Some natural gas, oil producers lose profits in trading

09/26/2008 | Bloomberg Businessweek

Several oil and natural gas producers have made the wrong choices in the futures market by making ill-timed bets on the market's direction that virtually wiped out production profits when the market turned in the opposite direction. Firms including Chesapeake Energy, Newfield Exploration, Noble Energy and Range Resources pumped out profits but lost them in trading. "A lot of people got creamed," industry analyst Stephen Schork said.

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