OGJ GROUP OF COMPANIES LOGS 24% SLIDE IN 1991 PROFITS
Continued low oil and gas prices and recession in the U.S. and eastern Europe choked 1991 earnings for the group of 22 U.S. companies Oil & Gas Journal tracks. Net income for the group fell 24% in 1991 to $15.7 billion, compared with a 14% gain posted in 1990 when earnings were $20.7 billion. Total revenues for the period were down just 5% to $449.7 billion. Exxon Corp. was the only company in the group that reported a more profitable year in 1991.