Ryan Dezember, WSJ
EnergiesNet.com 12 14 2022
The amount spent exploring for and producing oil and gas around the world will rise by 14% next year to about $508 billion, Evercore ISI analysts estimate.
That’s smaller than the estimated 20% increase this year, but it would lift oilfield spending to its highest level since 2015, when oil prices were in the early days of a multi-year slump and natural gas traded for less than half what it does today.
The producers surveyed by Evercore are setting 2023 budgets according to prices that average $78 a barrel for West Texas Intermediate crude and $5.10 per million British thermal units for benchmark U.S. natural gas.
For the seventh year in a row, Evercore said, energy producers listed their desire to keep free cash flowing as the top reason they don’t plan to spend more, followed by oil prices and the costs and availability of oilfield services.
wsj.com 12 13 2022