Now, They're Cooking With Gas

The battered U. S. oil industry should get some relief in 1993. There may not be a gusher of profits, at least Tby historical standards. But the industry may benefit from higher natural-gas prices, improved refinery margins, and considerable savings from already announced heavy cost-cutting measures. As a result, operating profits at 14 major U. S. oil companies will climb about 26% this year, to $15.4 billion, predicts Frederick P. Leuffer, an analyst at Bear Stearns & Co. This represents a strong rebound from last year's 17% decline.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.