Robert J. Beck Economics Editor Valerie Sanders Statistics Editor A weak downstream sector, due largely to a sluggish world economy, took a hefty slice out of 1992 profits for Oil & Gas Journal's group of 22 major U.S. oil and gas companies. More restructuring, staff cuts, and adoption of new accounting rules combined to drop group net profits 47.3% to $8.3 billion. By contrast, total revenues were down a scant 0.3% at $457.7 billion. All major financial indicators fell in 1992. Group assets were off 2.5% at $389 billion. Puny growth in product demand because of lackluster economic recovery in t...

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