RJA: 2003 E&P spending to rise more than 20% from last year

01/06/2003
Despite recent surveys revealing that exploration and production companies' worldwide E&P spending for 2003 will be flat to slightly elevated compared with last year, a recent research note released by Raymond James & Associates Inc. RJA stated that outlays would in fact likely be more than 20% higher than originally anticipated.The typical annual surveys, said RJA analyst Marshall Adkins, overlook two critical points: "1) E&P companies have no incentive to tell the truth to surveyors, and 2) Actual cash flows (not budgets) drive actual E&P capital spending." Most surveys this year, Adkins noted, take into consideration a sub-$3.50/Mcf natural gas expectation, whereas the current 12-m...
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