U.S. E&P spending to continue rising in 2015, international cuts likely

摘要

International E&P spending might deflate after a modest uptick in 2014, but North American spending should continue to shine. While the spotlight has been on mrmoil in Iraq and Libya, international cuts are likely in 2015 due to recent declines in global oil prices, sanctions against Russia and further declines in E&P spending. Several mid-majors are cutting back on spending, as are large national oil companies such as Petrobras and Pemex. Many of those companies look to be no better than flat in 2015, said James Crandell, managing director of Cowen and Co.