Lehman Bros.: E&P spending to reach $261 billion in 2006

Spending for worldwide exploration and production is expected to increase 21.3% to $261 billion this year, up from the 14.7% projected last December for 308 companies surveyed by Lehman Bros. Inc., New York.The increase is the “result of adding $21 billion to 2006 budgets, partially offset by overspending 2005 budgets by $7 billion,” Lehman Bros. reported last month. The growth is driven by increased investments in the US and outside North America.“The 224 oil and gas companies we surveyed with investments in the US are now budgeting a 27.7% increase in 2006 domestic spending, a significant increase from the 14.9% growth indicated in December. We believe that domestic ex...

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