Canadian oil, gas firms post stout third quarter financial results

Like their US counterparts, Canadian oil and natural gas firms reported improved earnings from a year ago. These companies capitalized on strong commodity prices in upstream operations and enjoyed healthy margins in downstream operations.Among the 11 companies OGJ sampled, net income for the third quarter increased 38% while revenues grew by nearly 8%. For the first 9 months of 2003, the group's net income jumped to $10.7 billion from $4.1 billion a year ago. Click here to enlarge imageAll results are reported in Canadian dollars.Company resultsCalgary-based Petro-Canada posted one of the larger earnings gains during the third quarter. Net income rose to $304 million from $209 milli...

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