Natural gas profits fall to less than half of 2008 level
"So much has changed for the natural gas industry in just one year," said
After falling 5.2 per cent last year, production is forecast to drop by about 5 per cent again in 2009, with further declines forecast over the next four years. The outlook covers natural gas extraction activity and excludes the oil extraction industry, which is a separate forecast.
Lower material costs will drive total costs down by about 13 per cent this year. However, the reprieve from cost increases will be only temporary. Because the natural gas industry competes with the oil extraction industry for much of the same labour and materials, costs will continue to rise.
Profits will total just
For further information: Brent Dowdall, Media Relations, Tel.: (613) 526-3090 ext. 448, E-mail: [email protected]
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