If you are wondering whether oil and gas activity might surprise to the upside in 2013, here’s something on which to hedge your bet.

A review of Hart Energy’s Industry Revenue Model indicates the oil and gas industry will be operating with a tail wind in 2013—and that implies that activity may turn out better than the consensus anticipates.

Yes, we see the skepticism in the arched eyebrows. After all, the consensus argues that 2013 capital spending will be flat with 2012 and flat spending will lead to a modest ...