Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Flan who wrote (4761)	12/10/1997 9:00:00 PM
From: Bob A Louie	Read Replies (2) of 95453

ANALYSIS PLEASE! Looks like Texaco is cutting back on e&p spending and will grow reserves through acquisitions. Wednesday December 10, 5:11 pm Eastern Time Texaco sees '98 E&P capital spend at $3.8 bln WHITE PLAINS, NY, Dec 10 (Reuters) - Texaco Inc has budgeted $3.8 billion for exploration and production capital spending for 1998, company officials told analysts. Texaco had planned capital spending of $3.5 billion in 1997, but overspent that by $300 million, the company said. Texaco has a total capital budget of $4.6 billion for 1998 and plans $26 billion for 1998-2002, of which 70 percent will go on the upstream sector, 26 percent on the downstream and 4.0 percent for other items. It aims to grow oil and gas production to 1.75 million barrels of oil equivalent per day by 2002 from 1.19 million in 1997. Texaco chief executive Peter Bijur told analysts that the company had put exploration for oil and gas on trial. ''The jury is out, ladies and gentlemen, on exploration. We will reduce the money we are going to spend in 1998 and beyond,'' he said. He said there were other ways, including acquisitions, to grow the company's reserve base.

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