Costs soar, replacement rates dropped in 1998

U.S. Oil company operational performance* [94,600 bytes] Nineteen ninety-eight was an abysmal year for the U.S. upstream oil and gas industry, according to John S. Herold Inc., Stamford, Conn. In its annual reserve replacement cost analysis, Herold revealed just how poorly the U.S. exploration and production sector performed last year. After-tax profits for a group of 50 companies fell 86% last year vs. 1997 levels. "With respect to upstream investment performanceellipse1998 was a year most U.S. oil industry executives would like to forget," said Herold. "As wellhead crude prices plunged in value by over a third and U.S. natural gas price slumped 13%, E&P exec...

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