U.S. COMPANIES KEEP TIGHT REIN ON 1993 CAPITAL BUDGETS
The U.S. petroleum industry is approaching 1993 with a cautious hand on budgets. That's apparent in spending plans disclosed last week by Amoco Corp., Phillips Petroleum Corp., Sun Co., and Consolidated Natural Gas Co. (CNG). Amoco plans to spend $3.2 billion for capital and exploration items in 1993, essentially flat with its 1992 budget. Ahead for next year: an accent on non-U.S. exploration and production.