Canadian firms' earnings bolstered by strong production, prices

12/06/2004
With increased production volumes and strong commodity prices, many oil and gas firms based in Canada reported improved third quarter earnings compared with the same period a year earlier.Collectively, the 19 Canadian producers, transporters, and service and supply companies that OGJ sampled earned 37% more during the third quarter on 21% stronger revenues as compared with the same 2003 period.All results are reported in Canadian dollars, and all companies discussed here are based in Calgary unless otherwise noted. Husky Energy Inc. reported earnings of $286 million in the third quarter, compared with $249 million in the same quarter of 2003. Husky's crude oil hedge program impaired ...
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