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Lower demand, prices crush 2Q, first-half earnings

09/14/2009
By Marilyn Radler and Laura Bell
Average commodity prices and rig counts in this year's second quarter plummeted compared with second-quarter 2008, sending the financial results of producers, refiners, and service companies tumbling from a year earlier.A sample of US operators recorded a combined 74% decline in earnings for the second quarter of 2009, and for the first half of this year, the group combined for a loss.A group of producers and pipeline companies with headquarters in Canada similarly posted a collective decrease in second-quarter earnings from a year ago. This group's first-half 2009 earnings also were down sharply year-on-year.Compared with a year earlier, a sample of service and supply companies reported ...
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