First-quarter earnings increase amid mixed factors

05/26/2014
Conglin Xu Senior Editor-Economics Laura Bell Statistics Editor A sample of 59 US-based oil and gas producers and refiners collectively posted first-quarter earnings of $22.7 billion, a decrease of 11% from the same quarter in 2013. When excluding the contingent $4.02 billion loss associated with Anadarko Petroleum Corp.'s Tronox Adversary Processing settlement agreement, however, total earnings of the sampling of companies for the quarter increased 4.5% compared with a year ago. During this year's first 3 months, US crude oil production averaged 8.1 million b/d compared with 7.1 million b/d during the same period in 2013. This rise was driven by strong production increases from plays in ...
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