US, Canadian oil, gas firms' fourth-quarter 2013 earnings slip

03/31/2014
A sample of 53 US-based oil and gas producers and refiners posted a collective decrease of 2% in fourth quarter earnings and an 11% decrease in full year 2013 earnings compared with the same periods in 2012. Lower refining margins relative to 2012 have played a key role in shrinking downstream earnings for the fourth quarter as well as full year 2013. Upstream output in the fourth quarter was negatively impacted by factors including field decline, asset sales, and higher costs. Meanwhile, a group of 13 producers and pipeline operators with headquarters in Canada reported a combined net loss of $171 million (Can.) for fourth-quarter 2013, compared with earnings of $2 billion (Can.) a year ...
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