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Worldwide E&P spending reaches record, study finds
09/03/2007
Upstream investments worldwide increased 45% to $401 billion in 2006 compared with 2005, according to the 2007 Global Upstream Performance Review released Aug. 29 by John S. Herold Inc. and Harrison Lovegrove & Co. Ltd.The record capital spending generated a 2% increase in proved reserves volumes to 263 billion boe, while reserves replacement costs climbed 33% to $13.60/boe, the annual report said.“Revenue growth more than offset higher operating expenses and increased taxes, allowing the industry to report $243 billion in net income, the fourth consecutive record,” said Robert Gillon, Herold senior vice-president and a director of equity research.Gillon noted that rising ...
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