E&Y: US oil, gas companies' reserves, profits up in 2013

06/30/2014
A slight decrease in capital spending by US oil and gas companies in 2013 gave way to a 9% increase in oil and gas reserves, strong oil prices, and improving natural gas prices, Ernst & Young reported June 24 in its annual US oil and gas reserves study. The study examines US upstream spending and performance data over the past 5 years for the largest 50 companies based on yearend 2013 oil and gas reserve estimates. Capital expenditures in 2013 declined 7% to $173.5 billion from the previous year. E&Y credits lower unproved property acquisition costs and lower exploration costs for the reduction. Although exploration costs declined 15% in 2013, the level of spending represented the...
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