Lehman: Worldwide E&P outlays remain near flat for 2002

Worldwide exploration and production budgets are expected to decline by 1.4% in 2002 vs. those for 2001. Two opposing forces are driving this decline. They are:US E&P expenditures are budgeted to fall by 17.9%, while Canadian E&P outlays are slated to decline 19.6% in 2002 vs. year-ago levels.E&P outlays outside the US and Canada are budgeted to grow substantially, by 10.5% in 2002 vs. last year.These are some of the findings of Lehman Bros.' semiannual E&P spending survey, which polled 357 companies worldwide during Nov. 15 and Dec. 10, 2001, including privately held US and Canadian independents and numerous state-owned oil and gas firms.Independent E&P firms are doing some of the bi...

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