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Article: With clean air investments behind them, majors shift funds away from downstream.
- Article from:
- The Oil Daily
- Article date:
- January 22, 1996
- Author:
CopyrightCOPYRIGHT 1996 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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No longer distracted by the huge investments needed to comply with state and federal clean air regulations, integrated oil companies are redirecting their attention, and their capital, away from the downstream.
Majors' exploration and production (E&P) budgets are expected to swell this year, causing downstream spending to take a back seat.
"What downstream spending?" Holly Gustafson, an analyst with NatWest Securities Corp., said when asked to comment on downstream spending plans for 1996.
Of the seven integrated oil companies that have released official 1996 capital budgets -- Amoco Corp., Shell Oil Co., Phillips Petroleum Co., Pennzoil Co., Sun Co. ...