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What Goes Up Can Come Down: The Case of Oil Industry Earnings

What Goes Up Can Come Down: The Case of Oil Industry Earnings

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Published by Energy Tomorrow
Oil and natural gas companies are not immune to the global recession and the first quarter financial results underscore that. During the first three months of 2009, oil and natural gas company earnings plunged nearly 70 percent as dramatically lower oil and natural gas prices, combined with low refinery margins, hammered the companies’ balance sheets. Demand for oil and natural gas is down and prices are sharply below year-ago levels. Despite the plunge in earnings, the industry is doing what it can to minimize laying off employees while striving to maintain the long-term investments needed to deliver American consumers the energy they need, vital to the nation’s economy and energy security.
Oil and natural gas companies are not immune to the global recession and the first quarter financial results underscore that. During the first three months of 2009, oil and natural gas company earnings plunged nearly 70 percent as dramatically lower oil and natural gas prices, combined with low refinery margins, hammered the companies’ balance sheets. Demand for oil and natural gas is down and prices are sharply below year-ago levels. Despite the plunge in earnings, the industry is doing what it can to minimize laying off employees while striving to maintain the long-term investments needed to deliver American consumers the energy they need, vital to the nation’s economy and energy security.

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categoriesTypes, Research
Published by: Energy Tomorrow on May 02, 2009
Copyright:Attribution Non-commercial No-derivs

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11/09/2012

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