Oilfield-service providers are riding a wave of record capital spending in the upstream sector, increased sharply over the past five years, according to Jeff Morrison, associate director for Standard & Poor's Rating Services. "The industry spent over $400 billion last year, including acquisitions in the upstream. Trends on exploration and development spending are increasing as well," Morrison said recently at Standard & Poor's energy conference in Houston. This compares with approximately $150 billion spent in 2002. As such, international rig counts stand at more than 1,000, a steady climb of 10% since 2000. And in spite of softening gas prices, the U.S. rig count remains strong at about 1,800, although it has flattened some in the past few quarters. For the full version of this story and many others, subscribe to Oil and Gas Investor. Contact us at 713-993-9320.