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Higher natural gas prices have given Denver-based petroleum companies scorching second-quarter revenues.
A survey by The Denver Business Journal of 20 area public oil and gas companies reveals an average increase in revenues of 45 percent over the second quarter last year, with individual company increases as high as 246 percent.
The majority of companies surveyed also reported substantial gains in net income as well, some as high as 900 percent.
Not bad for an industry once thought moribund.
Greg McMichael, an energy analyst with Hanifen Imhoff Inc. in Denver, points to higher natural gas prices as the reason for the rosier revenues. …