First-quarter earnings decline with lower oil prices, liquids realization

Conglin Xu Senior Editor-Economics Laura Bell Statistics Editor Lower oil prices and lower liquids realization reduced the earnings of some US and Canadian producers in the first 3 months of 2013. Although varied, the decreases in earnings are also attributable to higher operating costs, large asset impairment losses, and foreign exchange losses. At the same time, refiners and marketers recorded stronger earnings from a year earlier as a result of higher refining margins and reduced costs. A sample of 62 US-based oil and gas producers and refiners posted a combined decrease of 9.3% in first-quarter earnings compared with the same period in 2012. A group of 13 Canadian-based producers and ...

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