Capital expenditures tumble amid weak demand, prices

Capital spending in 2002 will decline in the US and Canada, especially in the upstream sector. Elsewhere, spending will increase, as indicated by Oil & Gas Journal's annual capital spending survey of US and Canadian oil and gas companies.An anemic global economy has hit demand for oil and gas, and this limited demand is being felt all the way from the products market back to the wellhead. Weaker oil and gas prices and ample supplies have suppressed drilling rates.A year ago the OGJ capital expenditures survey indicated that US upstream spending in 2001 would increase 12%, but the latest results show that the jump was 33%, as the number of well completions last year soared. OGJ expects...

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