U.S. INDUSTRY TO HOLD 1994 SPENDING AT THE 1993 LEVEL

Robert J. Beck Economics Editor A sharp cut in spending on pipelines will hold U.S. petroleum industry budgets at about 1993 levels for domestic projects this year. Excluding pipeline outlays, industry spending for capital and exploration items will advance. Oil & Gas Journal's annual budget survey shows U.S. companies plan to spend $31.3 billion on U.S. projects in 1994, down only 0.7% from 1993. Spending last year was down by the same percentage from 1992's $31.7 billion.