PIRA: Energy firms expected to post strong 2Q earnings

Oil and gas companies are expected to post much stronger net income in the second quarter compared with overall industry consensus, according to PIRA Energy Equity Research (PEER), a division of New York-based consulting firm PIRA Energy Group.The second quarter is shaping up to be one of the strongest earnings quarters for the industry with a convergence of higher crude oil and natural gas prices along with higher refining margins than compared with actual first quarter levels, PEER said."These factors should drive 2Q04 income levels above 1Q04 levels for upstream companies with unhedged production and for downstream companies with US coking and Northwest Europe refining capacity. The on...

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