January 2000

Trends and Resources

HP Impact: HPImpact: U.S. oil & gas players to increase spending

"Steadily rising U.S. oil and natural gas demand, combined with continued strong prices, has set in motion a seismic shift in the outlook for the oil and gas industry in 2000," according to Arthur And..

Weirauch, Wendy, Hydrocarbon Processing Staff

"Steadily rising U.S. oil and natural gas demand, combined with continued strong prices, has set in motion a seismic shift in the outlook for the oil and gas industry in 2000," according to Arthur Andersen's 1999-2000 U.S. Oil & Gas Industry Outlook Survey. As a result of the improved outlook for the oil and gas industry, companies have "smartly" increased their capital spending budgets for 2000, the survey results show. The E&P industry has undergone a major turnaround in a year. "Demand is robust and prices for oil and natural gas are strong," says Victor A. Burk, Arthur Andersen's managing director for energy services. E&P companies are "very bullish" about U.S. natural

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