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Energy Companies * USA - Report record increases despite sluggish economy
Washington,DC,USA -Land Line Magazine, by Clarissa Kell-Holland -November 13, 2008: -- While the financial news has been pretty bleak lately for truckers struggling to stay afloat amid slumping profits and low freight rates, the 19 major energy companies are reporting record net income increases – up 82 percent from a year ago – in the third quarter of 2008... According to the U.S. Energy Information Administration’s Energy Finance Report released on Thursday, Nov. 13, the major energy companies’ income netted $48 billion based on consolidated revenues of $428.8 billion in the third quarter... The EIA attributes the reason for the record net income increases as follows: “The effects of higher refining margins, oil and natural gas prices and worldwide natural gas production overwhelmed lower worldwide oil production and refining throughput,” according to the report...
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