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Special Report: OGJ150 group's profits, oil production slide in 2008

09/21/2009
By Marilyn Radler and Laura Bell
The OGJ150 group of US oil and gas producers posted a sharp decline in 2008 earnings despite an increase in revenues. High demand for equipment, employees, and services led to a surge in capital and exploration expenditures and operating costs.Earnings and production through the first half of 2008 were propelled by high commodity prices and strong worldwide demand growth. But the second half of 2008 saw oil and gas demand and prices thrown into rapid descent.Worldwide demand for oil products slipped to average 85.4 million b/d in the fourth quarter of 2008, down from the year-earlier average of 87.8 million b/d, according to the International Energy Agency.The OGJ150 group, previously the...
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