US oil, gas producer earnings falter; service-suppliers' soar

Third quarter earnings statements showed mixed results among US and Canadian oil and gas firms. Most integrated and independent exploration and production companies saw earnings decline from the third quarter of last year as ample supplies and weakening demand sent commodity prices lower, decreasing many firms' realizations for oil and gas. Downstream earnings improved on stronger refining and marketing margins, but chemicals earnings were soft on the weakness of the general economy.Comparing a sampling of US-based companies shows a 37% decline in third quarter earnings for both integrated firms and independent producers. Among the 59 companies in this group, 35 saw their earnings dec...

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