Dahlman Rose: Non-US E&P spending stronger than previously expected

Global capital expenditures for exploration and production in 2012 are expected to rise by 11% to $595 billion, according to the midyear spending update to the Dahlman Rose Original E&P Spending Survey. The new results, for which 463 companies were surveyed, indicate moderate increases in the US and Canada and a solid gain in E&P spending elsewhere. Despite the reduction in planned capital budgets by some independent producers due to the sharp drop in natural gas prices, companies surveyed still expect to increase spending in the US by 9.6% to $142.7 billion. This compares with an 11% increase in spending these companies indicated in the yearend 2011 survey. However, companies rep...

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