U.S. spending increase planned
- Salomon Brothers Inc., New York, NY (United States)
This article summarizes a paper by Salomon Brothers which published its 14th annual survey and analysis of 1996 worldwide oil and gas exploration and production expenditures. The 28-page report analyzing the December 1995 survey of 275 oil and gas companies indicates the industry is planning a worldwide E and P spending increase of 7.7% this year, over 1995 levels. This is somewhat lower than the now-expected 9.0% increase in 1995 from 1994; however, it is the largest planned increase from a year-end survey since December 1990. Results indicate the recovery in international spending that began in 1995 will be sustained at a more-modest 8.6%, compared to the 14.4% increase last year. Deferrals from 1994 are believed to have contributed to strong 1995 international spending. US spending, conversely, is expected to increase a robust 11.8% in 1996, after a 4.7% advance in 1995. US majors are pacing this increase with a planned 13.4% increase, compared to 9.3% for independents. Canadian operators project a 6.4% decline, even greater than the 4.4% drop registered in 1995.
- OSTI ID:
- 237989
- Journal Information:
- World Oil, Journal Name: World Oil Journal Issue: 2 Vol. 217; ISSN 0043-8790; ISSN WOOIAS
- Country of Publication:
- United States
- Language:
- English
Similar Records
E and P spending will post a solid increase in 1990
Capital spending jumps 12% in 1993; 7% gain seen for 1994