US company second quarter, first half earnings dwindle

Lower oil and gas prices coupled with weak refining margins to shrink the earnings of many US oil and gas companies during the second quarter. Oil and gas prices were stronger than during the first 3 months but still below prices posted during the second quarter of last year. A sampling of 64 US-based oil and gas companies recorded a collective 66% drop in earnings on revenues that were down 7% from the second quarter of last year. For the first 6 months, their collective net income declined 72% from a year earlier (Table 1). Eleven of the companies in this group reported a net loss for the quarter; a year earlier, five of the group recorded a loss. Table 1 is a PDF and will open in a ne...

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