E&P seen to have ample upside in '99

Independent exploration and production companies have made some key gains during the first half of 1999, mostly due to rising crude oil and natural gas prices.For a selected group of independent E&P firms analyzed by PaineWebber Inc., New York, the average projected equivalent daily production for second half 1999 is expected to be slightly off compared with the first half (see chart). PaineWebber anticipates, however, that capital spending for these firms will increase significantly-on average, 30%-as improvements are realized in discretionary cash flow.Upside potentialIn a recent report on the performance of independent E&P firms, PaineWebber said it sees definite gains in store for the...

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