RETRENCHMENT'S EFFECTS SLASH OGJ GROUP FIRST HALF EARNINGS
Bob Williams Associate Managing Editor-News
Valerie Sanders Statistics Editor
First half 1992 profits for the group of 22 large integrated U.S. petroleum companies Oil & Gas Journal tracks plummeted by almost half from a year ago.
Net profits for the group fell to $5.9 billion in the first half from $10.4 billion in first half 1991. Revenues were down 5% to $210 billion year to year.
More than three fourths of the profit drop came in an especially dismal first quarter that saw record lows in U.S. natural gas spot market prices and the post-1940 active rig count.
Faint stirrings of a turnaround in t...
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