Company News: Top US firms replace 98% of reserves during 1999

The 50 largest US oil and gas companies were able to sustain their reserve replacement levels in 1999 despite a 25% decline in capital spending, according to petroleum research analyst John S. Herold Inc.The analyst also notes that rising crude oil and natural gas prices, combined with lower operating costs, gave the largest US oil and gas companies a fivefold increase in net profits in 1999 vs. 1998.Total capital spending for the 50 firms fell to $22.2 billion in 1999 from $29.7 billion in 1998. Exploration and development spending fell more steeply, declining by $8.9 billion to $15.6 billion. At the same time, expenditures by the top 50 US firms to acquire proven properties rose by $1.4...

Why Register?

Non-subscribers can only view whitepapers by providing name, home and email address, phone number and other information and comment on/rate articles.

Why Subscribe?

Oil & Gas Journal subscribers with login credentials can access these premium features of OGJ Online:

  • Current Issue – an html version of the current week's issue of Oil & Gas Journal.
  • Past Issues – An Electronic OGJ Archive. A keyword-searchable archive of all issues of Oil & Gas Journal dating back to 1990; also searchable by issue date.
  • Market Journal – a weekly round-up of the oil and gas markets, with observations from leading analysts.
  • Editor's Perspective – a short article of insight and opinion by the Editor of Oil & Gas Journal.
  • OGJ Industry Stats – quick access to current industry statistics from Oil & Gas Journal.
  • OGJ Survey Downloads - quick access to exclusive reports from Oil & Gas Journal.


Subscriber Help or Subscribe

Oil & Gas Journal Subscribers: Have your subscription number (from the mailing label on the cover of your Oil & Gas Journal) and e-mail address ready to set up your online account through Customer Service Assistant.

If you're not an Oil & Gas Journal subscriber, start a subscription and gain access to the subscriber areas of OGJ Online now.

Stay Connected