1998 E&P costs rose while performance fell

Despite the upstream petroleum industry's poor financial state last year, capital spending levels remained about even with the previous year.This is one of the key findings noted by Arthur Andersen in its 1999 Global E&P Trends report, released recently (OGJ, Aug. 9, 1999, Newsletter).To compile the report, Arthur Andersen surveyed 182 publicly traded companies, each with proved oil and natural gas reserves of more than 5 million boe. The companies were classified as: majors (integrated firms with reserves of more than 1 billion boe), large independents (with reserves of more than 200 million boe), medium-sized independents (with 50-200 million boe), and small independents (with 5...

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