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IHS Herold: E&P spending to rise 8% this year

06/21/2010
By Marilyn Radler
Upstream spending this year among more than 110 of the world's largest publicly traded oil and gas companies is expected to rise by 8% to $353 billion, according to the latest IHS Herold Global Upstream Capital Spending Report.An IHS Herold study of 65 companies issued in February had predicted a 7% increase in such outlays.The spending analysis, which excludes acquisitions, shows a turnaround from last year's 22% contraction, as the global recession and tight credit markets made companies rein in upstream capital expenditures.Steadier oil prices over the past few months combined with continued uncertainty over the near-term outlook for natural gas prices are driving some producers to shi...
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