US oil, gas firms' third quarter earnings shrink

Plentiful inventories of natural gas diminished drilling activity and thus production during the third quarter, lowering revenues for most US oil and gas companies. Continued economic weakness and import strength constrained the earnings of refiners and gas producers, yet strong oil and gas prices buoyed upstream earnings overall.Most US-based exploration and production independents in Oil & Gas Journal's sample reported lower earnings from a year earlier, as did all of the integrated companies (Table 1). Among all 58 oil and gas producing firms in the sample, 17 reported improved profits from the same quarter a year ago. Click here to enlarge imageThe Canadian firms that OGJ sampled...

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