Worldwide E and P budgets surprisingly strong

Journal Article · Mon Feb 01 04:00:00 EST 1988 · World Oil; (United States)

OSTI ID:6978799

Crandell, J D; Reynolds, D A

Salomon Brothers' sixth annual survey of the oil and gas industry's worldwide exploration and production (E and P) expenditures indicates that companies are planning some surprisingly robust increases in 1988. In the U.S., the 19 major companies surveyed are budgeting for a 12.4% increase in E and P expenditures, while the 97 independents plan a rise of 19.9%. Canadian E and P expenditures are budgeted to advance by 20.6% by 41 of the companies surveyed. Internationally, 50 companies are indicating an advance of 16.5%. These increases are significantly larger than the estimated 8% rise in worldwide drilling expenditures. Weak oil prices in the early part of the year will cause an underspending of budgets, particularly among U.S. independents. A majority of companies, however, indicated that a drop to $15/bbl early in 1988 would have little effect on expenditures, provided prices recover by midyear. This is due to the heavy focus on natural gas by many companies and long-term emphasis by many majors.

• Research Organization: Salomon Brothers Inc., New York, NY (US)
• OSTI ID: 6978799
• Journal Information: World Oil; (United States), Journal Name: World Oil; (United States) Vol. 206:2; ISSN WOOIA
• Country of Publication: United States
• Language: English

Related Subjects

29 ENERGY PLANNING, POLICY, AND ECONOMY
290200 -- Energy Planning & Policy-- Economics & Sociology
294002* -- Energy Planning & Policy-- Petroleum
294003 -- Energy Planning & Policy-- Natural Gas
ALLOCATIONS
BUDGETS
ECONOMICS
EXPENDITURES
FORECASTING
INDUSTRY
NATURAL GAS INDUSTRY
PETROLEUM INDUSTRY
PLANNING
SURVEYS