It was good to be in energy stocks in 2004."Upstream,downstream,oil service or coal,take your pick:shareholder returns were delightful," report John S.Herold Inc.analysts Bob Gillon and Kathryn Berger in the firm's annual year-end shareholder-returns review.The analysis of 360 energy companies' 2004 shareholder returns-stock-price performance plus dividends or distributions- turned up improved results for nearly 90% of the companies reviewed and 48 produced double that of 2003,which was also a strong year for the energy sector."The best returns came from companies operating outside of North America,not just in the E&P sector,but also in coal production and refining," the analysts report.
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机译：2004年进入能源股是一件好事。“上游，下游，石油服务或煤炭，任您选择：股东的回报是令人愉快的，” John S.Herold Inc.分析师鲍勃·吉伦（Bob Gillon）和凯瑟琳·伯格（Kathryn Berger）对360家能源公司2004年股东回报的分析-股票价格表现加上股利或股利-改善了将近90％的公司的业绩，其中48家的产量是2003年的两倍。分析师们表示：“最佳的回报来自北美以外的公司，不仅是勘探与生产部门，还有煤炭生产和精炼。”
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