Herold study: Revenue outran E&D spending in 2004

10/17/2005
Oil and gas companies’ revenue growth continued to advance ahead of exploration and development outlays during 2004, said the latest annual global review of upstream performance by John S. Herold Inc. and Harrison Lovegrove & Co. Ltd.Worldwide upstream operating cash flow increased 20% from the 2003 level to a record $240.7 billion in 2004. Upstream spending increased 17.8% to $195 billion, the study said.“Strong wellhead pricing and a sea of black ink is sparking a renaissance in North America and European upstream investment activity,” analysts said during a Sept. 26 conference call. Capital flowed into mature regions last year, and the US, Canada, and Europe each ...
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