E&P spending rebound

Recent reports indicate that exploration and production spending is on the rise. Surprised? Strong oil and gas prices are the catalysts, of course.Lehman Bros.' midyear E&P spending survey shows that companies will spend more this year than they expected at the time of the firm's December survey.Lehman surveyed 326 companies on their 2000 spending plans for worldwide E&P to gauge the industry halfway into the year and see what changes have occurred since the last yearend survey.The results indicated that, since December 1999, nearly $6 billion has been added to this year's worldwide exploration budgets.Also, the average oil price assumption jumped to $22.04/bbl in the May surv...

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