Andersen: Upstream spending to improve into 2001

Spending for oil and gas exploration and production should improve through the last half of this year and into 2001-after plummeting 22% to $62 billion worldwide in 1999, including a 29% drop in US upstream spending to $25 billion-Arthur Andersen reported in its annual global E&P trends report. Click here to enlarge imageSo far, operators have been hesitant to increase capital spending despite a trend of improved revenues, profits, and cash flow that began last year (Fig. 1)."While oil and natural gas prices have recovered and are at their combined highest level in history, exploration and development spending has not recovered at the same rate, and E&P company stock prices have lagged t...

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