U.S. DRILLING IS BETTER: 3Q $5BLN
According to a review of financial statements released in recent weeks and despite lower crude oil prices, companies drilling in North American tight oil formations recorded improved financial results in third-quarter 2014 as compared with third-quarter 2013 (Figure 1). The recent financial statements for a group of 30 publicly traded companies suggest that improved operational efficiency, asset sales, and increases in the value of the companies' hedging instruments contributed to better financial results despite front month West Texas Intermediate (WTI) crude oil prices averaging $97.24 per barrel (bbl) in the third quarter of 2014, $8.56/bbl lower than third-quarter 2013.
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