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Oil, gas prices boost producers’ 2Q earnings

09/01/2008
US-based oil and gas producers and refiners reported higher second-quarter 2008 earnings as a group, but individual company results were highly varied. The combined earnings of a sample of these firms were up 10% from a year earlier.Meanwhile, a sample of producers and pipeline companies headquartered in Canada posted a collective 13% increase in net income for the second quarter, and a group of service and supply companies reported a combined earnings increase of nearly 5% from a strong year-earlier period.High oil prices buoyed the combined second-quarter results of the operators, but downstream earnings were crushed by the high cost of inputs. Natural gas prices were up from the second...
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