Strong production volumes boost Canadian firms' 3Q earnings

Strong oil and gas prices and increased production volumes lifted the earnings of most Canadian producers during the third quarter, while weak refining margins continued to be a drag on downstream performance.The collective earnings of the firms that OGJ sampled increased 22% from a year ago, while revenues were up 26%. For the first 9 months, however, net income declined 33% on slightly diminished revenues in a relatively weak first half.All results are reported in Canadian dollars.Company resultsNexen Inc., Calgary, reported net income of $157 million for the quarter, nearly twice that of a year earlier. For the first 9 months, however, earnings dipped to $323 million from $420 million....

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