Oil company earnings slide during first half

First-half 1999 earnings for Oil & Gas Journal's sampling of US and Canadian oil and gas companies declined significantly from the same period last year (Second Quarter financial results - Page 1 Page 2).The rise in crude oil prices came too late in 1999 to prevent the drop in profits for the first half, and natural gas prices were below first-half 1998 levels.Slightly higher demand for petroleum was not enough to offset the effects of weak prices, as both revenues and profits for the group of 105 companies were down from first-half 1998. Total profits for the survey group were off 28% in the first half compared with a year ago, while total revenues were down only 2%.Of those sampled,...

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