OGJ NEWSLETTER

U.S. Petroleum companies for the most part have yet to see relief from hemorrhaging profits. Most companies reporting first half earnings last week listed declines from the same time a year ago, with upstream and downstream sectors suffering alike. Generally, the only bright spots are non-U.S. operations. And among a number of companies faring better this year, the year to year improvement stemmed from large writedowns taking a chunk out of first half 1991 earnings.

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