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3rd quarter 07 earnings slide on high costs, low margins

12/17/2007
The collective third-quarter earnings for a sample of US-based oil and gas producers and refiners declined from earnings a year earlier, softened by lower production volumes and weak downstream margins.Higher depreciation and operating expenses weighed on earnings, much as they did earlier this year. For the first 9 months of 2007, this group of US companies reported a combined 8% decline in earnings from a year earlier.A sample of service and supply firms, benefiting from a higher cost of doing business in exploration and production, together reported a surge in profits for the third quarter of 2007 compared with the same 2006 period. Strong demand for equipment and services pushed these...
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