energy oil drilling survey finds producers plan spend originally planned survey finds producers plan spend originally planned 2000 06 19 2000 petroleum finance week c 2000 phillips business information inc oil gas producers plan increase worldwide exploration production expenditures anticipated beginning year lehman brothers inc found mid year update annual e p survey 326 companies surveyed planning 18 2 percent increase versus 10 2 percent rise budgeted december said james crandell follows oil services drilling new york investment banker emphasized gain 326 producers lehman survey reflects increases budgets 2000 underspending budgets 1999 among companies included december 1999 may 2000 surveys global spending actually came slightly estimated spent 1999 december also indicates nearly 6 billion added 2000 worldwide exploration budgets since december crandell said survey respondents said planned increase u e p expenditures 17 6 percent 15 9 percent earlier year crandell said greater increase driven almost entirely independent producers survey 227 independents indicated e p spending growth 2000 26 1 percent versus 22 9 percent increase budgeted year december indicated 40 percent independents surveyed increased u e p budgets 23 percent plan spending less indicated last december higher natural gas prices increased cash flow main drivers behind crandell said anadarko petroleum corp nyse apc apache corp nyse apa bhp petroleum h resources inc nyse hse mcmoran exploration co nyse ran mdu resources group inc nyse mdu mitchell energy development corp nyse mnd mnd b santa fe snyder corp nyse sfs stone energy corp nyse sgy titan exploration inc pure resources inc nyse prs among larger independents make significant upward revisions ones significantly reduced planned u e p outlays year included barrett resources corp nyse brr belco oil gas corp nyse bog burlington resources inc nyse br coastal corp nyse cgp forcenergy inc nyse fen houston exploration co nyse hex kerr mcgee corp nyse kmg mariner energy corp williams production co survey found major oil companies plan percentage gain 2000 u e p expenditures 8 8 percent midyear beginning year 8 4 percent among 14 companies category 31 percent made meaningful increases 2000 e p spending estimates first six months including amerada hess corp nyse ahc conoco inc nyse coc coc b occidental petroleum corp nyse oxy total fina elf nyse tot another 19 percent including eni spa nyse e royal dutch shell nyse rdp stt texaco inc nyse tx scaled back domestic spending estimates remaining 50 percent majors survey remained increase canada nothing short staggering increase canada indicated 85 companies survey nothing short staggering crandell continued 85 companies contacted 44 7 percent budgeted higher expenditures 2000 1999 compared december 41 percent increased estimated spending 2000 10 percent 20 percent reduced 10 percent remaining 39 percent kept within 10 percent originally estimated crandell said talisman energy inc nyse tlm led group huge increase followed anderson exploration ltd tse axl gulf canada resources ltd nyse gou murphy oil corp nyse mur pan canadian petroleum ltd tse pcp shell canada ltd tse shc like u counterparts producers border raised 2000 e p budgets response higher gas prices increased cash flow according lehman analyst said foreign upstream budgets area surprise 14 9 percent gain indicated 99 oil gas companies operations outside united states canada well 5 7 percent increase 2000 estimated last december geographies companies increased budgets decreased overall crandell said 33 percent surveyed companies raised 2000 e p budgets 10 percent 43 estimated expenditures roughly range 24 percent indicated would spend less originally planned said larger increases driven big companies materially increased budgets including texaco petroleos brasileiros petroleos mexicanos repsol ypf nyse rep among multinationals amerada hess apache premier oil plc woodside energy among mid sized companies crandell noted respondents average price assumptions rose 2000 first six months 22 04 19 25 per barrel crude oil 2 58 2 38 per thousand cubic feet natural gas still trail current prices lehman brothers estimates year 28 per barrel crude 3 30 per mcf gas suggests stronger second half expected companies raise budgets reflect higher prices said nick snow washington forwarded john peyton hou ect 06 19 2000 07 36 pm djcustomclips djinteractive com 06 19 2000 08 27 26 pm please respond nobody maill djnr com 1346 wctopics djnr com cc subject energy oil drilling survey finds producers plan spend originally planned survey finds producers plan spend originally planned 2000 oil gas producers plan increase worldwide exploration production expenditures anticipated beginning year lehman brothers inc found mid year update annual e p survey 326 companies published petroleum finance week date 06 19 2000 word count 894 relevance score scale 100 80 folder name energy oil drilling full text article 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