US independents, Canadian majors hike 2001 spending plans

Early indicators suggest that oil and gas companies will be sharply ramping up their capital spending plans for 2001.Certain US independent exploration and production companies have recently announced hefty increases in their spending plans for 2001.Meanwhile, two large Canadian companies-Shell Canada Ltd. and Petro-Canada-unveiled their intentions to boost spending commitments for next year by more than $1 billion (Can.) each: Shell Canada Ltd. by $1.8 billion and Petro-Canada by $1.4 billion.US independentsA number of US-based independents have heralded increases in their 2001 capital outlays.Cross Timbers Oil Co., Fort Worth, plans to spend $200 million on exploration and production pr...

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