U. S. industry to hold 1994 spending at the 1993 level

A sharp cut in spending on pipelines will hold US petroleum industry budgets at about 1993 levels for domestic projects this year. Excluding pipeline outlays, industry spending for capital and exploration items will advance. Oil and Gas Journal's annual budget survey shows US companies plan to...

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Bibliographic Details
Published in:The Oil & gas journal 1994-02, Vol.92:8
Main Author: Beck, R.J.
Format: Magazinearticle
Language:English
Subjects:
02 PETROLEUM
DEVELOPED COUNTRIES
DRILLING
EXPLORATION
INDUSTRIAL PLANTS
INDUSTRY
INVESTMENT
MANAGEMENT
NORTH AMERICA 020700 > Petroleum-- Economics, Industrial, & Business Aspects
PETROLEUM INDUSTRY
PETROLEUM REFINERIES
PIPELINES
USA
WASTE MANAGEMENT
WELL DRILLING
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Summary:A sharp cut in spending on pipelines will hold US petroleum industry budgets at about 1993 levels for domestic projects this year. Excluding pipeline outlays, industry spending for capital and exploration items will advance. Oil and Gas Journal's annual budget survey shows US companies plan to spend $31.3 billion on US projects in 1994, down only 0.7% from 1993. Spending last year was down by the same percentage from 1992's $31.7 billion. Total outlays, excluding pipelines, well be $28.9 billion, up 5.8% from 1993. In 1993 spending excluding pipelines was $27.3 billion, down 1.2% from 1992. Industry's total spending hit a high of $83 billion in 1981. It then fell to the recent low of $25.2 billion in 1987. Adjusted for inflation, spending in 1994 will be the lowest since 1987. A sharp drop in drilling lowered upstream outlays during the past several years. At the same time, spending for upgrades, renovation, environmental compliance, marketing, and transportation bolstered downstream budgets. E and P spending in 1994 will increase 6.2% from the 1993 level, moving up to $14.8 billion. Refining capital spending will inch up 0.9% to $5.4 billion for 1994.
ISSN:0030-1388