INDUSTRY ADJUSTS 1992 E&P BUDGETS

A midyear update of Salomon Bros.' survey of the petroleum industry's 1992 exploration and production budgets pinpoints the ways operators are adjusting outlays to match the times. The New York financial firm's latest tally shows: Operators have made deep cuts in their 1992 U.S. and Canadian E&P budgets since yearend 1991. Moderate increases budgeted earlier for E&P outside North America are intact. Many companies substantially underspent their budgets in first half 1992.

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