June 9, 2010
Ernst & Young’s US E&P benchmark study of 50 exploration and production (E&P) companies’ US operations, just released yesterday, finds that the oil and gas industry realized a 7% increase in combined oil and gas production, but revenues were down 36% and after-tax profit was down a whopping 97%. However, as a positive offset, costs also decreased. These 50 companies account for approximately 85% of total US oil reserves and approximately 64% of gas reserves
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