Second quarter earnings surge for US operators

Robust prices and increased production lifted earnings of most US oil and gas companies during the second quarter of 2004. Click here to view the OGJ Second Quarter Earnings in PDF. The US wellhead price of crude oil in the second quarter rose to an average of $34.61/bbl from $25.75/bbl in the same period of last year. The average spot price of natural gas at Henry Hub rose to $6.091/MMbtu from $5.624/MMbtu.Earnings of US service and supply companies generally were higher than they were a year ago but not by as much as those for operating companies.For US oil and gas producers covered here, total earnings surged 65%, while revenues gained 26%. Collectively, service and supply companies i...

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