Andersen: U.S. Upstream Markers Mixed In '96

Capital spending for U.S. exploration and development shot up in 1996, along with oil and gas prices, but other indicators of the industry's performance for last year were less than robust. Reserve replacement rates were modest, adding reserves cost more than the previous year, and the U.S. still hasn't stemmed a long production decline. These are among the key findings of an annual survey by Arthur Andersen of U.S. exploration and development trends, which was unveiled last month (OGJ, June 23, 1997, Newsletter). The report reviews overall trends in the market and includes an in-depth look at the top 39 U.S. reserve holders, or companies with U.S. proved oil...

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