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Gold/Mining/Energy : Big Dog's Boom Boom Room
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To: tom pope who wrote (76187)12/11/2006 10:58:48 AM
From: - with a K  Read Replies (1) of 206291
 
Tom, I also sold CNQ (last week).

Here's a summary of a Lehman Bros. report on oil services/drilling, 12/11. They comment that Canadian E&P spending will be down (est. 8%) and CNQ among those
"estimating signficant drops."

Summary:

Worldwide E&P expenditures are estimated to grow moderately in 2007. The Lehman Brothers Original E&P Spending Survey
concludes that the approximate 300 oil and gas companies we surveyed are planning to increase their worldwide E&P expenditures by 9% to $291 billion in 2007 from the $268 billion estimated to be spent in 2006.

? Unlike the past two years, the gains are expected to be strongest outside North America. International E&P spending is estimated to rise by 13% to $196 billion, led by national oil companies (NOC's).

? U.S. E&P spending growth is forecast to slow substantially to 5.1% in 2007 to $73 billion, reflecting in part reduced price expectations for natural gas ($6.72 per mcf on average in 2007).

? Canadian E&P spending is estimated to decline by about 8% to $22 billion owing in part to natural gas price concerns, deteriorating economics and a decision by some companies to deemphasize the area.

? Estimated spending increases in our survey may turn out to be conservative -- particularly internationally.

? E&P budgets are being put together this year based on an average price expectation of about $55.50 for crude oil and $6.70 for natural gas. The average price, however, that companies would reduce their E&P budget is about $42.50 per barrel for oil and $4.80 per mcf for
natural gas.

Solid Growth Expected in 2007
The Lehman Brothers Original E&P Spending Survey concludes that the approximate 300 oil and gas companies surveyed are increasing their global capital expenditures on exploration and production by approximately 9% to $291 billion in 2007 from the $268 billion estimated to be spent in 2006.

Growth Led By International Spending

The strongest growth in E&P spending is forecast to come from outside North America. International exploration and production
expenditures are estimated to increase by 13% to $196 billion, led mostly by national oil companies (NOC’s).
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