Too much gas: low prices hit E&P Q1 earnings amid abundant production

摘要

The nation's overabundance of gas was evident in earnings reports of many large exploration-and-production companies, with many reporting a continued increase in production while the subsequent plunge in prices eroded overall profits. In a survey of 40 independent oil and gas producers and major integrated oil companies, 21 companies recorded net losses in Q1 while 13 posted profits that were lower than the year before.