Energy companies see challenging 2009

BANGALORE (Reuters) – Oil and gas companies Bill Barrett Corp (BBG.N) and Unit Corp (UNT.N) posted quarterly results that were hurt by one-time writedowns and charges, resulting from the precipitous fall in oil and gas prices, and forecast a bleak outlook for 2009.

Parker Drilling (PKD.N), which posted better-than-expected adjusted fourth-quarter results, also forecast first-quarter earnings below expectations and said it expects its U.S. Gulf of Mexico barge business to decline sharply in 2009.

The energy sector has been hit hard by a sell-off in oil and gas prices and the global credit crunch, forcing many companies to cut their 2009 spending and trim output to protect profit margins.

Reuters