Lehman Survey Shows Flat 2004 U.S. E&P Spending

A survey of a large number of exploration and production companies by Lehman Brothers indicates that E&P spending next year will be flat to down slightly in the United States and Canada but up about 6.1% internationally as the majors continue to look overseas. Worldwide E&P spending, based on a survey of 335 companies, is expected to grow 4% to $144.3 billion, the survey found.

December 10, 2003