Third-quarter earnings surge for US oil and gas companies

Many of the major oil and gas producers set earnings records for the third quarter of 2005.Results from upstream and downstream operations were much stronger than they were in the same period a year earlier due to higher oil and gas prices as well as higher refining margins in the wake of Hurricanes Katrina and Rita.A group of US-based oil and gas producers and refiners collectively recorded a 65% surge in earnings for the third quarter compared with the same 2004 period as their revenues gained 38%. For the first 9 months of 2005, these companies reported earnings gains of 47% collectively. Click here to enlarge imageAlso, a sample of service and supply companies with headquarters in th...

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