The commodity-price roller-coaster didn't stop many of the independent oil and gas companies from showing year-over-year production growth-organically and via large acquisitions-during the third quarter. "The performance for the group in the third quarter has actually shown a slight improvement in comparison to third-quarter 2005," report London-based Evaluate Energy analysts Hannah Mumby and Eoin Coyne. Earnings were strong, in spite of some reported dips in production. "Average West Texas Intermediate and Brent prices have both remained at the same $70 mark experienced last quarter, but have since dropped to below $60 [in late November]. Oil prices have steadily decreased since a peak in July as the potential supply disruptions that drove prices up failed to materialize," the analysts report. As for gas prices, they also continued their downward slide during the quarter until September, when bouncing back slightly in response to the upcoming heating season. In the group's favor, the 2006 hurricane season was not a factor in Gulf of Mexico producers' output; however, oil- and gas-price premiums disappeared as the season waned. For more on this, see the January issue of Oil and Gas Investor. For a subscription, call 713-260-6441.
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