Predicted E&P spending increase in 2001 to exceed 30%

01/08/2001
Although recent survey results indicate that planned capital spending for exploration and production in 2001 will increase by 20% over 2000 spending, Raymond James & Associates Inc. (RJA) predicts that actual spending will be closer to 30-35%. A number of factors will contribute to this added increment, including:The industry's desire to use 2000 cash flows to explore a wealth of tabled projects. Continuing substantially higher energy prices to fund the E&P projects.Service-industry costs that are burgeoning due to full rig utilization and a shortage of service personnel. Understated budgetsRJA derived the 20% estimate from data secured in a recently conducted survey of energy compani...
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