US oil, gas firms’ 1Q earnings gain on vigorous prices

High oil and natural gas prices during the first quarter of 2005 fueled the earnings of US-based producers as well as service and supply companies.OGJ sampled the financial results of 99 oil and gas-producing firms. Collectively these companies improved first quarter net income 40% from a year earlier as revenues increased 26%. Rather than ramping up their capital budgets, many operators continued to use excess cash to purchase shares of their stock.Meanwhile, a group of service and supply companies reported collective first quarter earnings more than tripled from dismal earnings in the first 3 months of 2004.A group of Canadian oil and gas firms, however, reported a collective decline in...

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