Industry spending in U. S. to hit record $28. 9 billion

Journal Article · Mon Feb 20 04:00:00 EST 1978 · Oil Gas J.; (United States)

OSTI ID:6622696

Another banner year is ahead for capital investments in the U.S. petroleum industry. It plans a record capital and exploration outlay of $28.9 billion in the U.S. this year. That is 8.8% more than the estimated total capital outlay for 1977, the previous budget peak. The combined budget for domestic projects sets another brisk spending pace in a series of yearly increases that began in 1972. It is 10.4% higher than domestic capital spending during 1976, latest year for which final figures are available, and more than 3 times the budget levels characteristic of the late 1960s and early 1970s. The Journal's annual budget survey shows 13 gas-pipeline companies plan to spend $534.9 million for exploration and production this year, compared with $362.6 million in 1977. In a new supplement to the survey, 19 American oil companies say they plan to invest $8.5 billion in capital and exploration outside the U.S. in 1978--39.5% more than their estimated foreign expenditures in 1977. Spending for U.S. drilling and exploration, production, and Outer Continental Shelf lease bonuses will account for more than two-thirds of the total budget as the industry tries to shore up U.S. production and reserves. A graph shows how the U.S. industry's capital outlay is climbing.

• OSTI ID: 6622696
• Journal Information: Oil Gas J.; (United States), Journal Name: Oil Gas J.; (United States) Vol. 76:8; ISSN OIGJA
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
020000* -- Petroleum
BUDGETS
CAPITALIZED COST
COST
EXPLORATION
INDUSTRY
INVESTMENT
LEASES
NORTH AMERICA
PETROLEUM INDUSTRY
PRODUCTION
USA