E&P firms' 2003 capital outlays to be flat or lower than in 2002

01/13/2003
Many oil and gas exploration and production companies are planning 2003 capital expenditure budgets that are flat or lower than their 2002 budgets amid concerns about volatile commodity prices, Wall Street's expectations, and the economy in general."We are in a very strange period right now. Commodity prices are high, very goodU. Companies should be booming, and mergers and acquisitions should be at a high. Well, equities aren't booming, so companies are cautious," Rick Roberge, leader of the PricewaterhouseCoopers's oil and gas transaction services group in Houston told OGJ."A lot of companies don't even have plans in 2003 to spend their cash flow. They are going to s...
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