and gas prices, weak margins trim Canadian firms' earnings

Reduced oil and gas price realizations affected financial results of oil and gas firms based in Canada, while rising feedstock costs squeezed refining margins.Of the 10 Canadian companies in the OGJ sample, only two reported improved profits from a year ago for both the second quarter and the first half of 2002. The collective second quarter net income of the companies sampled declined 23% from a year ago, although revenues were up 5%. For the first half, profits for the group fell 39% and revenues dipped 10%.All results are reported in Canadian dollars.Company resultsPetro-Canada reported upstream earnings of $232 million, nearly unchanged from $230 million for the same 2001 period. This...

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