Energy stocks raced to the 2004 performance finish

摘要

The new year is beginning with big spending bucks,according to E&P spending surveys by Lehman Brothers and Citigroup.The firms' research teams are expecting worldwide spending growth of up to 5.7% in 2005 compared with 2004 budgets.International spending is expected to rise as much as 4.5%;North American,7.8%;and Canadian,no laggard,may rise 8.6%.The increases are small,however,compared with companies' sometimes doubled or tripled cash flow in 2004.