Second quarter earnings suggest beginnings of recovery

Second quarter earnings suggest beginnings of recoveryEarly reports of energy firms` second quarter earnings indicate that the worst is probably over for the industry.Losses are not near as common as they have been in the past few quarters (see story below). Second quarter 1999 results are mixed, however, when compared with the same period in 1998. At that time, the effects of the extended downturn were just beginning to set in.Many companies view the rise in oil prices as largely responsible for improved results this quarter, although a continued slump in downstream earnings offset that for many companies-especially those with non-U.S. refining capacity. Persistent belt-tightening also p...

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