E&Y: US E&P spending reaches new heights

06/10/2013
US oil and gas producers boosted exploration, development, and acquisition spending in 2012 despite a steep decline in aftertax profits driven largely by low natural gas prices, Ernst & Young reported June 4 in the latest issue of its US oil and gas reserves study. The study analyzes US upstream spending and performance data for the largest 50 companies based on yearend 2012 oil and gas reserves estimates. Total capital expenditures for the 50 companies reached $185.6 billion—up 20% from 2011—and marking the highest in the study's history. Total 2012 exploration spending climbed 20% from the previous year to a total of $26.3 billion, which E&Y attributed to increased tight oil and...
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