PROFITS SLIP FOR CANADIAN OIL INDUSTRY

Net income for Canadian oil companies fell 7% in first half 1989 compared with the same period in 1988, a federal agency reports. Ottawa's Petroleum Monitoring Agency (PMA) reported net income fell to $1.1 billion despite higher oil prices, increased gas sales, and lower royalty payments, A slight increase in revenues raised industry cash flow in the first half by 4% from the same period in 1988. The PMA report said profits rose in the upstream sector to $515 million in the first half and

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