First quarter profits show sharp decline

08/09/1999
During the first quarter of 1999, lower crude oil and natural gas prices led to a sharp decline in profits for a sampling of North American oil and gas companies.Both revenues and profits were down from the year earlier. There was a significant increase in world and U.S. demand for petroleum, but the higher level of oil consumption was not sufficient to offset the negative impact on profits from the low prices.For many of the companies, the exploration and production sector earnings showed the sharpest decline. But refining and marketing earnings were also down for the year. Refining margins deteriorated as product prices fell along with crude oil feedstock costs.Aggregate resultsFor the ...
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