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US E&P Spending Still Might ‘Grow Faster Than Expected’

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By Erin Pedigo, Hart Energy
July 16, 2014

Cowen and Co. updated its Original E&P Spending Survey on July 7, indicating that global exploration and production (E&P) capex spending should increase by 3.3% this year to $682 billion. Cowen surveyed 467 companies.

The midyear update predicted that U.S. E&P spending would “grow faster than expected--poised to improve by 9.1% to $154 billion,” higher than the January forecast of 5.3%.

Many larger independents, including Apache Corp. (NYSE: APA), Anadarko Petroleum Corp. (NYSE: APC) and Concho Resources Inc. (NYSE: CXO) were given higher spending estimates. In fact, Cowen now predicts ...

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