Salomon: 2000 E&P spending outlook bullish

04/10/2000
Click here to enlarge imageThe outlook for worldwide exploration and production expenditures is moderately bullish for 2000, according to Salomon Smith Barney, New York. This expected increase in E&P outlays marks the beginning of a long-anticipated recovery phase, the analyst said.According to its 18th annual E&P spending survey, released earlier this year, Salomon forecasts worldwide upstream spending will increase in 2000 by 11.4%-or by nearly $10 billion-vs. estimates given in 1999.In this year's survey, 177 oil and gas companies indicated plans to spend a total of $92.6 billion on their oil and gas field activities, up from $83.1 billion planned a year ago. About 67% of...
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