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

05/15/2000
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...
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