Wall Street noting E&P sector's recovery

Steven Poruban Staff Writer U.S. oil rig count [62,197 bytes] The recent upswing in oil and gas prices in second quarter 1999, together with a wave of company cost-cutting and consolidation, has spawned a renewed optimism about the North American upstream sector in the financial community. While exploration and production spending is projected to decline this year from last year's level, analysts can point to the seeds of a recovery for E&P firms in rebounding crude oil prices and continued robust natural gas prices. That scenario, in turn, sets the stage for an improved outlook for upstream service companies-albeit after a lag, as operating comp...

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