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First-quarter E&P earnings plummet on lower prices

06/01/2009
Lower oil and gas prices and increased costs sharply reduced the earnings of some US and Canadian producers in the first 3 months of 2009. At the same time, some producers benefited from lower costs. Also, refiners and marketers reported stronger earnings from a year earlier as a result of healthier margins and reduced costs.A sample of 79 producers and refiners based in the US combined for a $9.5 billion loss in the first quarter of this year. This contrasts with earnings of $30 billion for the same group of companies a year earlier. In the recent quarter, 47 of the companies posted a loss—more than twice as many as incurred a loss in first quarter 2008.Meanwhile, a sample of Canad...
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