PRODUCERS EXPECT TO SPEND 3.5% MORE IN 2008 ON CAPEX

Oil and Gas Investor This Week,  December, 2008  

• E-mail
• Print
• Link

U.S. producers will increase their domestic spending from $78 billion in 2007 to $81 billion in 2008 (up 3.5%), according New York-based Lehman Brothers' annual spending survey. Most of the increased spending will target oil, given the continued uncertainty surrounding gas prices.

"We believe that spending in the U.S. may move higher as the year develops, given the sensitivity of U.S. independents to gas prices and cash flow, and the fact that companies in the aggregate are beginning the year with budgets based upon what we think are conservative gas-price expectations," reports ...

Read the rest of this article with a Free Trial at HighBeam Research.