WRITEDOWNS, SOFT GAS MARKETS TRIM PROFITS OF OGJ INDEPENDENTS' GROUP

Bob Williams Associate Managing Editor-News Joan Bonfield Biggs Statistics Editor A widely expected rise in 1990 profits stemming from a runup in oil prices did not happen for the group of 50 U.S. independent oil and gas companies the Oil & Gas Journal tracks. Instead, a string of special charges spurred big losses for a number of companies. In addition, an unexpectedly weak natural gas market also helped dampen upstream earnings for independents with reserves portfolios dominated by gas.

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