Upstream costs keeping pace with oil prices, study says

10/02/2006
Oil and gas companies’ global upstream spending climbed to $277 billion in 2005, up 31% from 2004, said the latest annual review of upstream performance by John S. Herold Inc. and Harrison Lovegrove & Co. Ltd.Investment levels set a record for the third consecutive year, yet capital investment still lagged cash flow for a fifth consecutive year.Cash flow increased 32% to $322 billion. Worldwide revenues rose 37% to $699 billion from the previous year, according to statistics from more than 200 publicly listed companies. This implied an average realization of $37.10/boe during 2005, up 32% from 2004.Net income jumped 44%, pushing the industry’s bottom line to a total $202 b...
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