U.S. E&P SPENDING HIKE SET, BUT...

The U.S. petroleum industry plans to hike exploration and development spending at home and abroad this year. But new uncertainty about oil and gas prices may cause those plans to be revised, warns Arthur Andersen & Co. The shaky outlook for 1994 stems from Arthur Andersen's annual industry survey. The latest survey, conducted before the Organization of Petroleum Exporting Countries declined last November to trim oil production levels and thus bolster prices, polled chief executive officers