First quarter earnings slump for Canadian firms

A sample of oil and natural gas firms based in Canada reported a collective decline in first quarter earnings as compared with the same period a year earlier.Collectively, the 17 Canadian producers and transporters that OGJ sampled earned 54% less during the first quarter of 2005 on 11% stronger revenues as compared with the same period a year earlier. Earnings declines were due to a variety of reasons, which in many cases offset higher production volumes and prices.All results are reported in Canadian dollars, and all companies discussed here are based in Calgary unless otherwise noted.Company resultsNexen Inc. reported a large decline in first quarter earnings as a result of a decline i...

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