Stronger oil, gas prices fuel Canadian 4Q earnings

A sample of oil and gas firms based in Canada shows that strong commodity prices substantially increased fourth quarter 2002 revenues and earnings. And while revenues also moved up for the entire year, net income declined slightly. TransCanada PipeLines Ltd., the only nonproducing company in the sample, reported slightly diminished earnings for the quarter. All results are reported in Canadian dollars.Company resultsCalgary-based EnCana Corp. posted fourth quarter earnings of $429 million, up from $90 million a year earlier on stronger sales volumes. Natural gas sales increased 21% to 3.04 bcfd, as the company withdrew 149 MMcfd from storage to capitalize on strong seasonal prices. Sales...

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