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Rising Commodity Prices Will Increase N. American E&P Spending

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By Caroline Evans, Hart Energy
May 9, 2014

Moderate spending growth in North America should offset declines internationally, according to a recent report from Bernstein Research. The report forecast 9% growth in North American exploration and production (E&P) spending this year. Bernstein’s estimate “reflects commodity prices being higher than what’s likely in budgets ($90 WTI and $4 gas) as well as stabilization in the reinvestment rate for the industry.”

Meanwhile, international growth is expected to decelerate, from 10% last year to 5% this year. While spending growth in the Middle East and by international E&Ps is expected to ...

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