Third-quarter earnings climb with higher oil prices, refining margins

Marilyn Radler Senior Editor-Economics Laura Bell Statistics Editor Oil and natural gas companies based in the US and Canada reported a collective surge in earnings during the third quarter compared with year-earlier results. A sample of US-based producers and refiners combined for a 35% increase in third-quarter earnings, and a sample of Canadian firms combined to post a 16% earnings increase from a year earlier. Many operators reported improved results due to higher crude oil and gas realizations and generally stronger refining margins. But 13 of the US-based companies posted a net loss for this year's third quarter. Oil prices were higher than those recorded during third-quarter 2010 o...

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