Lower refining margins, throughputs stunted second-quarter earnings

Conglin Xu Senior Editor-Economics Laura Bell Statistics Editor For the second quarter of 2013, the combined earnings of a sample of 51 oil and gas producers, refiners, and midstream companies based in the US were down 25% from a year earlier. Earnings for the first half of the year were down 18%. The decrease in earnings was primarily due to reduced refining margins and maintenance activities in refineries. And a group of 13 producers and pipeline operators based in Canada reported a combined 10.8% decline in first-half earnings but a 73.6% increase in second-quarter earnings. This was primarily attributed to EnCana Corp. turning around huge losses of $1.45 billion (Can.) from last year'...

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