HIGHER OIL PRICES HELP BUOY PROFITS FOR U.S. INDEPENDENTS

Bob Williams Senior Staff Writer The financial and operating performance of U.S. independents continues to improve with firming oil prices. A rise of about $3/bbl in average oil prices was the main factor in boosting earnings in 1989 for a group of 50 independents Oil & Gas Journal tracks. Gas prices for the group remained about flat year to year. The group posted net profits of about $1.23 billion in 1989 on revenues of about $26 billion. Some of the companies in 1989 posted heavy net losses

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