Fourth-quarter 2012 earnings decline after asset writedowns

Conglin Xu Senior Editor-Economics Laura Bell Statistics Editor Favorable refining and petrochemical margins continued to bolster quarterly and yearend 2012 earnings of related operations for some oil and gas companies. However, some firms' decisions on large-asset writedowns negatively impacted some companies' financial statements. Many of the writedowns were related to natural gas production assets while gas prices remained low. A sample of 52 US-based oil and gas producers and refiners posted a collective decrease of 3.4% in fourth-quarter earnings and a 9% decrease in full year 2012 earnings as compared to the same periods in 2011. And a group of 14 producers and pipeline operators ...

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